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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.

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The 10 Best PhD Programs in Finance

Lisa Marlin

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 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 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.

PhD Group

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

Download the Finance PhD poster (PDF)

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The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large.

At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the pricing and valuation of assets, the behavior of financial markets, and the structure and financial decision-making of firms and financial intermediaries.

Investigation of issues arising in these areas is pursued both through the development of theoretical models and through the empirical testing of those models. The PhD Program is designed to give students a good understanding of the methods used in theoretical modeling and empirical testing.

Preparation and Qualifications

All students are required to have, or to obtain during their first year, mathematical skills at the level of one year of calculus and one course each in linear algebra and matrix theory, theory of probability, and statistical inference.

Students are expected to have familiarity with programming and data analysis using tools and software such as MATLAB, Stata, R, Python, or Julia, or to correct any deficiencies before enrolling at Stanford.

The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level mathematics is desirable.

It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics, with a reflective and analytical, rather than operational, viewpoint.

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, greg buchak, antonio coppola, peter m. demarzo, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, financial inclusion, economic development, and inequality: evidence from brazil, make decisions with a vc mindset, spending less after (seemingly) bad news, recent insights by stanford business, why the “venture mindset” is not just for tech investors, how to: reject pitches like a venture capitalist, when the export-import bank closed up, u.s. companies saw global sales plummet.

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phd in finance programs

From the Finance Ph.D. Liaison

phd in finance programs

“Welcome to UCLA Anderson’s Finance area, long recognized as one of the world’s top programs. Our Ph.D. students work with renowned faculty whose expertise covers corporate finance, macroeconomics, asset pricing, derivatives, investments and behavioral finance. The UCLA Anderson Doctoral Program is highly selective. We expect you to develop a passion and tenacity for excellent research in finance and, through mentorship and collaboration, we prepare you for a distinguished academic career. We look forward to receiving your application.”

Barney Hartman-Glaser Professor of Finance

Explore the Program

Recent publications.

Risk and Return in Segmented Markets with Expertise Andrea Eisfeldt

Complex assets appear to earn persistent high average returns, and to display high Sharpe ratios – but investor participation is very limited. Eisfeldt, along with co-authors Hanno Lustig and Lei Zhang, provides an explanation for these facts using a model of the pricing of complex securities by risk-averse investors who are subject to asset-specific risk in a dynamic model of industry equilibrium.  

Read Publication

phd in finance programs

Learning Millennial Style Bruce Carlin

The growing use of online educational content and related video services has changed the way people access education, share knowledge, and possibly make life decisions. Here, Carlin – with co-authors Li Jiang and Stephen A. Spiller – characterizes how video content affects individual decision-making and willingness to share in the context of a personal financial decision.  

Volatility Managed Portfolios Tyler Muir

Managed portfolios that take less risk when volatility is high produce large, positive alphas and increase factor Sharpe ratios by substantial amounts. Muir, together with co-author Alan Moreira, documents a profitable trading strategy that increases stock market exposure in low volatility episodes and reduces exposure in high volatility times.  

Alumni Success

phd in finance programs

Robert Richmond (’16)

First academic placement: NYU Stern

In 2016, Robert Richmond earned the Conference on International Finance Best Paper Award (2016), the Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research and the Xavier Drèze award for most outstanding Ph.D. research paper. His current research uncovers an economic source of exposure to global risk that drives international asset prices.

phd in finance programs

Mindy Xiaolan Zhang (’14)

First academic placement: UT Austin

Mindy Zhang is recipient of the 2014 Trefftzs Award for Best Student Paper, WFA; and the 2014 Yihong Xia Best Paper Award, CICF. She conducts research on macro finance, equilibrium asset pricing, dynamic contracting, dynamic corporate theory, labor and finance.

phd in finance programs

Tobias J. Moskowitz (’98)

First academic placement: University of Chicago Booth School of Business

Recipient of numerous honors and awards, Tobias "Toby" Moskowitz is one of UCLA Anderson's Inspirational 100 alumni. Moskowitz was named the inaugural Dean Takahashi '80 B.A., '83 M.P.P.M. Professor of Finance at Yale School of Management in 2016. He was previously the Fama Family Professor of Finance at the University of Chicago Booth School of Business, where he had taught since 1998. In 2011, he co-authored the best-selling book Scorecasting , which uses economic principles to explain the hidden side of sports.

phd in finance programs

Joshua D. Coval (’97)

First academic placement: University of Michigan Business School

Joshua Coval's current research investigates the structured finance market and how investor reliance on ratings and unsound pricing models led to the spectacular rise and collapse thereof. His research awards include the 2000 and 2005 Smith-Breeden Prize for the best paper in the Journal of Finance . His research has been featured in The Economist, the Wall Street Journal, the New York Times, the Chicago Tribune, Time, Money Magazine and Financial Times .

phd in finance programs

William F. Sharpe (’61)

Winner of the 1990 Nobel Prize in Economic Science, William Sharpe was mentored at UCLA by the late Professor J. Fred Weston. Sharpe was one of the originators of the Capital Asset Pricing Model and developed the Sharpe Ratio for investment performance analysis. He co-founded the independent investment advisory firm Financial Engines.

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Finance Graduate Programs in America

1-25 of 209 results

Harvard Business School

Boston, MA •

Harvard University •

Graduate School

  • • Rating 4.2 out of 5   5 reviews

Other: The HBS community fosters an environment where students are motivated to pursue their entrepreneurial interests. The extensive resources available cater to the distinct requirements of innovators, both in and out of the classroom. The diverse global perspectives within the immersive learning setting contribute to a continuous exchange of dynamic ideas, resulting in significant and enduring impact. With a rich history of entrepreneurship, marked by over 50% of graduates initiating at least one new venture, HBS remains committed to supporting alumni through comprehensive programs that encourage collaboration and lifelong learning. ... Read 5 reviews

Harvard University ,

Graduate School ,

BOSTON, MA ,

5 Niche users give it an average review of 4.2 stars.

Featured Review: Other says The HBS community fosters an environment where students are motivated to pursue their entrepreneurial interests. The extensive resources available cater to the distinct requirements of innovators,... .

Read 5 reviews.

Wharton School

Philadelphia, PA •

University of Pennsylvania •

  • • Rating 4.67 out of 5   15 reviews

Master's Student: Intensive but interesting. Great people, but professor quality varied. Lectures tend to be very interesting, but are high level in some cases. Coming from an engineering background, this felt "easy", but it is a different type of learning- more focused on the concepts than proving theories and underlying complexities. TAs are great and there is a lot of effort put towards making students understand the material. Since there isn't a sink or swim culture, I think it incentivizes learning for the sake of learning rather than curving to a "B". Professors are very friendly and actually enjoy getting to know their students. ... Read 15 reviews

University of Pennsylvania ,

PHILADELPHIA, PA ,

15 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Intensive but interesting. Great people, but professor quality varied. Lectures tend to be very interesting, but are high level in some cases. Coming from an engineering background, this felt "easy",... Professors are very friendly and actually enjoy getting to know their students. .

Read 15 reviews.

Kellogg School of Management

Evanston, IL •

Northwestern University •

  • • Rating 4.83 out of 5   18 reviews

Master's Student: Kellogg's MBA program at Northwestern University stands out for its collaborative environment, rigorous curriculum, and emphasis on experiential learning. With a focus on teamwork and diverse perspectives, students engage in group projects and case competitions to develop essential leadership skills. The curriculum offers customization options through electives and experiential opportunities, including internships and global immersion trips. Kellogg's strong alumni network and industry connections provide valuable career support, ensuring students are well-prepared for success in their chosen fields. Overall, Kellogg offers a dynamic and immersive MBA experience that equips students to excel as future business leaders. ... Read 18 reviews

Northwestern University ,

EVANSTON, IL ,

18 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says Kellogg's MBA program at Northwestern University stands out for its collaborative environment, rigorous curriculum, and emphasis on experiential learning. With a focus on teamwork and diverse... .

Read 18 reviews.

School of Business - Mississippi College

Mississippi College •

Graduate School •

CLINTON, MS

Suffolk University

  • • Rating 4.56 out of 5   16

Saint Xavier University

CHICAGO, IL

  • • Rating 4.2 out of 5   10

Owen Graduate School of Management

Nashville, TN •

Vanderbilt University •

  • • Rating 4.4 out of 5   5 reviews

Master's Student: I attend my first semester in the fall of 2024. My experience so far has been amazing. I cannot wait until I start my experience. ... Read 5 reviews

Vanderbilt University ,

NASHVILLE, TN ,

5 Niche users give it an average review of 4.4 stars.

Featured Review: Master's Student says I attend my first semester in the fall of 2024. My experience so far has been amazing. I cannot wait until I start my experience. .

Olin Business School

St. Louis, MO •

Washington University in St. Louis •

  • • Rating 4 out of 5   7 reviews

Master's Student: The enrolment process was an absolute pleasure. Being able to sit in on classes and interact with faculty and students was a fantastic opportunity. It gave me a real feel for the academic dynamic and the supportive community. This firsthand experience greatly influenced my decision, and I'm eagerly looking forward to becoming a part of the institution. ... Read 7 reviews

Washington University in St. Louis ,

ST. LOUIS, MO ,

7 Niche users give it an average review of 4 stars.

Featured Review: Master's Student says The enrolment process was an absolute pleasure. Being able to sit in on classes and interact with faculty and students was a fantastic opportunity. It gave me a real feel for the academic dynamic and... .

Read 7 reviews.

College of Science - University of Notre Dame

Notre Dame, IN •

University of Notre Dame •

University of Notre Dame ,

NOTRE DAME, IN ,

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McDonough School of Business

Washington, DC •

Georgetown University •

  • • Rating 4.88 out of 5   8 reviews

Master's Student: It's a great experience. The opening term, before mod 1 classes, gets you ready for anything academic wise. Because the experience has been great, the "worst" part would be early 8 AM classes for a semester a couple times a week. ... Read 8 reviews

Georgetown University ,

WASHINGTON, DC ,

8 Niche users give it an average review of 4.9 stars.

Featured Review: Master's Student says It's a great experience. The opening term, before mod 1 classes, gets you ready for anything academic wise. Because the experience has been great, the "worst" part would be early 8 AM classes for a... .

Read 8 reviews.

Carey Business School

Baltimore, MD •

Johns Hopkins University •

  • • Rating 4.64 out of 5   28 reviews

Master's Student: I start in the Fall of 2024. I agree with the post stating, "You will not get easy A's here," everything in this program is earned and supports the legacy of Johns Hopkins. All of your exams are proctored. I am happy they require me to take the QuB course (Quantitative Basics). This is due to not having a heavy math-filled undergraduate degree. In stats, I believe I had a C. I think within my advisory class of 10 people, three of us were recommended for the Quantitative Basics Course. Basically, if we fail this, we are academically dismissed due to our math skills are not where they need to be, to perform in the program. Some people might be turned away by this, but I am happy they are requiring this. It helps employers see that we earn our education and they ensure we know everything we need to know before we essentially waste everyone's time. Like she said, these are not hand out A's. They are, "EARNED." Top Tier Classmates. ... Read 28 reviews

Johns Hopkins University ,

BALTIMORE, MD ,

28 Niche users give it an average review of 4.6 stars.

Featured Review: Master's Student says I start in the Fall of 2024. I agree with the post stating, "You will not get easy A's here," everything in this program is earned and supports the legacy of Johns Hopkins. All of your exams are... .

Read 28 reviews.

Tepper School of Business

Pittsburgh, PA •

Carnegie Mellon University •

  • • Rating 4.73 out of 5   11 reviews

Master's Student: Embarking on Carnegie Mellon's Master in Business Analytics promises unparalleled growth. Its esteemed reputation in academia assures an intellectually stimulating environment, fostering collaboration and innovation. The meticulously crafted curriculum equips students with advanced analytical skills and a deep understanding of business dynamics. Beyond coursework, experiential learning opportunities abound, from hackathons to industry partnerships. Moreover, the vibrant community fosters inclusivity and camaraderie, enriching the overall experience. With each lecture and interaction, I anticipate expanding my knowledge, honing my skills, and becoming a catalyst for positive change. Carnegie Mellon's program is not just an education; it's a transformative journey toward personal and professional excellence. ... Read 11 reviews

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Carnegie Mellon University ,

PITTSBURGH, PA ,

11 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Embarking on Carnegie Mellon's Master in Business Analytics promises unparalleled growth. Its esteemed reputation in academia assures an intellectually stimulating environment, fostering... .

Read 11 reviews.

D'Amore-McKim School of Business

Northeastern University •

  • • Rating 2.5 out of 5   4 reviews

Master's Student: Recently began my journey in the GSPA MS in Accounting/ MBA program! So far classes have been tailored to students with nonbusiness/ accounting allowing for any interested parties to join. Teachers are both flexible with grad students and amazing at providing real-world experience. ... Read 4 reviews

Northeastern University ,

4 Niche users give it an average review of 2.5 stars.

Featured Review: Master's Student says Recently began my journey in the GSPA MS in Accounting/ MBA program! So far classes have been tailored to students with nonbusiness/ accounting allowing for any interested parties to join. Teachers... .

Read 4 reviews.

Leonard N. Stern School of Business

New York, NY •

New York University •

  • • Rating 4.82 out of 5   28 reviews

Master's Student: As a part-time MBA candidate at NYU Stern, I'm deeply impressed by the program's blend of academic rigor and practical application. The faculty, industry leaders in their own right, provide invaluable insights, fostering a rich learning environment. The diversity among my peers enhances our discussions, offering varied perspectives on business challenges. Stern's location in NYC is ideal for networking and accessing career opportunities, which is crucial for a working professional like me. The flexibility of evening and weekend classes allows me to balance my professional and academic commitments effectively. Stern equips students with advanced business knowledge and fosters personal and professional growth, making it an exceptional choice for anyone aspiring to excel in the business world. ... Read 28 reviews

New York University ,

NEW YORK, NY ,

28 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says As a part-time MBA candidate at NYU Stern, I'm deeply impressed by the program's blend of academic rigor and practical application. The faculty, industry leaders in their own right, provide... .

Carroll School of Management

Chestnut Hill, MA •

Boston College •

  • • Rating 5 out of 5   2 reviews

Master's Student: I am currently enrolled in the part time, professional evening MBA program. So far it has brought me to communicate with like minded individuals and the professors truly want to see you succeed so they will go out of their way to connect with you and help you. ... Read 2 reviews

Boston College ,

CHESTNUT HILL, MA ,

2 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says I am currently enrolled in the part time, professional evening MBA program. So far it has brought me to communicate with like minded individuals and the professors truly want to see you succeed so... .

Read 2 reviews.

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Claremont McKenna College

Claremont, CA •

CLAREMONT, CA ,

McCombs School of Business

Austin, TX •

University of Texas - Austin •

  • • Rating 4.69 out of 5   13 reviews

Master's Student: Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to explore different interests within business and broaden their career opportunities. The worst part of being at McCombs is the competitive environment, although it incentivizes students to work harder, it can be mentally draining to constantly try to outperform one's peers. ... Read 13 reviews

University of Texas - Austin ,

AUSTIN, TX ,

13 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to... .

Read 13 reviews.

College of Business - Lehigh University

Bethlehem, PA •

Lehigh University •

Lehigh University ,

BETHLEHEM, PA ,

Hough Graduate School of Business

Gainesville, FL •

University of Florida •

  • • Rating 5 out of 5   4 reviews

Master's Student: The academics at UF are rigorous but prepare you for real life scenarios. The coursework is well rounded for students to be able ready for all aspects of business administration. ... Read 4 reviews

University of Florida ,

GAINESVILLE, FL ,

4 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says The academics at UF are rigorous but prepare you for real life scenarios. The coursework is well rounded for students to be able ready for all aspects of business administration. .

Graduate School of Arts & Sciences - Boston University

Boston University •

Boston University ,

Questrom School of Business

  • • Rating 4.29 out of 5   7 reviews

Master's Student: Boston University's MBA program transformed me. Faculty, experts in their fields, nurtured my learning. A diverse student body broadened my perspective. Experiential learning honed skills and purpose. BU's strong alumni network opened doors. The sense of community is invaluable. BU has equipped me for success and instilled a passion for growth. Grateful for this transformative journey. ... Read 7 reviews

7 Niche users give it an average review of 4.3 stars.

Featured Review: Master's Student says Boston University's MBA program transformed me. Faculty, experts in their fields, nurtured my learning. A diverse student body broadened my perspective. Experiential learning honed skills and... .

Wisconsin School of Business at UW Madison

Madison, WI •

University of Wisconsin •

University of Wisconsin ,

MADISON, WI ,

Business School - University of Miami

Coral Gables, FL •

University of Miami •

  • • Rating 4.33 out of 5   9 reviews

Current Master's student: I'm currently enrolled in the online MBA program at the university of miami at Herbet Business School. As an online student and the sole provider for my family, I find the online format and curriculum to be rigorous and fulfilling. What makes this program great is the ability to complete my MBA on my time (for the most part) without sacrificing my income. The classes and professors are nothing short of amazing. I appreciate the time and dedication they put into making the videos and encouraging us to speak with fellow students and share differences in opinion to get the answer. ... Read 9 reviews

University of Miami ,

CORAL GABLES, FL ,

9 Niche users give it an average review of 4.3 stars.

Featured Review: Current Master's student says I'm currently enrolled in the online MBA program at the university of miami at Herbet Business School. As an online student and the sole provider for my family, I find the online format and... .

Read 9 reviews.

Simon Business School

Rochester, NY •

University of Rochester •

  • • Rating 4.6 out of 5   5 reviews

Master's Student: Academic at Simon in the business analycitcs program is quite rigorous and we hit the ground running with a July start for the fall semester. Very good program. Benet Career services are outstanding a really valuable resource to all students who are preparing to quickstart their careers even before graduating ... Read 5 reviews

University of Rochester ,

ROCHESTER, NY ,

5 Niche users give it an average review of 4.6 stars.

Featured Review: Master's Student says Academic at Simon in the business analycitcs program is quite rigorous and we hit the ground running with a July start for the fall semester. Very good program. Benet Career services are outstanding... .

Cox School of Business

Dallas, TX •

Southern Methodist University •

  • • Rating 4.43 out of 5   14 reviews

Master's Student: While acting as a Divisional CISO at Bank of America, I had colleagues and mentors that recommended that I attend a graduate college. With my near decade of supporting military operations with the Department of Defense and my nearly 10 years of financial experience I felt that a MBA would be the logical next step. When searching for programs at SMU I met with the admissions staff who helped me find that the Executive MBA would be the best program for me and provide me with all of the knowledge, skill sets and experience to succeed in my future business endeavors. ... Read 14 reviews

Southern Methodist University ,

DALLAS, TX ,

14 Niche users give it an average review of 4.4 stars.

Featured Review: Master's Student says While acting as a Divisional CISO at Bank of America, I had colleagues and mentors that recommended that I attend a graduate college. With my near decade of supporting military operations with the... .

Read 14 reviews.

Weatherhead School of Management

Cleveland, OH •

Case Western Reserve University •

  • • Rating 2.8 out of 5   5 reviews

Current Master's student: My time so far at the Weatherhead School of Management has been challenging, yet it has also been extremely rewarding and has opened up so many doors for me in terms of networking and expanding my intellectual world. I would highly recommend the Weatherhead School's online MBA in Healthcare Management because it is giving me the tools to succeed both through a traditional MBA curriculum and through courses that will help me to be successful in Healthcare Management simultaneously. ... Read 5 reviews

Case Western Reserve University ,

CLEVELAND, OH ,

5 Niche users give it an average review of 2.8 stars.

Featured Review: Current Master's student says My time so far at the Weatherhead School of Management has been challenging, yet it has also been extremely rewarding and has opened up so many doors for me in terms of networking and expanding my... .

A. B. Freeman School of Business

New Orleans, LA •

Tulane University •

Tulane University ,

NEW ORLEANS, LA ,

Leavey School of Business

Santa Clara, CA •

Santa Clara University •

  • • Rating 4 out of 5   2 reviews

Master's Student: Smaller class sizes and up to date equipment make for a comfortable experience. Class is mostly younger international students. ... Read 2 reviews

Santa Clara University ,

SANTA CLARA, CA ,

2 Niche users give it an average review of 4 stars.

Featured Review: Master's Student says Smaller class sizes and up to date equipment make for a comfortable experience. Class is mostly younger international students. .

Florida International University

  • • Rating 4.64 out of 5   296

University of Scranton

SCRANTON, PA

  • • Rating 4.5 out of 5   18

Joseph M. Katz Graduate School of Business

University of Pittsburgh •

PITTSBURGH, PA

  • • Rating 4.75 out of 5   12

Showing results 1 through 25 of 209

Master of Finance: Is This The Right Degree For You?

Choosing a graduate program is a major decision. After all, it can be considered the final stepping stone to your dream career ! If you've been curious about a Master of Finance degree, stick around as we answer all of your questions. We'll also provide you with the tools you need to be on your way to completing a Master of Finance program.

How long does it take to complete a Master of Finance program?

Assuming that you've completed your undergraduate studies, a Master of Finance program takes an average of three years to complete. Like other schooling programs, this timeline often depends on your specific situation. If you plan on enrolling as a full-time student and can pass all your courses, you can complete this program in two years.

When deciding which institution to complete your Master of Finance degree at, it is important to consider their options for this program. Some grad schools offer accelerated programs that can be completed in as little as 18 months and online courses to better fit your schedule.

Is it hard to earn a master's in finance?

Like all graduate programs, earning a master's in finance can vary in difficulty depending on a student's skill level, understanding of courses, and study habits. If you're wondering if a master's in finance will be difficult for you, you should first look at what the program entails and assess your ability to perform well in those areas.

A major aspect of all Master of Finance programs is that they are interdisciplinary, touching on various topics like:

If you enjoy these subjects, chances are you will enjoy this graduate program! That is not to say that it won't be challenging — however, with the right tools and study habits , we are confident that you will find success.

What career can I have with a master's in finance?

A graduate program is a great way to set you up for your future career and help you accelerate your job growth. With a growing economy, the finance industry offers many opportunities. According to the U.S. Bureau of Labor Statistics, occupations in the financial sector are expected to see an 8% growth from 2020 to 2030, making this your prime time to complete your grad program and join the workforce. Obtaining your master's in finance will also give you the competitive edge you need to land a rewarding position with competitive pay.

Some career options you have upon completing your Master of Finance degree are:

  • Budget Analyst
  • HR Specialist
  • Purchasing Manager

If you want to explore the different career opportunities offered in the finance industry, be sure to use our Places to Work tool. You will be able to view stats on different companies and hear from employees' personal experiences.

Where do I start a master's in finance?

If you're ready to begin your journey in earning your Master of Finance degree, look no further! At Niche, we are your one-stop shop for all things college, graduate school, and post-grad life. Check out our list of the best finance graduate programs and start narrowing your search to a school that fits your needs as a student. If you find yourself having questions along the way, visit our blog, where we offer you all of the best guidance for navigating life as a student.

External Sources:

https://www.bls.gov/ooh/business-and-financial/home.htm

Smart. Open. Grounded. Inventive. Read our Ideas Made to Matter.

Which program is right for you?

MIT Sloan Campus life

Through intellectual rigor and experiential learning, this full-time, two-year MBA program develops leaders who make a difference in the world.

A rigorous, hands-on program that prepares adaptive problem solvers for premier finance careers.

A 12-month program focused on applying the tools of modern data science, optimization and machine learning to solve real-world business problems.

Earn your MBA and SM in engineering with this transformative two-year program.

Combine an international MBA with a deep dive into management science. A special opportunity for partner and affiliate schools only.

A doctoral program that produces outstanding scholars who are leading in their fields of research.

Bring a business perspective to your technical and quantitative expertise with a bachelor’s degree in management, business analytics, or finance.

A joint program for mid-career professionals that integrates engineering and systems thinking. Earn your master’s degree in engineering and management.

An interdisciplinary program that combines engineering, management, and design, leading to a master’s degree in engineering and management.

Executive Programs

A full-time MBA program for mid-career leaders eager to dedicate one year of discovery for a lifetime of impact.

This 20-month MBA program equips experienced executives to enhance their impact on their organizations and the world.

Non-degree programs for senior executives and high-potential managers.

A non-degree, customizable program for mid-career professionals.

PhD Program in Finance

2023-24 curriculum outline.

The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation. Attendance at the weekly Finance Seminar is mandatory in the second year and beyond and is encouraged in the first year.  During the first two years, students are engaged primarily in coursework, taking both required and elective courses in preparation for their general examination at the end of the second year.  Students are required to complete a research paper by the end of their fifth semester, present it in front of the faculty committee and receive a passing grade.  After that, students are required to find a formal thesis advisor and form a thesis committee by the end of their eighth semester. The Thesis Committee should consist of at least one tenured faculty from the MIT Sloan Finance Group.

Required Courses

The following set of required courses is designed to furnish each student with a sound and well-rounded understanding of the theoretical and empirical foundations of finance, as well as the tools necessary to make original contributions in each of these areas. Finance PhD courses (15.470, 15.471, 15.472, 15.473, 15.474) in which the student does not receive a grade of B or higher must be retaken.

First Year - Summer

Math Camp begins on the second Monday in August. 

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

14.451/14.452 Macro Theory I/II ( strongly recommended)

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

14.453/14.454 Macro Theory III/IV (strongly recommended)

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

  14.384 — Time-Series Analysis or  14.385 — Nonlinear Econometric Analysis  (Enrolled students receive a one-semester waiver from attending the Finance Seminar due to a scheduling conflict)

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

 15.474 — Current Topics in Finance (strongly encouraged to take multiple times)

15.475 — Current Research in Financial Economics

Recommended Elective Courses

Beyond these required courses, students are expected to enroll in elective courses determined by their primary area of interest. There are two informal “tracks” in Financial Economics: Corporate Finance and Asset Pricing. Recommended electives are designed to deepen the student's grasp of material that will be central to the writing of his/her dissertation. Students also have the opportunity to take courses at Harvard University. There is no formal requirement to select one track or another, and students are free to take any of the electives.

phd in finance programs

  • Doctoral Programs

Heather Tookes

Financial economics encompasses a broad area of topics and issues, including corporate investments and financing policy, security valuation, portfolio management, the behavior of prices in speculative markets, financial institutions, and intermediation.

The PhD specialization in finance is designed to give the student a strong background for study and research in both theoretical and empirical work in finance and related areas. Emphasis is placed on understanding the important concepts and models. Students normally take several graduate courses in the Department of Economics, particularly in microeconomics and macroeconomic theory, the economics of uncertainty, and econometrics.

Will Goetzmann

The program offers two courses specifically in financial theory and its applications. In addition, the faculty and doctoral students attend a seminar that features speakers from around the country. However, the specialization is built primarily around individual study and research under the guidance of the faculty.

Examples of potential areas of research for the financial economics dissertation:

  • Principal-agent relationships
  • Financial intermediation
  • Efficiency of markets
  • Portfolio selection

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  • Dissertation Areas and Joint PhD Programs
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  • PhD in Accounting
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PhD in Finance

  • PhD in Management Science and Operations Management
  • PhD in Marketing
  • Joint Program in Financial Economics
  • Joint Program in Psychology and Business
  • Joint PhD/JD Program

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

Francesca Bastianello

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

Emanuele Colonnelli

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George Constantinides

George M. Constantinides

Leo Melamed Professor of Finance

Douglas Diamond Headshot

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Peter Hansen

Lars Hansen

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

John C. Heaton

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S. J. Koijen

Ralph S.J. Koijen

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

Yueran Ma

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Pascal Noel

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

Lubos Pastor

Lubos Pastor

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

Raghuram Rajan

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Amir Sufi

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Pietro Veronesi

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

Robert W. Vishny

Robert W. Vishny

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

Michael Weber

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Zhang

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Erick Zwick

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.

Initiative on Global Markets Enhancing the understanding of business and financial market globalization, the IGM 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.

Itzhak Ben-David

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 Agustin Hurtado Young Soo Jang Piotr Langer 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!

phd in finance programs

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  • Prospective Students
  • Current Students

Ph.D. in Finance

Program information.

At the University of Kansas, finance doctoral students are trained to teach at the university level, to do research that is publishable in top academic journals, and to analyze questions that are important to government agencies and the private sector. Successful students develop close working relationships with the KU finance faculty, both in the classroom and on co-authored research. Many of our students publish their first research study before finishing the program, and most students accept jobs at universities rated “high” or “very high” in research activity by the Carnegie Foundation.

We emphasize rigorous training and hands-on experience. Five semesters of coursework include a firm grounding in economic theory, thorough training in statistics and econometrics, and an immersion in the most important research studies in corporate finance, investments and financial institutions.

Application deadlines

Priority: December 15, 2023

Final: January 10, 2024

  • Application requirements

Students begin their own research during the first year of the program and present their first research seminar early in the second year of the program. Many of our students publish their first research study before finishing the program, and most students accept jobs at universities rated “high” or “very high” in research activity by the Carnegie Foundation.

We emphasize rigorous training and hands-on experience. Successful students develop close working relationships with the KU finance faculty, both in the classroom and on co-authored research. Students typically teach three undergraduate finance classes before graduating.

Program details

Core courses, statistical methods.

BSAN 920: Probability for Business Research OR MATH 727: Probability Theory

BSAN 921: Statistics for Business Research OR MATH 728: Statistical Theory

BSAN 922: Advanced Regression

ECON 800: Optimization Techniques I

ECON 801: Microeconomics I

ECON 802: Microeconomics II

BE 917: Advanced Managerial Economics

Concentration courses

FIN 901: Current Research in Finance

FIN 937: Seminar in Business Finance

FIN 938: Seminar in Investments

FIN 939: Seminar in Financial Institutions

Supporting courses

ECON 817: Econometrics I

ECON 818: Econometrics II

One of the three sequences below

Sequence 1: Minor in Research Methods

ECON 715: Elementary Econometrics

Advanced elective research methods course

Sequence 2: Minor in Research Methods and Financial Accounting

ACCT 928: Introduction to Accounting Research

ACCT 932: Seminar in Financial Accounting Research I

Sequence 3: Minor in Research Methods and Applied Economics

ECON 770: Economics of the Labor Market

ECON 870: Applied Microeconomics

For more information, view a detailed list of courses in the academic catalog.

A course that is not being offered within a reasonable timeframe, or a course in which a student can demonstrate competence my be, with the approval of the area group and the Ph.D. Team, replaced with another course.

Area-specific core requirements may by changed subject to the approval of the area group and the Ph.D. Team.

A minimum of 15 courses, plus BUS 902 and BUS 903 are required for completion of the degree.

Courses recommended for preparation for the qualifier assessment may not be included in the concentration or minor areas.

  • Summer research
  • Pass the Finance Qualifier Assessment
  • Present first-year research paper
  • Teach an undergraduate finance class
  • Pass the Finance Comprehensive Exam
  • Present second-year research paper
  • Present your dissertation proposal
  • Defend your dissertation proposal

Program faculty

Christopher Anderson

  • Associate Dean, Undergraduate Programs
  • Anderson Chandler Professor
  • School of Business Administration
  • Dean's Office
  • Finance Academic Area

Justin Balthrop

  • Assistant Professor
  • Finance academic area

William Bazley

  • Koch Professor in Business Economics

Robert DeYoung

  • Koch Distinguished Professor in Business Economics
  • Harold Otto Chair of Economics

Mohammad Ghaderi

  • Area Director, Finance
  • O. Maurice Joy Professor

Felix Meschke

  • Associate Professor
  • Director, Davis Center for Figure Sense

Atanas Mihov

  • Capitol Federal Fellow

Haitao Mo

  • Associate Dean of Graduate Programs
  • Capitol Federal Professor
  • School of Business administration

Finance doctoral students

Shuyue Cheng

  • Ph.D. Student

Ryan Clark

  • Ph.D. Candidate

Emily Kim

  • 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 five areas of study: Accounting and Management , 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)  , management  , marketing  , organizational behavior  , strategy  , technology & operations management  .

Finance PhD Program

The finance Ph.D. program is designed to prepare students for academic careers in financial economics. Financial economics is the study of how individuals and firms raise and invest resources, and how financial assets are priced. Specific topics in asset pricing include the determinants of asset returns, pricing of risk, behavior of investors, and trading mechanisms. Specific topics in corporate finance include capital structure, payout policy, financial intermediation, internal capital markets, venture capital, mergers and acquisitions, and corporate governance.

Finance PhD Program

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  • ADMISSIONS EVENTS

Requirements

Sample Schedule

  • GSBA 602. Selected Issues in Economic Theory I
  • GSBA 604. Regression and Generalized Linear Models for Business Research
  • Elective(s)
  • GSBA 612. Selected Issues in Economic Theory II
  • FBE 630. Fundamentals of Corporate Finance
  • FBE 633. Fundamentals of Asset Pricing
  • [Statistics or research design]

Students are assigned a faculty mentor upon entering the program. The faculty mentor advises the student on course selection and as appropriate involves the student in a research project. During the first summer, each student conducts a supervised reading of the literature and prepares a research proposal or study.

  • FBE 631. Advanced Corporate Finance
  • FBE 634. Advanced Asset Pricing
  • FBE 670. Selected Topics in Finance Research #1
  • FBE 670. Selected Topics in Finance Research #2
  • GSBA 690. Tutorial on the Research Process
  • BUCO 637. Communication for Doctoral Students
  • Paper #2 (Screening Exam)

Students spend much of the second year developing and producing an independent study. The study is submitted to the program at the end of the summer, and serves as the qualifying exam for the second year.

  • FBE 670. Selected Topics in Finance Research #3-#N
  • Dissertation proposal (USC Qualifying Exam)
  • Dissertation proposal
  • GBSA 794. Doctoral Dissertation
  • Job Market Paper
  • GSBA 794. Doctoral Dissertation
  • Dissertation

Job Market Candidates

The program maintains a supportive and collegial environment that fosters collaboration between faculty members and PhD students. All students are assigned one or more faculty mentors for the duration of their studies, and faculty members are actively engaged in supervision of student research.

PhD Students

Robin y. lee.

  • PhD Candidate in Finance and Business Economics

Robin Lee is a 5th year Ph.D. candidate in Finance at the Marshall School of Business. Her research interests encompass social and behavioral finance, asset management, and empirical corporate finance. Before joining USC, she earned a B.B.A. in Business Administration and a B.A. in Economics from Yonsei University, and an M.A. in Statistics from Columbia University.

Federica Ansbacher

  • PhD Student in Finance and Business Economics

Wenqian (Winston) Chen

Applying to the phd program, dates + deadlines.

December 15, 2023: Application Deadline - Accounting, Data Sciences & Operations, and Management & Organization* 

January 15, 2024: Application Deadline - Finance & Business Economics and Marketing 

The link to the PhD Program application is available on the Admissions page and the next opportunity to apply is for Fall 2024 admission. Late applications may or may not be considered at the discretion of the admissions committee. 

Admissions decisions are made from mid-February to mid-April. You will be notified by email when a decision has been made.

ADMISSIONS CONTACT

Ph.D. Program USC Marshall School of Business 3670 Trousdale Parkway, BRI 306 Los Angeles, California 90089-0809 EMAIL

  • INFO SESSIONS

Stay Informed + Stay Connected

15 Best Online PhD in Finance Programs [2024 Guide]

Looking for Online PhD in Finance Programs? Some schools have no GRE and offer accelerated courses to help you finish faster.

accountants working in the office

A doctoral degree in finance may be your ticket to the career you’ve always wanted.

Editorial Listing ShortCode:

This online finance degree can help you pursue an executive role or a teaching job related to accounting, banking, asset management, or financial policymaking.

Universities Offering Online PhD in Finance Programs

Methodology: The following school list is in alphabetical order. To be included, a college or university must be regionally accredited and offer degree programs online or in a hybrid format.

1. Capella University

With Capella University in Minnesota, students can study online to earn a DBA with a concentration in Accounting or a PhD in Business Management with a concentration in Accounting.

These programs are designed to help students learn about theories, methods, rules and ethical issues that influence accounting practice and consider the implications of practicing accounting within a global marketplace.

Before graduation, DBA students are expected to complete two residencies and submit a major research project. PhD students are expected to do three residencies and complete a dissertation.

Both programs use Capella’s GuidedPath format with weekly discussions and specific deadlines for submitting assignments.

  • PhD in Accounting
  • DBA in Accounting

Capella University  is accredited by the Higher Learning Commission.

2. City University of Seattle

When you study with City University of Seattle, you’ll have the opportunity to choose your own area of specialty for your DBA program.

Students who choose the Specialized Study concentration can submit a proposal for the graduate-level courses they would like to take as part of their studies.

If you’re interested in finance, you may be able to request courses on the topics of finance and accounting. During online classes, you’ll have opportunities to engage in live conversations with faculty.

You’ll be expected to submit a dissertation during your doctoral studies and complete three different residencies.

  • DBA in Business Administration (Finance concentration)

The City University of Seattle is Accredited by the Northwest Commission on Colleges and Universities.

3. George Fox University

As you pursue a DBA with a concentration in Accounting from George Fox University, you may take classes like Advanced Applications of Ethical Reasoning and Compliance in Accounting and Advanced Topics in Accounting.

In addition, you’ll need to complete both a dissertation and a practicum for the program. During the practicum, you’ll have opportunities to try your hand at teaching or consulting.

Most of the work for this hybrid DBA program is online, but you’ll need to report to the school’s campus in Oregon a few times a year.

George Fox University  is accredited by the Northwest Commission on Colleges and Universities.

4. Hampton University

If you’re interested in a PhD in Business Administration, check out Hampton University in Virginia. The program students to pursue a concentration in Accounting and Finance by taking multiple credit hours of elective courses.

These electives include classes like Financial Accounting and Reporting Research, Accounting Theory, Corporate and Financial Institutions, and Behavior Finance.

Students at this university take online courses during the traditional school year and come to campus for two summer residencies. This PhD program is appropriate for current professionals and for those straight out of a master’s program.

  • PhD in Business Administration

Hampton U  is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

5. Kansas State University

Do you believe that it is critical for individuals and families to have a solid financial plan for their future? If so, you may be interested in the PhD in Personal Financial Planning from Kansas State University.

You may choose to use this degree in the business world or spread your knowledge to others by working in an academic setting.

During the online doctoral program, you’ll need to come to the school’s Kansas campus for a few intensive sessions and go overseas to expand your knowledge about global markets. A dissertation is required for this program.

  • Hybrid PhD in Personal Financial Planning

Kansas State University  is accredited by the Higher Learning Commission.

6. Liberty University

For those interested in numbers and money, Liberty University’s online DBA offers two concentration options: Accounting and Finance.

Both programs begin with the same core courses, but Accounting students take specialized classes like Accounting for Decision Making and Advanced Auditing while Finance students focus on classes like Managerial Finance and Advanced Financial Statement Analysis.

Whichever track you choose, you will need to take a comprehensive exam and complete a dissertation before graduation from this Virginia university. Accounting graduates often work as auditors or budget supervisors, and Finance graduates may choose to become treasurers or financial managers.

Liberty University  is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

7. National University

You can pursue a DBA or a PhD in Business Administration from National University. NU is a network of nonprofit institutions headquartered in San Diego, CA.

The school encourages students of either program to pursue high-level leadership positions, but the PhD program is research-based, and the DBA involves the application of research findings that are already available.

Specialization options for both PhD and DBA students include Financial Management and Advanced Accounting. All faculty hold doctoral degrees, and many tracks can be completed fully online. Dissertations are required for PhD programs.

  • PhD in Business Administration – Advanced Accounting
  • DBA in Financial Management
  • DBA in Advanced Accounting

National University  is accredited by the WASC Senior College and University Commission.

8. Rutgers University

This university offers a PhD in Management; concentrations include Finance, Accounting or Accounting Information Systems. The concentration in finance offers courses like Investments, Corporate Finance, Theory of Corporate Disclosures, Control and Governance, and Econometrics.

The concentration in accounting offers courses like Current Topics in Auditing and Empirical Analysis of Financial Reporting. Students are expected to take a qualifying exam and defend a dissertation before graduating from these programs. The school recommends that students have master’s level education in mathematics, economics or computer science before applying for enrollment.

Rutgers University  is accredited by the Middle States Commission on Higher Education.

9. Sacred Heart University

Although Sacred Heart University does require DBA in Finance students to come to its Connecticut campus, the program is described as “low-residency,” and it is structured to fit the schedules of people who are already in the workforce.

Each student is part of a cohort that provides opportunities for networking and group projects. During the course of the program, students study topics like mathematics and global markets and choose electives like Fixed Income Securities or Portfolio Management.

Students are also required to submit a dissertation before graduation. The school’s DBA graduates often find work in government, academia, and corporations.

  • DBA in Finance

SHU  is accredited by the New England Commission of Higher Education.

10. Saint Leo University

You can get an online DBA from Saint Leo University in Florida. The program offers classes like Analytics for Decision Making, Organizational Behavior and Social Responsibility, and A History of Applied Management Theory. It can help you acquire research skills and learn how to apply your findings to real-world business applications.

Before graduation, you will be expected to take a comprehensive exam, defend a dissertation and complete a practicum. This DBA course of study is particularly well-suited for students who want to go into consulting, but the school’s graduates also teach, work as CFOs, manage organizations and become investment analysts.

  • Doctor of Business Administration

Saint Leo University  is accredited by the Southern Association of Colleges and Schools.

11. Trident University

Whether you want to earn an online DBA or a PhD in Business Administration, you can pursue your degree from Trident University in California.

One available concentration for the PhD program is Accounting and Finance; students on that track study topics like auditing, global markets, corporation finance, and taxation.

The DBA is a generalist degree that doesn’t include specialization. If you go the PhD route, you’ll need to complete a dissertation, and if you choose a DBA, you will be expected to complete a doctoral study. To help you move through the online program, the university offers its Doctoral Positioning System tracker.

  • PhD in Business Administration – Accounting

Trident University  is accredited by the WASC Senior College and University Commission.

12. University of Dallas

Students at the University of Dallas can earn a DBA through a mix of online classes and time on the school’s Texas campus.

This program is designed for those who already hold leadership positions in the business world and desire increased advancement, and its flexible nature helps working professionals earn their doctoral degrees while remaining in their current jobs.

This generalist program includes classes like Agile Organizations and Emerging Technologies. If you choose this university, you will be expected to join a colloquium and defend a dissertation and will have the option to complete a teaching practicum.

The University of Dallas  is accredited by the Southern Association of Colleges and Schools.

13. University of South Carolina

The Darla Moore School of Business at the University of South Carolina offers an on-campus program through which you can earn a PhD in Business Administration.

One available concentration for this program is Finance, and classes include Current Issues in Finance, Empirical Methods in Financial Research and Theory of Finance.

Faculty in this department have earned multiple recognitions, including the Alfred G. Smith, Jr. Excellence in Teaching Award and the Mortar Board Excellence in Teaching Award. A master’s degree is recommended before admission to the program, but it is not a requirement.

  • Hybrid DBA in Business Administration – Finance

The University of South Carolina  is accredited by the Southern Association of Colleges and Schools.

14. University of the Cumberlands

The PhD in Business program at the University of the Cumberlands takes business courses ranging from comparative economic and corporate finance to managerial ethics and responsibility. Students can choose one of their specialty areas like accounting, entrepreneurship, finance, etc. The Curriculum of this program will engage students in the theories, strategies, and tactics that they need to.

  • PhD in Business (Finance concentration)

The University of the Cumberlands is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

15. Walden University

Whether you’re interested in DBA or a PhD, you can earn it from Walden University. The DBA program offers concentrations like Accounting and Finance. On the path to earning a DBA, you can complete a doctoral study, assemble a portfolio or take part in a consultation program in which you work with a local organization or company.

If you would prefer to earn a PhD in Management, you can select a 21st Century Finance concentration, which requires the completion of a dissertation. Both the DBA and PhD tracks can be completed through online study.

Walden  University is accredited by the Higher Learning Commission.

Online PhD in Finance Programs

If you have a particular area of interest within the world of finance, then you may want to select a corresponding degree concentration.

PhD in Finance

Phd in financial management, phd in financial planning.

A concentration can give you opportunities to take an array of courses designed to hone your knowledge on that particular topic.

female accountant working in an office

If you are a numbers person, there’s a good chance that you like accounting just as much as you enjoy general financial topics. This concentration can allow you to explore both of these areas of study.

You might put this degree to work in corporate or academic settings. You may also be interested in an Online PhD in Accounting program .

financial managers having a meeting

Being in charge of a company’s financial resources requires a special set of managerial leadership skills. A concentration in financial management can help you gain those skills.

This concentration is designed to teach topics like building a solid financial strategy and navigating international markets.

financial advisor talking to a couple

Helping individuals do their best with their money is the goal behind a concentration in financial management.

This concentration can help train you to guide wise financial choices as you learn not only about asset management and investment growth but also about how to influence smart decision-making through relational know-how.

With a PhD Financial Planning degree, you may help others manage their money, lead a financial advisement company, or teach future finance students.

Doctorate in Finance Salary

Doctorate in Finance Salary

Earning your doctoral degree in finance may open many career paths to you. Once you graduate with this degree, you may work in an academic setting, a nonprofit organization, the corporate world, or the public sector.

Here are a few jobs you may be able to look forward to, along with the U.S. Bureau of Labor Statistics job outlook and average salary information.

Budget Analyst

Budget analysts are responsible for setting an organization’s budget and helping the company stick to it.

  • Outlook for job growth: 5% increase
  • Median salary per year: $78,970

This may be an enjoyable career path for those who want to understand all facets of a company – tracking and justifying where each penny goes. Budget analysts make recommendations for investment and expenditure to boost their company’s profitability.

Financial Analyst

Financial analysts are responsible for paying attention to the market in order to make recommendations on how people or businesses should invest their resources.

  • Outlook for job growth: 6% increase
  • Median salary per year: $83,660

Rather than monitoring their business or organization, they monitor the economy as a whole. This career may be ideal for those who find financial markets interesting and have a deep understanding of investments.

Personal Financial Advisor

Consider this career path if you want the satisfaction of knowing that you’re helping others plan for their futures.

  • Median salary per year: $89,330

You might also need to have a knack for marketing and sales as you attract and welcome new clients to your firm. In this role, you might work for a successful money management company or start your own practice.

Finance Professor

You may be able to pass your knowledge onto others by teaching students at the university level.

  • Outlook for job growth: 7% increase
  • Median salary per year: $88,010

Like many careers, you’ll need more than knowledge of the financial sector to be successful in this position. You’ll need organization and communication skills to be able to teach effectively. You’ll also need to be willing to prove your teaching effectiveness to your department via annual reviews.

If you enjoy teaching, researching, and discussing business, you may find yourself quite at home among the faculty of a business college.

Curriculum for Finance PhD Programs

Curriculum for Finance PhD Programs

Similar to a MBA in finance or online master’s in finance , when pursuing an advanced degree in finance, you’ll likely take a variety of courses designed to equip you with a thorough understanding of financial matters and how they relate to decision-making for individuals and businesses.

Your classes may include:

  • Accounting and Control for Nonprofit Organizations
  • Business Ethics
  • Business Valuation
  • Data Analysis for Investments
  • Financial Management for International Business
  • Human Resource Development
  • Investment Portfolio Analysis
  • Managerial Finance
  • Mathematical Foundations for Finance
  • Mergers & Acquisitions
  • Money, Capital Markets & Economic Growth
  • Quantitative Research Design & Methodology
  • Real Estate Finance
  • Real Option Valuation
  • Risk Management
  • Strategic Thinking for Decision-Making
  • Stochastic Foundations of Finance

Since your program will likely encourage you to take a mix of both foundational classes and specialized electives, the coursework listed above includes both core classes and electives. Your PhD in finance requirements may also include a dissertation or capstone project. A growing number of doctorate programs have no dissertation required , but these tend to be professional doctorates, not PhDs.

Choose programs with a capstone project if you’d like to finish your degree faster. Dissertations can often take 2-3 years more to complete after you finish your coursework.

DBA in Finance vs. PhD in Finance

DBA in Finance vs. PhD in Finance

When you have your sights set on a finance degree, there are two different doctoral routes you can take. You could earn a doctorate of business administration (DBA) in finance or pursue a Doctor of Philosophy (PhD) in finance.

Although you can learn a great deal about numbers, money, and economics either way, the two different degrees will likely set you on divergent career tracks.

People often choose a professional doctorate, such as a DBA in Finance, if they want to put their education to work in the field — for example, working on Wall Street or in a Fortune 500 company.

A DBA in Finance:

  • Is typically pursued by those who want to stay with their current company or work for another corporation.
  • May involve drawing from others’ data and research for the culminating project.
  • Is often pursued by those with several years of professional experience.

A PhD in finance is often pursued by people who want to work in an academic setting. You may find that a PhD program focuses more on the theoretical aspects of finance than the practical ones.

A PhD in Finance:

  • Is typically pursued by people who want to conduct research, get published or teach.
  • Typically requires conducting original research.
  • May be good for those straight out of school, such as recent graduates of a master’s in finance or master’s in accounting program.

Think about what you want to do for your career, then choose the degree that best fits those goals.

Online vs. Traditional Finance Degree

financial degree student studying online

When it comes to online versus traditional finance doctoral programs, the main difference is the format through which the material is presented. The content should remain about the same, and the rigors of the program likely will as well.

You may choose a fully online program, an on-campus one, or a hybrid mix.

Accreditation for a Doctorate in Finance Online

Accreditation for a Doctorate in Finance Online

Universities receive accreditation as proof that their programs provide a thorough educational experience for students. Therefore, when you’re looking for a doctor of finance program, the school’s accreditation should be the first thing that you consider.

Reputable universities receive accreditation from a regional accrediting agency . These organizations give a broad stamp of approval to the entire school rather than to its individual programs. It is essential that you enroll in a school with regional accreditation.

In addition, there are several national and international organizations that provide accreditation specifically for business programs. Although this type of accreditation may not be absolutely essential, it’s certainly a valuable sign that the program is thorough, reputable, and excellent in quality.

A finance program may be accredited by:

  • Accreditation Council for Business Schools and Programs (ACBSP)
  • Association to Advance Collegiate Schools of Business International (AACSB)
  • International Assembly for Collegiate Business Education (IACBE)

The top finance PhD programs are accredited both regionally and programmatically by one of these specialty boards. You can find your chosen university’s accreditation by searching the US Department of Education’s accreditation database .

Financial Aid for a Finance Degree

Financial Aid for a Finance Degree

As you begin looking into finance PhD programs, don’t forget to also look into financial aid opportunities. At the doctorate level, you may still be eligible for federal financial aid as well as fellowships and scholarships from universities and scholarships from private organizations.

Your employer might even have tuition assistance programs available.

Can I Get My PhD Online?

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Yes, many universities offer online PhD and professional doctorate programs. This includes doctoral degrees in finance, public health, education, nursing, and organizational leadership.

This approach can help you earn your advanced degree in a format that fits your schedule.

Is an Online PhD Respected and Credible?

In an online program, you should have to work just as hard as you do in an on-campus program. Additionally, your official records are unlikely to specify how you earned your degree.

The important thing is not the format in which you completed your coursework but whether you attended an accredited university.

Are There Any Online PhD In Finance Programs?

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Earning a doctoral degree in finance doesn’t have to require moving onto campus or uprooting your whole life. Rather, there are programs for a DBA or PhD in finance online.

In these programs, you can engage in a computer-based educational experience as you work toward your degree.

Getting Your PhD in Finance Online

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To take your finance education to the highest level, you may want to pursue a doctoral degree in this field, whether a PhD or a DBA.

Completing your coursework online can help you receive a solid education in a format that fits your lifestyle and prepare you for the next step on your career path.

Use the above list of schools to narrow down the finance PhD programs for you.

Related Guides:

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The 10 best schools for finance in the world.

Stanford Graduate School of Business is among the best schools for finance worldwide ©Stanford GSB / iStock

Stanford Graduate School of Business is among the best schools for finance worldwide ©Stanford GSB / iStock

What are the best schools for finance across the globe? Find out the top destinations to study finance including the likes of Oxford Saïd and Harvard

By  Fay Nyberg

Fri May 10 2024

For those seeking the competitive advantage of attending a business school that’s highly-acclaimed for finance education, the annual QS MBA by Career Specialization Rankings places nine out of the top 10 best finance schools in the world in the US.

Read on to find out which business schools rank at the top of this year's list, and explore some of the unique characteristics that make the top business schools for finance stand out.

The 10  Best Schools For Finance

10. university of michigan ross school of business.

The University of Michigan’s Ross School of Business is a top 10 ranking b-school when it comes to finance. With a fast-track finance MBA program, the accelerated course prepares ambitious students for summer internship positions at the end of the first year. 

The curriculum includes valuation, corporate financial policy, and financial modeling. There’s also a student-run MBA Investment Banking Club to support applications for internships and help Michigan Ross financiers’ careers progress. Ross MBA graduates are hired by the likes of Goldman Sachs, Barclays and BlackRock. 

9. Cornell University Johnson Graduate School of Management

The Johnson School is part of the University of Cornell, one of the largest universities in the US Ivy League. It ranks among the 10 best finance schools at number nine in this year's list. 

The two-year MBA course incorporates a summer internship and students can focus on finance by choosing a semester-long corporate finance immersion, which includes a mix of theory and practice.

Leading S&P 500 companies across a wide range of industries including finance hire Johnson’s MBA students for internships, including the likes of American Express and Bank of America.

Check out the  Cornell Johnson MBA Class Profile

8. Northwestern University Kellogg School of Management

The Kellogg School of Management at Northwestern University offers a full-time MBA with a finance major. All MBA students begin their studies by looking at the basic tools and skills needed for a finance career. 

They can then hone their finance skills further by selecting electives such as value investing, or experiential learning courses with simulation elements such as impact investing and sustainable finance.

Faculty members here serve as editors of leading professional publications. Some like Professor Dean Karlan are founders of nonprofits dedicated to finding and promoting solutions to global poverty issues.

Check out the  Northwestern Kellogg MBA Class Profile

7. University of Oxford Saïd Business School

If you’re looking to study a top finance MBA outside of the US, the University of Oxford’s Saïd Business School is a top 10 ranking school that's based in England. The MBA curriculum includes core courses examining the foundations of business, plus elective options like corporate valuation and financial management for banks and insurers. 

MBA students at Oxford Saïd can apply to the MBA Finance Lab for the opportunity to work through case studies. The school also offers a DPhil in Finance and MSc in Financial Economics, with an option to combine a master’s degree with a one-year MBA. 

Find out how to successfully  apply to the Oxford Saïd MBA

6. University of Chicago Booth School of Business

Just missing out on the top five in this ranking of the best finance schools, the University of Chicago Booth School of Business offers both an MBA in Analytic Finance and a  Master in Finance Program. Following up on the MBA with a concentration in finance means you select four finance-focused courses from options such as portfolio management and financial markets and institutions.

Esteemed faculty members here include Nobel Prize winners like Professor Eugene F. Fama , who is widely considered the ‘father of modern finance' and fellow Nobel Laureate,  Professor Lars Hansen . 

Find out how to successfully  apply to the Chicago Booth MBA

5. NYU Stern School of Business

The NYU Stern School of Business is number 5 in the QS MBA’s rankings of the best finance schools for 2023. The school takes a ‘flexible first’ approach to its MBA program, which is highly customizable. 

MBA students following the finance curriculum can select up to three specializations in related fields like financial systems and analytics, accounting, or supply chain management. There are also opportunities for real-world learning through participation in programs like the Michael Price Student Investment Fund, which offers hands-on asset management experience. 

Read the  NYU Stern MBA  Jobs & Salary Review

4. Columbia Business School

New York’s Columbia Business School has the lure of being located in the city that’s the center of global financial markets. Beyond the nearby bustle of Wall Street, this Ivy League school has more guest lectures and speaker visits to its campus than any other top business school. 

The MBA’s core finance elements focus on the foundational topics of value, financial accounting, and corporate finance. There are over 300 electives to choose from, with recommended courses to follow for a finance career path. The school also offers an MS in Financial Economics and a Finance PhD.  

Read the  Columbia MBA  Jobs & Salary Review

3. Stanford Graduate School of Business

Studying a finance MBA can give you a broad range of opportunities both within finance and beyond. For those who aspire to work with the biggest names in tech, Stanford's Graduate School of Business campus is located in the heart of Silicon Valley in California.

The first-year MBA curriculum includes the foundations of finance, financial accounting, and microeconomics. Those following a finance pathway can select year two electives including economics of the private equity industry, money and banking, and angel and venture capital financing for entrepreneurs and investors. 

Check out the  Stanford GSB MBA Class Profile

2. Harvard Business School 

Boston-based Harvard Business School has a dedicated finance MBA curriculum and boasts a busy calendar of seminars delivered by top global names in finance.

The MBA program’s core modules in finance develop student’s ability to make financial and managerial decisions. Year two electives include investment management and field courses such as value creation in small and medium firms.

Among the key factors that make this Ivy League school standout are its award-winning faculty members. For example, professor Lauren J.Cohen was invited to brief US congress on policy matters and delivered a keynote address at the launch of Nigeria’s Central Bank digital currency.

Dive into the  Harvard MBA Notable Alumni

1. The Wharton School of the University of Pennsylvania

Wharton is the leading school for an MBA for finance in the QS list, coming out on top against the other best finance schools in the US.

The b-school has been a leading name in finance education and research for over 120 years. Global names in finance hire Wharton MBA students as staff and interns, including the Bank of America, Barclays, and Goldman Sachs & Company.

The Wharton MBA curriculum includes core modules such as corporate finance and macroeconomics, and the global economic environment. 

The wide variety of electives means you can customize the program to support a financial career pathway. Examples of options include international financial markets and cryptocurrencies or data science for finance. 

Read the  Wharton  MBA  Jobs & Salary Review

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Department of Agricultural and Applied Economics

  • Degree Programs

6.0. Doctor of Philosophy Degree Program

The doctoral program in Agricultural and Applied Economics is designed to develop a broad based competence in economic theory and in techniques of quantitative analysis. Dissertation research of students in our department usually addresses applied problems using contemporary economic theory and analytical methods. Students completing our program have demonstrated a high degree of success in academics, business, and government.

Two options are offered for the Doctor of Philosophy in the Agricultural and Applied Economics program. The first option does not require a minor. The second option includes a minor in Family Financial Planning—a joint Ph.D. program between the Department of Agricultural and Applied Economics and the College of Human Sciences. Completion of the Doctoral program in Agricultural and Applied Economics with a minor in Family Financial Planning qualifies graduates to take an exam administered by the Certified Financial Planning Board of Standards to become Certified Financial Planners.

6.1. Prerequisites

Most students will have completed the requirements for an M.S. degree or its equivalent before admission to the doctoral program. If the Master's degree does not meet the prerequisite requirements for entering our Master of Science program (see Section 5.1) then those requirements must be met in order to enter the Ph.D. program. Some exceptional students will be offered the opportunity to pursue a Ph.D. directly from a Bachelor's program. In this case, see the Graduate Coordinator for course and program requirements.

Background in algebra, partial and total differentiation, integration and basic matrix or linear algebra operations are very useful to perform well in coursework and research work.

6.2. Credit Hour Requirements

The doctoral program requires a minimum of 60 credit hours of course work beyond the baccalaureate degree and at least 12 credit hours of dissertation research (AAEC 8000).

6.3. Transfer of Credit

Transfer of graduate credit from other academic institutions may be allowed. The request for transfer must be initiated by the student and supported by the student's committee chair. Transfer decisions are made by the department Graduate Coordinator and must be approved by the Graduate School . Information required in support of transfer requests includes academic transcripts and course catalogue descriptions of each course proposed for transfer. Course syllabi may also be requested to support transfer decisions.

6.4. Substitution for Core Courses

Substitutions for core courses are allowed only under unusual circumstances. Requests for substitutions for core courses must be initiated by the student and his or her committee chair, to the department Graduate Coordinator and must be approved by the Graduate School . Final decisions on substitutions for core courses taught outside our department are made by the department Graduate Coordinator . Decisions on core courses taught in the department are made by the current instructor of the core course being replaced.

6.5. Ph.D. Comprehensive Examination

The purpose of the Ph.D. comprehensive examination is to test the student's ability to integrate knowledge from various subject matter areas and apply appropriate concepts and tools to issues and problems relevant to the discipline. The comprehensive exam is administered by a departmental committee twice each year (usually in May and August) and is normally taken at the end of the first full year of coursework. The exam has two parts which are taken separately. Part 1 of the exam focuses econometric methods and Part 2 covers microeconomic theory. Students have two opportunities to pass both parts of the exam. If both parts of the exam are passed on the first attempt then the student has successfully completed this degree requirement. If one or both parts of the exam are failed on the first attempt (usually in May), the student must retake the failed part(s) at the next offering (in the following August). A second failure of either part of the comprehensive exam will result in dismissal from the student's Ph.D. program.

6.6. Qualifying Examination and Admission to Candidacy

Graduate school rules require that all doctoral students successfully complete a Qualifying Examination for admission to candidacy for the doctor's degree. In the Department of Agricultural and Applied Economics the Dissertation Proposal Defense serves as the Qualifying Exam. Students are allowed two attempts to satisfactorily complete this examination. Failure to satisfactorily complete the examination on a second attempt will result in dismissal from the Ph.D. program. Further information on the Dissertation Proposal and Proposal Defense is provided in Section 9.0 of this Handbook.

6.7. Final Examination

All doctoral candidates are required to pass a public final oral examination which is usually over the general field of the dissertation. Candidates should consult the Graduate School for details regarding scheduling of the final examination. After the final examination, the professor conducting comprehensive exams will send a written notification of the results to the Graduate Secretary for the student's graduate file.

Doctoral candidates, with their major advisor, are required to find their own Dean's Representative for the Graduate School for their defense, preferably someone outside of the department.

Public announcement of exams will be done through the department Graduate Secretary. Exams must be announced at least four weeks prior to the exam date, without exception.

6.9. Degree Program Course Requirements

Listed below are the course requirements for the Ph.D. program options. Courses listed specifically by number are core courses. Note that the option II course requirements have been revised in consultation with the Department of Personal Financial Planning.

Ph.D in Agricultural and Applied Economics - No Minor Required (option1) 1

Course number / course title / credit hours.

  • AAEC 5303 / Advanced Production Economics / 3
  • AAEC 5307 / Applied Econometrics I / 3
  • AAEC 6316 / Advanced International Trade and Policy / 3
  • AAEC 5321 / Research Methodology in Economics/ 3
  • AAEC 6302 / Food, Ag., and Nat. Resource Policy Analysis / 3
  • AAEC 6305 / Economic Optimization / 3
  • AAEC 6308 / Advanced Natural Resource Economics / 3
  • AAEC 6310 / Demand and Price Analysis / 3
  • AAEC 6311 / Applied Econometrics II / 3
  • AAEC 6301 / Microeconomic Theory II / 3
  • AAEC 6315 / Applied Microeconomics I / 3
  • ECO 5311 / Macroeconomic Theory and Policy / 3
  • Committee Approved Field Courses / / 24
  • AAEC 8000 / Doctor's Dissertation / 12

Total Credit Hours 72

Ph.D. in Agricultural and Applied Economics - Minor in Family Financial Planning (option 2) 1,2

  • AAEC 8000 / Doctor's Dissertation / 21
  • PFP 5371 / Fundamentals of Personal Financial Planning / 3
  • PFP 5372 / Asset Management II / 3
  • PFP 5373 / Personal Financial Planning Cpstn. / 3
  • PFP 5394 / Retirement Planning / 3
  • PFP 5497 / Risk Management and Insurance Planning / 4
  • PFP 5398 / Estate Planning / 3
  • PFP 5362 / Asset Management I / 3
  • PFP 5377 / Client Communication and Counseling / 3
  • ACCT 5311 / Individual Study in Accounting / 3

total credit hours 85

1 Numbered courses are core courses. 2 Draft revisions pending review and approval of AAEC faculty.

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How to Get Accepted to Multiple Top Business Schools

Maximize every opportunity to emphasize the unique contributions you can bring to an MBA class.

Get Accepted to Multiple Top B-schools

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When applying, it's important tailor your application to each school and have well-developed goal statement that plots the intended career path, experts say.

Nikita Srivastava applied to seven MBA programs and got admitted to three: Yale University School of Management in Connecticut, New York University's Stern School of Business and the University of Chicago's Booth School of Business in Illinois.

“I definitely was not expecting it,” says Srivastava, who chose Booth.

She attributes her multiple acceptances to top B-schools to tying her personal and professional backgrounds to her post-MBA goals. Her background was mainly in communications, media relations and public relations, and she credits her MBA admissions consultant for showing her how to tell her story.

“Lean into what makes you unique," Srivastava advises MBA applicants .  " Think about how this unique quality will enhance the classroom for your peers and professors. Be proud of it and own it.”

Being accepted into multiple B-schools can allow an applicant to weigh program fit, potential opportunities and scholarship offers. Here are some things to consider to increase your chances of being accepted to multiple top business schools .

Apply More Broadly

Getting admitted to numerous MBA programs is a numbers game, says Sam Weeks, an MBA admissions consultant and founder of Sam Weeks Consulting.

“The more business schools a prospective applicant applies to, the more likely they are to be accepted into more than one school. That’s why we recommend to our clients to apply to at least six schools, if possible,” says Weeks, who has an MBA from the University of Oxford in England.

Students should not only apply to more schools to increase their chances of multiple admissions, but also more broadly in terms of school selectivity, experts say.

“This sounds obvious, but there are many applicants who go into this process only considering a limited set of schools with slimmer acceptance odds. They say the ROI is not there for other schools outside their ambitious targeting,” says Alex Leventhal, an MBA admissions consultant at Prep MBA Admissions Consulting.

Leventhal, who has an MBA from Harvard University Business School in Massachusetts, contends that the return on investment is compelling at more schools than most people think. He says applicants should look at the salary data of program graduates and the percentage of graduates who got jobs within three months after graduation.

“For example, the very top consulting firms recruit at a range of schools, and not just the top three,” Leventhal says.

He also suggests looking for joint degree programs to increase your odds by applying to a specialty track that a school is promoting or trying to fill.

Leventhal said he has had "some less-than-stellar clients" get accepted to the University of Pennsylvania's Wharton School , likely because they applied to the Lauder Institute of Management and International Studies joint program "for one of their less popular regional tracks. Or a client who got into Stanford Graduate School of Business because their professional experiences fit so nicely with a limited scholarship program focusing on the sustainable food supply chain.”

Customize Each Application

Schools like to see B-school applicants demonstrate familiarity with their programs, experts say. Leventhal says schools will “look for evidence that you have engaged with their program and talked to current students and alumni.”

Applicants should demonstrate they took the time to research a particular school “and all it has to offer, and consider both what they will learn from the program and how they will add value on campus,” says MBA consultant Scott Edinburgh, founder of Personal MBA Coach.

This means taking time to develop a strong personal story that connects past choices with future goals, says Edinburgh, who has an MBA from Wharton.

Applicants should demonstrate four key things in their tailored applications, he says: “Ability to handle the academic rigor of the target MBA program, leadership potential, how they will uniquely add value on campus and clarity of purpose.”

When applying, Weeks says, it’s important to have a well-developed goal statement that “charts out the applicant's intended career path and the impact they expect to have in their career.” He says those goals should be ambitious but attainable and make sense for the applicant.

Knowing what makes top business schools distinct "and then showing how you fit into those unique scenarios is essential to securing admits,” says Candy Lee LaBalle, an MBA admissions expert and founder of mbaClarity, formerly LaBalle Admissions.

Highlight Extracurricular Activities

Professional accomplishments that demonstrate leadership are great but shouldn’t be the only things highlighted. Edinburgh says applicants should show a passion for driving change.

“Successful MBA applicants are interesting people with plans to leave the world better than they found it in unique ways. Demonstrating passion and a track record of success in working towards this passion goes a long way,” Edinburgh says.

LaBalle says applicants who get admitted to multiple top B-schools tend to be “genuinely curious about the world, about learning, about having their perspectives challenged, and that shows in their hobbies and interests, work and goals.” They care deeply about the world and can demonstrate it, she adds, “whether that is mentoring classmates or starting an NGO that feeds thousands, and everything in between.”

Boost Your GMAT or GRE Score

If your GMAT or GRE score is lower than you had hoped for, take some more time to study and retake the exam.

“It is easier to get admits, and thus multiple admits, if your test score is strong and balanced between quantitative and verbal,” LaBalle says.

She says a strong, above-average test score can make a difference. “While there are many ways to offset a lowish test, the hard truth is that the higher your score, the better your odds of multiple admits.”

Students who don’t do well in the quantitative or analytical parts of the GMAT may prefer to take the GRE. Some business schools accept either test for MBA admissions.

Tests and other application materials aside, experts say securing strong letters of recommendation by supporters invested in your career and future is important to getting accepted to top MBA programs.

Apply to Schools Offering Scholarships

Applying to more schools can mean more scholarships that come with those admissions, which can give you options. Leventhal says his clients have focused on applying to more B-schools the last few cycles because they are increasingly interested in merit scholarships.

“The schools are trying to secure talented applicants with money off the tuition. As the price tag of the MBA has gone up, the merit pull can understandably matter. And schools that are reaches for an applicant generally won’t offer much in the way of merit grants,” Leventhal says.

Srivastava says she received some scholarships with each admissions offer, helping to relieve the burden of paying back student loans after graduation and giving her “freedom to focus on finding a career that would be a good fit for me both personally and professionally.”

A major bonus to getting accepted to multiple B-schools that offer scholarships is leverage, Weeks says. “You are in a strong position to negotiate scholarships.”

That includes awards at the most elite business schools. Students with more than one acceptance can inform schools that they received another offer and ask if any additional scholarship funding is available, he says.

Boost the Odds of MBA Acceptance

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U.S. News Ranks Fairfield Dolan Among Best in U.S. for Graduate Programs

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Dolan School of Business’ Accounting, Business Analytics, Finance, and Marketing programs were ranked in the top 25 Nationally ; Accounting, and Business Analytics programs ranked #1 in the state , and Marketing and Finance ranked #2 only after Yale.

These rankings are a testament of the successes of faculty, staff, and students in the program to be on an upward trajectory, prioritize current learning, and be motivated to be well-positioned for relevant jobs in the marketplace

— Senior Associate Dean of the Charles F. Dolan School of Business, Anca Micu, PhD

Fairfield Dolan’s Accounting program rose 10 spots to #16 (T), once again in the Top 20 in the U.S. Fairfield Dolan’s Marketing program was also ranked in the Top 20 at #17 (T). Business Analytics (T) and Finance programs were both ranked #25 in the nation. Continuing the upward trend, Fairfield Dolan’s Part-Time MBA program rose 23 spots to #53 (T).

Amidst these impressive rankings, the sentiment is best captured by the senior associate dean of the Charles F. Dolan School of Business, Anca Micu, PhD, who shared,” It is exhilarating to see the Dolan MBA so close to the top 50 programs in the country,” said Micu.  

Adding to Fairfield Dolan's impressive rankings are the following recognitions in the 2024-2025 Best Graduate Business Specialty Programs: 

  • Accounting #16, nationally, tied with Arizona State (W.P. Carey) and Seattle (Albers)
  • Marketing #17, nationally, tied with Dartmouth (Tuck), Indiana (Kelley) and St. Joseph (Haub)
  • Business Analytics #25, nationally, tied with Northwestern (Kellogg), University of Texas at Dallas (Jindal), Scranton (Kania), and Rockhurst University (Helzberg)
  • Finance #25, nationally

Fairfield Dolan's notable rankings affirm its place among the best, through demonstrating continuous growth and success of its programs and community.

“These rankings are a testament of the successes of faculty, staff, and students in the program to be on an upward trajectory, prioritize current learning, and be motivated to be well-positioned for relevant jobs in the marketplace,” said Micu.

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International and Development Economics

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The IDE Program is a one-year Master's program intended to help students build the necessary toolkit for embracing obstacles in their future careers.

The global economic environment has become increasingly complex and poses a myriad of new challenges for policy and data analysts and professionals in all fields.

The ability to respond to rapid changes in this environment requires that leaders have a detailed understanding of the economic forces that affect economic outcomes. Careful economic policy analysis requires practitioners who can make use of the most current theoretical academic literature, as well as do empirical and econometric analysis using the latest approaches and methods.

No longer accepting applications

Visit the  GSAS Application site  for more information!

  • The Program
  • Prospective Students

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The IDE program at Yale University, housed within the  Economic Growth Center (EGC) and the Department of Economics, is a one-year Masters program intended to help students build the necessary toolkit for embracing such obstacles in their future careers, whether as career practitioners and economic analysts or to follow a path through the policy analysis field on their way to subsequent Ph.D. work.

This site is to inform prospective students of the program, the university and life in New Haven. We encourage prospective students to also visit the website of the  Yale Graduate School of Arts and Sciences (GSAS) for more information on the application procedure, policies, living in New Haven and other Yale facilities that are all open to IDE Students.

Additionally, this site will provide current students with access to all information they need on a daily basis and the rich alumni network. In the last 65 years, graduates have followed careers in all sectors of work. We encourage current students to reach out to alumni and benefit from their advice.

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Program overview, level up your real estate investing career, upon program completion, participants receive a digital certificate issued by wharton online.

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The world's most recognized real estate investing certificate program

Learn to analyze real estate investments, blending investment theory, with real world financial modeling and analysis as it is done at the world’s leading real estate investment firms.

Learn institutional-grade real estate analysis

The barriers to entry in real estate are low but the barriers to success are high. Learn to approach real estate with an institutional lens that will differentiate you as both a professional and entrepreneur.

Learn from world renowned faculty and experienced real estate investors

You'll learn directly from legendary faculty, industry practitioners and executives at some of the world's leading real estate firms.

Gain a globally recognized certificate

At the conclusion of the 8-week program, participants receive a digital certificate from Wharton Online and program graduate access to lifelong career resources.

A unique collaboration with Wall Street Prep

Wharton Online has collaborated with Wall Street Prep, the real estate industry’s leading financial modeling training provider, to create a unique program that combines investing fundamentals taught by Wharton’s globally recognized faculty with rigorous, real-world skills taught by the industry’s top training provider. Wall Street Prep Real Estate clients include:

Wall Street Prep is a key part of the KKR Real Estate Analyst experience. One of the differentiating strengths of the WSP training program is its comprehensive real estate curriculum; spanning from the basics of real estate markets to real estate modeling across different industry segments. WSP instructors are seasoned real estate professionals with a wealth of practical knowledge.”

"We had an absolutely incredible experience working with Wall Street Prep. The Real Estate Financial Modeling training they offer is exceptional. WSP consistently delivers outstanding training, incorporating hands-on exercises and experienced instructors. We are thrilled about the chance to further collaborate and form partnerships with WSP in the future."

"Our experience with Wall Street Prep has been extremely positive. Their training provides a base that is essential in understanding the core skills of commercial real estate, and the fundamentals training lays the foundation for developing the technical capabilities needed to succeed in the industry."

Partnering with WSP has allowed us to provide our new hires with an immersive training experience that zeros in on the practical skills and concepts private equity professionals use every day. The instructors all have impressive PE backgrounds and truly understand the day-to-day roles of our analysts and associates.

Applicant profile

The Wharton & Wall Street Prep Real Estate Investing & Analysis Certificate Program is designed for finance professionals in their early to mid career seeking to understand institutional-grade real estate analysis.

Commercial Real Estate (CRE) Professionals

Early and mid career commercial real estate investors and operators seeking to develop their real estate investment expertise.

Investment Bankers

Investment banking analysts and associates seeking real estate roles or those that work closely with sponsors and operators.

Brokerage analysts and associates seeking real estate investment roles or those that work closely with sponsors and operators.

Professional Services

Consultants, lawyers, accountants and other advisors that work with real estate owners and support transactions.

Family Offices

Family offices and institutions looking to institutionalize their investment process, raise their first fund, or considering real estate investing.

Private Investors

Individuals investing personal capital or raising funds on a deal by deal basis who are looking to learn and apply institutional real estate best practices into their activities.

Private Lenders

Private lenders and credit professionals that work with real estate owners and operators.

Support Roles in Real Estate

Fund management, investor relations, custodial accounting and other support services for real estate.

Career Switchers

Early to mid career professionals seeking to transition into real estate.

Undergrad and graduate business, finance and accounting students applying for real estate internships and full time roles.

Support Roles

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Applicant Career Levels

Applicant industry, countries represented, applicant employers include ....

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Top Roles Applicants Hold

8-week program focusing on real estate, 8-10 hour weekly time commitment, self-paced online learning experience, learn by doing with real case studies, how you'll learn.

The Wharton & Wall Street Prep Real Estate Investing & Analysis Certificate Program is an immersive learning experience made up of self-paced video lectures, real-world exercises, industry case studies and full faculty support.

Learn Directly From Top Real Estate Investors

Tailored learning through electives, the same training used by top real estate firms, earn a certificate from wharton online upon successful completion.

Upon successful completion of the program, your Wharton Online-issued certificate will be emailed to you in a digital format you can use to demonstrate your achievement on your LinkedIn profile and resume.

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Program curriculum

Over the course of eight weeks, you will learn the concepts and practical technical methods that real estate investment professionals deploy in analyzing and executing real estate transactions. Delivered in a weekly self-paced online format, the program culminates in a closing ceremony and the receipt of a Certificate from Wharton Online.

Introduction to the Real Estate Asset Class

Module 1 serves as the cornerstone of the learning journey, offering an in-depth exploration of real estate as an asset class, the operational dynamics of real estate investment firms, and how to create value in real estate.

  • History & evolution of real estate as an asset class
  • Common investment strategies & property types
  • Various real estate stakeholders & their respective roles in investments
  • Real estate within the private market and alternatives ecosystem

The Real Estate Investment Framework

Module 2 provides a comprehensive overview of essential components in real estate investment, focusing on the investment approach, valuation methods, and various frameworks utilized in the industry.

  • Foundations of real estate finance: NOI, cap rates, value, and returns
  • Introduction to valuation methods: income cap, DCF, comparables, and replacement cost
  • What is a real estate pro forma
  • Measuring investment returns

Financing and Taxation of Real Estate

Module 3 delves into the intricacies of real estate structuring and financial engineering, focusing on common capital structures, tax considerations, and performance incentives within cash flow waterfalls.

  • Capital structures and leverage
  • Tax benefits and depreciation
  • Joint venture structure, management responsibilities, & the GP/LP relationship
  • Cash flow waterfalls & performance incentives

The Real Estate Deal Process

Module 4 immerses participants in the real-world intricacies of the real estate deal process. The focus is on bringing to life the key stages of an investment, from sourcing to business plan execution to disposition.

  • Anatomy of the deal process: stages, workstreams & responsibilities
  • The role of third parties & their functions
  • Deal docs: NDAs, teaser, OMs, LOIs, PSAs, & loan document
  • Key terms, due diligence items, and points of negotiation in an acquisition

Real Estate Investment Analysis & Financial Modeling, Part 1

Module 5 begins participant’s deep dive into real estate financial modeling. This module explores how real estate professionals analyze and underwrite investment opportunities, with a specific focus on modeling property-related cash flow proformas.

  • Property level financial modeling fundamentals & best practices
  • Multifamily, industrial, retail, and office operating cash flow builds
  • Capital expenditure & other non-operating cash flow builds
  • Defining & calculating net operating income (NOI)
  • Acquisition and disposition values (direct capitalization method)

Real Estate Investment Analysis & Financial Modeling, Part 2

Module 6 continues the focus on real estate financial modeling. Students deepen their understanding of investment underwriting, specifically focusing on financing and capital structures. Participants explore modeling debt structures and levered cash flows, gaining insights into the intricacies of financing and its impact on investment returns.

  • Debt structures & levered cash flows
  • Investment returns - internal rate of return, multiple on invested capital, cash-on-cash yield, yield-on-cost
  • Joint venture waterfalls & promote structures
  • Acquisition vs. development models
  • Using an investment model to inform investment decisions

Analyzing Market Risk Factors

Module 7 delves into the strategic thinking processes employed by real estate professionals when evaluating investment opportunities, focusing on both macro and micro market analysis. Market dynamics are explored, including demand drivers, supply-side considerations, and the impact of volatility on investments.

  • Supply & demand dynamics
  • Analyzing economic data
  • Market rents & forecasting growth
  • Market analysis

Analyzing Property Level Risk Factors

Module 8 continues the focus on strategic thinking processes employed by real estate professionals when evaluating investment opportunities, focusing on property-level risks. Emphasis is placed on risk management and the concept of risk mitigation, utilizing leases and mortgages to align risk and return dynamics with investor requirements.

  • Identifying & mitigating micro risk factors
  • Identifying & mitigating macro risk factors
  • Balancing risk & return

Capstone Project: Investment Case Study

In the final module, participants are immersed in the practical application of the entire real estate investment process, covering transaction structuring, investment underwriting, due diligence, and analysis.

  • Partnership structure & execution plan
  • Due diligence
  • Underwriting & financial analysis (upside, base, and downside cases)
  • Investment highlights & risks
  • Investment recommendation

Faculty & speakers

Benjamin keys, jessie handbury, aaron hancock, daniel mann, aaliyah ameer, eric bergin.

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Karine Blanc

Matan feldman, bruce kirsch, lindsay tsumpes, dr. peter linneman, joshua kahr.

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Jeff T. Blau

Anar chudgar, deborah harmon.

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Christopher Méndez

Alan ratner.

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Attend an information session

Tuition & payment options, join a global network.

Enrollees access a large and highly engaged global network of peers who are committed to give us much as they get and to support one another. Connections built throughout the program are strengthen via in person and virtual meetups, discussion groups and networking events.

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Invitation-Only Wharton/Wall Street Prep Group on LinkedIn

Upon completion of the program, graduates receive an invitation to join the Wharton Online / Wall Street Prep Real Estate Investing & Analysis Certificate Program Alumni Group on LinkedIn. Through this group, graduates can directly connect with the entire graduate network, seek advice and access graduate-only online events and resources.

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Local Connection for a Global Certificate

Program graduates come from over 40 countries, so while the program is global, connection is often created locally. Graduates gain access to their Local Alumni Slack Channel, designed to facilitate local connection for a global certificate.

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Cross-Program Networking Events

Enrolling in a Wharton Online & Wall Street Prep Certificate Program is a unique opportunity to expand your professional network beyond your specific industry. Enrollees attend cross-program events attended by other Certificate Program learners and graduates in investment banking, private equity, hedge funds, asset management, venture capital, financial planning and analysis (FP&A) and other career tracks.

For Employers: Level up your professional development

Real estate private equity firms.

  • Accelerate the new hire training timeline.
  • Better compete for talent against large firms with extensive in-house training resources.

Owner/Operators & Developers

  • Institutionalize your underwriting and diligence processes.
  • Grow your portfolio by creating efficiencies in your execution processes.
  • Better understand how your services and products fit into the real estate investment process.
  • Equip your sales force to recognize opportunities to add value across your client’s investment processes.

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Speak With Us About Enrolling Your Team

Earn 65 cpe credits with the real estate investing & analysis certificate program.

Wall Street Prep and Wharton Online are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Ready to get started?

Speak with an enrollment advisor, enroll to secure your spot in the program, what will i learn from taking this program.

The Wharton & Wall Street Prep will teach learners how to analyze private equity investments, blending investment theory with real world analysis as it is done at the world's leading private equity investment firms. For a complete curriculum, get the program brochure.

How often are programs offered?

How much time will it take to complete this certificate.

The course is designed to run for eight weeks, with a recommended workload of 8-10 hours of lectures, live sessions, and assignments per week.

What languages will the program be offered in?

This program is offered in English only.

How do I register for this program?

You can register for the program at any time through our Enrollment Form.

How much does the program cost?

Program tuition is $5,000. Tuition can be paid in full or in 5 monthly payments.

Do you offer tuition assistance?

What is the program refund policy.

This program is non-refundable.

Who can I contact for additional questions?

If you have any additional questions, please reach out to our enrollment team at enrollment@wharton.wallstreetprep.com .

By submitting this form, you agree to receive communications about this program.

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    Undergrad and graduate business, finance and accounting students applying for real estate internships and full time roles. "Real estate is more accessible than other forms of investing. Large investors like Blackstone, KKR and Brookfield often work alongside smaller operators and developers and even entrepreneurial private investors.