phd in finance in usa

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PhD Program

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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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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/ ACBSP Vs AACSB: Which Business Program Accreditations is Better?
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Doctor of Finance Programs in America

1-17 of 17 results

Wharton School

Philadelphia, PA •

University of Pennsylvania •

Graduate School

• • Rating 4.67 out of 5   15 reviews

Master's Student: Intensive but interesting. Great people, but professor quality varied. Lectures tend to be very interesting, but are high level in some cases. Coming from an engineering background, this felt "easy", but it is a different type of learning- more focused on the concepts than proving theories and underlying complexities. TAs are great and there is a lot of effort put towards making students understand the material. Since there isn't a sink or swim culture, I think it incentivizes learning for the sake of learning rather than curving to a "B". Professors are very friendly and actually enjoy getting to know their students. ... Read 15 reviews

University of Pennsylvania ,

Graduate School ,

PHILADELPHIA, PA ,

15 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Intensive but interesting. Great people, but professor quality varied. Lectures tend to be very interesting, but are high level in some cases. Coming from an engineering background, this felt "easy",... Professors are very friendly and actually enjoy getting to know their students. .

Read 15 reviews.

Kellogg School of Management

Evanston, IL •

Northwestern University •

• • Rating 4.81 out of 5   16 reviews

Master's Student: An MBA (Master of Business Administration) academic experience typically involves a rigorous and comprehensive curriculum designed to equip students with the knowledge, skills, and perspectives needed for leadership roles in various areas of business. The general overview of what you might expect from an MBA academic experience: After completing the core courses, students often have the opportunity to choose elective courses based on their interests and career goals. Elective courses can cover specialized topics such as entrepreneurship, international business and sustainability. A common teaching method in MBA programs is the use of case studies. their knowledge and skills to a real-world business challenge. MBA programs incorporate experiential learning opportunities such as simulations, consulting projects, or international study trips Overall, the MBA academic experience is designed to be challenging, dynamic, and , preparing students for leadership roles in the business world. ... Read 16 reviews

Northwestern University ,

EVANSTON, IL ,

16 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says An MBA (Master of Business Administration) academic experience typically involves a rigorous and comprehensive curriculum designed to equip students with the knowledge, skills, and perspectives... .

Read 16 reviews.

Tepper School of Business

Pittsburgh, PA •

Carnegie Mellon University •

• • Rating 4.8 out of 5   10 reviews

Master's Student: Embarking on Carnegie Mellon's Master in Business Analytics promises unparalleled growth. Its esteemed reputation in academia assures an intellectually stimulating environment, fostering collaboration and innovation. The meticulously crafted curriculum equips students with advanced analytical skills and a deep understanding of business dynamics. Beyond coursework, experiential learning opportunities abound, from hackathons to industry partnerships. Moreover, the vibrant community fosters inclusivity and camaraderie, enriching the overall experience. With each lecture and interaction, I anticipate expanding my knowledge, honing my skills, and becoming a catalyst for positive change. Carnegie Mellon's program is not just an education; it's a transformative journey toward personal and professional excellence. ... Read 10 reviews

Blue checkmark.

Carnegie Mellon University ,

PITTSBURGH, PA ,

10 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says Embarking on Carnegie Mellon's Master in Business Analytics promises unparalleled growth. Its esteemed reputation in academia assures an intellectually stimulating environment, fostering... .

Read 10 reviews.

Leonard N. Stern School of Business

New York, NY •

New York University •

• • Rating 4.82 out of 5   28 reviews

Master's Student: As a part-time MBA candidate at NYU Stern, I'm deeply impressed by the program's blend of academic rigor and practical application. The faculty, industry leaders in their own right, provide invaluable insights, fostering a rich learning environment. The diversity among my peers enhances our discussions, offering varied perspectives on business challenges. Stern's location in NYC is ideal for networking and accessing career opportunities, which is crucial for a working professional like me. The flexibility of evening and weekend classes allows me to balance my professional and academic commitments effectively. Stern equips students with advanced business knowledge and fosters personal and professional growth, making it an exceptional choice for anyone aspiring to excel in the business world. ... Read 28 reviews

New York University ,

NEW YORK, NY ,

28 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says As a part-time MBA candidate at NYU Stern, I'm deeply impressed by the program's blend of academic rigor and practical application. The faculty, industry leaders in their own right, provide... .

Read 28 reviews.

Carroll School of Management

Chestnut Hill, MA •

Boston College •

• • Rating 5 out of 5   2 reviews

Master's Student: I am currently enrolled in the part time, professional evening MBA program. So far it has brought me to communicate with like minded individuals and the professors truly want to see you succeed so they will go out of their way to connect with you and help you. ... Read 2 reviews

Boston College ,

CHESTNUT HILL, MA ,

2 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says I am currently enrolled in the part time, professional evening MBA program. So far it has brought me to communicate with like minded individuals and the professors truly want to see you succeed so... .

Read 2 reviews.

McCombs School of Business

Austin, TX •

University of Texas - Austin •

• • Rating 4.67 out of 5   12 reviews

Master's Student: Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to explore different interests within business and broaden their career opportunities. The worst part of being at McCombs is the competitive environment, although it incentivizes students to work harder, it can be mentally draining to constantly try to outperform one's peers. ... Read 12 reviews

University of Texas - Austin ,

AUSTIN, TX ,

12 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to... .

Read 12 reviews.

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Mays Business School

College Station, TX •

Texas A&M University •

• • Rating 2 out of 5   3 reviews

Graduate Student: Im starting in the summer and my experience has been great. I will be entering as an MD/MBA student starting with the MBA. ... Read 3 reviews

Texas A&M University ,

COLLEGE STATION, TX ,

3 Niche users give it an average review of 2 stars.

Featured Review: Graduate Student says Im starting in the summer and my experience has been great. I will be entering as an MD/MBA student starting with the MBA. .

Read 3 reviews.

Eli Broad College of Business

East Lansing, MI •

Michigan State University •

• • Rating 5 out of 5   1 review

Current Master's student: The program has exelcent professors and organization which is appreciated since I am attending the EMBA program and do not want to waste time. ... Read 1 review

Michigan State University ,

EAST LANSING, MI ,

1 Niche users give it an average review of 5 stars.

Featured Review: Current Master's student says The program has exelcent professors and organization which is appreciated since I am attending the EMBA program and do not want to waste time. .

Read 1 reviews.

Culverhouse College of Business

Tuscaloosa, AL •

The University of Alabama •

The University of Alabama ,

TUSCALOOSA, AL ,

University of Connecticut School of Business

Storrs, CT •

University of Connecticut •

• • Rating 4.75 out of 5   8 reviews

Master's Student: I like the diversity of students - ethnicities, work backgrounds, ages, and life experiences. I also love the strong reputation that UConn has. ... Read 8 reviews

University of Connecticut ,

STORRS, CT ,

8 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says I like the diversity of students - ethnicities, work backgrounds, ages, and life experiences. I also love the strong reputation that UConn has. .

Read 8 reviews.

Charles H. Lundquist College of Business

Eugene, OR •

University of Oregon •

• • Rating 5 out of 5   6 reviews

Master's Student: This is my first year, but all the information I have received and the "pre classes" I have attended have been excellent. ... Read 6 reviews

University of Oregon ,

EUGENE, OR ,

6 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says This is my first year, but all the information I have received and the "pre classes" I have attended have been excellent. .

Read 6 reviews.

Louisiana State University - College of Science

Baton Rouge, LA •

Louisiana State University •

Louisiana State University ,

BATON ROUGE, LA ,

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J. Mack Robinson College of Business

Atlanta, GA •

Georgia State University •

• • Rating 3.5 out of 5   6 reviews

Master's Student: I am a student at Robinson college of business at Georgia State University. The courses are excellent and provide you with a great opportunity to enhance your knowledge. Most of the professors at RCB are good, and they use multiple ways to evaluate students. ... Read 6 reviews

Georgia State University ,

ATLANTA, GA ,

6 Niche users give it an average review of 3.5 stars.

Featured Review: Master's Student says I am a student at Robinson college of business at Georgia State University. The courses are excellent and provide you with a great opportunity to enhance your knowledge. Most of the professors at RCB... .

College of Business - University of Texas - San Antonio

San Antonio, TX •

University of Texas - San Antonio •

Master's Student: I first attended UTSA in 2007 and graduated with my bachelors in 2009. My education opened up opportunities for me in the healthcare field. While at UTSA I felt the environment was conducive to learning and there were resources available to me to help me succeed. I've worked my way through school as an undergraduate and will do so as a graduate student. UTSA has classes available to fit my schedule and it is affordable. I hope attending graduate school will open up new opportunities for me and help me to fulfil my dreams of becoming a hospital executive. ... Read 1 review

University of Texas - San Antonio ,

SAN ANTONIO, TX ,

Featured Review: Master's Student says I first attended UTSA in 2007 and graduated with my bachelors in 2009. My education opened up opportunities for me in the healthcare field. While at UTSA I felt the environment was conducive to... .

Falls School of Business

Anderson, IN •

Anderson University - Indiana •

Anderson University - Indiana ,

ANDERSON, IN ,

Capella University

Minneapolis, MN •

• • Rating 4.61 out of 5   963 reviews

Doctoral Student: Capella University offers comprehensive online programs for adult learners, focusing on academic excellence and practical skills. The university's flexible learning environment enables students to juggle their studies with work and family obligations. Students are prepared by the university's emphasis on practical skills and real-world applications. The faculty is supportive and responsive, and Capella's innovative use of technology provides an interactive learning experience. As a leader in online education, I believe it's an excellent choice for those balancing education with their lifestyle. I started at Capella University when I decided to further my education and change my field from pharmacy technician to healthcare administrator. I finished my bachelor's and master's of healthcare administration from Capella University. I am so happy with my achievements and would like to pursue my doctoral degree in healthcare administration to advance in my job. ... Read 963 reviews

MINNEAPOLIS, MN ,

963 Niche users give it an average review of 4.6 stars.

Featured Review: Doctoral Student says Capella University offers comprehensive online programs for adult learners, focusing on academic excellence and practical skills. The university's flexible learning environment enables students to... .

Read 963 reviews.

Inter American University of Puerto Rico

San Juan, PR •

• • Rating 4.6 out of 5   5 reviews

Doctoral Student: I am grateful that I have professors working hard every day to make the experience of online classes, less tedious and more active and entertaining. Therefore, it helps me go through classes more smoothly and more openminded about the current situation we are all going through right now. I honestly cant be more grateful about my professors work and resilience. They are a very good example for us all. ... Read 5 reviews

SAN JUAN, PR ,

5 Niche users give it an average review of 4.6 stars.

Featured Review: Doctoral Student says I am grateful that I have professors working hard every day to make the experience of online classes, less tedious and more active and entertaining. Therefore, it helps me go through classes more... .

Read 5 reviews.

Showing results 1 through 17 of 17

About / Departments

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

Download the Finance PhD poster (PDF)

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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, “geoeconomics” explains how countries flex their financial muscles, car loans are a hidden driver of the ride-sharing economy, public pensions are mixing risky investments with unrealistic predictions.

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PhD in Finance

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Chicago Booth has long been recognized for its PhD in finance. Our finance faculty—which includes Nobel laureates Douglas W. Diamond, Eugene F. Fama, and Lars P. Hansen—sets the course for research in all areas of the field.

As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.

Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.

The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.

Our Distinguished Finance Faculty

Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.

Francesca Bastianello

Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Neubauer Family Associate Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance

Robert W. Vishny

Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Alumni Success

Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.

Shohini Kundu, MBA '20, PhD '21

Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.

Jane (Jian) Li, PhD '21

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.

Spotlight on Research

The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.

A Brief History of Finance and My Life at Chicago

Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.

Climate-Policy Pronouncements Boost 'Brown' Stocks

It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.

With Business Loans Harder to Get, Private Debt Funds Are Stepping In

It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.

Too Many 'Shadow Banks' Can Limit Overall Access to Credit

While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).

A Network of Support

Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.

Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.

Initiative on Global Markets Enhancing the understanding of business and financial market globalization, the IGM positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.

Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.

The PhD Experience at Booth

For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.

Video Transcript

Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.

Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.

Current Finance Students

PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.

Current Students

Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi  Huan (Bianca) He Agustin Hurtado Young Soo Jang Piotr Langer Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue

Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .

Program Expectations and Requirements

The Stevens Program at Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

• Youth Program
• 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

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.

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

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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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Finance (Business) & Economics—Joint Degree

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About the Program

The joint Wisconsin PhD Program in finance and economics trains researchers for tenure-track positions at the nexus of these two fields. Specializing in this area will provide you with the opportunity to expand your academic career path to both economics and finance departments at top universities.

The program stresses high-quality research with a focus on developing the core basics of economics, then specialization in areas of finance and economics. Students in the joint program are required to take a common curriculum and to meet all requirements of both the Economics and Finance PhD programs.

Core Areas of Research

Asset pricing

Corporate finance

Macroeconomics

Market microstructure

Microeconomics

Finance theory

Academic Requirements

All students must meet the general PhD requirements of the UW–Madison Graduate School, the Department of Economics , and the Wisconsin School of Business. Students should have the following background to be admitted:

• Completed and performed well in basic undergraduate economics or finance courses
• Mathematics preparation should include multivariate calculus, elementary probability, statistics, and regression analysis
• One course in linear algebra
• Three-course sequence in calculus, including multivariate calculus*
• One course in mathematical statistics*
• Any additional background in mathematics and graduate-level economics courses can ease the transition into the program

* For additional information about which topics are most important to review before graduate coursework begins visit: https://econ.wisc.edu/doctoral/admissions/math-requirements/

Program Coursework

The first year of the program is dedicated to training in the core basics of economics with a focus on microeconomics, macroeconomics and econometrics. The summer following the first year of the program all students must take the economics micro and macro comprehensive exams.

The second year of the program focuses on finance with an emphasis on financial theory, corporate finance, asset pricing, and finance workshops. Finance workshops consist of each student presenting their preliminary research in front of the finance faculty. The summer following the second year of the program all students must take the finance comprehensive exam. Further, students must take three other classes in economics and present their preliminary research in front of the economics faculty.

The third year of the program includes two classes in economics and additional workshops with a focus on completing a research paper on a finance or economics topic. The topic may be either theoretical or empirical, and should contain elements of original research that extend the existing literature.

Advancement to Dissertator Status requires: (1) Successful completion of both economics and finance comprehensive exams; (2) successful completion of a sole-authored paper requirement.

Each milestone requirement—field paper, three-signature proposal, and dissertation committee—must include at least one faculty member from both the economics and the finance department. A single dissertation, approved by members comprised of both departments, is sufficient to fulfill the dissertation requirement.

See Guide for all course requirements

Faculty Research Interests

Hengjie Ai Research interests: Financial economics Macroeconomics Economic Theory View full profile Briana Chang Research interests: Financial intermediation Market microstructure Information economics Search and matching theory View full profile P. Dean Corbae Research interests: Consumer credit Bankruptcy Foreclosures Banking industry dynamics View full profile Bjorn Eraker Research interests: Asset pricing Derivatives Econometrics of financial markets Equilibrium modeling View full profile Mark Fedenia Research interests: Investment management Wealth management Liquidity View full profile Oliver Levine Research interests: Corporate finance Corporate investment Executive compensation Mergers and acquisitions Intangible capital View full profile Antonio Mello Research interests: Corporate financial policy Corporate risk management Corporate finance and industrial organization Capital market imperfections and stability International finance View full profile Dmitry Orlov Research interests: Banking Markets for repurchase agreements Bayesian Persuasion Dynamic contracts Mutual Funds View full profile Sebastien Plante Research interests: Microstructures Credit markets Liquidity Corporate finance View full profile Erwan Quintin Research interests: Growth and development economics Financial economics Macroeconomics View full profile Roberto Robatto Research interests: Banking Macroeconomics Monetary and financial economics Evolutionary foundations of economic behavior View full profile Sang Seo Research interests: Asset pricing Macro-finance Derivatives Financial econometrics View full profile Ivan Shaliastovich Research interests: Asset pricing Financial econometrics View full profile Randall Wright Research interests: Monetary, macro, and labor economics Asset pricing View full profile Connect With Current Students

We encourage you to contact our doctoral students in the finance and economics joint degree program to hear their perspectives on the Wisconsin PhD

View current student profiles

See Our Placement Results

Graduates of our PhD specialization in accounting and information systems have accepted tenure-track positions at top research universities.

View recent placements

Dean Corbae

Tippie College of Business

Phd in finance - phd programs.

PhD in Finance

In business, the big questions are usually finance questions.

Prompted by the Great Recession, and the government’s response to it, some of the greatest questions facing businesses and policymakers today are questions of finance.

Can asset bubbles be predicted and avoided? How do markets respond to political policies? More sophisticated financial modeling than ever before is opening up new avenues of study, thanks to huge volumes of data and technology-driven mathematical tools.

As you pursue your PhD in finance, you’ll work shoulder-to-shoulder with our world-renowned faculty, perfecting your research, writing, and teaching skills. By the time you hold that PhD in your hand, you’ll have everything you need to explore answers to the big finance questions—and many more of your own.

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Respected and renowned

Our faculty are among the best in the world in researching and teaching. Our dream team is composed of faculty like Professor Erik Lie , one of the world’s most influential thinkers on managerial compensation, and Professor David Bates , a renowned researcher on the stochastic process of stock returns and option pricing. Our finance faculty members are actively doing research on a diverse set of topics, including corporate finance, asset pricing and investment management, risk management and insurance, and real estate.

You’ll work closely with these and many more finance faculty, and among them you’ll find mentors and dedicated scholars alike.

See faculty research

“I applied to schools all over the world, including some very famous schools in Asia and Europe, but I finally chose the University of Iowa. I made a very good choice.” Jasmine Shu, PhD, Finance Read Jasmine's story

Since 2001, Tippie finance PhDs have accepted tenure-track faculty positions at an impressive list of universities as their initial placements:

• Bilkent University, Turkey (2)
• Bradley University *
• California State University-Fullerton (2)
• City University of Hong Kong
• Drexel University
• Fordham University
• Higher School of Economics, Russia
• Iowa State University (2)
• Kansas State University
• Lehigh University (2)
• Louisiana State University
• Miami University (Ohio) *
• Michigan State University
• Singapore Management University
• St. Louis University
• Sungkyunkwan University, South Korea
• University of Alabama-Huntsville
• University of Arizona
• University of Binghamton
• University of Buffalo (2)
• University of Illinois-Chicago *
• University of Missouri (2)
• University of New Hampshire (2)
• University of Richmond
• University of Saskatchewan, Canada
• University of Texas-El Paso
• University of Toledo
• Washington State University
• West Texas A&M University

But it’s not just academia clamoring for finance PhDs. Financial service industries and financial market regulators are leaning on finance PhDs to steer their strategy. Our PhD program is STEM-designated, which offers flexibility to students interested in "alt-ac" job opportunities. Since 2001, our finance PhDs have joined non-academic institutions such as:

• Brattle Group
• Ibbotson Associates
• Jacob Levy Asset Management
• Promontory Financial Group
• Securities and Exchange Commission
• State Street Global Advisors

Finally, our finance PhD program has a very long history—it goes back to the 1980s. Before the recent two decades, the initial placements of our finance PhDs already included a very impressive list of universities, such as:

• Case Western University
• Iowa State University
• National Taiwan University
• Tulane University
• University of Oklahoma
• University of Texas-San Antonio
• University of Wisconsin-Madison
• Yuan Ze University

“Academics in general is a close community and the relationships I’ve made at Iowa will last a long time. It’s competitive, but it's also small and collaborative." Brooke Wang, PhD, Finance Read Brooke's story

First, you need to meet the minimum PhD admission requirements . Other criteria for admission include:

Academic record

An undergrad concentration in finance or economics isn't required to be admitted. The minimum GPA is 3.0 on a 4.0 scale. We also consider the rigor of your undergrad or master's institution(s), and grades you earned in finance, econ, stats, and math courses. The recommended background is coursework in finance and economics through intermediate micro and macro, math through one year of calculus, and introductory mathematical statistics.

GMAT or GRE score

Our admitted students average around 700 on the GMAT. The quantitative scores in particular are considered.

Letters of recommendation

We're interested in their assessment of your strengths, weaknesses, motivation, and ability to succeed.

English proficiency

This requirement applies only to international applicants whose native language is not English. We follow the Graduate College's  English proficiency requirements . 

Statement of purpose

Content and overall seriousness are considered.

Curriculum and sample plan of study

The PhD in finance requires 72 semester hours of credit, in addition to a dissertation. The typical time to complete the degree is five years.

The first year, finance PhDs take three or four courses per semester, depending on their background in finance, and three courses per semester in year two. The finance electives in year one are normally MBA-level courses, but if you've already covered this material, we may give you an exemption (these exemptions are at the discretion of the PhD director). We sometimes give exemptions for statistics as well.

Finance Department Handbook

PhD in Finance - Admissions

Apply to Gies, form your future in finance academia

The Finance PhD program seeks to admit students with the highest possible aptitude and potential for academic careers. Admission is based on the applicant’s background and accomplishments, potential for academic and professional success, stated educational and professional goals, and letters of recommendation. Decisions are made by a faculty committee and depend upon available space and the qualifications of the other applicants.

Admission Requirements

Minimum requirements for admission are as follows:

• Completion of a baccalaureate degree from an accredited U.S. institution or its equivalent from a university in another country.
• The minimum acceptable grade point average for admission is a 3.0 average (A = 4.0) in the last 60 hours of undergraduate coursework and in all graduate coursework.
• Acceptable scores on the verbal and quantitative sections of the Graduate Management Admission Test (GMAT). While there is no required minimum score, the average score of students admitted in recent years is over 700. The Graduate Record Examination (GRE), with an average quantitative score being 160, is accepted as a substitute for the GMAT. GRE scores are reported electronically by the Electronic Testing Service (ETS).  Please self-report your score on your application and request ETS to report your score electronically to the University of Illinois (Institution Code 1836, Department Code 4102).
• International applicants from countries whose first language is not English are required to submit results of the Test of English as a Foreign Language (TOEFL). Certain international applicants are exempt from the TOEFL requirement. Please see English Proficiency Requirements for details.
• IELTS is jointly owned by University of Cambridge ESOL Examinations (Cambridge ESOL), British Council and IDP Education Australia: IELTS Australia.

Application Deadlines

For 2024-2025 Academic Year: October 1, 2023 through January 15, 2024

Frequently Asked Questions

Can i apply for the spring semester.

No. Admission to the Ph.D. program is only offered for the Fall semester.

Are all international applicants required to submit TOEFL scores?

• International applicants are required to submit results of the Test of English as a Foreign Language (TOEFL), unless they satisfy one of the conditions for exemption listed below. Applicants are exempt from the TOEFL requirement if one or both of the following conditions are met:
• The applicant has completed at least two academic years of full-time study (as defined by the home institution) within five years of the beginning of the proposed term of enrollment, or the applicant has completed a graduate degree, in a country where English is the primary language and at a school where English is the primary language of instruction. That is, English must be both the language of the country and the language of instruction at the school.
• The applicant is from a country in which English is both the primary language and the official language. Please be aware that if you are admitted into the program you will be required to provide a TOEFL score in order to fulfill the TA requirement

Do you accept GRE scores in place of GMAT scores?

Yes, we accept GRE scores in place of GMAT scores.

How long does it take students to finish the program?

For most students, the program takes five years to complete.

Do I have to take the SPEAK test as part of the admission requirements?

The SPEAK test is not required for admission. However, international students must take the SPEAK test after they arrive on campus. (The University of Illinois requires that graduate students whose native language is not English pass the SPEAK test before they can be appointed as Teaching Assistants.) The Department of Finance makes arrangements for students to take this test on campus during the first year of the program.

Do you admit students who do not have a Master’s degree?

Yes, we admit students who do not have a Master’s degree. If admitted into the Finance PhD program, a Master’s degree can be earned, but students desiring a terminal masters degree are not admitted to the PhD program and should consider applying to the M.S. in Finance or the Masters of Business Administration.

Am I eligible to apply to the program?

If you have an undergraduate degree from an accredited U.S. college or university, or the equivalent from a university in another country, you are eligible to apply.

In a typical year, how many people apply and how many are admitted?

In recent years, around 100 people applied for an entering class of 3 students.

Do you provide financial support?

All admitted students are offered a tuition waiver plus a living stipend for 5 years that is conditional on making normal academic progress and fulfilling their obligations as a research assistant (RA) or a teaching assistant (TA). First year students are assigned as 10-hour per week RAs. Typically, second, fourth, and fifth-year students are assigned as 20-hour per week RAs. Third-year students serve as TAs to fulfill the program requirement that they obtain teaching experience.

Are international students eligible for scholarships or financial aid?

Admitted students receive financial support, regardless of nationality.

How long will it take before I am notified of the committee’s decision?

Applications are not reviewed until after the deadline date to apply. Please allow 3-4 weeks for a decision to be made. We will notify you of our decision via email.

May I submit unofficial or non-certified copies of my transcripts and degree certifications?

Official transcripts and degree certifications are only required if admitted into the PhD program.

I received my admission letter and I am admitted on limited status. What does that mean?

You may be admitted on limited status for a variety of reasons. The admission letter will clearly indicate the admission terms and the steps that need to be completed before full-admission status can be obtained. Some possible reasons for limited-status admission are:

• admission has been granted as long as a minimum grade-point average is maintained,
• non-native English speakers admitted with TOEFL scores below 103 or below 7.0 on the IElTS are required to complete an English Placement Test prior to their first semester of classes. Based on their performance on this test, they may be required to take English as a Second Language course(s) as part of their degree requirement.

If you are admitted on limited status you will be allowed to enroll for the first semester. You must satisfy whatever restriction is indicated in your admission letter to continue in the program.

Do I have to provide the proof of funding?

No, applicants do not need to provide the proof of funding. Students admitted into our Finance PhD Program receive a waiver of tuition and most fees, along with a living stipend. Students are still responsible for a small portion of fees, typically less than $1,000.

Do you recommend preparatory math classes?

Our program is heavily quantitative, so our admissions committee will want to see competency in this area.

Can I waive the GMAT/GRE requirement?

No. The GMAT/GRE test scores are a strong indication of the quantitative and verbal skills of an applicant. While the committee considers the composite application of each applicant, an official GMAT or GRE score must be included.

How can I order my official test score reports?

You can request your official test scores for the TOEFL and the GRE from the Educational Testing Service (ETS). Applicants to the PhD program should request their scores be sent to Institution Code #1836; Department Code 00 or 02 – all department codes populate the campus score database. Please note, this is an undergraduate code; however, it does populate all campus test score databases.

GMAT scores are provided by PearsonVue. Scores should be sent to the PhD program using the code VKR-TK-03.

May I come in for an interview?

Interviews are conducted on an invitation-only basis. Please refrain from calling or emailing the PhD office to request an interview. You will be contacted by the PhD committee if an interview is necessary to make a decision on your application.

Who should write recommendation letters?

Your recommendation letters should come from academic and business sources. These recommendations should emphasize your strengths in the following areas: quantitative and analytical analysis, written and oral communication, research potential, and relevant work experience.

How do I make a change on my application once it has been sent?

Once your application is submitted you cannot make changes online. Email [email protected] to let us know if any changes that need to be done or documents that need to be uploaded to your file.

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Finance PhD Program

The finance Ph.D. program is designed to prepare students for academic careers in financial economics. Financial economics is the study of how individuals and firms raise and invest resources, and how financial assets are priced. Specific topics in asset pricing include the determinants of asset returns, pricing of risk, behavior of investors, and trading mechanisms. Specific topics in corporate finance include capital structure, payout policy, financial intermediation, internal capital markets, venture capital, mergers and acquisitions, and corporate governance.

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• ADMISSIONS EVENTS

Requirements

Sample Schedule

• GSBA 602. Selected Issues in Economic Theory I
• GSBA 604. Regression and Generalized Linear Models for Business Research
• Elective(s)
• GSBA 612. Selected Issues in Economic Theory II
• FBE 630. Fundamentals of Corporate Finance
• FBE 633. Fundamentals of Asset Pricing
• [Statistics or research design]

Students are assigned a faculty mentor upon entering the program. The faculty mentor advises the student on course selection and as appropriate involves the student in a research project. During the first summer, each student conducts a supervised reading of the literature and prepares a research proposal or study.

• FBE 631. Advanced Corporate Finance
• FBE 634. Advanced Asset Pricing
• FBE 670. Selected Topics in Finance Research #1
• FBE 670. Selected Topics in Finance Research #2
• GSBA 690. Tutorial on the Research Process
• BUCO 637. Communication for Doctoral Students
• Paper #2 (Screening Exam)

Students spend much of the second year developing and producing an independent study. The study is submitted to the program at the end of the summer, and serves as the qualifying exam for the second year.

• FBE 670. Selected Topics in Finance Research #3-#N
• Dissertation proposal (USC Qualifying Exam)
• Dissertation proposal
• GBSA 794. Doctoral Dissertation
• Job Market Paper
• GSBA 794. Doctoral Dissertation
• Dissertation

Job Market Candidates

The program maintains a supportive and collegial environment that fosters collaboration between faculty members and PhD students. All students are assigned one or more faculty mentors for the duration of their studies, and faculty members are actively engaged in supervision of student research.

PhD Students

Robin y. lee.

• PhD Candidate in Finance and Business Economics

Robin Lee is a 5th year Ph.D. candidate in Finance at the Marshall School of Business. Her research interests encompass social and behavioral finance, asset management, and empirical corporate finance. Before joining USC, she earned a B.B.A. in Business Administration and a B.A. in Economics from Yonsei University, and an M.A. in Statistics from Columbia University.

Federica Ansbacher

• PhD Student in Finance and Business Economics

Wenqian (Winston) Chen

Applying to the phd program, dates + deadlines.

December 15, 2023: Application Deadline - Accounting, Data Sciences & Operations, and Management & Organization* 

January 15, 2024: Application Deadline - Finance & Business Economics and Marketing 

The link to the PhD Program application is available on the Admissions page and the next opportunity to apply is for Fall 2024 admission. Late applications may or may not be considered at the discretion of the admissions committee. 

Admissions decisions are made from mid-February to mid-April. You will be notified by email when a decision has been made.

ADMISSIONS CONTACT

Ph.D. Program USC Marshall School of Business 3670 Trousdale Parkway, BRI 306 Los Angeles, California 90089-0809 EMAIL

• INFO SESSIONS

Stay Informed + Stay Connected

LERNER BUSINESS & ECONOMICS

• Financial Services Analytics (FSAN) (Ph.D.)

Student Research Topics

FSAN students work closely with their supervisors to identify cutting-edge research topics related to modern data science theory, algorithms and applications in banking and the financial and tech industries. Sample dissertation topics include:

• Bayesian causal inference
• predictive analytics
• bank systemic risk
• malware detection and classification
• credit card fraud detection
• NLP & chat-bots
• link recommendation
• text-based industry classification
• loan process optimization
• customer targeting
• active learning on graphs

Career Opportunities

Our program generates excellent internship opportunities and industry and academic job prospects.

Corporate-sponsored internships offer you the opportunity to apply analytics tools to real-world challenges on teams in wealth management, machine learning, data architecture, investment banking, global finance and business management. Most students gain internship experience while pursuing their Ph.D. degrees.

FSAN graduates are researchers and professionals who play key roles in teams that bridge the financial services industry and data and operational sciences. They are now employed as data scientists in major banks, fintech companies and technology companies. The FSAN program works closely with Lerner Career Services to provide personalized, high quality career assistance.

Where Our Students Intern

• JP Morgan Chase & Co

Where Our Graduates Work

Academic Institutions:

• Chinese University of Hong Kong (Shenzhen)
• Shanghai University of Finance & Economics
• University of Delaware
• Virginia Tech

Banking and Financial Services:

• Bank of America

"UD was able to merge finance, data mining, statistics and other areas to create the FSAN program. This is also reflected in the diversity of the students. We come from different fields, and it is wonderful how we are able to complement each other in so many different ways."

- FSAN student Leonardo De La Rosa Angarita

• Unique Lerner FSAN Program Lands Graduates in Top Financial Technology Jobs - As businesses increasingly search for workers skilled in tools like machine learning, artificial intelligence and language models, this program is turning out graduates ready for the job.
• What Is Fintech? - This article explains what fintech is, introduces jobs and salaries in the field and compares different ways of learning the subject.
• On the Job with Oliver Yao: New Lerner Dean Is Focused on the Promise of FinTech - Oliver Yao, the new dean of the Alfred Lerner College of Business and Economics, wants the college to be at the center of the financial technology revolution.
• Lifelong Lerner: Jared Sharpe - Jared Sharpe, a native of Andreas, Pennsylvania, earned a doctoral degree in financial services analytics from the University of Delaware’s Alfred Lerner College of Business and Economics in May 2023.
• Lifelong Lerner: Hongzhe Zhang - Hongzhe Zhang, a native of Jinan, China, earned a doctoral degree Ph.D in financial services analytics from the University of Delaware’s Alfred Lerner College of Business and Economics in May 2023.

Contact Dr. Bintong Chen 302-831-2756 [email protected]

Explore the doctorate in FSAN by viewing a recent FSAN information session.

Admissions Information

We accept students every other year, in the even-numbered years. The application deadline for the next cohort (beginning fall semester 2024) is May 1, 2024. Students seeking financial aid should submit their applications by February 1, 2024, but late applications will be considered if funds are available. Highly-qualified students may receive research scholarships as well as a generous stipend to cover all educational expenses.

• Economics (Ph.D.)
• Economic Education (Ph.D.)
• Hospitality Business Analytics (Ph.D.)

PhD Handbook

PhD in Finance ...

PhD in Finance in USA: Best Universities for PhD in Finance in USA

USA happens to be one of the most sought after destinations for a PhD. The program structure here allows you to get a lot of training alongside research which is not common in the European countries or UK is what makes it desirable. Usually, master of finance graduates plan to get a PhD but it is also a good option for MBA in USA graduates to advance their careers. After a PhD in finance in USA, you can either go on the path to become a professor or take the road to work with global companies.

We have prepared a guide including best universities for PhD in finance in USA, eligibility criteria, admission process, cost of studying, scholarships, future opportunities and a lot more to help you grab the best opportunities to pursue PhD in finance from USA.

Why Study PhD in Finance in USA?

• US universities dominate almost all major rankings. If we talk about the QS World University Rankings by Subject for Accounting and Finance, 73 universities are included in the list of top universities.
• USA spends enormous amounts on research and development and is said to be ahead of several other countries in terms of innovation.
• The rigor of curriculum offered at US universities is much higher in standard than research programs at other institutions.
• US universities offer state-of-art research infrastructure which attracts aspirants from all around the world.

Best Universities for PhD in Finance in USA

A PhD is a long duration course so be assured that you choose your university wisely considering accreditation, co-curricular factors, facilities, faculty, location, etc. Here is a list of the 5 best universities for PhD in finance in USA:

• Massachusetts Institute of Technology
• University of Chicago
• Stanford University
• University of California, Berkeley
• University of Pennsylvania

Discussed below are the insights of these 5 universities including ranking, specializations and tuition fees can be seen below:

1.  Massachusetts Institute of Technology

PhD in finance at Massachusetts Institute of Technology is offered under the MIT finance group. The program duration can be categorized into coursework, seminar, general examination, research paper and dissertation.

2.  University of Chicago

For pursuing PhD in finance at University of Chicago , you will get full tuition support for 5-6 years of your full-time study. Additionally, the university gives you the opportunity to work as a teaching assistant in the third and fourth year.

3.  Stanford University

At Stanford University , your PhD program will come with a five year funding guarantee which includes tuition, assistantship salary and fellowship stipend. Phd programs have been a constant preference for most international students to pursue here.

4.  University of California, Berkeley

The Haas School of Business at University of California, Berkeley offers a five year, fully funded PhD in finance program that aims to integrate modern developments in the field of finance. The course expects the student to have a strong background in mathematics and statistics.

5.  University of Pennsylvania

The finance faculty at the Wharton School of Business is one of the most renowned faculties of University of Pennsylvania . The ideal candidate for a PhD at Wharton should have a background in economics, mathematics, statistics, engineering and other quantitative disciplines.

Course Curriculum for PhD in Finance in USA

Although a US PhD degree is longer than a UK degree, it has its own benefits and gives candidates the time to get a better hold and develop expertise in the subject area. Discuss in the table below the course curriculum for PhD in finance in USA:

Eligibility Criteria for PhD in Finance from USA

The PhD in finance in USA requirements may vary from one university to another. Before looking at the cost of studying PhD in USA, let us understand the basic eligibility criteria for the same:

• Completed master’s degree
• English language proficiency requirements
• Entrance test scores

Take a look at the detailed discussion on eligibility criteria to study PhD in finance in US:

1.  Completed master’s degree

To pursue PhD in finance in USA, you must have a master’s degree in finance from a recognized institution equivalent to a US master’s degree. A minimum GPA of 3.0 or above is required.

MS in finance in USA

2.  English language proficiency requirements

As international students, you will have to provide proof of English language proficiency if your native language is not English. IELTS and TOEFL are among the most widely accepted test scores. A minimum IELTS score of 6.5 or a TOEFL-iBT score of 90 or above is recommended.

3.  Entrance test scores

Before enrolling for a PhD in finance in USA, you may be asked for your GMAT or GRE scores. You may not have to take the test again as you must have already taken it before applying for your master’s degree.

Documents Required to Study PhD in Finance from USA

It is crucial to understand the PhD in finance in USA requirements to complete the application process hassle-free. Listed below are the documents that most institutions will ask you to submit:

• Transcripts of academic records from all previous post-secondary institutions
• Test scores of GMAT/ GRE
• English language proficiency test scores
• Research proposal
• Writing sample
• Letters of recommendation
• Personal statement
• Copy of passport
• Proof of finances

Admission Process for PhD in Finance in USA

Here is the step-by-step process to apply for PhD in finance in US:

• Check the eligibility criteria for your chosen institution before applying.
• Visit the official university website and look for the upcoming intake and application deadlines.
• Complete the online application for admission and pay the necessary application fee, which usually ranges between 100 USD-150 USD.
• Gather all documents to be submitted along with the application.
• Once you complete the application and submit all relevant documents, keep an eye on the university website to get updates on your application.
• You may be called for an interview and be asked about your research proposal before getting the acceptance letter.
• If you are accepted, fulfill the enrollment requirements and apply for a visa to study in USA.

USA student visa guide

How Much Does it Cost to Study for a PhD in Finance in USA?

Getting a PhD in USA requires a huge sum of investment. The cost of studying for a PhD in finance in USA can be categorized into tuition fees and cost of living. Let us consider the costs for each of these components.

Tuition Fees

The tuition fees for PhD in finance in USA ranges between 35,000 USD - 70,000 USD per year. You can find programs with lower tuition fees at public universities.

Phd in USA cost for Indian students

Cost of Living

An international student’s cost of living in USA is estimated at around 12,000 USD-18,000 USD per year i.e. 1000 USD-1,500 USD per month, varying according to the student’s budget. It is true that the living expenses in USA are higher compared to many other study abroad destinations. However, affordable options are available to choose from, such as various accommodation options, public transport, personal expenses, etc.

Scholarships for PhD in Finance in USA

You will find multiple funding options for pursuing research in USA. Most US universities offer fully funded PhD programs , so you do not have to fret about the huge tuition fees. Take a look at the table below to learn about the various university-provided scholarships for international students:

Career Opportunities After PhD in Finance in US

Accounting and finance professionals in USA earn 97,600 USD per year on average. With a PhD in finance from USA, you can expect 23% higher salaries than a master’s degree. New York, Houston, Los Angeles, Philadelphia are some of the states offering the highest salaries compared to other cities in USA.

Take a look at the popular job titles and average salaries for PhD in finance from USA:

How to find jobs in USA?

A PhD in finance in USA is worth considering to advance your career and boost your earning potential. Get in touch with our Yocket counsellors today and get answers to all your questions related to PhD in finance in USA and a roadmap to secure a seat in one of the best universities for a PhD in finance in USA.

Frequently Asked Questions about PhD in Finance in USA

How many years is a PhD in finance in USA?

A PhD in finance in USA takes 4 to 6 years depending on the candidate’s knowledge level. Generally, an individual spends around 2-4 years in the coursework and another 2-4 years on the dissertation.

How much does it cost to do a PhD in finance in USA?

The annual fees for PhD in finance in USA is somewhere between 30,000 USD-55,000 USD per year which may vary across universities.

Can Indian students get a scholarship to pursue PhD in finance in USA?

Yes, there are several scholarships for Indian students to pursue PhD in finance in USA, such as Fulbright Scholarship, Knight-Hennessy Scholars program, Aga Khan Foundation International Scholarship program and several other university-specific scholarships.

Can I apply for PhD in finance with an MBA in finance?

Yes, you can apply for a PhD in finance with an MBA in finance.

Is it better to do PhD in finance in USA from a private or public university?

Both types of universities have equally good options to pursue PhD in finance in USA. If you wish to apply to public universities in USA some of the best options are University of California - Berkeley, Georgia Institute of Technology, University of Illinois - Urbana, etc. Top private universities include Stanford University, Massachusetts Institute of Technology, Yale University, among others.

Sumeet Jain

Articles you might like

WPI Launches First-in-the-Nation Financial Technology PhD; Only University in the U.S. to Offer All Degree Levels in FinTech

Colleen Wamback Director of Public Relations Marketing Communications +1 (508) 8316775 [email protected]

Building on its established master’s and bachelor’s degree programs and aiming to meet industry trends and demands, Worcester Polytechnic Institute (WPI) has introduced the nation’s first PhD program in Financial Technology (FinTech). The new program underscores WPI’s dedication to advanced education and research in this rapidly expanding sector, making it the only university in the country to offer all degree levels in the field.

With the rise of functions such as online payments services, mobile banking, and cryptocurrencies, the landscape of financial services has seen exponential changes in the last decade. FinTech is one of the  fastest-growing industries in the global economy with industry forecasts predicting 1.5 million new roles and some of the highest salaries in the tech industry. FinTech has become an essential area of study, creating a need for PhD graduates with the skills to lead industry and teach in financial technology programs. There are also industry research opportunities, as firms in the financial industry seek to create innovative operations and products based on emerging financial technologies.

“Introducing a doctoral degree program in FinTech exemplifies how WPI is a global innovator at the intersection of business and technology,” said WPI President Grace Wang. “Graduates of this program will emerge as academic and industry leaders who will shape the future of financial technology education and the financial services sector.”

• WPI President Grace Wang

WPI’s FinTech PhD program is uniquely positioned to offer a comprehensive, multidisciplinary education that bridges finance, mathematics, computer science, and ethics. Leveraging the expertise of WPI’s distinguished faculty, students will learn a complex blend of skills, ranging from finance and mathematics to  AI and blockchain, analytics, data science, applied statistics, and develop a keen understanding of regulatory and compliance landscapes. They will also engage in cutting-edge research and practical applications of their studies at WPI’s state-of-the-art FinTech Innovation Hub and through external partnerships.

"We are witnessing an unprecedented convergence of academic advancements and industry needs in the FinTech sector," said  Debora Jackson , Harry G. Stoddard Professor of Management and Dean of The Business School at WPI. "Our PhD program will provide students with the interdisciplinary skills and knowledge necessary to drive innovation and address the complex challenges facing the FinTech industry."

• Debora Jackson, Harry G. Stoddard Professor of Management and Dean of The Business School

WPI’s expansion of its FinTech educational offerings also aligns with the continued growth of the sector in the region.  Massachusetts has emerged as a key hub within this sector, boasting over 357 FinTech companies and 69 incubators/accelerators, making it the third-largest innovation center in the United States. This thriving ecosystem supports over 30,000 jobs within the state, with demand for skilled professionals continuing to rise.

"The PhD program in FinTech not only continues WPI's longstanding tradition of innovative, interdisciplinary education but also positions our Business School as a leader in the emerging field of interdisciplinary financial education and research,” said  Kwamie Dunbar, associate professor of finance.

For more information about WPI's PhD program in Financial Technology,  visit WPI’s website .

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Your Guide to a PhD in Finance in USA

• Universities in USA

Updated on 04 March, 2024

Shivangi Mishra

Sr. content editor.

A PhD in Finance is a doctoral-level degree that signifies the highest level of expertise in the field. It involves rigorous research and advanced coursework, culminating in a dissertation that makes a significant contribution to the existing body of knowledge in the field. The USA is one of the top places for this degree. A PhD in Finance in the USA typically takes around 5 years to complete. This article will discuss everything you must know about pursuing PhD in finance in the USA.

Table of Contents

Why study phd in finance in usa, best universities for phd in finance in usa, eligibility criteria for phd in finance from usa, documents required to study phd in finance from usa, admission process for phd in finance in usa, scholarships for phd in finance in usa.

• Career Opportunities After PhD in Finance in US

Some of the the reasons to pursue a PhD in finance in the USA are:

•  It prepares candidates for careers in academia & research, consulting, and policy-making in finance.
• Some of the top financial colleges in the world, including Stanford, Kellogg, Tepper, and Wharton, are located in the United States.
• With access to top financial markets, institutions, specialists, and centres, the USA provides a broad financial environment.
• The United States of America offers a top-notch, demanding education that places a major focus on analytical and mathematical abilities as well as multidisciplinary and cooperative research.
• For PhD students and graduates, the USA provides a plethora of financing, networking, career development, and professional advancement options. 

Some of the recent statistics that support these reasons are:

• According to the QS World University Rankings by subject in 2023, 16 out of the top 50 universities for accounting and finance are located in the USA.
• According to the Global   Financial Centers Index, 30 and 7 out of the top 20 financial centers in the world are located in the USA, including New York, San Francisco, Chicago, Boston, Los Angeles, Washington, DC, and Dallas.

Many universities offer  fully-funded PhD in finance in USA.  Some of the best universities for a PhD in finance in USA based on their subject ranking, reputation, research output, and faculty are:

 The eligibility criteria for finance PhD programs in USA   may vary depending on the university program, but some of the common requirements are:

• A bachelor's degree or its equivalent with first-class GPA.
• A strong background in quantitative methods such as calculus and exposure to micro and macroeconomics. 

 The documents required to study PhD   Programs in finance USA may vary depending on the university program, but some of the common documents are:

• A satisfactory score on the Graduate Record Examination (GRE) or the Graduate Management Admission Test (GMAT) depending on the university in the program.
• A statement of purpose that outlines the research interests, goals, and motivations for pursuing a PhD in finance.
• A resume no longer than two pages that highlights academic achievements, research experience, publications, awards, and extracurricular activities.
• A maximum of 4 letters of recommendation from professors or mentors who can attest to the academic potential of the research skills and the applicant's personal qualities.
• A writing sample that demonstrates the ability to conduct original and rigorous research in finance such as a master's thesis, a published paper, and a research proposal.
• Proof of English language proficiency, such as a minimum score on TOEFL or the IELTS for international applicants whose native language is not English.
• A short video essay for the accounting research group (optional for marketing and system dynamics research groups). The video should explain why you selected this research group.

 The admission process for a PhD in Finance in USA may vary depending on the university and program, but some of the common steps are:

• Check the eligibility criteria, application deadlines, and required documents for each university program and prepare them accordingly.
• Take the GRE or GMAT and TOEFL or IELTS (if required), and request the test scores be sent to the chosen universities.
• Fill out and submit the online application form along with the application fee for each university and program
• Upload or mail the supporting documents, such as the statement of purpose , curriculum vitae, writing sample, and letters of recommendation .
• Wait for the admission decision, which may take varied amounts of time based on the university program. Some universities may also conduct interviews or request additional information from the applicants before making the final decision.
• Accept the admission offer if received, and confirm enrollment by paying the deposit fee and completing the necessary paperwork.
• Apply for a student visa and arrange the travel & accommodation for studying in the USA.

Some of the scholarships for fully-funded PhD in finance in USA, based on their eligibility and benefits, are:

Career Opportunities After PhD in Finance  in US

Some of the career opportunities after PhD in finance in USA, based on their job roles and average salaries, are:

Related Articles:

• Jobs in MBA
• MBA Salary in USA
• MBA in USA without GMAT
• Jobs in USA for Indian Freshers
• Best Universities in USA for MBA
• MBA in USA without work experience
• Part - Time Jobs in USA for Indian & International Students

What is a PhD?

A PhD is a postgraduate doctorate often earned following a bachelor's or master's degree in undergraduate studies. PhD candidates conduct independent study for an original thesis in their field, and after completing their degree, they are awarded the title "Doctor."

What does a PhD entail?

A PhD is a doctorate in philosophy. Philosophiae Doctor is the Latin root of the term PhD. Another way to write it is as DPhil.

How long is a PhD thesis?

A PhD thesis will typically be longer than 60,000 words but cannot be longer than 80,000 words. Footnotes and endnotes are allowed within this word limit; appendices and a reference list or bibliography are not. The amount of space occupied by figures, tables, images, and other content should be measured in words per page or a fraction of a page.

Does obtaining a PhD require a TOEFL or IELTS score?

If English is not your first language and you have not previously attended a university in an English-speaking nation, you could be required to submit TOEFL or IELTS exam results as evidence of your language proficiency. You can find out if you need to take an English language test at your desired university.

She is an experienced writer and journalist who has extensively covered the education sector in India and Abroad. Now helping Indian aspirants realise their foreign education dream by providing them with relevant content and information through upGrad Abroad. Amateur traveller, loves to read Architectural Digest!

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Vanderbilt University chancellor: Why we want to build a graduate campus in West Palm Beach

The vanderbilt campus would be built on 7 acres of government-owned land formerly slated for a university of florida graduate campus..

Vanderbilt University wants to open a campus in downtown West Palm Beach that would feature a business school as large as its existing one in Nashville, plus a college for computer science and artificial intelligence, Vanderbilt Chancellor Daniel Diermeier told The Palm Beach Post.

"We have been thinking for a while about a potential second campus, and it became clear that South Florida, and West Palm Beach and Palm Beach, would be a great location," Diermeier said in an exclusive interview Wednesday.

The campus would be built on seven acres of government-owned land formerly slated for a University of Florida graduate campus.

Diermeier's comments followed his April 1 visit to Palm Beach County , where he met with several government officials to drum up support for the Vanderbilt campus in West Palm Beach.

During the evening of April 1, Diermeier attended a fundraiser at the Palm Beach home of billionaire Stephen Ross. Florida Gov. Ron DeSantis also attended the gathering, according to the governor's public schedule.

The Palm Beach event raised $100 million out of the $300 million sought by the university for the expanded campus, the sources said. Diermeier would not comment on the fundraising details.

But Diermeier was eager to talk about why Vanderbilt wants a campus in two of the nation's fastest-growing cities, Nashville and West Palm Beach.

University campus expected to capitalize on Wall Street South

A West Palm Beach campus would capitalize on Palm Beach County's growing reputation as Wall Street South and provide students jobs in finance companies. A Vanderbilt campus also would "turbocharge" the creation of new businesses established by students, creating an innovation industry, Diermeier said.

Diermeier lauded the sophistication of Palm Beach's residents, whose business and financial acumen, as well as their deep pockets, could invest in and guide companies created by graduates of the business and computer schools. Having a university of Vanderbilt's caliber is needed "to unlock the full potential of West Palm Beach and Palm Beach County," Diermeier said.

The Vanderbilt West Palm Beach campus would provide graduate degrees geared to the finance, data and technology industries and enroll roughly 1,000 students, he said.

The Vanderbilt campus is being pitched for two acres owned by the City of West Palm Beach and five adjacent acres owned by Palm Beach County. The properties are along South Tamarind Avenue, from Datura Street south to Fern Street, in a section of the city dubbed Government Hill.

The land is the same property that both the county and the city had planned to donate for free to UF for a graduate campus in business and artificial intelligence.

But the deal fell apart last year after efforts to secure an adjacent five acres from Palm Beach billionaire Jeff Greene failed. The Vanderbilt campus would not need the Greene land.

Diermeier said he was aware of the former UF campus plan, and he was approached by someone about the downtown land during a Vanderbilt football game.

Vanderbilt's top ranking and its strong alumni network

While not an Ivy League school, Vanderbilt is known as a “Southern Ivy” because of its selective admissions process and strong academic reputation.

Vanderbilt is ranked No. 18 among national universities, and its business school, the Owen School of Management, is No. 27 in the nation in a three-way tie with the University of Texas-Dallas and the University of Rochester, according to U.S. News & World Report.

Current enrollment at Vanderbilt's business school is 617 students, a university spokesman said. The business school has 97 faculty members, and the annual cost of attendance is about $103,000.

Vanderbilt boasts a $10 billion endowment and counts many wealthy alumni and business leaders among its supporters.

These supporters include Vanderbilt trustee Jon Winklereid, a Hobe Sound resident and chief executive of TPG Holdings/TPG Capital LP, an asset management firm with a market value of $16 billion.

There's also Cody Crowell, a Vanderbilt University graduate, a managing partner at Frisbie Group in Palm Beach and a key figure in the Vanderbilt deal. During a recent talk before a Palm Beach chamber meeting, Crowell was credited with coming up with the idea of bringing Vanderbilt to West Palm Beach.

Vanderbilt has more than 1,100 alumni in Palm Beach County and in the northern part of neighboring Broward County, according to the university.

The West Palm Beach campus plan, in the works for about a year, is being advanced by Ross'  Related Cos. , a global real estate developer, and the  Frisbie Group . Both companies are building offices, condominiums and apartments in  West Palm Beach.

In a March interview, Related Urban Chief Executive Ken Himmel said having a Vanderbilt University business school campus in West Palm Beach would transform the city into a major destination.

"Every single city we've worked in has been anchored by a great university," Himmel said.

How would Vanderbilt get control of the taxpayer-owned land?

Diermeier said Vanderbilt would only build a sizable West Palm Beach campus if it received support from the business community — and government officials. He said that Vanderbilt officials have not discussed receiving state money for the venture, "although we would welcome that."

Diermeier said he met with some but not all county commissioners on April 1. He said there was interest in the campus plan, which he said is still in the early stages. He added there were discussions about the government-owned land and how the university could "have access to it."

Diermeier said Vanderbilt did not ask for anything at this point. But he was vague when asked if Vanderbilt would be willing to pay for the seven acres of taxpayer-owned land.

Vanderbilt would only open a West Palm Beach campus "if the community wants us," Diermeier said. "One way to demonstrate that is by co-investing. We 100% need that … This is a marriage that has to work for us."

People familiar with the Vanderbilt campus plan say its backers want the city and county to donate the land for free. Private money raised for the venture would go toward the university's endowment, which generates income that finances the university's programs.

But not every business leader is on board with handing over taxpayer land, especially to a university with a $10 billion endowment.

More: Is University of Florida's grad school campus in West Palm Beach in peril?

Some business officials, who asked not to be named, said any effort to attract an out-of-state private university using public land should be done via a public request for proposals, not a behind-the-scenes deal with one institution.

Two county commission members said the meeting with Diermeier was introductory and didn't get into specifics.

"I’m very proud that a prestigious university like Vanderbilt is considering building a graduate school in Palm Beach County. This was really a just-get-to-know-me meeting," said Palm Beach County Mayor Maria Sachs.

"This was all very preliminary," Commissioner Gregg Weiss said. "It's getting to know what Vanderbilt is about. There is a real workforce need for the business school graduates that would be attending this school. The details still need to be worked out, but it is a step in the right direction."

Palm Beach County's uneven record on public land donations

Ambitious ventures involving free taxpayer land have a mixed record in Palm Beach County.

To lure California-based Scripps Research Institute to Jupiter in 2006, $580 million in state and county money went to Scripps to create its Florida campus.

In addition, 70 acres in public and private land was leased to Scripps after Scripps officials promised that a "biotech village" of companies and jobs would be built on the vacant Palm Beach Gardens property. The land is next to the Alton community on Donald Ross Road.

The land was to be conveyed to Scripps after a 15-year contract between the county and Scripps was up. While the county staff said Scripps met the contract requirement to create 545 jobs and operate in the county for 15 years to be eligible for the land transfer, the biotech village never materialized .

Nevertheless, in 2022 the 70-acre parcel was transferred to Scripps for $1, as per the agreement with the county. UF Health now controls the land as part of its acquisition of Scripps Florida.

Meanwhile, the UF graduate school in downtown West Palm Beach didn't go as planned for Florida taxpayers, either.

The 12-acre campus, first announced in 2021, was supposed to offer graduate-level programs in business, engineering and law with a focus on financial technology, or fintech, and cybersecurity.

More: Much-touted UF campus plan for downtown West Palm Beach dies, leaving huge disappointment

In 2022, the Florida Legislature awarded UF $100 million for the West Palm Beach campus. But the legislation contained a giant loophole.

If the West Palm Beach campus didn't happen, the $100 million could stay with UF to use as it sees fit elsewhere in the state in a location outside Palm Beach County.

The campus didn't happen, and UF kept the money anyway.

Soon after the UF deal showed signs of dying, West Palm Beach Mayor Keith James said talks were afoot to bring a top, private, out-of-state university to the downtown land.

More Vanderbilt meetings planned with public officials

Diermeier said he plans to return to Palm Beach County during the next month to meet with more county commission members about the Vanderbilt campus.

He said Vanderbilt is skilled at having good relationships with state and local officials in Tennessee, and he expressed confidence that county and city government leaders in Palm Beach County would feel comfortable working with the university, too.

He also believes the more people learn about Vanderbilt's plans for the West Palm Beach campus, the more they will be supportive.

In addition to a doubling of Vanderbilt's business school size, the West Palm Beach campus also would feature degrees in the university's newest college, the College of Connected Computing.

This just-created interdisciplinary college would feature computer science, AI, data science and related fields. It also would collaborate with all of Vanderbilt’s schools and colleges.

Diermeier likened the potential effect of a Vanderbilt West Palm Beach campus to the effect that Stanford University had on Silicon Valley — and the resulting explosion of innovative technology companies that emanated from there.

"The impact that research universities can have on a community is very significant," Driemeier said.

Before becoming chancellor at Vanderbilt, Diermeier formerly was an assistant professor at the Stanford Graduate School of Business, then held key leadership positions at Northwestern University and the University of Chicago.

Staff writer Mike Diamond contributed to this report.

Alexandra Clough is a business writer and columnist at the  Palm Beach Post . You can reach her at  [email protected] . Twitter:  @acloughpbp .  Help support our journalism. Subscribe today.

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• Who is Ascent Best For? 

How to Apply for an Ascent Student Loan

Types of student loans offered by ascent.

• Ascent Student Loans FAQs 

Compare Ascent Student Loans

• Why You Should Trust Us

Ascent Student Loans Review 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews.

Ascent provides a variety of repayment term lengths on its student loans and low minimum interest rates on fixed-rate loans. You may also qualify for a 1% cash-back reward that will be paid to you after graduation. 

6.22% - 16.08% variable and 4.09% - 15.66% fixed (with AutoPay discount)

Undisclosed

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment or origination fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum fixed rate APR
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Many options for repayment term length
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple ways to contact customer support
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. May be eligible without a cosigner
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cashback reward after graduation
• con icon Two crossed lines that form an 'X'. Credit check required
• con icon Two crossed lines that form an 'X'. Late payment fee
• Apply through your computer
• Customer service available via phone, email, and physical mail
• Provided you are eligible, you'll receive 1% of your initial loan balance as a cashback bonus after graduation
• Five, seven, 10, 12, 15, or 20-year repayment terms available (20-year term only available for variable loans)
• Undisclosed late fees
• Loan minimum of $2,001*, maximum up to 100% cost of attendance per term
• *The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
• Overall maximum loan amount of $200,000
• Loans made through Bank of Lake Mills, Member FDIC

Ascent Student Loans

Ascent is a good option for borrowers who are looking for a wide range of repayment options and want to avoid some fees. You can take as many as 15 or as few as five years to pay back an undergraduate student loan from Ascent. The lender also allows you to either defer payments, make smaller payments, or pay interest only while enrolled in school. Ascent also doesn't charge an origination fee or a fee for paying back your loan early.

You can get a loan with or without a cosigner, but you'll need to qualify based on your income and credit if you don't have one. You can apply to release your cosigner after two years of consecutive, on-time payments. 

Before you apply for any private student loan from Ascent or any other lender, first seek out federal student loan options . You can usually get better terms and protections through the government.

You need to meet the following qualifications to get a student loan :

• Be a US citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status 
• Be enrolled in a school within Ascent's network half-time or more
• Pass a credit check or have a cosigner who can pass one
• Have a minimum income of $24,000 for the current and previous year from you or your cosigner
• Without a cosigner, have two years of credit history 

There are several options for contacting Ascent's customer support. You can call the company from 6:00 a.m. to 6:00 p.m. PST Monday through Thursday, or 7:00 a.m. to 4:00 p.m. PST on Friday and Saturday. You can also email the lender, or send physical mail to its address in San Diego.

1. Collect the required documents and information. This includes your Social Security number, your school of enrollment, your major field of study, the loan amount you need, your address, and certain financial documents.

2.   Fill out Ascent's online application . You can complete the application in just several minutes. After doing so you'll get your prequalified rates without affecting your credit score. 

3.   Review loan offers and pick the one you can afford.  After you submit your information, Ascent will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest. 

4. Accept your loan terms and plan for repayment . After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payment may add significant costs to your loan. 

Ascent Student Loans Pros and Cons

• Many repayment term lengths . You'll have a choice between five, seven, 10, 12, 15, or 20-year repayment terms (20-year term only available for variable loans).
• No origination fee or prepayment penalty . Origination fees can add to the overall cost of your loan and increase the cost of your borrowing. Ascent doesn't charge those fees. 
• Low minimum fixed interest rates . Ascent has competitive minimum fixed interest rates on its student loans. 
• May qualify without a cosigner . Ascent has options for borrowers who want to qualify for a loan without a cosigner. Generally, you'll pay higher rates, but it's an option many lenders don't offer. 
• Cash-back reward . Provided you are eligible, you'll receive 1% of your initial loan balance as a cashback bonus after graduation
• Late payment penalty . Ascent charges undisclosed late fees on its student loans. 
• Higher rates for non-cosigned loans . While loans that aren't cosigned may be easier to qualify for, the trade off is that you'll pay higher rates. 

Ascent Student Loans Repayment Options

You have three options to repay your Ascent student loan after you've taken it out: deferred, minimum, and interest-only. Each option has its advantages for different types of borrowers. 

With deferred payments, you won't pay off any of your balance until after the grace period, so it will be the most expensive option as a whole. Interest-only payments will cost the most while you're in school, but it will cost the least overall because you won't accrue any interest while in school.  

Ascent has student loans for many degree types, including:

• Undergraduate

Ascent Undergraduate Student Loans

Ascent has several repayment options for its undergraduate loans, with terms of five, seven, 10, 12, and 15 years available. The minimum rates on its fixed undergraduate student loans are lower than many competitors' rates. You may qualify for a 1% cash-back reward with Ascent after graduating. 

Ascent Graduate Student Loans

Ascent's graduate student loans have repayment terms of five, seven, 10, 12, 15, and 20 years available. Ascent has a lower minimum APR on fixed loans than many other competitors do on its graduate loans, but its maximum APRs on both fixed and variable are higher than what you can find elsewhere. 

Ascent Student Loans FAQs 

Ascent provides as much as $200,000 for undergraduate and graduate credit-based Loans and $20,000 for undergraduate non-cosigned outcomes-based loans.

Ascent says international students attending US colleges and universities may be eligible for its private student loans. 

Private student loans, including those from Ascent, don't qualify for federal student loan forgiveness programs. However, the company says its loans may be forgiven if the borrower is permanently and severely disabled or dies.

Ascent allows you to pay off your student loans early without penalty.

Ascent requires you to maintain GPA of at least 2.9  and meet your school's satisfactory academic performance in order to qualify for its student loans.

Ascent has an A+ from the Better Business Bureau, the organizations highest rating. However, an excellent BBB rating doesn't guarantee you'll have a good experience.  Be sure to check online customer reviews and see if any of your friends and family have experiences with the lender. 

Ascent has low minimum fixed rates, but higher minimum rates on variable loans than comparable lenders — though your rates will depend on your unique financial situation. However, if you or your cosigner don't have the best credit score, Ascent's maximum rates on both variable and fixed undergraduate loans are lower than competitors. Here's how Ascent compares:

Ascent Student Loans vs. College Ave Student Loans

College Ave Undergraduate Student Loans is the only company among the three competitors listed here that allows you to make full payments on your loan while you're in school. All three comparable competitors offer deferred, fixed, and interest-only repayment options. 

You can pick a repayment term length of five, eight, 10, or 15 years with College Ave undergraduate loans, while Ascent offers term lengths of five, seven, 10, 12, and 15 years.

College Ave Student Loans  

Ascent Student Loans vs. Sallie Mae Student Loans

While Ascent offers term lengths of five, seven, 10, 12, and 15 years on its undergraduate loans, Sallie Mae Undergraduate Student Loans  will assign you a term length of either five, 10, or 15 years. 

Sallie Mae Student Loan Review   

Why You Should Trust Us: How We Rated Ascent Student Loans

We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths (15% of rating)
• Repayment options while in school (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.

Read more about how we rate student loans »

Ascent Student Loans are funded by Bank of Lake Mills, Member FDIC.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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