finance phd

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

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

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

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

Principal-agent relationships
Financial intermediation
Efficiency of markets
Portfolio selection

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Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

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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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Wharton Online

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

Structure of financial markets
Formation and behavior of financial asset prices
Banking and monetary systems
Corporate control and capital structure
Saving and capital formation
International financial markets

For information on courses and sample plan of study, please visit the University Graduate Catalog .

Get the Details.

Visit the Finance website for details on program requirements and courses. Read faculty and student research and bios to see what you can do with a Finance PhD.

Finance Doctoral Coordinator Prof. Luke Taylor John B. Neff Associate Professor in Finance, Professor of Finance Co-Director, Rodney L. White Center for Financial Research Email: [email protected] Phone: (215) 898-4802

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Finance, PhD

Wharton’s Finance faculty, widely recognized as the finest in the world, have been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

Structure of financial markets
Formation and behavior of financial asset prices
Banking and monetary systems
Corporate control and capital structure
Saving and capital formation
International financial markets

For more information: https://fnce.wharton.upenn.edu/programs/phd/

View the University’s Academic Rules for PhD Programs .

Required Courses

The course of study for the Ph.D. in Finance requires the completion of 18 graduate course units.

Students can satisfy these additional course credits in the following ways. 1. Transfer Credits 2. Electives from Other Departments: Economics, Statistics, Accounting, Mathematics, etc. 3. Seminar Courses: Students should limit seminar courses (FNCE 9500s) to a maximum of three (3). These credits require students to attend weekly seminars and write referee reports. A permit is required. The PhD Program Coordinator must approve before a permit is issued.

The degree and major requirements displayed are intended as a guide for students entering in the Fall of 2023 and later. Students should consult with their academic program regarding final certifications and requirements for graduation.

Sample Plan of Study

Usually given in June after the student's first year in the program. If the student fails, he/she can take the following June. If the students fails the exam twice, the student will not normally be allowed to stay in the program.