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DOCTOR OF PHILOSOPHY (PHD) (BY RESEARCH) DEVELOPMENT FINANCE: FULL-TIME/PART-TIME

QUALIFICATION CODE: 44100

NQF LEVEL 10; TOTAL NQF CEDITS FOR THE QUALIFICATION: 360 

MODULE CODE:EMR600

The General Rules for Doctors' degrees shall apply. Refer also the relevant pages of the General Prospectus.

Admission requirements

• A cognate master’s degree by research only, passed with at least 60% or an equivalent grade that reflects a relevant standard of knowledge in a particular field as well as research competence
• A cognate master’s degree by course work and research, with the treatise or mini-dissertation passed with at least 60% or an equivalent grade. In addition, a pass of at least 60% or an equivalent grade should have been attained for each of the course work modules.
• Candidates who have completed their master’s degree by course work and treatise or mini-dissertation may be required to do and pass an approved research methodology module, at the appropriate level, with at least a 60% or an equivalent grade, should such a module not have been included in their learning programme
• Candidates who have not met all of the criteria as outlined above, may apply for provisional registration for the degree of Doctor of Philosophy (PhD) and will be required to register for and pass, with at least 60% or an equivalent grade, a module or modules as recommended by the HOD for approval by the RTI Committee of the relevant School within the Faculty;

Conditions that apply

• Timeous application is required to allow for a thorough adjudication of applications.
• Applicants, as part of their application, need to present a preliminary proposal outlining the focus and nature of the intended research and a full CV.
• Upon application, candidates, who have not previously studied at Nelson Mandela University, will be required to submit an official, verified transcript of their academic record that, where applicable, includes the syllabus of each module passed in their preceding degree programme together with a copy of the research project, mini-dissertation or treatise.
• The acceptance of an application is subject to the availability of the implied supervisory capacity, both in terms of time and expertise.

International students who have completed previous qualifications in a language other than English must submit proof of English language proficiency reflecting minimum adequate scores as follows:

v  IELTS: 6.5 minimum overall score with minimums of 6 in each section;

v  TOEFL:

• Paper-based (PBT) – 580 minimum overall score with minimums of 53 in listening, 52  in reading and 59  in structure/written;
• Computer-based (CBT): 237 minimum overall score with minimums of 19 in listening, 19 in reading and 25 in structure/written;
• Internet-based (IBT): 92 minimum overall score with minimums of 18 in listening, 17 in reading, 22 in writing and 22 in speaking.

The programme of study shall extend over a minimum period of two years and a maximum period of six years (General Rule G4.2 applies).

To provide students with the opportunity to conduct research in the field of Development Finance and related subfields at Doctoral level culminating in the preparation and presentation of a thesis.

Learning Outcomes

Student will be able to:

• Delineate appropriate research objectives/aims/hypotheses
• Delimit the scope of the study as evident from the research objectives/aims/hypotheses
• Maintain the focus of the study consistent with the aims and objectives as set out in the research proposal
• Provide an unambiguous title conveying the focus of the study
• Conduct and present a comprehensive and critical review of contemporary, relevant and authoritative scientific sources and theories in the field or related subfields of Development Finance
• Devise, critically evaluate and present a relevant research design and methodology representing a logical progression from the research objectives/aims/hypotheses to the research process
• Use appropriate analytical techniques in order to meet the objectives/aims/hypotheses of the study
• Accurately interpret and discuss the findings that are well substantiated by the results of the analysis
• Present the results coherently and make logical conclusions based on the research results
• Highlight the applications, implications and unique contributions to the field of study
• Make appropriate recommendations and proposals for future research with consideration of the limitations and shortcomings of the study
• Present the thesis in a linguistically and technically appropriate way meeting all prevailing academic requirements
• Prepare and submit an article for publication in the format required by an appropriate accredited journal, based on the research conducted for the thesis.

Core Content

A doctoral thesis that complies with the criteria as set out in Rule G4.8

Thesis – 100%

To be examined by a panel consisting of three examiners.

External examination forms an integral part of the assessment of the thesis.

Pre-Requisites for this Module

Co-Requisites for This Module

Please refer to the Application Procedure page and the link below for application details

http://www.mandela.ac.za/Apply/Admission/How-do-I-apply

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Programme: PhD (Development Finance)

Establish yourself as an expert in development finance

The focus of this internationally accredited PhD Development Finance is research to support the growth agendas of South Africa and Africa. Doing research at PhD level will enable you to contribute to a crucial understanding of development finance. Advanced knowledge of development finance is typically required in senior positions in policy-making institutions, government, public and private corporations, financial institutions, and international organisations. This is the first PhD of its kind on the African continent.

Stellenbosch Business School emphasises the creation of knowledge that is particularly relevant to African organisations. This forms part of our social responsibility to strengthen our continent to the benefit of all those involved.

You will also benefit from the Business School’s membership of two international doctoral associations – EDAMBA and the GRLI's Global Doctoral Alliance. This provides you with a worldwide network for the exchange of information and discussion of ideas, and the opportunity to apply for grants and attend summer schools abroad.

During Year 1 as a registered PhD student, you need to do a course-work component requiring you to be on campus for two blocks of two weeks each. From Year 2 onwards, you will be doing supervised research culminating in a PhD thesis. This degree is therefore structured into a course-work component and supervised research.

As a result of the multi-disciplinary nature of the programme, admission requirements include:

A relevant master's degree in Development Finance, Economics, Finance or an allied field, with an average grade of at least 65%.

The major part of the master's degree (weight within degree) must consist of a written thesis with an average grade of at least 65%.

A strong quantitative background

SHL selection test

Applications open: 1 April

Applications close: 31 August

Programme start date: 22 January

Two options are available to apply for admission to one of the faculty’s doctoral programmes:

You also need to upload the following supporting documentation:

• Certified copy of ID or passport
• Certified copies of academic records/transcripts
• Certified copies of degree certificates
• Curriculum vitae (CV)
• List of publications
• Dissertation pre-proposal
• Consent form to verify your qualifications (please download, complete and upload the form in order for Managed Integrity Evaluation (Pty) Ltd to verify your qualification documents)
• SHL and Application fee

Please note that candidates that have applied formally on SUNstudent can also apply for institutional or statutory funding to qualifying options listed on the SU Postgraduate Office’s website .

• Option 2: Candidates can apply for a full-time doctoral scholarship from the Graduate School of Economic and Management (GEM) . Successful GEM applicants are automatically granted provisional admission to the relevant PhD programme and an application on SUNstudent is therefore not required to be considered for one of the GEM scholarships. However, please note that only 2-3 of these awards are made per year.

Represent an original and significant contribution to the enrichment and advancement of knowledge on Development Finance.

Demonstrate originality of thought, a theoretical underpinning, relevance to the discipline and rigour in execution.

Create intellectual capital.

Course work followed by independent research

Year 1: You will follow a discipline-based core curriculum. This course-work component is non-credit bearing but you are required to pass the 3 core courses and submit a comprehensive proposal before proceeding with your thesis. Students who are not graduates of our MPhil Development Finance may be advised by their supervisors to do 3 electives from this MPhil based on their areas of interest.

Year 2: As a PhD student you will be expected to pursue supervised research, culminating in a doctoral thesis. ​​​​

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The Palgrave Handbook of Development Economics pp 471–505 Cite as

Development Finance: Theory and Practice

• Fernando Cardim de Carvalho† 4 , 5 ,
• Jan Kregel 5 ,
• Lavinia Barros de Castro 6 &
• Rogério Studart 7  
• First Online: 13 August 2019

3012 Accesses

Development finance is a subset of economics comprising hypotheses and practices on how to efficiently allocate resources towards economic and social transformation (development) of entire nations. It was born out of the challenge to promote the rapid economic transformation (development) of newly independently nations, and to reconstruct former industrial economies destroyed, physically and economically, by the two great wars of the twentieth century. For that, governments and multilateral institutions, initially embraced a policy view that governments should have an important role in promoting finance for such transformational activities—a period that have been coined as “financial repression” by its later critics. These policies included building dedicated domestic and international finance institutions, controlling international financial flows, and shaping credit conditions within national borders. From the 1970s, the pendulum turned completely on both academic and policy fronts: the view became that government activism was to be blamed for the very problems that it had been set to overcome. That is, financial repression not only resulted in inefficient allocation of existing resources but also had long-term consequences of deterring financial development and leading to other poor economic and social performance. This perspective prevailed throughout the 1980s and 2000s, and only recently, in view of the 2008–09 North Atlantic financial crisis, has been questioned. This chapter critically analyses these two periods of development finance theory and practice in the postwar period. This chapter critically analyses these two periods of development finance theory and practice in the postwar period and briefly discusses the evolution of the policy debate after the 2008–09 North Atlantic financial crisis.

This chapter was initially written by Jan Kregel and the late Professor Cardim de Carvalho. The chapter was subsequently reviewed and revised by Lavinia Barros de Castro and Rogério Studart, who, as much as possible, attempted to maintain its original insights. We all consider this chapter to be a small tribute to Professor Cardim de Carvalho, for too many was an important intellectual reference, an outstanding scholar and an irreplaceable friend. We will all miss him.

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Actually, Walter Bagehot, in 1837, had already argued that the financial system had played a critical role in igniting industrialization in England, facilitating the mobilization of capital, and that better mobilization of savings could improve resource allocation and boost technological innovation. See Bagehot ( 1873 ).

“The entrepreneur when he decides to invest has to be satisfied on two points: firstly, that he can obtain sufficient short-term finance during the period of producing the investment; and secondly, that he can eventually fund his short-term obligations by a long-term issue on satisfactory conditions” (Keynes 1937 , p. 664, emphasis added).

For a discussion of the forces responsible for the expanding international flows of trade, labor and capital in the years 1820–1913 and the impacts of the World Wars (emphasizing the consequences of the replacement of the United Kingdom by the United States in the working of the international economy), see Kenwood and Lougheed ( 1999 ).

For a survey of the Pioneers (made by the authors themselves), see Bauer et al. ( 1984 ).

See, for example, the following UN reports: Prebisch ( 1949 ), Clark ( 1949 ), Witt ( 1951 ) and Kriz ( 1952 ).

The definition of Development Banks varies among authors. According to Aghion ( 1999 , p. 85), the oldest government-sponsored institution created to promote development is Societé Géneral pour Favoriser L’Industrie National (Netherlands, 1822). By almost the same time, many public commercial banks were created in Europe that also pursued development goals. This was the case, for example, of T. C Ziraat Bankast (Turkey, 1863), that operated with “Homeland Funds” for supporting farmers. In the case of Banco de La Republica Oriental del Uruguay (1896) and Banco de La Nación (Argentina, 1891), although they were commercial banks, they also played very important roles for financing agriculture and, as so, promoting national and regional development. Concerning the promotion of industry, many public financial institutions were created in the beginning of the twentieth century: Societé National de Credit a L’Industrie (Belgium, 1919), Industrial Mortgage Bank in Finland (1928), Industrial Mortgage Institute in Hungary (1928), Istituto per la Ricostruzione Industriale (Italy, 1933). In Latin America, the first strict development banks were Mexico’s Nacional Financiera (1934), Chile’s Corporación de Fomento de la Producción Chile (CORFO) (1939), and Colombia’a Instituto de Fomento Industrial (1940).

See, in particular, Prebisch ( 1949 ).

See for instance the seminal paper by Rosenstein-Rodan ( 1943 ) and ( 1961 ).

In the H-D model, there is no endogenous mechanism of adjustment between guaranteed and natural growth rates, because the product capital ratio is considered exogenous and constant. Thus, growth can be “locked” at a low level for a long period of time—hence H-D is usually considered a Keynesian model (Hermann 2002 , p. 44).

The question of income and regional inequality, for example, was particularly important in the ECLAC’s theory causing “stagnation” (Furtado 1966 ). For the “Dependency Theory”, see Mantega ( 2005 ).

For example, exchange rates could be sold cheaper than market rates, by the government, for a specific type of imports according to national priorities.

As Amsden ( 2001 , p. 21) observed: “In the immediate postwar years, to not intervene would have seemed strange … and government share in gross investment attained high levels”. For a comparison of the share of public investments in gross domestic capital formation in selected LAC and Asian countries, see Amsden (ibid. idem., p. 23).

For instance, the shares of Development Banks in total manufacturing investment in 1970 were 11.0% in Brazil (BNDES), 7.6% in India (all Development Banks), 44.7% in Korea (Korean Development Bank) and 35.5% in Mexico (NAFINSA) (Amsden 2001 , Table 6.4, p. 131). In Chile, CORFO created and played an important role in the main Chilean public companies, including the production and distribution of electricity, steel, sugarcane processing, aircraft, oil extraction, telecommunications, forestry and paper and pulp sector. In Colombia, the Industrial Development Institute was responsible for a large part of the financing of machinery and equipment, while in Mexico Nafinsa infrastructure represented 68% of its portfolio in the period 1963–1970 (Moreno-Brid et al. 2018 , p. 115).

In Mexico, in 1961, 57.7% of total resources to the national development system came from foreign loans. The Industrial Finance Corporation of Thailand borrowed from the World Bank and the Korea Development Bank by issuing industrial finance debentures (brought mainly by other state banks), and by inducing foreign capital, and attracting savings deposits (Amsden 2001 ). Other than Development Banks, States could also provide loans indirectly through many channels. The provision of liquidity support guarantees for private banks involved in funding development projects could obviate the risks to which such banks were exposed. Monetary policy instruments, such as differentiated reserve ratios for banks that destined resources to favored projects or sectors, were commonly used in Latin America.

In fact, Korean government did adhere to the idea of interest rate reform. However, the financial reforms were only half done and the government never adopted a liberal financial orientation. On the contrary, first, all the banks were nationalized and the Korean financial system remained under strict government control at least until the beginning of the 1980s. Also, demand deposits were left out of the reform, and increases in lending rates were selective, excluding such sectors as export, agriculture and various categories of loans. See Woo ( 1991 ) and Castro ( 2006 ).

The World Bank ( 1987 , p. 78) defines “Outward Oriented Model” as a situation where trade and industrial policies do not discriminate between the domestic market and exports, or between domestic or external purchases of goods and services. In contrast, an “inward-oriented” strategy is one in which there is a bias that favors local industry rather than exports. See also Bradford ( 1990 , p. 34).

For the “state-led” case studies literature, that defends the large role played by the State in promoting development, see Johnson ( 1982 ) on the Japanese experience; Amsden ( 1989 ) on Korea’s; Wade ( 1990 ) on Taiwan’s; and Evans ( 1995 ) for a broader view, Castro ( 1994 ) on Brazil’s. See also World Bank ( 1993 ).

In some cases, even though it was still illegal in many cases, as in the case of Argentina, transference of financial resources by residents took place through black markets for foreign assets.

One should again keep in mind that, for complex reasons that cannot be exploited here, many of the financial liberalization processes one witnessed in developing countries by the end of the twentieth century coincided with the substitution of authoritarian political regimes by more liberal ones, conferring some credibility to the argument of liberalizers.

See Maddison ( 2006 p. 196 and p. 216).

To a discussion on fiscal revenue provided by financial repression, see Giovanni and Melo ( 1990 ).

All references in this paragraph are quoted in Waeyenberge and Bargawi ( 2016 , pp. 6 and 7).

Most of the studies show that the results of financial liberalization were ambiguous. For a survey on many econometric works, see Hermann ( 2002 and 2010 ) and Gemech and Struthers ( 2003 ).

For discussing the losses versus benefits of financial liberalization, see Carvalho ( 2009 ) quote: Demigurç-Kunt and Detragiache (2001), Kaminsky and Schmukler (2003), Gruben, Koo and Moore (1998), Yeyati, Micco and Panizza (2007) and Wyplosz (2001).

In the case of National Economic and Social Development Bank of Brazil (BNDES), as in the case of Banco do Brazil, political resistance to its privatization was too strong for liberalization proponents to prevail. Instead, under more conservative governments, BNDES had its mission changed from directly supporting investment to supporting domestic capital markets and privatization processes, becoming more like an investment bank than a traditional development institution. When those more liberal governments were replaced, however, BNDES returned to its previous role and was expanded in size by government loans (as part of the anticyclical policy used after the 2008 financial crisis), at least until recently when it was hit by widespread economic and political crises that have shaken the Brazilian scene. In any case, in Brazil, where a large network of subnational development banks had been created during the first decades after the war, practically only BNDES, Caixa Econômica Federal, Banco do Brasil (the three major public banks) and a few other institutions of local significance were spared closure or privatization, although smaller institutions have been (re)created at the end of the 1990s, in the form of state agencies.

In the second half of the 1990s, the China Development Bank (CDB) was very dramatic, due to the Asian crisis. Delinquency rates reached 42.7% in 1997. Since 2005, according to the Bank statistics, default rates are (and remain) below 1%. See: Xu ( 2018 ).

For critics, see Musacchio et al. ( 2016 ), Frischtak et al. ( 2017 ), Torres and Zeidan ( 2016 ), Lazzarini et al. ( 2015 ). For a positive view on the role played by BNDES in promoting development, see Studart and Ramos ( 2018 ), Waeyenberge and Bargawi ( 2016 ), Rezende ( 2015 ), Mazzucato and Wray ( 2015 ).

For evidence, see Griffith-Jones and Gottschalk ( 2012 ), Luna-Martinez and Vicente ( 2012 ), Brei and Schclarek ( 2013 , 2015 ).

However, this was not a new finding: Micco and Panizza ( 2006 ), using data for 119 countries for the period 1995–2002, had already showed that government-owned banks are less sensitive to business cycle fluctuations than private banks.

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Rio de Janeiro Federal University (UFRJ), Rio de Janeiro, Brazil

Fernando Cardim de Carvalho†

Levy Economics Institute of Bard College, Annandale-on-Hudson, NY, USA

Fernando Cardim de Carvalho† & Jan Kregel

Brazilian National Development Bank, Rio de Janeiro, Brazil

Lavinia Barros de Castro

University of Boston, Boston, MA, USA

Rogério Studart

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Machiko Nissanke

Banco de la República, Bogotá, Colombia

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Columbia University, New York, NY, USA

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de Carvalho†, F.C., Kregel, J., de Castro, L.B., Studart, R. (2019). Development Finance: Theory and Practice. In: Nissanke, M., Ocampo, J.A. (eds) The Palgrave Handbook of Development Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-14000-7_14

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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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Finance Department | PhD Program

Phd program.

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

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

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

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

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PhD Program

• Program of Study

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

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

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

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

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

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

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

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

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

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

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

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

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

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PhD Program

Program overview.

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Rigorous, discipline-based research is the hallmark of the MIT Sloan PhD Program. The program is committed to educating scholars who will lead in their fields of research—those with outstanding intellectual skills who will carry forward productive research on the complex organizational, financial, and technological issues that characterize an increasingly competitive and challenging business world.

Start here.

Learn more about the program, how to apply, and find answers to common questions.

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Visit this section to find important admissions deadlines, along with a link to our application.

Click here for answers to many of the most frequently asked questions.

PhD studies at MIT Sloan are intense and individual in nature, demanding a great deal of time, initiative, and discipline from every candidate. But the rewards of such rigor are tremendous:  MIT Sloan PhD graduates go on to teach and conduct research at the world's most prestigious universities.

PhD Program curriculum at MIT Sloan is organized under the following three academic areas: Behavior & Policy Sciences; Economics, Finance & Accounting; and Management Science. Our nine research groups correspond with one of the academic areas, as noted below.

MIT Sloan PhD Research Groups

Behavioral & policy sciences.

Economic Sociology

Institute for Work & Employment Research

Organization Studies

Technological Innovation, Entrepreneurship & Strategic Management

Economics, Finance & Accounting

Accounting  

Management Science

Information Technology

System Dynamics  

Those interested in a PhD in Operations Research should visit the Operations Research Center .  

PhD Program Structure

Additional information including coursework and thesis requirements.

MIT Sloan Predoctoral Opportunities

MIT Sloan is eager to provide a diverse group of talented students with early-career exposure to research techniques as well as support in considering research career paths.

Rising Scholars Conference

The fourth annual Rising Scholars Conference on October 25 and 26 gathers diverse PhD students from across the country to present their research.

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The goal of the MIT Sloan PhD Program's admissions process is to select a small number of people who are most likely to successfully complete our rigorous and demanding program and then thrive in academic research careers. The admission selection process is highly competitive; we aim for a class size of nineteen students, admitted from a pool of hundreds of applicants.

What We Seek

• Outstanding intellectual ability
• Excellent academic records
• Previous work in disciplines related to the intended area of concentration
• Strong commitment to a career in research

MIT Sloan PhD Program Admissions Requirements Common Questions

Dates and Deadlines

Admissions for 2024 is closed. The next opportunity to apply will be for 2025 admission. The 2025 application will open in September 2024. 

More information on program requirements and application components

Students in good academic standing in our program receive a funding package that includes tuition, medical insurance, and a fellowship stipend and/or TA/RA salary. We also provide a new laptop computer and a conference travel/research budget.

Funding Information

Throughout the year, we organize events that give you a chance to learn more about the program and determine if a PhD in Management is right for you.

PhD Program Events

May phd program overview.

During this webinar, you will hear from the PhD Program team and have the chance to ask questions about the application and admissions process.

June PhD Program Overview

July phd program overview, august phd program overview.

Complete PhD Admissions Event Calendar

Unlike formulaic approaches to training scholars, the PhD Program at MIT Sloan allows students to choose their own adventure and develop a unique scholarly identity. This can be daunting, but students are given a wide range of support along the way - most notably having access to world class faculty and coursework both at MIT and in the broader academic community around Boston.

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Profiles of our current students

MIT Sloan produces top-notch PhDs in management. Immersed in MIT Sloan's distinctive culture, upcoming graduates are poised to innovate in management research and education.

Academic Job Market

Doctoral candidates on the current academic market

Academic Placements

Graduates of the MIT Sloan PhD Program are researching and teaching at top schools around the world.

view recent placements 

MIT Sloan Experience

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The PhD Program is integral to the research of MIT Sloan's world-class faculty. With a reputation as risk-takers who are unafraid to embrace the unconventional, they are engaged in exciting disciplinary and interdisciplinary research that often includes PhD students as key team members.

Research centers across MIT Sloan and MIT provide a rich setting for collaboration and exploration. In addition to exposure to the faculty, PhD students also learn from one another in a creative, supportive research community.

Throughout MIT Sloan's history, our professors have devised theories and fields of study that have had a profound impact on management theory and practice.

From Douglas McGregor's Theory X/Theory Y distinction to Nobel-recognized breakthroughs in finance by Franco Modigliani and in option pricing by Robert Merton and Myron Scholes, MIT Sloan's faculty have been unmatched innovators.

This legacy of innovative thinking and dedication to research impacts every faculty member and filters down to the students who work beside them.

Faculty Links

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Student Research

“MIT Sloan PhD training is a transformative experience. The heart of the process is the student’s transition from being a consumer of knowledge to being a producer of knowledge. This involves learning to ask precise, tractable questions and addressing them with creativity and rigor. Hard work is required, but the reward is the incomparable exhilaration one feels from having solved a puzzle that had bedeviled the sharpest minds in the world!” -Ezra Zuckerman Sivan Alvin J. Siteman (1948) Professor of Entrepreneurship

Sample Dissertation Abstracts - These sample Dissertation Abstracts provide examples of the work that our students have chosen to study while in the MIT Sloan PhD Program.

We believe that our doctoral program is the heart of MIT Sloan's research community and that it develops some of the best management researchers in the world. At our annual Doctoral Research Forum, we celebrate the great research that our doctoral students do, and the research community that supports that development process.

The videos of their presentations below showcase the work of our students and will give you insight into the topics they choose to research in the program.

How Should We Measure the Digital Economy?

2020 PhD Doctoral Research Forum Winner - Avinash Collis

Watch more MIT Sloan PhD Program  Doctoral Forum Videos

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

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

How do I know which program is right for me?

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

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

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

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

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

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PhD In Finance

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About the programme

Who is in charge?

The PhD in Finance programme is convened by Associate Professor Chun-Sung Huang.

Do I qualify?

A suitable degree at the Masters level. Acceptance of the programme is dependent on a research proposal being approved and the availability of a supervisor. Provisional candidates will be required to present the proposal to the Departmental PhD Committee, which will decide whether the student's PhD candidacy can be confirmed. The proposal has to be presented within six (6) months of first registration.

How much will it cost?

For information on fees, please see the Fees Handbook.

How do I apply?

Apply online . PhD applications remain open throughout the year.

Programme start date and overall duration

Once an offer has been made, you can register. International students need to comply with national regulations for visas etc. before they are cleared for registration. Registration with the faculty office is an annual requirement. (You are also liable for fees every year.) You may register from 2 January annually but need not renew your registration at the start of each new academic year (mid-Feb). Your access to funding and physical access to the library and labs, etc., is determined by your registration status. You must follow the directions (from your faculty office) to renew your registration.

The annual registration also requires submitting a Memorandum of Understanding (MoU) which sets out the expectations of both supervisor and student for the year. It is against this that your progress is assessed annually. Unbroken registration must be maintained from the first registration until graduation. If for exceptional circumstances, your studies are interrupted, you may apply for a leave of absence - this is at the faculty’s discretion.

What will I do on the programme?

A PhD thesis must be an original‚ coherent and consistent body of work that reflects the candidate’s own efforts. The thesis may not be more than 80‚000 words. A candidate will undertake research‚ and such advanced study as may be required, under the guidance of a supervisor or supervisors appointed by the Senate.

Paper requirements to graduate

After the research, the candidate shall submit a thesis for examination. This will occur after receiving an indication from the supervisor that the thesis is acceptable for submission. However, a candidate is barred from a submission without the supervisor's approval. The candidate must inform the Doctoral Degrees Board Officer in writing of their intention.

When must I submit it?

31 January to avoid any additional fees. Students must submit their Intention to Submit six weeks before final submission.

For more information on the courses, please refer to  Commerce Postgraduate Handbook .

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Master of Science in Development Finance

Masters Programme

Registration of Interest

Kindly fill in the registration form below to declare your interest and our programme administrators will get back to you on the application process.

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Introduction

Entry requirements & how to apply, mode of delivery, programme benefits, why choose this programme.

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Admission Process

Request brochure.

The Master of Science in Development Finance will deal with the main issues associated with the finance of the public and private sectors in developing and transitional economies.

The intention is to provide essential skills which equip graduates for successful careers in public finance, bank and non-bank financial institutions, international finance organizations, aid agencies, academic and research institutions and NGOs.

The programme includes an analysis of both the formal and informal financial sectors, policies to promote financial inclusion, clients’ financial service needs, institutional design and financial reforms.

The MSc. Development Finance will also have a strong practice-oriented approach which will be reflected in the use of case studies.

The programme will also integrate practitioners into teaching and research, as well as an industry-oriented master’s dissertation. Further, the programme will aim at a broader level to promote service to society through the provision of quality academic and professional training, as well as human and moral training.

Students who go through the programme will be expected to have an enhanced commitment to the development agenda and public service.

It will also aim to provide the most suitable means to improve the moral, social and economic conditions of the person and of society as a whole which is in line with the University’s broader vision.

Who can apply for the Master of Science in Development Finance

Practitioners and non-practitioners in both public and private sectors who are keen on acquiring skills and knowledge to contribute to and transform both the financial and non-financial sectors in Africa and beyond.

The following can apply among other practitioners,

• Development Finance Practitioners,
• Civil Servants,
• The staff of Development Finance Institutions,
• The staff of Other Financial Institutions, Banks, Entrepreneurs, accountants,
• The staff of NGOs,
• Staff in the Private Sector among others.

Entry Requirements & How to Apply for the Master of Science in Development Finance

• Holders of a Bachelor’s degree in Economics, Commerce, Accounting, Finance or other related degrees with sufficient quantitative background or;
• Holders of other non-finance-related disciplines that are acceptable by the Academic Council with at least 2 years of work experience in finance-related work with a good quantitative background.

Applicants will also be required to attend and pass an oral interview and a Graduate Entrance Examination (GEE).

The focus of the entrance examination is verbal, critical reasoning and quantitative analysis which are key attributes required for success in development finance.

A valid Graduate Management Admission Test (GMAT) with a score of at least 500 may be used instead of the GEE, as long as it has been done within two years before applying for the MSc. Development Finance.

How to Apply

Application forms are available at the SBS office or can be downloaded  here . You can also fill the online forms  here .

Please submit soft copies or hard copies of: –

• Completed Application Form
• Academic Credentials, – Certified Degree certificates/Diplomas, Transcripts and any other relevant document.
• Two Reference Letters (One professional/Employer/Academic and one from anyone who knows you well)
• Two Passport photos
• National Identification Card or Passport
• Detailed CV
• Application Fee Kshs 5,000

Upon receipt and review, a graduate entrance exam will be scheduled at a mutually convenient time.

Successful completion of this will result in an offer letter being issued to you.

Email:  developmentfinance-admissions@ strathmore.edu

Mode of Delivery for the Master of Science in Development Finance

• EVENING –  Students go to class for 3 weekdays (Evenings) from 5:30 pm  to 8:30 pm  and occasionally on some Saturdays half day from 8 am  to 1 pm

Programme Benefits and Outcomes

By the end of the programme (Master of Science in Development Finance), the learner should be able to:

• Describe how international business is carried out and its importance in development.
• Design research that will contribute to development.
• Appraise tools and methods used in development finance.
• Apply strategies in the private and public sector that promote sustainable development.
• Apply ethical practices in evaluating governance issues, regulations and conduct of activities relating to development finance.
• Develop the ability to progress to higher-level degrees such as PhD

Why choose the Master of Science in Development Finance programme?

• Accessibility to our top and leading local and visiting international faculties who combine both cutting-edge academic research with extensive industry knowledge and experience.
• MSc. Development Finance will strengthen your foundation in finance by applying the latest frameworks and techniques to increase your analysis of and financial decision making.
• It will enhance you to develop global capabilities in addressing challenges through a unique combination of international and local content and case studies.
• Visit leading financial institution and engage with practitioners and non-practitioners to develop and grow your networks.
• Academic excellence, learn from our highly respected faculty who are experienced practitioners who consult to financial institutions, corporations and government agencies.
• An outstanding reputation, Strathmore Business School has been consistently ranked as the top Business School in Kenya and one of the best in Africa.

Master of Science in Development Finance for international students

• Accommodation  – The university does not operate student hostels but will assist you in getting affordable accommodation at your cost for the few days you will spend with us.
• Meals  – SBS will provide 10 o’clock tea and lunch for you. It will be expected that you will cater for your breakfast and supper.
• Travelling and Directions   – The university will give you directions on how to locate us. For more information, contact us via email at  developmentfinance-admissions@ strathmore.edu   and/or call Mr Nathan Derick via mobile +254 715 642 460
• Language of Instruction  – Strathmore Business School uses English as the language of instruction and Examination. You are required to be conversant with English.
• Mode of Delivery  – This programme is offered in Modular Format. The classes run for 10 days full-time after every two months, with class timings being from 7:30 am to 6:00 pm on weekdays only.

Admission Process for the Master of Science in Development Finance Programme

• Two Passport size photos
• National Identification Card/Passport
• Application Fee is Kshs 5000

Upon receipt and review, a graduate entrance exam will be scheduled at a mutually convenient time. Successful completion of this will result in an offer letter being issued to you. Email:  developmentfinance-admissions@ strathmore.edu

Kindly fill in the form below and we shall send the brochure to you

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Developing Great African Leaders

Key details.

Date: 2 September 2024 (Evening)

Cost: Kshs. 1,464,729

Duration: 2 Years

Additional Mandatory Cost

International Module – Kshs. 350,000

For further details about the course and the application process, please contact Nathan Derrick Mbalilwa on

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MASTER OF COMMERCE IN DEVELOPMENT FINANCE

Building capacity to mobilize & align finance for development and sustainability, learn the processes and strategies for mobilizing and aligning finance for development (f4d).

Mobilizing (sourcing) & aligning (re-structuring) financial resources for sustainability

In response to the challenge of coordinating the roles of multiple stakeholders to bridge the financing gap for sustainable development in emerging economies, the Master of Commerce Degree in Development Finance ( MDevFin ) programme offered by the Development Finance Centre ( DEFIC ) is designed to build capacity on how to design innovative financial instruments and the approaches to incorporating responsible investment strategies in the allocation of funds for impact and sustainability. This is achieved through a blend of traditional lecture sessions with case studies and interaction with professional experts from development finance institutions, public and private sector actors throughout Africa. 

The programme provides institutional learning outcomes which will ensure that funds channelled through development projects can provide optimal and sustainable outcomes that can enhance the development of emerging economies. The programme covers 10 courses and 60-credit minor dissertation dedicated to uncovering insights on the ecosystem of development finance covering the role, mechanisms/instruments and impact of various stakeholders involved in mobilization and aligning of finance for sustainability.

*  Application & Course fees are provisional for 2025, and are subject to annual UCT council approval

uct gsb MCOM in Development Finance Overview

Learn more about the annual term dates for the UCT GSB MCom in Development Finance programme.

The MCom in Development Finance at the UCT GSB is delivered over a two year period. Explore the programme format and delivery.

Learn more about which attributes and qualifications are required for the UCT GSB MCom in Development Finance.

A step-by-step guide on how to apply for the UCT GSB MCom in Development Finance programme.

The MCom in Development Finance is broken down into four main blocks spreading over a two year cycle comprising nine courses, an elective and a research report.

The UCT GSB is committed to broadening access to postgraduate education through funding and scholarship opportunities. Explore funding options available to MBA candidates.

WHAT OUR ALUMNI SAY

"I chose the programme because I wanted to guide my career towards more impactful work, by using the existing financial institutions to work towards developing communities, and elevating alleviating the scourge of poverty within our continent"

- Sechaba Lengane, MCom in Development Finance student

"The degree has taught us a lot from a theoretical perspective and it has given us the tools to go and implement the agendas and dreams we have for the African continent"

- Siliziwe Mafika, MCom in Development Finance student

"The highlight of the programme was the networking, getting to interact with people from all over Africa and all over the world"

- Robinson Gezimati, MCom in Development Finance alumnus

Influence development trends in emerging markets.

The UCT GSB MCom in Development Finance is the first to reflect development finance activities in the continent

Our MCom in Development Finance will give you the ability to conduct high-level research and engage in the policy decision-making process in development finance institutions, government, NGOs and the private sector.

As your financial skills grow, you will gain a solid understanding of application in the international development context and gain the expertise to start initial investments that can thrive in economically challenging markets and provide sustainable outcomes. 

About UCT GSB MCOM in Development Finance

Frequently asked questions, is a mcom in development finance the right programme for me.

As a professional discipline, Development Finance is widely practised today across a broad range of organisations and contexts. However, there is a shortage of development finance experts in Africa, where this kind of knowledge is needed most.

Development finance skills can be useful in providing optimum financial outcomes that enhance the design and implementation of reforms and capacity-building programmes adopted by development finance institutions, governments, the private sector and NGOs.

You don’t need to be working in a development finance institution to benefit from this degree. These skills are also widely used by people in other contexts, including banking and financial services.

Applicants to this programme are typically:

• development finance practitioners
• civil servants
• staff of development finance institutions
• staff of other financial institutions
• entrepreneurs
• staff of NGOs
• employed in the private sector

Does MCom in Development Finance have international accreditation?

Yes! Our MCom in Development Finance, presented through DEFIC, is a partnership programme between the GSB and the Africagrowth Institute (AGI), an independent organisation providing research and consulting on growth opportunities in Africa.

The GSB is one of a small number of universities world-wide offering this degree accredited by the Chartered Institute of Development Finance (CIDEF). CIDEF is a global professional membership and certification body for development finance specialists.

DEFIC is an active member of the CIDEF global development finance network with members from major institutions including the African Development Bank, Development Bank of South Africa, Afreximbank, AERC, Industrial Development Corporation, SADC-DFRC, KPMG and the South African National Treasury, to name just a few.

Click here  for more information on DEFIC.

Will this programme help me expand my network?

Yes! The MCom in Development Finance intake often includes up to 60% international students. This provides graduates with a professional network of practitioners in Africa and beyond.

Upon completion of the degree you will become a member of the Chartered Institute of Development Finance.

In addition, you when you graduate you will join the wider GSB alumni network – a dynamic forum that comprises more than 23 000 past GSB students in 68 countries worldwide. Many of the GSB’s alumni hold key positions in top companies or have started their own successful businesses. Alumni play a vital role in supporting and encouraging more recent graduates to follow in their footsteps and GSB students who find employment after graduation – particularly internationally – frequently do so through alumni contacts.

MEET THE PROGRAMME DIRECTOR

PROFESSOR LATIF ALHASSAN

Abdul Latif Alhassan (PhD) is a Professor in Development and Insurance Finance at the Development Finance Centre (DEFIC), UCT GSB. He teaches research methodology and banking and finance in emerging markets courses on the Master of Commerce and Postgraduate Diploma in Development Finance programmes respectively. He is the Head of Minor Dissertation for students during the research year of the programme. Within the UCT GSB, he chairs the Postgraduate Committee (PGC) and is a member of the University Panel on Responsible Investments (UPRI) and the Board for Graduate Studies (BfGS). 

UPCOMING EVENTS

Stay up-to-date with the latest events from Africa’s top business school.

IDEAS EXCHANGE

News and thought leadership from Africa’s top business school

Professor Nicholas Biekpe inducted into prestigious UCT College of Fellows

Induction into the UCT College of Fellows is one of the highest accolades an academic staff member can receive. The fellowship is a reward to academic staff members for their years of commitment and dedication to their work.

UCT team wins Oxford Map the System competition

Following their win at the regional final hosted by the University of Cape Town Graduate School of Business (UCT GSB), Finclusive was awarded first place for their project at the University of Oxford’s (UO) Map the System (MTS) competition, which took place from 17 to 20 June.

All eyes on DFIs as Africa looks to economic recovery

DFIs can be the catalysts for a stronger and more inclusive continent, but they need to expand their remit to include a focus on SMEs as a key priority.

UCT GSB graduate is banking on his country’s future

MCom alumnus, Mutemwa Ushewokunze, has returned to Zimbabwe after 20 years abroad, to help take the country’s banking sector to the next tech level.

The role of development finance in rebuilding South Africa’s economy post-COVID-19

The global COVID-19 pandemic has set back developing countries especially, but it also offers an opportunity to rethink their development path.

Coronavirus - an excuse to downgrade African countries deep into junk

A number of rating agencies have downgraded emerging market economies during the COVID-19 pandemic. Their actions have raised the question: why do so during a crisis?

Three winning ways to tackle youth unemployment through development finance

Development finance is an underutilised tool that can be directed towards tackling South Africa’s unacceptably high youth unemployment beyond the remit of mainstream finance.

Development Finance Institutions (DFIs) can lead SA’s economic recovery

While government has identified DFIs as a key partner in delivering an economic turnaround — these institutions lack capacity and resources to do their jobs effectively. Fixing this will be a necessity.

Start your application journey here

We’d like to know more about you. Please fill out the form below, to enquire about doing the MCom in Development Finance or to begin the pre-application process.

WPI Launches the Nation’s First Fintech PhD Program

Department(s):.

April 11, 2024

WPI launches the nation’s first fintech PhD program

By Mica Kanner-Mascolo Worcester Business Journal

W orcester Polytechnic Institute has announced the establishment of the country’s first PhD program in financial technology (fintech). With the university already offering both bachelor's and master’s programs in the field, this newest degree means WPI is the first institute in the nation to offer all three degree options.

The university’s fintech PhD curriculum will offer a multidisciplinary education focused on bridging finance, mathematics, computer science, and ethics. The degree track will offer a range of related areas of study such as finance, mathematics, AI, and blockchain technology, while having students work to develop a nuanced understanding of regulatory and compliance landscapes, according to a press release from the university Tuesday.

Included in the PhD program’s modules will be discussions on data privacy and financial inclusion to prepare students for the potential ethical challenges they may encounter in their careers in the industry, according to WPI’s website.

“Introducing a doctoral degree program in FinTech exemplifies how WPI is a global innovator at the intersection of business and technology,” said WPI President Grace Wang in the release. “Graduates of this program will emerge as academic and industry leaders who will shape the future of financial technology education and the financial services sector.”

WPI cites the proliferating nature of the fintech industry as a driving need for its archetype PhD program, with its press release stating that Massachusetts alone is home to 357 fintech companies and 69 incubators/accelerators, making the state the third-largest innovation center in the nation.

"We are witnessing an unprecedented convergence of academic advancements and industry needs in the FinTech sector," said Debora Jackson, Harry G. Stoddard professor of management and dean of the Business School at WPI in the release. "Our PhD program will provide students with the interdisciplinary skills and knowledge necessary to drive innovation and address the complex challenges facing the FinTech industry."

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Project Finance Specialist (Business Development)

Company: U.S. International Development Finance Corporation

Location: Washington, DC

Job Function: Business Development

Posted on: April 11, 2024

U.S. International Development Finance Corporation (DFC) is America’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today.

DFC ranked a Best Places to Work in 2022.

You’ll support the sourcing of new business development opportunities for debt finance transactions, equity investments, & political risk insurance (PRI) contracts in developing countries and industries. You’ll discuss with companies on specific investment & PRI opportunities by providing explanations of DFC products, policies, & timelines for underwriting transactions, while also reviewing loan, guaranty, & PRI proposals eligibility.

IDEAL CANDIDATE:  The ideal candidate will have experience supporting the sourcing of new business development opportunities for debt finance transactions, equity investments, and/or political risk insurance contracts in developing countries and industries. They will have experience discussing with companies on specific investment and/or political risk insurance opportunities by providing explanations of products, policies, and timelines for underwriting transactions, while also reviewing loan, guaranty, and/or political risk insurance proposals for credit, policy, and development eligibility.

Please Note:  This is a Bargaining unit position represented by AFGE, local 1534.

Responsibilities

Major Duties:

This position is in the Office of Energy of the U.S. International Development Finance Corporation (the Corporation) and provides business development support to the Office of Energy (OE) and the Office of Infrastructure (OI). As a Project Finance Specialist (Business Development), you will:

• Coordinate business development by establishing and maintaining business relationships with U.S. and foreign corporations, U.S. and foreign commercial banks and development finance institutions.
• Research and identify key potential clients or client groups, associations, industry sectors, regions, and/or target markets to increase OE and OI’s transaction pipelines.
• Discuss specific investment and political risk insurance opportunities with companies. Provide explanations of DFC products, policies, and timelines for underwriting transactions.
• Review projects to determine their suitability per DFC’s credit, policy, and development standards. Recommend those that qualify for further consideration. Write draft screening memos and participate in screening meetings for viable projects.
• Answer inquiries and referrals sourced from internal DFC and external contacts. Refer business leads to other departments, U.S. agencies and international finance institutions as appropriate.
• Develop marketing materials, informational materials, and presentation materials relating to the Corporation’s activities while also handling complex and sensitive business development, corporate marketing, client training, and business outreach efforts for the Corporation.
• Collect and maintain relevant quantitative and qualitative data relating to the OE and OI pipeline and portfolio to support internal briefings, external reporting, interagency requests and marketing output.
• Manage an organized tracking system to monitor Departmental activity using the Agency’s client management system.

Requirements

Conditions of Employment:

• Must be a U.S. Citizen or National
• Males born after 12-31-59 must be registered for Selective Service
• Must submit resume and supporting documents (See How To Apply)
• Suitability for Federal employment, as determined by a background investigation
• May be required to successfully complete a probationary period
• Within 30 days of your start date, you will be required to file a Confidential Financial Disclosure Report (OGE Form 450)
• This position may require foreign travel to developing countries

Qualifications:

Applicants must meet all eligibility and qualification requirements no later than the closing date of this announcement.

You may qualify at the GS-11 level, if you fulfill one of the following qualification requirements:

• One year of specialized experience equivalent to the GS-09 grade level in the Federal service that demonstrates your experience in all of the following:
• Experience working with a team on international projects or investments under supervision of a senior specialist, while working at a commercial bank, investment bank, international financial institution, or multilateral organization; AND
• Experience identifying and conducting outreach to potential clients or client groups, associations, industry sectors, regions, and/or target markets to identify new business opportunities.
• A Ph.D. or equivalent doctoral degree; or 3 full years of progressively higher level graduate education leading to such a degree; or possession of a LL.M. degree, if related. Graduate level education must demonstrate the competencies necessary to do the work of the position;
• A combination of education and experience as listed above.

You may qualify at the GS-12 level, if you fulfill the following qualification requirements:

• One year of specialized experience equivalent to the GS-11 grade level in the Federal service that demonstrates your experience in all of the following:
• Experience reviewing investment financing applications for international project development, while working at a commercial bank, investment bank, international financial institution, or multilateral organization;
• Experience collecting and maintaining data and producing briefings, reports, and/or marketing material; AND

Note : Education is not substitutional at this grade level.

You may qualify at the GS-13 level, if you fulfill the following qualification requirements:

• One year of specialized experience equivalent to the GS-12 grade level in the Federal service that demonstrates your experience in all of the following:
• Experience determining when international investment projects are feasible and creditworthy based on policies, procedures, goals and objectives; AND
• Experience identifying and building relationships with international business associations, industry groups, and/or regional chambers of commerce.

Experience refers to paid and unpaid experience, including volunteer work done through National Service programs (e.g., Peace Corps, AmeriCorps) and other organizations (e.g., professional; philanthropic; religious; spiritual; community, student, social). Volunteer work helps build critical competencies, knowledge, and skills and can provide valuable training and experience that translates directly to paid employment. You will receive credit for all qualifying experience, including volunteer experience.

Compensation and Benefits

A career with the U.S. government provides employees with a comprehensive benefits package. As a federal employee, you and your family will have access to a range of benefits that are designed to make your federal career very rewarding. Learn more about federal benefits .

How to Apply

Applications for this position are only accepted through USAJOBS and must be received by 11:59 pm (ET) on April 19 to be considered. Use the following link to apply: https://dfc.usajobs.gov/job/785262500

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• 2. 2 © Copyright 2015 Moscow Financial Club Executive summary - Financial services - Consulting services - Start-up mentorship Advisory and financial services Constant communication and partnerships with international companies, financial professionals, students and speakers in order to exchange an international experience International Connections Personal PC and mobile platform with informational, educational, analytic and advisory functions Personal Investment and Analytical Platform Weekly analytics made by industry and financial professionals on financial markets, economics and industries In-house Analytics Monthly digest that highlights the main economical and business events in Russia and inside the Moscow Financial Club Business Magazine • Financial and business courses • Soft-skills education • Speaker events Events & Business Academy Moscow Financial Club is a community of students and professionals interested in broadening horizons in business and finance. The main mission of MFC is to develop the financial literacy of people in Russia and worldwide in order to make financial markets more efficient that drives economics and improves common wealth. Main features of Moscow Financial Club
• 3. Who we are, our mission Competitive advantages Prospective Our partners Contents 3 © Copyright 2015 Moscow Financial Club
• 4. WHO WE ARE Moscow Financial Club is a community of ambitious students and professionals striving to make an impact on the development of business and finance on a global level.
• 5. Our community’s core aim is to improve the financial literacy in Russia and worldwide in order to make financial markets more efficient that drives economics and improves common wealth. Investment Banking Private Equity Real Estate Consulting Hedge Funds Venture Capital Our mission 6 MAIN AREAS, 12 INDUSTRIES 5 © Copyright 2015 Moscow Financial Club
• 6. Our values: SEMIA principle * Our values help us to create unique corporate culture to follow our mission efficiently creating opportunities of self-actualization, mutual assistance and networking between community members. Self-actualization Our activity is always directed to the self-actualization of every community member who concerns about the future of his country and is ready to help others. S Empowerment We encourage any initiatives and efforts to give the best. We foster an error-embracing environment to empower club members to lead and make decisions that based on the WIN-WIN strategy. E Mutual coaching MFC tries to give any educational or advising support to members. However, the idea of the club is that its community is the main source of acquiring relevant knowledge and experience. M Innovation We create atmosphere of pursuing new creative ideas that have the potential to change the world in accordance with our mission.I Self-actualization Empowerment Mutual coaching Innovation Accountability Accountability Our organization and its members fully acknowledge and assume responsibility for actions, decisions, and policies.A * ‘Semia’ in Russian means ‘family’ 6 © Copyright 2015 Moscow Financial Club
• 7. OUR ADVANTAGES
• 8. Our platform (ongoing development) Educational Content Books, articles, videos, financial models on 6 financial areas and 12 industries Informational Content Magazines, articles, videos, podcasts Quotes & Personal portfolio Stocks, FX, fixed income quotes; ability to create portfolio of financial instruments and follow its risks and returns Analytics and Valuation Categorized analytics from top international investment banks, companies’ fundamentals and valuation indicators Events Participation in the most important business events in Moscow CFA/ACCA Preparation courses and materials for top financial exams It is cross-platform! Multimedia MFC activities in photos, videos and posts Networking Ability to communicate with like- minded members of the club 8 © Copyright 2015 Moscow Financial Club
• 9. Our team The core advantage of Moscow Financial Club is in its team that differs from our competitors by the best Russian and foreign education, huge working experience in financial, consulting and industrial companies, holding top international financial certificates and, of course, by high motivation and responsible attitude for work. We have a precise process of hiring our team members: CV screening We have an unbiased approach to the resume screening. It doesn’t matter which educational and professional background the potential candidate has. Every person could be very talented, hard-working and motivated. HR interview Our HR manager takes into account candidates’ soft- skills, motivation and preferences. We highly encourage our HRs to introduce our company fully and clearly. Case interview During case interview we look at candidate’s way of thinking and ability to ask right questions. Team introduction We introduce our team and initiate conversation in order to show the professionalism and open-mindedness of our employees. Then we give an offer if our preferences meet candidate’s ones. 9 © Copyright 2015 Moscow Financial Club
• 10. Core advantage: high-quality content Moscow Financial Club provides high-quality educational and informational content from top business sources of information and experienced club members. The content is precisely filtered by our qualified team members who have a huge and relevant experience in finance and different industries. Content selection process: 01 02 03 04 Accumulating Gathering content from MFC, top business sources of information and club members Analyzing Analyzing the quality and relevance of the accumulated content Categorizing Defining categories and subcategories for every piece of content Publishing Publishing the content through the MFC platform and social media 10 © Copyright 2015 Moscow Financial Club
• 11. Our services: education and advisory Financial courses Financial courses for students and professionals led by our team and external experts Exam preparation Courses and materials delivered and chosen by financial professionals E-learning platform Online educational platform on our website and mobile application Consulting and IB meetings with professionals Case interview preparation and insights by investment banking and consulting professionals Investment Banking M&A, IPO, liability management, corporate finance, derivatives, ECM Venture Capital Investor relations, business plans, valuation, presentations Consulting Industry-specific advisory, cost- reduction projects, performance improvement, market entry etc. Private Banking Personal investment advisory Education Advisory Soft skills training Soft-skills training as a part of MFC Business academy Quality and expertise Private Equity LBO modeling, business valuation 11 © Copyright 2015 Moscow Financial Club
• 12. What we give to our club members 12 © Copyright 2015 Moscow Financial Club Students Professionals Find a dream job Build up your own network of like-minded people Meet and interact with professionals from top global companies Improve your soft and hard skills Become a professional Valuable connections in major industries The place to share ideas and thoughts Best way to find employees Access to the latest news, reports and analytics New knowledge and professional skills
• 13. OUR TEAM
• 14. Our team (1/2) 14 © Copyright 2015 Moscow Financial Club ALEXANDER KULAKOV Chief Executive Officer Experience: • Moscow Financial Club, Vice President, Co-founder • EY, Consultant • Sberbank CIB, Analyst Qualifications: • Finance University under the Government of the Russian Federation, BA in Management • Saxion Hogescholen, The Netherlands, BA in International Accounting and Finance VITALY PENTEGOV President Experience: • Otkritie Financial Corporation Bank PJSC, Associate • VTB Bank, Analyst • Dialog/ELC, Head of IT department • Google inc., data specialist Qualifications: • CFA Institute, Higher School of Economics, MA in Finance • Solvay Brussels School, MA in Economics • Higher School of Economics, BSc in Mathematics Experience: • KPMG, Assistant Manager • Altcom Group, Deputy Head of Investment Department • Gorlovsky Machinery, Head of Investment Department Qualifications: • Donetsk State University of Management, MA in Intellectual Property • Donetsk State University of Management, BA in Foreign Trade Management PAVEL RYBALKIN Director Experience: • Sibur, Analyst • Moscow Financial Club, Strategy Director • RMG Securities, Analyst Qualifications: • Finance University under the Government of the Russian Federation, BA in Management RUSLAN CHERNENKO Director
• 15. Management 15 © Copyright 2015 Moscow Financial Club ALEXEY ZAMYATIN Chief Investment Officer Experience: • Rambler&Co., Senior Investment Analyst • Sg-trans, Chief corporate investment analyst • KPMG, Business Valuation Consultant Qualifications: • Higher School of Economics, MA in Finance • Moscow State Institute of International Relations, BA in Commerce DARIMA AYURZHANAEVA Chief Operating Officer Experience: • VTB24 PJSC, SAP expert • Sberbank-Technology, SAP analyst • BearingPoint, Business Analyst Qualifications: • Finance University under the Government of the Russian Federation, PhD in Business/Managerial Economics • Finance University under the Government of the Russian Federation, MA in Management • Lomonosov Moscow State University, BA in Economics ANASTASIA FEDCHENKO Investment Relations Officer Experience: • Knight Frank, Strategy Consultant • Sebryakovsky Mineral Water, Marketing Analyst Qualifications: • Lomonosov Moscow State University, BA in Economics IRINA PATRUSHEVA Development Director Experience: • Style.ru, Project manager • Tinkoff Bank, consultant Qualifications: • Higher School of Economics, MSc in Economics • University of Agder, “Public Administration, Entrepreneurship and Innovations” program • Higher School of Economics, BA in Public Administration
• 16. RESULTS
• 17. 17 © Copyright 2015 Moscow Financial Club Main numbers 24 countries >140 companies and organizations 32corporate partners >6200 Community members Gender and age of members Members dynamics (1 year period) 6243 5506 66% men 34% women
• 18. Our events 18 © Copyright 2015 Moscow Financial Club Average rating of our events by attendees 8.6/10 Speakers from world top financial, consulting and industrial companies from different countries Courses certification
• 19. PROSPECTIVE
• 20. These initiatives will help to expand our community 2015 2016 2017 -11 Initiatives InformationalEducationalNetworkingAdvisory  Launch of weekly analytics  Free access to our library  Career meetings  Launch of monthly business magazine  Meetings with CEOs, top managers  Business Academy launch  Exam preparation courses  Networking parties for students and financial & industry professionals  Launch of presentation services  Start of financial advisory 20 © Copyright 2015 Moscow Financial Club
• 21. OUR MAIN PARTNERS
• 22. OUR CONTACTS For any information: [email protected] For partnership requests: [email protected] Phone: +7 (495) 665 2879

• Apply to UMaine

College of Education and Human Development

Felancy grant: outstanding graduate student in special education (ed.s.).

Felancy Grant of Bangor, Maine is the Outstanding Graduate Student in Special Education (Education Specialist, Ed.S.) for 2024. Read a Q&A with Grant below.

What difference has UMaine made in your life and in helping you reach your goals?

Attending UMaine has provided me with the opportunity to complete my master’s and Ed.S. in special education (low incidence disabilities) with all the classes being offered online.

Have you worked closely with a professor or mentor who made your UMaine experience better? If so, tell us about them.

My advisor Sarah Howorth has been a huge help with making sure I was able to get the classes I needed to earn my degrees. If a course was not offered that I needed, she helped me to find another class that would work for me.

What advice do you have for incoming graduate students to help them get off to the best start academically?

Reach out if you have any questions or concerns or need help. Your advisor and professors are willing to help you.

Why UMaine?

UMaine is one of the few colleges that offer a special education master’s degree with a concentration in low incidence disabilities. I have worked with this population for almost 30 years.

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How to Finance Your Master's Degree or Continuing Education

• Leigh Perkins
• January 19, 2022
• Professional Development
• Text-based Story

Don’t assume grad school or continuing education is out of reach for your budget. Paying for your post-grad or professional courses can be a challenge, but it’s completely doable. Put a little research, creative problem solving, and our easy tips into the task, and you’ll figure out how to finance your master’s degree or continuing education .

Financing Higher Education

According to Sallie Mae, almost a quarter of school costs are paid by grad students’ earnings or personal savings. If you don’t have that kind of cash flow, though, consider other options for financing higher education.

Start With Free Money

Loans may need to be part of your equation, but it’s best to begin your calculations with financial aid that doesn’t have to be repaid.

An estimated $2.6 billion in financial aid was left on the table in 2018 because students failed to fill out the Free Application for Federal Student Aid (FAFSA) from the U.S. Department of Education. And FAFSA is not just for undergraduates. It can help you land federal aid based on financial need for graduate school, too. The application is free, and there are several free-money options available to you when your FAFSA is complete, such as federal work study programs.

Grants and Fellowships

Federal aid is applicable to some continuing education programs, such as grants for medical residency or the Pell Grant for postbaccalaureate teacher certification, but federal aid in the form of grants does not apply to most graduate programs.

For graduate school, grants and fellowships are almost interchangeable terms, the main difference being what the institution bestowing the funding prefers to call it. There are government-backed grants, from organizations like the National Institutes of Health or the Department of Energy, and fellowships funded by private organizations, such as the Alfred P. Sloan Foundation or the American Economic Association. The best place to begin searching for grants and fellowships is through the websites of the schools you’re considering, in particular the programs you are targeting for grad school. You can also check out online scholarship search tools.

Most grants and fellowships are competitive, so do your homework, complete your applications carefully, and submit early. Preferably, you’ll be ready to hit send on your application the day you learn you’re accepted into your grad school program of choice.

Scholarships

Graduate tuition can cost tens of thousands of dollars each year. Because graduate students are considered independent, you will report your own income on the FAFSA, which could make you eligible for more need-based scholarships. Grad students can check out USF’s STARS Scholarship database to read about USF Foundation Scholarships and many other scholarships to students enrolling in master’s programs . There are millions of dollars available to grad students for national and niche scholarships .

Can you qualify for specific scholarships that take your background, interests, or undergrad degree into account?

• Your heritage: There are scholarships designated just for Hispanic grad students, Native Americans, Korean Americans, Pacific Islanders, and more.
• Your alma mater: You may qualify for a discount if you apply to graduate school where you earned your bachelor’s degree.
• Your area of specialization: Check into field-specific graduate scholarships, such as a master’s in education, women in technology, accounting scholarships, and MBA scholarships.

Assistantships

Graduate assistantships allow you to work in a support role at a university under the supervision of a faculty member. You may teach, be a research assistant, do clerical tasks, or help with grading. USF graduate assistants earn a stipend and are eligible for tuition payment and some additional benefits, such as health insurance.

Employee Benefits

Under U.S. tax code, employers may offer up to $5,250 per year in tuition reimbursement for college courses, which is deductible for your company and not counted as taxable income for you. More than half of employers are estimated to currently offer tuition assistance. If yours isn’t one of them, make a sales pitch. One possible incentive: Signing a contract to commit to working for the company for a minimum term after receiving your graduate degree.

College Savings Account

If you didn’t run through your entire 529 plan in undergraduate school, you can apply what’s left to your graduate school costs. Though the time horizon is shorter to save for graduate school, it is also possible to set up a 529 plan dedicated just for graduate school.

Take a Look at Loans

Although they account for only 25 percent of all students in higher education, graduate students account for nearly half of student debt . Because there is no cap for graduate school borrowing – up to the full cost of attendance charged by the college – nearly a quarter of graduate borrowers take out more than the lifetime limit for undergraduate borrowers in just a single year of grad school.

It is one thing to compare the average undergraduate debt ($28,950) to an MBA ($66,300). But it is a whole new level of payback stress for a law degree ($145,000) or a medical degree ($201,490). Add the fact that interest rates are higher for grad school than for undergrad, and the debt can turn into a long-term burden.

Wondering how to minimize the hit to your financial future when you really need a loan for graduate school? Take out only what is absolutely necessary, access every tax benefit available, and pull out all the stops to save pennies and earn cash while in grad school.

These are the types of loan programs available for graduate students:

• Federal Direct Unsubsidized Loans: Sometimes called Stafford Loans, these are not based on financial need and do not require a credit check. You are responsible for paying all interest on these loans, which begins accruing while you’re still in school and during your grace period or deferment. It is best to max out these loans before you sign on to PLUS or private loans.
• Federal Direct Graduate PLUS Loans: These loans are for expenses not covered by other financial aid offered by your school. They require a credit check and carry a higher fixed-interest rate than federal direct loans.
• Private Loans: Depending on your credit score or a co-signer’s endorsement, you could qualify for a competitive rate on a loan from a private bank or other lender, usually without the origination and processing fees associated with federal programs. The downside is they don’t offer long forbearance periods. If you are planning on law school, medical school or business school, it’s likely you’ll find a lender offering a loan specific to your degree.

Paying for Continuing Education

While there are not as many options to finance your continuing education, the upside is that career training, certifications, and continuing ed programs are much less expensive than graduate school.

Philanthropic organizations, private agencies, state education departments, and the schools themselves often offer scholarships for continuing education and certification programs. For example, there are specific scholarships available for paralegal students .

State societies, clubs, and professional groups often subsidize travel and attendance at conferences, CEU courses, and training programs. If you’re in a regional human resources group, for example, they might underwrite your tuition for SHRM certification .

Federal student loans only apply to full-time graduate students, so stand-alone certification courses or part-time professional development programs don’t qualify. However, several private lenders do offer loans for career training programs. Sallie Mae’s Career Training Smart Option Student Loan is designed specifically for nondegree-seeking students, professional certifications, and culinary and technical school students.

If you’re confident the return on your investment will be adequate (and fairly immediate), you can also consider paying for a course with a credit card, but do so cautiously. Interest rates and fees for credit cards are often triple or quadruple a student loan rate.

The good news is that the IRS allowance for employer tuition reimbursement applies to career training and continuing education. The bad news is that only about half of employers offer this in an employee’s benefits package. If yours does not include the $5,250 that can be deducted by your company for courses, make a suggestion to your boss and to HR to add it. If it’s not a formal perk but there is a program that will help you perform your job better, write a letter to your supervisor explaining the benefits to your business. In your letter, ask if the company would be willing to pay for the program or at least approve paid time off for instruction.

USF Can Help You Reach Your Next Goal

No matter where you’re headed in your career, USF Corporate Training and Professional Education is here to guide you. Thinking of graduate school? We offer exceptional GMAT and LSAT prep courses. Planning a big pivot? Navigate a career change with our business, technology, and leadership training. Browse our programs to see if they can point you in the right direction for continuing education.

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