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Wählen sie ihre sprache, doctoral programme, in accounting, economics, finance & management.

Programme Overview

Frankfurt School of Finance & Management is one of Europe’s leading business schools with an internationally recognised reputation for relevant and rigorous research. We are determined to attract the most talented doctoral students in accounting, economics, finance and management, therefore we offer a stimulating academic environment.

Researchers at Frankfurt School work on fundamental problems that challenge firms and society. How should firms respond to climate change? Can markets be redesigned to support fair outcomes? Does working from home improve gender equality?

The five-year doctoral programme equips students to contribute to these debates. The first two years generally consist of classes in which students focus on analytical skills. Students also take courses in their chosen area of academic specialisation in Accounting, Economics, Finance, or Management, which provides the foundation from which to develop research topics. The programme encourages students to broaden their scope and obtain training in related areas such as data sciences, operations research, or economics.

The coursework phase ends when students successfully pass their Qualifying Exam and graduate to the dissertation stage. At this time, students have the opportunity to obtain a Master’s degree in Business Research and Analytics as part of their doctoral programme. In the dissertation stage (years 3-5), students move to active research and write their dissertation.

While our primary intention is to provide graduates with an ideal platform to enter the world of academia, their research topics are also directly relevant for business and politics. We train our students to develop solutions to complex problems and to develop the social and conceptual skills they need to advise others. Our faculty mentors and supports students in their research. This nurturing intellectual climate is combined with an exciting state-of-the-art campus environment.

Frankfurt School confers a Dr. rer. pol., the German equivalent of a PhD in Economics. The School offers fully-funded study places and a generous monthly stipend for up to 5 years.

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In the first two years, doctoral students attend core courses, elective courses, and concentration courses in their respective academic specialisations. In this phase, they obtain the knowledge and skills to research.

The four specialisations, Accounting, Economics, Finance & Management, follow a similar structure.

We asked Dr. Timo Vogelsang, Assistant Professor of Management Accounting, why it is important to invest in coursework at the beginning of your research career. Here is what he had to say:

“The courses are an important basis for excellence while doing your dissertation research. Moreover, during your academic career, you will probably never have so much time available to learn new things. My supervisor always told me this. Now I sometimes regret that I did not spend much more time during the course-phase to learn more about the most current empirical methods and theoretical approaches.“

Ruishen Zhang, Assistant Professor of Accounting

Finished his doctoral studies at frankfurt school and is now an assistant professor at shanghai university of finance and economics., "the frankfurt school faculty has introduced me to a wide range of topics in accounting research and has helped me connect with the international research community. my experience at frankfurt school has prepared me for my academic career.", ruishen zhang, assistant professor of accounting,.

Prof. Dr. Tobias Berg

Professor of finance, head of finance department, „we seek to educate our dr. rer. pol. students so that they can work on the frontier of academic research. we want to foster creativity and challenge dr. rer. pol. students every day, making them well prepared to work at top universities and research institutions worldwide.“, prof. dr. tobias berg,.

Prof. Dr. Frank Ecker

Professor of accounting, head of accounting department, "what i find very attractive about accounting is how many different important research areas it actually encompasses. while evolving around the concept of “information”, accounting spans strategic considerations in the reporting of financial and non-financial information, consequences for resource-allocation decisions, corporate governance, employee performance measurement, and designing optimal incentive schemes, to name a few. many important questions in these areas remain unanswered, providing ample research opportunities for talented students from all over the world.", prof. dr. frank ecker,.

Ionela Andreicovici

Assistant professor of accounting, “having a data science background myself, i can confidently say that frankfurt school is the perfect place for me to apply my knowledge in data science in answering important questions. for instance, i use machine learning algorithms to try to push the boundaries of accounting research. for dr. rer. pol. students, the faculty not only offers vision but also resources to support them in putting their data science knowledge into action while advancing their understanding of economics.”, ionela andreicovici,, doctoral student life at fs.

We asked some of our current doctoral students to describe a typical day in their lives at the Frankfurt School. Here is what they said:

"On a typical day, I get up at 7:30 am. I check my emails, do in-door sports, and have breakfast. I leave home around 9:15 am and learn German on the underground. At school, I resume working where I stopped yesterday. As a third-year student I have finished my coursework, so I fully focus on my research.

Mehr Weniger

My favourite part of the day is the lunch break when I meet my schoolmates. Today in the afternoon, I attended the regular reading group lead by Prof. Dr. Falko Fecht on the topic of banking and financial intermediations."

“Once a week, we usually have a research seminar day, where a scholar from another university presents their research. Sometimes these scholars are legends in your field, whose work is quoted everywhere and it is always interesting to see the rigour with which their work is still interrogated.

My favourite thing about this day though, is that you get a chance to spend some time speaking with them and you realise they are pretty cool people, trying to do the best research they can, just like you.”

“On a usual day, I am arriving at my desk between 8, and 9 am after having exercised in the morning. Then, I am getting my first coffee in the Faculty Lounge, which is also an excellent place to meet fellow Dr. rer. pol. -students or faculty. After that, I am settling down at my desk and start working.

As I am mostly working on theoretical projects, a lot of my work consists of solving mathematical problems. Hence, I am either programming potential solution algorithms, or I am working with pen and paper. Here, the atmosphere at the Frankfurt School allows me to work in a highly concentrated manner. At around twelve, most doctoral students are having lunch together. So, that’s perfect timing to chat about current news, research updates, or general things. Often, we are also having a seminar at lunchtime, where a top researcher presents his or her current project. These seminars are mostly highly interactive and a good way to get to know professors from other institutions as well. Due to Coronavirus, a lot of seminars also shifted to online, such that there is a virtual presentation at some conference or seminar series almost every day. After lunch, I am typically trying to read a paper to catch-up with the current state of research. Thereby, I am trying not to focus too much on a single field but really to get a broader understanding of the economics and finance literature. Thereafter, I am often having a meeting with my supervisor or some other faculty member in the afternoon. There, we discuss my progress and these meetings are a great opportunity to ask open questions that help me to progress faster. After having had some more coffees throughout the day, I am leaving the Frankfurt School in the evening. After dinner at home, I am mostly reading books that are not connected to my research. Sometimes, this is also the perfect time to answer emails from students that arrived throughout the day.”

Student funding and scholarships

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years, conditional on continuing to satisfy all academic programme requirements.

Doctoral students will receive EUR 1,820 from the first year onwards, for five years.

Furthermore, Frankfurt School covers costs related to research, including conferences and overseas visits.

Publications by doctoral students

Frankfurt School doctoral students contribute to high-quality research and publish in scientific top journals.

Application process

1. target group.

Outstanding graduates of a bachelor‘s or master’s programme in business administration, accounting, economics, finance, management or related fields who aspire to launch an academic career.

Candidates in the final year of a master’s or bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the required documents. Please note that you need a certified English or German translation for all documents not originally in German or English. The application platform will be open from 15 September until 15 January

Required Documents

• CV and list of publications (if existent)
• Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
• Certified copy of your University Degree Certificate or equivalent and academic transcript of records
• Official GMAT or GRE results
• Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
• Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with faculty? Is the research of any member of the FS faculty of interest to you?
• Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: for example, background, extracurricular activities, work experience.

Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform:  https://apply.interfolio.com/107106

Create a profile by clicking on the button “Apply now”. 

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”. 

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to an online interview with faculty members of their chosen concentration.

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctoral Proceedings. It is based on the applicant's overall portfolio and the interview.

If you wonder what qualities the selection committee is looking for in applicants, here is some advice:

Prof. Dr. Markus Fitza, Professor of Management

states: “We are looking for outstanding conceptual and analytical skills. A genuine interest in research and a career in academia is a must.”

Prof. Dr. Francesco Sangiorgi, Professor of Finance

similarly highlights analytical skills for the Finance programme: “We encourage applications from candidates with strong analytical and quantitative skills.”

Prof. Dr. Yuping Jia, Professor of Accounting

emphasizes that applicants do not need to be experts in accounting regulation, indeed she argues that “Accounting is interested in original thinkers, who are creative and have broad interests. People with diverse backgrounds, but with genuine curiosity will find that accounting research has a lot to offer.”

Isabeau Köhncke Recruitment Officer

Lianna Mirzoyan Recruitment & Admissions Manager

Ph.D. in Finance, fully funded

In cooperation with the graduate school of economics, finance, and management (gsefm).

The GSEFM offers a quantitative and research-oriented education featuring the structures of premier anglo-saxon graduate programs. Together with SAFE, it provides an environment where students can benefit from a unique research group in Finance spanning a wide range of topics as well as from the location in Frankfurt, the primary center for financial markets and central banking in continental Europe. The program does not charge tuition fees.

The GSEFM Ph.D. Program in Finance consists of two years of doctoral coursework with a qualifying examination at the end of the first year. Core courses in financial economics, econometrics, and mathematical methods (first year) and two to three elective courses (second year) ensure that students acquire a thorough knowledge of the theory of Finance before beginning their own research.

The Leibniz Institute for Financial Research SAFE, based at the same premises at Goethe University’s House of Finance, offers funding for the entire program to excellent applicants for the Ph.D. Program in Finance as well as to those for the Program in Economics who pursue financial economics as one field in their studies. Funding includes a scholarship of monthly €1,300 in the first program year and, conditional on passing the preliminary exams, an ensuing work contract as research assistant with sufficient time allocation to work on the thesis.

SAFE – short for Sustainable Architecture for Finance in Europe – is dedicated to interdisciplinary research on the financial markets and their players in Europe as well as to research-based, independent policy advice. It is committed to contributing to a sustainable and resilient financial system that promotes innovation and serves the needs of the economy and the society.

The GSEFM education combined with research work at SAFE offers exceptional global career opportunities in academia, international organizations, or financial regulation. ( List of recent placements )

SAFE aims to increase the proportion of female scholars among its research staff and will therefore give preference to female applicants in case of equal qualification.

Interested? Please visit the GSEFM website for more information on the Ph.D. in Finance and admission requirements . Please follow the instructions on the GSEFM website on how to apply and make sure you choose SAFE as first preference under the header "Application for Financial Aid" in the application form.

Do not send applications directly to SAFE. Only applications submitted via the GSEFM/Goethe University admission portal will be considered in the application process.

Download the fact sheet PhD in Finance/Economics, fully funded by SAFE

Contact for questions

Prof. Loriana Pelizzon, Ph.D.

Deputy scientific director, director research department "financial markets".

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Ph.D. Programme

Die Teilnahme an einem strukturierten Ph.D.-Programm bzw. einem Graduiertenkolleg ersetzt heute mehr und mehr das traditionelle Promotionsverfahren. Um die Grundlagen für eine erfolgreiche Dissertationsarbeit zu schaffen, sehen die Programme speziell konzipierte Lehrveranstaltungen und Seminare vor, fördern die inter- und transdisziplinäre Zusammenarbeit und den Dialog zwischen erfahrenen Wissenschaftlern und Doktoranden, und vermitteln Auslands- und Job Market-Kontakte.

In Kooperation mit der Johannes Gutenberg Universität Mainz und der Technischen Universität Darmstadt hat der Fachbereich 2008 die "Graduate School of Economics, Finance, and Management ( GSEFM )" gegründet.

Unter dem Dach der GSEFM werden die nachfolgenden Graduierten- bzw. Ph.D.-Programme angeboten.

Neben dem Studium und dem Abschluss eines unserer Ph.D.-Programme besteht am Fachbereich selbstverständlich weiterhin die Möglichkeit, eine Promotion auf traditionellem Weg zu absolvieren. Das Promotionsbüro hilft Ihnen bei allen administrativen und verwaltungstechnischen Fragen weiter, die bei der Durchführung von Promotionen und Habilitationen auftreten können.

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International Programmes 2023/2024

PhD Programme with Tracks in Accounting, Economics, Finance, and Marketing PhD Programme in Accounting, Economics, Finance, or Marketing

Goethe university frankfurt • frankfurt am main.

• Course details
• Costs / Funding
• Requirements / Registration

The Graduate School of Economics, Finance, and Management (GSEFM) constitutes an alliance involving Goethe University Frankfurt, Johannes Gutenberg University Mainz, and Technische Universität Darmstadt.

Courses are held exclusively in English.

Pre-semester courses start around mid-September.

Applications will be reviewed in three stages with the following deadlines:

31 January 31 March 31 May

Particularly strong candidates from the first two stages will receive a positive admissions decision within approximately six weeks of the deadline for the respective stage. Other applicants from these two stages will receive the admissions decision together with the applicants from stage three.

Applicants from the third stage will learn about a positive admissions decision by the middle of July. All applicants who could not be admitted will be duly informed once the admissions process has been completed.

GSEFM strongly encourages candidates to apply in stage one or stage two to have sufficient time for visa applications and other arrangements. Additionally, all financial aid for PhD programme students may be awarded during the first or second stage of the admissions process.

Compelling for its coverage of both theory and empirical analysis, the PhD programme at GSEFM offers a two-year cycle of doctoral-level courses developed specifically to transmit a rigorous methodological framework in the core areas of each track of the programme (economics, finance, marketing and accounting), followed by courses designed to expose students to the research frontier in a variety of fields of specialisation (accounting, development and international economics, econometrics, finance, macroeconomics, marketing, and microeconomics). The curriculum of the programme pays special attention to helping students with a smooth transition from the course phase to the dissertation writing phase. It thus contains various structural elements in the dissertation writing phase (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way. The overarching objective of the GSEFM PhD programme is to thoroughly prepare graduates for taking on leading positions in academia or serving as experts in international institutions, government, and the private sector, in all cases bringing to bear insights based on independent and novel research.

Placements of GSEFM PhD graduates include Cambridge University, Columbia University, INSEAD, New York University, Oxford University, University of Amsterdam, Xiamen University, International Monetary Fund, World Bank, European Central Bank, Deutsche Bundesbank, Federal Reserve System, Bank of Korea, Hong Kong Monetary Authority, ministries, and a variety of private financial sector institutions and economic consultancies.

In the first year of the programme, students have the choice between the following four tracks:

• Economics: In this track, students in the first year of studies attend core courses in macroeconomics, microeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in microeconomics, macroeconomics, and econometrics.
• Finance: In this track, students in the first year of studies attend core courses in finance, micro- or macroeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in finance, micro- or macroeconomics, and econometrics.
• Marketing: In this track, students in the first year of studies attend core courses in marketing, microeconomics, econometrics, mathematical methods and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in marketing, microeconomics and econometrics.
• Accounting: In this track, students in the first year of studies attend core courses in accounting, econometrics, microeconomics, mathematical methods, and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in accounting, econometrics, and microeconomics.

Second-year courses discuss how to carry out frontier research. They are offered in a wide range of fields. The fields offered are accounting, microeconomics and management, macroeconomics, econometrics, finance, marketing as well as development and international economics. The choice of field courses is free across the four tracks, except that students must pick at least one field course that originates within their PhD programme track. Another part of the second year of studies is a research seminar that also helps with deepening skills in writing and presenting papers.

The dissertation writing phase contains various structural elements (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way.

• International comparisons and thematic reference to the international context

Internships are not compulsory, but they are possible on a voluntary basis.

PhD students are eligible for assistantship positions. Some faculty members consider first-year students for these positions, which may require the ability to teach in German. To date, almost all students who excel during their first year have been able to secure a position as a student, teaching and research assistant by the middle of the second year. Hiring for these positions occurs on a decentralised basis through the individual faculty members.

• Other (e.g. state level)

Goethe University charges an administrative fee of about 377 EUR per semester (about 754 EUR per year). This includes free entrance to museums in Frankfurt as well as the "student ticket" that entitles you to unlimited use of all buses, trams, the subway, and regional trains in the Frankfurt, Darmstadt and Mainz ("Rhine-Main") region.

The cost of living in Frankfurt depends on personal requirements and lifestyle. However, students should expect minimum expenses of approx. 1,000 EUR per month. This calculation is based on the following items: 860 EUR for rent, food, clothing, and study materials, around 81 EUR for compulsory health insurance that is almost comprehensive, and approx. 60 EUR for the semester contribution (including free public transport).

PhD programme students may receive financial aid in the form of a stipend for the first year of studies. For further information, click here . Since all financial aid may be awarded during the first or second round of admissions, it is strongly recommended to submit applications by 31 January or latest 31 March of the calendar year for which admission is being sought.

PhD programme students are eligible to apply for student assistant positions at the GSEFM faculties. Some faculty members consider first-year students for teaching/research assistant positions that may require the ability to teach in German. Most of the financial support for second- and higher-year PhD students comes in the form of student-assistant positions as well as teaching and research assistantships.

A Bachelor's or Master's degree is required. Click here for detailed information about the requirements.

The exclusive language of all GSEFM degree programmes is English. Sufficiently strong English language skills may be documented in one of the following forms:

(i) A diploma/degree certificate from a secondary school with English as the official language of instruction (The secondary school must have been attended for at least two years.) (ii) At least one year of successfully completed university-level studies in a degree programme being exclusively taught in the English language (iii) Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS) scores; The minimum scores are as follows: TOEFL/iBT: 93; TOEFL/PBT: 580; IELTS: 7.0.

Test scores that are older than four years at the time of the deadline for the stage in which the complete application is submitted cannot be accepted.

The TOEFL-designated institution code for GSEFM is "7276".

Please click here for information about how to apply, and click here for detailed information about application requirements and deadlines.

Job opportunities extend beyond the university: 44,000 companies and organisations based in Frankfurt have approximately 450,000 employees on their payrolls. Furthermore, 350 banks, including the European Central Bank, 150 foreign banks, and the fourth-largest stock exchange in the world are based in the city. Well known as one of the most important financial centres in Europe, Frankfurt is also home to various cultural and research institutions. All these entities are key players in a flourishing environment that offers students and graduates interesting jobs and internships. The GSEFM Student Services Office, the "Studierendenwerk", and the Career Services at Goethe University provide information and support to graduate students who want to combine their studies with part-time jobs. However, it should also be noted that chances of successfully completing studies on time decline significantly when spending more than one day per week on non-study related work.

Frankfurt am Main offers a wide variety of accommodations from university dorms to privately rented apartments. The biggest providers of dorms are the Studierendenwerk (student services) and churches. The more than 30 dormitories offer about 3,800 accommodation units, starting from about 200 EUR per month for a single room to up to approx. 590 EUR per month for a family apartment of about 45 m². For further information, click here . As these rooms are in high demand, we strongly recommend that students contact the institutions in question as soon as they receive their letters of admission to the programme.

Fourth-year PhD programme students participate in a job market course. This course helps to understand the hiring practice of academic employers, and prepares for the application process for PhD graduates at all types of employers, inter alia through practising interviewing and presentation skills.

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• Degree Programs

Ph.D. and Quantitative Master of Science (MSQ)

GSEFM offers four Ph.D. programs in Accounting,   Economics, Finance , and Marketing . Each one of them includes a two-year cycle of courses for students arriving with a Bachelor degree, with a fast-track option of only one year of course work for those arriving with a quantitative Master degree in the relevant discipline (students who opt for the fast-track option must initially pass the Qualifying Examinations taken at the end of the first year by students enrolling in the full two-year cycle). The curricula of all programs pay special attention to helping students with a smooth transition from the course phase to the dissertation writing phase. They also contain various structural elements in the dissertation writing phase (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way.

The Ph.D. programs are complemented by four corresponding, research-oriented Master programs in Quantitative Accounting, Quantitative Economics, Quantitative Finance and Quantitative Marketing, collectively called "Quantitative Master of Science" or "MSQ" programs. Students in these programs participate in the same set of analytically rigorous and quantitatively oriented courses as the Ph.D. students. Those who complete the first MSQ program year with strong success have the option to join the corresponding Ph.D. program from the second year of studies onwards, and are strongly encouraged to do so. 

The structure and curricula of all programs allow students to earn both an MSQ and a Ph.D. degree in a total of four years. The time to graduate with a Ph.D. degree in practice is often driven by job market considerations, that is, ensuring that the research portfolio allows to succeed in a competitive environment.