duke finance phd students

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Fuqua’s Finance PhD program is rigorous, technical, and specifically designed for students who aspire to become faculty members at leading universities and to contribute to the research in the field at these institutions. The program provides you with the tools and techniques to push the frontiers of research in financial economics.

A unique aspect of the Fuqua Finance program is how closely our faculty work with you from the very start. The Finance team is a small group, only admitting 3 to 4 students each year, which enables ongoing faculty input for each student. Those who complete the program will receive a PhD in Business Administration with a Finance focus.

Although a strong background in economics or business, as well as ease in college-level mathematics, are desirable, they are not necessarily required. We invite you to learn more about the requirements below, as well as to explore the research that Fuqua finance faculty are working on and to meet our PhD students .

Start your application to the Finance PhD program now.

Program Requirements

The Finance PhD program requires you to complete:

• Course requirements as outlined below
• A second-year research paper
• A finance qualifying exam will be administered and evaluated by the finance faculty committee at the end of Year 2
• Teaching and research assistantship
• A preliminary exam / comprehensive evaluation which will include the presentation of your second-year paper and your performance in the courses and finance qualifier
• Dissertation thesis proposal
• Final dissertation and defense exam

Check out the curriculum

The field of Finance studies the pricing of capital assets and the financial decisions of individuals and firms. Most, but not all of the research is related to the sub-fields of macro-finance and asset pricing, corporate and household finance, and behavioral finance. Meet our faculty here and learn more about what each one is currently working on.

The placements of our PhD students span empirical and theoretical work in asset pricing and corporate finance in the following universities:

Additional Information about the Finance Area

Duke's Fuqua School of Business

Duke Fuqua Finance Area

The world-class faculty in the Finance area provides excellent teaching and conducts cutting-edge research.

Emeriti Faculty

before you go

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Having already earned your master’s degree in management, you’ll skip the business fundamentals and immerse yourself in the electives and experiential learning opportunities that support your unique goals.

Designed so you can continue working, this program gives you a front-row seat to how culture and institutions shape business in Asia, South America, Europe, and North America.

Goal-oriented, seasoned professionals look to this program to master new skills without interrupting work lives and lifestyles. 

You’ll develop the sharp skills to analyze options, an open mind to appreciate different perspectives, and a new way of working based on an ability to draw out the strength in others.

Designed for new college graduates, you'll combine a foundation in multiple business disciplines with practical skills to create a springboard for career now - and in the future.

Jump start your international career with a core business education set in two vital global economies, splitting your time between Durham, North Carolina and Kunshan, China.

This online program offers working professionals with strong quantitative backgrounds a combination of business fundamentals and advanced data-analytics skills to facilitate careers in decision-focused analytics. 

Complement the business knowledge gained from your MBA or master in management degree, in this online program designed to expand your capabilities in advanced decision-focused analytics. 

College graduates with strong quantitative backgrounds sharpen their ability to  analyze options in this in-person program focused on identifying and communicating insights from data. 

Designed so you can continue working, this online program combines business fundamentals and quantitative analytics with industry context to prepare you for data-based decision making in the health sector. 

Develop close working relationships with leading scholars in your field in a stimulating learning environment, designed to develop strong collaborations between students and faculty -  both within your academic area and across different areas - to foster the groundbreaking interdisciplinary research we’re known for.

Improve decision-making, manage conflict, and foster innovation using practical insights and actionable strategies from management science to guide and support your team in this live-virtual course.

Elevate your innate leadership strengths to forge solid and enduring relationships by understanding what a leader needs to offer under different circumstances. In this highly engaging live-virtual course, you'll explore alternate actions you can take to achieve your ultimate goals.

Explore and improve your current leadership style to find your innate strengths and build solid and enduring relationship behaviors--whether you have leadership responsibilities or will have them in the near future.   

This program is an extensive learning experience that will empower finance leaders with the knowledge, skills, and insights necessary to drive transformative financial growth within their organizations.

Guide and support your teams to improve decision-making, manage conflict, and foster innovation using practical insights and actionable strategies from management science. 

This immersive program offers a profound exploration of the multifaceted realm of modern technology and its application in business, and equips participants with the capabilities to navigate intricate business decisions and emerging trends.

Learn multiple techniques to influence negotiations and strategies that capitalize on each others' strengths while leveraging different perspectives. 

This comprehensive program offers an immersive journey with deep insights to navigate the challenges of modern healthcare.

Learn to use financial information as a strategic tool in decision-making throughout your organization, by interpreting and using information from financial report and statement components.

Understanding how to interpret data for your current environment, when parties' goals conflict or emerging factors are driving market changes, can increase your confidence in data-driven decisions. 

This online program covers the same content and is taught by the same faculty as our in-person class, via a blended format that enables you to combine live virtual classes with online assignments completed outside of class sessions.

Understanding the dynamics of drug discovery and development processes, as well as the frequent changes in drug regulation and reimbursement practices, can have a positive effect in leading your successful biotech/pharma business.

Build your credentials by completing our custom leadership curriculum,  with the opportunity to choose electives in management, communication, negotiation, or in function- or industry-specific topics.

This online program covers the same techniques you can use to influence negotiations and strategies, and is taught by the same faculty as our in-person class, combining live virtual classes with practice negotiations after class sessions. Learn to capitalize on strengths while leveraging different perspectives.

Gain a broad perspective about how different sectors within the health care industry are upending their business models and reassessing their market strategy at a rapid pace.     

Enhance interactions with your diverse team or organization through inclusive communication skills that increase everyone’s engagement and commitment. Improve your overall effectiveness by learning to navigate culturally sensitive discussions, becoming aware of micro-behaviors and their impact on your audience, and defining your role as an authentic ally.

Enhance your ability to be an influential leader through crafting compelling messages to engage stakeholders, inspire action, and advance new ideas.

Women face different issues in business, especially in a virtual business setting. Learn what strategies have been used by those who have reached top leadership positions in their firms. This 4-session virtual program will inform both women professionals and men who support their advancement or who are interested in employing these strategies themselves.

Harness the power of diversity in your organization without succumbing to obstacles such as implicit bias and systemic racism. Learn why diversity, equity, and inclusion can benefit your team, business unit, or entire organization, and how to break down barriers to successful implementation of an inclusive environment.

Informational

FAFSA concerns? Visit our FAFSA page for updates. File the 2024-25 CSS Profile to receive your Regular Decision aid offers with your offer of admission.

Graduate & Professional Students

Graduate & professional student financial aid.

There are a variety of financial aid resources available to graduate and professional students here at Duke. Each graduate and professional program is supported by its own financial aid office; please contact your program's office for information about what aid may be available to you.

If you're interested in loan options, you can learn more at the link below.

Graduate and Professional Financial Aid Contacts

Contact for all programs:

P: 919-660-3441 F: 919-660-3535 E:  [email protected]

Link: Duke Divinity Financial Aid website

P: 919-681-3247 F: 919-668-0434 E:  [email protected]

Link: The Graduate School Financial Aid website

P: 919-613-7025 F: 919-613-9402 E:  [email protected]

Link: Duke Law School Financial Aid website

P: 919-684-6649 F: 919-684-0251 E:  [email protected] 

Link: Duke School of Medicine Financial Aid website

Contact for PhD students:

P: 919-681-3247 E:  [email protected]

Link: Duke Graduate School Financial Aid website

Contact for all other programs: 

P: 877-344-4680 E:  [email protected]

Link: ABSN Financial Aid website

Link: MSN Financial Aid website

P: 919-660-8079 F: 919-681-6243 E:  [email protected]

Find financing information on your program of interest by visiting Fuqua's Programs page.

P: 919-613-8071 F: 919-613-8061 E:  [email protected]

Link: Nicholas School Financial Aid for Master's Programs

P: 919-681-3247 F: 919-668-0434 E: [email protected]

Link: Pratt School of Engineering Financial Aid for Master's Programs

Contact for all Masters programs:

P: 919-613-9204 F: 919-684-3702 E: [email protected]

You can find links to program-specific financial aid information on Sanford's individual program admissions pages . 

Contact for all other graduate programs:

• Financial Aid & Funding
• Financial Aid

PhD Funding

The contributions of graduate students are highly valued in the university and Duke has a strong commitment to fully fund the PhD students it selects for graduate study for five consecutive years. The Graduate School and its graduate programs offer a wide array of financial support. Funding is available from annually allocated fellowship awards funds, instruction, endowed fellowships, foundation, and other private support, as well as federal and privately sponsored research grants, training grants, and fellowships. PhD students are also encouraged to independently seek out external funding as these opportunities often provide valuable recognition of a student’s academic potential and promise.

Students admitted to a PhD program are typically supported for a period of five years, provided that satisfactory academic progress is being made. Standard support packages for PhD students may include a scholarship that covers all or a portion of tuition and fees, health insurance, and a fellowship and/or assistantship stipend to help defray the cost of living expenses. Students with funding questions specific to their studies are encouraged to communicate with their graduate program.

Duke also provides tuition scholarships to PhD students in their sixth year who do not have tuition support from external or other institutional sources. Sixth-year PhD students are eligible to apply for a tuition scholarship if they have applied for but did not obtain external tuition funding or competitive Graduate School tuition funding for the sixth year of study.

Department and Program Fellowships and Assistantships

Tuition and fee scholarships for study toward a PhD are provided by The Graduate School. For information about fellowship and/ or assistantship stipends in a specific department or program, students should contact the director of graduate studies for their program. In general, a student’s support package may be composed of several different types of funding, including:

Full or partial scholarships to cover tuition, mandatory fees, and health insurance.

Fellowship stipends are awarded by the department or program. Many departments also offer endowed fellowships.

Training grant appointments for US citizens and permanent residents participating in federally funded training programs.

Research assistantships are available for graduate students whose training enables them to assist individual faculty members in certain departments.

Teaching assistantships , which are opportunities offered to graduate students for instructional training, offer roles such as preceptors and section leaders, tutors, and graders.

Some master’s programs utilize, when possible, the federal work-study program to help provide financial support. As a result, some departments may require or request that students complete the Free Application for Federal Student Aid so that eligibility for work-study funds can be determined. This form can be completed online at the Free Application for Federal Student Aid website, studentaid.gov/h/apply-for-aid/fafsa .

Interdisciplinary Programs and Centers

In addition to the departmentally-based awards, several interdisciplinary programs and centers offer fellowship and assistantship awards to both incoming and continuing students interested in the program areas. These include programs in Documentary Studies, Medieval and Renaissance Studies, Gender, Sexuality & Feminist Studies, Latin American and Caribbean Studies, Visual studies, and in centers such as the Kenan Institute for Ethics, Duke Innovation & Entrepreneurship, and the John Hope Franklin Center for Interdisciplinary and International Studies.

Fellowships for Incoming and Continuing Students

The Graduate School funds several competitive fellowships for incoming and continuing PhD students. For incoming students, selection is based on departmental nomination during The Graduate School application process. Continuing students interested in applying for Graduate School fellowships should follow the application procedures listed on The Graduate School Financial Support website. Selection of award recipients is made on the basis of academic merit and departmental recommendations.

Most fellowships for incoming and continuing students will provide a full tuition and mandatory fee scholarship, payment of student’s health insurance premium, and stipend support. Some awards also provide stipend supplements to the standard departmental stipend, research and/ or travel expense funding.

A comprehensive list of all available fellowships offered through The Graduate School can be found on the Financial Support website, as well as a funding database to assist in identifying funding opportunities. In addition to fellowships, The Graduate School also works to secure funding for advanced students who need to conduct research overseas in order to complete their dissertation projects. Additional information regarding these opportunities are also available through the school’s Find Funding database. For more information, visit gradschool.duke.edu/financial-support/find-funding .

National, Regional, and Foundation Awards

In addition to those awards available through the university, applicants are urged to compete for national and foundation awards available for graduate study. The Duke University Office of Research Support website, ors.duke.edu , lists awards available from a variety of federal and private sources, as well as awards funded by the university. External awards, which are prestigious and a valuable acknowledgement of a student’s intellectual capability and academic promise, typically replace departmental or The Graduate School fellowship awards.

Payment and Taxation of Awards

Students must be enrolled in The Graduate School in order to receive fellowship or assistantship support. Tuition and fee scholarships and health insurance payments are posted directly to a student’s bursar account by The Graduate School Office of Budgets and Finance.

Payments for both fellowships and assistantships are generally managed by students’ departments for distribution. It is highly recommended, however, that students sign up to receive stipend payments through direct deposit to their bank account. Under the Tax Reform Act of 1986, both fellowship stipends and assistantships are taxable.

For US Citizens: Fellowship stipends may be reduced, for tax purposes, by the amounts paid for tuition, mandatory fees (other than the health and recreation fees), and required books, supplies, and equipment. For general information about the taxability of scholarships and fellowships, students should see IRS publication 970, which can be found on the Internal Revenue website.

For International Citizens: Stipend payments are subject to withholding of federal and state income taxes, unless there is an existing tax treaty between the student’s country and the United States stating otherwise. Information concerning tax treaties by country can also be found on the Internal Revenue Service website. In addition, there is an IRS requirement that tuition payments for foreign students must be reported to the federal government. More information on taxation of foreign nationals and current tax treaties is available on the Corporate Payroll website.

Students have ultimate responsibility for ensuring that their tuition and fees are paid. Students should review statements received from the bursar’s office regularly and quickly resolve payment problems or issues that arise. Students with questions about their bursar accounts should contact the assistant to the director of graduate studies in their department, the bursar’s office, or The Graduate School Office of Budgets and Finance.

Payment of Awards

It is the policy of The Graduate School that full-time students may not complete more than 19.9 hours per week in non-dissertation-related research appointments, teaching assistantships or other instructional positions, or other financial support sources (both on and off campus).

Payment of graduate student scholarship, fellowship, and assistantship support are subject to the following policies:

Registration policy: Students must be registered in The Graduate School in order to receive fellowship or assistantship support

Satisfactory academic progress

Payment of bursar accounts for fall, spring, and summer

Refunds for withdrawal from school

Financial FAQs

In addition to the FAQs below, you should also check out the  Duke University Bursar’s FAQs . If you have additional questions about financial support, contact us at  [email protected]  or 919-681-3247.

See our Cost to Attend page.

Financial aid is money that is given, paid, or loaned to you to help pay for your college. There are several types of financial aid for Duke graduate students:

• Grants, fellowships, and scholarships: Given as awards and do not require repayment. Some grants may require students to assume training roles. Departments may nominate PhD applicants for competitive, merit-based fellowship awards provided by The Graduate School. Some graduate students also receive external fellowships from either private or governmental sources. Students are strongly encouraged to pursue these funding opportunities.
• Loans: Borrowed from a lending institution. You are required to repay the loans with interest and loan related fees. Unsubsidized Stafford Loans, and Direct Plus Loans are available to graduate students.
• Federal work-study employment: On-campus employment that allows you to earn money for your education and living expenses.

No, the Graduate School Financial Aid Office does not require or review the CSS Profile in order to offer aid. 

Depending on your eligibility, financial aid can be used to pay educational expenses including tuition and fees, books and supplies, food, housing, transportation, and some personal expenses while you attend Graduate School.

For external scholarships, check our Find Funding database  as well as Duke's database of external funding .

Assistantships require some form of training role (generally teaching or research), usually in the range of 15–20 hours per week. Fellowships require no training roles. Fellowship awards of tuition and fee payments are generally posted directly to the students’ bursar accounts.

No. Federal work-study is an opportunity to work. It is not a guarantee of on-campus employment.

No. Students have their earnings deposited directly to their bank account or receive a paycheck.

A tax return transcript shows most line items from your tax return (Form 1040, 1040A, or 1040EZ) as it was originally filed, including any accompanying forms and schedules. In most cases, your transcript includes all the information a lender or government agency needs. It does not show any changes that you, your representative, or we made after you filed. Check with your financial institution to make sure a tax return transcript will meet their requirements. The tax return transcript is free and is generally available for the current and past three years.

We can also provide a tax account transcript. The tax account transcript, which is also free, shows basic data from your return, including marital status, type of return filed, adjusted gross income, and taxable income. It also includes any adjustments you or we made after you filed your return. Like the tax return transcript, the tax account transcript is generally available for the current and past three years.

If all federal financial aid requirements have been completed on your To Do List, and registration requirements are met, then your federal financial aid should go through approximately 10 days before the semester begins. The aid goes directly to your student account at the Bursar's Office and is applied to your balance first. From there if you are to be issued a refund then the Bursar's Office will process accordingly. For more information regarding your student account, or refund, please reach out the Bursar's Office directly or visit this site:  https://finance.duke.edu/bursar/refunds .

See our Payment of Awards page  for additional information.

Students are ultimately responsible for payment of charges posted to their bursar account, regardless of the nature or source of their funding. Therefore, students should read and check their bills carefully to ensure that both charges and scholarship payments are correct. Students should be aware that some charges billed through the Bursar’s Office cannot be paid by departmental awards and must be paid directly by the student. Examples of these include, but are not limited to, library fines for lost books, late registration fees, and charges for parking permits and traffic tickets.

If, after reviewing your bill, you believe an error has been made either in charges or fellowship payments of tuition and fees, please address these questions to the director of graduate studies assistant in your department. Failure to pay your bursar account balance in a timely manner can result in late payment penalties, registration blocks, and potentially withdrawal from The Graduate School.

Need-based federal financial aid is available for eligible students in the form of Federal Stafford Loan—unsubsidized Stafford Loan, Direct Plus Loan, and federal work study. While there is no formal deadline for loan requests, the loan process takes two to three weeks. Students should take this processing time into consideration and should email [email protected] with loan questions or requests.

Graduate students are eligible for federal direct loans as long as they are actively enrolled in a degree-granting program.

There is no federal financial aid for international students at the graduate level at Duke. All international students should make arrangements for their college financial obligations before coming into the country.

The financial aid year runs from July 1 to June 30.

In accordance with federal regulations, financial aid awards may be reduced based on withdrawal dates. Tuition refunds are calculated independently from financial aid award (or return) calculations. Official course withdrawal requests must be submitted to the appropriate academic advisor either in person or in writing.

Most awards are based upon full time enrollment. If you drop classes during the add/drop period, the financial aid office will adjust your financial aid to the appropriate enrollment level. You may be required to repay the difference between the full-time aid amount and the adjusted amount. If you must fully withdraw for a semester, the financial aid officer is required to recalculate your financial aid eligibility. You may be required to repay a portion of your aid back to Duke University through your bursar's account. You should notify the financial aid officer if you reduce your enrollment after your aid is disbursed.

We will measure your academic progress at the end of each semester. Financial aid recipients are expected to adhere to the Satisfactory Academic Progress policy , Section 11.

It is possible that outside aid could affect the amount of federal aid a graduate student receives. Send copies of any scholarship awards to the Office of Budgets and Finance so that your financial aid can be re-evaluated. Your award will be adjusted if necessary, and you will be notified if there are any changes.

Domestic students will need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is required for any need-based loan program. Graduate and professional students are considered independent for financial aid purposes, so parental income information is not required.

For domestic students, if you expect to receive federal student loans or federal work study, the answer is yes, even if your income does not change dramatically.

Verification is a random quality-control method used by the US Department of Education to check the accuracy of information submitted on the FAFSA. All schools that disburse Federal Title IV Funds are required to participate in the verification process. The verification process is a manual review of your application and requires a minimum of two to three weeks for processing. For more information on the verification process, contact our financial aid officer at [email protected] .

Duke can also provide a tax account transcript. The tax account transcript, which is also free, shows basic data from your return, including marital status, type of return filed, adjusted gross income, and taxable income. It also includes any adjustments you or we made after you filed your return. Like the tax return transcript, the tax account transcript is generally available for the current and past three years.

For external scholarships, check our Find Funding database , as well as well as Duke's database of external funding .

It is possible that outside aid could affect the amount of federal/institutional aid a graduate student receives. Send copies of any scholarship awards to the Office of Budgets and Finance so that your financial aid can be re-evaluated. Your award will be adjusted if necessary, and you will be notified if there are any changes.

For students who complete the FAFSA, please see the Federal Student Aid website's loans section .

For students pursuing private loans, you can borrow up to the cost of attendance if approved by your lender.

For students who have completed the FAFSA: The master promissory note (MPN) is good for 10 years in most instances. First-year students who have not completed the MPN while enrolled at Duke will need to complete it before the start of the term.

Yes, If your financial aid exceeds the total charges for a semester, you will likely be eligible for a refund to use for other qualified expenses.

If students rejected a portion of their loan assistance at the beginning of the year and decide later that they need those funds, they can request that the Office of Budget and Finance reinstate their originally offered loan amounts. Students may be required to complete additional loan applications or documents depending on the loan type. If students accepted 100 percent of the aid they were offered in their financial aid award, they are generally not eligible to receive additional funding unless they can document extenuating circumstances (e.g., medical bills not covered by insurance). For more information on requesting additional funding for extenuating circumstances, contact the Graduate School financial aid officer ( [email protected] ) and request professional judgment.

Professional judgment is a process where The Graduate School financial aid officer considers a student’s special circumstances and potentially makes adjustments to his or her expected family contribution for educational expenses, standard budget, or financial aid dependency status, as determined by federal guidelines. Adjustments must be reasonable and documented, and the institution is held accountable for decisions made. | More information about professional judgment

For federal loans, please see the Federal Student Aid website's loan repayment section .

For private loans, please check with your lender.

For federal loans, please refer to the Federal Student Aid website's loan repayment section .

Refund checks will be issued beginning with the first week of class. Monitor your DukeHub account daily.  When “Refund to Student” transaction description is listed  on your account, you can expect to see the refund to the designated direct deposit account within 3 to 5 business days from the date of the transaction. Students who do not have direct deposit established with the Bursar’s Office will have a check mailed to the address listed in DukeHub.

Important Contact Information

• Duke University Bursar’s Office: www.bursar.duke.edu
• Duke University Registrar’s Office: www.registrar.duke.edu

Secondary Menu

• B.S. Concentration in Financial Economics

​The B.S. in Economics, Concentration in Financial Economics provides a broader and deeper understanding of finance theory and practice. The requirements for the concentration are the same as those for the B.S. degree, with the addition of finance-focused electives. Students have the option to pursue the Financial Economics Concentration within the BS degree .

For B.S. with financial economics concentration requirements prior to Fall 2022, please refer to the archived Undergraduate Bulletin based on the year of Matriculation This degree program classifies as STEM (CIP Code 45.0603: Econometrics and Quantitative Economics), and students with this major can apply for a  24-month STEM extension of F-1 Optional Practical Training (OPT) .

In addition to the requirements for the Economics B.S. degree, students pursuing the finance concentration must take the following courses. (N.B. For Students who matriculated prior to Fall 2023, only one FMKT course may be counted as a Finance Elective )

Financial Economics Core Course

• ECON 372/FECON 372 Asset Pricing and Risk Management ( For Fall 2022 matriculation and earlier, this course cannot be counted as both an elective for the BS major, and as the core course for the Finance Concentration)

Financial Economics Concentration Electives*

THREE courses selected from the following (including a maximum of two FINTECH courses):

• ECON 256/FMKT 256 Practical Financial Markets
• ECON 305/FECON 305 History of International Monetary & Financial Crises
• ECON 307A/FECON 307A Understanding Financial Bubbles and Crises
• ECON 333/FMKT 333  Private Equity
• ECON 353 Financial Institutions
• ECON 368/FECON 368 Behavioral Finance
• ECON 370/370A/FECON 370/370A Global Capital Markets
• ECON 373/FECON 373 Corporate Finance
• ECON 376 Commodities Markets
• ECON 377A/377 The Economics of Fin Derivatives & Fin Engineering
• ECON 378/FECON 378 Financial Risk Management
• ECON 379/FECON 379Emerging Markets
• ECON 381S/FMKT 381S Inside Hedge Funds
• ECON 382 Asset Management
• ECON 383/383A Foreign Exchange Markets
• ECON 384 Investing in Emerging Markets
• ECON 390/390S Special Topics courses when Finance related, upon approval
• ECON 413/FECON 413 Forecasting Financial Markets
• ECON 451/FECON 451 Housing and the Economy
• ECON 455 International Finance
• ECON 461/490S How Markets Work Theory and Evidence
• ECON 471/FECON 471 Financial Markets and Investments
• ECON 472S/FECON 472S Goodner Equity Research Project
• ECON 474S/FECON 474S Eichel Securitization Project
• ECON 476 Empirical Asset Pricing
• ECON 477/FECON 477/ECON 514 Fixed Income Markets and Quantitative Methods
• ECON 490 Special Topics courses when Finance related, upon approval
• ECON 512 Equity Valuation and Financial Analysis
• ECON 513 Structuring Venture Capital and Private Equity Transactions
• ECON 581 Investment Strategies
• ECON 590 Regulation and Ethics in Financial Markets
• ECON 590 ESG Investing
• ECON 673/MATH 581 Mathematical Finance
• ECON 674/MATH 582 Financial Derivatives
• ECON 678 Derivatives for Speculation and Risk Management
• BME 385 Introduction to Business in Technology-Based Companies
• ENERGY 620 Energy Finance
• FINTECH 520/590 Financial Institutions: Products & Services
• FINTECH 533 Financial Engineering (Previous number/name EGR 590 Financial Informatics)
• FINTECH 534 Quantitative Financial Analysis for Technology-Driven Investment
• FINTECH 536 Robo-Advising (Previous number EGRMGMT 590)
• FINTECH 550 Emerging Trends for FinTech
• FINTECH 552/590 Fintech Business Models
• FINTECH 564 Blockchain
• FINTECH 590 Advanced Quantitative Financial Analysis
• MATH 381K Intermediate Mathematical Finance (Duke Kunshan University only)

*FECON courses at the 300-level or above satisfy both the Econ BS and Finance Concentration elective requirements.

In addition to the requirements for the Economics B.S. degree, students pursuing the finance concentration must take the following courses.

• Financial Economics (FECON) 372 Asset Pricing and Risk Management
• Financial Economics (FECON) at the 300 level or above
• Financial Markets (FMKT) courses at the 200 level or above
• Fintech 520, 533, 534, 536, 550, 552, 564 or Energy 620.
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Duke’s publicly disclosed partnerships and financial ties with Israel, explained

Pro-Palestinian protesters are calling on Duke to disclose and divest from its holdings in Israel — but what exactly do these investments look like?

After reviewing publicly disclosed information on Duke’s investment portfolio, industry partnerships and contracts with the U.S. Department of Defense, The Chronicle identified financial ties with Israel and organizations supplying military aid to the nation, primarily for purposes of research and education.

University administrators across the nation are facing calls to disclose their ties to and divest from Israel , and Duke has not been immune to these demands.

In a walkout during the May 12 commencement ceremony , protesters called for Duke to boycott academic partnerships with Israeli universities and demanded that the University call for an immediate cease-fire. Since Oct. 20, protesters at pro-Palestinian demonstrations, in the form of vigils and protests, have called for Duke to divest from its investments in Israel.

Under the Board of Trustees Guideline on Investment Responsibility , members of the Duke community can call upon the Advisory Committee on Investment Responsibility to “review investment[s] that [are] engaged in activity considered morally abhorrent, such as apartheid, genocide or slavery.” If there is “broad and deep support across the Duke community,” ACIR will alert the University president, who will deliberate on the issue and potentially bring it before the Board for consideration.

The University did not respond to a request for comment about whether administrators have taken steps to accept divestment demands.

The Chronicle’s review of publicly disclosed financial information does not reflect contracts and partnerships that were unreported by the University. Duke is subject to complete annual tax reporting ( IRS Form 990 ) that provides some details about its fund management but is not required to disclose all investment information.

Self-reported ties with Israel

In November 2023, Duke received $274,543 through a restricted contract from Israel reported to the U.S. Department of Education, which requires universities to self-report gifts or contracts with a foreign source greater than $250,000. The purpose of this contract is not specified and originates from a non-government source.

Duke media representatives did not return The Chronicle’s request for clarification about its contents. 

This is Duke’s only gift or contract from Israel reported between June 2020 and February 2024, the timeframe of the DOE’s reporting portal. It is also Duke’s only contract with the nation from data available under the DOE’s postsecondary education participants system, which reports “certain foreign gift and contract information” and includes Duke contracts dating back to 2014.

The contract represents a small monetary sum relative to other foreign governments' gifts. In 2023, Duke received over $161 million in gifts and contracts from foreign governments, with the Israeli contract accounting for 0.17% of this total. Meanwhile, Ireland and the United Kingdom granted Duke the largest total amounts in 2023, providing over $54 million and over $31 million in contracts and gifts, respectively.

Gifts from Israel made up a relatively small proportion of other peer institutions’ foreign gifts as well. For instance, Harvard received four contracts from non-government sources in Israel from 2021-23, worth $2 million in 2021, $2.29 million in 2022 and $1.56 million in 2023. These contracts accounted for 0.53%, 2.03% and 1.19% of their respective years’ total gifts. 

Meanwhile, Northwestern University received $4.85 million via eight non-governmental contracts from Israel in 2020 — 11.87% of its total disclosed foreign gifts that year. It received $595,752, $1.6 million and $1.5 million from other contracts in the following years. 

Columbia, the site of the April encampment that sparked protests nationwide, received four restricted research contracts totaling $1.32 million from non-government Israeli sources in 2021 — 2.73% of its reported foreign gifts that year. It also reported two $500,000 restricted gifts in 2022. 

The University of North Carolina at Chapel Hill and Vanderbilt University did not disclose any Israeli gifts or contracts from 2020 to 2023. 

Duke’s investments in capital markets

According to Duke’s financial statements , its investment assets totaled approximately $18.3 billion at the end of fiscal year 2023, with its endowment reaching $11.6 billion. These funds are diversified across multiple avenues, including fixed income, equities, hedged strategies, private capital and real assets. 

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The Chronicle found little information within the University’s 990 tax forms about Duke’s foreign investments. Other investments cross-referenced on Pitchbook did not have meaningful ties with Israel. 

Duke’s investment and endowment assets are managed by DUMAC, Inc., formerly Duke Management Company, which has holdings valued at $1,380,943 in companies connected to Israel, either through business operations in the country or partnerships with companies that are targets of the Boycott, Divestment and Sanctions movement. This makes up 4.26% of the total $32,403,550 in holdings DUMAC reported in its most recent filing with the U.S. Securities and Exchange Commission outlining Quarter 2 of FY23.

The companies DUMAC filed are not BDS-listed targets themselves, top U.S. defense contractors , or part of a United Nations Human Rights Council 2020 list of companies that have raised “particular human rights concerns” throughout what the U.N. refers to as the “ Occupied Palestinian Territory .” 

The University invested $772,275 into Arcos Dorados Holdings , an independent franchisee of McDonald's that operates McDonald's stores in Latin America and the Caribbean. Per the franchise business model, Arcos Dorados has a financial contract with McDonald’s, which became a boycott target for the BDS movement following its decision to provide free meals to Israeli forces after the Oct. 7 attack. 

DUMAC also invested $375,725 into Arm Holdings PLC , a British semiconductor and software design company with an office located in Ra’anana, Israel, that employs around 90 workers. 

Similarly, the University invested $232,943 into H World Group , a Chinese company that operates several hotel brands which do business in Israel. H World and its strategic partner, Accor, operate four hotels in Israel — two in the Jerusalem City Center and two in Tel Aviv.

Both Siemens Energy and RTX — previously known as Raytheon Technologies Corporation — maintain a recruitment presence on campus but do not have public financial ties with the University.   

Siemens , a German energy company, is a boycott target by BDS for its presence in the Israeli energy grid and other business operations in Israel. In fall 2023, Siemens representatives attended the Pratt School of Engineering and the department of computer science’s biannual recruiting event, TechConnect . The company was also represented at Duke’s all-industry career fair in fall 2023. 

RTX representatives were present at TechConnect in fall 2023 as well. The aerospace and defense manufacturing giant is known for its significant role in developing Israel’s missile defense system, the Iron Dome. RTX was the second-largest contractor of the U.S. military in 2023 and has been profiting from the government’s increased demand for munitions since the start of the Russia-Ukraine and Israel-Hamas wars.

Military partnerships

Some protesters on other campuses have also demanded their universities cut financial ties to companies within the military-industrial complex and organizations supplying military aid to Israel. 

As a research university, Duke receives awards from the Department of Defense, some of which have drawn in partnerships with private military contractors. The University's public ties with the DoD and military contractors are limited to research and development. 

During FY23, Duke reported receiving approximately $56 million from the DoD through contracts and grants. This comprises 4% of the $1.4 billion the University received from contracts, grants and similar agreements.

Most of the awarded amount pertains to biomedical research and development, with only $448,000 of the $56 million total categorized as defense or defense systems research spending.

About 76% of awarded contracts contributed to research and development efforts, and 98% of these R&D contracts were related to medical or general science research. The remaining contract money was given for educational services.

The department awarded Duke $17.78 million in sub-grants, which were also primarily for R&D purposes, such as medical research into the creation of RNA-based drugs to defend against influenza.

Duke received $3.84 million in sub-contracts. Around 82% of these contracts allocated money towards natural resource and conservation services. The remaining amount was for research and development, with $448,000 of the surplus $538,000 contributing to contracts for research on defense and defense systems that explored topics from brain-computer interface development to international crisis behavior research.

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Ana Despa is a Pratt sophomore and an associate news editor for the news department.

Audrey Wang is a Trinity senior and data editor of The Chronicle's 120th volume. She was previously editor-in-chief for Volume 119.

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