phd finance distance

2024 Best Online PhD in Finance Programs [Doctorate Guide]

An online PhD in Finance offers the opportunity to study finance and economics at the highest level.

You can learn how to use financial models and theories to develop a deeper understanding of economic systems and solve business problems. Finance PhD degrees also teach students to conduct quantitative research on financial networks and policies.

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Graduates can use their knowledge and skills to pursue careers in a variety of areas, including academia, business consulting, data science, finance, and the public sector.

PhD in Finance Programs Online

A Ph.D. in Finance is designed for people who want to immerse themselves in academic research and theory. This degree focuses on advanced financial models and concepts used to explain and forecast the performance of the economy, financial institutions, investments, and other aspects of modern finance.

Doctoral students in this field also study approaches and techniques for conducting empirical research. Students practice collecting and interpreting data from a variety of sources, such as consumer surveys and income statements. They also use econometrics to statistically analyze financial data and trends.

Other topics commonly taught in finance doctoral programs include:

• Asset pricing
• Banking systems
• Corporate finance and capital markets
• Empirical analysis
• Financial decision-making
• Financial markets
• International financial topics
• Macroeconomics
• Market design
• Microeconomics
• Time series analysis

Additionally, students can develop many technical skills related to financial research. For instance, finance PhD programs often encourage students to use programming languages like Python and R to extract and analyze data. Students may also learn to use the latest digital tools to interpret data and create financial models, such as MATLAB and Stata.

Graduates can use their finance PhD degrees to pursue a broad range of careers. Many students enroll in these programs because they want to work in higher education. They may use their specialized knowledge to become professors and academic researchers.

The private sector also provides many employment opportunities for PhD holders. All organizations need business-savvy professionals who can manage financial resources, make predictions, and formulate financial strategies. As a result, there are numerous finance-related jobs in all industries.

Graduates may also secure jobs with nonprofit organizations. Some work as grant writers, while others become policy analysts. Other potential careers in this sector include development officer and program manager. These roles all focus on helping nonprofit organizations generate more income and solve economic or social issues.

Finally, this degree can be beneficial for people who want to become consultants or entrepreneurs. You can learn business tactics and skills that you can use to help clients perform better or to launch your own company.

Finance Careers & Salaries

A doctoral degree in finance can pave the way for many career paths. Many graduates pursue careers as college professors in business, economics, and finance departments. These professionals teach students and publish research in their area of specialty.

Additionally, many graduates secure employment with private corporations and financial institutions, including banks, credit unions, and investment firms. They can become actuaries, cost estimators, financial analysts, and other finance professionals.

These specialists use the advanced knowledge and research skills they gained during their PhD programs to analyze financial data and help corporations make data-driven business decisions.

According to the Bureau of Labor Statistics , here are careers associated with finance and their median salaries.

Some graduates become financial analysts and researchers for government agencies and think tanks. They often help their employers develop and explore the implications of economic policies, political strategies, and social policies. Graduates can also work for or start consulting firms.

Business and management consultants examine their clients’ financial records and operations. They use their findings to identify inefficient workflows and other issues and make recommendations to help businesses improve their performance.

Online Finance PhD Curriculum & Courses

Finance PhD programs teach advanced finance concepts and research skills. The specific curricula vary by program but may include courses similar to these:

• Empirical Methodology in Finance : You’ll learn how to use popular empirical research methods to investigate and solve issues in the finance industry.
• Financial Economics : This course analyzes foundational theories and applications of modern financial economics, such as arbitrage pricing theory, mean variance theory, and stochastic dominance.
• Financial and Economic Networks : You’ll use empirical and theoretical research methodologies to deepen your understanding of financial modeling and networks.
• Household Finance : You’ll explore recent empirical research projects in household finance and learn strategies to gather and analyze data.
• International Finance : This class traces the history of academic research on international finance and covers techniques students can use to conduct research in this field.
• Introduction to Asset Pricing : You’ll investigate how finance institutions use asset pricing models to predict the expected rate of return for investments.
• Introduction to Corporate Finance : You’ll learn how to create, interpret, and conduct quantitative research with corporate finance models.
• Macro-Finance : You’ll examine fundamental areas and methods in macro-finance, such as asset pricing, fiscal policy, and household finance.
• Microeconomics : This course overviews applications and theories of microeconomics, including aggregated demand and general equilibrium analysis.
• Theories of Finance : You’ll study contemporary financial theories and their relationship to asset pricing, corporate finance, and financial markets.

Additionally, many programs require finance PhD students to take courses in statistics and probability.

How to Choose an Online PhD in Finance Program

All finance PhD programs have different educational opportunities, learning environments, and resources. As a result, there are many factors to consider as you compare finance degree online programs, such as:

• Program reputation . Employers often look more favorably at job candidates who graduated from high-ranking institutions with excellent reputations. Additionally, attending a top program could provide more opportunities to develop a robust professional network in your chosen area.
• Research areas . Doctoral students typically research and write about specific topics or subfields that align with their personal and professional interests. It’s beneficial to look for a program with well-known faculty specializing in your chosen areas, such as corporate governance or behavioral finance. These professors can guide your research and connect you with resources.
• Funding opportunities . Some PhD programs in finance offer full or partial funding for qualifying students. You might qualify to receive a tuition waiver, a stipend to cover conference travel, and other financial assistance. You can also inquire about additional funding opportunities, such as grants and scholarships from the college.
• Course format . The specific mode of delivery for online courses varies. Some programs offer synchronous online classes, which allow you to interact with professors and peers over video chat. Others have asynchronous courses that you complete on your own schedule.

Additionally, you can ask a program’s staff if they have current students or recent alumni willing to speak with you. These informal conversations can help you get a better sense of the program’s culture and strengths and weaknesses.

Admissions Requirements

Many PhD programs in finance only admit a limited number of students each year, so the admissions process can be competitive.

Every institution has its own admissions criteria, but here are a few typical requirements:

• Bachelor’s or master’s degree in related field
• Statement of purpose describing your interests, goals, and reasons for applying
• CV listing education, work experience, applicable skills, and volunteer activities
• Confidential letters of recommendation
• Official transcripts

Some colleges and universities also request GMAT or GRE scores, but many programs are phasing out this requirement.

Online PhD in Finance Programs Accreditation

Accreditation is an essential factor to consider as you compare finance doctoral programs, much like when considering an MBA in Finance online or on campus programs. Colleges and universities can earn regional accreditation if an external regional accreditor assesses their programs and faculty and verifies that they meet agreed-upon educational standards.

Accredited programs offer professional and academic benefits. Employers often prefer to hire graduates from accredited schools because they know these candidates have received a quality education. Accredited doctoral programs typically provide access to student support services, such as online library databases and career centers.

Plus, many government agencies and private organizations only distribute financial assistance to students enrolled at accredited institutions.

Financial Aid and Scholarships

As you investigate finance PhD programs, you can also search for financial aid opportunities to help pay for your degree.

Many doctoral programs offer full funding for qualified students. These funding packages could include a stipend, tuition waiver, and health insurance. Students may need to work as a teaching or research assistant in exchange for this funding. Also, they are typically required to maintain a certain GPA and meet program milestones.

The federal government also offers several types of financial assistance for graduate students. You may be eligible for federal grants, student loans, or a part-time work-study program. You can learn more about these opportunities by visiting the Federal Student Aid website.

In addition, many employer offer financial support for workers who want to further their education. You can ask your supervisor about any tuition assistance or reimbursement opportunities.

What Can You Do with a PhD in Finance?

A doctoral degree in finance can help you qualify for many lucrative careers. Many graduates use their expertise and research skills to secure positions as postsecondary teachers.

The Bureau of Labor Statistics predicts that the demand for this career will increase by 12% over the next decade. Additionally, a PhD in Finance can help prepare you for numerous jobs in business and finance. Some graduates become financial managers and oversee their organization’s investments and revenue.

Finance is a good career path for many students. Other potential career paths in the finance industry include financial examiner, chief financial officer (CFO), management analyst, and operations research analyst. These positions focus on data analytics and strategic decision-making.

Should I Get a PhD in Finance?

Finance PhD degrees tend to be rigorous and involve extensive research and writing.

Here are a few signs that this degree could be the right fit:

• Your preferred career requires a terminal degree in the field.
• You enjoy studying economics, mathematics, and statistics.
• You want to become an expert in financial systems and theories.
• You’re passionate about researching topics in business and finance.
• You want to publish your research for academic audiences.
• You’re interested in teaching students.

If some of these criteria apply to you, a doctoral degree in finance could be a strategic next step.

How Long Does It Take to Get a PhD in Finance Online?

Most PhD programs in finance take 3 to 5 years to complete if you enroll full-time. But several factors can affect how long it takes you to graduate.

Programs that require a dissertation typically take longer. Many students spend a total of 5 years—including 3 years completing coursework and 2 years writing their dissertation. Some students take longer, though, to finish their dissertations, extending the length of their program.

Doctorate programs that don’t require a dissertation may be completed in 3 to 4 years if students are enrolled full-time.

What’s the Difference Between a DBA vs. PhD in Finance?

A Doctor of Business Administration (DBA) and a Doctor of Philosophy (PhD) are both terminal degrees in finance, but they have a few crucial differences.

A PhD could be a strategic choice if you’re passionate about research and teaching.

Is a PhD in Finance Worth It?

Yes, a PhD in Finance is worth it for many students. This degree allows you to develop a deeper understanding of economics, financial markets, and investment techniques. You’ll also learn how to identify business problems and mitigate risk.

In addition, a doctorate in finance enables you to develop expertise in specific areas of finance. For instance, you could specialize in behavioral finance, econometrics, or financial technologies. Expertise in these fields could lead to career paths in academic institutions, corporations, tech startups, and other organizations.

The Bureau of Labor Statistics predicts that overall employment of business and finance professionals will increase by 7% over the next ten years, and 12% job growth is projected for postsecondary teachers.

Universities Offering Online Doctorate in Finance Degree Programs

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

A Doctorate in Personal Financial Planning is available through Kansas State University. The program is 1 of only 4 in the country recognized by the Certified Financial Planner Board of Standards. Coursework is completed online during the fall and spring. There are three summer residencies, lasting 10 days each. The final residency is abroad. Kansas State University is accredited by the Higher Learning Commission.

National University offers a PhD in Business Administration with a concentration in Financial Management. The program may be completed entirely online. On average, the required 60 credits may be completed in 73 months. Courses are 4 to 8 weeks long. The school offers weekly start dates. National University is accredited by the WASC Senior College and University Commission.

A Doctorate of Professional Studies with a concentration in Finance may be earned through Pace University. Coursework is completed online with Friday sessions on campus once per month. Courses follow a semester schedule. Typically, the 19 required courses may be completed in 3 years. Pace University is accredited by the Middle States Commission on Higher Education.

Texas Tech University offers a PhD in Personal Financial Planning. The program is available fully online or on campus. The program requires 72 credits. Courses follow a semester schedule with 3 start dates. Upon completion, graduates may be eligible to take the CFP Certification exam. Texas Tech University is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

A PhD in Business with a specialization in Finance through the University of the Cumberlands. Coursework is online with fieldwork or an internship required. The program requires 66 credits including 24 hours in professional research and 24 hours in Finance. Courses are in half- or full-terms. The University of the Cumberlands is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

Walden University offers a PhD in Management with a specialization in 21st Century Finance. The program is fully online and requires 4 brief academic residencies. The program is course-based with weekly assignments. Most courses are asynchronous in format. Courses are in an accelerated format with several start dates each year. Walden is accredited by the Higher Learning Commission.

Getting Your Doctorate in Finance Online

If you want to study and help solve complex business and financial problems, you might consider earning an online PhD in Finance.

Finance doctoral programs teach students about asset planning, financial models, regulations, and other topics. They also cover empirical research skills, such as creating surveys and managing datasets. Graduates apply their knowledge in many positions. Some become college professors, while others pursue roles as financial managers, consultants, and marketing analysts.

You can kickstart your doctoral journey by exploring online finance PhD programs from accredited schools today.

15 Best Online PhD in Finance Programs [2024 Guide]

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

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

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

Universities Offering Online PhD in Finance Programs

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

1. Capella University

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

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

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

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

• PhD in Accounting
• DBA in Accounting

Capella University  is accredited by the Higher Learning Commission.

2. City University of Seattle

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

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

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

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

• DBA in Business Administration (Finance concentration)

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

3. George Fox University

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

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

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

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

4. Hampton University

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

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

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

• PhD in Business Administration

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

5. Kansas State University

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

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

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

• Hybrid PhD in Personal Financial Planning

Kansas State University  is accredited by the Higher Learning Commission.

6. Liberty University

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

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

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

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

7. National University

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

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

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

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

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

8. Rutgers University

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

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

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

9. Sacred Heart University

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

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

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

• DBA in Finance

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

10. Saint Leo University

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

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

• Doctor of Business Administration

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

11. Trident University

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

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

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

• PhD in Business Administration – Accounting

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

12. University of Dallas

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

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

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

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

13. University of South Carolina

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

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

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

• Hybrid DBA in Business Administration – Finance

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

14. University of the Cumberlands

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

• PhD in Business (Finance concentration)

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

15. Walden University

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

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

Walden  University is accredited by the Higher Learning Commission.

Online PhD in Finance Programs

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

PhD in Finance

Phd in financial management, phd in financial planning.

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

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

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

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

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

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

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

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

Doctorate in Finance Salary

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

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

Budget Analyst

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

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

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

Financial Analyst

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

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

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

Personal Financial Advisor

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

• Median salary per year: $89,330

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

Finance Professor

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

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

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

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

Curriculum for Finance PhD Programs

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

Your classes may include:

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

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

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

DBA in Finance vs. PhD in Finance

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

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

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

A DBA in Finance:

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

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

A PhD in Finance:

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

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

Online vs. Traditional Finance Degree

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

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

Accreditation for a Doctorate in Finance Online

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

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

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

A finance program may be accredited by:

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

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

Financial Aid for a Finance Degree

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

Your employer might even have tuition assistance programs available.

Can I Get My PhD Online?

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

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

Is an Online PhD Respected and Credible?

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

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

Are There Any Online PhD In Finance Programs?

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

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

Getting Your PhD in Finance Online

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

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

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

Related Guides:

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

Top Online PhDs in Finance

Find your degree.

Students studying in Finance will cover a broad range of topics that are designed to provide them with a strong foundation on which to build a successful career. Some of the types of classes that a Finance program will cover include classes on such topics as International Finance, Financial Risk and Mitigation, Financial Planning, Financial Markets, Macroeconomics, Microeconomics, Investing and Global Financing among others. Additionally, students may choose to pursue a more tailor-suited degree path for specializing in areas such as Financial Planning Emphasis, Real Estate Emphasis, Corporate Finance Emphasis, and Financial Services Emphasis. Depending on whether or not you choose to have more specialized education, you could take more focused courses as opposed to just the broader topics that you will have to complete in order to satisfy the requirements of a generalized Finance degree program’s curriculum.

Earning a PhD in Finance Online

By completing a PhD in Finance online , you will be provided with the necessary skills and knowledge that will be required to pursue a top career in the field of Finance. A PhD in Finance program that is available online is arguably one the best ways to obtain the upper hand to jumpstart your career in Finance, as it is an incredibly flexible way to obtain a degree, and is often significantly more affordable when compared to a more traditional in-person degree program that will require you to not only live near the university that you desire to become an alumni of but will also have many more costs that you might not first consider. These costs include the cost of travel, the cost of physical textbooks, and paying for the space that is required in a physical classroom.

Due to the flexibility and cost efficiency of enrolling in an online PhD in Finance program, you will have much less to worry about than your peers that chose to attend an on-campus Finance degree program, allowing you to better focus on your education. This will allow you to make the absolute most of your Finance education. Due to this, you are more apt to have an edge on your peers when it comes time to start applying for those most oft sought-after positions in the field of Finance. This will be a great benefit to you, as you will be able to offer the employers that are seeking the best-of-the-best exactly what they are looking for in an employee.

Additionally, by choosing to enroll in a PhD program in Finance, you will be able to better tailor your education to not only your lifestyle but to your professional desires as well. This is due to the fact that–with the huge amount of flexibility that an online degree program offers–you will be able to supplement your education with various online courses that will greatly benefit you as a Finance major, such as taking courses that have a greater focus on Sociology, Socioeconomics, Psychology and Technical Writing. All of these courses can greatly benefit a Finance major and can often be more difficult to find time for these courses while attending more traditional on-campus courses.

Methodology

To rank the best online PhDs in Finance, we started by collecting a list of schools that met a few initial ranking criteria. Due to the lack of relevant programs, any school that offered a doctoral program in finance in an online or blended format was considered. Those schools must also be based in the United States, hold proper accreditation, and must not operate in a for-profit manner.

Each school on the list was then scored according to the following.

• Freshman Retention Rate (⅓ of final score)
• Graduate Rate (⅓ of final score)
• Affordability (⅓ of final score)

Each school could receive a maximum of 300 points. They are presented according to the final score they received below. All of the information used to score and discuss the degree programs was collected from the website of each school whenever it was available. Additional resources such as the National Center for Education Statistics, U.S. News & World Report , Niche.com, and Collegedata.com were also used. If sufficient data could not be found, a school could have been omitted that would have otherwise placed among these programs.

We are confident that our methodology is thorough and clear and that these results are repeatable. No school is ever given preferential treatment in our rankings for any reason. Some schools may not appear in our rankings per their own request.

Doctor of Business Administration in Finance

Liberty University offers an online DBA in Finance that you can take entirely online. There are no on-campus requirements associated with the program, which consists of 60 credits in total. The university has a generous transfer policy that allows you to bring in as much as 15 credits to apply towards your degree and the classes are condensed down to eight weeks each. These two factors contribute to the accelerated rate at which you could graduate; most students finish the program in three years.

This online doctorate in finance is great for online students because it is supremely flexible. There are six start dates to choose from throughout the year, and all of the courses are presented asynchronously. This is a degree that you can truly earn on your own time. You will also have access to a wide variety of resources provided by Liberty and be able to benefit from financial aid. Liberty University has also frozen their tuition so rates will not increase while you’re there.

The finance specialization will prepare you for jobs as a financial manager, a chief sustainability officer, treasurer, and controller, and more. You will also be able to conduct research as you study that aligns with your goals and can help bolster your resume. On top of business and research classes, you’ll take courses in finance like Managerial Finance, Business Valuation, Mergers and Acquisitions, and Investments and Derivatives, among others.

Doctor of Business Administration with a Concentration in Finance

The online DBA in Finance offered at the City University of Seattle is designed specifically for professionals. It is designed to help you advance your goals without disrupting your professional life, and it is very flexible. There are 91 required credits in total, and you can earn your degree almost entirely online. There are three required residencies throughout the program; there are also optional onsite courses and activities for those of you who would like to travel to campus more frequently.

The program uses a blend of asynchronous and synchronous components. You will complete various readings and assignments on your own, and there is a live meeting every other week where you will interact with your professor and the other students in your cohort. CityU uses Blackboard to deliver their classes. You can finish this program in three or four years time depending on things like transfer credits, the pace at which you study, and the time it will take you to complete your dissertation.

One thing that is unique about this DBA is that there are no pre-constructed programs of study for particular concentrations. Instead, you work closely with an academic advisor to create a program that meets your needs. The curriculum will include your concentration courses, as well as a business administration core and a research core. The program will culminate in a dissertation.

What Is a Degree in Finance?

At the associate level, there are not a lot of finance programs, but a business administration degree will cover some of the basics in finance like Macroeconomics, Microeconomics, and Principles of Financial Management. This type of degree will provide you with a very fundamental understanding of finance and can help you land entry-level jobs; however, most organizations prefer at least a bachelor’s degree.

A bachelor’s degree in finance is where you will be able to really start to get your head in the game. This type of degree will get you employment ready, and you will take courses that teach you how to use financial management tools, analyze markets, understand the concepts of investment practices, and more. Some of the courses you may encounter while you’re earning a bachelors degree in finance include Capital Planning, Asset and Debt Management, and Financial Analysis.

A Master of Finance or an MBA in Finance are where you really start to be able to specialize your education and study the areas of finance that you are most interested in. Upper-level positions tend to require this degree as a minimum for consideration for the job. There is a higher emphasis placed on strategy at this level, and you will dig even deeper with courses like Economics for Global Management, Theory of Corporate Finance, Derivatives, and Corporate Governance.

Doctorate degrees put you ahead of the pack because they are the highest academic degrees in any given field. A doctorate degree in finance prepares you for very high-level careers, teaching positions, entrepreneurship, and more. They also focus more on the business management side of things as well as developing strong research skills. Courses may include Organizational Psychology, Fiscal Leadership in a Global Environment, Personal Income Taxation, Money and Relationships, and Introduction to Financial Therapy.

How Hard is a Finance Degree?

There may be some tough courses along the way. Accounting is a very technical field, and you will have to cover some of that material. You are also likely to have to take statistics courses, algebra, business calculus, probability, or some similar list. There is not a lot of math required, but it is a strong component of the curriculum, and some people just struggle with numbers. You may have to take extra time to study or really push yourself, but it is absolutely worth it to reach your career goals.

Of course, maybe you love math and won’t have any trouble at all! Other complex topics you’ll study include economic theory, analytics, and some psychology courses, among others. How difficult the degree is for you to earn depends on how your brain works. The main thing to remember is that your only limit is yourself when it comes to meeting your goals. If you are struggling academically, plenty of colleges offer student support programs to help you out. In addition, there are thousands of resources online, including free ones, that can give you the boost you need to stay on track.

Accounting or Finance Degree: Which is Better?

Finance is the science of planning the distribution of company assets. On the other hand, accounting is the art of summarizing, recording, and reporting all of the transactions that take place within the business. Finance is a career that you can do with a business administration degree, an economics degree, or a mathematics degree. To have a career in accounting, you have to study accounting. It is a very precise and technical field even though the term accounting is incredibly broad.

Both degrees are versatile in that you can fill a variety of roles with them. Finance degrees allow you to focus in broader areas, though, which may allow you to have more diverse career options. The primary functions of someone in a finance career are to source funds, make financial decisions, ensure funds are properly distributed, and to communicate financial information and strategy to company executives. The primary functions of someone working in accounting are to monitor where financial assets are going, ensure contracts are being properly fulfilled, ensure that payments are flowing in and out of the business appropriately, and maintain paperwork and file taxes for a business.

Both relate to money, but they are vastly different. The career growth and salary information are comparable across both fields. Is finance better than accounting? Yes, if that is the career path that appeals to you the most.

What Can You Do With a Finance Degree?

You could be a financial planner. Someone in this job is responsible for deciphering market trends and planning ways to use the client’s assets in the most effective way to move them towards the desired outcome. You will have to use what you know about accounting, sales, and communication in order to succeed in a job like this.

You could be a financial analyst. This is one of the more common positions, and the job growth for this area is very positive. A financial analyst researches stocks, bonds, industries, and more in order to help their clients with mergers, acquisitions, bond offerings, restructuring the corporation, as well as corporate expansions. You will need to conduct complex analyses, so research skills, along with being able to dissect financial information, are crucial to this role.

You could take your skills in finance into fields you may not have considered as well. Real estate agents, attorneys, business teachers, credit analysts, and even project managers have landed their careers with a finance degree, and you certainly can too. The best way to make sure that you’re prepared for the career you want to pursue in finance is to talk to your academic advisor and plan a program of study that is relevant to your goals.

What Can I Do With a Doctorate or PhD in Finance?

There are some more common career options with a PhD in Finance, though. That is what we’re going to touch on here, but this is in no way a comprehensive list! Investment banks, hedge funds, private equity firms, and a host of other corporations are seeking doctoral-prepared finance graduates to fill positions like equity researchers, quantitative analysts, and more.

You could secure a job as an investment researcher. In this position, you would conduct research fixed income investments, work with mathematical models to determine whether or not the company you work for is able to take advantage of arbitrage pricing in areas such as the commodities or credit equities markets, and other related tasks.

You could be a government economist. Your responsibilities here could include analyzing how events affect the national economy, you could influence public policy, and you could work at the state or federal level using your knowledge and expertise to promote the financial health of your community or the country as a whole.

You could take your degree into the private sector and start your own company; you could secure a career at a global economic institution, or devote your knowledge entirely to research. Whatever you aspire to in the field of finance, a PhD in Finance is going to help you to hit the ground running and give you everything you need to climb straight to the top.

How Much Can You Make With a Finance Degree?

The amount of money that you make is going to depend on the job that you have, your level of education, geographic location, and a host of other factors. The average salary for someone with a bachelor’s degree in finance is reported as $60,000 per year by Payscale. The average salary for finance professionals with a master’s degree is significantly higher at $80,310 per year.

Some common jobs that you could hold with a finance degree and their average salaries are listed below.

• Accountant: $119,000
• Corporate Finance Professional: $117,450
• Financial Analyst: $85,660
• Financial Planner: $88,890
• Investment Banker: between $150,000 and $350,000
• Loan Officer: $63,040
• Management Consultant: $83,610
• Wealth Manager: $94,231

One thing that we would like to note is that these are just averages and some of these careers have incredible earning potential based on your education and experience. Average base salary does not account for any bonuses you could receive from your employer either. Things like benefits, bonuses, commissions, and profit sharing are not part of your base pay, but they do have a significant effect on how much money you make. That additional income that isn’t factored can be upwards of $20,000 in some cases. There is high earning potential in the world of finance if you are driven enough to do so.

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

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

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

Preparation and Qualifications

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

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

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

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

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, greg buchak, antonio coppola, peter m. demarzo, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, behavioral responses to state income taxation of high earners: evidence from california, beyond the balance sheet model of banking: implications for bank regulation and monetary policy, fee variation in private equity, recent insights by stanford business, cashless: is digital currency the future of finance, nine stories to get you through tax season, “geoeconomics” explains how countries flex their financial muscles.

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Best Online Doctorates in Finance

Staff Writers

Contributing Writer

Learn about our editorial process .

Updated October 17, 2023

TheBestSchools.org is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.

Are you ready to discover your college program?

Whether your career interests lie in academia or business, graduating with a doctoral degree in finance opens doors to advanced job opportunities and earning potential. The U.S. Bureau of Labor Statistics (BLS) projects that popular finance careers like finance managers and personal finance advisors may grow by 15%-19% between 2016 and 2026. These occupations boast median incomes of $125,080 and $90,640, respectively. Doctors in finance also frequently find employment as college professors, educating students and conducting research for scholarly publications. With a variety of online degree options available from top schools around the country, it has never been easier to earn your doctorate in finance.

For more degree and career info, jump to:

• Choosing a Doctorate in Finance Program
• What Else Can I Expect From an Online Doctorate in Finance Program?

Careers with a Doctorate in Finance

The best online doctorate in finance programs.

Online Doctorate in Finance Ranking Guidelines: We selected the degree programs based on the quality of program and range of courses provided, as well as school awards, rankings, and reputation.

Our Methodology

Here at TheBestSchools.org, we take the trust and welfare of our readers very seriously. When making our school and program rankings, our top priority is ensuring that our readers get accurate, unbiased information that can help them make informed decisions about online education. That's why we've developed a rigorous ranking methodology that keeps the needs of our readers front and center.

Our proprietary, multi-criteria ranking algorithm analyzes key data indicators — as collected by the federal government — for each school or program. What data we use depends on the focus of each specific ranking, but in all cases, our ranking methodology is impartial: Schools  cannot buy better rankings  at TBS.

While specific criteria under consideration can vary by ranking, there are a few data points that we value most highly. They are affordability, academic quality, and online enrollment. Below, we break down our algorithm to help you understand what you're getting when you use one of our rankings.

• Affordability
• Online Enrollment

Data Sources

The data used in TBS rankings comes primarily from the federal government, and much of it is provided by the schools themselves. We aggregate and analyze this data to build our rankings.

The  Integrated Postsecondary Education Data System  (IPEDS) is our primary source. Its data comes from annual surveys conducted by the U.S. Department of Education's  National Center for Education Statistics  (NCES). Every college, university, or technical school with access to federal financial aid must participate in these surveys, which include questions about enrollment, graduation rates, finances, and faculty qualifications. This is publicly available data, which you can access yourself through the  College Navigator .

Additionally, because we value a personal touch and the professional experience of our staff and Academic Advisory Board, we vet all results and adjust rankings as necessary based on our collected knowledge of schools and degree programs. Depending on the ranking, we may obtain additional input from  AcademicInfluence.com , subject matter experts, prior TBS ranking lists, or other sources we deem relevant to a particular ranking.

Breakdown of Our Rankings Methodology

About our ranking factors.

Here at TBS, we value what you value: quality education, affordability, and the accessibility of online education. These factors guide all of our program rankings.

Each of these factors are further broken down into weighted subfactors. For example, retention rates are weighted more heavily than availability of program options because they are a better indicator of student success.

We chose the following factors for our rankings because of their influence on learning experiences and graduate outcomes. However, students should always balance our rankings against their personal priorities. For instance, a learner who needs a fully online program may prioritize online flexibility more than our rankings do. Our rankings are designed to help you make a decision — not to make a decision for you.

• Collapse All

Academics - 75%

Affordability - 15%, online enrollment - 10%.

In all our school rankings and recommendations, we work for objectivity and balance. We carefully research and compile each ranking list, and as stated in our advertising disclosure, we do NOT permit financial incentives to influence rankings. Our articles never promote or disregard a school for financial gain.

If you have questions about our ranking methodology, please feel free to connect with our staff through  contact page .

We thank you for your readership and trust.

Finance PhD Programs for You

The best online doctorate in finance degree programs.

We use trusted sources like Peterson's Data and the National Center for Education Statistics to inform the data for these schools. TheBestSchools.org is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site. from our partners appear among these rankings and are indicated as such.

#1 Best Online Doctorates in Finance

Liberty University

• Lynchburg, VA
• Online + Campus

The doctor of business administration in finance program at Liberty University offers a flexible route to a doctorate. The private university provides flexible enrollment options to meet the needs of diverse degree-seekers. Doctoral students receive research support throughout the program.

In the online program, learners complete doctoral coursework and strengthen advanced skills. After passing comprehensive examinations, doctoral candidates complete an original dissertation that contributes to the field. With a doctorate, professionals may work in academia, research, and leadership roles.

Doctoral students attending the accredited institution online qualify for several forms of financial aid. Contact the finance program to learn about the enrollment process and start dates.

Liberty University at a Glance:

Online Student Enrollment: 78,511

Online Master's Programs: 67

Online Doctoral Programs: 9

Student-to-Faculty Ratio: 17-to-1

Graduate Tuition Rate: $7,980

Accepts Transfer Credits: Accepted

#2 Best Online Doctorates in Finance

Kansas State University

• Manhattan, KS

The personal financial planning doctorate at Kansas State University offers an online option for doctoral students. Thanks to a flexible format, the public institution makes it easier to complete a doctorate. Doctoral students benefit from support services like career advising.

Doctoral candidates move through the program by passing exams and researching a dissertation project. With a doctorate, professionals may work in academia, research, and leadership roles.

Doctoral students attending the accredited institution online qualify for several forms of financial aid. Contact the program to learn about admission requirements.

Kansas State University at a Glance:

Online Student Enrollment: 5,850

Online Master's Programs: 26

Online Doctoral Programs: 4

Student-to-Faculty Ratio: 18-to-1

Graduate Tuition Rate: $10,212

Accepts Transfer Credits: Data not available

#3 Best Online Doctorates in Finance

National University

• San Diego, CA

National University offers an online Ph.D. in financial management. At the private institution, degree-seekers complete a doctorate in a flexible environment. Doctoral students receive research support and participate in scholarly events.

In the online program, learners take advanced doctoral coursework. After passing comprehensive examinations, doctoral candidates conduct research for their dissertation. As the terminal degree in finance, the program leads to career opportunities in academia, research, and industry.

At the accredited institution, online doctoral students qualify for scholarships, federal loans, and other forms of financial aid. Contact the program for more information about research support and financial aid.

National University at a Glance:

Online Student Enrollment: Data not available

Online Doctoral Programs: 15

Student-to-Faculty Ratio: 3-to-1

Graduate Tuition Rate: $16,983

#4 Best Online Doctorates in Finance

Walden University

• Minneapolis, MN

The online doctor of business administration in finance program at Walden University ranks as one of the best degrees in the finance field. At the private university, degree-seekers engage in online classes to earn a doctorate. Doctoral students participate in career counseling and benefit from research support.

During the online program, learners complete at least 49 credits of advanced coursework. After passing comprehensive examinations, doctoral candidates choose a dissertation topic and conduct research in their specialty area. As the highest degree in finance, the doctorate trains graduates for academic, research, and leadership careers.

Doctoral students attending the accredited institution online qualify for several forms of financial aid. Prospective applicants can contact the program for more about financial aid and admission requirements.

Walden University at a Glance:

Online Master's Programs: 39

Online Doctoral Programs: 20

Graduate Tuition Rate: $12,039

Choosing an Online Doctorate in Finance Program

50 Best Online Colleges & Universities Two main avenues exist for earning an online doctorate in finance: an academic route and an industry route. Students who want to apply their finance expertise to an industry job should consider earning a doctorate of business administration (DBA) in finance. Students looking to enter the academic profession as faculty should consider a Ph.D. finance program. While they may seem similar on the surface, these two finance doctorate pathways require different coursework and produce different learning outcomes. Carefully consider which path works best for your own goals.

An industry-focused program provides you with a firm foundation of quantitative financial skills and trains you to apply theory to real-world business scenarios. Additional concentrations may also let you further tailor your focus. Academic-focused programs require more intensive study of research and theory but offer fewer opportunities to hone mathematical finance skills. These programs also require dissertations, while industry-focused programs more commonly require a thesis. Finally, getting into an academic Ph.D. finance program may prove more difficult than a DBA program. While DBA programs often allow for cohorts of about 10 students, Ph.D. programs may only offer enrollment to one or two students per year.

What Else Can I Expect from an Online Doctorate in Finance Program?

The information below intends to provide a representative look at the potential curriculum content of a doctorate of finance. The specifics can vary, depending on the school and program you select. Different programs align with different career goals, in industry or academia, and offer courses according to these specific learning outcomes.

Concentrations Offered for an Online Doctoral Degree in Finance

• Careers this concentration prepares for: College Professor, Accountant, Auditor
• Careers this concentration prepares for: Finance Manager, Executive
• Careers this concentration prepares for: Personal Financial Advisor, College Professor

Curriculum for an Online Doctoral Degree in Finance

• Introduction to Empirical Methods: These introductory courses develop a foundational knowledge of academic and theoretical research methods by exploring a range of techniques and quantitative tools used for finance and economic analysis.
• Topics in Macroeconomics: Macroeconomics topics courses typically focus on two or three main areas of modern research, such as economic growth or wage inequality. Students read literature on the course topics and participate in discussions.
• Finance Theory: Expect to complete a few finance theory courses for your doctorate in finance online. From introductory levels to advanced courses, students develop an understanding of single period and dynamic models.
• Economic Analysis: Typically part of a sequence of multiple microeconomics theory courses, economic analysis courses focus on topics including consumer and producer choice and the nature of equilibrium in competitive markets.
• Applied Behavioral Finance: Through lectures, active discussion, and written assignments students learn to apply current behavioral finance theory and research to real-world scenarios like financial planning and business practice.

Earning an online doctorate in finance prepares an individual to work either inside or outside of the finance industry. Graduates' analytical skills and advanced knowledge of financial principles allow them to hold high-level positions in major companies, in the government, or in academia.

• Median Annual Salary: $76,000
• Projected Growth Rate: 15%
• Median Annual Salary: $125,080
• Projected Growth Rate: 19%
• Median Annual Salary: $90,640

Source: Bureau of Labor Statistics

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Online PhD Finance

By Derick de Souza

Updated january 11, 2024.

Derick de Souza

Education & Business Consultant

Derick is a business and education consultant working on various projects and scopes. With about 25 years of experience in different settings, he loves to tell others about “how not to be a failure” rather than “how to be successful.” Derick writes and edits articles on online learning, business, employment, and skill development, among others. His hobbies include photography, web design and development, and traveling.

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In business academics, a Online PhD Finance program is considered a terminal degree, which means it reflects one of the highest levels of expertise in the field. Students pursuing a Ph.D. in Finance acquire a comprehensive education and practical training in the areas of corporate finance, financial products and markets, investment banking, etc. A strong emphasis is placed on research in both DBAs and Ph.Ds. in Finance programs, which provides doctoral candidates with opportunities to learn about research procedures and conduct self-guided independent studies. Students enrolled in an online Ph.D. finance gain the knowledge and skills necessary to succeed in business and advance their careers in the finance industry. While a DBA (Doctor of Business Administration) is better suited for working professionals interested in furthering their career in senior positions in the industry, the Ph.D. in finance program is best suited for those interested in academia. Employment in finance occupations is projected to grow at 8% from 2020 to 2030, which is about as fast as the average rate for all occupations. The median annual wage for finance occupations was $72,250 in May 2020. While these figures are primarily applicable to master’s degree holders, Ph.D. holders can earn considerably more and land senior roles, indicating a bright future ahead of them. This page contains information about the doctorate in finance, including its curriculum, certifications, accreditation, funding, and the best Ph.D. in finance programs, among other things.

Best Online Phd Finance Programs

A successful school should, of course, have outstanding infrastructure, well-structured programs, trained, qualified, and experienced teaching staff, excellent research facilities, and strong student support services, among other things. Accreditation is also what distinguishes a well-known school committed to providing high-quality education. Many universities in the United States offer notable Ph.D. in finance programs, and most of them are competitive, making finding the finest one challenging. Using a variety of essential components and factors, FBD’s numerous teams discovered and evaluated hundreds of schools to generate a finance Ph.D. ranking. The following is a list of some of the best online Ph.D. programs in finance: *

Creighton University

Northcentral university, kansas state university, atlantic international university, johnson & wales university, california baptist university, liberty university, franklin university, william howard taft university, cambridge college.

Universities and programs are ranked by various factors, such as affordability, curriculum and coursework, reputation and availability, program length, statistics, the potential of employment, and return on investment for the students. For a more in-depth analysis, please read about our rankings methodology page . 

What to expect from the Online Phd Finance?

So, what is a PhD in finance? The Ph.D. in finance is an advanced and highest level of education one can pursue to seek top positions in industry and academics. The program entails heavy coursework, extensive examinations and seminars, in-depth research, and a dissertation or thesis submission.

The doctoral program in finance prepares students to conduct independent research in theoretical and empirical finance. It offers advanced study in the areas of financial institutions, financial markets, portfolios, risk management, asset pricing, investments style analysis, market behavior, derivative securities, wealth management, corporate finance, empirical methods in finance, analysis, research methods, and more. Some of the courses students will come across in a Ph.D. in finance program include:

• Asset Pricing
• International Macroeconomics and Finance
• Empirical Methods in Finance
• Market Design
• Behavioral Finance
• Actuarial Science
• Microeconomic Theory
• Financial Markets in the Macroeconomy
• Econometric Methods in Finance
• Portfolio Management
• Corporate Governance
• Options Pricing & Credit Risk
• Venture Capital
• Asset Management
• Statistical Analysis
• Mathematics for Economists
• Corporate Finance
• Real Estate Finance

Ph.D. students are also required to conduct exhaustive research and present a dissertation/thesis, which they must also defend in front of a panel of senior, experienced professors and professionals. Students can choose from a wide range of topics for their thesis, some of which include but are not limited to:

• Cognitive Behavior in Renewable Energy
• Impact of the Macroeconomic Variables on Non-Performing Loans
• Equity Strategies using Fundamental Momentum
• Financial Economics
• Determinants of Credit Risk in Banks
• Financial Markets
• Optimal Capital Ratio to the Survival of Commercial Banks

Areas of Specialization for Online Phd Finance

Most universities offer financial education through various concentration areas, which differ from each other. Specializations and concentrations allow students to delve deeper into their chosen fields of study. In a specific field of finance, they provide specialized knowledge and abilities that can be applied in a variety of business and industrial settings. They also have a substantial impact on one’s earning potential and future employment opportunities. Here are some examples of specializations available for students pursuing an online Ph.D. in finance:

Some examples of other specialization areas with Ph.D. finance include:

• Ph.D. in Financial Analytics
• Online Ph.D. in Economics and Finance
• Online Ph.D. in Finance and Economics
• Ph.D. in Investment Management
• Ph.D. in Investment Analysis
• Ph.D. Financial Planning

Why should I do an Online Phd Finance?

Why do a PhD in finance? A Ph.D. in finance can lead to rich and rewarding careers in finance. Candidates who pursue this program usually wish to work in academics or research or those who want to attain high positions in the financial industry, such as portfolio managers, investment advisors, finance directors, etc.

Learners can select between two types of doctoral degrees in finance: a Ph.D., which is a research-based degree, and a DBA (Doctor of Business Administration), which is a professional degree that is more vocationally focused.

In a Ph.D. program, students learn cutting-edge research in finance and economics that they can apply in the financial industry. In particular, financial econometrics, one of the most applied parts of finance, is studied extensively during this course. Research skills are also greatly emphasized to enable candidates to become industry leaders. Furthermore, many universities offer specializations such as international finance or innovation & entrepreneurship for candidates who wish to work closely with business ventures. Most top schools allow students to choose their own research topic under faculty guidance.

Regardless of their career paths after they graduate from a Ph.D. program in finance, candidates will have a competitive advantage over others due to their advanced expertise and research abilities that can be used across multiple industries.

Apart from an in-depth knowledge and expertise in finance, Ph.D. in finance students go on to acquire a host of transferable skills that can be applied or translated to new and different settings, situations, and tasks. In general, finance Ph.D. holders will have the ability to:

• Synthesize and analyze complicated content, solve problems, keep the broad picture in mind while managing details, use advanced research methods, make consistent judgments about abstract knowledge, and exercise sound judgment. A 
• Raise funds or manage finances to promote a research objective or an organization’s mission 
• Organize, plan, and manage a project, maintain records, negotiate complex situations, organize, plan events, prepare programs, panels, or presentations, and recruit people to participate. 
• Illustrate a challenge, find relevant resources, set criteria, synthesize and cite other people’s work, prioritize and allocate tasks, and cooperate successfully with other researchers and employees. 
• Use both general and specialized software and technical tools.
• Demonstrate a solid theoretical foundation in finance, as well as an awareness of financial operations, concepts, and the industry.
• Demonstrate strong managerial and entrepreneurial skills.
• Demonstrate knowledge of worldwide financial companies and industries, as well as an increased awareness of global issues.

Career prospects and salary-wise, the U.S Bureau of Labor Statistics (BLS) reports that jobs in finance are set to grow 8% from 2020 to 2030 , which is about as fast as the average rate for all occupations, and the median annual wage for finance occupations was $72,250 in May 2020.

How to get into the Online Phd Finance program?

Can you get a PhD in finance? The Ph.D. program is rigorous and comprehensive, and it is only natural for the acceptance procedure to be equally rigorous. During enrollment, admissions officers or committee members check to see if the applicant has what it takes to pursue the program and will put in the effort necessary to complete the program effectively and successfully.  Colleges look for competent applicants with experience in their subject and vital academic records, with a keen interest in research and delivery. Apart from rudimentary admissions requirements, it is not uncommon for an interview with a member of the admissions committee to be called for during the final stages of the application process. It is worth noting that each school has its own admissions process and set of standards distinct from the others. Here are some of the essential and generic admissions requirements for an online Ph.D. in finance program:

• Application for Admission
• Application Fee
• Official Academic Transcripts
• An Undergraduate degree from an accredited college or university
• Acceptable undergraduate coursework and Grade Point Average (GPA)
• A Master’s degree in finance or a closely related field from an accredited institution. (Preference is generally given to applicants with a master’s in finance)
• A Grade Point Average (GPA) of at least 3.0 on a scale of 4.0 in graduate-level studies
• Acceptable Graduate Management Admission Test (GMAT) or Graduate Record Exam (GRE) score (no more than five years old)
• Personal Statement or Statement of Purpose
• Professional Resume
• At least 3 to 4 Letters of Recommendation

Apart from this Ph.D. in finance requirements, some schools may require students to submit an Admission Essay or Scholarly Writing Sample and complete prerequisites courses such as mathematics, statistics, financial analysis, micro, and macroeconomics, etc., especially if they do not have a background in finance.

How long does it take to complete the Online Phd Finance?

How long does a PhD in finance take? The Ph.D. program in finance takes about four to five years (sometimes six) to finish after completing high school or acquiring a bachelor’s degree at an accredited college or university. The entire Ph.D. process can be completed online because it mainly consists only of coursework. However, it is much more common for Ph.D. candidates to complete their dissertation/thesis through regular coursework than exclusively online. In most instances, coursework is completed in the first 2 years or 4 semesters of the program, with the remaining years dedicated to research, writing, and defending a thesis, dissertation, or other similar assignments/requirements. The 65 to 75 credits program also includes seminars and extensive examination throughout multiple.

Furthermore, while some online Ph.D. programs allow students to take lectures and tests at their own pace, others follow a strict class schedule and enroll students in a cohort for the duration of their program. This, too, can influence the length of a finance Ph.D. program.

Accreditation for Online Phd Finance

Accreditation is a critical component of an institution’s credibility since it establishes its legitimacy. As confirmation that the college meets and maintains established standards in administrative support and policies, instructor hiring and evaluation, program quality, infrastructure, and curriculum requirements, it assures students and employers that the college or program is valuable and reputable. Accreditation from one of the six major regional accrediting bodies recognized by the Council for Higher Education Accreditation ( CHEA ) and the U.S Department of Education is required for legitimacy and transferability of credentials. Regional accrediting agencies are comprised of the following six organizations:

• New England Commission on Higher Education ( NECHE )
• Middle States Commission on Higher Education ( MSCHE )
• Higher Learning Commission ( HLC )
• Southern Association of Colleges and Schools Commission on Colleges ( SACSCOC )
• Northwest Commission on Colleges and Universities ( NWCCU )
• Western Association of Schools and Colleges (WASC) Community and Junior Colleges Accrediting Commission ( WSCUC )

The accreditation can also be provided by specialty accreditors, who examine the same characteristics as general accreditation committees but with a particular emphasis on the expert competencies demanded of students. They ensure that programs are well-rounded in terms of business knowledge, that teacher standards are based on real-world experience, and that the curriculum is up to date with the latest developments in the subject. Moreover, a recognized degree from a specialty program means that the institution has met subject-specific requirements established by the business community, such as those set by the National Association of State Boards of Accountancy (NASBA). The following are the three most well-known specialty accreditors for advanced finance programs in the United States who the CHEA also recognizes:

International Assembly for Collegiate Business Education ( IACBE )

In addition to accrediting nearly 2,000 business and accounting schools throughout the world, the International Assembly for Collegiate Business Education (IACBE) also provides a supportive environment for members to build high-quality, creative business education programs.

Accreditation Council for Business Schools and Programs ( ACBSP )

A global business education certification authority, the Accreditation Council for Business Schools and Programs (ACBSP) was the first accrediting body to grant accreditation to all levels of college business education degree programs, from the associate to the doctoral level.

Association to Advance Collegiate Schools of Business ( AACSB )

The Association to Advance Collegiate Schools of Business (AACSB) provides quality assurance, business education intelligence, and learning and development services to over 1,700 member organizations and more than 900 accredited business schools around the world.

Students can check the accreditation of a college offering a Ph.D. in finance on the Council for Higher Education Accreditation ( CHEA ) or U.S Department of Education websites.

Online PhD in Finance no GRE Programs

Most universities, except for a few, require the Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) tests to be taken or scores to be submitted at the time of applying to a Ph.D. in finance program. The few schools that have waived this requirement or made it optional have done so, at least for the Fall 2024 intake, due to the Covid pandemic. No distinction is made between those who submit a GMAT/GRE score and those who do not. Here is an example of a university that has a No GRE PhD in Finance program:

The University of Chicago Booth School of Business

Due to the current pandemic, Chicago Booth will not require the GRE/GMAT for admission to the Ph.D. program in Fall 2024. Those who do not have a GRE or GMAT will be fully considered. Applicants who do not submit a GRE/GMAT score for the Fall 2024 application do not need to request a waiver or submit a request, as these scores are entirely optional for the Fall 2024 application.

Fully Funded Online PhD Finance Programs

Several universities, private organizations, and research firms offer fully-funded online Ph.D. programs in finance and other business concentrations. However, students may have to meet additional admissions criteria or other program requirements to receive funding. Here are some colleges offering fully funded finance Ph.D. programs:

Accelerated Online PhD in Finance

Some colleges offer fast-track or accelerated programs for students who desire to obtain their Ph.D. in less time than the standard 4 to 6 years. However, students should keep in mind that these programs need a lot of time and effort (daily). If students are going to get an accelerated doctorate, they will have to take three courses a term instead of two and would have to work on their dissertation throughout the entire program instead of putting it all together at the end. That said, accelerated executive Ph.D. programs in finance are very hard to come across; universities tend not to offer them for various reasons.

How to Pay for Online Phd Finance Programs?

Even though online Ph.D. finance programs can potentially be cheaper than traditional in-state or out-of-state finance Ph.D., the program’s cost can run into tens of thousands of dollars. Most Ph.D. students are usually working professionals and try to fund their doctoral studies by themselves. However, with family, work, medical, and lifestyle commitments, doing so may not always be easy, which is why looking for alternatives to fund one’s doctoral program may be a prudent thing to do. Here are a few options of financial aid for an online Ph.D. finance student to explore:

Scholarships

In terms of financial help for most students, scholarships are by far the most popular option. Individual donors, private groups, alumnae associations, cultural, religious, and commercial organizations all contribute to the funding of scholarships for advanced education students. The academic performance and achievements of applicants are considered first and foremost when determining whether or not they will be awarded a scholarship. Besides academic achievement, scholarships are awarded to students who have demonstrated leadership in their communities, have a particular cultural background, or are members of a specific religion, among other things. (Note: Read about Scholarship Scams to avoid being scammed.)

A Ph.D. Fellowship, also known as Predoctoral Fellowship, is a monetary award given to a doctoral student. Some forms of Ph.D. fellowships provide financing for specific reasons, to students with specific traits, or the requirement that students complete a future assignment in exchange for funds. Fellowships are also awarded as incentives for exceptional performance, while others are meant to lure and retain highly desired pupils. Departments, universities, individuals, government agencies, corporate bodies. etc., all award fellowships.

Academically gifted students yet hail from low-income families are more likely to be awarded grants. In contrast to scholarships, grants are not entirely merit-based but need-based, typically awarded considering the family’s financial status.

Graduate Assistantships

Obtaining a Teaching Assistantship is an option for students who want to work as assistants to professors, assisting them with instructional constraints, working in a lab or workshop, or teaching and demonstrating for graduates and undergraduates. In exchange for their work, they will receive a fee waiver or stipend. Research Assistantships are another option that provides a fee waiver or stipend but differs from teaching assistantships in that they allow students to assist a professor with their research rather than teaching.

Employer Sponsorship

Many companies allow their employees to study further while working. Prospective doctoral students should check to see if their employer sponsors Ph.D. studies and the terms and conditions against which such sponsorship may be available. In most instances, employers will require a long-term commitment of some sort in exchange for the sponsorship of the employee’s doctoral program.

Student Loans

If they are eligible, doctoral students and working professionals pursuing their Ph.D. might also explore taking out government, bank, or private loans that will require them to make interest payments. It must be noted that loans that are not repaid on time will accrue additional interest and penalties, which will almost likely result in a rise in student debt.

The FAFSA, or Free Application for Federal Student Aid , is a form students can fill in and submit to check their eligibility for financial aid against various criteria. More FAFSA-related information is available here .

Read the best Financial Guide to know more about various types of financial aid.

Free Courses for Online Phd Finance

Students can seldom find quality free online courses in finance that are relevant and applicable to Ph.D.-level studies. Nevertheless, a few study portals offer free courses that may be of us to Ph.D. finance students. Most such offerings, however, serve as guide rails for a thesis, at best. One must also remember that free courses do not lead to a certificate; they provide additional knowledge and information to widen one’s horizons and study beyond the textbook. Here are some resources where free courses and classes can be found:

FAQs about Online Phd Finance Programs

How to get a doctorate in finance.

A bachelor’s degree followed by a master’s degree in finance or a discipline closely connected to finance is required to enroll in an online Ph.D. finance program. In the first years of study, students must take courses in five categories: foundation courses, core courses, specialization courses, research techniques courses, and capstone/thesis preparation courses. The student must subsequently conduct research, prepare, and submit a dissertation or thesis, as well as defend it in front of a panel of academicians and professionals.

What are the best PhD programs in Finance?

Doctoral programs in finance are available at several universities across the country. A reputable school must, among other things, have excellent research facilities and well-qualified and experienced teaching staff and must be accredited by either a regional or specialized accreditation body. This page contains a list of some of the best and most affordable programs and schools of a Ph.D. in finance.

What can you do with a doctorate in Finance?

A doctorate in finance enables individuals to enter academia as professors, researchers, deans, etc., or take up top positions in business and industry, such as senior managers, senior analysts, directors, chief financial officers, etc.

What is the average fee charged by the colleges?

The total cost of a doctorate is determined by a number of factors, including the type of school, the kind of doctorate, the length of the program, and the amount of financial aid available. According to a report from Education Data, the average cost of a Ph.D. in the United States is about $98,800 .

How long is a PhD in finance?

A typical Ph.D. in finance will require anywhere between 4 and 5 years to complete, sometimes even 6 years or more. The duration of the program depends on several factors, including the chosen specialization, coursework load, the topic for the dissertation/thesis, etc. Full-time students who are not working professionals and dedicate themselves entirely to their Ph.D. studies may be able to complete the program in about 3 to 4 years.

Can you get a PhD in finance online?

The entire Ph.D. process can be completed online because it consists mostly of coursework. However, it is much more common for Ph.D. candidates to complete their dissertation through regular coursework than exclusively online by taking exams and seminars throughout multiple semesters, but some students enroll at colleges that offer all program components entirely online.

 What is the difference between a PhD and DBA?

A Ph.D. in finance is a Doctor of Philosophy degree that enables individuals to primarily conduct research or teach finance at the university level. A DBA (Doctor of Business Administration) is an applied doctorate, which means it typically requires professionals to apply concepts learned through practical experience to solve problems or conduct research that could influence business practices.

Career Opportunities and Salaries after Online Phd Finance

Although a Ph.D. in finance is better suited to enter senior positions in academia, it is not uncommon for individuals to seek careers in business and industry as well. Some potential Ph.D. careers are in investment banking, financial research & analysis, and private equity, higher up in the hierarchy.

What can you do with a PhD in finance? A Ph.D. degree in finance qualifies professionals for a variety of challenging executive positions, including controllers, financial managers, and chief financial officers (CFOs). When it comes to teaching at colleges and universities, a Ph.D. is often necessary, and many graduates go on to become professors, take up research, or become consultants.

Some finance Ph.D. careers and job titles include but are not limited to:

The PhD in finance salary varies according to seniority, industry type, geographic location, and company size, among other things. But as an indicator, according to the U.S Bureau of Labor Statistics (BLS), the median annual wage for finance occupations was $72,250 in May 2020, which was higher than the median annual wage for all occupations, and employment in finance occupations is projected to grow 8% from 2020 to 2030, about as fast as the average for all occupations.

Here is a list of a few examples of occupations that Ph.D. holders in finance can qualify for (with additional experience and training), and their salaries as reported by salary.com :

Certifications and Licensing for Online Phd Finance

Many financial careers entail taking on significant responsibilities, making it crucial for anyone working in the field to have the necessary education, training, and experience. Even with an advanced degree such as a Ph.D., an individual’s abilities are enhanced by certifications, which serve as a seal of approval that they possess the required expertise to work in a specific sub-field of finance. In most circumstances, certifications serve as a kind of licensure or serve as a pathway to licensure, which is required for important occupations. When it comes to choosing a career path in a field such as accounting or financial services, such as securities or insurance, certain certification and/or licensure will almost always be required by the employer. The following are some examples of certification and licensure:

Chartered Financial Consultant (ChFC)

The Chartered Financial Consultant (ChFC), awarded by the American College of Financial Services, covers a must-have list of requirements for financial advisors, from knowledge on tax and retirement planning to special needs advising, wealth management, insurance, and more. This certification can help financial advisors open doors and expand their business while putting them in a position to branch out and take their chartered financial practice to the next level.

Certified Financial Planner (CFP)

The Certified Financial Planner (CFP) certification is the gold standard of excellence in financial planning and opens the door to numerous opportunities to serve clients and help them reach their financial goals.

Series 6 Certification/License

The Series 6 Exam, or the Investment Company and Variable Contracts Products Representative Qualification Examination (IR), measures and assesses whether each candidate has the knowledge and skills required to fulfill the important duties of an investment firm and variable contract products representative, such as mutual fund and variable annuity sales.

Series 7 Certification/License

The Series 7 exam, also known as the General Securities Representative Qualification Examination (GS), evaluates an entry-level registered representative’s ability to fulfill the duties of a general securities representative. The exam assesses each candidate’s ability to perform the essential responsibilities of a general securities representative, such as selling corporate, municipal, and investment company securities, as well as variable annuities, direct participation programs, options, and government securities.

Certifications from AICPA

The AICPA provides several designations for accountants with a CPA, such as Accredited in Business Valuation (ABV), Certified Financial Forensics (CFF), Certified Information Technology Professional (CITP), Personal Financial Specialist (PFS), Certified in Entity and Intangible Valuations (CEIV), and Certified in the Valuation of Financial Instruments (CVFI). All these credentials require experience in the related area, continuing education, and passing an exam.

Chartered Financial Analyst (CFA)

The Chartered Financial Analyst (CFA) charter offers expertise and real-world skills in investment analysis. It is one of the highest distinctions in the profession of investment management.

Certified Public Accountant (CPA)

The Certified Public Accountant (CPA) offers candidates the information and tools they require to guide them to a successful entry into the accounting profession.

Some other prominent certifications online Ph.D. in finance graduates can explore and consider are:

• Chartered Global Management Accountant (CGMA)
• Certified Government Financial Manager (CGFM)
• Certified Internal Auditor (CIA)
• Certified Management Accountant (CMA)
• Certified Information Systems Auditor (CISA)
• Certified Public Accountant and Personal Financial Specialist (CPA and PFS)
• Certified Healthcare Financial Professional (CHFP)
• Certified International Investment Analyst (CIIA)
• Certified Chartered Economist (ChE)
• Certified Financial Risk Manager (FRM)
• Certified Fund Specialist (CFS)

Additional Resources for Online Phd Finance Degree

With finance being a vast ocean and having so many sub-disciplines in which one can specialize, keeping current and up to date is critical. It is always preferable to connect with industry experts, gain more significant insights into finance, collaborate with peers to resolve complex issues, and do much more than what an individual could accomplish on their own. Here are a few resources Ph.D. finance students and professionals can use for their study, research, or careers:

National Association of Insurance and Financial Advisors (NAIFA)

The National Association of Insurance and Financial Advisors (NAIFA) provides its members with world-class education, training, and sales and marketing resources. It also provides networking opportunities and access to great ideas and top-notch practitioners and an official publication that is a resource for sales ideas and industry news for insurance and financial advisors.

Association for Finance Professionals (AFP)

The Association for Finance Professionals (AFP) is an organization that provides certification, training, ideas and inspiration, events and networking, publication and data, and a career hub. AFP’s mission is to drive the future of finance and treasury and develop the leaders of tomorrow.

Professional Risk Managers’ International Association (PRMIA)

The Professional Risk Managers’ International Association (PRMIA) provides an open forum for the development and promotion of the risk profession. It connects practitioners, researchers, students, and others interested in the field of risk management. PRMIA offers its members information on the best risk management practices, professional development opportunities, certification programs, and valuable networking events.

Entrepreneurs’ Organization

Entrepreneurs’ Organization is a high-quality support network of 14,000+ like-minded leaders across 61 countries that helps entrepreneurs achieve their full potential through the power of life-enhancing connections, shared experiences, and collaborative learning. EO’s member network is committed to learning and helping each other succeed, gaining access to the world’s top experts, and helping individuals grow beyond their personal limits.

Financial Service Professionals (FSP)

Financial Service Professionals (FSP) is an organization that helps build one’s professional network, enhance one’s knowledge base, and grow one’s practice. It provides local access to world-class resources that are critical for success. Members can meet with peers, develop life-long connections, and grow their business through networking and educational events.

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The average tuition (based on degree type for in-state students), average graduation rates, and rankings are based on data from various sources, including the Integrated Postsecondary Education Data System (IPEDS), and are variable over time. All rankings and statistics are subject to change. The rankings are solely the opinion of Find Best Degrees (FBD) and are based on our  proprietary methodology . They do not represent the views of the institutions or organizations mentioned, nor do they represent any official government census or survey. Furthermore, any views or opinions expressed on this page are of FBD’s researchers and teams. Unless otherwise specified, they do not represent the thoughts and opinions of the individuals, institutions, or organizations mentioned. This page’s content is provided solely for informational purposes, with data drawn from various sources, including IPEDS. FBD and its employees make no guarantees regarding the accuracy or completeness of any information found on this page or by following any link. FBD will not be held liable for any errors or omissions in this material nor any losses, injuries, or damages resulting from the exposure or use of this information. Although the information on this page is/was correct at the time of publication, readers should exercise caution because some or all of the provided information may have changed over time, potentially resulting in inaccuracies. For more information, please read our  Terms of Service . Trademarks and logos are the property of their registered owners.

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PhD Program in Finance

2023-24 curriculum outline.

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

Required Courses

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

First Year - Summer

Math Camp begins on the second Monday in August. 

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

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

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

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

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

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

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

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

15.475 — Current Research in Financial Economics

Recommended Elective Courses

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

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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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Doctor of Finance Programs in America

1-17 of 17 results

Wharton School

Philadelphia, PA •

University of Pennsylvania •

Graduate School

• • Rating 4.67 out of 5   15 reviews

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

University of Pennsylvania ,

Graduate School ,

PHILADELPHIA, PA ,

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

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

Read 15 reviews.

Kellogg School of Management

Evanston, IL •

Northwestern University •

• • Rating 4.82 out of 5   17 reviews

Master's Student: Kellogg's MBA program at Northwestern University stands out for its collaborative environment, rigorous curriculum, and emphasis on experiential learning. With a focus on teamwork and diverse perspectives, students engage in group projects and case competitions to develop essential leadership skills. The curriculum offers customization options through electives and experiential opportunities, including internships and global immersion trips. Kellogg's strong alumni network and industry connections provide valuable career support, ensuring students are well-prepared for success in their chosen fields. Overall, Kellogg offers a dynamic and immersive MBA experience that equips students to excel as future business leaders. ... Read 17 reviews

Northwestern University ,

EVANSTON, IL ,

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

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

Read 17 reviews.

Tepper School of Business

Pittsburgh, PA •

Carnegie Mellon University •

• • Rating 4.73 out of 5   11 reviews

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

Blue checkmark.

Carnegie Mellon University ,

PITTSBURGH, PA ,

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

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

Read 11 reviews.

Leonard N. Stern School of Business

New York, NY •

New York University •

• • Rating 4.82 out of 5   28 reviews

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

New York University ,

NEW YORK, NY ,

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

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

Read 28 reviews.

Carroll School of Management

Chestnut Hill, MA •

Boston College •

• • Rating 5 out of 5   2 reviews

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

Boston College ,

CHESTNUT HILL, MA ,

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

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

Read 2 reviews.

McCombs School of Business

Austin, TX •

University of Texas - Austin •

• • Rating 4.67 out of 5   12 reviews

Master's Student: Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to explore different interests within business and broaden their career opportunities. The worst part of being at McCombs is the competitive environment, although it incentivizes students to work harder, it can be mentally draining to constantly try to outperform one's peers. ... Read 12 reviews

University of Texas - Austin ,

AUSTIN, TX ,

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

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

Read 12 reviews.

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Mays Business School

College Station, TX •

Texas A&M University •

• • Rating 2 out of 5   3 reviews

Graduate Student: Im starting in the summer and my experience has been great. I will be entering as an MD/MBA student starting with the MBA. ... Read 3 reviews

Texas A&M University ,

COLLEGE STATION, TX ,

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

Featured Review: Graduate Student says Im starting in the summer and my experience has been great. I will be entering as an MD/MBA student starting with the MBA. .

Read 3 reviews.

Eli Broad College of Business

East Lansing, MI •

Michigan State University •

• • Rating 5 out of 5   1 review

Current Master's student: The program has exelcent professors and organization which is appreciated since I am attending the EMBA program and do not want to waste time. ... Read 1 review

Michigan State University ,

EAST LANSING, MI ,

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

Featured Review: Current Master's student says The program has exelcent professors and organization which is appreciated since I am attending the EMBA program and do not want to waste time. .

Read 1 reviews.

Culverhouse College of Business

Tuscaloosa, AL •

The University of Alabama •

The University of Alabama ,

TUSCALOOSA, AL ,

University of Connecticut School of Business

Storrs, CT •

University of Connecticut •

• • Rating 4.75 out of 5   8 reviews

Master's Student: I like the diversity of students - ethnicities, work backgrounds, ages, and life experiences. I also love the strong reputation that UConn has. ... Read 8 reviews

University of Connecticut ,

STORRS, CT ,

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

Featured Review: Master's Student says I like the diversity of students - ethnicities, work backgrounds, ages, and life experiences. I also love the strong reputation that UConn has. .

Read 8 reviews.

Charles H. Lundquist College of Business

Eugene, OR •

University of Oregon •

• • Rating 5 out of 5   6 reviews

Master's Student: This is my first year, but all the information I have received and the "pre classes" I have attended have been excellent. ... Read 6 reviews

University of Oregon ,

EUGENE, OR ,

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

Featured Review: Master's Student says This is my first year, but all the information I have received and the "pre classes" I have attended have been excellent. .

Read 6 reviews.

Louisiana State University - College of Science

Baton Rouge, LA •

Louisiana State University •

Louisiana State University ,

BATON ROUGE, LA ,

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J. Mack Robinson College of Business

Atlanta, GA •

Georgia State University •

• • Rating 3.5 out of 5   6 reviews

Master's Student: I am a student at Robinson college of business at Georgia State University. The courses are excellent and provide you with a great opportunity to enhance your knowledge. Most of the professors at RCB are good, and they use multiple ways to evaluate students. ... Read 6 reviews

Georgia State University ,

ATLANTA, GA ,

6 Niche users give it an average review of 3.5 stars.

Featured Review: Master's Student says I am a student at Robinson college of business at Georgia State University. The courses are excellent and provide you with a great opportunity to enhance your knowledge. Most of the professors at RCB... .

College of Business - University of Texas - San Antonio

San Antonio, TX •

University of Texas - San Antonio •

Master's Student: I first attended UTSA in 2007 and graduated with my bachelors in 2009. My education opened up opportunities for me in the healthcare field. While at UTSA I felt the environment was conducive to learning and there were resources available to me to help me succeed. I've worked my way through school as an undergraduate and will do so as a graduate student. UTSA has classes available to fit my schedule and it is affordable. I hope attending graduate school will open up new opportunities for me and help me to fulfil my dreams of becoming a hospital executive. ... Read 1 review

University of Texas - San Antonio ,

SAN ANTONIO, TX ,

Featured Review: Master's Student says I first attended UTSA in 2007 and graduated with my bachelors in 2009. My education opened up opportunities for me in the healthcare field. While at UTSA I felt the environment was conducive to... .

Falls School of Business

Anderson, IN •

Anderson University - Indiana •

Anderson University - Indiana ,

ANDERSON, IN ,

Capella University

Minneapolis, MN •

• • Rating 4.61 out of 5   973 reviews

Doctoral Student: Capella University offers comprehensive online programs for adult learners, focusing on academic excellence and practical skills. The university's flexible learning environment enables students to juggle their studies with work and family obligations. Students are prepared by the university's emphasis on practical skills and real-world applications. The faculty is supportive and responsive, and Capella's innovative use of technology provides an interactive learning experience. As a leader in online education, I believe it's an excellent choice for those balancing education with their lifestyle. I started at Capella University when I decided to further my education and change my field from pharmacy technician to healthcare administrator. I finished my bachelor's and master's of healthcare administration from Capella University. I am so happy with my achievements and would like to pursue my doctoral degree in healthcare administration to advance in my job. ... Read 973 reviews

MINNEAPOLIS, MN ,

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

Featured Review: Doctoral Student says Capella University offers comprehensive online programs for adult learners, focusing on academic excellence and practical skills. The university's flexible learning environment enables students to... .

Read 973 reviews.

Inter American University of Puerto Rico

San Juan, PR •

• • Rating 4.6 out of 5   5 reviews

Doctoral Student: I am grateful that I have professors working hard every day to make the experience of online classes, less tedious and more active and entertaining. Therefore, it helps me go through classes more smoothly and more openminded about the current situation we are all going through right now. I honestly cant be more grateful about my professors work and resilience. They are a very good example for us all. ... Read 5 reviews

SAN JUAN, PR ,

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

Featured Review: Doctoral Student says I am grateful that I have professors working hard every day to make the experience of online classes, less tedious and more active and entertaining. Therefore, it helps me go through classes more... .

Read 5 reviews.

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

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

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

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

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

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

Lubos Pastor

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

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

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

Robert W. Vishny

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

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Alumni Success

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

Shohini Kundu, MBA '20, PhD '21

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

Jane (Jian) Li, PhD '21

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

Spotlight on Research

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

A Brief History of Finance and My Life at Chicago

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

Climate-Policy Pronouncements Boost 'Brown' Stocks

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

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

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

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

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

A Network of Support

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

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

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

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

Initiative on Global Markets Enhancing the understanding of business and financial market globalization, the IGM positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

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

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

The PhD Experience at Booth

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

Video Transcript

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

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

Current Finance Students

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

Current Students

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

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

Program Expectations and Requirements

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

Download the 2023-2024 Guidebook!

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The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

Read More:   The Highest Paying PhD Programs

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

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

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

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

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

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

PhD in Finance

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

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

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

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Economics, Accounting or Finance PhD

Oxford brookes university.

Economics is a broad discipline that helps us understand historical trends by studying the past, interpret today’s major challenges and Read more...

• 3 years Distance without attendance degree
• 4 years Distance without attendance degree
• 3 years Full time degree: £4,712 per year (UK)
• 4 years Part time degree: £2,356 per year (UK)

Management PhD, MPhil - Economics, Finance and Accounting

University of leicester.

The School of Business offers supervision for the degrees of Doctor of Philosophy (PhD) - full-time campus based, part-time campus based Read more...

• 6 years Distance without attendance degree: £3,942 per year (UK)
• 3 years Full time degree: £4,786 per year (UK)
• 6 years Part time degree: £2,393 per year (UK)

PhD Accounting and Finance

London south bank university.

During this PhD course, students work with research supervisors to develop research projects to shape theory, policy and practice in the Read more...

• 6 years Distance without attendance degree: £4,820 per year (UK)
• 3 years Full time degree: £4,820 per year (UK)
• 5 years Part time degree: £2,892 per year (UK)

Finance PhDs and Mphils (Distance Learning)

University of portsmouth.

If you're interesting in taking your existing expertise in Finance into a postgraduate research degree, Portsmouth is the perfect place to Read more...

• 6 years Distance without attendance degree: £2,356 per year (UK)

Course type:

• Distance learning PhD
• Full time PhD
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• Youth Program
• Wharton Online

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

For information on courses and sample plan of study, please visit the University Graduate Catalog .

Get the Details.

Visit the Finance website for details on program requirements and courses. Read faculty and student research and bios to see what you can do with a Finance PhD.

Finance Doctoral Coordinator Prof. Luke Taylor John B. Neff Associate Professor in Finance, Professor of Finance Co-Director, Rodney L. White Center for Financial Research Email: [email protected] Phone: (215) 898-4802

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U.S. News & World Report ’s 2024 Best Business Schools ranking places the Broad College at No. 1 for graduate supply chain/logistics programs for eight consecutive years. See the numbers .

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Ph.D. in Finance

Distinguish yourself as a leading finance scholar..

Our Ph.D. in Finance program educates and empowers students as they develop into leading industry scholars. We deliver a comprehensive curriculum paired with a hands-on research approach that involves doctoral students in research projects with faculty members early in their degree program.

Finance Doctoral Student Handbook

Curriculum Overview

The research interests of the department cover all of the major areas of finance, including corporate finance, behavioral finance, international finance, financial intermediation, financial markets, portfolio theory, empirical investments and theoretical asset pricing.

All students who enter the Ph.D. in Finance program choose a program of study in consultation with the department’s doctoral program director. A typical student’s program covers a broad range of topics, including microeconomics, econometrics, corporate finance and investments (outlined below).

Semester 1 (Fall)

• Economics 812A: Microeconomics I
• Economics 820A: Econometrics IA
• Finance 891: Topics in Finance

Semester 2 (Spring)

• Economics 812B: Microeconomics II
• Economics 820B: Econometrics IB
• Finance 982: Finance Theory

First Summer Research

• Research-related activity under supervision of faculty.

Semester 3 (Fall)

• Finance 981: Corporate Finance Theory
• Economics 821A: Cross Section Econometrics I
• Free Elective

Semester 4 (Spring)

• Finance 982: Investment Theory
• Finance 983: Financial Econometrics
• Economics 821B: Cross Section Econometrics III

Second Summer

Comprehensive exams are taken during late spring. After passing this exam, the student can begin working on the doctoral dissertation under the supervision of an individual faculty member.

Years 3 and 4 (and 5, if necessary)

Student conducts individual research, culminating in a doctoral dissertation. The dissertation proposal and defense are oral presentations made before the student’s dissertation committee.

Dive Deeper

• How to Apply

Students are admitted to the finance doctoral program only for the fall semester and on a full-time basis. Find out more about admission criteria and the application process.

Faculty-student collaboration is a significant part of the Broad experience. Finance doctoral students have the opportunity to work with some of the top researchers across multiple disciplines. Find out more about the research opportunities for finance doctoral students at MSU.

The finance faculty at Michigan State University are outstanding in their field and have diverse research interests. Meet our faculty currently working with Ph.D. students in the finance doctoral program.

See a roster of current doctoral students in the program as well as a listing of our graduates’ placements at research institutions across the globe over the last decade.

Tuition and Financial Aid

All admitted students (domestic and international) are eligible for a graduate assistantship. In the past all admitted students have been guaranteed four years of financial support, including a tuition credit and a monthly stipend. Students typically find that the stipend is sufficient to cover their living expenses. Eligible students may receive a fifth year of support, if required.

At the present time, all finance doctoral students receive financial support from the department, the college, and/or various external organizations. Our goal is to provide every student admitted to the program with a graduate assistantship. The assistantship is usually at a half-time level, requiring the student to work as a teaching and/or research assistant for twenty hours a week. Renewal of financial assistance is contingent on satisfactory progress in the program and on funding availability.

Assistantships include a nine-credit-hour tuition waiver for each of the fall and spring semesters, a four-credit-hour tuition waiver for the summer session, a waiver for the out-of-state portion of tuition for non-Michigan residents and health insurance. The waiver does not include registration fees or other fees. The typical assistantship currently pays approximately $25,000 for duties assigned during the academic year.

Depending on funding and our teaching needs, we are typically able to offer most Ph.D. in Finance students an additional $5,000 assistantship over the summer for teaching. To be eligible for a teaching assignment, all international students must pass an oral English test (the SPEAK test) administered by Michigan State.

Since all admitted students typically receive funding, international students do not need to include the “Affidavit of Support” form with their application. Further details on the terms of assistantships will be provided to all students who are offered admission.

Contact Information

• Department of Finance
• Eppley Center
• 667 N Shaw Ln Rm 315
• East Lansing, MI 48824
• Phone: (517) 353-1745

Frequently Asked Questions

Program overview.

We are looking for students who have strong analytical minds, yet who are also creative thinkers. We find that some of these students have come from traditional business programs, but many others come from more quantitative fields, including engineering, economics, math, statistics and the natural sciences. Students with business education backgrounds should make sure that they have the quantitative skills to survive in a Ph.D. finance program. Students with more quantitative backgrounds should make sure that they are familiar with MBA-level finance and are committed to using their quantitative skills to tackle finance research questions.

No. The finance program is an extremely intense program requiring a large time investment. Most of our students find that they study at least twice as many hours a week as they did during their undergraduate or master’s studies.

Historically, more than half of our students are international, drawn primarily from Europe and Asia. Many of our international students have a prior degree from a U.S. school. Most, but not all, of our recent students have a master’s degree. Our students’ prior degrees are quite diverse and include engineering, economics, math, statistics and finance.

We train students for research and teaching careers. Most graduates have secured positions at U.S. or international universities. A small number of students have chosen to pursue careers in consulting or industry. See the Students and Placements page for more information.

No. A degree from a U.S. school will exempt you from the TOEFL requirement.

We have no set cutoff for GMAT scores. However, we do look at these scores very closely. The average score of our most recent group of admitted students was 713. Unless a student has a very strong prior academic record, admission with a score below 650 is very unlikely.

We prefer the GMAT, but we are willing to accept a GRE score instead of the GMAT. We look at all scores on the GRE test, with an emphasis on the quantitative section. Our typical admitted student will have GRE scores in the 95th percentile or above. Unless a student has a very strong prior academic record, admission with an overall score below the 90th percentile is highly unlikely.

Absolutely not. A few students have practical work experience in the financial sector. This experience often helps them in identifying research projects and/or data sets. However, many students have no past job experience. Finance research is highly theoretical and statistical and requires a very different skill set than what is typically needed in the business world.

We typically receive 100–200 applications in any given year. We generally admit four to six students for study in a given fall semester. Competition for spots in the program is intense.

Financial Aid

All admitted students (domestic and international) are eligible for a graduate assistantship. In the past, all admitted students have been guaranteed four years of financial support, including a tuition credit, health insurance coverage, and a monthly stipend. Students typically find that the stipend is sufficient to cover their living expenses. In most cases, students can receive a fifth year of support, if required.

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The Finance PhD program prepares students to engage in original research on financial markets and decision-making. Students acquire critical technical skills in economic theory, finance theory, data analysis and coding. They also learn to identify promising ideas, write compelling papers and present effectively. Contribute to leading edge research

Our faculty’s research interests and technical approaches are broad, with particular strength in fields and methods such as:

• Corporate finance
• Household finance
• Labor and finance
• Social impact investing
• Textual analysis
• Theoretical modeling

Work with top thought leaders

Because the Finance PhD program is small, students benefit from broad access to faculty as co-authors, advisors and mentors. Students also have direct access to leading scholars within professional associations, including five members of the Finance Theory Group, five members (including one founder) of the Labor and

Additional  information about our Finance faculty  can be found here

General details about the curriculum, requirements, and structure of the  program can be found here . Please be aware this document is not an exhaustive list of the requirements for the Program.

How to Apply

PhD in Finance Program Flyer

PhD Graduates' Publications

ETF Arbitrage, Non-Fundamental Demand, and Return Predictability (2021) Review of Finance David C. Brown (PhD 2014) Shaun William Davies Matthew Ringgenberg

Financing Efficiency of Securities-Based Crowdfunding (2020) Review of Financial Studies (Editor's Choice as Lead Article) David C. Brown (PhD 2014) Shaun William Davies

Learning by Owning in a Lemons Market (2022) Journal of Finance Jordan Martel (PhD 2018) Brian Waters Kenneth Mirkin

A Theory of Financial Media (2022) Journal of Financial Economics Eitan Goldman Jordan Martel (PhD 2018) Jan Schneemier

A Text-based Analysis of Corporate Innovation (2021) Management Science Gustaf Bellstam (PhD 2018) Sanjai Bhagat J. Anthony Cookson

Rival Growth Prospects & Equity Prices: Evidence from Mass Layoff Announcements (2021) Journal of Money, Credit and Banking Adam Bordeman (PhD 2015 Accounting) Bharadwaj Kannan (PhD 2016) Roberto Pinheiro

Employment, corporate investment and cash flow uncertainty (2018) Journal of Financial & Quantitative Analysis Saad Alnahdeh (PhD 2017) Sanjai Bhagat, Iulian Obreja – U.S. Securities and Exchange Commission

Tax uncertainty and retirement savings diversification (2017) ​ Journal of Financial Economics David C. Brown (PhD 2014) Scott Cederburg Michael S O'Doherty

• Moral hazard in active asset management (2017)  Journal of Financial Economics David C. Brown (PhD 2014) ​Shaun William Davies  
• Size, leverage, and risk-taking of financial institutions (2015) Journal of Banking and Finance Sanjai Bhagat Brian Bolton (PhD 2006) Jun Lu - Central University of Finance and Economics, Beijing (PhD 2011)  
• Financial crisis and bank executive incentive compensation (2014) Journal of Corporate Finance Sanjai Bhagat Brian Bolton (PhD 2006)  
• Director ownership, governance and performance (2013) Journal of Financial & Quantitative Analysis​ Sanjai Bhagat Brian Bolton (PhD 2006)  
• Manager characteristics and capital structure: Theory and evidence (2012) Journal of Financial & Quantitative Analysis Sanjai Bhagat Brian Bolton (PhD 2006) Ajay Subramanian 
• PhD in Accounting
• PhD in Information Systems
• PhD in Marketing
• PhD in Organizational Behavior
• PhD in Strategy, Entrepreneurship, and Operations (SEO)
• PhD Admissions
• Research Requirements
• Teaching Requirements
• PhD Placements
• PhD Students
• Frequently Asked Questions

Download our PhD brochures to learn more about our programs.

PhD with Integrated Study in Finance

Our Accounting and Finance subject group is one of the largest in the Business School, with approximately 50 academic colleagues providing high quality teaching and research, and a range of research centres and networks which create real-world influence in business, government, and the public sector.

This programme is currently undergoing the final approval process. We anticipate applications will open in January 2024.

The programme offers credited research training for those researching a financial topic, such as behavioural finance, asset pricing, corporate finance and governance, and aspects affecting financial markets and institutions. Supported by experts within the field, you will have the opportunity to develop a doctoral thesis based on original and relevant research.

PhD with Integrated Study in Finance at a glance

• Study over four years full time, with an additional 'writing-up' year available to all
• During your first year, undertake 180 credits of taught courses designed to train you in the theory and methods necessary to conduct high-quality research
• Access numerous database subscriptions to support your research, such as Bloomberg, Capital IQ, Datastream, Eikon, Morningstar Direct, SNL Financial, and Wharton Research Data Service (WRDS) which features, among others, access to Boardex, Compustat, CRSP, and Sustainalytics data
• Support and access to a wide range of professional and personal development opportunities during your studies
• We encourage our students to aim higher, presenting papers at prestigious conferences and submit articles for publication

Entry requirements

Find out our academic, English language, and application requirements for the PhD in Finance.

Programme overview

View the learning outcomes and a typical training course schedule for a first-year student.

Fees and living expenses

When budgeting please consider associated administration fees and expenses as well as our funding support.

Ready to apply?

Review our application checklist and make your application to the PhD in Finance.

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PhD/ MPhil/ MSc Finance (Research)

• Visit an Open Day
• Request a prospectus
• Course details
• Entry Requirements
• Teaching and assessment
• Employability

The PhD/MPhil/MSc in Finance comprises a short taught component followed by a longer research phase. Taught modules allow you to broaden, as well as deepen, your knowledge of research methods as well as conducting your own research and developing transferable professional skills.

The PhD programme in Finance will facilitate the creation and interpretation of new knowledge by the research student, demonstrated through the thesis. The taught component is designed to ensure that doctoral researchers understand the breath of techniques used in modern social science research.

Doctoral researchers will be capable of analysing a range of data using a range of qualitative and quantitative techniques. They will be able to explain theories underlying different approaches to social science research. Doctoral researchers are expected to participate to the fullest possible extent in the life of the Department of Finance and the Business School. This means attending seminars organised by the Department of Finance and more widely in the Business School thereby helping expose doctoral researchers to new ideas emanating from outside their own area of specialisation. It also requires actively participating in PhD workshops and conferences organised by the Department of Finance, the Business School and Graduate School as well as institutions outside the University of Birmingham.

Ultimately all doctoral researchers will have the ability to characterise and solve business and financial problems using advanced research tools. They should be able to derive policy implications from their research and communicate these to policy makers, practitioners and other academics in a manner which is comprehensible. They will also be able to peer review others’ research and offer constructive criticism; and to extend the frontiers of the discipline through their own innovative research.

Doctoral researchers may choose to become academics, work in Government, businesses, supranational organisations or in the research arms of major financial institutions. They are expected to achieve a substantial understanding of contemporaneous financial and business issues enabling them to take a lead in ongoing debates within society. They will be aware of and understand the function of related institutions at both a national and international level.

Fees 2024 - 2025

• Code: 021B - £4,778 (UK) PhD Full time
• Code: 022B - £2,389 (UK) PhD Part time
• Code: 021B - £23,520 (International) PhD Full time
• Code: 023B - £4,778 (UK) MPhil
• Code: 023B - £23,520 (International) MPhil
• Code: 045B - £4,778 (UK) MSc (Research)
• Code 045B - £23,520 (International) MSc (Research)

Learn more about fees and funding

Scholarships and studentships

A limited number of scholarships may be available to outstanding applicants. International students  can often gain funding through overseas research scholarships, Commonwealth scholarships or their home Government.

For further information contact the School directly or visit our helpdesk.

How To Apply

• How to apply

To apply for a postgraduate research programme, you will need to submit your application and supporting documents online. We have put together some helpful information on the research programme application process and supporting documents on our how to apply page . Please read this information carefully before completing your application.

Our Standard Requirements

The Business School's entry requirement is a good honours degree (first or upper second class honours) awarded by a recognised University in an appropriate subject, and a merit in a relevant Master’s degree. We usually ask students for an average of 65 in the taught component of their Masters. All international students also need to show that they have adequate knowledge of written and spoken English.

Learn more about our entry requirements.

Writing your research proposal

Along with your academic record, your references and your curriculum vitae your research proposal plays a critical role in the evaluation of your application.

Your research proposal should illustrate your ability to plan an independent research study and the relevance of your topic to the research interests and expertise of Birmingham Business School.You need to demonstrate that you understand the field that you plan to research, identify an interesting and original research question, and develop a tentative plan of study. It is highly desirable that your research proposal is written to the guidelines specified below.

Guidelines for the Research Proposal

When clicking on the Apply Now button you will be directed to an application specifically designed for the programme you wish to apply for where you will create an account with the University application system and submit your application and supporting documents online. Further information regarding how to apply online can be found on the how to apply pages.

International Requirements

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 14/20 from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Argentinian university, with a promedio of at least 7.5, may be considered for entry to a postgraduate degree programme. Applicants for PhD degrees will normally have a Maestria or equivalent

Applicants who hold a Masters degree will be considered for admission to PhD study.

Holders of a good four-year Diplomstudium/Magister or a Masters degree from a recognised university with a minimum overall grade of 2.5 will be considered for entry to postgraduate research programmes.

Students with a good 5-year Specialist Diploma or 4-year Bachelor degree from a recognised higher education institution in Azerbaijan, with a minimum GPA of 4/5 or 80% will be considered for entry to postgraduate taught programmes at the University of Birmingham.

For postgraduate research programmes applicants should have a good 5-year Specialist Diploma (completed after 1991), with a minimum grade point average of 4/5 or 80%, from a recognised higher education institution or a Masters or “Magistr Diplomu” or “Kandidat Nauk” from a recognised higher education institution in Azerbaijan.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0-3.3/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold a Masters degree from the University of Botswana with a minimum GPA of 3.0/4.0 or 3.5/5.0 (70%/B/'very good') will be considered for Postgraduate Diplomas and Masters degrees.

Please note 4-year bachelor degrees from the University of Botswana are considered equivalent to a Diploma of Higher Education. 5-year bachelor degrees from the University of Botswana are considered equivalent to a British Bachelor (Ordinary) degree.

Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

A Licenciatura or Bacharelado degree from a recognised Brazilian university:

• A grade of 7.5/10 for entry to programmes with a 2:1 requirement
• A grade of 6.5/10for entry to programmes with a 2:2 requirement

Holders of a good Bachelors degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good post-2001 Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Students with a minimum average of 14 out of 20 (or 70%) on a 4-year Licence, Bachelor degree or Diplôme d'Etudes Superieures de Commerce (DESC) or Diplôme d'Ingénieur or a Maîtrise will be considered for Postgraduate Diplomas and Masters degrees.

Holders of a bachelor degree with honours from a recognised Canadian university may be considered for entry to a postgraduate degree programme. A GPA of 3.0/4, 7.0/9 or 75% is usually equivalent to a UK 2.1.

Holders of the Licenciado or equivalent Professional Title from a recognised Chilean university will be considered for Postgraduate Diplomas and Masters degrees. Applicants for PhD study will preferably hold a Magister degree or equivalent.

Students with a bachelor’s degree (4 years minimum) may be considered for entry to a postgraduate degree programme. However please note that we will only consider students who meet the entry guidance below.  Please note: for the subject areas below we use the Shanghai Ranking 2022 (full table)  ,  Shanghai Ranking 2023 (full table) , and Shanghai Ranking of Chinese Art Universities 2023 .

需要具备学士学位（4年制）的申请人可申请研究生课程。请根据所申请的课程查看相应的入学要求。 请注意，中国院校名单参考 软科中国大学排名2022（总榜） ，  软科中国大学排名2023（总榜） ，以及 软科中国艺术类高校名单2023 。  

Business School    - MSc programmes (excluding MBA)  

商学院硕士课程（MBA除外）入学要求

School of Computer Science – all MSc programmes 计算机学院硕士课程入学要求

College of Social Sciences – courses listed below 社会科学 学院部分硕士课程入学要求 MA Education  (including all pathways) MSc TESOL Education MSc Public Management MA Global Public Policy MA Social Policy MA Sociology Department of Political Science and International Studies  全部硕士课程 International Development Department  全部硕士课程

  All other programmes (including MBA)   所有其他 硕士课程（包括 MBA）入学要求

Please note:

• Borderline cases: We may consider students with lower average score (within 5%) on a case-by-case basis if you have a relevant degree and very excellent grades in relevant subjects and/or relevant work experience. 如申请人均分低于相应录取要求（5%以内），但具有出色学术背景，优异的专业成绩，以及（或）相关的工作经验，部分课程将有可能单独酌情考虑。
• Please contact the China Recruitment Team for any questions on the above entry requirements. 如果您对录取要求有疑问，请联系伯明翰大学中国办公室   [email protected]

Holders of the Licenciado/Professional Title from a recognised Colombian university will be considered for our Postgraduate Diploma and Masters degrees. Applicants for PhD degrees will normally have a Maestria or equivalent.

Holders of a good bachelor degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good Bacclaureus (Bachelors) from a recognised Croatian Higher Education institution with a minimum overall grade of 4.0 out of 5.0, vrlo dobar ‘very good’, or a Masters degree, will be considered for entry to postgraduate research programmes.

Holders of a Bachelors degree(from the University of the West Indies or the University of Technology) may be considered for entry to a postgraduate degree programme. A Class II Upper Division degree is usually equivalent to a UK 2.1. For further details on particular institutions please refer to the list below.  Applicants for PhD level study will preferably hold a Masters degree or Mphil from the University of the West Indies.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 6.5 out of 10, or a GPA of 3 out of 4, and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalár from a recognised Czech Higher Education institution with a minimum overall grade of 1.5, B, velmi dobre ‘very good’ (post-2004) or 2, velmi dobre ‘good’ (pre-2004), or a good post-2002 Magistr (Masters), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 7-10 out of 12 (or 8 out of 13) or higher for 2:1 equivalence and will usually be required to have completed a good Masters/ Magisterkonfereus/Magister Artium degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Ecuadorian university may be considered for entry to a postgraduate degree programme. Grades of 70% or higher can be considered as UK 2.1 equivalent.  Applicants for PhD level study will preferably hold a Magister/Masterado or equivalent qualification, but holders of the Licenciado with excellent grades can be considered.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalaurusekraad from a recognised university with a minimum overall grade of 4/5 or B, or a good one- or two-year Magistrikraad from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree with very good grades (grade B, 3.5/4 GPA or 85%) will be considered for Postgraduate Diplomas and Masters degrees. 

Holders of a good Kandidaatti / Kandidat (old system), a professional title such as Ekonomi, Diplomi-insinööri, Arkkitehti, Lisensiaatti (in Medicine, Dentistry and Vetinary Medicine), or a Maisteri / Magister (new system), Lisensiaatti / Licenciat, Oikeustieteen Kandidaatti / Juris Kandidat (new system) or Proviisori / Provisor from a recognised Finnish Higher Education institution, with a minimum overall grade of 2/3 or 4/5, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a should hold a Bachelors degree and will usually be required to have completed a Masters/Maîtrise with a minimum overall grade of 13 out of 20, or a Magistère / Diplôme d'Etudes Approfondies / Diplôme d'Etudes Supérieures Specialisées / Mastère Specialis, from a recognised French university or Grande École to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Magister Artium, a Diplom or an Erstes Staatsexamen from a recognised university with a minimum overall grade of 2.5, or a good two-year Lizentiat / Aufbaustudium / Zweites Staatsexamen or a Masters degree from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0 Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a good four-year Ptychio (Bachelor degree) with a minimum overall grade of 6.5 out of 10, from a recognised Greek university (AEI), and will usually be required to have completed a good Metaptychiako Diploma Eidikefsis (Masters degree) from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

4-year Licenciado is deemed equivalent to a UK bachelors degree. A score of 75 or higher from Universidad de San Carlos de Guatemala (USAC) can be considered comparable to a UK 2.1, 60 is comparable to a UK 2.2.  Private universities have a higher pass mark, so 80 or higher should be considered comparable to a UK 2.1, 70 is comparable to a UK 2.2

The Hong Kong Bachelor degree is considered comparable to British Bachelor degree standard. Students with bachelor degrees awarded by universities in Hong Kong may be considered for entry to one of our postgraduate degree programmes.

Students with Masters degrees may be considered for PhD study.

Holders of a good Alapfokozat / Alapképzés or Egyetemi Oklevel from a recognised university with a minimum overall grade of 3.5, or a good Mesterfokozat (Masters degree) or Egyetemi Doktor (university doctorate), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a 60% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of the 4 year Sarjana (S1) from a recognised Indonesian institution will be considered for postgraduate study. Entry requirements vary with a minimum requirement of a GPA of 2.8.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree from a recognised institution, with 100 out of 110 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold the Maitrise, Diplome d'Etude Approfondies, Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees (14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2).

Students with a Bachelor degree from a recognised university in Japan will be considered for entry to a postgraduate Masters degree provided they achieve a sufficiently high overall score in their first (Bachelor) degree. A GPA of 3.0/4.0 or a B average from a good Japanese university is usually considered equivalent to a UK 2:1.

Students with a Masters degree from a recognised university in Japan will be considered for PhD study. A high overall grade will be necessary to be considered.

Students who have completed their Specialist Diploma Мамаң дипломы/Диплом специалиста) or "Magistr" (Магистр дипломы/Диплом магистра) degree (completed after 1991) from a recognised higher education institution, with a minimum GPA of 2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, will be considered for entry to postgraduate Masters degrees and, occasionally, directly for PhD degrees.  Holders of a Bachelor "Bakalavr" degree (Бакалавр дипломы/Диплом бакалавра) from a recognised higher education institution, with a minimum GPA of  2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, may also be considered for entry to taught postgraduate programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/50

Holders of a good Postgraduate Diploma (professional programme) from a recognised university or institution of Higher Education, with a minimum overall grade of 7.5 out of 10, or a post-2000 Magistrs, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 16/20 or 80% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in Libya will be considered for postgraduate study. Holders of a Bachelors degree will normally be expected to have achieved score of 70% for 2:1 equivalency or 65% for 2:2 equivalency. Alternatively students will require a minimum of 3.0/4.0 or BB to be considered.

Holders of a good pre-2001 Magistras from a recognised university with a minimum overall grade of 8 out of 10, or a good post-2001 Magistras, will be considered for entry to postgraduate research programmes

Holders of a good Bachelors degree from a recognised Luxembourgish Higher Education institution with a minimum overall grade of 16 out of 20, or a Diplôme d'Études Supérieures Spécialisées (comparable to a UK PGDip) or Masters degree from a recognised Luxembourgish Higher Education institution will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree will be considered for Postgraduate Diplomas and Masters degrees (70-74% or A or Marginal Distinction from a well ranked institution is considered comparable to a UK 2.1, while a score of 60-69% or B or Bare Distinction/Credit is considered comparable to a UK 2.2).

Holders of a Bachelors degree from a recognised Malaysian institution (usually achieved with the equivalent of a second class upper or a grade point average minimum of 3.0) will be considered for postgraduate study at Diploma or Masters level.

Holders of a good Bachelors degree from the University of Malta with a minimum grade of 2:1 (Hons), and/or a Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (Honours) from a recognised institution (including the University of Mauritius) will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2:1).

Students who hold the Licenciado/Professional Titulo from a recognised Mexican university with a promedio of at least 8 will be considered for Postgraduate Diplomas and Masters degrees.

Students who have completed a Maestria from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a Bachelors degree, licence or Maîtrise and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Students with a good four year honours degree from a recognised university will be considered for postgraduate study at the University of Birmingham. PhD applications will be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Doctoraal from a recognised Dutch university with a minimum overall grade of 7 out of 10, and/or a good Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (minimum 4 years and/or level 400) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum GPA of B/Very Good or 1.6-2.5 for a 2.1 equivalency, and will usually be required to have completed a good Masters, Mastergrad, Magister. Artium, Sivilingeniør, Candidatus realium or Candidatus philologiae degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0/4 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in the Palestinian Territories will be considered for postgraduate study. Holders of Bachelors degree will normally be expected to have achieved a GPA of 3/4 or 80% for 2:1 equivalency or a GPA of 2.5/4 or 70% for 2:2 equivalency.    

Holders of the Título de Licenciado /Título de (4-6 years) or an equivalent professional title from a recognised Paraguayan university may be considered for entry to a postgraduate degree programme. Grades of 4/5 or higher can be considered as UK 2.1 equivalent.  The Título Intermedio is a 2-3 year degree and is equivalent to a HNC, it is not suitable for postgraduate entry but holders of this award could be considered for second year undergraduate entry or pre-Masters.  Applicants for PhD level study will preferably hold a Título de Maestría / Magister or equivalent qualification, but holders of the Título/Grado de Licenciado/a with excellent grades can be considered.

Holders of the Licenciado, with at least 13/20 may be considered as UK 2.1 equivalent. The Grado de Bachiller is equivalent to an ordinary degree, so grades of 15+/20 are required.  Applicants for PhD level study will preferably hold a Título de Maestría or equivalent qualification.

Holders of a good pre-2001 Magister from a recognised Polish university with a minimum overall grade of 4 out of 5, dobry ‘good’, and/or a good Swiadectwo Ukonczenia Studiów Podyplomowych (Certificate of Postgraduate Study) or post-2001 Magister from a recognised Polish university with a minimum overall grade of 4.5/4+ out of 5, dobry plus 'better than good', will be considered for entry to postgraduate research programmes.

Holders of a good Licenciado from a recognised university, or a Diploma de Estudos Superiores Especializados (DESE) from a recognised Polytechnic Institution, with a minimum overall grade of 16 out of 20, and/or a good Mestrado / Mestre (Masters) from a recognised university, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised Romanian Higher Education institution with a minimum overall grade of 8 out of 10, and will usually be required to have completed a Masters degree/Diploma de Master/Diploma de Studii Academice Postuniversitare (Postgraduate Diploma - Academic Studies) or Diploma de Studii Postuniversitare de Specializare (Postgraduate Diploma - Specialised Studies) to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Диплом Специалиста (Specialist Diploma) or Диплом Магистра (Magistr) degree from recognised universities in Russia (minimum GPA of 4.0) will be considered for entry to taught postgraduate programmes/PhD study.

Students who hold a 4-year Bachelor degree with at least 16/20 or 70% will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a Maitrise, Diplome d'Etude Approfondies,Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees. A score of 14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2

Students who hold a Bachelor (Honours) degree from a recognised institution with a minimum GPA of 3.0/4.0 or 3.5/5.0 (or a score of 60-69% or B+) from a well ranked institution will be considered for most our Postgraduate Diplomas and Masters degrees with a 2:1 requirement.

Students holding a good Bachelors Honours degree will be considered for postgraduate study at Diploma or Masters level.

Holders of a good three-year Bakalár or pre-2002 Magister from a recognised Slovakian Higher Education institution with a minimum overall grade of 1.5, B, Vel’mi dobrý ‘very good’, and/or a good Inžinier or a post-2002 Magister from a recognised Slovakian Higher Education institution will be considered for entry to postgraduate research programmes.

Holders of a good Diploma o pridobljeni univerzitetni izobrazbi (Bachelors degree), Diplomant (Professionally oriented first degree), Univerzitetni diplomant (Academically oriented first degree) or Visoko Obrazovanja (until 1999) from a recognised Slovenian Higher Education institution with a minimum overall grade of 8.0 out of 10, and/or a good Diploma specializacija (Postgraduate Diploma) or Magister (Masters) will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor Honours degree (also known as Baccalaureus Honores / Baccalaureus Cum Honoribus) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (70%) or a distinction (75%).

Holders of a Masters degree will be considered for entry to postgraduate research programmes.

Holders of a Bachelor degree from a recognised South Korean institution (usually with the equivalent of a second class upper or a grade point average 3.0/4.0 or 3.2/4.5) will be considered for Masters programmes.

Holders of a good Masters degree from a recognised institution will be considered for PhD study on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 7 out of 10 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or a CGPA 3.30/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Kandidatexamen (Bachelors degree) or Yrkesexamen (Professional Bachelors degree) from a recognised Swedish Higher Education institution with the majority of subjects with a grade of VG (Val godkänd), and/or a good Magisterexamen (Masters degree), International Masters degree or Licentiatexamen (comparable to a UK Mphil), will be considered for entry to postgraduate research programmes.

Holders of a good "PostGraduate Certificate" or "PostGraduate Diploma" or a Masters degree from a recognised Swiss higher education institution (with a minimum GPA of 5/6 or 8/10 or 2/5 (gut-bien-bene/good) for a 2.1 equivalence) may be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0, 3.5/5 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bachelor degree (from 75% to 85% depending upon the university in Taiwan) from a recognised institution will be considered for postgraduate Masters study. Holders of a good Masters degree from a recognised institution will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Holders of a good Masters degree from a recognised institution will be considered for entry to our postgraduate research programmes.

Holders of a good Masters degree or Mphil from a recognised university will be considered for entry to postgraduate research programmes.

Students with a Bachelors degree from the following universities may be considered for entry to postgraduate programmes:

• Ateneo de Manila University - Quezon City
• De La Salle University - Manila
• University of Santo Tomas
• University of the Philippines - Diliman

Students from all other institutions with a Bachelors and a Masters degree or relevant work experience may be considered for postgraduate programmes.

Grading Schemes

1-5 where 1 is the highest 2.1 = 1.75 2.2 = 2.25 

Out of 4.0 where 4 is the highest 2.1 = 3.0 2.2 = 2.5

Letter grades and percentages 2.1 = B / 3.00 / 83% 2.2 = C+ / 2.5 / 77%

Holders of a postdoctoral qualification from a recognised institution will be considered for PhD study.  Students may be considered for PhD study if they have a Masters from one of the above listed universities.

Holders of a Lisans Diplomasi with a minimum grade point average (GPA) of 3.0/4.0 from a recognised university will be considered for postgraduate study at Diploma or Masters level.

Holders of a Yuksek Diplomasi from a recognised university will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (2.1) or GPA of 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree / Диплом бакалавра (Dyplom Bakalavra), Диплом спеціаліста (Specialist Diploma) or a Dyplom Magistra from a recognised Ukrainian higher education institution with a minimum GPA of 4.0/5.0, 3.5/4, 8/12 or 80% or higher for 2:1 equivalence and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

The University will consider students who hold an Honours degree from a recognised institution in the USA with a GPA of:

• 2.8 GPA (on a 4.0 scale) for entry to programmes with a 2:2 requirement 
• 3.2 GPA (on a 4.0 scale) for entry to programmes with a 2:1 requirement 

Please note that some subjects which are studied at postgraduate level in the USA, eg. Medicine and Law, are traditionally studied at undergraduate level in the UK.

Holders of the Magistr Diplomi (Master's degree) or Diplomi (Specialist Diploma), awarded by prestigious universities, who have attained high grades in their studies will be considered for postgraduate study.  Holders of the Fanlari Nomzodi (Candidate of Science), where appropriate, will be considered for PhD study.

Holders of the Licenciatura/Título or an equivalent professional title from a recognised Venezuelan university may be considered for entry to a postgraduate degree programme. Scales of 1-5, 1-10 and 1-20 are used, an overall score of 70% or equivalent can be considered equivalent to a UK 2.1.  Applicants for PhD level study will preferably hold a Maestria or equivalent qualification

Holders of a Bachelors degree from a recognised Vietnamese institution (usually achieved with the equivalent of a second class upper or a grade point average minimum GPA of 7.0 and above) will be considered for postgraduate study at Diploma or Masters level.  Holders of a Masters degree (thac si) will be considered for entry to PhD programmes.

Students who hold a Masters degree with a minimum GPA of 3.5/5.0 or a mark of 2.0/2.5 (A) will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a good Bachelor Honours degree will be considered for Postgraduate Diplomas and Masters degrees. 

International Students

English requirements are IELTS 7.0 with no less than 6.5 in any band or equivalent.

Members of the Department of Finance can offer supervision within the following areas.

Corporate Finance

Capital structure decision making including interactions between corporate investment and dividend/capital structure decisions. Issues relating to capital structure and firm performance and the study of agency costs. The examination of corporate events such as  stock repurchases, corporate restructuring, mergers and acquisitions ,IPOs, delistings and financial distress & bankruptcy. Entrepreneurial finance, debt and equity gaps, venture capital and private equity, financial flexibility in firms and R&D smoothing.

Capital  Markets

Within the field of capital markets we can offer supervision which examines debt maturity, and a wide range of market microstructure topics including those relating to liquidity and liquidity risk, market architecture and the trading environment, as well as microstructure effects associated with the international cross-listing of securities.  The use of derivatives for risk management. Islamic Finance. Institutional investment, portfolio investment, risk and investment volatility

Financial Regulation and Corporate Governance

Corporate governance – including shareholder voting, engagement, stock lending, communication within the board of directors, and board behaviour and performance, executive compensation. Agency conflicts. The use of the interbank market as a regulatory device, Basel III and new rules for global finance,.

Banking and Financial Services

Doctoral researchers in Finance are registered for a full time 3-year PhD or a part-time 6-year PhD. In the first year of the programme doctoral researchers are required to take Econometrics with Financial Applications module from the Department of Economics (30 credit module). They also need to take at least one of the existing MSc Investments and MSc Accounting and Finance courses and one other module to successfully complete 60 credits of study. The MSc module and one other appropriate M or D level module should be chosen in agreement with the doctorial researcher’s supervisor, as appropriate for the their research topic.  Modules available include: Financial Modelling and Forecasting Techniques (20 credits), Empirical Topics in Accounting and Finance (20 credits) and Quantitative Methods in Finance (10 credits). Doctoral researchers are also recommended to take Advanced Training Modules from the MA Social Research Programme or other modules (e.g. Qualitative Methods) as appropriate to their research and training needs.

By the end of their first year doctoral students will have completed an 8,000 word research proposal that they will present and be evaluated on at the first annual review. This forms the basis for supervised research over the remaining two years of the programme and the production of an 80,000 word thesis.

Career prospects

PhD graduates from Birmingham Business School are working in central banks, Government departments, a variety of financial institutions, accountancy firms, supranational organisations and multinational corporations. Many of our PhD graduates also go on to forge successful academic careers in other top Universities.

Doctoral Research career assistance

The University of Birmingham has invested heavily in careers and employability support. The Careers Team have been praised for enhanced developments within their team and for adopting a model of integrated employability and internship support; something that has been rolled out and implemented across all Schools and Colleges at the University.

Doctoral researchers at Birmingham Business School benefit from its own well qualified dedicated Careers Team to support students with employment opportunities, work placements, internships and how to succeed at interview. In addition, a range of career management, personal development and employer events are run each year by the Careers in Business Team to help you make the most of the opportunities available.

The University also has dedicated careers advisors for international students  who run workshops and networking opportunities with potential employers. These are especially popular with international postgraduate researchers.

• Online chat events