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About / Departments

Finance Department | PhD Program

Phd program.

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

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

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

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

Download the Finance PhD poster (PDF)

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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.

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Finance Requirements

I. preparation.

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

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

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

II. Course Requirements

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

III. Practicum

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

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

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

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

IV. Summer Research Papers

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

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

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

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

V. Field Exam

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

VI. Teaching Requirement

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

VII. Finance Oral Exam

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

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

VIII. Candidacy

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

IX. University Oral Exam

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

X. Doctoral Dissertation

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

Typical Timeline

Years one & two.

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

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Why Do a Ph.D in Finance?

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

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

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

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

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

Finance Ph.D. Ranking

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

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

What do Finance Ph.Ds do after Graduating?

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

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

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

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

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

Read More about Finance Ph.Ds at Wall Street Oasis

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

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

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

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

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

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

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

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

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

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

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

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

Thank you for your response, it helped greatly!

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

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

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

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

just u are, idiots

just ure retarded

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

This isn't that complicated, though.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

afajof.org/association/jobs.asp

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

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

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

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

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

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

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

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

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

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

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

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

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

Many thanks

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

Check out quantnet and poets and quants

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

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

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

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

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

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

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

I concur with Schumacher.

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

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

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

Long time reader, first time poster...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

just looking @ my options

You can become a professor.

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

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

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

Thanks in advance.

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

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

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

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

3 years ago.

buybuybuy: 3 years ago.

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

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

Trying to get ideas about PHD finanace proposal.

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

You should probably be talking with your advisor.

This cant be serious :)

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

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

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

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

WSO hedge fund career guide

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

Hi Gurus out there.

I am interested in applying to Finance Phd program.

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

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

To provide info on my background/stats:

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

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

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

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

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

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

Any advice or comment will be appreciated :)

Just to add another piece of info...

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

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

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

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

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

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

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

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

Most recent post on this seems to be in 2007.

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

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

That actually sound pretty cool...

I'm actually interested in pursuing this path as well

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

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

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

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

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

Not for me. And I strongly considered it.

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

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

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

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

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

Fair enough.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Your age is a big problem, so be prepared.

restructury, thanks for your comment.

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

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

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

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

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

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

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

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

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

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

Any more suggestions? Thank you!

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

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

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

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

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

I am interested in the following schools and programs:

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

Thanks again.

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

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

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

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

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

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

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

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

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

few questions...

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

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

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

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

how do i best prepare for interviews?

any languages?

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

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

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

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

thanks a lot.

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

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

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

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

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

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

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

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

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

Consider finding a recruiting firm.

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

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

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

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

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

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

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

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

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

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

With a PHD you'd be overqualified

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

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

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

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

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

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This PhD specialisation provides candidates with an in-depth and intensive training programme at the cutting edge of both theoretical and empirical research in Finance.

• Start date: August 2024

PhD specialisation in Finance

The PhD specialisation in Finance prepares candidates for careers in world leading academic institutions, research-oriented international and national organisations, and the industry. Job market candidates from the department have found employment at premier universities including London Business School, Tilburg University, University of Melbourne, NOVA University Lisbon, Norwegian School of Economics (NHH), Central University of Finance and Economics (CUFE) and National Chengchi University (NCCU). Local placements in Norway include Boston Consulting Group, Financial Supervisory Authority, and Storebrand. We encourage candidates with solid quantitative and analytical skills, and a strong background in disciplines such as Finance, Economics, Statistics, and Mathematics to apply.

The four-year study programme leading to a PhD degree is designed to allow you to conduct in-depth research. In addition, it is comprised by a course component, seminars, PhD committees, pre-doctoral defence, and lastly, dissertation and final defence. 25% of the time is reserved for teaching.

Distinguishing features of the specialisation

The four-year programme offers rigorous training for candidates with strong analytical skills and intellectual curiosity. It follows a standard structure in place at all comparable programmes around the world. The first year is devoted to course work that covers all the major fields in Finance and core topics in Economics relevant for a Finance PhD. BI faculty mainly teaches these courses. The candidates can also take specialised courses and participate in doctoral workshops through the Nordic Finance Network.

The second year of the programme sees candidates transitioning to research work that continues through to the end of the programme. Candidates will work towards the doctoral dissertation that is typically a collection of three research articles. Research work is done in close co-operation with the supervisor and other faculty members from the department. Projects joint with faculty members often involve collaborators from other research institutions. Candidates also participate in weekly research seminars with international scholars and present their research work at departmental workshops. The research environment is supportive and PhD candidates take actively part in all the social life at the department.

Meet Renata Silva de Almeida who shares her experience as a PhD candidate

Professor paul ehling discusses the advantages of being a phd candidate at bi, fully funded scholarships.

All PhD candidates receive financial support when accepted into the programme. The candidates are hired as full-time employees on an initial four-year contract. Continuation of the support through the four years of the program is dependent on good standing and regular progress towards completing the programme’s requirements. PhD candidates are entitled to full parental leave and health insurance, and are part of the Norwegian Public Service Pension Fund. The workplace is BI Norwegian Business School at its main campus in Oslo.

What you can expect

The four-year study programme leading to a PhD degree is designed to allow you to conduct in-depth research. In addition, it is comprised of a course component, seminars, PhD committees, pre-doctoral defence, and lastly, dissertation and final defence. 25% of the time is reserved for teaching.

Entry requirements

How to apply, course plan.

Below you will find an overview of the courses included in the programme and when they are offered.

A PhD from BI can be a gateway to prestigious placements at universities around the world. Below are examples of positions obtained by recent graduates of BI's PhD programme.

Department of Finance

The Department of Finance is ranked 10th in Europe, and 2nd in the Nordic countries, based on top-finance publications 2013-2017 (U of Texas Dallas rankings). BI hosted the European Finance Association (EFA) Annual Meeting in 2016 and in 1996. The department is committed to research at the highest international level and faculty members currently represent about 20 different nationalities. Faculty come from some of the world’s best institutions such as University of Chicago, Wharton, UCLA, Ohio State University, Carnegie Mellon, University of Southern California, London Business School, and London School of Economics.

Faculty members publish their research regularly in the top Finance and Economics journals. These publications have appeared in Journal of Finance, Review of Financial Studies, Journal Financial Economics, American Economic Review, Econometrica, Journal of Political Economy, and Review of Economic Studies. The strong commitment to research has earned the department a top-10 rank in Europe based on research output in top-tier academic Finance journals.

The department runs an international weekly research seminar series in which academics from the world’s best research institutions present their work. These seminars and other visits by international researchers give PhD candidates an excellent opportunity to reflect and receive feedback on their own research. The department also regularly organises conferences and workshops.

The department has access to all the commonly used international databases. Many faculty members also work with unique Norwegian micro data on firms and individuals obtained from official registers. The department hosts the Centre for Asset Pricing Research (CAPR) and the Centre for Corporate Governance Research (CCGR). These centres sponsor and support faculty research groups, conferences, and seminars.

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The complete guide to getting into an economics PhD program

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don’t have to worry about paying the sticker price for an econ PhD:  After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year. (See Miles’s companion post  for more about costs of graduate study and how econ PhD’s future earnings makes it worthwhile, even if you can’t get a full ride.)

Of course, such a good deal won’t last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: “How do I get into an econ PhD program?” And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ PhD Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly-ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor’s degree at a—possibly foreign—college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics PhD.)

Here is the not-very-surprising list of things that will help you get into a good econ PhD program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you’re asking for advice, you probably feel unprepared in one of two ways. Either you don’t have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If you’re weak in math…

Fortunately, if you’re weak in math, we have good news:  Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we’ve both taught people math for many years, and we really believe that it’s true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you’ll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis—by far the hardest subject of the five—is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn’t do very well, don’t worry.  Retake the classes . If you are worried about how that will look on your transcript, take the class the first time “off the books” at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you’ll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ PhD program, once you get in, you’ll breeze through parts of grad school that would otherwise be agony.

Here’s another useful tip:  Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you’re going to have to get used to doing in grad school anyway (especially during your dissertation!), so it’s good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum’s outline series ), or get a “math for economists” book; regarding the latter, Miles recommends Mathematics for Economists  by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists  by de la Fuente. When you study on your own, the most important thing is to  work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That’s OK. That’s what summer is for (right?). If you’re late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called “math camp” that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged:  Be a research assistant on something non-mathy . There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven’t yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants—something that is easy to figure out by studying professors’ websites carefully, or by asking about it when you visit the college.)

If you’re new to econ…

If you’re a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil  Principal Investigator, don’t worry:  An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ PhD programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to  take an econ class , just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you’ll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to  read through an econ textbook . Although economics at the PhD level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil’s excellent book on economic growth ) or Varian’s Intermediate Microeconomics .

Remember to take a statistics class , if you haven’t already. Some technical fields don’t require statistics, so you may have missed this one. But to econ PhD programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist . Fortunately, economists are generally extremely welcoming to undergrad RAs from outside econ, who often bring extra skills. You’ll get great experience working with data if you don’t have it already. It’ll help you come up with some research ideas to put in your application essays. And of course you’ll get another all-important letter of recommendation.

And now for…

General tips for everyone

Here is the most important tip for everyone:  Don’t just apply to “top” schools . For some degrees—an MBA for example—people question whether it’s worthwhile to go to a non-top school. But for econ departments, there’s no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way—Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow’s top 20 will be like today’s top 10, and tomorrow’s top 100 will be like today’s top 50.

Apply to schools outside of the top 20—any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren’t as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ PhD students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next—and this should go without saying— don’t be afraid to retake the GRE . If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for—there are only a finite number of topics covered, and with a little work you can “overlearn” all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you’re OK!

Here’s one thing that may surprise you: Getting an econ master’s degree alone won’t help . Although master’s degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master’s degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master’s degree automatically after two years. And if you end up dropping out of the PhD program, that master’s degree will be worth more than a stand-alone master’s would. The one reason to get a master’s degree is if it can help you remedy a big deficiency in your record, say not having taken enough math or stats classes, not having taken any econ classes, or not having been able to get anyone whose name admissions committees would recognize to write you a letter of recommendation.

For getting into grad school, much more valuable than a master’s is a stint as a research assistant in the Federal Reserve System or at a think tank —though these days, such positions can often be as hard to get into as a PhD program!

Finally—and if you’re reading this, chances are you’re already doing this— read some econ blogs . (See Miles’s speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they’re a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don’t be afraid to  write  a blog either, even if no one ever reads it (you don’t have to be writing at the same level as Evan Soltas or Yichuan Wang );  you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class . One way to practice thinking critically is by critiquing others’ blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don’t be scared of the math and the jargon. We’d love to have you.

Update:  Miles’s colleague Jeff Smith at the University of Michigan amplifies many of the things we say on his blog.  For a  complete  guide, be sure to see what Jeff has to say, too.

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The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

Read More:   The Highest Paying PhD Programs

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

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

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

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

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

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

PhD in Finance

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

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

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

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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.

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.

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 .

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.

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

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

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

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

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

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

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?

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?

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

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:

• Best Online Masters in Finance No GMAT
• Finance vs. Accounting – What’s the Difference?

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

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

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

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

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

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

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

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

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

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

What is expected job growth with PhD in Finance?

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

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

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

What can you do with a PhD in Finance?

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

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

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

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

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

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

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

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

What are the requirements for a PhD in Finance?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What are the Best PhD in Finance Degree programs?

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

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

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

Not for Love of Making Money

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

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

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

The Cost of a Ph.D.

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

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

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