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- Dissertation Areas and Joint PhD Programs
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- PhD in Accounting
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PhD Joint Program in Financial Economics
The financial economics phd program leverages the strengths of two renowned programs: the phd program in finance and the university of chicago’s kenneth c. griffin department of economics..
Core economics training is critical for students doing research in financial economics, and advances in financial economics have important implications for other areas of economics.
As a student in our Joint Program in Financial Economics , you’ll work with thought leaders in both economics and finance and follow your research interests wherever they lead. Leveraging courses and resources in the Finance dissertation area at Chicago Booth and the university’s Kenneth C. Griffin Department of Economics , you’ll build a foundation for research at the intersection of finance and economics.
Our Distinguished Finance and Economics Faculty
As a student in the joint program, you’ll work with professors and classmates in both the Department of Economics and the Stevens Doctoral Program in Finance at Chicago Booth. Faculty bring research expertise in a wide range of fields and serve as mentors to PhD students.
Finance Faculty
Francesca Bastianello
Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow
Emanuele Colonnelli
Associate Professor of Finance and MV Advisors Faculty Fellow
George M. Constantinides
Leo Melamed Professor of Finance
Douglas W. Diamond
Merton H. Miller Distinguished Service Professor of Finance
Eugene F. Fama
Robert R. McCormick Distinguished Service Professor of Finance
Niels Gormsen
Neubauer Family Associate Professor of Finance and Fama Faculty Fellow
Lars Hansen
David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business
John C. Heaton
Joseph L. Gidwitz Professor of Finance
Steven Neil Kaplan
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation
Anil Kashyap
Stevens Distinguished Service Professor of Economics and Finance
Ralph S.J. Koijen
AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow
Associate Professor of Finance and Fama Faculty Fellow
Stefan Nagel
Fama Family Distinguished Service Professor of Finance
Scott Nelson
Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar
Pascal Noel
Neubauer Family Associate Professor of Finance and Kathryn and Grant Swick Faculty Scholar
Lubos Pastor
Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow
Raghuram G. Rajan
Katherine Dusak Miller Distinguished Service Professor of Finance
Bruce Lindsay Distinguished Service Professor of Economics and Public Policy
Pietro Veronesi
Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance
Robert W. Vishny
Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center
Michael Weber
Associate Professor of Finance
Constantine Yannelis
Associate Professor of Finance and FMC Faculty Scholar
Anthony Lee Zhang
Assistant Professor of Finance
Luigi Zingales
Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance
Department of Economics Faculty
Fernando Alvarez
Ali Hortacsu
Harald Uhlig
Kenneth C. Griffin Department of Economics
Alumni success.
Our PhD graduates lead successful careers in prestigious academic settings, such as the Stanford Graduate School of Business and London Business School, as well as in leading financial institutions, including the International Monetary Fund.
Jane (Jian) Li, PhD '21
Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.
A Network of Support
Doctoral students at Booth have access to the resources of several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.
Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.
Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.
Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.
The Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center for Global Markets positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.
Macro Finance Research Program The Macro Finance Research Program (MFR) expands our understanding of how financial markets affect the economy as a whole and, conversely, how the macroeconomy influences financial markets. It does so by bringing together a community of elite and emerging scholars and with common ambitions to tackle these important challenges. One of the important ambitions of this program is to provide intellectual and research support for advanced students in the joint PhD program in financial economics.
Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.
Spotlight on Research
Chicago Booth Review regularly highlights the research findings of Booth faculty and PhD students in financial economics.
Line of Inquiry: Amir Sufi on Household Debt and Business Cycles
Chicago Booth’s Amir Sufi explains how the financial sector's willingness to extend credit to households helps fuel booms and busts.
How is IT Spending Changing Banking?
According to researchers Zhiguo He (previous Booth prof.), Sheila Jiang and Douglas Xu (both Booth PhD graduates), and Xiao Yin, IT investment figures prominently in banking activities.
How Can We Calculate the US's Greatest Fortunes?
Chicago Booth’s Eric Zwick and his coauthors have devised a new way to gauge how much wealth the ultrawealthy have and what it’s composed of. Their results can help update and sharpen the picture of inequality in the US.
The PhD Experience at Booth
Maryam Farboodi, PhD ’14, talks about how the Booth faculty challenged her to focus her research on issues that are applicable to the current financial sector.
Video Transcript
Maryam Farboodi, ’14: 00:02 My work lies in the intersection of finance and economics, trying to apply theoretical models to think about broader questions in big data technology. I was doing extremely theoretical research and I was always interested in doing stuff which are more related to the real world, which led me to join Chicago econ and then the Joint Financial Economics Program at Chicago Booth.
Maryam Farboodi, ’14: 00:29 The faculty really helped me focus my research on issues that are relevant to the current financial climate. A lot of current policy focuses on how financial institutions intermediate for each other and that has been the focus of my research. The faculty at Chicago Booth challenged me in making sure that the insight is applicable to the current financial sector.
Maryam Farboodi, ’14: 00:52 What is really, really special about Booth is the really close interaction between the faculty here and the econ department. Chicago Booth, in particular the joint program, is the best place you can be in. It provides an environment where you can interact with people who are extremely deep in both finance and economics and not lose track of important issues. Chicago Booth and Econ has really being like home to me. That's the feeling that any student can get if they really engage themselves with faculty.
Current Financial Economics Students
Students in Chicago Booth’s Joint Program in Financial Economics focus their PhD research on a vast array of issues, from state-government borrowing costs to wealth inequality to climate policy. They go on to positions at leading academic institutions and global financial organizations.
Current Students
Monica Barbosa
Filippo Cavaleri
Sixun Chang
Manav Chaudhary
Shirui (Suri) Chen Leo Aparisi De Lannoy
Laurenz De Rosa
Joanna Harris Jacob Hartwig
Lewei He Tanvi Jindal
Jingoo Kwon
Federico Mainardi
Benjamin Marrow
Sangmin (Simon) Oh
Michael Varley
Jingtao Zheng
See a list of the current students in our Finance PhD Program .
How to Apply
To join the Joint Program in Financial Economics, you will need to be admitted to both the doctoral program in the Department of Economics and the PhD Program in Finance at Chicago Booth. However, you need only apply to one or the other program. Learn more about applying to Chicago Booth or to the Department of Economics .
Program Requirements
Learn more about the Joint Program in Financial Economics at Chicago Booth on the website or by referencing the joint program-specific guidebook below. See Joint Program-Specific Guidebook
General Program Expectations and Requirements
The Stevens Program at Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.
Download the 2023-2024 Guidebook!
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Financial economics.
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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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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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PhD | Finance
The Ph.D. in Finance
Stern’s Ph.D. program in finance trains scholars to conduct research at the leading edge of financial economics. The faculty represents one of the largest finance research groups in the world that has been ranked consistently as the leading publisher of academic research in top finance journals. Comprised of more than 40 researchers, including a Nobel-prize-winning economist, our faculty are active in all areas of finance—asset pricing, corporate finance, derivatives, market microstructure, and behavioral finance—with both theoretical and empirical focus, and with emerging specialization in the areas of financial intermediation, crises, and macro-finance. As a result of this unusual breadth, students have access to expertise in almost any topic that they might wish to explore.
Explore Finance
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Financial Economics
Degree requirements.
Learn more about the program by visiting the Financial Economics PhD program
See related Interdisciplinary Clusters and Certificates
Degree Types: PhD
The PhD Program in Financial Economics is offered jointly by the Department of Economics in the Weinberg College of Arts and Sciences and the Department of Finance in the Kellogg School of Management. The joint program requirements are a combination of those for the existing PhD programs in each departments. The program prepares students for careers in college teaching and research, government and international agencies, or private business.
Students will have access to a broad array of faculty across different disciplines within economics that taps into the interdisciplinary strengths found within the Finance-Economics curriculum.
The study of finance aligns with numerous areas within economics: macroeconomics, public finance, econometrics, economic development and economic history. This is why a 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.
Students will complete the existing first-year Economics program that provides a rigorous foundation in macroeconomics, microeconomics and econometrics. Students will then take courses in theoretical and empirical finance, as well as additional fields in economics such as economic theory, economic history, macroeconomics, industrial organization and regulation, labor economics, economic development, econometrics, international economics, and public finance. Students are trained in the most advanced techniques of theoretical and empirical research in order to make significant contributions to financial theory and practice.
Independent thesis research will be supervised by faculty drawn from both the Economics and Finance Departments.
Weekly workshop series in both departments provide a forum for faculty, students, and distinguished economists from around the world to meet and present their research.
Additional resources:
- Department website
- Program handbook(s)
Program Statistics
Visit PhD Program Statistics for statistics such as program admissions, enrollment, student demographics and more.
Program Contact
Contact Jo Ann Yablonka Program Administrator 847-491-7465
The following requirements are in addition to, or further elaborate upon, those requirements outlined in The Graduate School Policy Guide .
Total Units Required: 18
Other PhD Degree Requirements
- Examinations : satisfactory grades in each of the three core areas (microeconomics, macroeconomics, and econometrics); oral examination for approval of dissertation prospectus
- Finance Comprehensive Exam : Students must pass a Finance Competence Requirement. This can be done by achieving a 3.6 GPA across four finance doctoral courses ( FINC 585-1 Asset Pricing I , FINC 585-2 Asset Pricing II , FINC 585-3 Asset Pricing III , FINC 586-1 Corporate Finance I , FINC 586-2 Corporate Finance II , or FINC 586-3 Corporate Finance III ), or by passing a comprehensive Finance exam. The Exam takes place at the beginning of the summer quarter of the second year, typically in June.
- Research/Projects : two research papers presented in the student seminar ( ECON 501-0 Graduate Student Seminar ) or equivalent
- PhD Dissertation : original, independent research
- Final Evaluations : oral dissertation defense
Last Updated: September 12, 2023
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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, financial inclusion, economic development, and inequality: evidence from brazil, make decisions with a vc mindset, spending less after (seemingly) bad news, recent insights by stanford business, why the “venture mindset” is not just for tech investors, how to: reject pitches like a venture capitalist, when the export-import bank closed up, u.s. companies saw global sales plummet.
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UCL School of Management
University college london, phd programme in financial economics.
Start date: September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees: We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below) Application deadline: 31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 may still be considered, see details below) Entry: Applicants must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ‘ Level 2 ’ (IELTS and TOEFL are the preferred test, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the UCL English Language Requirements page.
The MRes and PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.
The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics.
The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself.
The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.
PhD Structure
- The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.
- Superior performance is required for automatic progression from MRes to MPhil. In particular, students should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element.
- Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our faculty members throughout their doctoral study. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules.
- We expect our PhD graduates to have as their goal an academic career as a faculty member in a top business school or Economics department or in the research group of an international institution or a central bank.
Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules.
All modules in the MRes year are core modules, there are no optional modules.
- ECON0107 - Macroeconomics, 15 credits
- ECON0106 - Microeconomics, 15 credits
- ECON0108 - Econometrics, 15 credits
- ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
- MSIN0234 - Topics in Financial Economics, 30 credits
- MSIN0135 - MRes Financial Economics Research Project, 105 credits
The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations.
Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.
Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken.
Why choose us
What makes us different:.
Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in Bloomsbury, London’s historical intellectual centre.
If you want to become an academic economist conducting research in finance, this programme is for you.
UCL School of Management and the Department of Economics
Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship.
The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF .
Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career.
As a research student you will join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.
Applications
Applying for our mres/phd programme.
Entry requirements and admissions criteria:
Applicants to the MRes+PhD programme must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications.
We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application by 31 January 2024 will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability, or will come with their own funding.
In your personal statement you are expected to suggest one or more faculty members as potential supervisors. On the application form you may see that it states that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.
We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to:
IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests.
TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests.
Application Deadline
The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.
Application Procedure
Apply via UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents:
- Official Transcripts of Grades / Course marks
- A 1 page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD.
- Your GRE score report, if you took the test.
- Your IELTS/TOEFL score report, if English is not your first language.
Funding/Scholarships
We offer fully funded five year scholarships to all admitted students who apply before the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free.
Successful candidates who have submitted their application after 31 January 2024 may receive a scholarship subject to availability or will come with their own funding.
Additional Costs
This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying. Students may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy.
Further Information and Contact Details
The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.
How to Apply
For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .
Video Library
Frequently Asked Questions about the UCL School of Management MRes/PhD Programme
Programme Information
Application process, admissions requirements.
Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.
Further Information
If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team ( [email protected] )
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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
- Doctoral Programs
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
Smart. Open. Grounded. Inventive. Read our Ideas Made to Matter.
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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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This 20-month MBA program equips experienced executives to enhance their impact on their organizations and the world.
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A non-degree, customizable program for mid-career professionals.
PhD Program in Finance
2023-24 curriculum outline.
The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation. Attendance at the weekly Finance Seminar is mandatory in the second year and beyond and is encouraged in the first year. During the first two years, students are engaged primarily in coursework, taking both required and elective courses in preparation for their general examination at the end of the second year. Students are required to complete a research paper by the end of their fifth semester, present it in front of the faculty committee and receive a passing grade. After that, students are required to find a formal thesis advisor and form a thesis committee by the end of their eighth semester. The Thesis Committee should consist of at least one tenured faculty from the MIT Sloan Finance Group.
Required Courses
The following set of required courses is designed to furnish each student with a sound and well-rounded understanding of the theoretical and empirical foundations of finance, as well as the tools necessary to make original contributions in each of these areas. Finance PhD courses (15.470, 15.471, 15.472, 15.473, 15.474) in which the student does not receive a grade of B or higher must be retaken.
First Year - Summer
Math Camp begins on the second Monday in August.
First Year - Fall Semester
14.121/14.122 Micro Theory I/II
14.451/14.452 Macro Theory I/II ( strongly recommended)
14.380/14.381 — Statistics/Applied Econometrics
15.470 — Asset Pricing
First Year - Spring Semester
14.123/14.124 Micro Theory III/IV
14.453/14.454 Macro Theory III/IV (strongly recommended)
14.382 – Econometrics
15.471 – Corporate Finance
Second Year - Fall Semester
15.472 — Advanced Asset Pricing
14.384 — Time-Series Analysis or 14.385 — Nonlinear Econometric Analysis (Enrolled students receive a one-semester waiver from attending the Finance Seminar due to a scheduling conflict)
15.475 — Current Research in Financial Economics
Second Year - Spring Semester
15.473 — Advanced Corporate Finance
15.474 — Current Topics in Finance (strongly encouraged to take multiple times)
15.475 — Current Research in Financial Economics
Recommended Elective Courses
Beyond these required courses, students are expected to enroll in elective courses determined by their primary area of interest. There are two informal “tracks” in Financial Economics: Corporate Finance and Asset Pricing. Recommended electives are designed to deepen the student's grasp of material that will be central to the writing of his/her dissertation. Students also have the opportunity to take courses at Harvard University. There is no formal requirement to select one track or another, and students are free to take any of the electives.
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VIDEO
COMMENTS
Students in Chicago Booth’s Joint Program in Financial Economics focus their PhD research on a vast array of issues, from state-government borrowing costs to wealth inequality to climate policy. They go on to positions at leading academic institutions and global financial organizations.
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 ...
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.
Stern’s Ph.D. program in finance trains scholars to conduct research at the leading edge of financial economics. The faculty represents one of the largest finance research groups in the world that has been ranked consistently as the leading publisher of academic research in top finance journals.
Overview. Degree Requirements. Next Steps. Learn more about the program by visiting the Financial Economics PhD program. See related Interdisciplinary Clusters and Certificates. Apply Now. Degree Types: PhD.
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.
PhD Programme in Financial Economics | UCL School of Management. Overview. Start date: September 2024. Duration: 5 years (1 year MRes + 4 years PhD) Fees: We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)
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.
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 ...
PhD Program in Finance. 2023-24 Curriculum Outline. The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance.