why do a phd in finance

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Why Do a Ph.D in Finance?

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As a sophomore undergrad, how can I best position myself to get into a good Ph.D. program? I plan on doing a masters beforehand, and I was wondering if it would be in my best interest to seek out work experience prior to applying to Ph.D. programs or if I should just do research and work towards publications at my University (which is a top 25 school).

What are the requirements for a Top 25 Ph.D. in Finance?

Getting into a top Ph.D. in Finance program is extremely competitive. A firm foundation in math is essential as is economics. To set yourself apart, a letter from a well-published professor is going to give you an edge. If you can get yourself an internship with this professor, even better.

Any and all experience you can get prior to your Ph.D. application will be useful. The most effective approach is getting published in a top finance publication, however with the limited research knowledge and experience received in an undergrad, this can prove difficult.

Finance related work experience and internships are valuable as they display your dedication and work ethic but they are not likely going to be enough for your Ph.D. application. What they will do is give you a better of an idea what a career in finance would be like and if you would prefer to be in a bank/corporate setting or academia post-graduation.

Finance Ph.D. Ranking

Take a look at some of the top-ranked business schools according to Bloomberg

teenagepirate: Top finance Ph.Ds are more competitive than any entry-level job within banking. A publication always helps. Research experience helps more than internships but competitive internships (top name bank etc.) have value because they're a signal that you're capable of working hard. Admission to the top 25 schools is essentially a lottery. Average GMAT for Chicago's finance Ph.D. was 760+ for instance. Work hard, do your math courses, do your economic courses, get good recommendation letters from well-published finance profs (try to do research internships with them). Independent research won't get you very far because as an undergrad, you're just not trained well enough to do it to a high level.

What do Finance Ph.Ds do after Graduating?

A Ph.D. in Finance will set you up for a position at a quantitive trading desk. They land fewer jobs with I-banks and more often work behind the scenes and are generally less involved directly with clients as their reputation tends to be that they are more academic and less business oriented. What it does set you up for, however, is a career in academia as a professor or researcher.

Schumacher: I-banks generally have economists and market strategists (not sure who gets these jobs and how) that generally most of these people carry PhDs. The trend at most quant trading desks seems to lean more towards the physics, mathematics, statistics PhDs. It's a great degree to have if you want to break into trading. To be honest, a Finance Ph.D. is basically only beneficial to people who want to become college professors, which has its perks (ridiculously short hours, low-stress environment, and great pay assuming you can get a job at a half-decent college).

https://www.youtube.com/watch?v=tnn4Ny67DY4

UES802: I was talking a bit ago with an MD at an MM I-bank and someone asked him a similar question. He responded with, while anything is possible, attaining a Ph.D. in Finance won't really help your chances to get into I-banking all that much. He personally felt that people who go this route tend to get too used to the culture and routine that is involved with school, and are better equipped to become a professor than to attempt to enter the business world.

Academic-based positions can be extremely lucrative and appealing due to the great benefits and hours but if you’re keen to work with clients and in the front end of things, it would probably be more book education than you need.

Read More about Finance Ph.Ds at Wall Street Oasis

• Ph.D. Yah or Nah?
• Finance Ph.D. vs. Finance MBA
• Any Value to a Summer Internship before doing a Ph.DProgram?

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It's fairly difficult. Princeton admits 1-2 PhDs each year. Same with the other top ten schools.

My advice is to write a paper that gets published in a Big Three journal (Journal of Finance, Journal of Financial Economics, Review of Financial Studies.) If you can do that, you should get in just about anywhere.

IlliniProgrammer: It's fairly difficult. Princeton admits 1-2 PhDs each year. Same with the other top ten schools. My advice is to write a paper that gets published in a Big Three journal (Journal of Finance, Journal of Financial Economics, Review of Financial Studies.) If you can do that, you should get in just about anywhere.

Wow, are non-ivies (say, top 30 schools) a little easier? How about a publication in a good health economics journal? (I hope to get more involved in healthcare finance research)

Would my undergrad summers best be utilized by doing research or internships at F500 or investment banks ?

Top finance PhDs are more competitive than any entry level job within banking. A publication always helps. Research experience helps more than internships but competitive internships (top name bank etc.) have value because they're a signal that you're capable of working hard.

Admission to the top 25 schools is essentially a lottery. Average GMAT for Chicago's finance PhD was 760+ for instance. Work hard, do your math courses, do your econ courses, get good recommendation letters from well published finance profs (try to do research internships with them). Independent research won't get you very far because as an undergrad, you're just not trained well enough to do it to a high level.

Finally, don't post here, post on urch.com and read econjobrumors.com . People here are a little bit retarded and think a PhD is something you do if you don't get a job and you want to be lazy. A finance assistant prof (ie straight out of PhD) at a top 25 school will get $200k+ for 9 months a year and a professorial lifestyle. Hell, even PhD students get a $30k stipend (and can raise external financing for the program). It's not as much as you get paid in industry, but it's pretty excellent when you consider the lifestyle and the fact that you don't have to wade through as much bullcrap in your career.

teenagepirate: IlliniProgrammer: It's fairly difficult. Princeton admits 1-2 PhDs each year. Same with the other top ten schools. My advice is to write a paper that gets published in a Big Three journal (Journal of Finance, Journal of Financial Economics, Review of Financial Studies.) If you can do that, you should get in just about anywhere.

How are the results for attending a program outside the top 30 or even top 50? Does it get increasingly tough to get tenure and industry opportunities?

Also, I was on academic probation during my freshman year due to poor grades. If I bounce back to about a 3.7 GPA or so by time of application, would it come back to bite me?

Thank you for your response, it helped greatly!

Between Harrison Hong, Markus Brunnermeier, and Ben Bernanke, we have our fair share of research on the financial markets.

Everyone has access to WRDS; everyone can crank out an analysis and figure out if there's something publishable in about a week's time; and the papers are examined blindly. This is something any 21 year old with Excel and WRDS can do; it's not exactly like this is 1978 and some 18 year old is trying to invent the PC in his parents' California garage. (Oh wait.)

Ask a tough question for which there is financial or economic data to answer it with. Then find an appropriate journal to submit your analysis to. They don't really consider the fact that you're an undergrad until the decision to publish has already been made.

Get something published- just make sure you have something really interesting. The JoF's submission fee is something like $250 and they have a twelve week turnaround time.

just u are, idiots

just ure retarded

The market is very good, solid 6 figure salaries for starting associate professors. Pretty much everything you read about getting into economics PhD programs can be cross applied to finance PhD programs. The most improtant things are going to be:

• Math background: math stats, probability, differential equations, and real analysis would be very good.
• Recs from profs
• Experience working as a research assistant, writing a senior thesis, etc. These are the sorts of things that make for good recs.
• A non disqualifying GRE quant score (as close to 800 as possible).

Also look into econ PhDs where you can concentrate in financial economics. They won't care about interning at a F500 or whatever, it's irrelevant.

(the reason I mentioned Etula there in the last paragraph is not because he's a retard or anything but because his asset pricing paper was mentioned on Falkenblog yesterday http://falkenblog.blogspot.com/2013/01/is-broker-dealer-leverage-elusiv… and I really wasn't convinced by it yet this guy is an "asset pricing expert" in QIS at GSAM )

teenagepirate: (the reason I mentioned Etula there in the last paragraph is not because he's a retard or anything but because his asset pricing paper was mentioned on Falkenblog yesterday http://falkenblog.blogspot.com/2013/01/is-broker-dealer-leverage-elusiv… and I really wasn't convinced by it yet this guy is an "asset pricing expert" in QIS at GSAM )

How difficult is getting into an accounting phd program? What undergrad/ MS concentrations would set me up best for this and/or finance?

jackd9999: teenagepirate: (the reason I mentioned Etula there in the last paragraph is not because he's a retard or anything but because his asset pricing paper was mentioned on Falkenblog yesterday http://falkenblog.blogspot.com/2013/01/is-broker-dealer-leverage-elusiv… and I really wasn't convinced by it yet this guy is an "asset pricing expert" in QIS at GSAM )

As for your undergrad, it's not super important. Undergraduate accounting tends to be way more practical than what research is. Your best bets are math, econ, statistics and finance, with a few accounting courses so that you understand the very basic concepts. After those come engineering, physics etc. Essentially, you just need to be able to show that you can handle the very quantitative courseload. Often, you'll need to have done a few basic courses in micro-economics and finance, but this is not a hard requirement at all schools. Some schools (Stanford comes to mind, MIT too I think) also require some programming proficiency so it makes sense to do a bit of compsci as well.

And are you serious about "everyone can crank out an analysis and figure out it there's something publishable"? It takes Hong, Brunnermeier etc. a year or so to go from idea to publication and that's with an army of research assistants and co-authors. It's virtually impossible for an undergrad to know the established methodologies for a given field, to know whether their question is relevant and to be able to write the paper in the right way to get their point across in a way that's acceptable to the editors. An undergrad is not going to get a top 3 pub in econ/acc/fin, they may get their dissertation in if their supervisor puts a lot of work into it, but I've never seen a BSc diss make it, only masters level ones. And, as I said, the supervisor usually helps a lot with that.

If you have a trading strategy that can generate a big enough sharpe ratio, it's not too tough to get it published in the JQFA. And if it's big enough and obvious enough to raise a lot of doubt about the EMH or CAPM , you're now talking about a big three publication.

You can vet a trading strategy in about three days in industry. It took me a week to come up with something that can consistently generate a Sharpe of 2.

Most of the quants who held Finance PhDs I worked with in industry were published multiple times in grad school. Seriously, it's not all that tough. And it doesn't really matter your school's ranking- it matters what you, personally get published. Attending a school with a brand name can also be helpful, but you're only the sum of your work product.

Bottom line: If you want into grad school, get something published .

IlliniProgrammer: And are you serious about "everyone can crank out an analysis and figure out it there's something publishable"? It takes Hong, Brunnermeier etc. a year or so to go from idea to publication and that's with an army of research assistants and co-authors. It's virtually impossible for an undergrad to know the established methodologies for a given field, to know whether their question is relevant and to be able to write the paper in the right way to get their point across in a way that's acceptable to the editors. An undergrad is not going to get a top 3 pub in econ/acc/fin, they may get their dissertation in if their supervisor puts a lot of work into it, but I've never seen a BSc diss make it, only masters level ones. And, as I said, the supervisor usually helps a lot with that.

You can vet a trading strategy in about three days in industry; probably less. It took me a week to come up with something that can consistently generate a Sharpe of 2.

Just randomly picked 3 top 10 schools that showed CVs of their current students / job market candidates. Most of them have no publications, a few have one paper with a supervisor or something. You don't get a top 3 publication for figuring out a trading rule, you don't even get a JPM or FAJ for that. No one cares, it's probably the result of data mining or ignoring something like liquidity/ trading costs etc..

And what do you mean by quant? You mean someone working derivs, or a quant as in someone who specializes in quantitative investing? Basically mathematical finance vs. asset pricing? Because in mathematics and physics it's a lot easier to publish than in finance, articles are much shorter and take less time to get through.

If getting a top journal publication was easy, leading professors wouldn't travel half-way around the world to present papers at seminars and get comments on them.

teenagepirate: IlliniProgrammer: And are you serious about "everyone can crank out an analysis and figure out it there's something publishable"? It takes Hong, Brunnermeier etc. a year or so to go from idea to publication and that's with an army of research assistants and co-authors. It's virtually impossible for an undergrad to know the established methodologies for a given field, to know whether their question is relevant and to be able to write the paper in the right way to get their point across in a way that's acceptable to the editors. An undergrad is not going to get a top 3 pub in econ/acc/fin, they may get their dissertation in if their supervisor puts a lot of work into it, but I've never seen a BSc diss make it, only masters level ones. And, as I said, the supervisor usually helps a lot with that.

Uncovering Hedge Fund Skill from The Portfolio Holdings They Hide This paper studies the “confidential holdings” of institutional investors, especially hedge funds, where the quarter‐end equity holdings are disclosed with a delay through amendments to Form 13F and are usually excluded from the standard databases. Funds managing large risky portfolios with nonconventional strategies seek confidentiality more frequently. Stocks in these holdings are disproportionately associated with information‐sensitive events or share characteristics indicating greater information asymmetry. Confidential holdings exhibit superior performance up to 12 months, and tend to take longer to build. Together the evidence supports private information and the associated price impact as the dominant motives for confidentiality. http://onlinelibrary.wiley.com/doi/10.1111/jofi.12012/pdf

Ok, so someone had the neat idea of running a regression of hedge fund performance against the percentage of portfolios that they disclose through amendments. Woohoo! Journal of Finance! Oh, wow, it was probably mostly done by a grad student too (Yuehua Tang).

As for the strategies, of course you have to take bids and asks. These are reported in nearly every market database. You also have to be conservative in estimating market impact for larger strategies- the fact is that you may not be able to execute some strategy with millions of dollars off of a bid or ask of 500 shares, but there are a number of models commercially available for empirically guessing how much such a transaction would move the market.

If you (1) have a valid arbitrage strategy that WILL make money and (2) use it to make a convincing argument about financial theory, you pretty much have a publication in either the Big Three or one of the next few journals.

Of course, sometimes the best strategies and ideas never get published.

1.) Come up with a theory about the markets. Ideally one that relies on data that wasn't available 20 years ago. (This may rule out theories on cash equities) 2.) Design a strategy to test that theory. 3.) Figure out whether the results show anything. Ideally, try to have a natural experiment with a control and a test. 4.) Figure out how interesting and meaningful those results are. 5.) Clean it up and try to publish it.

You should be able to cycle through 1-4 in 40 hours of work. 5 will take another ~80 hours before you submit to your first journal. Also it's wise to submit to some repository so your idea doesn't get scooped.

I just noticed you also asked about the UK in your first post. So I'll mention that briefly as well.

Basically, in the UK, LBS is basically an American school and is the only UK school that ranks really well globally. LSE has a good name in industry but they're very large and not that respected internationally in "academic finance" or accounting, and apparently treat their PhD students quite poorly. LSE , Warwick, Imperial, Cass, Oxford and Cambridge are pretty much what you would treat as the second tier of schools in the UK after LBS with each having some sort of problem: Cambridge's faculty of finance is tiny and very junior but decent, at the other end of the spectrum you have LSE and Cass which are really big but with a lot of mediocre people and bought talent. Oxford had like 3 people go to this year's AFA meeting which was quite impressive for a faculty as small as theirs. For the UK and finance, LBS is the way to go and should that fail, then LSE and Oxford. But there are many many schools that are as good as LSE and Oxford which are not impossible to get into in the US so at that point it becomes a point of how much funding you can get and how well the research interests match yours. For accounting, I have no idea really because it seems like accounting research in Europe and accounting in the US are done completely differently and European researchers are just unable to get good publications into the top US journals but dominate publishing in AOS. I don't know enough to rank the schools but LBS's department of accounting seems fairly good by international standards (faculty seem to publish in the top US journals), even though it's quite small.

As for if you have a valid arbitrage strategy, lots of people think they do and try to publish them but get rejected. Why? Because most likely they're ignoring something... A lot of professionals think they've got a winning strategy but if they exposed that strategy to the kind of scrutiny that academic ideas get they'd realize just how flawed it actually is.

There have been a couple of arbitrages published in recent years but in reality they're quite rare.. If you have a valid arbitrage strategy that will make money, chances are that either you can use it to make a lot of money (doesn't happen often in practice) or you can publish it (doesn't happen often either).

This isn't that complicated, though.

Anyhow, OP, I strongly recommend http://www.urch.com/forums/phd-business/ instead of here. Here you just have too few people who know anything about the process and too many people who will answer without knowing anything for this forum to be useful (not referring to anyone on this thread but this whole forum)

PhD in Finance vs. Working ( Originally Posted: 10/28/2012 )

I'm early into a PhD program in Finance at a 10-20 ranked b-school. I'm not so sure about going the academia route if I do complete my degree, and find myself more excited about building a career as a researcher in the AM industry. Considering the options of (1) finishing the PhD and going into AM as a researcher, or (2) trying to find a buy or sell side research job and quitting the program (I already have a Master's), does anyone out there with experience have any advice or comparisons for these two paths? Is the ceiling higher with the PhD, and is it worth the 5 year investment?

Geez, finance PhD programs are insanely competitive. If you're in a good program, I would stay where you are.

Depending on your location, you should be able to find part-time work/ internships / consulting jobs while you are working on your degree. If you come out with strong work experience and a good thesis, just about any buyside firm will at least give you a look.

I assume you have a stipend? Then the only cost is opportunity. In this market, staying in a PhD program isn't a terrible idea. You could always quit if you get an offer from a top fund - but in the meantime, you are building your resume (and hopefully getting work experience).

I do have a stipend, but unfortunately my program won't allow me to take outside work while enrolled in the program. So my options for building work experience are pretty limited.

A phD will definitely get you noticed but if you don't have any relevant experience, summer internship , etc, then you will be just like every other PhD who is having a career crises. The problem with a masters at a non-feeder school is that there are many people with them (MFE, etc.) so your resume won't stand out too much. I would say the ceiling is not higher with a PhD but it will help you get noticed by top shops/ AM firms.

If you don't want to do quant/systematic strategies then the value proposition of a PhD diminishes. But again, a PhD will get you noticed in any shop that isn't straight fundamental.

I would think that if you're at a top school then many of your professors consult for the industry. you should ask them about their experience and then also see if they can help you get a summer internship or help them on a project. that should give you a better idea if you think it's worth quitting your program.

Since you're pursuing a PhD in Finance, you're most likely going to be offered positions in quantitative finance research(derivatives pricing). It isn't that bad of a place to be. If you don't want to complete your thesis, then by all means start applying to all the major companies.

You're most likely in a small predicament. I'm guessing you don't know how to program the common languages used like c, c++, java, and python which would rule you out of many quantitative research positions. Given that, you'll be in a more competitive pool competing with students straight out of undergrad for research positions. Since you have a masters, many company HR reps will say you deserve higher pay. But then you've got to think about the department budget and who's running it and what they're willing to sacrifice. In a sense, you run the risk of being overqualified for a research position but under-qualified for another(quant finance research).

With that said, i'd recommend you get through the remainder years and complete your phd.

If you really want to go into industry, 2 years of programming will do you well, C++, Java, and Python at the minimum.

I would have to disagree with one of the above posters. Do not tell your professors that you're planning to go into industry. As you already know, the whole point of a PhD is to prepare you to be an academic researcher. You'll most likely face some opposition when planning your thesis if you tell your professors that your headed to industry.

These are some links which should be of help if you're looking for an industry career post PhD

http://www.econjobrumors.com/topic/phd-in-finance-for-private-sector http://www.econjobrumors.com/topic/afa-private-sector-aqr-blackrock http://www.econjobrumors.com/topic/us-industry-salaries-for-phds/page/1 http://www.econjobrumors.com/topic/most-economists-are-losers

http://www.econjobrumors.com/topic/accounting-phd-vs-finance-phd

afajof.org/association/jobs.asp

Also, finish the PhD. Somehow. The signal premium is worth it. You could arguably drop out with an MS which was paid for and go to work on the street as a quant, but Dr. ABC > Mr. ABC.

Also the buy side roles which are available to Finance PhDs are VERY different from the roles held by MFEs.

Incremental benefit for doing Phd finance ( Originally Posted: 04/13/2013 )

Seeing recently stats of leading business school in US and UK (especially), i was amazed to find that msc/ms programs in finance requirements besides funding are less but they create greater monetary value for finance graduate. On other hand, phd guys invest 5 years with no experience/industry links have to end p on almost same salary. Starting salary for MS guy in year 0 ( just after graduation) is suppose 70 K then it would be approx 92 K by end of differential 4 years ( assuming 7 % increment in annual salary) On other hand, how many phd guys cross on such break even of 92 K at start?

I don't think that money is what is driving people to Finance PhDs. At least not as much as MS . But there are probably other things involved as well.

meaning you agree that on monetary ( or more precisely quantitative return on investment ) terms, phd is behind.

i actually put these facts to this forum just after seeing very few "quality" Masters level specialized fin. programs in US, on other hand all big universities are investing through doctorate level finance courses in finance industry.

From my understanding most of the PHD students in business schools go there for free. Most of these people want to teach and do research, which is cool. I don't think most of them get a phd for the money, it is more like credential that they need to be able to teach and do research.

PhD finance for a job in market ( Originally Posted: 07/17/2015 )

I am starting a PhD program in finance this September. My ultimate aim is to be a researcher in the AM industry and maybe in hedge funds. You might think that PhD is a painful and not a certain path to achieve it, but I would also like to keep options open for academia for the future.

My question here would be the areas/topics that industry might find attractive and that I can excel during my PhD. I am interested in topics in asset pricing and behavioral finance, like analysing/creating models to see the difference in prices of financial products in different stages of business cycles, etc. I am not sure whether those are relevant topics for AM and hedge fund analysts?

WRT my background, I do have a BS in Physics and MS in Finance so I feel I have capacities in both quantitative and financial areas. I am quite good in MATLAB, but VBA and C ++ or Java seem a-must to be in the market.

Please let me know which topics I need to focus on my PhD study, the ones that significantly help me to land some jobs in relevant areas. Not sure whether it make any sense, but my studies were in Europe and i want to stay in Europe. The school is ranked in the European top 10-20 with a few excellent researchers.

Many thanks

If you're getting a PhD and know matlab I would assume you can pick up vba in a few minutes, it's pretty basic (no pun intended)

Check out quantnet and poets and quants

I don't have any input here other than that I'd be careful about listening to advice from here for something as sensitive as your PHD thesis. I would reach out directly to HF 's directly and anyone else you want to work with else well.

Finance PhD's ( Originally Posted: 06/28/2007 )

What's the typical starting job for fresh Finance PhD's other than academia? Do they tend to go into quant-based funds or something similar or do a lot start out at Associated at BB 's?

Also, does it matter which school you get your PhD from? Can a PhD from Tier 2 B-school get a good job or is he/she going to have a hard time?

Why are you asking? These types of questions alone are a pretty good indication that you will never be a Finance PhD.

But to answer your question Finance PhDs have been known to secure jobs as quants and associates at BBs . Like always the better the school...the better your chances of landing these types of jobs.

Personally, I think a PhD in Finance is a complete waste of time unless you had your heart sent on the academic world. If youre brainy enough to get a PhD in finance youre probably brainy enough to get a PhD or at least a Masters in Math/Stats/CompSci/Physics, all of which are probably more marketable in the academic world AND finance.

I concur with Schumacher.

I was talking a bit ago with an MD at a MM I-bank and someone asked him a similar question. He responded with, while anything is possible, attaining a PhD in Finance won't really help your chances to get into Ibanking all that much. He personally felt that people who go this route tend to get too used to the culture and routine that is involved with school, and are better equipped to become a professor than to attempt to enter the business world.

One of the top interest rate quants in the world is a finance PhD.

Math Finance PhD to Wall Street ( Originally Posted: 10/17/2015 )

Long time reader, first time poster...

I'm currently a student in one of the top math finance programs. Until recently I'd planned on joining a finance department at a business school after completing my PhD. Unfortunately, having taken a number of finance courses not offered by the math department - we offer few topics courses - and I've discovered that most of the finance research is mathematically and/or statistically unsound.* The math finance research while rigorous is utterly useless.** As such, I'm strongly considering a transition back to the private sector.

Prior to joining my PhD, I worked in data analytics consulting for four years. I've generally held sales roles and have been client facing. I'm not your typical PhD: I love client interations, I wasn't a nerd in college or HS though I went to a good university, and I was an athlete throughout college and HS. Ideally, I'd like a role that facilitates a lot of social interaction and that's close to the money. Seeing the jobs most of our people get, and yes it's mainly quant jobs in banks or hedge funds , I've acquired the impression that those two things don't characterize their everyday tasks. Should I complete my PhD? Is there a role for a PhD that doesn't make you a trader's bitch or turn you into some sort of quasi-academic troll at Two Sigma?

I'm interested in why you think quants are quasi-academic trolls?

I've heard a lot of quants say that having a postgraduate math degree for quant roles is completely unnecessary/overkill, since the math you learn as an undergraduate math major is sufficient. It's more a function of marketability, or advertising on behalf of the firms who hire these math PhDs.

Also, your comments on mathematical-finance research seems reasonable given many of the opinions of renown quants. Apparently, a lot of the research has just become completely useless and unsound - essentially mental masturbation.

Keep in mind, quants at places like AQR/Two Sigma do more than just research - they also develop and execute actual investment strategies.

The issue is that your background already puts you into the 'quantitative roles bucket'. It may be difficult to convince people in roles with more client-interaction that they should hire you. Trading, risk and investment management roles are what's open to you right now. Of these, investment management would probably offer the most client-interactions.

Investment management at a BB like Goldman Sachs Asset Management , as opposed to a quant fund, may offer a bit more of what you're looking for. I have seen some quants (with/without PhDs) in asset management roles at BB banks. I also hear that Asset Management has quite a bit of client interaction, although others are better qualified to advise you on this.

If you want to get out of quant roles completely, then you're going to have more trouble. This is made significantly worse by the fact that you're a Math PhD, rather than straight out of undergrad. It makes you an 'experienced' hire and I'm not sure how well a Math PhD would be able to recruit for an IB analyst role, ect.

Careers options for PhD in Finance (Other than academia) ( Originally Posted: 11/14/2015 )

I am a first year PhD Finance student at a school which has very a solid reputation in overall but not the top in finance. As a PhD student, my priority is on getting an academic position, but I am also interested in career options in the industry.

Are there substantial number of people getting into IBD or Sales & Trading with a finance phd degree? I am also considering to quant or strats positions, but computational language is not something that I am familiar with.

I know that investment banks prefer fresh college graduates or MBA students over PhD candidates for their front office tasks other than quant, but I also heard that some trading desks dealing with more complicated products such as structure rates or exotics willingly hire PhD guys. Is that true?

If my research is on corporate finance , more specifically capital structure of firms , would it boost my employability for IBD ?

In terms of locational preference, I would not mind to work in any of major financial centers around world. (NY, London or HK) So, if you have any knowledge on those places, please give me some insight.

Quant Hedge Funds. Although it totally depends on the penchant of your PHD program. Quantitative Researchers are research (new models) and programming focused.

IBD I would say a no. You're likely too old and a bit too quantitatively orientated for the role which is as much soft skills as hard science. I would imagine you may have an easier time on the S&T side with a quant desk but I would think you'd likely need to develop some coding skills which frankly shouldn't be that hard to pick up.

Thanks, guys. So you guys suggest that only 'quant' related positions would be available for me? And for the programming language, I am currently using matlab and R for my coursework and research. Would it be sufficent?

undefined: Thanks, guys. So you guys suggest that only 'quant' related positions would be available for me? And for the programming language, I am currently using matlab and R for my coursework and research. Would it be sufficent?

Matlab and R are perfect. In trading , you want a language you can crunch data / backtest strategies with (R / Python) as well as one that has solid execution when you go live (Matlab / Python / C++). Look into statistical arbitrage / pairs trading, you should pick this up no problem w/ your background. Download a few data sets online, run some simple analysis to start, and you can formulate a strategy to start paper trading on your own. From there you can join prop desks, HFT , structuring etc.

If algorithmic trading doesn 't interest you and you don't want to go the pure academic route another way in is through a multilateral organization as an economist . After a few years those positions can set you up well to jump to a bank or hedge fund where you can make some serious coin.

I like the idea about economics. There is a third option other than industry and academia... Government!

Federal Reserve has nice paychecks and exit opps... They cap out around 200 k though if I remember right.

And PLEASE... If you want to go to industry do NOT do research on corporate finance . I would use the opportunity to find an arbitrage or something other statistically significant relationship which produces consistent alpha .

econ/finance phd ( Originally Posted: 04/08/2007 )

if you are currently in a econ or finance phd program what exit opportunities are there on wall street

FI and Equity Quant Reserch/Deriv Pricing groups, banks like Lehman and CS have a PhD day/presentation some time in fall, where they tell about PhD opportunities. make sure you school work is quant/econometrics related. Are you Stern fin or econ ?

just looking @ my options

You can become a professor.

Finance Phd ( Originally Posted: 10/23/2011 )

I am doing Phd in finance, passed the first two levels of CFA exams. I have been told that my background fits for buy side firms, especially HFs . My uni is not an ivy league school though. What do you think is the best way for me to contact HFs?

As my uni is not an ivy league school, they are not coming to my uni and it is hard for me to find something through the alumni.

Thanks in advance.

Cold call/ cold email tons of firms. Use Linkedin to connect with people at HFs you would be interested in working for. I'd imagine it wouldn't be hard to get responses since you're doing a PhD.

What topics are you studying in finance.. I'm just being nosy as I didn't know they offered such a Ph.d

My thesis in on market microstructure of derivatives market. I also work on asset pricing.

Let's say I am graduating in summer, when do you think I should start sending e-mails?

3 years ago.

buybuybuy: 3 years ago.

Agreed. Start emailing and calling ASAP. Attend as many networking events as possible. Tap into the alumni networks of both your PhD school and BA/ BS school, as well as any possible masters you may have done.

New here & im a PHD Finance hunter ( Originally Posted: 04/11/2014 )

Trying to get ideas about PHD finanace proposal.

Not sure if trolling, but if you're seriously looking for someone else to come up with your Phd topic, you probably should not be pursuing a Phd in the first place.

You should probably be talking with your advisor.

This cant be serious :)

finance phd ( Originally Posted: 10/01/2011 )

I will graduate this summer and I am taking CFA level 3 exam this June.I am good at econometrics , R and Matlab. My uni is not an ivy league school, but has a good reputation.

Sell side quants told me that my profile suits better for buy side jobs. I am wondering which buy side firms hire finance phds. Thanks in advance.

Take a look around the Hedge Fund forum. This site has alot of great resources. Here's some for you:

WSO hedge fund career guide

<a href="//www.wallstreetoasis.com/faq-best-discussions-hedge-funds>Best discussion hedge fund FAQ</a>

You'll also find lists of firms there^ ">

Phd in Finance profile eval ( Originally Posted: 09/27/2014 )

Hi Gurus out there.

I am interested in applying to Finance Phd program.

I would like gurus here to provide me some insights/ideas on my chances getting into these programs listed below:

Uni. of Michigan, UCLA, Duke, USC, Cornell, Boston College, University of Florida, Rutgers.

To provide info on my background/stats:

UGPA: 3.45 & GPGA: 3.5. Studied EE during undergrad and Comp. Engr as major and econ as minor studies during grad school w/ full fellowship & stipend.

GRE V 156 GRE Q 170 AWA 4... I know i bombed my verbal :(

1.5 yrs of research experience & winning IEEE research fellowship/scholarship for my research.

2 yrs of working @ High tech firm (think apple or google) by the time i enroll to phd program..

I am particularly worried about my gpa since it is not 3.8 or 3.9 as advertised on many phd program website...

Do you gurus think if I have a reasonable chance to get into one of the programs I listed above? And is there any particular area I should improve or work on, say GRE verbal for example?

Any advice or comment will be appreciated :)

Just to add another piece of info...

i received my BSE & MSE from top 5 engineering program.....

Your background certainly isn't bad. I have done some reading in finance PhD programs and I think you have a lot of points in your favor. I think it is likely that you will be able to get in somewhere, however there are a few things to keep I mind from what I've read:

The Math. Have you taken Real Analysis in undergrad? Finance and Econ PhDs are pretty brutal math-wise and knowing the EE students I know, it is very possible to come out of an engineering program without a strong enough math background for a Finance/Econ PhD.

You alluded to this in your post but finance PhD programs are extremely competitive. Even for someone like you it will be tough to get in to a top program.

Research fellowship is a big point in your favor, leverage that in your application.

Great thanks for your comment. First of all, here is a list of math courses I took: Cal I, II, III, IV, Linear Algebra, statistics, Regression/forecasting, Probabilistic method in engineering which covers some Real Analysis, and many other engineering courses requiring intro knowledge level of Real analysis. But I have not taken a course called Real Analysis. And I am aware of the competitiveness of the Finance PHD program :(

What do you think of my lowish gpa and verbal score? Any reg flag or yellow card?

Finance PhD ( Originally Posted: 08/11/2011 )

Most recent post on this seems to be in 2007.

To put it simply, I did my undergrad in Finance, have an MBA , and am taking CFA Level III next June. Working in ER currently.

Really considering going and doing my doctorate. Love the researching professor lifestyle and autonomy. Anyone done this? Advice going forward? (Starting next fall)

That actually sound pretty cool...

I'm actually interested in pursuing this path as well

Professor Jarrow at Cornell was a math major and a MBA from Tuck. He got his PhD at MIT in 3 years after that. Look up HJM model.

To the OP, what specific field within finance are you interested in?

I dropped out of an Econ PhD, so if anyone is considering this path and wants to ask me any questions, feel free to PM me.

The life of an academic is, to misquote Thomas Hobbes, "solitary, poor, nasty, brutish" and shit.

You have much less autonomy you think you do; you're obliged to churn out a constant streams of papers that will (most likely) be read by almost nobody; and, you have to be prepared to relocate to the middle-of-nowhere's-ville to take a job teaching undergrads. To make things worse, the actual process of researching can be incredibly lonely too.

Not for me. And I strongly considered it.

Specific field of interest would be more on the corporate side of things -- M&A, spin-offs, restructurings, etc.

Thanks for the input, all. Definitely is a major decision with ramifications, but there's a major part of me that believes I will regret it if I don't do it.

Also, I think that a major catalyst for my thought process here is that I don't really see myself living tick-by-tick to the stock market, or being so focused on a given industry that I can tell you the exact inventory level for a company 3 quarters ago. Don't get me wrong, I love my job right now -- and I think that analysts who are so in tune with an industry are really good, and it's amazing to see that level of knowledge about companies.

I feel like the things that I like about doing ER I can do for my own portfolio on a go-forward basis. And I also want to make sure that I can have solid balance in my life -- be a husband, be a good dad. Not that it can't be done in ER , but the balance challenge is significantly more difficult.

I'm aware that academia is no bed of roses and that there's no "free lunch", but I feel like, for me, the benefits outweigh the costs.

Fair enough.

Do a Masters and re-assess. I was dead set on avoiding the City and "corporate" economics when I finished my undergrad. Two years later I u-turned.

So long as you apply yourself with gusto- and don't look back- you can't really go wrong, as with most things in life. Until your set off in the direction, keep your options open and don't burn any bridges.

PhD Finance for I-Banks !? ( Originally Posted: 11/10/2007 )

i'm currently studying economics and am considering a phd in finance, I'm still having about 2years ahead until graduation though.

Why I would like yet to get a clear opinion whether or not to pursue a PhD afterwards is, since if I wanted to do one (in a really good school) I would need to concentrate more (maybe entirely) on my studies now in order to get a sufficient good degree, in contrast to doing as many as possible relevant internships in order to get a good job directly after graduation. Aside from that I would need to apply already in about a year I guess.

I read already some related threads about the topic, many advice "do it if you really are interested in the subject" which makes definitely sense and of course I am interested! but if i knew already which job i would like to go for for sure and also knew that the phd wouldnt be usefull for that particular job, i wouldn't do one I think. But since I don't really know yet, what kind of job to aim for (and general whether industry or maybe academia) it also would help me to keep all my options open.

I read many times that in many areas of i-banks a phd absolutely wouldn't be neccessary, though i read as well since financial instruments are getting more and more complex a phd could be beneficial.

So my main question is in which areas of i-banks (i.e. sales, trading , risk management, NOT structuring since that's obvious) is a finance phd (with what specialisation?) beneficial or even neccessary?

I'd really appreciate your input! Thanks a lot in advance!

I don't know much about other areas, but for corporate finance , a PhD is definitely not required, nor is it beneficial.

Ibanks generally have economists and market strategists (not sure who gets these jobs and how) that generally most of these people carry PhDs.

The trend at most quant trading desks seems to leaning more towards the physics, mathematics, statistics PhDs.

If you have a good math background you can check out the MFE programs both in the U.S. and U.K. Its a great degree to have if you want to break into trading

To be honest, a Finance PhD is basically only beneficial to people who want to become college professors, which has its perks (ridiculously short hours, low stress environment, and great pay assuming you can get a job at a half-decent college). If I-banking is what you're after though, dont waste 8-12 years of your life pursuing a PhD when you could be gaining some valuable work exp.

A PhD would be relevant on certain trading desks, research, probably risk management, and I can't really speak to other areas . If you have a finance PhD you will not have a problem getting a job at a bank - they are in very high demand. Having said that, don't get a PhD as a means to get into banking unless you are really, really, interested in the topic you're working on. Something like 50% of PhD finance candidates burn out, and that's coming from an already very select crowd - I've heard admissions stats are somewhere around 10-20%. It's not an easy road.

career advice for PhD student ( Originally Posted: 01/18/2013 )

I wouldn't recommend to do that online MBA . To me that's kinda ridiculous. There are all kinds of majors in IBD , so don't worry about that. Maybe the CFA Level I can show your general interest in finance, but there are very variable notions on this strategy here on WSO

You're Ivy, so that's a very big plus. I would concentrate on getting my story right: " Why do you wanna do finance?" Why now? What can you bring to the table? I also would try to dwell on your quant skills, if there are any.

Your age is a big problem, so be prepared.

restructury, thanks for your comment.

Do I have a realistic shot at an associate position with a MBA? Should I do the UCLA certificate program in investment management and analysis? Is taking CFA 1 is the best course of action if I have some time to spare on preparation for IB job (beside networking)?

Due to my experience you would only have a shot for an assoiciate positions with a prestigious MBA , not at all with an online MBA .

The UCLA program or CFA Level I program is a very good add on in my opinion.

But I think you have to focus on getting a job (networking) more than to add another qualification.

So let me ask you: Why do you wan't to get into finance?

Have you ever thought about consulting? (Your CV and Ph.D. may have mor advantages here) I'm just asking because I do have a couple of friends who want(ed) to get out of their traditional field (engineering, chemistry;..) just to do something more business related without any clear focus.

you're an ivey so....NETWORK, NETWORK and NETWORK!

I am leaning towards a MBA which could open more doors compared to specific training/knowledge I could get from CFA . Even though its online, its the same degree given to other students in the full-time program (the interviewers won't know unless he/she asks me explicitly about the nature of the program) Since I already have access to alumni network and career services at my ivy league schools, I don't care much about the networking opportunity within my MBA cohort. My plan is not get another brand name on my resume - but to retool my management skills and sharpen my business acumen, which I think can be done through an online program.

I am also planning to give a shot at consulting too. BUT English is my second language, and my presentation skills might not be as smooth as those of native speakers. And consulting involves a lot more interactions with clients, social skills play a bigger role to success in consulting than in IB . So I guess I might have better chances of having a career in IB .

I don't want to go into academia. My goal had been to join the private sector since I started my PhD program. Finance fascinates me for several reasons (including great pay). Particularly, I am pretty good with analytical skills and want to help companies search out ways to become more financially independent. Another reason is that my home country does not have an established financial market (no credit bureau , no mortgage loan , no stock exchange ). With international experiences and top-notch training i could get here in the US, my dream is to return home one day and help develop the financial sector back in my country.

Any more suggestions? Thank you!

You can make it into banking- but generally speaking the work is pretty mind numbing and might feel below your intellectual abilities / curiosity, given that you have gone through the trouble of getting an advanced degree. Realistically, your best shot is to network your way in. Success depends on how good you are at networking, MBAs , CFAs , all that stuff is a waste of time.

What are my odds going from PhD into these business schools? ( Originally Posted: 05/02/2014 )

I am looking to apply to a MBA program this coming fall and switching away from R&D into management and consulting roles within the life science and biotech industry. I will be 28 when I enroll, this is a little on the older side I believe. Anyways, I would appreciate you guys' opinions on my chances.

Undergrad (top 2 Canada): Economics (3.4/4.0) Graduate (semi-target U.S) : Biochemistry PhD GMAT : 730

Work experience: Boutique consulting (co-op, life science biotech industry): 7 months IT consulting and implementation (current, healthcare and life science industry) : 6 months Software Start up (current, health care and life science industry): COO , 8 months.

I am interested in the following schools and programs:

Cornell (Johnson): 1 year MBA program for scientists Fuqua (healthcare management program) Haas UCLA USC Marshall (I am not sure how Marshall is doing, from the latest statistics it would seem that 25% of graduates are without job placement; I would like some thoughts on this as well)

Thanks again.

28 is the average age, so you're definitely not on the old side. Your work experience is a bit on the light side, and it's going to be a red flag that you were at two firms for less than a year unless you explain it well. That said, a dual Biochem Ph.D and MBA will make you highly employable, so I think you can certainly get into the schools you are aiming for (although, you might come off as unfocused since your career isnt based on your Ph.D...make sure you can build a coherent story). You MIGHT have to re-apply once before you get in, to show more experience, but you'll definitely get in eventually. You might have more trouble in the Top 10/ MBA business schools "> M7 schools though if you decide to reach, but your target schools are fine (Haas will be a reach though).

Your work experience is a HUGE red flag. Three jobs under a year each?! Most people hold on to a position for at least 2 years. Maybe you should look into patent law. There are alot of top firms that will pay you to goto law school and give you a six figure paycheck.

Thank you for the input guys. I realize that my work experience will be a glaring weakness on my application that I would need to address in some capacity. To qualify, I was not laid off, nor was I job hopping. My 7 months work experience at the boutique consulting firm was a work study (co-op) program. The work focused on management consulting for the life science and biotech industry. I am still currently employed at the start-up and the IT consulting firm. Both firms are involved in software development for the healthcare and life science sector. By the time I matriculate into any MBA program I would have been at these two companies for 2 years.

I am also not sure how MBA programs take into consideration the PhD experience. As part of the PhD program, I essentially served as a research assistant for 4 years. Since I am legally a paid employee of the University, should this not count as work experience in some capacity?

Yes, your work experience as a research assistant in the university does count. Your combination on-going experiences look consistent with what I have seen in other students who are applying from an academic setting. I don't see any red flags. But like any other candidate, you want to present your purpose as having something bigger than simply wanting to switch functions. Get your story clear, I mean really clear, and of course, figure out ways that your experiences will add to a class.

Tell us more about this Cornell program for scientists (!) I thought it was just a tech program in NY . -- sorry to be ignorant, especially in public. I will be visiting the Cornell Tech Center in NY in a few weeks, so give me good questions to ask.

I do know of a number of PhDs that have gone to MBA business schools "> M7 schools more or less straight out of grad school. Doable, but not that common. If you can justify an MBA (having a good story) and also have demonstrated excellence out of academics (ECs, leadership roles, etc...), I believe you would be competitive at your schools of interest.

PhD looking for job at BB bank ( Originally Posted: 09/20/2012 )

i'm looking for a job at a BB . i'm generally clueless about finance but i am pretty sure i will like it if i get into it. i'm doing a phd in engineering from a good school and i expect to graduate in may or august next year.

few questions...

do Citi , jp, GS , etc have specific programs to hire people with my background? would my background (PhD plus a couple internships ) be sufficient to pass a resume screen?

given that i want to graduate next summer, when should i look to apply? is it rolling? is there a deadline for phds?

are phds hired differently from ba's? would i be interviewing for an associate role as opposed to analyst?

what divisions are there, and how is the prestige associated with each of them?

how do i best prepare for interviews?

any languages?

There's literally book guides printed out to answer those general questions. Search the forum or read them. also go to the wilmott forum instead. More PhDs there and they would be more knowledgeable of the opportunities. This forum is mostly populated with Investment Bankind Division aspirants. You'd be in Sales and Trading .

The most important and first filter for you is going to be- how good is your C++?

And yes, you'd be an associate. And full-time recruiting is going on right now. But for the jobs where they specifically look for quant PhDs- that recruiting isn't as structured. (of course some PhDs go into non-PhD required/recommended jobs too). For the quant PhD jobs you're looking at 3 main things:

• risk management. especially market risk. considered middle office . nobody's top choice. mostly statistics skills. filled with many non-PhDs too. Some people kind it interesting though. little to no programming.
• Quantitative Developer. This is almost all programming work. Yet filled with math/physics/engineerg, etc PhDs.
• model validation. almost all quant PhDs. will require programming but not as much as QD. Generally MFE-type maths, but they prefer a PhD to get it right. Considered a typical springboard to front office trading /structuring.
• trading. what everyone wants. the background highly depend on the asset you trade- PhDs will go to the exotic products or the more automated products (automated is obviously programming work).

thanks a lot.

i know a bit of C and am gonna work on developing that. i think i will be fine after studying it for a month...

is there any other skill theyre gonna look for? for instance, say my phd is in engineering. are they gonna ask me technical questions related to my prior cousework? or is it just going to be basic probability questions and brainteasers that i've seen on the internet?

finally, assuming im an industrial engineering phd from columbia, have working C skills, and can talk about my research, what's the chance i can get hired as a phd, in any div at GS ?

bajamrock9: what's the chance i can get hired as a phd, in any div at GS ?

GS is the first company that always comes to mind because they reached out to me. i'll consider any bb firm though. i was just picking out one as an example.

is there any other skill theyre gonna look for? for instance, say my phd is in engineering. are they gonna ask me technical questions related to my prior cousework? or is it just going to be basic probability questions and brainteasers that i've seen on the internet? finally, assuming im an industrial engineering phd from columbia, have working C skills, and can talk about my research, what's the chance i can get hired as a phd, in any div at GS ?

An interview is not going to be advanced technical stuff. But in the past it was common to have some people take a test and decide interviews based on that. That's another reason you'd want to apply sooner or later. Credit Suisse used to have a in-house test for applicants to their "quantitative associate" program- which basically encompassed 99% of the jobs a PhD would go into. Several times a year they'd have a 100+ people come in and take a test- mostly higher-level undergrad level questions in math areas useful for finance. And another common thing is an online test that supposedly measures your programming ability through multiple choice questions. There's a company that does it that several banks use- can't remember the name now.

But how they interview PhDs can change over the years depending on the bank, the department and sometimes even whoever is currently in charge in that area. Don't know how GS does it. As for your chances of getting into ANY division at GS? That's not an illuminating question. And in fact depends more on their current staffing needs in particular areas than it does on you (unless you're an expert in some in vogue area like signal processing?). But assuming you work at it- e.g. contacting HR and headhunters- I'd say pretty good.

GS is actually the largest employer of PhD's after I believe the federal government. BB love PhDs and they are much harder to fire too, due to their expertise.

Consider finding a recruiting firm.

You will most likely find a position as a quant or as GS likes to call them, strategists. Put simply, you will a traders bitch.

I don't think that's true. At the end of the day its a bank not a technology/science company. And quantitative finance is just a subset of a broader industry. Besides Google is almost 2x as big. IBM is 10x as big (in employees).

I'm sure they have a higher attrition rate though- just because there's a higher learning curve in their job.

thanks so much for the insights, everyone. very helpful.

so all in all, you'd say that there is a good chance that I can land a job at a BB , provided I prepare. that's pretty much what I wanted to gauge.

given that, what would you say is the best way I should approach preparing for interviews? is the interview process as cutthroat as it is for undergrads? is there a book or a program i can subscribe to that will prepare me for interviews? i'm just reading wilmott's FAQs in quantitative finance as of now.

Heard on the Street....but its kinda old now. But everyone uses this. And they expect almost everyone to have seen it. Review your probability, calculus, ode/pde. Prepare for C++ brainteasers . The interview process is a lot more variable then undergrad. It's not nearly as structured. Typically not as many stages.

They'll look at your CV and ask you questions from it. So be prepared for that obviously. If you display some quant finance knowledge they might ask you further questions. Otherwise just read Hull . If you have time- then go into more finance reading like Shreve- but better to be strong on the basics than weak and broad. The finance questions will be secondary. If you fuck up the prob/calc/ode question- then that's instant death.

Next, a lot of PhD hires are interviewed specifically by a certain desk/group for a specific position. So once you hear about the interview- you're going to want to learn more about their work, the financial instrument, etc. And pay extra attention on that group's most relevant quant skill. e.g. for an interview with market risk you might want to add stats/econometrics to your reviewing. for model validation pde's. for quant developer- c++ brainteasers .

doing phd while networking into ib ( Originally Posted: 02/07/2013 )

With a PHD you'd be overqualified

Your communication skills will be a huge roadblock, regardless of what you decide to do.

The Kid: Your communication skills will be a huge roadblock, regardless of what you decide to do.

'I am an international student who is about to graduate this semester from a non-target school in US, have not yet networked enough and secured a job in IB due to time manners. I am thinking of pursuing a PHD degree here in US after my undergraduate probably at schools around New York area so that it would be easy for me to travel there and make connections. If success in securing a job, then I would leave the PHD program. I dont want to pursue a MSF or a MFE due to budgetary issue. Do you think it is feasible? Will I have a shot in getting into BBs? By the way I am majoring in economics, had an internship with a boutique in the M&A advisory, but currently only targeting the BBs'

'have not yet networked enough' 'due to time manners.' 'if success in securing a job' 'due to budgetary issue,' etc.

Iunno. your point gets across, but it's not 'good' english persay.

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PhD Program

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Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

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PhD in Finance

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Chicago Booth has long been recognized for its PhD in finance. Our finance faculty—which includes Nobel laureates Douglas W. Diamond, Eugene F. Fama, and Lars P. Hansen—sets the course for research in all areas of the field.

As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.

Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.

The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.

Our Distinguished Finance Faculty

Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.

Francesca Bastianello

Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow

Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance

Robert W. Vishny

Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center

Michael Weber

Associate Professor of Finance

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics and Finance

Alumni Success

Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.

Shohini Kundu, MBA '20, PhD '21

Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.

Jane (Jian) Li, PhD '21

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.

Spotlight on Research

The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.

A Brief History of Finance and My Life at Chicago

Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.

Climate-Policy Pronouncements Boost 'Brown' Stocks

It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.

With Business Loans Harder to Get, Private Debt Funds Are Stepping In

It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.

Too Many 'Shadow Banks' Can Limit Overall Access to Credit

While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).

A Network of Support

Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.

Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.

Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.

Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.

The PhD Experience at Booth

For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.

Video Transcript

Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.

Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.

Current Finance Students

PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.

Current Students

Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi  Huan (Bianca) He Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue

Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .

Program Expectations and Requirements

The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

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The Columbia Advantage

Finance Doctoral students are trained in major areas in finance and economics, including, asset pricing, corporate finance, continuous-time models in finance, information economics, international finance, market micro-structure, and banking. The program prepares students for careers in scholarly research, and graduates take jobs primarily in academic or research institutions, while some students opt to work in industry. Details about the coursework and research students conduct on their way to earning their doctorate can be found on the  Academics page.  

The Finance Division at Columbia Business school has a track record of training scholars who go on to become academics at Universities, including many of the world’s most prestigious institutions. Our placement success is due in part to the close working relationship that students develop with the faculty in the division. The School intentionally keeps the PhD program small making it easier for students to find faculty collaborators and thrive. See our  Placement page  for more information.

Student Life

The Columbia Business School doctoral community consists of 125 students across six programs. The program attracts exceptional students from all over the world who are looking to develop research skills under the tutelage of faculty experts. Students come to the School for the exceptional training but also because they value the diversity, creativity, entrepreneurship and social tolerance that NYC offers. See here  for more about student life. 

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Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

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The 10 Best PhD Programs in Finance

In essence, finance is the study of economics and the claims on resources. The best PhD programs in finance help you develop professionally so you can make difficult decisions around fund allocation, financial planning, and corporate financial management. This qualification will also equip you for a career in teaching or research at top universities.

Which of the 10 best finance PhDs is best for you?

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

According to the Bureau of Labor Statistics (BLS), finance managerial professionals have an average salary of $131,710  per year, and jobs are estimated to grow by 17%  from 2020 to 2030. This is much more than the average across all occupations. With a PhD in finance, you may work as a finance manager or even become a CEO of a large corporation.

Jobs and Salaries for Doctors of Finance

After earning a PhD in finance, you can find well-paid jobs as a professor or in various corporate finance roles.

Here are some of the most common finance professions with the average annual salaries for each:

• Financial Manager ( $96,255 )
• Financial Analyst ( $63,295 )
• Finance Professor ( $73,776 )
• Chief Financial Officer ( $140,694 )
• Investment Analyst ( $67,730 )

Read More:   The Highest Paying PhD Programs

What’s the average cost of a phd program in finance.

The tuition for a PhD in finance can vary depending on the university, with public institutions generally being much more affordable than private ones.

Across all schools, the average tuition is around $30,000 per year.

However, on top of this, you need to factor in other expenses, which could add up to another $30,000 a year. Some top universities offer full funding, including tuition and a stipend for all students who are successfully admitted to the program.

Read Next: The Average Cost of a Master’s Degree in Finance

Top finance phd programs and schools, stanford university, graduate school of business.

PhD in Finance

Stanford University is one of the most prestigious business schools in the world. Its PhD in finance programs has an emphasis on theoretical modeling and empirical testing of financial and economic principles.

• Courses include: Financial markets, empirical asset pricing, macroeconomics, and financial markets.
• Duration: 5 years
• Tuition : Full funding
• Financial aid: Research & teaching assistantship, grants, outside employment, and outside support.
• Delivery: On-campus
• Acceptance rate: 5%
• Location: Stanford, California

The University of Pennsylvania, The Wharton School

The University of Pennsylvania’s renowned Wharton School of Business is home to faculty who are well-known in the field of business research. The school boasts a low student-faculty ratio in an atmosphere that allows you to work with faculty members as peers. This doctor of finance program emphasizes subjects like asset pricing, corporate finance, and portfolio management. This helps students become experts in research and teaching in these areas.

• Courses include: Topics in asset pricing, financial economics, and international finance.
• Credits: 18 courses
• Financial aid: Fellowships, grants, student employment, health insurance, stipend, and loans.
• Acceptance rate: 9%
• Location: Philadelphia, Pennsylvania

The University of Chicago, Booth School of Business

Booth School of Business is a major center for finance education because its faculty includes Eugene F. Fama, Nobel laureate and the father of modern empirical finance. This finance doctoral degree has an option for a joint PhD in collaboration with the university’s economics department.

• Courses: Financial economics, financial markets in the macroeconomy, and behavioral finance.
• Tuition : Refer tuition page
• Financial aid: Grants, stipends, health insurance, scholarships, fellowships, teaching assistantships, research assistantships, and loans.
• Acceptance rate: 7%
• Location: Chicago, Illinois

The University of Illinois at Urbana-Champaign, Gies College of Business

The University of Illinois at Urbana Champaign is one of the best places for studying and conducting research in finance. Its finance research faculty was ranked #4  in the UTD Top 100 Business School Research Rankings between 2016-2019. In this PhD in finance program, students can take the qualifying examination at the end of the first year and, if successful. They’ll be able to start their research project earlier and complete the degree sooner.

• Courses include: Empirical analysis in finance, corporate finance, and statistics & probability.
• Duration: 4-5 years
• Financial aid: Full tuition waiver, stipends, scholarships, grants, student employment, and loans.
• Acceptance rate: 63%
• Location: Champaign, Illinois

Massachusetts Institute of Technology, Sloan School of Management

The Sloan School is one of the top research centers in the world, which aims to transform students into experts who can handle real-world problems in a wide range of spheres, from business and healthcare to climate change. This PhD program in finance gives students the flexibility to choose between a wide range of electives and even study some courses at Harvard.

• Courses include: Current research in financial economics, statistics/applied econometrics, and corporate finance.
• Duration: 6 years
• Financial aid: Full tuition, stipend, teaching assistantships, research assistantships, health insurance, fellowships, scholarships, and loans.
• Location: Cambridge, Massachusetts

Northwestern University, Kellogg School of Management

The Kellogg School of Management allows students to conduct independent research under the supervision of faculty who’ve made significant contributions to the field and have earned numerous prestigious awards. This doctorate of finance program’s admission process has a dual application option. You can also apply to the Economics PhD simultaneously, so if you are not selected for the finance program, you may be considered for economics.

• Courses include: Econometrics, corporate finance, and asset pricing.
• Duration: 5.5 years
• Financial aid: Tuition scholarship, stipends, health insurance, moving allowance, and subsidies.
• Location: Evanston, Illinois

The University of California Berkeley, Haas School of Business

The Haas School of Business in Berkeley is an innovative institution that questions the status quo, takes intelligent risks, and accepts sensible failures in its path to progress. This finance PhD program offers students opportunities to learn about cutting-edge research from faculty from around the world.

• Courses include: Corporate finance theory, stochastic calculus, and applications of psychology & economics.
• Tuition : Refer cost page
• Financial aid: Fellowships, grants, tuition allowance, stipends, teaching assistantships, and research assistantships.
• Acceptance rate: 17%
• Location: Berkeley, California

The University of Texas at San Antonio, Alvarez College of Business

The Alvarez College of Business is one of the forty largest business schools in the USA. It follows a comprehensive and practical approach to education that allows students to apply the knowledge they gain directly in the workplace. This PhD in finance encourages students to do collaborative research with the faculty, which helps them publish their own academic papers before they even complete the program.

• Courses include: Corporate finance, international financial markets, and microeconomic theory.
• Credits: 84 (post-bachelors)
• Financial aid: Scholarships, grants, work-study, teaching assistantships, research assistantships, research fellowships, and loans.
• Acceptance rate: 84%
• Location: San Antonio, Texas

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

Liberty University is a non-profit institution among the top five online schools in the USA and has been offering fixed tuition fees for the past seven years. This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature.

• Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc.
• Credits: 60
• Duration: 3 years average
• Tuition : $595 per credit
• Financial aid: Grants, scholarships, work-study, veteran benefits, and loans.
• Delivery: Online
• Acceptance rate: 50%
• Location: Lynchburg, Virginia

Northcentral University

PhD in Business Administration (PhD-BA) – Finance Management

Northcentral University was founded with the objective of offering flexible, fully-online programs to working professionals around the world. This doctorate degree in finance online is flexible and allows you to design your own schedule. You will also get one-on-one personal mentoring from qualified faculty.

• Courses include: Business financial systems, business statistics, and business leadership & strategy.
• Duration: 84 months average
• Tuition: $1,105 per credit
• Financial aid: Grants, scholarships, and military scholarships.
• Acceptance rate: NA
• Location: Scottsdale, Arizona

Things To Consider When Choosing a Finance PhD Program

The right PhD program for you is a very personal decision and will depend on several individual factors.

However, these general questions will help you to make the right choice:

• Is the university properly accredited?
• Does the university conduct innovative and cutting-edge research?
• Are there renowned faculty members who you’ll want to work with?
• Do they offer subjects or specializations that match your career goals?
• What is the school’s placement history?
• What are the tuition fees, costs, and options for scholarships and financial aid?
• Does the program offer online study options?

It’s also important to consider if you want to pursue a career in academia or work in organizations as a senior finance professional. A PhD degree will generally set you up for a career in research or academia, while a DBA is more suited to a career in business or government.

Preparing for a Finance Doctorate Program

It’s important to start preparing early if you want to be selected for one of the best finance PhD programs.

These handy tips can help you put your best foot forward:

• Research the requirements of the best universities offering PhD in finance degrees, including pre-requisite subjects and qualifying grades. Keep these in mind when completing your bachelor’s or master’s degree.
• Understand your strengths and weaknesses in relation to the program’s requirements. Work on your weaknesses and continue to hone relevant skills.
• Read extensively in the field and keep up-to-date on regional and global developments.
• Join communities of finance professionals to build your network and be exposed to the latest knowledge in the discipline.

Skills You Gain from Earning a PhD in Finance

The most important skills you learn as a doctor of finance include:

• Communication skills, including writing and presentation skills
• Data analytical skills
• Economics and accounting skills
• Critical thinking skills
• Mathematical skills
• Analytical software skills
• Management and leadership skills
• Problem-solving skills

PhD Programs in Finance FAQs

How long does a phd in finance take.

PhD programs in finance usually take between three and eight years to complete.

Is It Worth Getting a PhD in Finance?

A PhD in Finance is a qualification that’s in high demand today. It is a terminal degree and can help you get top-level jobs with lucrative salaries in corporate or large organizations.

How Much Can You Make With a PhD in Finance?

With a finance doctorate, you can expect to earn a salary anywhere from around $45,000 to $150,000, depending on your experience, role, and the organization you work for. According to the BLS, the average salary for finance PhD holders is $131,710 .

What Do You Need To Get a PhD in Finance?

The admissions requirements vary depending on the program, but you’ll typically need a bachelor’s or master’s degree in finance. The programs can take three to eight years of coursework and research.

To apply, you’ll usually need to submit:

• Application
• Academic resume
• Academic transcripts
• Recommendation letters
• GRE or GMAT score
• Personal essay

Final Thoughts

With a doctorate in finance, you can build a rewarding career in academia, research, or the business sector. Like any doctorate, these programs ask for dedication and hard work. By planning early, you’ll set yourself up to pursue one of the best PhD programs in finance.

For more on how to build your career in the field, take a look at our guides to the best master’s degree in finance , the highest paying PhDs , and fully-funded PhD programs .

Lisa Marlin

Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.

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FINANCE PH.D.

Join top minds in finance.

Accepting Applications for Fall 2025

Your Future in Finance

• Finance Department

APPLICATION DEADLINE

The application deadline for the Finance Doctoral Program is December 15.

***Applications will be accepted until February 15, but cannot guarantee applications submitted/completed after the December 15 deadline will still be considered for admissions.***

Why should you get your Finance PhD at McCombs?

Our faculty are not only intellectual leaders, they are also highly devoted to our PhD students. Faculty frequently co-author with current and former students teaching them the skills to successfully publish and helping jump-start their publishing careers. We hold a weekly PhD research seminar for PhD students where students present their ongoing work to faculty and we discuss prominent avenues for research. We have a strong collaboration with the Economics Department and our program of work  has a strong economics foundation.

Gregory Weitzner, Ph.D. Alumnus

"UT Austin is a fantastic place to do a PhD in Finance. The faculty are extremely nurturing and genuinely care about the PhD program. They challenge you and yet are always approachable. With such a large department, you can find anyone working on something related to what you are interested in. Finally, you can't beat living in Austin."

Kevin Mei, Current Ph.D. Student

"The UT Finance PhD program has been a tremendous launchpad for my academic career. Among its many strengths, the department is especially oriented towards fostering genuine relationships between faculty and students. All faculty, from junior to senior, seem interested in my success. This tight-knit atmosphere makes it easy for PhD students to approach world-class researchers and has helped launch papers for almost all of my cohort. The steady stream of great seminars and conferences has also been an invaluable opportunity for me to connect with many giants of our profession in a warm environment. The combination of this exposure and strong foundational training has made UT an ideal place to start my academic career."  

Eric Vance, Current Ph.D. Student

"The faculty put so much time and effort into the students. They want to see us succeed and have fostered an environment where they are readily available and frequently provide feedback. Their advice made the transition to research easier, and my own work has improved greatly from insights I gathered discussing with them."

Preparation and Qualifications

PREPARATION AND QUALIFICATIONS

The Texas McCombs Finance doctoral program assumes that students have taken advanced courses to establish a reasonable mathematical, statistics, and economics background. Adequate computer programming skills are necessary for coursework.

Prospective applicants are required to hold a four-year bachelor's degree (does not need to be a degree in finance) or equivalent before starting the program.

Please also see our  FAQ page for more information.

Academic Leadership

We have some of the most influential faculty in the profession with important leadership and editorial positions:

Sheridan Titman

Dr. Sheridan Titman

Editor, Review of Financial Studies: 1996-1998 Editor, International Review of Finance: 1999 ± 2004 Editor, Foundations and Trends in Finance: 2013- present Associate Editor, Real Estate Economics: 1986-present Associate Editor, Journal of Real Estate Finance and Economics: 1987-present Associate Editor, Review of Financial Studies: 1987-1990 Associate Editor, Journal of Finance: 1990-2000 Associate Editor, Journal of Housing Economics: 1991-present Associate Editor, Journal of Financial and Quantitative Analysis: 1991-1995 Associate Editor, Pacific Basin Finance Journal: 1991-present Associate Editor, Review of Financial and Quantitative Analysis: 1994-present Associate Editor, Journal of Financial Research: 1996-2000

Officer Positions: Vice President: Western Finance Association: 2004-2005 Program Chair: Western Finance Association: 2005-2006 President: Western Finance Association: 2006-2007 Vice President: American Finance Association 2010 President Elect: American Finance Association 2011 President: American Finance Association 2012 Vice President and Program Chair: American Real Estate and Urban Economics Association 2016 President: American Real Estate and Urban Economics Association 2018

Laura Starks

Dr. Laura Starks

Editorial: Editor, Review of Financial Studies (2008-2014) Editor,FMA Survey and Synthesis Series (2016-present) Advisory Editor, Financial Analysts Journal (2016-present) Advisory Editor, Financial Management (2016-present)  

Officer Positions: President: AFA (American Finance Association), present President: Society of Financial Studies (2017-2020) Vice-President: Society of Financial Studies (2014-2017) President: Western Finance Association (2015-2016) President-elect and Program Chair: Western Finance Association (2014-2016) Vice-President: Western Finance Association (2013-2014) President: Financial Management Association (1999-2000)

John Griffin

Dr. John Griffin

Editorial: Associate Editor, Review of Financial Studies, June 2012-May 2015

Officer Positions: President, Western Finance Association, 2022. Vice President, President-Elect, Western Finance Association, 2020, 2021. Chair, Society of Financial Studies (SFS) Cavalcade, 2013. Vice-Chair, Society of Financial Studies (SFS) Cavalcade, 2012

Clemens Sialm

Dr. Clemens Sialm

Editorial: Review of Financial Studies, Editor, 2023-present Journal of Finance, Associate Editor, 2022-2023 Review of Asset Pricing Studies, Editor, 2022-2023 Journal of Pension Economics and Finance, Editor, 2016-2023 Financial Management, Associate Editor, 2016-2023 Journal of Financial Markets, Associate Editor, 2016-2023 International Review of Finance, Associate Editor, 2014-2023 Review of Financial Studies, Associate Editor, 2010-2013 Management Science, Associate Editor, 2009-2019 Review of Asset Pricing Studies, Associate Editor, 2017-2021

Officer Positions: Chief Executive Officer, Texas McCombs Investment Advisors, 2017-present Vice President, Midwest Finance Association, 2022-present

William Fuchs

Dr. William Fuchs

Editorial: Associate Editor for the American Economic Review 2012 -2014 Associate Editor for the Journal of Mathematical Economics 2019 Associate Editor for the Journal of Economic Theory 2019-current

Officer Positions: President, Finance Theory Group

Robert Parrino

Dr. Robert Parrino

Editorial: Associate Editor, Journal of Corporate Finance, 2001-18 Associate Editor, Journal of Financial Research, 2006-11

Officer Positions: President Elect, Financial Management Association International, effective October 2020 Immediate Past Vice President-Program, Financial Management Association International, 2019-20 Vice President-Program, Financial Management Association International, 2018-19 Vice President-Program Elect, Financial Management Association International, 2017-18

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Yingfan linda du, mahyar sefidgaran, recent graduate placements.

Alex Priest - 2023 - University of Rochester

Iman Dolatabadi - 2022 - Cornerstone Research

Tim Park - 2022 - Analysis Group

Jonathan Serrano - 2022 - Brex

David Xiaoyu Xu - 2022 - Southern Methodist University

Lee Seltzer - 2021 - The New York Fed

Jangwoo Lee - 2021 - Chinese University of Hong Kong

Gregory Weitzner - 2020 - McGill University

Xuewei (Erica) Jiang - 2020 - University of Southern California

Garrett Schaller - 2020 - Colorado State University

Shuo Liu - 2019 - City University of Hong Kong

Amin Shams Moorkani - 2019 - Ohio State University

Avishai Schiff - 2019 - Cornerstone Research

Jacelly Cespedes - 2018 - University of Minnesota

Qifei Zhu - 2018 - Nanyang Technological University

Zach Liu - 2017 - University of Houston

Adam Winegar - 2017 - Norwegian Business School

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Vladimir belykh, tommy brown, lydia zijin fu, john garrett, haojing han, jaeyong lee, seung chul (eric) lee, prateek mahajan, changyong song, steven urry, xinran zhang, yiyuan zhang, william t. zheng, are you ready to change the world.

The Texas McCombs Doctoral Program is seeking individuals who are interested in transforming the global marketplace. Are you one of these future thought leaders?

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Phd in finance: requirements, salary, jobs, & career growth, what is phd in finance.

A PhD in Finance is a doctoral-level academic degree program in finance that focuses on advanced research and theoretical study. It is intended for people who want to work in academia, research, or advanced positions in the financial industry.

A PhD in Finance usually entails extensive training in finance, economics, statistics, and research methods. It also necessitates the completion of a substantial research project, frequently in the form of a dissertation, in which the student conducts original research and contributes to the body of knowledge in finance.

A PhD in Finance program’s curriculum may include financial theory, investments, corporate finance, financial econometrics, risk management, asset pricing, derivatives, and other specific fields of finance. Quantitative research approaches, such as econometrics, statistical modeling, and data analysis, may also be emphasized in the program.

How much money do people make with a PhD in Finance?

Individuals with a PhD in Finance can earn a wide range of salaries depending on criteria such as their years of experience, location, company, and job duties. PhD holders in Finance typically earn better income than people with less schooling in the industry, as their postgraduate degree denotes knowledge and specialization.

PhD holders in Finance may work in academia as professors or researchers in universities or business schools. According to the US Bureau of Labor Statistics (BLS), the median annual income for postsecondary business teachers (including finance professors) was $83,960 in May 2020.

Salaries, on the other hand, can range from $50,000 to far over $150,000 or more, depending on factors such as rank, experience, and location.

Individuals with a PhD in Finance may work in the private sector as financial analysts, quantitative researchers, risk managers, investment managers, or consultants, among other positions. Salaries in the private sector can vary greatly depending on job title, level of responsibility, and business size and location.

According to Glassdoor data, the average annual pay for a financial analyst with a PhD in Finance in the United States in 2021 was roughly $102,000, while a quantitative researcher with a PhD in Finance may earn $150,000 or more per year.

What is expected job growth with PhD in Finance?

As businesses and organizations rely on financial skills to manage their operations, investments, and risk, the field of finance is projected to evolve and flourish.

Finance experts with extensive education and specialized knowledge, such as those with a PhD in Finance, may be in high demand in academic and research contexts, as well as professions requiring advanced quantitative and analytical skills.

According to the U.S. Bureau of Labor Statistics (BLS), employment of postsecondary teachers, particularly business teachers (such as finance professors), is expected to expand 9 percent from 2020 to 2030, faster than the national average. The need for higher education, as well as the ongoing demand for research and education, are driving this predicted growth.

What can you do with a PhD in Finance?

A PhD in Finance can lead to a variety of professional prospects in a variety of fields. Individuals with a PhD in Finance may pursue the following professional paths:

1. Academia: Many PhDs in Finance go on to become professors or researchers at universities or business schools. They may teach finance classes, conduct research, publish scholarly articles, and contribute to the progress of financial knowledge through their research findings. In addition, they may mentor and advise students, oversee dissertations, and attend academic conferences and seminars.

2. Research: PhD holders in Finance may work in research-related positions in university institutions, government agencies, or private research enterprises. They may perform novel research on financial markets, investments, risk management, corporate finance, or other finance-related topics. Their discoveries can help to build financial theories, models, and regulations, and they may have practical implications in the financial business.

3. Financial Services: PhD holders in Finance may work as financial analysts, quantitative researchers, risk managers, or investment managers in the financial services industry. They may evaluate financial data, design investment plans, manage risks, and provide strategic financial advise to customers or organizations using their sophisticated knowledge of finance and mathematical skills.

4. Consulting: PhD holders in Finance may operate as financial consultants, providing clients with specific experience in areas such as investment management, risk management, financial analysis, or corporate finance. They may operate in consulting firms, financial advisory firms, or specialist consulting practices within bigger corporations, advising clients on strategic financial matters.

5. Policymaking and government: Finance PhD holders may work in government agencies, international organizations, or policy-making institutions, providing knowledge in financial policy, regulations, or economic analysis. They may be involved in the development of financial policies, the assessment of the impact of financial legislation, or the provision of strategic financial advice to government agencies or policymakers.

6. Corporate Finance: PhD holders in Finance may work in corporations, particularly in financial strategy, capital budgeting, risk management, or financial analysis areas. They may offer financial advice in strategic decision-making, financial planning and analysis, investment analysis, or corporate valuation, assisting firms in improving their financial performance.

7. Entrepreneurship and Innovation: PhD holders in Finance may apply their financial skills to entrepreneurial initiatives or professions requiring innovation. They may work at start-ups, venture capital companies, or innovation-focused organizations, where they evaluate business models, assess investment opportunities, manage financial risks, and provide strategic financial advise to assist entrepreneurial activities.

What are the requirements for a PhD in Finance?

The particular criteria for a PhD in Finance can differ depending on the university or educational institution that offers the program, as well as the country or location in which the program is located. However, some common PhD in Finance requirements often include:

1. Educational Qualifications: Most PhD programs in Finance require applicants to have a solid educational background, often a master’s degree in a relevant topic such as finance, economics, business, or a comparable quantitative study. Some schools may accept applicants with a bachelor’s degree, however this is uncommon and sometimes necessitates additional requirements or experience.

2. Graduate Admissions examinations: Applicants to PhD programs in Finance may be required to submit results from standardized graduate admissions examinations such as the Graduate Record Examination (GRE) or the Graduate Management Admission Test (GMAT). (GMAT). These assessments measure applicants’ abilities in areas such as verbal reasoning, quantitative reasoning, and analytical writing.

3. Research Proposal: Because the PhD in Finance program is research-intensive, applicants may be required to submit a research proposal explaining their intended study topic or research interests. Typically, this proposal comprises a summary of the research issue, study aims, methodology, and predicted contributions to the subject of finance.

4. Academic Transcripts: Typically, applicants must produce official transcripts from their previous undergraduate and graduate degrees, demonstrating their academic record and achievements.

5. Letters of Recommendation: Applicants may be expected to present letters of recommendation from academic or professional sources who can speak to their abilities, skills, and prospects for success in a PhD program.

6. Statement of Purpose: Applicants are often required to provide a statement of purpose explaining their rationale for obtaining a PhD in Finance, as well as their professional objectives and research interests. This statement assists the admissions committee in determining the applicant’s fit with the program and their likelihood of success.

7. English Language Proficiency: Many PhD programs in Finance may demand confirmation of English language proficiency for applicants whose native language is not English, such as scores from the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System. (IELTS).

8. Interviews: As part of the admissions process, several PhD programs in Finance may ask applicants to engage in an interview. This interview may take place in person, over the phone, or via video conference, and it will assess the applicant’s research interests, academic abilities, and enthusiasm for pursuing a PhD in Finance.

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How long does it take to get a phd in finance.

The time it takes to earn a PhD in Finance depends on a number of factors, including the program structure, the student’s progress, and the individual’s dedication to their study. However, it usually takes 4 to 5 years of full-time study to get a PhD in Finance.

The completion of a PhD in Finance can be divided into many stages, which may differ based on the program and the individual’s progress:

1. Coursework: During the first year of a PhD in Finance program, students often do coursework to provide a solid foundation in finance theory, research methods, and other related fields. Coursework time varies, but it normally takes 1 to 2 years to finish.

2. Comprehensive Exams: Some PhD programs in Finance require students to complete comprehensive exams after completing courses to demonstrate their knowledge and expertise in the discipline. Depending on the program’s requirements, comprehensive exam preparation and completion can take several months to a year.

3. Research Proposal: After passing the comprehensive tests, students usually work on writing and defending a research proposal outlining their desired study topic, methodology, and expected contributions to the discipline. The development and defense of the research proposal might take several months to a year or more, depending on the complexity of the research and the student’s progress.

4. Dissertation Research: Following the successful defense of the research proposal, students begin their dissertation research, which is the capstone of their PhD program. The dissertation research stage’s time might vary greatly based on the research topic, methodology, data gathering, and analysis needs. The dissertation research and writing process normally takes two to three years or more.

5. Dissertation Defense: After completing their dissertation, students usually defend their research findings in front of a committee of faculty members. The time it takes to schedule and complete the dissertation defense can vary, although it normally takes several months to a year or more, depending on committee member availability and other practical concerns.

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Do you need a masters in finance to get a phd in finance.

A Master’s degree in Finance or a similar discipline is not always required for entrance to a PhD program in Finance. However, admission requirements may differ based on the program and institution.

Some PhD programs in Finance may require applicants to have a Master’s degree in a relevant discipline, whereas others may allow applicants with only a Bachelor’s degree provided they have additional qualifications or experience.

A Master’s degree in Finance or a closely related discipline can provide a solid foundation in finance theory, research methodologies, and mathematical skills, which can be useful for PhD study in Finance.

It can also reflect a greater degree of academic preparation and may assist applicants in standing out during the difficult admissions process.

Some PhD programs in Finance, however, may provide a combined Master’s and PhD program in which students acquire a Master’s degree while pursuing their PhD. In such instances, admittance may not require a separate Master’s degree.

What are the Best PhD in Finance Degree programs?

1. massachusetts institute of technology (mit) – phd in finance 2. stanford university – phd in finance 3. university of chicago – phd in finance 4. columbia university – phd in finance and economics 5. new york university (nyu) – phd in finance 6. university of pennsylvania (wharton) – phd in finance 7. harvard university – phd in business economics (with a concentration in finance) 8. university of california, berkeley (haas) – phd in finance 9. princeton university – phd in finance 10. northwestern university (kellogg) – phd in finance, leave a comment cancel reply.

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PhD in Finance

The Department of Finance, Real Estate, and Insurance and Risk Management at the Carl H. Lindner College of Business offers a rigorous, systematic, and highly structured doctoral program that develops quantitative, analytical, and teaching skills required for a successful career as a financial economist or as a faculty member. Our primary objective is to train scholars who will join top academic and research institutions or enter the field of financial economics.

The department has experienced phenomenal growth in the past few years, with exceptionally talented and highly energetic fresh PhDs from Columbia University, Indiana University, London Business School, and the University of Michigan joining our internationally renowned faculty. We work with a select number of PhD candidates each year on a wide range of empirical and theoretical research topics in finance.

• Asset pricing
• Corporate finance
• Experimental finance
• Financial institutions
• High-frequency trading
• International finance
• Market microstructure

Real Estate

• Housing policy
• Real estate finance
• Real estate investment
• Urban economics

Insurance and Risk Management

• Castastrophe risk
• Decision-making under risk
• Economics of uncertainty
• Innovations in managing risk
• Insurance markets
• Risk literacy
• Risk management

Our faculty publications appear in journals such as Geneva Risk, Insurance Review, Journal of Risk and Insurance, Journal of Risk and Uncertainty, Journal of Finance , Journal of Financial Research , Financial Review , Journal of Real Estate Finance & Economics , Quarter Journal of Business and Economics , Journal of International Business Studies , and the Pacific-Basin Finance Journal . 

Student support

Lindner doctoral students receive excellent research support. Our seminar series features prominent researchers. Our department has subscriptions to all major finance and accounting databases through WRDS, and funding is available to doctoral students for travel to conferences. Our top-ranked Carl H. Lindner III Center for Insurance and Risk Management and the UC Real Estate Center provide a great opportunity for doctoral students to interact with practitioners.

A collegial environment has long been a hallmark of Lindner PhD programs. Students frequently collaborate with one another and with faculty to produce original research. We strongly encourage these collaborations and place a high priority on students pursuing their own research agendas as quickly as possible. The finance program is highly selective, allowing faculty to work closely with each doctoral student to customize a program of study that meets his or her interests and needs. The goal of this interaction is for you to develop the ability to conduct original research that will become the cornerstone of your dissertation.

In order to enhance our students' teaching abilities, Lindner offers teaching workshops to develop their classroom skills. In our program, students are mentored by department faculty while in various teaching assistant roles and they are given hands-on teaching experience in the classroom to complete their teacher training.

The program begins with a thorough grounding in quantitative methods and economic and financial theory and is complemented by a sequence of seminars covering all the major areas of financial economics. Through work on an independent research paper, students develop the skills and ability necessary to conduct original research. Satisfactory performance on a written comprehensive examination marks the transition from coursework to full-time thesis research. A brief list of the research topics students may choose to pursue as a dissertation topic include theoretical, experimental, or empirical aspects of asset pricing, corporate finance, financial institutions, market microstructure, or real estate.

The program offers a thorough grounding in the basic tools of economics, statistics, and mathematics through a series of introductory courses followed by a series of well-defined seminars that cover the major areas of financial economics.

In addition to gaining basic analytical tools, candidates learn to develop economic intuition into financial problems and acquire the necessary mind-set to teach and conduct independent research as a university professor.

The curriculum consists of four components: required courses, an independent research paper, a comprehensive exam and a dissertation.

Course requirements

Students complete a program of study that leads to competency in three areas: quantitative methods, economics, and finance. The requirements of the program of study are typically satisfied by completing 18 courses in the first two and a half years of the program. Required courses include seven courses in quantitative methods and economics, six in finance, and several electives. In some cases coursework prior to entering the Program may be substituted for required courses.

Research paper

Students are expected to engage in research early in the program. All students work at least part-time as research assistants during the first two years of the program. By the end of their second year, students are required to submit a research paper as part of the FIN 9025 Research Colloquium. A more detailed description of the research paper and the standards and criteria used to evaluate it is available from (and maintained and updated by) the PhD Committee.

Comprehensive examination

Satisfactory performance on a written comprehensive examination marks the student's transition from coursework to full-time thesis research. The examination is intended to allow the student to demonstrate substantial knowledge of finance, economics and quantitative methods.

The candidate will have completed most course work, including all finance coursework, and submitted a satisfactory research paper prior to taking the comprehensive examination.

Dissertation

The doctoral dissertation is expected to be a substantial, significant and original contribution to knowledge. It is prepared under the guidance of a thesis committee of three or more faculty members (including one from outside the Finance department) selected by the candidate in consultation with his or her thesis advisor. Early in the process, the candidate submits a thesis proposal. The proposal is presented in a seminar to which the finance faculty and doctoral students are invited. The purpose of the presentation is to give the student an opportunity to hear the suggestions and comments of members of the UC finance community while the research plan is still fluid.

A thesis-defense seminar, open to the entire University of Cincinnati academic community, is held when the research is completed.

Required coursework

The finance PhD program requires the following coursework:

Introductory courses

• Introduction to Research and Teaching: taken the first semester in the program
• Philosophy of Science
• Business Core: if you do not have an MBA degree, you are required to become familiar with the basic body of knowledge (e.g, marketing, management, and accounting). Many of these courses can be waived if you have an MS degree.

Economic and Quantitative Methods (five courses)

• Principles of Probability
• Statistical Inference
• Econometrics I and II
• Microeconomic Theory

Typical electives (five courses):

• Options and Futures
• Math for Economists
• Financial Engineering
• Forecasting/Time Series Analysis
• Introduction to Cognitive Psychology
• Theory of Incentives
• SAS Programming
• Data Mining
• Linear Models
• Financial Mathematics I and II
• Applied Probability and Stochastic Processes
• Applied Economic Forecasting

The department offers the following seminars. The final seminar, FIN 9025 Research Colloquium: Special Topics in Finance, does not meet as a regular course. It is the course credit associated with the second-year paper.

FIN 9011: Foundations of Finance

• This course will introduce students to decision making under uncertainty (including consumer and producer theory, industrial organization, and welfare economics). Models with symmetric information (including static and dynamic portfolio and consumption choice problems) and asymmetric information (including models of moral hazard and adverse selection) will be covered.

FIN 9012: Corporate Finance Theory

• This course covers the theory of financial decision making in a variety of corporate forms (including public, private, start-up/entrepreneurial firms and financial intermediaries). This course will consider the theoretical foundations of the following topics: capital structure and payout policy, security issuance, governance (including mergers and acquisitions and performance incentives), and the existence of financial intermediaries. The course will also introduce the student to the tools of game theory (Nash equilibrium and refinements, screening/signaling models, etc.) used in theoretical corporate finance research.

FIN 9013: Empiracal Studies in Corporate Finance

• This course covers the empirical methodologies used in testing and investigating corporate finance topics and empirical examinations of important corporate finance issues. Representative topics covered include Empirical Methods/Techniques (event studies, long-term performance measurement); Mergers and Acquisitions (general issues, merger waves, proxy fights and takeovers); and, Performance Incentives and Organizational Form (boards of directors, compensation and insider holdings, institutional investors, blockholders, and corporate governance).

FIN 9014: Asset Pricing Theory

• This course covers the theory of how financial assets are priced (including equities, debt, and derivatives). Representative topics covered include the Efficient Markets Hypothesis, CAPM and APT, Intertemporal CAPM, Consumption CAPM, Derivatives Markets, and the Black-Scholes-Merton model.

FIN 9015: Empiracal Studies in Asset Pricing and Investments

• This course introduces students to current empirical asset pricing research. Representative topics covered include Time-Series Stock Return Predictability, Cross-Sectional Stock Return Predictability, the Dynamics of Stock Market Volatility, and the Stock Market Risk/Return Relationship over Time. Each topic will be addressed in three respects: commonly used empirical methodologies; main empirical findings; and the relation between empirical research and theory. The course will provide an overview of the tension between empirical findings and economic theories and discuss recent theoretical developments that provide a better explanation of data.

FIN 9020: Advanced Topics in Finance

• This course will cover a series of selected research topics that are not currently addressed within the department's other semester-length courses. As a result, this seminar may be structured as a series of mini-courses, each covering a few sessions, taught by multiple instructors. Representative topics that may be covered include Behavioral Finance, Real Estate, Financial Institutions, Experimental Economics, and Market Microstructure.

FIN 9025: Research Colloquium: Current Topics in Finance

• It is anticipated that most students will take this course during their second year in the program. In this colloquium the student will develop an independent, original research idea under the supervision of one or more faculty mentors. During the course the student will carry out all the theoretical analysis and empirical tests required to convert their research question into an original paper. The colloquium will culminate with the circulation of the finished research paper and a professional presentation of the research to the entire faculty.

Recent graduates of Lindner's Finance PhD concentration have accepted positions at:

• Arcadia University
• Marymount Manhattan College
• Shippensburg University
• University of Manitoba

Bond, Shaun, Pai, Yu-Jou , Wang, Peng, and Suyan Zheng (2019), “The Impact of Dividend Reinvestment Plans on Firm Payout Choices -Evidence from Real Estate Investment Trusts”, Real Estate Economics , 47(1), 178-213.

Suyan Zheng, “Why Do Multinational Firms Hold So Much Cash? Further Evidence on the Precautionary Motive,” Journal of Accounting and Finance , forthcoming

Suyan Zheng (2017), “Can Corporate Diversification Induce More Tax Avoidance Practices?”, Journal of Multinational Financial Management , 41, 47-60.

Doina C. Chichernea , Anthony D. Holder, and Alex Petkevich. "Does return dispersion explain the accrual and investment anomalies?" Journal of Accounting and Economics .

Doina C. Chichernea , Michael F. Ferguson, and Haimanot Kassa, "Idiosyncratic Risk, Investor Base and Returns," Financial Management .

Hui Guo and Buhui Qiu , "A Better Measure of Institutional Informed Trading," Contemporary Accounting Research .

Kee H. Chung and Sean Yang. "Reverse Stock Splits, Institutional Holdings, and Share Value" , Financial Management .

Kee H. Chung and Chairat Chuwonganant. "Uncertainty, Market Structure, and Liquidity" . Journal of Financial Economics 113 (September 2014), 476-499.

Guo, Hui, Michael F. Ferguson, and Haimanot (Haim) Kassa , "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns," Journal of Financial and Quantitative Analysis 49(1) (2014), 271-296.

Guo, Hui, and Buhui Qiu . "Options-implied variance and future stock returns." Journal of Banking & Finance 44 (2014): 93-113.

Glascock, John, and Ran Lu-Andrews . "An examination of macroeconomic effects on the liquidity of REITs." The Journal of Real Estate Finance and Economics 49.1 (2014): 23-46.

Qiu, Buhui , Svetoslav Trapkov, and Fadi Yakoub. "Do target CEOs trade premiums for personal benefits?" Journal of Banking & Finance 42 (2014): 23-41.

Kee H. Chung and Hao Zhang. "A Simple Approximation of Intraday Spreads with Daily Data." Journal of Financial Markets 17 (January 2014), 94-120.

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Finance Requirements

I. preparation.

The study of financial economics requires a grasp of several types of basic mathematics. Students must enter with or very quickly acquire knowledge of the concepts and techniques of:

It is strongly advised that students without a strong and recent background in calculus, linear algebra, or statistics come to Stanford in June to take courses to strengthen any weak areas.

Computer programming skills are necessary in coursework (as early as the first quarter of the first year) and in research. If students do not have adequate computer programming skills, they may wish to take a computer programming course before they arrive at Stanford, or take an appropriate Stanford computer science course while here.

II. Course Requirements

All required courses must be taken for a grade (not pass/fail or credit/no credit). Exceptions are made if the required course is offered pass/fail or credit/no credit only. Each course must be passed with a grade of P or B- or better. Substitutions of required courses require approval from the faculty liaison. Waiving a course requirement based on similar doctoral level course completed elsewhere requires the approval of the course instructor, faculty liaison, and the PhD Program Office.

III. Practicum

Students are required to sign up for either a research or teaching practicum each quarter of enrollment. Below is a description of the practicum requirements for Finance students.

During the student’s first year, the student will be assigned each quarter to work with a different faculty member. This assignment will involve mentoring and advising from the faculty member and RA work from the student. The purpose of new assignments each quarter is to give the student exposure to a number of different faculty members.

In subsequent years, the practicum will take the form of a research or teaching mentorship, where the student is expected to provide research or teaching support under the guidance and advice of a faculty member. Faculty assignments here will be made through informal discussions between faculty and students, and may be quarterly, or for the entire year.

For students of all years, one requirement to satisfy the practicum is that students regularly attend the Finance seminar. The only exception to this will be if there is a direct and unavoidable conflict between the seminar and necessary coursework.

IV. Summer Research Papers

All students in all years are expected to complete a research paper over the summer, and present this paper in the Fall quarter. A draft of this research paper should be submitted by the end of September to the field liaison. Students can continue to work on and improve their paper up to their presentation.

For students completing their first year, the summer paper should demonstrate the mastery of a specific area in the literature together with the early development of a research idea in this area. The student will be expected to present this paper to a gathering of three Finance faculty members of the student’s choosing in October.

In all years after the first year, the summer research paper should be a well-developed research paper. (Well-developed does not mean completed – research is always presented as work in progress. Rather, it means that the work shows enough progress and development to merit a seminar presentation.) Students will then present their papers to the overall Finance faculty and PhD student body in scheduled talks over the Fall quarter. Student presentations will typically be 45 minutes, save for job market paper presentations, which will be a full hour and a half.

A passing grade on the paper at the end of the second year is one requirement for admission to candidacy. More generally, these presentations throughout all years will be a primary manner that faculty who are not advising the student become familiar with the student’s work, and will play a crucial role in the assessment of the student’s academic progress.

V. Field Exam

Students take the field exam in the summer after the first year. Material from the field exam will be based on required first year coursework. This includes required finance courses, as well as the required microeconomic and econometric classes. The primary purpose of the exam is to ascertain that students have learned the introductory material that is a necessary foundation for understanding and undertaking research in the field. Additionally, studying for the field exam will give students the opportunity to review and synthesize material across all their different first year courses. Students may be asked to leave the program if they fail the field exam, or may be allowed to retake the exam at the Faculty’s discretion. Students who fail the field exam two times will be required to leave the program.

VI. Teaching Requirement

One quarter of course assistantship or teaching practicum. This requirement must be completed prior to graduation.

VII. Finance Oral Exam

The finance oral exam takes place at the end of the spring quarter of the second year, in early June.

At the beginning of the spring quarter of the second year, the student meets with the liaison to determine three finance faculty members who will administer the exam. The student then meets with the selected faculty examiners to discuss a set of topics that will be covered in the finance oral exam. These topics will generally be chosen from coverage in the Finance PhD classes. An important component of the exam involves the student identifying a particular research area to discuss at the exam. The student will be expected to discuss major results in the literature related to this area and to identify important unresolved questions that need to be addressed. In addition the student will be expected to discuss how one or more of these questions might be addressed either theoretically or empirically. This discussion can be viewed as a preliminary step towards identifying the research project of the second year paper. The results from the finance oral exam plus the result from the second-year summer research paper (presented in the fall of 3rd year) and overall performance in the program are weighed in the decision to admit to candidacy.

VIII. Candidacy

Admission to candidacy for the doctoral degree is a judgment by the faculty of the student’s potential to successfully complete the requirements of the degree program. Students are required to advance to candidacy by September 1 before the start of their fourth year in the program.

IX. University Oral Exam

The university oral examination is a defense of the dissertation work in progress. The student orally presents and defends the thesis work in progress at a stage when it is one-half to two-thirds complete. The oral examination committee tests the student on the theory and methodology underlying the research, the areas of application and portions of the major field to which the research is relevant, and the significance of the dissertation research. Students are required to successfully complete the oral exams by September 1 before the start of their fifth year in the program.

X. Doctoral Dissertation

The doctoral dissertation is expected to be an original contribution to scholarship or scientific knowledge, to exemplify the highest standards of the discipline, and to be of lasting value to the intellectual community. The Finance faculty defer to the student’s Dissertation Reading Committee to provide general guidelines (e.g., number of chapters, length of dissertation) on the dissertation.

Typical Timeline

Years one & two.

• Field Requirements
• Directed Reading & Research
• Advancement to Candidacy
• Formulation of Research Topic
• Annual Evaluation
• Continued Research

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PhD Program

The primary objective of the Finance PhD Program is to educate students of exceptional promise to become outstanding researchers and university-level teachers in the field of finance. Graduates of the Program must have a thorough knowledge of the fundamental concepts and theories in finance, an understanding of financial instruments and markets, and an ability to use financial data to analyze models and evaluate financial decisions.

Program Structure

A student admitted to the Ph.D. Program in Finance is expected to have excellent aptitude, motivation, and preparation for rigorous post-masters-level study in finance. Students entering the program without a master's level degree or related coursework may have to take additional courses.

During the first year in the program, the student takes the graduate level course sequence in macroeconomic theory, econometric research tool courses and PhD level courses in asset pricing and corporate finance.

At the end of the first year, the student also must take and pass the Microeconomics Qualifying Examination (the second field exam) administered by the Economics department. During July of the first year, the student must take and pass the Asset Pricing Qualifying and Corporate Finance Qualifying Examinations administered by the Finance Department.

During the first year, the student works on a research paper that much be completed by November 15 of the second year in the program.

In the second year of the program, the student takes advanced PhD-level courses in asset pricing and corporate finance, the finance research reading course as well as macroeconomic theory courses, and additional research tools courses in econometrics and statistics.

After the completion of the second year, the student will take and pass the Candidacy Examination. The Candidacy Examination contains written and oral portions and must be scheduled before the start of the third academic year. The written portion of the candidacy exam is given in July between the second and third year of the program and the oral portion of the candidacy exam is given within 30 days of the written portion of the exam as required by the Graduate school of the Ohio State University.

During the third year of the program, the student takes the Finance Research Seminar course, and must complete the Thesis Proposal requirement. To complete the Thesis Proposal requirement, the student has to submit a scientific paper to the Coordinator of the Ph.D. Program by April 15 of the third year of the program. The Coordinator of the Ph.D. Program then evaluates whether the paper is good enough to be presented to the Thesis Proposal Committee consisting of three faculty members before the end of April. If the paper is deemed good enough at the oral presentation that it can develop into a job market paper for the student to participate in the job market in the fifth year, the student had completed the Thesis Proposal requirement. If the paper does not meet that standard, the student has to complete such a paper and defend it in front of a Thesis Proposal Committee by November 15th of the fourth year.

During the fourth year of the program, the student works on their paper to develop it into a job market paper. The student will get teaching experience. Once they have completed a paper that the major advisor believes is suitable for the job market, the student will present it in a seminar.

During the fifth year of the program, the student will go on the job market, complete the dissertation, defend, and graduate.  The student is responsible for meeting Gradation deadlines.

• Dissertation
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Job Market (and current) PhD Students

PhD Placement - where our students are researching and teaching

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• Harvard Business School →
• Doctoral Programs →

PhD Programs

• Accounting & Management
• Business Economics
• Health Policy (Management)
• Organizational Behavior
• Technology & Operations Management

Students in our PhD programs are encouraged from day one to think of this experience as their first job in business academia—a training ground for a challenging and rewarding career generating rigorous, relevant research that influences practice.

Our doctoral students work with faculty and access resources throughout HBS and Harvard University. The PhD program curriculum requires coursework at HBS and other Harvard discipline departments, and with HBS and Harvard faculty on advisory committees. Faculty throughout Harvard guide the programs through their participation on advisory committees.

How do I know which program is right for me?

There are many paths, but we are one HBS. Our PhD students draw on diverse personal and professional backgrounds to pursue an ever-expanding range of research topics. Explore more here about each program’s requirements & curriculum, read student profiles for each discipline as well as student research , and placement information.

The PhD in Business Administration grounds students in the disciplinary theories and research methods that form the foundation of an academic career. Jointly administered by HBS and GSAS, the program has four areas of study: Accounting and Management , Marketing , Strategy , and Technology and Operations Management . All areas of study involve roughly two years of coursework culminating in a field exam. The remaining years of the program are spent conducting independent research, working on co-authored publications, and writing the dissertation. Students join these programs from a wide range of backgrounds, from consulting to engineering. Many applicants possess liberal arts degrees, as there is not a requirement to possess a business degree before joining the program

The PhD in Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard Business School. Throughout the program, coursework includes exploration of microeconomic theory, macroeconomic theory, probability and statistics, and econometrics. While some students join the Business Economics program directly from undergraduate or masters programs, others have worked in economic consulting firms or as research assistants at universities or intergovernmental organizations.

The PhD program in Health Policy (Management) is rooted in data-driven research on the managerial, operational, and strategic issues facing a wide range of organizations. Coursework includes the study of microeconomic theory, management, research methods, and statistics. The backgrounds of students in this program are quite varied, with some coming from public health or the healthcare industry, while others arrive at the program with a background in disciplinary research

The PhD program in Organizational Behavior offers two tracks: either a micro or macro approach. In the micro track, students focus on the study of interpersonal relationships within organizations and the effects that groups have on individuals. Students in the macro track use sociological methods to examine organizations, groups, and markets as a whole, including topics such as the influence of individuals on organizational change, or the relationship between social missions and financial objectives. Jointly administered by HBS and GSAS, the program includes core disciplinary training in sociology or psychology, as well as additional coursework in organizational behavior.

Accounting & Management  

Business economics  , health policy (management)  , marketing  , organizational behavior  , strategy  , technology & operations management  .

UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)  Application deadline:  31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 may still be considered, see details below) Entry:  Applicants must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ' Level 2 ' (IELTS and TOEFL are the preferred test, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the  UCL English Language Requirements  page.

The MRes and PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.

The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics. 

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

PhD Structure

• The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.
• Superior performance is required for automatic progression from MRes to MPhil. In particular, students should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element.
• Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our faculty members throughout their doctoral study. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules.
• We expect our PhD graduates to have as their goal an academic career as a faculty member in a top business school or Economics department or in the research group of an international institution or a central bank.

Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules. 

All modules in the MRes year are core modules, there are no optional modules. 

• ECON0107 - Macroeconomics, 15 credits  
• ECON0106 - Microeconomics, 15 credits  
• ECON0108 - Econometrics, 15 credits  
• ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
• MSIN0234 - Topics in Financial Economics, 30 credits  
• MSIN0135 - MRes Financial Economics Research Project, 105 credits  

The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations. 

Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.  

Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken.

Why choose us

What makes us different:.

Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in Bloomsbury, London’s historical intellectual centre.

If you want to become an academic economist conducting research in finance, this programme is for you.  

UCL School of Management and the Department of Economics  

Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship. 

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF . 

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career. 

As a research student you will join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

Applications

Applying for our mres/phd programme.

Entry requirements and admissions criteria:

Applicants to the MRes+PhD programme must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications. 

We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application by 31 January 2024 will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability, or will come with their own funding.

In your personal statement you are expected to suggest one or more faculty members as potential supervisors. On the application form you may see that it states that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.

We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to:

IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests.

TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests. 

Application Deadline

The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.

Application Procedure

Apply via UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents:

• Official Transcripts of Grades / Course marks
• A 1 page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD.
• Your  GRE  score report, if you took the test.
• Your IELTS/TOEFL score report, if English is not your first language.

Funding/Scholarships

We offer fully funded five year scholarships to all admitted students who apply before the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free. 

Successful candidates who have submitted their application after 31 January 2024 may receive a scholarship subject to availability or will come with their own funding.

Additional Costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying.  Students may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy. 

Further Information and Contact Details

The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.

How to Apply

For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .

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Frequently Asked Questions about the UCL School of Management MRes/PhD Programme

Programme Information

Application process, admissions requirements.

Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.

Further Information

If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team ( [email protected] )

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PhD in Finance

• Updated on  
• Jan 31, 2023

Offering an opportunity to delve into advanced and technical issues in the field of Finance and its related branches, a PhD in Finance concerns research areas such as valuation of financial instruments, topics in international finance, market volatility, trading mechanics, and so forth. It is generally undertaken after a Master of Finance or related degree programs in closely related disciplines and involves heavy portions of theoretical learning as well as practical and mathematical analysis. Doctoral scholars more often than not work in the capacities of a research assistant or scholar at research organizations and universities along with multinational asset and wealth management firms. Read on to know more about what a doctorate in finance entails and the top universities you should consider.

PhD in Finance: What is it About?

The structure of a typical Doctoral degree, be it PhD in Finance or other programs generally run for around 3 to 7 years varying on the destination. The typical structure involves a variety of components so as to prepare a candidate for a solid research career in Finance .

• This includes core and required courses, electives, practical training, fieldwork, teaching experience, exams, dissertation, research projects, and a host of other elements.
• The quantity and mix of these elements vary depending on the objectives of the course. Further, on the conclusion, a dissertation needs to be submitted by the candidate on a topic of choice based on his research and fact-finding experiences under a guiding professor.
• As a general rule for admission, a strong research-oriented and mathematically-inclined master’s degree is required although many universities now offer an integrated PhD as well which caters to candidates who have attained an undergraduate degree. 

Why Pursue PhD in Finance?

The following are the reasons to pursue PhD in finance:

• Finance is a highly in-demand field and the demand for skilled professionals in the field in continuing to increase
• Finance stream offers some of the highest-paying jobs
• There are abundant of opportunities for finance professionals in both public and private sector
• PhD in finance will widen your knowledge about various financial subjects

Skills Required

The following are the skills required for PhD in Finance:

• Analysis and Problem solving
• Project Management and Organization
• Interpersonal and Leadership skills
• Research and Information Management
• Communication Skills
• Self-Management and Work Habit

PhD in Finance Eligibility

Whether you are planning to apply for PhD in Finance in India or abroad, you will be required to fulfil certain prerequisites in order to be eligible for the course. Though the actual course requirements can differ from one university to another, here are the general eligibility requirements for PhD in Finance in India and abroad:

• The applicant must have completed a master’s degree in Finance or any other related field from a recognised academic institution with the minimum scores specified by their chosen university.
• To apply for PhD in Finance in India, you might be required to qualify PhD entrance exams .
• If you are aspiring to pursue PhD abroad, you will have to provide GRE scores along with English Language Proficiency scores such as IELTS , TOEFL , etc. Further, you will also have to submit a Statement of Purpose (SOP) and Letters of Recommendation (LORs) apart from other academic documents.

PhD in Finance Admission Process

In order to get admission for PhD in Finance, you need to follow a crucial admission process. Here is the admission process you should follow:

• Fill the application form on the institute website where you wish to apply. The application can be filled online or offline
• Take the entrance test depending on your desired institute. Once you have qualified the entrance test by scoring marks equal to or higher than required, you will be invited for further process.
• The next part is the interview. You will be invited only if you qualify the entrance test. There can be one or more interview processes.
• In the interview, you may be asked about your thesis plan and why you wish to pursue PhD. If you qualify these interviews, you will get a confirmation letter from your institute.

Also Read: MBA in Finance

PhD in Finance: Entrance Exams

As stated above, to pursue PhD in Finance in India, candidates need to qualify entrance exams. Majority of the institutions in India provide admission in this course on the basis of GATE score or UGc NET score, what a few institutions also conduct a few entrance exams of their own.

Mentioned below are the popular PhD in finance entrance exams that one must target to pursue this course- 

• UGC NET 
• JNU PhD Entrance Exams 
• SIU PET Exam
• GTU PhD Entrance Exam 

PhD in Finance Syllabus

Candidates pursuing or aspiring to study a PhD in Finance can expect to study a range of core, specialised and elective subjects as per their research topic, objective and future research inclinations. These subjects belong to both in core areas of finance such as risk, decision making, financial instruments, economic analysis, information economics, bargaining, auctions, public finance, etc. More subjects perused in this degree are mentioned below.

Best Finance Ph.D. Programs

There are several specializations in the field of Ph.D. for Finance that you can opt for. Here is a list of them with a brief on each:

Ph.D. in Financial Management

Ph.D. in financial economics deals with the study of taxation, macroeconomics, attitude towards risks, and impact of information. It trains students in finance, economics, and quantitative learning.

Also Read: Financial Management

Ph.D. Quantitative Finance

This field of Finance deals with mathematical and quantitative ways to create and disrupt financial practices. This field focuses on enhancing return and reducing risks in the market.

Ph.D. in Accounting and Finance

Ph.D. in Finance and Accounting directly focuses on the fundamental aspects of finance and accounting. It perfects you in financial management and understanding the monetary affairs of a nation.

Ph.D. Computational Finance

Ph.D. in computational finance looks upon the modelling of financial markets, usage of computational intelligence in making financial decisions. This field takes you to become a portfolio manager, quantitative analyst, etc.

Ph.D. Financial Economics

The program focuses on economics and its impact on finance. The specialization areas create a joint curriculum to focus on asset pricing, metrics, macroeconomics, and banking.

Ph.D. in Banking and Finance

Ph.D. in banking and finance focuses on understanding the major section of the domestic and international banking sector through the view of finance and economics.

PhD in Accounting and Financial Management

PhD in Accounting and Financial Management is usually a part of PhD in Business Administration. It is usually chosen for work in analytical, logical and time management. Some of the topics covered are Business Environment, Business Finances, Financial Management, etc.

PhD Financial Engineering

The course is layered above a strong foundation of financial science in a logically coherent world. In qualifications, a Master’s in Science or a Masters’ in Financial Engineering (MFE) will gear you up towards new quantitative roles such as delivering risk models and trading directly, library control, model validation, risk management, and programming.

Must Read: Financial Engineering Courses

Phd in Finance Topics

Here are some of the most interesting topics for thesis in PhD in Finance:

• Financial Economics
• Corporate finance
• Behavioural Finance
• Financial Markets
• Cognitive Behaviour in Renewable Energy
• Determinants of Credit risk in Banks
• Impact of the Macroeconomic variables on the Non-performing loans
• Optimal capital ratio to the commercial banks’ survival
• Equity Strategies using Fundamental Momentum

PhD in Finance Best Universities

Here are some of the top universities in the world that offer PhD in Finance:

L ondon School of Economics

A Ph.D. in Finance from London School of Economics requires the following: 

• GRE / GMAT (GRE is preferred)
• Masters in Finance or Economics
• Academic Records
• Outreach Research Proposal
• Sample of Written Work

MIT offers a Ph.D. in Finance. While they mention the prerequisites, other instructions are mentioned during the application process:

• Bachelors degree
• Quantitative background
• Deep Knowledge of Micro economics and Macroeconomics
• GMAT/ GRE Score
• TOEFL / IELTS test
• Transcripts
• Resume 

Harvard offers a Ph.D. in Business Economics that includes Finance. The requirements for Ph.D. in Harvard are:

• Specific coursework for Masters in Finance or Economics is required
• All courses should have a minimum grade of B.
• Students must teach or assist for one semester
• Dissertation proposal in the third year

Stanford University has a specific requirement from their students for Ph.D. in Finance. You must fill their online application along with submitting the following documents:

• GMAT / GRE Score
• Three references
• Submitted application fees
• $125 application fees or INR 10,210
• Official Transcripts

Oxford University offers a D.Phil in Finance. The school expects intellectual people with good academic records. Here are the requirements:

• A good bachelors degree with a 3.5 gpa or equivalent
• TOEFL/ IELTS
• Three academic references
• Three pieces of written work

PhD in Finance: Best Universities

The location of the institution plays a major role in the orientation of the PhD program as well as the career outlook and future prospects. Glance over the following list of universities providing PhD in Finance and its related fields which you must consider before making your decision.

Note: The admission procedure of universities for a specific program may differ according to university policies and requirements. Students are advised to visit official university websites for further information.

Best Universities in India

Apart from these, here are the top universities offering PhD in Finance in India:

• IIT Madras, Chennai
• Indian Institute of Foreign Trade, Delhi
• Alliance School of Business, Bangalore
• Jawaharlal Nehru University, Delhi
• Shailesh J. Mehta School of Management, Mumbai
• National Institute of Technology, Silchar
• Ahmedabad University, Ahmedabad
• Kalinga Institute of Technology, Bhubaneshwar

PhD in Finance Scope

Being a multidisciplinary field, you can find employment opportunities as a researcher or a full-time role upon completing a PhD in Finance in government and private sectors, international organizations like World Bank , International Monetary Fund, World Trade Organisation, etc. Here are some popular profiles in which you can work:

• Finance Consultant
• Budget Analyst
• Chief Financial Officer
• Securities and Commodities Specialist

Jobs Profile and Salary

PhD in Finance is a great career option as it offers several high-paying jobs. Here are some of the jobs and their respective salaries in the field:

Best Books for PhD in Finance 

As stated in the above mentioned section, it is vital for the candidates to have a thorough knowledge about the quantitative foundations of finance, thus, one shall aim at collecting study material that can help them with this. Mentioned below are some of the important books for this course- 

A PhD in Finance can take anywhere between 3-7 years to complete. In the initial years, theoretical knowledge is provided through diverse subjects. In the culminating years, you will spend time in industrial projects.

Yes, you can pursue a PhD after an MBA in Finance. It is an excellent option, specially for those, who want to establish a career in Research or want to delve deeper into a particular domain of Finance.

1. Complete your Masters in Finance or a related discipline. 2. Obtain a good score in GMAT/GRE exam. 3. Obtain a minimum percentile in English proficiency tests like IELTS/TOEFL. 4. Write a Statement of Purpose. 5. Collect essential documents like transcripts, LORs, etc. 5. Apply to the university of your choice.

Pursuing a PhD in finance or in any other field of interest is a difficult decision to make, especially taking into account the number of years that you will be devoted to as well as the rigorous nature of the study. Take the assistance of Leverage Edu ’s AI-enabled tool which suggests course and university combinations based on your personalized skills and abilities and assist you in finding an ideal degree and institution to pursue your PhD from.

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Is it Worth Getting a Ph.D. in Finance?

A Ph.D. in finance opens up students to many potential job opportunities, but there are some serious drawbacks to getting a Ph.D. in finance. The decision to acquire a Ph.D. in finance is something very personal, and it may not be the right fit for all individuals.

Not for Love of Making Money

Many people believe that if they get a Ph.D. they will make more money than they otherwise could with an MBA or similar graduate degree. The first thing to keep in mind is that getting a Ph.D. does not entitle you to a job that an MBA or similar finance or business degree does not. You can still become a high-ranking executive, with a six-figure salary, whether you have a Ph.D. or a master’s.

Remember that the term Ph.D. literally means “Doctor of Philosophy.” Philosophy is the act of thinking, theorizing and researching. That is what a Ph.D. especially prepares candidates to do, according to an online article . There are, therefore positions within companies that are suited to a Ph.D. because they involve research surrounding how money flows and works. However, from a money-making standpoint, there is little that a Ph.D. can do that an MBA cannot.

Those considering a Ph.D., therefore, should do so not for a love of making more money or a higher wage, but for the love of acquiring knowledge, doing research and sharing that information with others. The work done by those with a Ph.D. is valuable to business executives and economics experts, but that doesn’t mean that they will offer you substantially more money or a better position for it. The fact is that many Ph.D. graduates work in academia, not business. That said, there are many options for graduates to explore, as detailed in this article .

The Cost of a Ph.D.

There are two significant costs of a Ph.D. that must be considered. The first is obviously money. College is an expensive endeavor, and many people do not do paid work while acquiring advanced degrees. Some Ph.D. candidates get their schooling paid for by various institutions because the work they do getting the Ph.D. will then be provided to these organizations for free, and they consider that information worth the cost of tuition. Without such sponsoring, gaining a Ph.D. can be a financially daunting affair for those not already of comfortable wealth.

The second, no less significant cost of a Ph.D. is time. Gaining a Ph.D. requires, on average, an additional four or more years of study after a graduate degree. This means that at grand total, a Ph.D. graduate has invested four years of undergraduate tuition, another two or three years of graduate education and another four or more years of doctoral education. Unless they took a break to get work experience in-between, they will be at least six or more years behind the average graduate in job experience. While getting advanced degrees does generally mean higher pay, it often lags behind someone who has been climbing the career ladder for the last six years while the Ph.D. graduate was toiling away in school.

The decision to pursue a Ph.D. in finance, or any other field, should not be taken lightly. A Ph.D. candidate must have a clear vision of what they want to do for the rest of their life. They will be sinking over a decade of life and hundreds of thousands of dollars into education, and they will need to be sure it is worth it to them.