quantitative finance phd programs

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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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2024 QuantNet Ranking of Best Financial Engineering Programs

The 2024 QuantNet ranking is best positioned to help prospective applicants decide where to apply and enroll in these master quantitative programs.

Baruch College

Princeton university, carnegie mellon university, university of california, berkeley, columbia university, university of chicago, cornell university, new york university, massachusetts institute of technology.

NYU Tandon School of Engineering

Georgia institute of technology, north carolina state university, university of california, los angeles, johns hopkins university, university of washington, rutgers university, university of illinois urbana-champaign, stevens institute of technology, university of minnesota, boston university, fordham university, university of california, san diego.

*Base + sign on bonus (US only) Eligible STEM degree as designated by DHS for the 24 months OPT extension purpose.

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Graduate Education

Office of graduate and postdoctoral education, quantitative and computational finance, program contact.

Laura Czyzewski CODA Georgia Institute of Technology 756 West Peachtree St. NW Atlanta, GA 30308

Application Deadlines

• Early Round - Oct. 15
• Standard Round - Dec. 31
• Final Round for International candidates currently outside the US - March 15
• Final Round for US citizens, permanent residents and International candidates currently in the US - June 1
• Standard Round - Sept. 1
• Final Round - Oct. 1

Admittance Terms

Degree programs.

• Master's, Quantitative and Computational Finance

Interdisciplinary Programs

Quantitative and Computational Finance is offered by the College of Sciences, the College of Engineering, and Scheller College of Business. Students must select a home school from one of the following disciplines:

• Industrial and Systems Engineering
• Mathematics

Standardized Tests

TOEFL Requirements

• Institute Code: 5248
• Internet-based: 95, with minimum section scores of 19

IELTS Academic Requirements

• ≥ 7 (minimum band score for Reading, Listening, and Speaking is 6.5; minimum band score for Writing is 5.5)

GRE Requirements

• Institute Code: R5248
• General Test: Required

GMAT Requirements

• Institute Code: HWK-54-37

Application Requirements

• Three Letters of Recommendation

Program Costs

• Go to " View Tuition Costs by Semester ," and select the semester you plan to start. Graduate-level programs are divided into sections: Graduate Rates–Atlanta Campus, Study Abroad, Specialty Graduate Programs, Executive Education Programs
• Find the degree and program you are interested in and click to access the program's tuition and fees by credit hour PDF.
• In the first column, determine the number of hours (or credits) you intend to take for your first semester.
• Determine if you will pay in-state or out-of-state tuition. Learn more about the difference between in-state and out-of-state . For example, if you are an in-state resident and planning to take six credits for the Master of Architecture degree, the tuition cost will be $4,518.
• The middle section of the document lists all mandatory Institute fees. To see your total tuition plus mandatory fees, refer to the last two columns of the PDF.

The Office of Graduate Education has prepared an admissions checklist to help you navigate through the admissions process.

• Quantitative Finance Specialization
• Academic Programs
• Management Science and Analytics (Ph.D.)

The Quantitative Finance specialization in the Ph.D. in Management Science and Analytics program is excellent preparation for either academic careers or for students who want to apply the theoretical, analytical, and quantitative rigor of management science to careers in finance.

Dissertation research in this area may include a wide range of topics such as risk modeling, financial time series analysis, and investment analysis.

Required courses for the Quantitative Finance specialization (three credits per course):

• MSC 621—Corporate Finance
• MSC 623—Investments
• MSC 631—Theory of Finance I
• MSC 633—Theory of Finance II
• MSF 545/MSC 613—Structured Fixed Income Portfolios
• MSF 546/MSC 614—Quantitative Investment Strategies

View the curriculum for the Ph.D. in Management Science (MSC) program and MSC course descriptions .

Career Opportunities

Industry and Research

The specialization in Quantitative Finance prepares students for a wide range of careers in finance, particularly in areas such as investment and commercial banking, trading, and risk management. This background also opens career opportunities across industries in business functions focused on finance, financial modeling, economics, and risk compliance.

Chicago’s position as a global center for finance and fintech, as well as the home to the world’s largest markets in financial derivatives, make it a prime location for internships, networking, and job opportunities for Stuart students in quantitative finance.

Our graduates are ready to step into roles such as:

• Senior quantitative analyst or quantitative analytics manager-economic modeling
• Quantitative developer, senior quantitative modeler, or quantitative risk modeler
• Research data scientist, senior quantitative researcher, or quantitative researcher-asset management
• Portfolio risk analyst, senior quantitative risk analyst, or exotic rates quantitative analyst
• Equity derivatives quantitative strategist or quantitative portfolio strategist
• Senior quantitative markets analyst or machine learning analyst

Students interested in academic careers are supported by strong mentoring relationships with our faculty, opportunities to co-author papers published in prestigious scholarly journals, and help in securing adjunct positions to develop their teaching skills.

As a result, our graduates have launched teaching and research careers as finance faculty members at colleges and universities in the United States and around the world, such as:

• Carnegie Mellon University
• Beijing Normal University
• Lewis University
• Brooklyn College - City University of New York
• Benedictine University
• Northeastern Illinois University
• East China Normal University
• Saint Michael’s College (Vermont)

Learn more...

The Mathematical and Computational Finance Program at Stanford University (“MCF”) is one of the oldest and most established programs of its kind in the world. Starting out in the late 1990’s as an interdisciplinary financial mathematics research group, at a time when “quants” started having a greater impact on finance in particular, the program formally admitted masters students starting in 1999. The current MCF program was relaunched under the auspices of the Institute for Computational and Mathematical Engineering in the Stanford School of Engineering in 2014 to better align with changes in industry and to broaden into areas of financial technology in particular. We are excited to remain at the cutting edge of innovation in finance while carrying on our long tradition of excellence.

The MCF Program is designed to have smaller cohorts of exceptional students with diverse interests and viewpoints, and prepare them for impactful roles in finance. We are characterized by our cutting edge curriculum marrying traditional financial mathematics and core fundamentals, with an innovative technical spirit unique to Stanford with preparation in software engineering, data science and machine learning as well as the hands-on practical coursework which is the hallmark skill-set for leaders in present day finance.

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

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

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

Preparation and Qualifications

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

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

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

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

Faculty in Finance

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

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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.

• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ 12 Best Laptops for Computer Science Students
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Master of Science in Computational Finance

Global leader.

Carnegie Mellon's MSCF program is a global leader for applied quantitative finance coursework in New York City and Pittsburgh

Explore Career Paths

Interdisciplinary Curriculum

our full-time faculty members offer the math, finance, statistics and computer science you will need for success in quantitative finance

Learn about the MSCF Curriculum

over the last three years, 99% of our students accepted full-time positions within six months of graduation

A Seamless Program Experience

locations in Pittsburgh & New York City

Student Experience

Quantifiably Different

For 29 years, carnegie mellon university’s interdisciplinary, top-ranked master of science in computational finance program has prepared students for highly successful careers in quantitative finance..

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Two Locations

in New York City and Pittsburgh Learn More

21 Full-time Faculty

dedicated to helping students succeed Faculty

99% Received Offers

within 3 months of their graduation Employment Statistics

Over 2000  employers globally

including 30 sell-side banks recruit from MSCF  CAREER PATHS

MSCF Adjunct Professor, Leif Andersen, named 2023 Financial Engineer of the Year

Mscf ny on the move, squarepoint foundation gifts $100k to mscf incoming class, mscf names new executive director, masters in financial engineering programs, trodding the path to your best quant finance job.

Pittsburgh Location              Carnegie Mellon University, TCS Hall 5000 Forbes Avenue Pittsburgh, PA 15213 Office: (412) 268- 3629

New York City Location Carnegie Mellon University 88 Pine Street, 12th Floor New York, NY 10005 Office: (412) 268-8446

MSCF Admissions Carnegie Mellon University Pittsburgh, PA 15213 Phone: (412) 268-3679 [email protected]

Global. Rigorous. Adaptive. Register your interest!

Smart. Open. Grounded. Inventive. Read our Ideas Made to Matter.

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.

A 12-month program focused on applying the tools of modern data science, optimization and machine learning to solve real-world business problems.

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.

A joint program for mid-career professionals that integrates engineering and systems thinking. Earn your master’s degree in engineering and management.

An interdisciplinary program that combines engineering, management, and design, leading to a master’s degree in engineering and management.

Executive Programs

A full-time MBA program for mid-career leaders eager to dedicate one year of discovery for a lifetime of impact.

This 20-month MBA program equips experienced executives to enhance their impact on their organizations and the world.

Non-degree programs for senior executives and high-potential managers.

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

Master of Finance

Customized for high achievers.

This top-tier, early-career STEM-designated Master of Finance program is individualized and prepares students with a deep understanding of how markets work. This rigorous curriculum is engineered around the most advanced financial and quantitative theories and practices.

Register your Interest

Achieve your goals..

Tailor your curriculum. Choose from courses at MIT Sloan and MIT and learn with students and faculty from across the Institute.

MFin Curriculum

The Master of Finance (MFin) program provides strong experience with the fundamentals, plus the flexibility to customize.

Optional Concentrations

Choose from financial engineering, capital markets, corporate finance, or impact finance to focus your degree.

What does it mean to be STEM designated?

For starters, it means international students can legally work in the u.s. after graduation..

What aspects of the MFin curriculum make STEM classification possible?  Our STEM (science, technology, engineering, and math) program classification means that MFin complies with the definitions set forth by the U.S. Department of Homeland Security (DHS).  MFin’s curriculum focuses on the rigorous application of mathematics and statistics to the discipline of finance, including the development, critique, and application of financial models and instruction on a comprehensive range of methodologies, processes, and applications, which amounts to an extra two years of working in the United States.

What is the significance of STEM Classification for international students?  Classification as a STEM program as defined by the DHS allows international students to extend their training in the United States by working in their field of study. 

What are the terms of the extended training?  International Master of Finance graduates on F-1 visas will have the option to remain in the United States for an additional 24 months via the optional practical training STEM extension. Instead of 12 months of optional practical training, they have a total of 36 months under STEM, which amounts to an extra two years of working in the United States.

World-renowned faculty, refreshingly accessible

Learn from faculty who drive finance innovation in a collaborative way. This caliber of professor comes to MIT to challenge you and champion your next big idea. Because your success is their success.

Faculty Spotlight

Deborah J. Lucas

Economics, Finance and Accounting

Sloan Distinguished Professor of Finance

Robert C. Merton

School of Management Distinguished Professor of Finance

Gita R. Rao

Senior Lecturer, Finance; Assoc. Faculty Director, MFin Program

David Thesmar

Franco Modigliani Professor of Financial Economics

Rodrigo Verdi

Deputy Dean for Degree Programs, Teaching and Learning

Nomura Professor of Finance

Action Learning: Think. Act. Reflect. (Repeat.)

MIT Sloan's Action Learning blends academic rigor with actual business challenges. In small teams of 3-6 students, work directly with corporate partners with the careful guidance of your professor. Gain hands-on experience and build valuable relationships. This dynamic learning environment builds your portfolio of outcome-oriented case studies and develops critical, high-demand professional skills. This exceptional educational experience gives you a competitive advantage in the job market.

Read more about the Proseminar in Capital Markets/Investment management Read more about the proseminar in corporate finance/investment banking

"During my time in the MFin program, I have learned to leverage the techniques of mathematics and engineering to thrive in a challenging environment."

Employment By the Numbers (2023)

MFins with full-time offers within 6 months of graduation

Median Base Salary (US dollars)

of summer internship-seeking students received offers

Invent the future. Start with yours.

Whatever your career goals, your time here will be a life-changing experience. And we can't wait to see and support this transformation. Our experienced career advisors help you design a plan and find your path, developing critical skills along the way. 

Learn more about MIT Sloan's Career Resources

[email protected]   |   +1.617.258.5434 📍  50 Memorial Drive, E52-359, Cambridge, MA 02142

Quantitative Finance (MS)

Program description.

The Master of Science in Quantitative Finance is intended to prepare pre-experience students with strong skills in mathematics, engineering, science, technology, finance and business for the rapidly evolving professional marketplace in the field of finance. It achieves this by leveraging key technical interests and capabilities of successful applicants into the modern financial architecture and its central functions such as trading, market and product design, underwriting and securitization, payments and settlement, derivatives, asset management, risk management, corporate financial management and a range of technical innovations that are evolving in these areas.

A high level of rigor is embedded in the MSQF program. It is targeted toward smart, disciplined and dependable students who have the ability to climb a steep learning curve and a well-developed capability for creative and critical thinking. This is the skill set in demand in the new world of finance, from the biggest and most diverse financial institutions to specialized financial boutiques and end-users such as nonfinancial corporations and asset managers. To succeed, market participants need to know how financial instruments are designed, priced, traded and deployed in a highly competitive and unforgiving market environment.

Applications for the NYU Stern - NYU Shanghai Master of Science in Quantitative Finance are accepted for the  Summer start  term only.

See MS in Quantitative Finance for admission requirements and instructions specific to this program.

Program Requirements

The program requires the completion of 36 credits, comprised of the following:

Sample Plan of Study

This course is taken in January.

Learning Outcomes

Upon successful completion of the program, graduates will:

• Students will be able to conduct sophisticated financial analyses pertinent to a range of financial functions in both financial and non-financial firms.
• Students will be able to effectively communicate sophisticated financial analyses with tech-driven colleagues.
• Students will be more easily able to adapt to new developments in finance and bridge the gap between application of modern product and process technologies and state-of-the-art finance.

NYU Policies

Stern policies.

University-wide policies can be found on the New York University Policy pages .

Additional academic policies can be found on the Stern Graduate Academic Policies page . 

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Why Study for a Mathematical Finance PhD?

I was emailed by a reader recently asking about mathematical finance PhD programs and the benefits of such a course. If you are considering gaining a PhD in mathematical finance, this article will be of interest to you.

If you are currently near the end of your undergraduate studies or are returning to study after some time in industry, you might consider starting a PhD in mathematical finance. This is an alternative to undertaking a Masters in Financial Engineering (MFE), which is another route into a quantitative role. This article will discuss exactly what you will be studying and what you are likely to get out of a PhD program. Clearly there will be differences between studying in the US, UK or elsewhere. I personally went to grad school in the UK, but I will discuss both UK and US programs.

Mathematical finance PhD programs exist because the techniques within the derivatives pricing industry are becoming more mathematical and rigourous with each passing year. In order to develop new exotic derivatives instruments, as well as price and hedge them, the financial industry has turned to academia. This has lead to the formation of mathematical finance research groups - academics who specialise in derivatives pricing models, risk analysis and quantitative trading.

Graduate school, for those unfamiliar with it, is a very different experience to undergraduate. The idea of grad school is to teach you how to effectively research a concept without any guidance and use that research as a basis for developing your own models. Grad school really consists of a transition from the "spoon fed" undergraduate lecture system to independent study and presentation of material. The taught component of grad school is smaller and the thesis component is far larger. In the US, it is not uncommon to have two years of taught courses before embarking on a thesis (and thus finding a supervisor). In the UK, a PhD program is generally 3-4 years long with either a year of taught courses, or none, and then 3 years of research.

A good mathematical finance PhD program will make extensive use of your undergraduate knowledge and put you through graduate level courses on stochastic analysis, statistical theory and financial engineering. It will also allow you to take courses on general finance, particularly on corporate finance and derivative securities. When you finish the program you will have gained a broad knowledge in most areas of mathematical finance, while specialising in one particular area for your thesis. This "broad and deep" level of knowledge is the hallmark of a good PhD program.

Mathematical Finance research groups study a wide variety of topics. Some of the more common areas include:

• Derivative Securities Pricing/Hedging: The technical term for this is "financial engineering", as "quantitative analysis" now encompasses a wide variety of financial areas. Some of the latest research topics include sophisticated models of options including stochastic volatility models, jump-diffusion models, asymptotic methods as well as investment strategies.
• Stochastic Calculus/Analysis: This is more of a theoretical area, where the basic motivation stems from the need to solve stochastic differential equations. Research groups may look at path-dependent PDEs, functional Ito calculus, measure theory and probability theory.
• Fixed Income Modeling: Research in this area centres on effectively modelling interest rates - such as multi-factor models, multi-curve term structure models as well as interest rate derivatives such as swaptions.
• Numerical Methods: Although not always strictly related to mathematical finance, there is a vast amount of university research carried out to try and develop more effective means of solving equations numerically (i.e. on the computer!). Recent developments include GPU-based Monte Carlo solvers, more efficient matrix solvers as well as Finite Differences on GPUs. These groups will almost certainly possess substantial programming expertise.
• Market Microstructure/High-Frequency Modeling: This type of research is extremely applied and highly valued by funds engaged in this activity. You will find many academics consulting, if not contracting, for specialised hedge funds. Research areas include creating limit order market models, high frequency data statistical modelling, market stability analysis and volatility analysis.
• Credit Risk: Credit risk was a huge concern in the 2007-2008 financial crisis and many research groups are engaged in determining such "counterparty risks". Credit derivatives are still a huge business and so a lot of research goes into collateralisation of securities as well as pricing of exotic credit derivatives.

These are only a fraction of the total areas that are studied within mathematical finance. The best place to find out more about research topics is to visit the websites of all the universities which have a mathematical finance research group, which is typically found within the mathematics, statistics or economics faculty.

The benefits of undertaking a PhD program are numerous:

• Employment Prospects: A PhD program sets you apart from candidates who only possess an undergraduate or Masters level ability. By successfully defending a thesis, you have shown independence in your research ability, a skill highly valued by numerate employers. Many funds (and to a lesser extent, banks) will only hire PhD level candidates for their mathematical finance positions, so in a pragmatic sense it is often a necessary "rubber stamp". In investment banks, this is not the case so much anymore, as programming ability is generally prized more. However, in funds, it is still often a requirement. Upon being hired you will likely be at "associate" level rather than "analyst" level, which is common of undergraduates. Your starting salary will reflect this too.
• Knowledge: You will spend a large amount of time becoming familiar with many aspects of mathematical finance and derivatives theory. This will give you a holistic view into the industry and a more transferable skill set than an undergraduate degree as you progress up the career ladder. In addition, you will have a great deal of time to learn how to program models effectively (without the day-to-day pressure to get something implemented any way possible!), so by the time you're employed, you will be "ahead of the game" and will know best practices. This aspect is down to you, however!
• Intellectual Prospects: You are far more likely to gain a position at a fund after completing a PhD than without one. Funds are often better environments to work in. There is usually less stress and a more relaxed "collegiate" environment. Compare this to working on a noisy trading floor, where research might be harder to carry out and be perceived as less important.

I would highly recommend a mathematical finance PhD, so long as you are extremely sure that a career in quantitative finance is for you. If you are still unsure of your potential career options, then a more general mathematics, physics or engineering PhD might be a better choice.

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Finance MSc

London, Canary Wharf

The Finance MSc programme offers a world-class generalist training in finance. Building on the foundations of quantitative finance (economics, mathematics, and statistics), it combines theory and practice in a variety of finance-related topics including corporate finance, investment, derivatives, hedge funds, private equity, big data analysis, behavioural finance, investment banking, and fintech. This highly selective programme attracts outstanding students globally.

UK tuition fees (2024/25)

Overseas tuition fees (2024/25), programme starts, applications accepted.

Applications open

• Entry requirements

A minimum of an upper-second class Bachelor's degree from a UK university or an overseas qualification of an equivalent standard in one of the following subjects: economics, finance, mathematics, business, accounting, engineering, science or statistics. Degrees from other disciplines may be considered if they are related to finance and/or mathematics. Applicants are not required to submit a Graduate Record Examinations (GRE) Graduate Management Admissions Test (GMAT) result as part of their initial application. However, applicants with a degree that is not in a highly quantitative discipline are encouraged to submit a GMAT or GRE result. A score of at least 43/60 in the quantitative section of GMAT, or 162/170 in the quantitative section of GRE will add weight to an application.

The English language level for this programme is: Level 2 Please note that when applicable, students must meet Level 2 English in one single test.

UCL Pre-Master's and Pre-sessional English courses are for international students who are aiming to study for a postgraduate degree at UCL. The courses will develop your academic English and academic skills required to succeed at postgraduate level.

Further information can be found on our English language requirements page.

Equivalent qualifications

Country-specific information, including details of when UCL representatives are visiting your part of the world, can be obtained from the International Students website .

International applicants can find out the equivalent qualification for their country by selecting from the list below. Please note that the equivalency will correspond to the broad UK degree classification stated on this page (e.g. upper second-class). Where a specific overall percentage is required in the UK qualification, the international equivalency will be higher than that stated below. Please contact Graduate Admissions should you require further advice.

About this degree

As a Finance MSc student you will acquire a firm grasp of fundamental finance-related concepts and be able to apply your knowledge to practical tasks by, for example, utilising mathematical models to price financial securities.

Graduates will acquire the skills and knowledge required to work in any of the major global financial centres such as New York, London, Tokyo, Hong Kong and more.

The programme has been developed to give a holistic understanding of the financial sector and provides a combination of science and practice at every stage. Term 1 is dedicated to the scientific foundations of finance as an academic discipline. Term 2 explores additional frontier topics and starts blending the foundations with industry practices, which you will start to study in elective modules. Term 3 gives you further opportunities to tailor your learning experience with more electives.   

UCL is a CFA® affiliated university: academic institutions that embed a significant portion of the CFA Program Candidate Body of Knowledge (CBOK) — including the Code of Ethics and Standards of Professional Conduct — into their curriculum. The Finance MSc curriculum is closely tied to the practice of investment management which is helpful to students preparing for the CFA programme exams.

Who this course is for

This programme is suitable for those who have a passion for finance and a clear drive to work in the finance industry.

What this course will give you

This programme draws upon the combined strengths of two highly-rated departments: UCL School of Management and UCL Economics. The knowledge and expertise of UCL's academic staff combine to provide a repository for students to draw upon as they identify and respond to challenges and issues in real-world scenarios. As an MSc Finance student, you will benefit from a bespoke Careers and Employer Engagement programme and a dedicated careers team who will help you present yourself to leading graduate employers with confidence. 

UCL School of Management is based at our Canary Wharf campus at One Canada Square in Canary Wharf, London’s financial hub, offering students a myriad of opportunities to network with industry professionals. The School works closely with global companies and innovative start-ups at the cutting edge of management and associated finance-related practice. The research performed in the UCL School of Management was rated as “world-leading” and "internationally excellent" in the 2021 Research Excellent Framework (REF) , placing us second in the UK for business and management. 

UCL Economics has long-established links with leading financial institutions, reflected within hard-edged, meaningful research. The Research Excellence Framework 2021 (REF) has placed UCL Economics first for 4* world-leading research outputs and research environments, with scores of 72% and 100% respectively. The Department also placed third in its overall ranking with 65% of all indicators ranked as 4*. The Department gives students a thorough knowledge of cutting-edge techniques in theoretical and applied economics, utilising robust quantitative underpinnings.

The foundation of your career

As a Finance MSc graduate, you will be able to demonstrate deep knowledge and understanding of the specialist subject area while placing that subject within a wider organisational and contextual framework.

You will understand current issues and thinking along with techniques applicable to research in the subject area.

Upon graduating you will have both theoretical and practitioner perspectives and will be able to apply a range of specialist skills to the organisations – as well as the context – in which you as a specialist may operate.

Employability

The aim of the programme is to prepare individuals for effective roles in the financial industry, the national and international scope of which is extensive. It includes commercial banks, investment banks, hedge funds, private equity firms, asset management companies, insurance companies, credit rating agencies, broker-dealers, and boutique financial advisory companies among others. 

As well as being a part of a global cohort and having the opportunity to network with likeminded individuals, our students benefit from career workshops, one-on-one advice, exclusive corporate events and access to our alumni community. The Finance MSc programme gives students access to a number of high-profile corporate speakers and specialists within their field, which typically also includes opportunities for students to network in small group environments. In addition, over 1,000 employers/organisations attend events that are arranged each year by UCL Careers, including careers fairs, employer presentations and sector ‘themed weeks’, which may include employer forums, networking events, talks on how to get into the sector, and one-on-one advice sessions. 

Teaching and learning

The programme is delivered through a combination of lectures and seminars. Students typically study 4 compulsory modules in Term 1 and 2 compulsory modules in Term 2. Students also study 4 optional modules which may take place in Term 2 or 3. In Term 3 all students undertake a dissertation module (research project).  

Assessment is through written examinations, individual and group coursework, and a 7,500-word dissertation.

Modules in Terms 1 and 2 are delivered over 10 weeks, with 3 contact hours per week comprising lecture content and interactive components. Modules in Term 3 are delivered intensively with ten x 3-hour sessions over a period of 5 weeks.

In addition, students spend approximately 7-12 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.

The total number of weekly hours will vary according to the module and the weekly activities being undertaken.

For a full overview of the programme structure please visit the UCL School of Management website.

You will take four compulsory modules in Term 1 and two compulsory modules in Term 2 (each bearing 15 credits).

You will also take four optional modules from a choice of 11 options (all 15 credits each) in either Term 2 or Term 3.

The compulsory modules provide the basis and foundation in key finance theories and models and optional modules give you the opportunity to gain in-depth knowledge about more specialised areas of finance.

There is a compulsory dissertation module (research project) in Term 3, worth 30 credits. Most of the research and write-up for the research project will likely take place in Term 3 and over the summer.

You will also have access to two non-credit-bearing courses as follows:

An online camp in Mathematics will take place before Term 1 starts. This mini online course aims to standardise the mathematical base of students before any teaching starts.

A series of optional workshops called “Frameworks for Finance Essentials” allowing you to gain a deeper knowledge in financial accounting. You will need this training to be able to understand more complex concepts to be delivered in Corporate Finance and in some of the electives offered in the programme.

Compulsory modules

Optional modules.

Please note that the list of modules given here is indicative. This information is published a long time in advance of enrolment and module content and availability are subject to change. Modules that are in use for the current academic year are linked for further information. Where no link is present, further information is not yet available.

Students undertake modules to the value of 180 credits. Upon successful completion of 180 credits, you will be awarded an MSc in Finance.

Accessibility

Details of the accessibility of UCL buildings can be obtained from AccessAble accessable.co.uk . Further information can also be obtained from the UCL Student Support and Wellbeing team .

Online - Open day

Graduate Open Events: Finance MSc

Join UCL School of Management's virtual open day to learn more about the MSc Finance programme. You will hear from the Programme Director, Professor Fred Malherbe, the programme team and current/former students about what it is like to study with us. You will also have the opportunity to ask the questions that are important to you.

Fees and funding

Fees for this course.

The tuition fees shown are for the year indicated above. Fees for subsequent years may increase or otherwise vary. Where the programme is offered on a flexible/modular basis, fees are charged pro-rata to the appropriate full-time Master's fee taken in an academic session. Further information on fee status, fee increases and the fee schedule can be viewed on the UCL Students website: ucl.ac.uk/students/fees .

Additional costs

All full time students are required to pay a fee deposit of £2,000 for this programme.

This programme may include opportunities for students to undertake optional international study trips. The costs of such trips are usually covered by students although some elements may be subsidised or grants available depending on the destination, organisational and support responsibilities. On average, costs would be around £1,000 to £1,750 depending on the trip destination, personal flight preferences and spending habits as well as the prevailing currency exchange rates.  

For more information on additional costs for prospective students please go to our estimated cost of essential expenditure at Accommodation and living costs .

Funding your studies

The scholarship works to support the ambitions of east Londoners by funding the fees and living costs of eligible Master's programmes including this MSc at UCL. Further details at: ucl.ac.uk/scholarships/ucl-east-london-scholarship .

For a comprehensive list of the funding opportunities available at UCL, including funding relevant to your nationality, please visit the Scholarships and Funding website .

UCL East London Scholarship

Deadline: 20 June 2024 Value: Tuition fees plus £15,700 stipend () Criteria Based on financial need Eligibility: UK

Students are advised to apply as early as possible due to competition for places. Those applying for scholarship funding (particularly overseas applicants) should take note of application deadlines.

A staged admissions process is in place for this programme. This means that when you apply, your application will be considered with all others that have submitted before the deadline. This enables us to ensure that all applications are considered fairly and equally.

Applications submitted, and considered complete by 15th December 2023 can expect to recieve a response on their application by 19th February 2024.

Applications submitted, and considered complete by 23rd February 2024 can expect to receive a response on their application by 6th April 2024.

Applications submitted, and considered complete by 15th March 2024 can expect to receive a response on their application by 27th April 2024.

Applications submitted, and considered complete by 7th June 2024 can expect to receive a response on their application by 12 July 2024.

Please note that our 'response' may include being informed that your application is being held for further review against other applicants. All applicants will receive a response no later than 12th July 2024.

There is an application processing fee for this programme of £160 for both online and paper applications. Further information can be found at Application fees .

When we assess your application we would like to learn:

• why you want to pursue a postgraduate degree in finance
• what particularly attracts you to the UCL Finance MSc programme
• how your academic and professional background prepare you to meet the challenging demands of this programme
• what your career aspirations are post-graduation from the programme.

Together with essential academic requirements, the personal statement is your opportunity to illustrate whether your reasons for applying to this programme match what the programme will deliver.

Please note that you may submit applications for a maximum of two graduate programmes (or one application for the Law LLM) in any application cycle.

Choose your programme

Please read the Application Guidance before proceeding with your application.

Year of entry: 2024-2025

Got questions get in touch.

UCL School of Management

[email protected]

UCL is regulated by the Office for Students .

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The hedge funds hiring graduates and interns

So, you want to work in finance.

You’re obviously too good to work in investment banking (Goldman Sachs acceptance rate: 1.27% ) or private equity (Blackstone acceptance rate: 0.27% ). Cool. To each their own – people don’t stick around awfully long in either of those careers. They make plenty of money, but they burn out for a reason.

Instead, you’ve chosen hedge funds. Is that the best idea? It’s hard to say. Hedge funds hire overwhelmingly from banks sales and trading schemes , and few run their own graduate training schemes for people just leaving university. However, hedge fund graduate jobs and internships do exist (you’re about to get a list of them), but expect them to be ferociously competitive. Good luck.

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(Just a heads-up though – most of the biggest hedge funds do hire interns, but not all do. Bridgewater Associates, for instance, is the biggest hedge fund in the world, and doesn’t offer an internship scheme. A number of internships (most notably Man Group’s 😢) are closed for 2024 already.)

Let’s get stuck in.

AQR Capital Management

What is it? A quant hedge fund. AKA a quant fund.

Tell me more. A ten-week program in Greenwich, Connecticut on the “Quanta Academy” curriculum in various departments: business development, operations, portfolio implementation, research, risk, and trading.

Tell me less. Here you go .

When do I apply? Right now – roles are open. Use the link above.

Balyasny Asset Management

What is it? A multi-strategy fund .

Tell me more. 8-12 week long internships in whatever you could possibly imagine, from quantitative research and macro economics and data intelligence. Portfolio construction, too.  

Brevan Howard Asset Management

What is it? A multi-strategy fund.

Tell me more. A six-week program in numerous topics related to finance, including macroeconomics, FX, Digital Assets, Interest Rate Derivatives, Risk Management, and Python. Good stuff.

Capula Investment Management

What is it? A quant fund.

Tell me more. A ten-week program running from June to August – mostly in London, although opportunities also exist in New York, Hong Kong, Singapore, and Tokyo. It’s a trading and research internship, so expect… Well, trading and research.

When do I apply? Right now – roles are open. Use the link above. The deadline seems to be the 31 st of December.

Tell me more. Everything you could possibly want or imagine. Trading internships, research internships, engineering internships. Risk and operations internships. No interning internships, though, for what it’s worth.

D.E. Shaw Group

Tell me more. Lots of things yet again. Trading/analyst internships in London, “generalist” internships in New York, investor relations in Singapore. Strategy in Hong Kong.

Marshall Wace

Tell me more. Currently open are 8-week technology internships in London, New York, Singapore, and Hong Kong. What goes on varies slightly by location, but the general idea is that you’ll work on and submit a project idea to the tech team, who will help you build it.

Millennium Management

Tell me more. A huge number of ten-week internships are available for technology and “core infrastructure”, which includes compliance, operations, finance, human resources, execution services, and risk.

When do I apply? Right now – roles are open. Use the link above. The deadline for all internships seems to be the 29 th of December.

Point72 Asset Management

Tell me more. More internships than you could possibly imagine. Market intelligence in Tokyo, operations in Hong Kong, regulatory reporting in Singapore. Compliance in Stamford and quantitative research in New York, London, Hong Kong, and Paris, among many, many others.

When do I apply? Right now – roles are open.

Rokos Capital Management

Tell me more. Currently open are two graduate programs in trading operations and software development.

When do I apply? RIGHT NOW – APPLICATIONS CLOSE TODAY!

Tell me more. A lot of things are still open at Schonfeld for 2024, ranging from investment analyst to operations to cybersecurity positions. Locations include New York, London, and Hong Kong. There’s also a venture capital internship open too.

Tell me more. Only three internships open – software engineering in London and New York, as well as quantitative research (although that’s only open in New York).

Verition Fund Management

Tell me more. A whole host of internships open are open at Verition, including in accounting and investing, operations, risk management, technology, and treasury. Almost all are open in both London and New York.

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Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

urm... all prop firms, hedge funds are quant and multi-strategies. And most runs similar strategies.

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