phd finance university of pittsburgh

Master of Science in Finance & Business Analytics

Combine foundational quantitative and qualitative finance skills with powerful data analysis tools and technical skills and be prepared to tackle challenges in portfolio analysis, risk management, and capital markets.

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Mathematical Finance

A rapidly growing area of mathematical finance is quantitative behavioral finance. The high-tech boom and bust of the late 1990s followed by the housing and financial upheavals of 2008 have made a convincing case for the necessity of adopting broader assumptions in finance. These include considering motivations beyond valuation considerations, and an asset base that is not infinite. The asset flow system of ordinary differential equations developed by Prof. Caginalp and collaborators in the 1990s has been an active part of this research at Pitt. These equations are being used to understand the dynamics and stability. A related component involves large scale studies (e.g. over 100,000 data points) of market data that can be used to deduce underlying motivational effects. By extracting the valuation, recent studies have shown that momentum trading (buying on uptrend) plays a strong role, as do money supply, changes in volume and several other variable. Furthermore, with suitable modeling, one can deduce nonlinear effects. In particular, a recent uptrend that is too steep has a negative influence on prices. These topics have been the focus of the PhD thesis of Mark DeSantis at the University of Pittsburgh.

View a list of papers »

Finance focuses on the financial structure and problems of corporations, on the manner in which financial securities are priced, and on the organization and operation of markets and financial institutions. As a scholar in finance, you might examine how conflict of interest affects corporate financial policies, how competitive the NASDAQ trading system is, how to detect price bubbles, or how investor psychology affects asset prices in a systematic way. Our finance faculty offers strong support for such explorations of market microstructure, corporate finance, asset pricing, and international finance. The finance faculty has broad interests, and students can develop analytic or empirical interests under their guidance.

Jawad Addoum Dyson School

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Steven Carvell Nolan School

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Adrian Aycan Corum Johnson School

Minmo Gahng Dyson School

Ming Huang Johnson School

Robert A. Jarrow Johnson School

Andrew Karolyi Johnson School

Crocker Liu Nolan School

Yifei Mao Nolan School 

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Some of Our Alumni

Gaurav Kankanhalli, Graduation Year: 2020, First Placement: University of Pittsburgh

Janet Gao, Graduation Year: 2015, First Placement: Indiana University

Amiyatosh Purnanandam, Graduation Year: 2005, First Placement: University of Michigan

Heather Tookes, Graduation Year: 2003, First Placement: Yale University

Gideon Saar, Graduation Year: 2000, First Placement:  New York University

Gustavo Grullon, Graduation Year: 1999, First Placement: Rice University

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Volume 56 | ISSUE 19: May 17, 2024

Annual irs filing shows increases in employees, student aid, tuition revenue.

By SUSAN JONES

The number of people employed by Pitt has rebounded to nearly pre-pandemic levels, with 28,506 for 2022-23 compared to 28,696 for 2019-20, before the University offered early retirement packages to staff and retirement incentives to faculty in 2020, according to the University’s IRS 990 form , which it filed on May 15.

The University also reported $3.139 billion in revenue and $3.148 billion in functional operating expenses — leading to a negative total of $8.6 million for 2022-23. Investment income dropped by more than half, from $365.2 million to $141.3 million, according to the report. A spokesman for the Office of the Chief Financial Officer said, “In past years, any negative variance was offset by realized investment gains.”

These numbers are separate from the endowment, which was $5.52 billion as of June 30, 2023. The endowment hit its peak at the end of the 2020-21 fiscal year at $5.68 billion, and was $5.56 billion at the end of 2021-22.

Other highlights:

Institutional aid to students continues to rise, with 19,390 recipients at a cost of $264.1 million — up from $250.7 million the previous year. Another 2,129 students received tuition remission under Pitt’s educational benefits for employees, at a cost of $29 million, and 66 children of Pitt employees attending other universities received $1.3 million in tuition remission.

Tuition income was at $968.4 million, up $48 million from the previous year.

The amount spent on salaries, other compensation and benefits increased from $1.58 billion to $1.69 billion. This was before Pitt instituted a $16.50 minimum hourly wage for full-time staff last fall.

Expenses for travel were up nearly $24 million, from $39.2 million in 2021-22 to $62.9 million in 2022-23. Conference, convention and meeting expenses jumped just over $2 million to $6.9 million.

Legal expenses to non-Pitt employees increased from $13 million to $15.5 million

The highest-paid independent contractor on campus was Chartwells Dining Services ($51.7 million); followed by four Pittsburgh-based construction companies: PJ Dick ($50 million), Turner Mosites Joint Venture ($49.4 million), Rycon Construction ($35 million) and Mascaro/Barton-Malow ($21.4 million).

Highest-paid employees

Pat Narduzzi, Pitt’s head football coach, and Jeff Capel, head men’s basketball coach, again top the list of highest-paid employees at Pitt.

The 990 list of top-paid employees’ (with base pay and total compensation, which includes retirement, bonuses and nontaxable items, such as health care) for fiscal year 2022-23 (asterisks indicate those who are new to the list):

Pat Narduzzi, head football coach, $4.97 million / $6.7 million. This is up from $4.46 million in base pay and $5.87 million in total compensation for 2021-22.

Jeff Capel , head men’s basketball coach: $3.49 million / $3.59 million. The same as the previous year.

Heather Lyke , athletic director: $1.06 million / $1.69 million

Arthur Levine , former SVC for Health Sciences and dean of the School of Medicine (who served in that role until June 2020): $1.46 million / $1.55 million

Anantha Shekhar , current SVC for Health Sciences and dean of the School of Medicine: $995,834 / $1.536 million

*Jeffer Choudhry, chief investment officer (since February 2022): $598,854 / $1.36 million

Randy Bates , Panthers football defensive coordinator: $803,010 / $937,944

Patrick Gallagher , former chancellor who stepped down at the end of June 2023: $664,355 / $819,354

Paul Lawrence , treasurer: $392,039 / $803,521

* Frank Cignetti Jr. , football offensive coordinator and quarterbacks coach from January 2022 to November 2023: $750,174 / $796,475

Ann Cudd , former provost who stepped down at the end of June 2023: $472,337 / $559,324

Rob Rutenbar , SVC for research: $422,504 / $504,968

David DeJong , SVC for business & operations: $406,370 / $504,262

Geovette Washington , chief legal officer: $426,693 / $492,581

Hari Sastry , chief financial officer: $394,191 / $460,864

Rosalyn Jones , former secretary of the Board of Trustees (who left in August 2023): $247,899 / $285,181

Right-to-know disclosure to the state

The state also requires Pitt to disclose the 25 highest-paid non-officers at the University. The list includes some of those from the previous list, including Narduzzi, Capel, Lyke, Levine, Bates and Cignetti. The base salary for the other top-paid employees (asterisks indicate those who are new to the list):

Charles Partridge , former assistant head football coach, through February 2024: $747,917

Michael Becich , associate vice chancellor for informatics in the Health Sciences; chairman, Department of Biomedical Informatics, School of Medicine; and associate director, Clinical and Translational Science Institute: $728,460

Lance White , women’s basketball coach: $641,537

Michael Imbrogno , managing director of investments, CFO’s office: $636,368

Kristin Davitt , SVC for philanthropic and alumni engagement: $629,638

A. Everette James , associate vice chancellor for health policy and planning, Health Sciences; professor, Graduate School of Public Health; director, Health Policy Institute: $621,541

David Almodovar , managing director of investments, CFO’s office: $615,254

Dan Fisher , head volleyball coach: $614,923

Steven Reis , associate vice chancellor for clinical research and director, Clinical and Translational Science Institute: $614,000

Angela Gronenborn , professor and chair, Department of Structural Biology: $613,066

Peter Strick , professor and chair, neurobiology: $586,455

Jonathan Silverstein , chief research informatics officer, Health Sciences and Institute for Precision Medicine: $575,844

Bernard Costello , former dean of the School of Dental Medicine until September 2022 when he became associate vice chancellor for health science integration: $575,000

* Mark Geraci , associate vice chancellor for interdisciplinary research, Health Sciences: $550,00

* David Borbely , former Pitt football offensive line coach, until January 2024: $539,604

Lise Vesterlund , professor of economics: $537,500

Mark Jay Shlomchik , professor and former chair, Department of Immunology: $527,673

Ivet Bahar, former professor and chair, Computational & Systems Biology Department, School of Medicine, who left Pitt in January 2023: $522,921

Mike Bell , head baseball coach: $503,337

Family connections

The IRS requires institutions to report financial information on employees or companies doing business with Pitt who are related to senior officers, trustees or highest-paid employees.

Receiving compensation from Pitt in 2022-23 were:

Neal Becker, former senior lecturer in economics, family member of former Provost Ann Cudd: $130,700

Allegheny Strategy Partners, a public affairs and business development firm co-founded by Nicholas Varischetti, family member of Board of Trustees member Peter Varischetti: $129,020

Sean Gallagher, family member of former Chancellor Patrick Gallagher: $102,765

Dave Hickton, founding director, Pitt Cyber, family member of Board of Trustees member Dawne Hickson: $368,597

Peyton Kondis, coordinator for Culturally Responsive Care, Division of Student Affairs, family member of Board of Trustees member S. Jeffrey Kondis: $58,716

John Pelusi, former associate athletic director (until July 2023), family member of Trustee John H. Pelusi: $104,187

Norman Wolmark, professor of surgery, family member of Trustee Eva Tansky Blum: $172,648

Susan Jones is editor of the University Times. Reach her at [email protected] or 724-244-4042.

Have a story idea or news to share?  Share  it with the University Times.

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Minimum salary for postdoctoral scholars and postdoctoral associates

TO: Academic Leadership Team Members

FROM: Joseph J. McCarthy, Interim Provost and Senior Vice Chancellor

DATE: December 18, 2023

SUBJECT: Minimum salary for postdoctoral scholars and postdoctoral associates

I am pleased to announce a new minimum salary and maintenance increase for University of Pittsburgh postdoctoral scholars and postdoctoral associates.

Effective July 2025, the minimum salary for postdoctoral scholars and postdoctoral associates at the University of Pittsburgh will be set at the National Institutes of Health National Research Service Award (NIH NRSA) minimum annual salary—which is currently $56,484—and adjusted annually.

Although the new postdoctoral salary minimum and maintenance increases will be required starting in July 2025, it is strongly recommended that units implement the new minimum salary and maintenance increases in July 2024.

As discussed during Academic Leadership Team meetings (and Council of Deans meetings prior to that), faculty and departments are expected to absorb the financial impact of the new requirements. For that reason, effective January 1, 2024, all new proposals for external funding for postdocs should use the NIH NRSA base level stipend and account for annual maintenance adjustments.

Please note that, additionally, at the time of reappointment, postdocs will receive maintenance increases in line with that received by other University employees. In the event that a faculty member wishes to either waive the maintenance increase or to provide a merit/market/equity increase in excess of external sponsor level or institutional increases, that faculty member is required to request a formal exception from their dean or RC head.

Given the nationwide shortage of postdocs and national competition for top postdoctoral researchers, the updated minimum salary and annual maintenance increase will help Pitt remain a top research institution and leading recipient of NIH funding.

I appreciate the work of the Provost’s Working Group on Postdoc Salaries and Benefits for their thorough consideration and recommendations on this important issue.

View the memo in PDF format »

Pittsburgh Hires Veterans 5th Annual Veteran Memorial Bicycle Tour

EVENT DETAILS

Check-in starts at 8:00 am. The ride gets underway at approximately 9:15 am after a brief opening ceremony. Starting from the North Shore the ride will head across the river and have a police escort through the city. After crossing the Hot Metal bridge, we resume riding on the trail until we reach Homestead. Here we take a break before turning back around and heading back to the North Shore. At the end of the ride there will be a drawing where one lucky rider will receive a $500 gift card to a local bicycle shop!

Register TODAY ! 

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Navy veteran, mother of 3, to graduate from duquesne's law school.

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After a career in the military and raising three children, a local woman is about to earn a new title: law school graduate.

For Alysa Ambrose, the journey was fueled by hard work, long nights and determination. On Saturday, she will receive her degree from the Thomas R. Kline School of Law at Duquesne University.

Ambrose served as the Navy's first female commander of the USS Gravely. In 2020, after a 25-year career, the Hampton Township native retired from the service.

She moved back to the Pittsburgh area and focused on fulfilling her childhood dream of becoming a lawyer.

“The added challenge for me,” Ambrose said, “is the kids come home from school, and they need to be fed, and they need help with their homework, and some of them need help with bed and bath time routines. So, I don’t really get to start my homework until 9 or 10 at night. My sweet spot for homework is the 10 (p.m.) to 2 (a.m.) range. So, not a lot of sleep. But I think the Navy trained me for that.”

During the pandemic, Ambrose home-schooled her children, one of whom has special needs. When the lockdown was lifted, and the kids went back to school, she applied to and was accepted into the Kline School of Law.

“My message to anybody would be that you should live your dreams. You should go for it. It doesn’t matter how old you are or what else you’ve done in the meantime. If it’s something you want to do, you should go for it, and you find a way to make it happen," Ambrose said.

After graduation, Ambrose will take the bar exam and begin her law career serving as a clerk for federal Judge Joy Flowers Conti, a fellow Duquesne law graduate and the senior judge of the U.S. District Court for the Western District of Pennsylvania.

Mellon College of Science

Rafael guzman-soriano wins k&l gates prize.

By Ann Lyon Ritchie

• Interim Director of Communications, MCS
• opdyke(through)andrew.cmu.edu
• 412-268-9982

The future is bright for Rafael Guzman-Soriano, Carnegie Mellon University’s 2024 K&L Gates Scholar, whose time at CMU left him feeling prepared for what’s next.

The $5,000 prize is given to one graduating undergraduate student who has inspired their fellow students to love learning through a combination of intellect, scholarly achievement, engagement with others and character.

Guzman-Soriano, a senior and chemistry major, started college in the fall of 2020, at the height of the COVID-19 pandemic when students took courses remotely because of social-distancing guidelines.

“I struggled with asking for help,” he said.

In addition to loneliness, he said he experienced imposter syndrome — a feeling that he did not deserve his success — despite earning top marks in his courses. It was the support from Carnegie Mellon faculty that helped him through.

His academic adviser, Karen Stump, recommended him for the Mellon College of Science’s Leadership Development Seminar, taught by Michael Murphy, a distinguished service professor and executive director of the Center for Leadership Studies . The seminar empowered him.

“One takeaway from the seminar was a lesson on phrasing your success,” he said. “I used to say ‘I got lucky’ a lot, but it's more, like, ‘being ready.’ I use the skills, resources and everything that I've learned from prior experiences to seize opportunities and succeed in them. I definitely try to share this perspective with the first-year students that I'm mentoring.”

Prior to the seminar, he said he had never thought of himself as a leader.

“You're your own biggest critic, and sometimes it can be hard to get past your own criticism,” Guzman-Soriano said. “When you're so hard on yourself, it can blind you to what you're capable of doing.”

When he became a Tartan Scholars Ambassador and a peer tutor in the Student Academic Success Center in 2022, Guzman-Soriano said he was determined to help other students avoid the struggles he experienced.

“After some time and practice, I gained the trust of these students, and they were trusting of my ability to teach them,” he said.

Among Guzman-Soriano’s accolades: he is an Andrew Carnegie Society Scholar and a Senior Leadership Recognition honoree and will be inducted into Phi Beta Kappa this spring. He received the 2023 ACS Division of Inorganic Chemistry Undergraduate Award and a 2023 CMU Summer Undergraduate Research Fellowship .

Guzman-Soriano said he is inspired by the diverse talents of his undergraduate peers in the arts and sciences.

“I just think of Carnegie Mellon as a collection of the future,” he said.

Guzman-Soriano discovered his own happy place in the chemistry lab. During his first year, he took a junior-level course in inorganic chemistry and was invited to work in Chemistry Professor Stefan Bernhard’s lab group. His work earned a 2021 NASA Pennsylvania Space Grant Consortium Undergraduate Scholarship.

“Dr. Bernhard was always very much a believer in me,” said Guzman-Soriano, who will begin graduate studies at Cornell University in August. “My relationship with him is showing me the kind of professor that I want to be if I get the opportunity. He's very personable, easy to interact with and very fun.”

Guzman-Soriano’s most recent research with Bernhard is a chemical-based project to develop an oxygen sensor.

He has presented his work to the National Organization for the Advancement of Black Chemists and Chemical Engineers and the American Chemical Society and is a co-author on a manuscript that will be submitted for publication.

Stump, director of undergraduate studies and teaching professor in chemistry, said that “people gravitate to Rafael to get things done.”

“Rafael has developed into a remarkable leader through his passionate commitment to supporting others through the full breadth of his metacurricular experience,” Stump said. “He is singular in the strength of his intellect and his commitment to engage deeply and with his full attention to his many commitments to the CMU community and its students.”

— Related Content —

Mackenzie riley wins resnik award, 2024 mcs graduates, chemistry's zhongyu liu receives ipmi student award.

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The Master of Science in Finance is a 30 credit program designed to be completed in two terms, on a full-time basis. The program provides students with a broad overview of the quantitative and qualitative aspects of finance, helping them understand what steps should be taken to maximize shareholder wealth. Students learn the technical skills of everything from valuation techniques, to forecasting methods, to the application of the time value of money, to building pro-forma financial statements.

Students enrolled in this program must complete the appropriate number of prerequisite, required, and elective courses according to program requirements, and maintain a minimum GPA of 3.0.

Required Courses (Required total: 22.5 credits):

• BACC 2401 - FINANCIAL ACCOUNTING
• BECN 2401 - ECONOMIC ANALYSIS FOR MANAGERIAL DECISION: FIRMS AND MARKETS
• BQOM 2401 - STATISTICAL ANALYSIS: UNCERT
• BFIN 2409 - FINANCIAL MANAGEMENT 1
• BFIN 2410 - FINANCIAL MANAGEMENT 2
• BFIN 2030 - VALUATION 1
• BFIN 2145 - FINANCIAL MODELING
• BFIN 2039 - INVESTMENT MANAGEMENT/CAPITAL MARKETS
• BFIN 2036 - CORPORATE FINANCE

Elective Courses (Required minimum: 7.5 credits):

• BFIN 2015 - SHORT-TERM FINANCING
• BFIN 2042 - ACQUISITION OF PRIVATELY HELD COMPANIES
• BFIN 2043 - INTERNATIONAL FINANCIAL MANAGEMENT
• BFIN 2051 - INTRODUCTION TO DERIVATIVES
• BFIN 2068 - MARKETS AND TRADING
• BFIN 2069 - FIXED INCOME SECURITIES
• BFIN 2130 - VALUATION 2