columbia accounting phd program

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The Masters in Accounting and Fundamental Analysis is a full-time three-semester STEM-designated program. It focuses on active, fundamental investing with an emphasis of handling accounting information in investment analysis. Students are exposed to up-to-date research to give them an edge as investors. Research insights and quantitative skills are developed at the PhD level, followed by practical application to equity analysis, credit analysis and investment advisory.

Program Overview

The program begins in early September. To graduate, students must complete a minimum of 10 full-term courses (30 credits) along with a thesis (3 credits). During the fall and spring terms, students enroll in a full course load. In the summer term, students will take reduced coursework and complete the thesis requirement. Students are expected to submit their thesis by the end of the summer so that they can meet the requirements in time for an October graduation. Students who wish to complete industry internships over the summer will be allowed to delay a portion of their coursework and the thesis until the fall term.

Expected Coursework

Students must complete a minimum of 10 full-term courses (30 credits) and a thesis (3 credits). Students must select three courses from the fundamental analysis kernel (15 credits). Two of the courses must be Accounting PhD seminars. Students take two courses in statistics and econometrics (6 credits) and a PhD-level course offered by the Finance or Economics Division (3 credits).

Fundamental Analysis Kernel (15 credits)

• Earnings Quality and Fundamental Analysis ( B8008)
• Financial Statement Analysis and Valuation ( B8009)
• Fundamental Analysis for Investors, Managers, and Entrepreneurs ( B8010)
• Accounting for Value ( B8022)
• Accounting for Consultants ( B8122)
• Sovereign Risk Assessment ( B8024)   (1.5 credits)
• Applied Fundamental Analysis with Alternative Data (B8026)  (1.5 credits)

PhD Seminars (6 credits)

The PhD seminars provide the training and exposure that are critical for students as they work on their MS thesis.

• The first PhD Seminar, Valuation and Financial Statement Analysis (B9010) , exposes students to empirical research in accounting as applied to valuation, fundamental analysis, and investing.
• The second PhD Seminar is chosen from: PhD Seminar on Research on Investing with Fundamental Information ( B9020 ) or PhD Seminar Topics in Accounting Research ( B9019 )

Together, these courses make the MS candidates attractive to hedge funds, investment management firms, and consulting firms who seek quantitatively trained professionals well trained in the state of art in academic research.

Training in Statistics, Finance and Economics (9 credits)

Students take two courses in statistics and econometrics (6 credits). These courses could be the existing PhD level courses offered by the Decisions, Risk, and Operations group in the Business School or equivalent courses elsewhere in the university.

Students also take a PhD-level course in Economics or Finance offered by the Finance and Economics group of the business school (3 credits).

Additional Electives (at least 6 credits)

Students take two additional electives in an allied discipline such as Economics or Finance or an additional PhD seminar in Accounting. Examples of relevant electives include

• Capital Markets Regulation ( B8326)
• Advanced Corporate Finance  (B8307)
• An additional PhD seminar in Accounting, Finance or Economics

All MSAFA students must complete a substantial research project under the supervision of a faculty member. They will get ideas for a research project from the PhD seminar courses and the skills to execute it from their statistics classes.

The thesis will be guided by a faculty member who will assign a grade to your work. Over the summer, students meet at regular intervals with their thesis advisor to discuss their progress and provide feedback.

The expectation is that students will submit their thesis and complete the program by the end of the summer semester. However, students also have the option to complete a summer internship, delaying completion of their thesis to the following fall.

The MSAFA program offers an opportunity to learn Accounting, Fundamental Analysis, Statistics, Finance, and Economics from renowned faculty who tackle  accounting’s biggest challenges while defining the future of the discipline. They are innovators and influencers on business practices and strategies, continuing Columbia Business School’s legacy of creating cutting-edge models and applications adopted by educators and worldwide businesses. Our faculty are invested in student success and have a collaborative culture that challenges students to push the boundaries of their analytical problem-solving abilities.

Trevor Harris

Professor Harris' research and practical experience has covered most areas of the use of accounting information for valuation, investment and management decisions, with a particular focus on global aspects.

Doron Nissim

Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. He was granted tenure in 2005, and full professorship in 2007. He served as the Chair of the Accounting Division during the years 2006–2009 and 2014–2016.

Stephen Penman

Stephen Penman is the George O. May Professor in the Graduate School of Business, Columbia University where he is also co-director of the Center for Excellence in Accounting and Security Analysis and director of the Masters Program in Accounting and Fundamental Analysis.

Shivaram Rajgopal

Shiva Rajgopal is the Kester and Byrnes Professor of Accounting and Auditing at Columbia Business School. He has also been a faculty member at the Duke University, Emory University and the University of Washington. Professor Rajgopal’s research interests span financial reporting, earnings quality, fraud, executive compensation and corporate culture.  His research is frequently cited in the popular press, including The Wall Street Journal, The New York Times, Bloomberg, Fortune, Forbes, Financial Times, Business Week, and the Economist.

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PhD Programs

The departments and programs listed below offer courses of study leading to the Doctor of Philosophy (PhD) degree.

To learn about PhD programs offered by Columbia's professional schools, please visit  this page .

A doctoral program in the Arts and Sciences is an immersive, full-time enterprise, in which students participate fully in the academic and intellectual life on campus, taking courses, conducting research in labs and libraries, teaching, attending departmental and school events, and developing a professional network within and beyond their department. Consequently, students may not simultaneously hold other full-time professional positions within or outside the university while pursuing a doctoral degree.

Key Contacts

Office of Admissions 107 Low Library, MC 4303 535 West 116th Street New York, NY 10027 [email protected] (212) 854-6729

Before contacting the GSAS Office of Admissions, please first read our  Frequently Asked Questions page .

Faculty contacts for each program may be viewed by following the links below.

Anthropology

Architecture, art history and archaeology, biological sciences, chemical physics, classical studies, earth and environmental sciences, east asian languages and cultures, ecology, evolution, and environmental biology, english and comparative literature, germanic languages, historic preservation, latin american and iberian cultures, mathematics, middle eastern, south asian, and african studies, political science, slavic languages, sustainable development, theatre and performance, urban planning.

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(PhD) Accounting and Information Economics

Spring 2023, b9014 - 001.

• Wednesday 01/23/2023 - 04/28/2023 2:00PM - 5:15PM Kravis 830

B9014 Course Evaluation

PhD in Accountancy

Be among the best in the nation.

Consistently ranked in the top 20 by Public Accounting Report, the PhD program in Accounting offers world-class faculty and exceptional doctoral education.  The purpose of our PhD program is to train and prepare students for academic careers at institutions having research and teaching missions.  We focus on training students for state-of-the-art archival research, and we encourage joint research projects with our faculty.  The program requires a minimum of 72 credit hours of graduate work beyond the baccalaureate degree. The typical time to complete the degree is four to five years.

Students are admitted to the PhD program in Accounting on a full-time, residential basis only. Students typically work 20 hours per week as a research assistant or teaching assistant during the academic year and receive a financial package that includes a stipend of at least $35,000 per year, full tuition waiver, health insurance subsidy, and professional development funds. Contact Professor Ken Shaw , School of Accountancy Director of Graduate Studies, for more information on the financial support package and application process. 

Degree Requirements

Prerequisites for admission to the PhD program are a minimum of two calculus courses (and preferably three), an introductory statistics course, and intermediate-level microeconomic theory. Students typically enroll for ten hours a semester, and the course work requirements are completed in two and one-half years (five semesters). The sixth semester (winter of the third year) is spent preparing for and taking the comprehensive written examination, and the fourth year in writing the research thesis. The University of Missouri requires 72 total hours of course work beyond a baccalaureate degree. Specific course work requirements are: 18 hours in doctoral-level accounting research courses; 15 hours of course work in supporting theoretical fields; 18 hours of course work in research tools (statistics, research design, quantitative methods); A minimum of 14 hours enrollment in ACCT 9090: Research in Accounting.

Accounting Requirements

Students are required to take five research seminars: accounting research methods (ACCT 9460); financial accounting (ACCT 9466); auditing (ACCT 9444); international accounting (ACCT 9419), and tax accounting (ACCT 9457). In addition, students enroll in ACCT 9401 while completing the first-year summer paper (see below).

Supporting Field Requirements

Students are required to take 15 hours in supporting fields. There is flexibility in tailoring each student's program, though generally the choices come from the fields of economics, finance, organizational studies, or cognitive psychology.*

*All programs of study must be approved by the student’s doctoral committee.

First-Year Summer Paper

During the summer after their first full year in the program, students work on an original research paper under the direction of a faculty mentor.  Students enroll in ACCTCY 9401 for three credit hours. Students identify a research topic and obtain approval from a faculty mentor by June 1. Students must present their papers to School of Accountancy faculty and PhD students by September 30 of their second year of the program.  The School of Accountancy PhD Policy Committee evaluates the paper and presentation as either satisfactory or unsatisfactory.  Students who do not complete the first-year paper and presentation will be dismissed from the program.

Satisfactory completion of the first-year summer paper and its presentation are not contingent on obtaining statistically significant results . However, these papers must contain the elements of top-tier academic research: Development of a research question and its importance, an in-depth literature review, research design, and empirical results. 

The due date for applications and supporting materials is December 1 for admission in the following fall semester. Earlier applications are strongly encouraged, and applications will be reviewed as they are received. While applications received before the deadline will receive first priority, we will continue to accept applications after the deadline. Admission to the PhD program in accountancy is highly selective. Applicants should demonstrate a strong record of academic accomplishment, intellectual curiosity, enthusiasm for discovery, and a general understanding of the demands of a doctoral program. Prior academic coursework, research experience, and employment activities in accountancy are encouraged but not required.

LANGUAGE PROFICIENCY REQUIREMENTS

TEACHING ASSISTANTS: ORAL-ENGLISH PROFICIENCY REQUIREMENTS

All PhD students are evaluated annually to assess their progress in the program. The evaluations for first- and second-year students are conducted by the PhD program coordinator. The evaluations for dissertation-stage students are conducted by their dissertation committee chairs.

During the academic year, students are assigned to work as research assistants for faculty members in the department. These assignments allow students to develop proficiency in research methods and often lead to coauthored projects with faculty. 

Another important objective of the PhD program is to provide candidates with the opportunity to develop classroom instructional skills. To achieve this objective, doctoral students are assigned first as teaching assistants and then later as instructors to teach undergraduate courses. These assignments require candidates to plan, conduct, and administer one course section per semester. During their time in the PhD program, students typically have the opportunity to teach two times. To prepare for the teaching experience, doctoral students attend various teaching-related events sponsored by the School of Accountancy, the Trulaske College of Business, and the University of Missouri.

Accountancy Research at Mizzou

Research workshop.

The School of Accountancy has a weekly research workshop that meets on Friday mornings to discuss current research-in-progress presented by faculty and PhD students, and by invited faculty from other universities. Attendance is required at these seminars, and written critiques of selected papers may also be required.

Get to Know Us

Meet our Faculty

Meet our PhD Students

Research in the News

College honors excellence at annual Celebration of Success

Research Spotlight: Accounting Insights from the Trulaske College of Business

School of Accountancy Director Vairam Arunachalam named chair of IMA Research Foundation

Sample plan of study.

A sample plan of study is provided below. This sample is for a student who takes 15 “supporting field” credit hours in finance and economics.  Other supporting fields and courses are possible.  Students must also take 18 credit hours in “research tools” in the fields of statistics and economics.

All ACCTCY, ECONOM, FINANC, and STAT courses are 3 credits each, except for ACCTCY 9090.  The number of credits for each occurrence of ACCTCY 9090 is shown in parentheses in the sample plan below.

Year 1: Fall Semester

• ACCTCY 9090 RESEARCH IN ACCOUNTING (1)
• ACCTCY 9460 OVERVIEW OF ACCOUNTING RESEARCH
• ECONOM 7370 QUANTITATIVE ECONOMICS
• STAT 7150 APPLIED CATEGORICAL DATA ANALYSIS 
• STAT 7510 APPLIED STATISTICAL MODELS 1

Year 1: Spring Semester

• ACCTCY 9466 SEMINAR IN FINANCIAL ACCOUNTING RESEARCH
• ECONOM 7371 INTRODUCTORY ECONOMETRICS
• ECONOM 7340 INTRO TO GAME THEORY 

In the summer following the first year of study, students will take ACCTCY 9090 RESEARCH IN ACCOUNTING (1) and ACCTCY 9401 DOCTORAL RESEARCH PROBLEMS IN ACCOUNTING (1st year summer paper).

Year 2: Fall Semester

• ACCTCY 9444 SEMINAR IN AUDITING RESEARCH
• ECONOM 8473 APPLIED ECONOMETRICS
• ECONOM 9446 ADVANCED EMPIRICAL METHODS

Year 2: Spring Semester

• ACCTCY 9401 SEMINAR IN CORPORATE GOVERNANCE RESEARCH
• ACCTCY 9419 SEMINAR IN INTERNATIONAL ACCOUNTING RESEARCH     
• FINANC 9100 SEMINAR IN CORPORATE FINANCE

In the summer following the second year of study, students will take ACCTCY 9090 RESEARCH IN ACCOUNTING (1).

Year 3: Fall Semester

• STAT 7110 STAT SOFTWARE & DATA ANALYSIS
• STAT 7870 TIME SERIES ANALYSIS
• FINANC 9200 RESEARCH IN CORPORATE FINANCE

Year 3: Spring Semester

• ACCTCY 9090 RESEARCH IN ACCOUNTING (2)
• COMPREHENSIVE EXAMINATION
• DISSERTATION DEVELOPMENT

In the summer following the third year of study, students will take ACCTCY 9090 RESEARCH IN ACCOUNTING (1).

Year 4: Fall Semester

• ACCTCY 9090 RESEARCH IN ACCOUNTING (5)
• DISSERTATION PROPOSAL DEFENSE

Year 4: Spring Semester

• ACCTCY 9090 RESEARCH IN ACCOUNTING (6)
• DISSERTATION DEFENSE

Note: The sample above is for a student who takes 15 “supporting field” credit hours in finance and economics.  Other supporting fields and courses are possible.  Students also must take 18 credit hours in “research tools,” in the fields of statistics and economics.  Listed above are common research tool courses; alternatives are possible with prior approval of the School of Accountancy Director of Graduate Studies.  Students continuing through a 5th year should consult with the School of Accountancy Director of Graduate Studies.

By the Numbers

Over the past five years, total enrollment in the PhD program in accountancy has ranged from 8 to 9 students.  We graduate between 1 and 2 students per year on average, and our placement rate is 100%.

Most graduates accept initial positions as tenure-track faculty members at research universities. Student placements over the last five years follow below.

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Applications for 2024 Columbia Summer Session programs are now open!

Faculty - April 4, 2024

DC Native Brings Big Data Insights to the Political Analytics Program

• Political Analytics

Drawing from his roots as a DC native immersed in the political landscape,  Benjy Messner 's lifelong interest in campaigns and technology has fueled his passion to shape the next generation of political analysts.

Messner is a seasoned professional when it comes to data, analytics, and emerging tech who brings years of experience and insights in his new role as lecturer at Columbia’s  M.S. in Political Analytics graduate program. In his Big Data & Political Strategy course, Messner shows students how to combine massive amounts of data with political expertise to devise effective strategies.

In a recent interview with SPS, Messner shared his excitement for Columbia's commitment to nurturing students in the field of political analytics, recognizing the unprecedented institutional backing that promises to not only enrich their education but also streamline the hiring process for industry professionals like himself.

What should students expect from your course in the Political Analytics program? Big Data and Political Strategy is a course where students are learning to build and examine common data sets like predictive model scores, voter file data, and more, and synthesize that information with their knowledge of politics to come up with options for allocating resources to win campaigns. This is one of the hardest questions in politics, especially because there’s never a right answer or even several right answers, and I hope to help students understand what we’re trying to do, why, and how to do it, so they too can help campaigns win. What inspired you to specialize in political data, analytics, and technology? As a Washington, DC, native, I grew up with politics in my backyard. I was always interested in campaigns and in technology and data. I was lucky enough to get a job on a campaign in 2008 when this field was still in its infancy and was immediately hooked.

What was it that hooked you about political analytics? I was the deputy data director on the 2008 Coordinated campaign in Virginia, working to elect Barack Obama, Mark Warner, and other Democrats on the ticket. Several aspects of the process hooked me immediately, including the rush of winning such a historic election, as Virginia went “blue” for the first time since 1964, and the feeling of participating in a role where applying data and analytics could lead to such great outcomes.

What excites you about the M.S. in Political Analytics program?

As a practitioner, I’ve seen training programs for this kind of work come and go over the years. Seeing an institution like Columbia make a commitment to helping students grow in this area is exciting not just because of what it means for Columbia, but also because it’s the first time we as an industry have ever had this kind of institutional backing for people who want to get in the field. This should make it easier for people like me to hire, in addition to providing students with a great education.

What is your advice for students pursuing a career in political analytics?

I have three pieces of advice to share. First, build as many technical skills as you can. The more you know how to do, the more useful you are, the more you’ll be part of decisions, the more fun you’ll have. Second, don’t focus only on technical skills. Knowing how to present well, how to work with others, how to be part of a team are vital skills. Campaigns are one of the biggest team efforts there is.

And finally, “knock doors” at least once a cycle to stay in touch with reality. In the data and analytics ivory tower, one can become disconnected from actual voters on the ground, so knocking doors to advocate for one’s candidate is a good way to stay grounded. You get the voters’ names, some literature to distribute, and instructions on how to engage in a dialogue with voters. Then you go out and talk to actual people.

About the Program

The Columbia University  M.S. in Political Analytics program provides students quantitative skills in an explicitly political context, facilitating crosswalk with nontechnical professionals and decision-makers—and empowers students to become decision-makers themselves.

The final application deadline is June 1, 2024. The 36-point credit program is available part-time and full-time. For general information and admissions questions, please call 212-854-9666 or email politicalanalytics [[at]] sps [[dot]] columbia [[dot]] edu

Benjy Messner

Lecturer, Political Analytics

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