phd in financial management usa

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PhD Program

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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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Financial economics encompasses a broad area of topics and issues, including corporate investments and financing policy, security valuation, portfolio management, the behavior of prices in speculative markets, financial institutions, and intermediation.

The PhD specialization in finance is designed to give the student a strong background for study and research in both theoretical and empirical work in finance and related areas. Emphasis is placed on understanding the important concepts and models. Students normally take several graduate courses in the Department of Economics, particularly in microeconomics and macroeconomic theory, the economics of uncertainty, and econometrics.

The program offers two courses specifically in financial theory and its applications. In addition, the faculty and doctoral students attend a seminar that features speakers from around the country. However, the specialization is built primarily around individual study and research under the guidance of the faculty.

Examples of potential areas of research for the financial economics dissertation:

• Principal-agent relationships
• Financial intermediation
• Efficiency of markets
• Portfolio selection

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Which program is right for you?

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

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

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

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

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

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

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A non-degree, customizable program for mid-career professionals.

PhD Program

Program overview.

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

Start here.

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

Admissions Events

Check out our event schedule, and learn when you can chat with us in person or online.

Start Your Application

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

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

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

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

MIT Sloan PhD Research Groups

Behavioral & policy sciences.

Economic Sociology

Institute for Work & Employment Research

Organization Studies

Technological Innovation, Entrepreneurship & Strategic Management

Economics, Finance & Accounting

Accounting  

Management Science

Information Technology

System Dynamics  

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

PhD Program Structure

Additional information including coursework and thesis requirements.

MIT Sloan Predoctoral Opportunities

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

Rising Scholars Conference

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

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

What We Seek

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

MIT Sloan PhD Program Admissions Requirements Common Questions

Dates and Deadlines

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

More information on program requirements and application components

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

Funding Information

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

PhD Program Events

May phd program overview.

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

June PhD Program Overview

July phd program overview, august phd program overview.

Complete PhD Admissions Event Calendar

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

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Profiles of our current students

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

Academic Job Market

Doctoral candidates on the current academic market

Academic Placements

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

view recent placements 

MIT Sloan Experience

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

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

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

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

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

Faculty Links

• Accounting Faculty
• Economic Sociology Faculty
• Finance Faculty
• Information Technology Faculty
• Institute for Work and Employment Research (IWER) Faculty
• Marketing Faculty
• Organization Studies Faculty
• System Dynamics Faculty
• Technological Innovation, Entrepreneurship, and Strategic Management (TIES) Faculty

Student Research

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

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

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

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

How Should We Measure the Digital Economy?

2020 PhD Doctoral Research Forum Winner - Avinash Collis

Watch more MIT Sloan PhD Program  Doctoral Forum Videos

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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, nine stories to get you through tax season, “geoeconomics” explains how countries flex their financial muscles, car loans are a hidden driver of the ride-sharing economy.

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PhD in Management Program

A phd in management: where business research and education intersect.

Become an industry thought leader while preparing tomorrow’s business leaders.

Our fully funded PhD in Management is designed for ambitious students and professionals interested in a career in university teaching and research.

This residential program, based at the Samuel Curtis Johnson Graduate School of Management in Ithaca, NY, combines Ivy League rigor and real-world relevance to prepare you for successful careers in academia.

Why Get a PhD in Management?

With a strong focus on management science and applied research, this doctoral degree is ideal for someone looking to teach at the university level and contribute to the greater body of industry knowledge. Pursuing a PhD in Management is also an ideal next step for executives and senior managers who want to make a transition to academia or enhance their research skills for a successful consulting career.

Fully Funded, Highly Flexible: What Makes Cornell’s Management PhD Different?

As you explore PhD programs’ degree requirements, faculty engagement, and campus experience, Cornell stands alone.

In Cornell’s highly flexible program, you’ll choose a specific area of study and build your own dissertation committee. Our program faculty are genuinely interested and invested in your intellectual development. In this small and highly selective program, you will get to know the faculty and your peers well. 

The SC Johnson Graduate School of Management is home to leading research centers and a high-impact academic journal; these open you up to unique learning and mentorship opportunities.

Business Simulation Lab

The Debra Paget and Jeffrey Berg Business Simulation Lab facilitates in-person and online behavioral research related to decision-making and problem-solving.

Discover More About BSL

Our Three-Pronged Approach to a PhD in Management

The Johnson School’s doctoral degree in management combines the best of theory and practice, building on a three-pronged foundation:

Hands-on Experience

Develop your research and analytical skills. You’ll work with classmates to examine existing literature and theories for class deliverables, which will often include your own original research.

Customizable Curriculum

Design your own academic pathway. You’ll choose one of six primary areas of study and create your own dissertation committee.

University-Wide Coursework

Draw on the expertise from across Cornell. You’ll get to select graduate-level courses from schools and colleges devoted to law , hospitality , engineering , labor relations , and other fields.

At a Glance: Cornell’s Fully Funded PhD in Management

The fully residential, fully funded PhD in Management program includes a tuition waiver and a stipend for living expenses. Here’s a quick overview of what to expect:

Degree Awarded

PhD in Management

Program Location

Ithaca, NY, with options in New York City

Program Format

Foundational coursework, original research, and six potential areas of study

Hear from Our Community

“PhD is a marathon, not a sprint, and collaborating with great people is paramount. At Cornell, I’ve found a place where amazing people come together, supporting my research and personal growth. Choosing Cornell means joining a community that knows how important it is to work with exceptional people to excel in the program.” – Elina Hur PhD ’23

Customize Your Path: Our Areas of Study

When you apply to the Johnson School’s PhD in Management, you will select a primary area of study. Choosing a concentration allows you to gain specialized skills and knowledge while growing a portfolio of original research.

Examine the role of accounting information in firms and financial markets. PhD-level research at Cornell explores topics such as how firms report information to investors, how accounting information is used to manage firms, and the nature of auditing.

Strategy & Business Economics

Use modern tools and methodologies to gain a better understanding of the world. PhD students in this area explore many aspects of economics including industrial, behavioral, labor, and organizational.

Dive deep into the financial structure and issues of organizations. Your research might look at how conflicts of interest affect corporate policy, how investor psychology affects asset pricing, or how to detect price bubbles.

Learn how theories from operations research, economics, psychology, and sociology intersect to inform corporate and consumer decisions. Your PhD studies will explore both quantitative and behavioral perspectives of marketing.

Management & Organizations

Prepare for a research-focused career in academia or industry. This versatile concentration develops skilled, innovative, analytical researchers through a broad curriculum and close faculty collaboration.

Operations, Technology, & Information Management

Develop the technical skills and behavioral analysis knowledge you need to address high-impact managerial decisions. This focus area also offers an option to complete coursework at Cornell Tech in New York City.

Idea Generation to Publication: A Career in Teaching and Research

The majority of our PhD in Management students pursue careers in academia. After graduation, many land tenure-track teaching positions at top-tier business schools and continue to advance knowledge through original research. Johnson School PhD students often field multiple offers and see starting salaries range from $150,000 to $250,000.

Finding Your Place at Cornell: Meet Our Current PhDs

Students from around the United States and across the globe arrive at the Johnson School to earn their PhD in Management —and their diverse research interests, educational backgrounds, and professional experiences make for a vibrant, enriching learning environment. MEET CURRENT PHD STUDENTS

Research and Placements: Making an Impact in the Management Field

After earning the PhD in Management, our alumni go on to teach and inspire future leaders at top-tier institutions. Not only do they teach and conduct research alongside some of the most brilliant minds in business, but they also advance the field through publishing in leading journals and presenting their work at industry conferences.

Recent PhD in Management Placements

• Piyush Anand, PhD ’21, assistant professor of marketing, Jones Graduate School of Business, Rice University
• Guarav Kankanhalli, PhD ’20, assistant professor, Joseph M. Katz Graduate School of Business, University of Pittsburgh
• Eunjee Kim, PhD ’21, assistant professor, Mays Business School, Texas A&M University
• Sarah Lim, PhD ’21, assistant professor, Gies College of Business, University of Illinois Urbana-Champaign
• Xuege Lu, PhD ’22, assistant professor, Carlson School of Management, University of Minnesota
• Subrina Shen, PhD ’21, assistant professor, McCombs School of Business, University of Texas at Austin

Recent Research Publications

• “ Do Real Estate Values Boost Corporate Borrowing? Evidence from Contract-Level Data ” in the Journal of Financial Economics (2022) — Gaurav Kankanhalli, PhD ’20, with Murillo Campello, Robert A. Connolly, and Eva Steiner
• “ Converging Tides Lift All Boats: Consensus in Evaluation Criteria Boosts Investments in Firms in Nascent Technology Sectors ” in Organization Science (2021) — Xirong (Subrina) Shen, PhD ’21, with Huisi (Jessica) Li, PhD ’20, and Pamela S. Tolbert 
• “ Initial and Longer-Term Change in Unit-Level Turnover Following Leader Succession: Contingent Effects of Outgoing and Incoming Leader Characteristics ” in Organization Science (2020)— Huisi (Jessica) Li, PhD ’20, with John Hausknecht and Lisa Dragoni

“ Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation? ” in American Economic Review (2019) — Alan Kwan, PhD ’17, with Ben Charoenwong and Tarik Umar

Our Faculty: Accomplished Researchers, Dedicated Teachers

When you join the PhD in Management program at the Johnson School, you’ll be part of a learning community comprising more than 100 accomplished academics and thought leaders. 

Not only will you take courses with renowned professors from across the Cornell SC Johnson College of Business, but you also will have the opportunity to build your own faculty committee—a group that will become instrumental as you select your dissertation topic and embark on your original research.

Faculty Spotlight: Learn from Leading Thought Leaders

Throughout the PhD program—from foundational coursework to your dissertation—you’ll work closely with dedicated teacher-scholars like these:

Kristina Rennekamp

Dr. Rennekamp’s research focuses on financial accounting from a behavioral perspective. She’s widely published, with work appearing in leading academic journals such as The Accounting Review , Contemporary Accounting Research , and The Journal of Financial Reporting .

Karan Girotra

Dr. Girotra studies the digital transformation of companies, whether it’s looking at emerging tools and practices or exploring new business models. He’s frequently interviewed in an array of mainstream business media outlets, including Bloomberg BusinessWeek , Fortune , and Forbes .

Kaitlin Woolley

Dr. Woolley studies the psychological processes behind consumer motivation. She’s an award-winning educator and researcher with work published in academic journals and national media outlets including the Journal of Consumer Research , Journal of Marketing Research , and The Wall Street Journal .

EXPLORE JOHNSON SCHOOL FACULTY

What You’ll Learn: Curriculum Overview

As you pursue your PhD in business management , you’ll begin with a set of foundation courses and progress into advanced coursework in your area of interest. Through it all, your faculty committee will help make sure you’re on the right track.

Foundational Management Coursework

Early in your doctoral program, you will complete foundational coursework in management and other fields. Many of these will focus on the research process and prepare you for your dissertation.

Advanced Coursework in Your Concentration Area

As you progress in the PhD in Management program, you’ll take electives and advanced courses that align with your research area of interest; these classes can be in the Johnson School and across Cornell.

Your Dissertation: Creating Original Research

During the final part of the program, you begin work on your dissertation—the culmination of your original research. You choose the topic of research in conjunction with your committee.

VIEW PROGRAM SPECIFICS

Beyond Business: Cross-Disciplinary Collaboration and Dialogue

Tap into the experience and expertise of faculty members from across Cornell University.  

Management is a broad science. Business leaders serve in a variety of roles in industries of all kinds: healthcare, consumer goods, agriculture, biotechnology, media, and consulting to name just a few. At Cornell, you can enrich your education and expand your research opportunities by taking courses and finding mentors beyond the college of business.

Explore fields like computer science, psychology, sociology, communication, engineering, and data science—and then connect the dots back to your management research.

Interact with peers and professors from other disciplines by participating in student organizations and special interest groups or by attending public lectures, workshops, and networking events.

Admissions Overview: How to Apply to the Management PhD Program

The ideal candidate for the Johnson School’s doctorate degree in management will have a strong record of academic excellence, a solid understanding of the research process, and an entrepreneurial approach to problem-solving. An MBA or master’s degree is not a requirement for admission. 

Our admissions page offers more details about program prerequisites, selection criteria, requirements, deadline information, and a checklist of materials you need to submit with your application.

Connect With Cornell Admissions

The Johnson School admissions team is available to answer your questions about the program and the application process. Stop in or reach out by phone or email today.

253-D Sage Hall Johnson Graduate School of Management Cornell University Ithaca, NY 14853-6201

Phone: 607-255-5340 Email: Graduate Research Programs Office

The Cornell Campus: Where You Will Learn, Grow, and Thrive

Learn, grow, and thrive on one of the most beautiful college campuses in the United States. As a PhD student, you’ll spend a lot of time in Sage Hall, a Gothic-style building dating back to 1875. You’ll find more high-tech learning spaces just off campus at the Breazzano Family Center for Business Education. You’ll also have access to the innovative campus of Cornell Tech in New York City—particularly relevant to students focused on technology and information management. 

Attending Cornell also means you’ll call Ithaca, NY, home for about five years. Our eclectic downtown is full of eateries, shops, activities, and all of the amenities you’d need for everyday life. When you’re not in class or studying, you can explore all that the Finger Lakes region has to offer.

PhD in Management FAQ: What You Need to Know

Before you apply to a research-focused graduate program, you’re likely to want to do some deep research of your own. For instance, how does a fully funded PhD in Management work? What’s the typical completion time?

We have a robust Frequently Asked Questions section to help you learn more about our program, the admissions process, and dissertation requirements. For our international applicants, you’ll also find specific details about earning your PhD in Management.

May I speak to someone about my interest in the program and visit?

You are welcome to reach out to any professor with whom you see a good research fit. Our website also has a wealth of information about the program.

Is an interview part of the process?

We offer interviews only to a few applicants after their first screening.

May I talk to a professor or advisor?

You are welcome to contact any professor with whom you see a research match. Faculty are more likely to respond to specific research queries.

I have questions; may I write to this program email address?

Yes. Our response time will vary. We are not able to answer detailed questions that are better assessed by faculty during the application process.

May I schedule a campus tour?

Admissions does not offer campus tours for PhD program applicants. However, you may arrange an appointment with a faculty member.

Fraud alert – beware of third-party post-doc scams.

Cornell University recently has been made aware of fraudulent activity targeting overseas students and researchers, including at least one third party website falsely stating that it is offering a postdoctoral or visiting scholar program in association with Cornell. These scams, which may seek to obtain money and/or personal details from interested applicants, are fraudulent. 

Cornell wishes to warn the public about these fraudulent activities being perpetrated purportedly in the name of Cornell, and/or its officials. Please be advised that: 

• Cornell does not, nor has it, worked in collaboration with third-party companies or organizations to offer postdoctoral or research certificate programs.
• Third parties do not collect tuition or fees on behalf of Cornell.
• Cornell does not work with or endorse such organizations including, but not limited to, Shanghai Lufei Education Technology Co., Ltd. (Chinese name: 上海璐斐教育科技有限公司) and Shenzhen Guoyan Era Education Technology Co., Ltd. (Chinese name: 深圳市国研时代教育科技有限公司).

Cornell’s postdoctoral positions are listed on the Academic Career Opportunities website and postdoctoral fellowship programs are available for viewing. If you suspect a third party of falsely advertising a Cornell program, please notify [email protected]. Victims of such scams may also report them to their local law enforcement authorities for appropriate action.

Start the Application Process Today

Ready to apply to our highly selective, fully funded PhD in Management? We look forward to learning more about you and your research goals. Start the application process today at the Cornell Graduate Admissions website. [You’ll first need to register for an account or log in to an existing one.]

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The Financial Economics PhD program is a joint degree offered through the Finance Department at the Kellogg School of Management and the Economics Department at the Weinberg College of Arts and Sciences. 

Students within Financial Economics will have access to a broad array of faculty across a variety of disciplines within economics, tapping into the interdisciplinary strengths found within our Finance-Economics curriculum. Additionally, this program benefits by location – our Economics department, PhD students, and research faculty are conveniently located within our new building, the Global Hub, just one floor down from the Finance department.

Some of the most active areas of current research are at the intersection of economics and finance. The aim of the Financial Economics program is to leverage the close ties and common research interests of the Economics Department and the Finance Department at Northwestern to train PhD students interested in these interdisciplinary areas. Students are required to do coursework in multiple fields in economics and finance, and are exposed to the most up-to-date models and methods in these fields. Faculty members from both departments supervise students as they develop their own research projects. PhD students also benefit from close collaborations with students in both departments, and participate in weekly seminar series that draw faculty and PhD students together for scholarly discussions across common research areas, including finance, macroeconomics, industrial organization, development economics, economic theory, and more. The program aims to produce scholars who can be successful in both economics and finance departments. 

Active Research Areas : The study of finance aligns with numerous areas within economics: macroeconomics, public finance, econometrics, household finance, economic development and economic history. This is why broad training in economics is essential for those who wish to do innovative work that straddles both finance and economics. Some examples include the financing and investment decisions of firms, households and governments; the interplay between asset prices, capital markets and the macro-economy; and the role and limitations of financial institutions in facilitating access to credit.  

Financial Economics PhD students will collaborate with world-renown scholars within our Finance and Economics departments. They include elected fellows of the American Academy of Arts and Sciences, the Econometric Society, the Society for Financial Econometrics, and the National Bureau of Economic Research. They serve/served as directors of the American Finance Association and past-presidents of the Econometric Society and Western Finance Association. Several faculty serve/served in editorial positions at leading journals, such as the American Economic Review , Econometrica , Journal of Economic Theory , Journal of Finance and RAND Journal of Economics . Recent publications within top economics and finance journals include American Economic Review , Econometrica , Journal of Finance , Journal of Financial Economics, Journal of Political Economy, Review of Economic Studies, and Quarterly Journal of Economics.

What We Are Looking for in Applicants

We seek students with strong training in mathematics and statistics and a solid background in economics, either through prior study or through work and research experience. Recommended coursework at an advanced level includes calculus, linear algebra, optimization, probability and statistics . Prior research experience is not required.

There are two points of entry into the Financial Economics program: as a new graduate student to Northwestern or as a transfer student from either the Economics or Finance PhD programs.

• New Graduate Student to Northwestern – Applicants submit one application to the Financial Economics PhD Program that is reviewed by both Finance and Economics faculty, who then render a joint admission decision. Students enter the program as a first-year PhD student. 
• Transfer Student – Economics or Finance PhD students who are completing their first year of study and have satisfied all the requirements within Economics may apply for a transfer by contacting the Director of Graduate Study in the program they are currently enrolled in. Applications must be approved by both the Economics and the Finance admissions committees. If the application is approved, the student will initiate a degree transfer request to The Graduate School.

Program Requirements

Coursework In years one and two, students take three or four courses each quarter (fall, winter, spring). The first-year students complete the three core sequences in Microeconomics, Macroeconomics and Econometrics. In year two, students enroll in a minimum of nine approved courses including at least two courses from the sequence in asset pricing, at least two course in corporate finance, two economics field sequence of at least two quarters each, and at least one course in economic history. Students must maintain a minimum 3.0 grade point average (GPA).

Qualifying Exam At the end of year one, students are required to establish competence in the three cores areas of study: Microeconomics, Macroeconomics, and Econometrics. This competence is satisfied by achieving a 3.0 GPA in each of the three-courses sequences.

During the summer following the student’s second year of study, students must pass a comprehensive qualifying exam designed to measure competence in both asset pricing and corporate finance or they demonstrate competence by maintaining a 3.6 GPA average across both course sequences.

Candidacy As students transition from coursework to research, they are required to write an original research paper in the summer of their second year supervised by a faculty advisor. Students present their completed research project to the faculty of the joint program in September following the summer quarter of their second year. At that time, their performance is reviewed by the faculty of the joint program, and upon successfully completing their coursework, passing of their qualifying exam and second-year paper, students are admitted to candidacy.

Third-Year Paper A second paper is typically completed by winter quarter of the third year and presented during the Economics 501 seminar of spring quarter of the third year. The research paper has to be sufficiently advanced to be part of the student's dissertation.

Research, Proposal & Dissertation The main activity in years three and four is research toward a thesis of publishable quality, under the direction of one or more faculty advisors.  A thesis proposal must be presented to the faculty committee no later than the end of the fall quarter of their fourth year of study. In their final year in the program, each candidate must complete a dissertation demonstrating original and significant research and must pass a final oral examination (“defense”) on the dissertation.

Teaching Requirement To promote engagement with faculty and integration with the intellectual life of the department, students serve as research assistants and teaching assistants during years two, three, and four. Research assistantships (RAs) are an excellent lead-in to research; teaching assistantships (TAs) prepare students for teaching after obtaining the PhD.

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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

Tepper School of Business

Ph.D. Program in Financial Economics

This field devotes attention to the study of the effects of information, attitudes toward risk, taxation, macroeconomic fluctuations, and security market prices..

The purpose of the Ph.D. program in financial economics is to educate students in the concepts and analytical techniques needed to understand and advance the frontiers of knowledge in financial economics.

The program provides students with sound training in economics, finance, and quantitative methods, as well as the opportunity to work closely with faculty on original research.

Financial economics deals with the pricing of capital assets and the financial decisions of individuals and firms. Much of its attention is devoted to the study of the effects of information, attitudes toward risk, taxation, macroeconomic fluctuations, and time on investors' investment choices and security market prices. Issues involving the behavior of firms are also of interest, including the importance of corporate dividend, capital structure, and investment policies to firm valuation.

The Ph.D. program in financial economics is designed to educate students in the concepts and analytical techniques required for basic and applied research in these and related areas. This training typically leads to academic careers at other major business schools and economics departments.

Carnegie Mellon is one of the few institutions at which the economics department for the university as a whole is housed in the business school. This creates an environment which is especially conducive to close integration between the various management studies and economics. The Tepper School of Business at Carnegie Mellon has long played a pioneering role in the application of new ideas and techniques in economics to financial problems.

Research Topics

Asset pricing theory.

• Market Incompleteness
• The Effect of Incomplete Markets on Security Valuation
• Risk Preferences
• Asset Pricing and Investor Risk Preferences
• Mortgage Valuation
• The Valuation of Mortgage Loans

Tax Effects in Security Markets

• Treasury Bonds
• Tax Effects in the Relative Pricing of Treasury Bonds
• Municipal Bonds
• Term and Tax Effects in the Pricing of Municipal Bonds
• Capital Gains Taxation
• The Effect of Capital Gains Taxation on the Optimal Trading and Equilibrium Pricing of Financial Assets

Corporate Finance

• Corporate Control
• Capital Structure And Corporate Control
• Optimal Bankruptcy Law

Market Microstructure

• Design of Financial Markets
• Limit and Market Orders
• Trading Strategies

International Finance

• Risk Premia in Currency Markets
• Lottery Bonds

P lease visit our Ph.D. Student Profiles page t o view the profiles of our current doctoral candidates.

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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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Finance PhD Program

The finance Ph.D. program is designed to prepare students for academic careers in financial economics. Financial economics is the study of how individuals and firms raise and invest resources, and how financial assets are priced. Specific topics in asset pricing include the determinants of asset returns, pricing of risk, behavior of investors, and trading mechanisms. Specific topics in corporate finance include capital structure, payout policy, financial intermediation, internal capital markets, venture capital, mergers and acquisitions, and corporate governance.

• APPLY TODAY
• ADMISSIONS EVENTS

Requirements

Sample Schedule

• GSBA 602. Selected Issues in Economic Theory I
• GSBA 604. Regression and Generalized Linear Models for Business Research
• Elective(s)
• GSBA 612. Selected Issues in Economic Theory II
• FBE 630. Fundamentals of Corporate Finance
• FBE 633. Fundamentals of Asset Pricing
• [Statistics or research design]

Students are assigned a faculty mentor upon entering the program. The faculty mentor advises the student on course selection and as appropriate involves the student in a research project. During the first summer, each student conducts a supervised reading of the literature and prepares a research proposal or study.

• FBE 631. Advanced Corporate Finance
• FBE 634. Advanced Asset Pricing
• FBE 670. Selected Topics in Finance Research #1
• FBE 670. Selected Topics in Finance Research #2
• GSBA 690. Tutorial on the Research Process
• BUCO 637. Communication for Doctoral Students
• Paper #2 (Screening Exam)

Students spend much of the second year developing and producing an independent study. The study is submitted to the program at the end of the summer, and serves as the qualifying exam for the second year.

• FBE 670. Selected Topics in Finance Research #3-#N
• Dissertation proposal (USC Qualifying Exam)
• Dissertation proposal
• GBSA 794. Doctoral Dissertation
• Job Market Paper
• GSBA 794. Doctoral Dissertation
• Dissertation

Job Market Candidates

The program maintains a supportive and collegial environment that fosters collaboration between faculty members and PhD students. All students are assigned one or more faculty mentors for the duration of their studies, and faculty members are actively engaged in supervision of student research.

PhD Students

Robin y. lee.

• PhD Candidate in Finance and Business Economics

Robin Lee is a 5th year Ph.D. candidate in Finance at the Marshall School of Business. Her research interests encompass social and behavioral finance, asset management, and empirical corporate finance. Before joining USC, she earned a B.B.A. in Business Administration and a B.A. in Economics from Yonsei University, and an M.A. in Statistics from Columbia University.

Federica Ansbacher

• PhD Student in Finance and Business Economics

Wenqian (Winston) Chen

Applying to the phd program, dates + deadlines.

December 15, 2023: Application Deadline - Accounting, Data Sciences & Operations, and Management & Organization* 

January 15, 2024: Application Deadline - Finance & Business Economics and Marketing 

The link to the PhD Program application is available on the Admissions page and the next opportunity to apply is for Fall 2024 admission. Late applications may or may not be considered at the discretion of the admissions committee. 

Admissions decisions are made from mid-February to mid-April. You will be notified by email when a decision has been made.

ADMISSIONS CONTACT

Ph.D. Program USC Marshall School of Business 3670 Trousdale Parkway, BRI 306 Los Angeles, California 90089-0809 EMAIL

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• university of new orleans
• henry bernstein college of business administration
• doctor of philosophy degree in financial economics

Financial Economics Ph.D. Program

The Department of Economics and Finance at the University of New Orleans offers a Doctor of Philosophy Degree in Financial Economics. The innovative curriculum incorporates both contemporary economic and financial analysis into a program that reflects the growing integration of these two disciplines. It is one of the first programs to formally respond to the substantial demand for financial economists in research and policy making positions in universities, business and government.

graduate school

PhD Curriculum

The Financial Economics program is divided into three stages

• Core preparation
• Advanced specialization

Dissertation

Core courses.

The PhD consists of core qualifying exams, including two specialized fields and a corresponding general exam. The capstone is a dissertation, including an oral defense. 

Typically, students, before their second fall semester, will take a finance qualifying, which focuses on corporate finance and asset pricing. Following the complete of the second fall semester, students will complete an economic qualifying, including micro and macro economics. 

A total of 60 credit hours are needed. To be considered a full time student, 9 credit hours are required for each semester. 

Dissertation information

doctoral degree requirements

Graduate School Admission Requirement

College of business administration.

Contact Dr. Mohammad Kabir Hassan  [email protected]

Application Deadline Fall Admission:  March 15

Test Requirements :  GRE

Other Requirements 3 Letters of Recommendation  Statement of Purpose  CV or Resume Writing Sample

Financing your Education

There are numerous options to help finance your PhD program

• Graduate School Scholarships
• Graduate Assistantships
• Funding Workshops
• Financial Resources

Tuition & Fees

For more information, visit the Graduate Schools page

Graduate school financial information

Financial Economics Ph.D. Alumni Profile

Since the inception of the Ph.D. program in 1984, there have more than 100 degrees granted. Our graduates hold academic tenured and tenure-track positions in institutions around the United States such as

• The University of Missouri, St. Louis
• Wayne State University
• Southern Illinois University
• Baruch College
• Temple University
• Boston University
• Nichols State

As well as Abroad

• Isik University (Turkey)
• Universidad de Sonora (Mexico)
• King Saud University (Saudi Arabia)
• King Fahd University of Petroleum and Minerals (Saudi Arabia)
• Imam Muhmmad University (Saudi Arabia)
• Hashemite University (Saudi Arabia) 

In non-academic areas, positions have been taken with

• The First Commerce Corporation
• The Army Corps of Engineers
• The Controller’s Office of the City of New York.

See a list of our alumni

Rumpa biswas.

PhD Student Department: Economics and Finance Education: MBA Finance, Hofstra University, NY, USA Teaching Interests: Corporate Finance, Investments, Portfolio Analysis, Derivatives, Fixed Income, Risk Management, Financial Markets and Institutions Research Interests: Investments, Corporate Finance, Derivatives, Risk Management Office: KH 435 Phone:  Email:  [email protected]

Nicolas Duvernois

PhD Student Department: Economics and Finance  Education: MS in Management - ESCE Business School, MBA - Nicholis State University, MS in Financial Economics - University of New Orleans   Teaching Interests: Investments, Financial Management, Data Analytics, and Microeconomics Research Interests: Macro-Finance, Empirical Asset Pricing, Risk-sharing, Income Inequality, Climate Finance    Office: KH 424 Phone:  504-875-5659. Email: [email protected].

Obed Izaguirre

PhD Student Department: Economics and Finance Education: BA in Business and Industrial Management - Universidad Tecnologica Centroamericana (Honduras), MBA - Nicholls State University, MS in Financial Economics - University of New Orleans   Teaching Interests: Corporate Finance, Statistics, Financial Management, Investments, Economics, Financial Institutions   Research Interests: Corporate Finance, International Finance, Corporate Governance, Ownership Structure, Financial Markets, Sports Economics Office: KH 432 Phone: Email: [email protected]

Kiran Paudel

PhD Graduate - 2020 May Department: Economics and Finance Education: Ph.D. in Financial Economics, University of New Orleans, MS in Finance, University of North Texas, BS in Computer Science, Minor in Economics, the University of Texas at Dallas   Teaching Interests: Corporate Finance, Investments, Portfolio Analysis, Derivatives, Fixed Income, Risk Management, Financial Markets and Institutions   Research Interests: Investments, Corporate Finance, Derivatives, Risk Management Phone:  469-579-1450 Email: [email protected]

Seungho Shin

PhD Student Department: Economics and Finance Education: BA in Finance - University of Central Florida, MBA in Finance and Operations Management - Rollins College, MS in Financial Economics - University of New Orleans   Teaching Interests: FinTech, Business and Economics Statistics, Financial Management, Microeconomics   Research Interests: Empirical Asset Pricing, Market Microstructure, Corporate Governance, FinTech Office: KH 342 Phone:  Email: [email protected]

PhD Student Department: Economics and Finance Education: MBA in Finance - State University of New York at Buffalo, MS in Finance - University of New Orleans   Teaching Interests: Investments, Portfolio Analysis, Derivatives, Financial Management, Corporate Finance, Economics, Statistics   Research Interests: Empirical Asset Pricing, Risk Management, Market Microstructure Office: KH 436 Phone: Email: [email protected]

Student Learning Outcomes

Student Learning Outcomes specify what students will know, be able to do, or be able to demonstrate when they have completed a program of study.

View Outcomes

Public Finance and Financial Management - PhD

This field is concerned with the formulation, implementation, and evaluation of policies and procedures surrounding the use of resources and raising of revenues by public and non-profit entities. The primary emphasis is on nonprofit and healthcare organizations, and state and local governmental bodies, although some attention is given to the federal government and international settings as well.

Microeconomics is the most important disciplinary background for the field. Principles of efficient resource allocation as well as equity in outcome are used to analyze both the internal operations of organizations and their external environment. In other words, the study of: (1) financial management (internal to the organization), and (2) public finance (external to the organization) are combined. Common methodologies used to study finance issues are multivariate statistical analysis, techniques of managerial accounting, and finance and case studies. Students in the public finance and financial management field must complete the modules in microeconomic analysis and in applied statistics and econometrics.

Research in the areas of public finance and financial management often requires depth of knowledge in a specific area, such as education finance, financial management of nonprofit organizations, or tax policy. Such depth of knowledge involves both a foundation gained from coursework, as well as significant study of literature beyond the material covered in coursework.

LERNER BUSINESS & ECONOMICS

• Financial Services Analytics (FSAN) (Ph.D.)

Student Research Topics

FSAN students work closely with their supervisors to identify cutting-edge research topics related to modern data science theory, algorithms and applications in banking and the financial and tech industries. Sample dissertation topics include:

• Bayesian causal inference
• predictive analytics
• bank systemic risk
• malware detection and classification
• credit card fraud detection
• NLP & chat-bots
• link recommendation
• text-based industry classification
• loan process optimization
• customer targeting
• active learning on graphs

Career Opportunities

Our program generates excellent internship opportunities and industry and academic job prospects.

Corporate-sponsored internships offer you the opportunity to apply analytics tools to real-world challenges on teams in wealth management, machine learning, data architecture, investment banking, global finance and business management. Most students gain internship experience while pursuing their Ph.D. degrees.

FSAN graduates are researchers and professionals who play key roles in teams that bridge the financial services industry and data and operational sciences. They are now employed as data scientists in major banks, fintech companies and technology companies. The FSAN program works closely with Lerner Career Services to provide personalized, high quality career assistance.

Where Our Students Intern

• JP Morgan Chase & Co

Where Our Graduates Work

Academic Institutions:

• Chinese University of Hong Kong (Shenzhen)
• Shanghai University of Finance & Economics
• University of Delaware
• Virginia Tech

Banking and Financial Services:

• Bank of America

"UD was able to merge finance, data mining, statistics and other areas to create the FSAN program. This is also reflected in the diversity of the students. We come from different fields, and it is wonderful how we are able to complement each other in so many different ways."

- FSAN student Leonardo De La Rosa Angarita

• Unique Lerner FSAN Program Lands Graduates in Top Financial Technology Jobs - As businesses increasingly search for workers skilled in tools like machine learning, artificial intelligence and language models, this program is turning out graduates ready for the job.
• What Is Fintech? - This article explains what fintech is, introduces jobs and salaries in the field and compares different ways of learning the subject.
• On the Job with Oliver Yao: New Lerner Dean Is Focused on the Promise of FinTech - Oliver Yao, the new dean of the Alfred Lerner College of Business and Economics, wants the college to be at the center of the financial technology revolution.
• Lifelong Lerner: Jared Sharpe - Jared Sharpe, a native of Andreas, Pennsylvania, earned a doctoral degree in financial services analytics from the University of Delaware’s Alfred Lerner College of Business and Economics in May 2023.
• Lifelong Lerner: Hongzhe Zhang - Hongzhe Zhang, a native of Jinan, China, earned a doctoral degree Ph.D in financial services analytics from the University of Delaware’s Alfred Lerner College of Business and Economics in May 2023.

Contact Dr. Bintong Chen 302-831-2756 [email protected]

Explore the doctorate in FSAN by viewing a recent FSAN information session.

Admissions Information

We accept students every other year, in the even-numbered years. The application deadline for the next cohort (beginning fall semester 2024) is May 1, 2024. Students seeking financial aid should submit their applications by February 1, 2024, but late applications will be considered if funds are available. Highly-qualified students may receive research scholarships as well as a generous stipend to cover all educational expenses.

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• Academics Overview
• Collaborative Research

The Katz PhD Program in Finance focuses on research in financial economics, and most recently has studied phenomena such as corporate governance, restructurings, mergers and acquisitions, initial public offerings, corporate valuations, corporate diversification, corporate disclosures, equity-based compensation, and issues related to international corporate finance. The finance group mentors students with an apprenticeship model, providing an early start in research projects both by and with faculty.

Over successive five-year periods between 1980 and 2014, graduates of the Katz PhD in Finance Program ranked between 28th and 49th among doctoral programs worldwide depending on the specific time interval over which productivity was measured. Most recently, our graduates ranked as the 17th most productive among finance graduates of U.S. public universities the 39th most productive among all programs worldwide. This is especially impressive given that the rankings do not make adjustments for differences in the number of graduates across programs.

Considering we are a relatively small program, our graduates have had an outsized impact in terms of producing high-impact research published in the leading finance academic journals.The upside of our small program size is that it allows for frequent interactions and collaborations among our faculty and our PhD students.

We have an excellent history of doctoral student/faculty collaboration, which often results in articles that are published in top journals. Our faculty members develop relationships with our students that result in research collaboration that often lasts well beyond the doctoral program experience.

Our goal is for students to join finance faculties at top research universities and to make significant scholarly contributions to the field of financial economics. We usually accept two or three new students per year so that we are able to give students a great deal of faculty attention.

Some of our alumni are now full or chaired professors at research-oriented schools including:

• University of Alabama
• Hong Kong University of Science and Technology
• Chinese University of Hong Kong
• University of Missouri
• Georgia Institute of Technology
• North Carolina State University

Year 1 Curriculum: Fall Term (12 credits)

Admitted students begin the PhD program with an intensive  math class that meets daily for three weeks prior to the start of fall classes. Katz Finance PhD Students are expected to arrive on campus by August 1.

An exploration of critical thinking.

Year 1 Curriculum: Spring Term

A thorough examination of research methods.

Year 1 Curriculum: Summer Term (3 credits)

Research paper with faculty guidance.

Year 2 Curriculum: Fall Term

A continued study in critical thinking and research methods.

Year 2 Curriculum: Spring Term

A further dive into major concentrations, critical thinking, and research methods.

Year 2 Curriculum: Summer Term

A comprehensive independent study.

Year 3 Curriculum: Fall, Spring, and Summer Terms

Fully concentrated work on dissertation and service as teaching assistant.

Curriculum: Years 4 and 5

Teach and enter the job market to defend your dissertation.

STUDENT SPOTLIGHT

Pitt has spectacular faculty and staff members. One can work with world-class scholars on rigor and relevant topics in business fields. I’m fortunate to work with possibly the best mentors one could ask for – they respect your own research interests, always inspire you, and they encourage curiosity, discovery, and blazing your own trail. They support and help me evolve as an independent researcher and a future educator.

PhD, Information Systems and Technology Management

I chose Pitt over other schools for the exceptional faculty at Katz and for the flexibility and freedom it provides. The faculty, who are world-class researchers, genuinely care for my growth and are always open to discuss and collaborate on new research ideas. The flexible course of study allows me to draw from a vast array of courses offered across different schools, helping me choose only those which best fit my needs. I am lucky to be part of the Katz community, which inspires me to do better every day!

PhD, Marketing

PhD Handbook

PhD in Finance ...

PhD in Finance in USA: Best Universities for PhD in Finance in USA

USA happens to be one of the most sought after destinations for a PhD. The program structure here allows you to get a lot of training alongside research which is not common in the European countries or UK is what makes it desirable. Usually, master of finance graduates plan to get a PhD but it is also a good option for MBA in USA graduates to advance their careers. After a PhD in finance in USA, you can either go on the path to become a professor or take the road to work with global companies.

We have prepared a guide including best universities for PhD in finance in USA, eligibility criteria, admission process, cost of studying, scholarships, future opportunities and a lot more to help you grab the best opportunities to pursue PhD in finance from USA.

Why Study PhD in Finance in USA?

• US universities dominate almost all major rankings. If we talk about the QS World University Rankings by Subject for Accounting and Finance, 73 universities are included in the list of top universities.
• USA spends enormous amounts on research and development and is said to be ahead of several other countries in terms of innovation.
• The rigor of curriculum offered at US universities is much higher in standard than research programs at other institutions.
• US universities offer state-of-art research infrastructure which attracts aspirants from all around the world.

Best Universities for PhD in Finance in USA

A PhD is a long duration course so be assured that you choose your university wisely considering accreditation, co-curricular factors, facilities, faculty, location, etc. Here is a list of the 5 best universities for PhD in finance in USA:

• Massachusetts Institute of Technology
• University of Chicago
• Stanford University
• University of California, Berkeley
• University of Pennsylvania

Discussed below are the insights of these 5 universities including ranking, specializations and tuition fees can be seen below:

1.  Massachusetts Institute of Technology

PhD in finance at Massachusetts Institute of Technology is offered under the MIT finance group. The program duration can be categorized into coursework, seminar, general examination, research paper and dissertation.

2.  University of Chicago

For pursuing PhD in finance at University of Chicago , you will get full tuition support for 5-6 years of your full-time study. Additionally, the university gives you the opportunity to work as a teaching assistant in the third and fourth year.

3.  Stanford University

At Stanford University , your PhD program will come with a five year funding guarantee which includes tuition, assistantship salary and fellowship stipend. Phd programs have been a constant preference for most international students to pursue here.

4.  University of California, Berkeley

The Haas School of Business at University of California, Berkeley offers a five year, fully funded PhD in finance program that aims to integrate modern developments in the field of finance. The course expects the student to have a strong background in mathematics and statistics.

5.  University of Pennsylvania

The finance faculty at the Wharton School of Business is one of the most renowned faculties of University of Pennsylvania . The ideal candidate for a PhD at Wharton should have a background in economics, mathematics, statistics, engineering and other quantitative disciplines.

Course Curriculum for PhD in Finance in USA

Although a US PhD degree is longer than a UK degree, it has its own benefits and gives candidates the time to get a better hold and develop expertise in the subject area. Discuss in the table below the course curriculum for PhD in finance in USA:

Eligibility Criteria for PhD in Finance from USA

The PhD in finance in USA requirements may vary from one university to another. Before looking at the cost of studying PhD in USA, let us understand the basic eligibility criteria for the same:

• Completed master’s degree
• English language proficiency requirements
• Entrance test scores

Take a look at the detailed discussion on eligibility criteria to study PhD in finance in US:

1.  Completed master’s degree

To pursue PhD in finance in USA, you must have a master’s degree in finance from a recognized institution equivalent to a US master’s degree. A minimum GPA of 3.0 or above is required.

MS in finance in USA

2.  English language proficiency requirements

As international students, you will have to provide proof of English language proficiency if your native language is not English. IELTS and TOEFL are among the most widely accepted test scores. A minimum IELTS score of 6.5 or a TOEFL-iBT score of 90 or above is recommended.

3.  Entrance test scores

Before enrolling for a PhD in finance in USA, you may be asked for your GMAT or GRE scores. You may not have to take the test again as you must have already taken it before applying for your master’s degree.

Documents Required to Study PhD in Finance from USA

It is crucial to understand the PhD in finance in USA requirements to complete the application process hassle-free. Listed below are the documents that most institutions will ask you to submit:

• Transcripts of academic records from all previous post-secondary institutions
• Test scores of GMAT/ GRE
• English language proficiency test scores
• Research proposal
• Writing sample
• Letters of recommendation
• Personal statement
• Copy of passport
• Proof of finances

Admission Process for PhD in Finance in USA

Here is the step-by-step process to apply for PhD in finance in US:

• Check the eligibility criteria for your chosen institution before applying.
• Visit the official university website and look for the upcoming intake and application deadlines.
• Complete the online application for admission and pay the necessary application fee, which usually ranges between 100 USD-150 USD.
• Gather all documents to be submitted along with the application.
• Once you complete the application and submit all relevant documents, keep an eye on the university website to get updates on your application.
• You may be called for an interview and be asked about your research proposal before getting the acceptance letter.
• If you are accepted, fulfill the enrollment requirements and apply for a visa to study in USA.

USA student visa guide

How Much Does it Cost to Study for a PhD in Finance in USA?

Getting a PhD in USA requires a huge sum of investment. The cost of studying for a PhD in finance in USA can be categorized into tuition fees and cost of living. Let us consider the costs for each of these components.

Tuition Fees

The tuition fees for PhD in finance in USA ranges between 35,000 USD - 70,000 USD per year. You can find programs with lower tuition fees at public universities.

Phd in USA cost for Indian students

Cost of Living

An international student’s cost of living in USA is estimated at around 12,000 USD-18,000 USD per year i.e. 1000 USD-1,500 USD per month, varying according to the student’s budget. It is true that the living expenses in USA are higher compared to many other study abroad destinations. However, affordable options are available to choose from, such as various accommodation options, public transport, personal expenses, etc.

Scholarships for PhD in Finance in USA

You will find multiple funding options for pursuing research in USA. Most US universities offer fully funded PhD programs , so you do not have to fret about the huge tuition fees. Take a look at the table below to learn about the various university-provided scholarships for international students:

Career Opportunities After PhD in Finance in US

Accounting and finance professionals in USA earn 97,600 USD per year on average. With a PhD in finance from USA, you can expect 23% higher salaries than a master’s degree. New York, Houston, Los Angeles, Philadelphia are some of the states offering the highest salaries compared to other cities in USA.

Take a look at the popular job titles and average salaries for PhD in finance from USA:

How to find jobs in USA?

A PhD in finance in USA is worth considering to advance your career and boost your earning potential. Get in touch with our Yocket counsellors today and get answers to all your questions related to PhD in finance in USA and a roadmap to secure a seat in one of the best universities for a PhD in finance in USA.

Frequently Asked Questions about PhD in Finance in USA

How many years is a PhD in finance in USA?

A PhD in finance in USA takes 4 to 6 years depending on the candidate’s knowledge level. Generally, an individual spends around 2-4 years in the coursework and another 2-4 years on the dissertation.

How much does it cost to do a PhD in finance in USA?

The annual fees for PhD in finance in USA is somewhere between 30,000 USD-55,000 USD per year which may vary across universities.

Can Indian students get a scholarship to pursue PhD in finance in USA?

Yes, there are several scholarships for Indian students to pursue PhD in finance in USA, such as Fulbright Scholarship, Knight-Hennessy Scholars program, Aga Khan Foundation International Scholarship program and several other university-specific scholarships.

Can I apply for PhD in finance with an MBA in finance?

Yes, you can apply for a PhD in finance with an MBA in finance.

Is it better to do PhD in finance in USA from a private or public university?

Both types of universities have equally good options to pursue PhD in finance in USA. If you wish to apply to public universities in USA some of the best options are University of California - Berkeley, Georgia Institute of Technology, University of Illinois - Urbana, etc. Top private universities include Stanford University, Massachusetts Institute of Technology, Yale University, among others.

Sumeet Jain

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PhD in Risk Management and Insurance

Program Overview

The PhD in Business Administration with a focus on Risk Management and Insurance (RMI) is designed to help students develop an understanding of both theoretical and applied aspects of insurance, risk management and employee benefits. The Terry College provides an excellent opportunity for those interested in pursuing a PhD in risk management and insurance. Some of the benefits of the Terry College include:

• Consistently highly ranked, the UGA RMI program is currently the top-ranked program in the country by U.S. News & World Report.
• A recent global study ranked the UGA RMI program among the top 10 universities in the world – and second among public universities — for the impact of its risk management and insurance research.
• Faculty members are among the top publishers in the premier risk management and insurance journal, the Journal of Risk and Insurance . View our departmental directory for a complete list of the faculty .
• RMI faculty have received numerous research awards from the Journal of Risk and Insurance , Risk Management and Insurance Review , Journal of Insurance Issues , the Journal of Insurance Regulation and others.

• Professor , Risk Management and Insurance Program

Preferred deadline: January 4

Applications after January 4 will also be considered until spots are filled

Prerequisites

Math courses.

• Calculus : Differential and integral
• Linear Algebra : A course elementary linear algebra is strongly recommended before taking doctoral level (8000 and 9000) courses.

Typical Course Sequence

• Years 2 and 3
• RMIN 7100 : Fundamentals of Risk Management
• RMIN 9450 / 9550 : Risk Management Seminar
• ECON 8000 : Math for Economics (taken in Summer leading to Fall Semester)
• ECON 8010 : Microeconomic Theory I
• ECON 8070 : Stats for Econometrics
• RMIN 7120 : Corporate Risk Management
• ECON 8080 : Intro to Econometrics
• ECON/STAT/FINA Elective
• RMIN 9000 : Doctoral Research
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• Preliminary Exams

Graduates of the risk management and insurance program currently teach in leading risk management and insurance programs across the country including:

• Saul Adelman (1980 Graduate; Associate Professor of Finance at Miami University)
• David Cather (1985 Graduate; Clinical Professor of Risk Management at Penn State University)
• Robert Puelz (1990 Graduate; Dexter Trustee Professor of Risk Management at Southern Methodist University)
• Brenda Wells (1992 Graduate; Associate Professor and Director, Risk Management and Insurance Program at East Carolina University)
• Lee Colquitt (1995 Graduate; Professor and Chair, Department of Finance at Auburn University)
• William Ferguson (1995 Graduate; G. Frank Purvis, Jr./BORSF Eminent Scholar Endowed Chair in Insurance and Risk Management at the University of Louisiana at Lafayette)
• Randy Dumm (1998 Graduate; Professor of Research at Temple University)
• Tim Query (1999 Graduate; Mountain States Insurance Group Endowed Chair Holder and Associate Professor of Finance at New Mexico State University)
• Kathleen McCullough (2000 Graduate; State Farm Insurance Professor of Risk Management and Insurance and Associate Dean for Academic Affairs and Research at Florida State University)
• Lars Powell (2002 Graduate; Director of the Alabama Center for Insurance Information and Research at the University of Alabama)
• Ryan Lee (2001 Graduate; Initial Placement—University of Calgary)
• Cassandra Cole (2002 Graduate; Robert L. Atkins Professor in Risk Management and Insurance and Department Chair at Florida State University)
• Andre Liebenberg (2004 Graduate; Robertson Chair of Insurance and Associate Professor of Finance at the University of Mississippi)
• Enya He (2006 Graduate; Regional Director for Lloyd’s South Central U.S. Region)
• Joseph Ruhland (2006 Graduate; Chair and Associate Professor of Risk Management and Insurance at Georgia Southern University)
• Steve Miller (2010 Graduate; Associate Professor and Director, School of Risk Management and Insurance at University of South Florida)
• Leon Chen (2011 Graduate; Professor of Finance at Minnesota State University-Mankato)
• Jianren Xu (2014 Graduate; Assistant Professor of Finance at University of North Texas)
• In Jung Song (2016 Graduate; Hankuk University of Foreign Studies)
• Evan Eastman (2017 Graduate; Florida State University)
• Joshua Frederick (2019 Graduate; Ball State University)
• Jiyeon Yun (2019 Graduate; California State University-Northridge)
• Polin Wang (2020 Graduate; University of South Florida)

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• Current PhDs
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PhD in Financial Technology (FinTech)

Drive Innovation at the Intersection of Finance and Technology

The future of finance is here and it’s unfolding at an unprecedented pace. In an era marked by rapid technological advancements, the finance industry is undergoing a transformative shift, necessitating a new breed of professionals. Our program is dedicated to cultivating leaders who will pioneer the next wave of innovation in the financial sector.

Value Proposition Description

Why FinTech?  

The fusion of finance and technology, known as FinTech, represents one of the fastest-growing industry sectors globally. With a market capitalization exceeding $550 billion and more than 272 fintech unicorns, the potential for groundbreaking work in this field is vast. The rise of digital payments, mobile banking, cryptocurrencies, and beyond has reshaped the landscape of financial services, making FinTech an essential area of study and innovation.  

A Multidisciplinary Approach  

WPI’s FinTech PhD program is uniquely positioned to offer a comprehensive, multidisciplinary education that bridges finance, technology, computer science, and ethics. Leveraging the expertise of our distinguished faculty and the resources of our state-of-the-art FinTech Innovation Hub, students engage in cutting-edge research and practical applications of their studies.  

Curriculum for PhD in Financial Technology (FinTech)  

The FinTech PhD program offers a rigorous curriculum designed to equip students with an in-depth understanding of both the technological and financial aspects of this evolving field. Our program emphasizes:  

Covering blockchain technology, Asset Pricing, Price Theory, Econometrics, Macroeconomics, digital payments, AI, and machine learning, our courses are tailored to meet the demands of the FinTech industry.

By working closely with regional FinTech firms and departments across the university, students gain a well-rounded perspective on the technical, regulatory, and business dimensions of FinTech. The collaboration with Worcester Polytechnic Institute's (WPI) world-renowned faculty presents a unique and invaluable opportunity for scholars to engage in cutting-edge research in the field of finance. WPI's faculty are leaders in their disciplines, known for their innovative approaches and contributions to technology and finance.  

Collaborating with world-renowned faculty at Worcester Polytechnic Institute (WPI) significantly benefits students, especially in refining their research for publication in top finance journals. Working alongside leading academics offers students unparalleled access to advanced methodologies and insights into the finance field. This mentorship helps students navigate the complexities of research and publication, ensuring their work meets the high standards of prestigious journals. Such collaboration not only boosts students' academic profiles but also contributes valuable insights to the finance community.  

The benefits of this scholarly collaboration extend beyond individual achievements, contributing to the broader academic and professional communities by setting new benchmarks in finance research.

Our curriculum incorporates discussions on ethics, data privacy, and financial inclusion to prepare students for the ethical challenges they may face in their careers.

Graduates of our program are poised to make significant contributions to the FinTech sector, whether in academia, industry research, or leading their own innovative startups. Our alumni network spans the globe, with members holding pivotal positions in major financial hubs and pioneering the development of new technologies and business models.

Important Dates

Next Start: August 22, 2024  

Application Deadline: Apply by May 1st

FinTech Education at WPI: An Interdisciplinary Approach

Dean Debora Jackson and Professors Kwamie Dunbar, Joseph Sarkis, and Robert Sarnie of the WPI Business School discuss how the university’s cross-disciplinary experiential learning and collaboration make it the ideal place to study FinTech.

FinTech for Inclusivity, Growth, and the Future

In partnership with Flame University, Boston Blockchain Association (BBA), and the Massachusetts High Technology Council, the WPI Business School and the Future Finance and Economics Association (FFEA) hosted their inaugural conference in October 2023—the first such FFEA event in the United States.

WPI & Flame University FinTech Lab

In partnership with Flame University, WPI’s FinTech Lab recognizes the critical role of adept individuals in driving this transformation. By fostering interdisciplinary collaboration, it cultivates a dynamic environment where experts from finance, technology, data science, and entrepreneurship converge to develop cutting-edge solutions.

Similar Majors

Dr. Dunbar is currently a tenured Associate Professor of Finance at WPI. In addition to his extensive experience in teaching and research, he has a wealth of industry experience working with several fortune 500 companies in various capacities.

Professor Dunbar's research has appeared in leading economics and finance journals such as Quantitative Finance, Economic Modeling, International Review of Financial Analysis, and Research in International Business and Finance, amongst others. His [...]

Joseph Sarkis is a Professor of Management within Worcester Polytechnic Institute's Business School. He previously served as a faculty member at Clark University and the University of Texas at Arlington. His teaching and research interests are in the fields of environmental sustainability, operations and supply chain management. He is the author or co-author of over 600 publications. His research is widely cited and earned the designation of highly cited researcher for eight years from&n [...]

Rob joins WPI from Fidelity Investments, where he spent 23 years in the finance industry, holding multiple executive leadership positions including VP of Strategy and Planning, VP Human Resource Systems, and VP Finance, Procurement, and Accounting Systems. Rob also previously held positions in both the public and private sectors for companies in the manufacturing and nonprofit industries.

At Fidelity, Rob exercised his passion for coaching and mentoring by leading multiple mentoring pro [...]

Take the First Step Today

Prepare to be a research or industry leader in the rapidly growing world of FinTech.

1 PhD Degrees in Financial Management in USA for 2024

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Doctorate in Finance

Atlantic international university.

• Honolulu, USA

Full time, Part time

Distance Learning

English, Spanish, Portuguese

The Doctor of Finance (Ph.D.) objective is to produce high-quality scholars by preparing them for successful academic professions and to help them develop an understanding of the methods used in theoretical modeling and empirical testing. The Finance program core finance areas of study include asset pricing, investments, corporate finance, and financial intermediation.

Popular degree type

Popular study format

Popular education type

PhD Degrees in Financial Management

Financial management studies cover money management and financial planning. Subjects can include investments, assets and liabilities, capital budgeting and diversification. Students may learn about the application of different financial management methods.

The USA remains the world’s most popular destination for international students. Universities in the US dominate the world rankings and the country also offers a wide variety of exciting study locations. State university systems are partially subsidized by state governments, and may have many campuses spread around the state, with hundreds of thousands of students.

Requirements for the PhD program often involve the student having already obtained a Master’s degree. Additionally, a thesis or dissertation primarily consisting of original academic research must be submitted. In some countries, this work may even need to be defended in front of a panel.

Tesla layoffs hit high performers, some departments slashed, sources say

'i lost 20% of my team, some really good players too'.

Tesla management told employees Monday that the recent layoffs — which gutted some departments by 20% and even hit high performers — were largely due to poor financial performance, a source familiar with the matter told TechCrunch.

The layoffs were announced to staff just a week before Tesla is scheduled to report its first-quarter earnings. The move comes as Tesla has seen its profit margin narrow over the past several quarters, the result of an EV price war that has persisted for at least a year. The company delivered a record 1.81 million vehicles in 2023. Its margins, however, took a hit after Tesla repeatedly slashed prices in a bid to drum up sales and undercut the competition.

Tesla informed employees that more than 10%, or about 14,000 workers, will be laid off across the global organization that has operations in the United States, Europe and China. In a regulatory filing , Tesla referred to the layoffs as a “company-wide restructuring.” The layoffs, which affected employees across all departments and seniority levels, were made to reduce costs and increase productivity to prepare for its “next phase of growth,” according to an internal email from CEO Elon Musk that TechCrunch has viewed.

High performers also cut

Many of the laid-off employees were high performers, according to two sources who spoke to TechCrunch on condition of anonymity. One source expressed shock at the number of talented employees cut and noted that many of those affected were working on projects that have fallen lower on Tesla’s priority list. The source declined to specify which projects.

Some departments saw layoffs beyond the 10% outlined in the companywide email, according to sources. One manager told TechCrunch that 20% of their employees were cut.

“I lost 20% of my team, some really good players too,” they said.

The shakeup also comes as Musk continues to bend the company’s trajectory toward building fully self-driving cars. Tesla recently dropped plans to build a lower-cost EV that would retail starting at around $25,000, opting instead to use the underlying platform being developed to power an alleged robotaxi that Musk said will debut August 8.

Musk previously tried to prioritize the dedicated robotaxi vehicle project, according to his biographer, Walter Isaacson. In 2022, he told employees that he wanted a “clean robotaxi” with no steering wheel or pedals. Tesla lead designer Franz von Holzhausen and engineering VP Lars Moravy kept running the low-cost EV project in secret and eventually convinced him to make both — that is, until last week when it was reported that Musk changed his mind.

Top execs leave

Two high-profile executives — Drew Baglino, Tesla’s SVP of Powertrain and Energy, and Rohan Patel, VP of Public Policy and Business Development — also left the company .

Patel told TechCrunch he decided Sunday evening to leave Tesla because of “[b]ig overall changes” at the company. Patel, who had been engaging regularly with Tesla customers and fans on X in recent months, declined to be specific. He noted in a message that it would be “better for me not to speculate. … Tesla is going to be stronger than ever, and change is good,” he added.

Baglino told TechCrunch that after 18 years, it was time to leave Tesla. “I feel good about the impact I’ve been able to achieve, my leadership team is strong, the energy businesses I’m responsible for are doing well, etc.,” he wrote in a message to TechCrunch.

“Baglino was in charge of powerdrives and new battery projects, and there’s a sense that there isn’t a whole lot of innovation that’s sustainable at this point, which is probably why Baglino is leaving,” Sandeep Rao, head of research at London-based financial services company Leverage Shares, theorized in an interview with TechCrunch.

Baglino’s departure comes just a few months after Tesla’s previous CFO, Zachary Kirkhorn, stepped down. In January, Musk posted on X , formerly Twitter, that he would want to have around 25% voting control of Tesla in order to focus more fully on the company, rather than on his other companies, and help the EV maker become a leader in AI and robotics.

This article was updated to include information from a regulatory filing that refers to the layoffs as a “restructuring.”

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