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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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Finance Department | PhD Program

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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.

PhD Group

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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Doctor of Philosophy (PhD) Banking & Finance

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How to apply

PhD students in our school normally commence their study in Term 1 around early February each year. Prospective candidates are invited to submit their Expressions of Interest (EOI) between  May 1st and  July  31st  to be considered for admission in the following year. Please send your EOIs via email to  Banking and Finance HDR Admissions . Only selected applicants will be invited to apply via the UNSW central portal.

Out of round EOIs submitted after the deadline could be considered only for interested candidates with strong prior research experience, e.g., with a masters by research degree from a leading global institution.

Important:  Make sure you satisfy the UNSW academic and language entry requirements before submitting your EOI. Please read the “Entry Requirements” section below. 

Academic Entry Requirement

The minimum academic entry requirement for Stream 1 is the equivalent of a four-year UNSW Bachelor’s degree in a relevant discipline (Economics, Finance, and related subjects) with first or upper second class honours. The minimum academic entry requirement for Stream 2 is the equivalent of a four-year UNSW Bachelor’s degree with an Honours year (research), or the equivalent of a UNSW Masters’ degree with substantial research component with first or upper second class honours.

Note: an  upper second class honours  is equivalent to a weighted average mark of at least 75/100 (i.e., a Distinction) at UNSW and is allocated to roughly the top 30% of students. Grading systems vary across countries. For more information, read this  guide for grade equivalencies between countries .

English Language Requirement

UNSW recognises the follow countries as English-speaking: American Samoa, Australia, Bahamas, Barbados, Belize, Botswana, Canada, Fiji, Gibraltar, Ghana, Guyana, Ireland, Jamaica, Kenya, Lesotho, Liberia, New Zealand, Nigeria, Papua New Guinea, Singapore, Solomon Islands, South Africa, The Gambia, Tonga, Trinidad and Tobago, United Kingdom (including Northern Ireland), United States of America, Zambia, Zimbabwe.

If you are not a citizen of an English-speaking country, then you will need to establish that you have sufficient English language fluency. There are four ways to establish sufficient English language fluency: English Tests (including IELTS, TOEFL, Pearson and Cambridge), UNSW Global English Course, Prior Study, or an English Waiver. For details on each of these, please review our  English language requirements .

About the Doctor of Philosophy (PhD) Banking & Finance

UNSW’s Doctor of Philosophy (PhD) Banking & Finance will prepare you to become a globally focused and socially engaged research leader. You’ll be joining a cohort of high-achieving research students in tackling modern-day challenges at the forefront of Banking & Finance, working alongside leaders in the field (ranked 20 th in the world, QS Subject Rankings , 2022). This is your opportunity to become integrated into the UNSW Business School’s community of scholars.

You’ll first undertake rigorous coursework covering relevant theories and research methods. As part of the program, you’ll also be involved in research projects from an early stage. This training will equip you with the skills required to identify, analyse, and solve problems in the field.

You’ll then pursue independent research under the supervision of high-profile UNSW academics, culminating in a doctoral thesis. Your PhD thesis will showcase your research skills and enable you to make an original contribution to the field of Banking & Finance.

There will also be exciting opportunities throughout to interact with industry leaders, and to develop your teaching portfolio. The training is geared toward preparing you for a career in academia, although other career paths (e.g., consulting, government, industry, non-profit) are also enabled.

PhD program structure

Most students complete the overall PhD study (including the MPDBS year as illustrated below) in four to five years. For candidates with a strong prior research experience, e.g., with a masters by research degree from a leading global institution, it is possible to complete the study in three to four years without the MPDBS year. Admitted students will be notified in the admission offer about the need of completing the MPDBS study. 

Year One: Master of Pre-Doctoral Business Studies (MPDBS)

The first year of study is designed to provide a rigorous foundation to conduct independent research. You’ll learn a range of methodologies and build your communication and presentation skills.

Your first year of coursework study will cover fundamental research methods. You’ll also start developing key research skills such as identifying, framing, presenting, and writing academic contributions. You’ll work as a research assistant on faculty research projects and start working on your own research as your skills develop.

The first year will help you identify your potential thesis supervisor for the PhD component of the program. Upon successful completion of the first year, you’ll be awarded a Master of Pre-Doctoral Business Studies. A brief overview of the first year is presented below.

  • Program Core Course: Foundations of Business Research; Econometric Analysis; Business Research Project Seminar
  • Stream Core Courses: Microeconomic Theory I; Mathematical Economics; Asset Pricing Theory; Research Methods in Finance 2; Empirical Corporate Governance
  • Research Assistance Work

Year Two: Specialised Coursework & Thesis Work

During the second year, you’ll continue in the Banking & Finance stream with a further year of advanced coursework.

Examples of courses you may take include:

  • Empirical Corporate Finance
  • Corporate Finance Theory
  • Empirical Asset Pricing

Your second year is also when you’ll identify your thesis topic with your supervisor. You’ll engage in literature review, research design and present your research proposal to the School at the end of the year.

Years Three Onwards: Thesis Work

The final two or three years of the program are focused on conducting full-time research and completing your doctoral thesis. This is your opportunity to address some of the biggest challenges in Banking & Finance and make a significant contribution to knowledge in the field. Your research will offer new critical thinking and withstand critical analysis from expert researchers in the area.

For more details about the School of Banking & Finance and our PhD program, check out our home page, people page and research students page.

As with most other OECD countries, the number of PhD completions in Australia has grown dramatically – more than doubling in the last two decades.

An increasing number of PhD graduates find employment in business, government, and the non-profit sector. Nineteen of the largest ASX companies have PhD graduates on their senior executive teams.

Your PhD will set you on the path to a career in a premier research institution, anywhere in the world. Throughout your research degree, you’ll also have many opportunities to develop your teaching portfolio.

Beyond academia, there’s also significant demand in the private and public sectors for people with deep knowledge and sound research and analytical skills*.

Whether you’re looking to pursue a career in academia, or take your research skills out to industry, a PhD in Banking & Finance from UNSW will get you there.

* Source:  2019 Advancing Australia’s Knowledge Economy Report

Degree type

Postgraduate Research

4 years full-time, 5-8 years part-time

Commencing terms

Term 1 – February

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Delivery mode, domestic / international.

International

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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

Francesca Bastianello

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

Emanuele Colonnelli

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George Constantinides

George M. Constantinides

Leo Melamed Professor of Finance

Douglas Diamond Headshot

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Peter Hansen

Lars Hansen

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

John C. Heaton

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S. J. Koijen

Ralph S.J. Koijen

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

Yueran Ma

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Pascal Noel

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

Lubos Pastor

Lubos Pastor

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

Raghuram Rajan

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Amir Sufi

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Pietro Veronesi

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

Robert W. Vishny

Robert W. Vishny

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

Michael Weber

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Zhang

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Erick Zwick

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.

Itzhak Ben-David

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!

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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 Requirements

I. preparation.

The study of financial economics requires a grasp of several types of basic mathematics. Students must enter with or very quickly acquire knowledge of the concepts and techniques of:

It is strongly advised that students without a strong and recent background in calculus, linear algebra, or statistics come to Stanford in June to take courses to strengthen any weak areas.

Computer programming skills are necessary in coursework (as early as the first quarter of the first year) and in research. If students do not have adequate computer programming skills, they may wish to take a computer programming course before they arrive at Stanford, or take an appropriate Stanford computer science course while here.

II. Course Requirements

All required courses must be taken for a grade (not pass/fail or credit/no credit). Exceptions are made if the required course is offered pass/fail or credit/no credit only. Each course must be passed with a grade of P or B- or better. Substitutions of required courses require approval from the faculty liaison. Waiving a course requirement based on similar doctoral level course completed elsewhere requires the approval of the course instructor, faculty liaison, and the PhD Program Office.

III. Practicum

Students are required to sign up for either a research or teaching practicum each quarter of enrollment. Below is a description of the practicum requirements for Finance students.

During the student’s first year, the student will be assigned each quarter to work with a different faculty member. This assignment will involve mentoring and advising from the faculty member and RA work from the student. The purpose of new assignments each quarter is to give the student exposure to a number of different faculty members.

In subsequent years, the practicum will take the form of a research or teaching mentorship, where the student is expected to provide research or teaching support under the guidance and advice of a faculty member. Faculty assignments here will be made through informal discussions between faculty and students, and may be quarterly, or for the entire year.

For students of all years, one requirement to satisfy the practicum is that students regularly attend the Finance seminar. The only exception to this will be if there is a direct and unavoidable conflict between the seminar and necessary coursework.

IV. Summer Research Papers

All students in all years are expected to complete a research paper over the summer, and present this paper in the Fall quarter. A draft of this research paper should be submitted by the end of September to the field liaison. Students can continue to work on and improve their paper up to their presentation.

For students completing their first year, the summer paper should demonstrate the mastery of a specific area in the literature together with the early development of a research idea in this area. The student will be expected to present this paper to a gathering of three Finance faculty members of the student’s choosing in October.

In all years after the first year, the summer research paper should be a well-developed research paper. (Well-developed does not mean completed – research is always presented as work in progress. Rather, it means that the work shows enough progress and development to merit a seminar presentation.) Students will then present their papers to the overall Finance faculty and PhD student body in scheduled talks over the Fall quarter. Student presentations will typically be 45 minutes, save for job market paper presentations, which will be a full hour and a half.

A passing grade on the paper at the end of the second year is one requirement for admission to candidacy. More generally, these presentations throughout all years will be a primary manner that faculty who are not advising the student become familiar with the student’s work, and will play a crucial role in the assessment of the student’s academic progress.

V. Field Exam

Students take the field exam in the summer after the first year. Material from the field exam will be based on required first year coursework. This includes required finance courses, as well as the required microeconomic and econometric classes. The primary purpose of the exam is to ascertain that students have learned the introductory material that is a necessary foundation for understanding and undertaking research in the field. Additionally, studying for the field exam will give students the opportunity to review and synthesize material across all their different first year courses. Students may be asked to leave the program if they fail the field exam, or may be allowed to retake the exam at the Faculty’s discretion. Students who fail the field exam two times will be required to leave the program.

VI. Teaching Requirement

One quarter of course assistantship or teaching practicum. This requirement must be completed prior to graduation.

VII. Finance Oral Exam

The finance oral exam takes place at the end of the spring quarter of the second year, in early June.

At the beginning of the spring quarter of the second year, the student meets with the liaison to determine three finance faculty members who will administer the exam. The student then meets with the selected faculty examiners to discuss a set of topics that will be covered in the finance oral exam. These topics will generally be chosen from coverage in the Finance PhD classes. An important component of the exam involves the student identifying a particular research area to discuss at the exam. The student will be expected to discuss major results in the literature related to this area and to identify important unresolved questions that need to be addressed. In addition the student will be expected to discuss how one or more of these questions might be addressed either theoretically or empirically. This discussion can be viewed as a preliminary step towards identifying the research project of the second year paper. The results from the finance oral exam plus the result from the second-year summer research paper (presented in the fall of 3rd year) and overall performance in the program are weighed in the decision to admit to candidacy.

VIII. Candidacy

Admission to candidacy for the doctoral degree is a judgment by the faculty of the student’s potential to successfully complete the requirements of the degree program. Students are required to advance to candidacy by September 1 before the start of their fourth year in the program.

IX. University Oral Exam

The university oral examination is a defense of the dissertation work in progress. The student orally presents and defends the thesis work in progress at a stage when it is one-half to two-thirds complete. The oral examination committee tests the student on the theory and methodology underlying the research, the areas of application and portions of the major field to which the research is relevant, and the significance of the dissertation research. Students are required to successfully complete the oral exams by September 1 before the start of their fifth year in the program.

X. Doctoral Dissertation

The doctoral dissertation is expected to be an original contribution to scholarship or scientific knowledge, to exemplify the highest standards of the discipline, and to be of lasting value to the intellectual community. The Finance faculty defer to the student’s Dissertation Reading Committee to provide general guidelines (e.g., number of chapters, length of dissertation) on the dissertation.

Typical Timeline

Years one & two.

  • Field Requirements
  • Directed Reading & Research
  • Advancement to Candidacy
  • Formulation of Research Topic
  • Annual Evaluation
  • Continued Research

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  • PhD in Finance

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The Finance PhD program prepares students to engage in original research on financial markets and decision-making. Students acquire critical technical skills in economic theory, finance theory, data analysis and coding. They also learn to identify promising ideas, write compelling papers and present effectively. Contribute to leading edge research

Our faculty’s research interests and technical approaches are broad, with particular strength in fields and methods such as:

  • Corporate finance
  • Household finance
  • Labor and finance
  • Social impact investing
  • Textual analysis
  • Theoretical modeling

Work with top thought leaders

Because the Finance PhD program is small, students benefit from broad access to faculty as co-authors, advisors and mentors. Students also have direct access to leading scholars within professional associations, including five members of the Finance Theory Group, five members (including one founder) of the Labor and

Additional  information about our Finance faculty  can be found here

General details about the curriculum, requirements, and structure of the  program can be found here . Please be aware this document is not an exhaustive list of the requirements for the Program.

How to Apply

PhD in Finance Program Flyer

PhD Graduates' Publications

ETF Arbitrage, Non-Fundamental Demand, and Return Predictability (2021) Review of Finance David C. Brown (PhD 2014) Shaun William Davies Matthew Ringgenberg

Financing Efficiency of Securities-Based Crowdfunding (2020) Review of Financial Studies (Editor's Choice as Lead Article) David C. Brown (PhD 2014) Shaun William Davies

Learning by Owning in a Lemons Market (2022) Journal of Finance Jordan Martel (PhD 2018) Brian Waters Kenneth Mirkin

A Theory of Financial Media (2022) Journal of Financial Economics Eitan Goldman Jordan Martel (PhD 2018) Jan Schneemier

A Text-based Analysis of Corporate Innovation (2021) Management Science Gustaf Bellstam (PhD 2018) Sanjai Bhagat J. Anthony Cookson

Rival Growth Prospects & Equity Prices: Evidence from Mass Layoff Announcements (2021) Journal of Money, Credit and Banking Adam Bordeman (PhD 2015 Accounting) Bharadwaj Kannan (PhD 2016) Roberto Pinheiro

Employment, corporate investment and cash flow uncertainty (2018) Journal of Financial & Quantitative Analysis Saad Alnahdeh (PhD 2017) Sanjai Bhagat, Iulian Obreja – U.S. Securities and Exchange Commission

Tax uncertainty and retirement savings diversification (2017) ​ Journal of Financial Economics David C. Brown (PhD 2014) Scott Cederburg Michael S O'Doherty

  • Moral hazard in active asset management (2017)  Journal of Financial Economics David C. Brown (PhD 2014) ​Shaun William Davies  
  • Size, leverage, and risk-taking of financial institutions (2015) Journal of Banking and Finance Sanjai Bhagat Brian Bolton (PhD 2006) Jun Lu - Central University of Finance and Economics, Beijing (PhD 2011)  
  • Financial crisis and bank executive incentive compensation (2014) Journal of Corporate Finance Sanjai Bhagat Brian Bolton (PhD 2006)  
  • Director ownership, governance and performance (2013) Journal of Financial & Quantitative Analysis​ Sanjai Bhagat Brian Bolton (PhD 2006)  
  • Manager characteristics and capital structure: Theory and evidence (2012) Journal of Financial & Quantitative Analysis Sanjai Bhagat Brian Bolton (PhD 2006) Ajay Subramanian 
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Download our PhD brochures to learn more about our programs.

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The 10 Best PhD Programs in Finance

Lisa Marlin

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 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.

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Finance, PhD

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

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

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

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

View the University’s Academic Rules for PhD Programs .

Required Courses

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

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

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

Sample Plan of Study

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

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15 Best Online PhD in Finance Programs [2024 Guide]

Looking for Online PhD in Finance Programs? Some schools have no GRE and offer accelerated courses to help you finish faster.

accountants working in the office

A doctoral degree in finance may be your ticket to the career you’ve always wanted.

Editorial Listing ShortCode:

This online finance degree can help you pursue an executive role or a teaching job related to accounting, banking, asset management, or financial policymaking.

Universities Offering Online PhD in Finance Programs

Methodology: The following school list is in alphabetical order. To be included, a college or university must be regionally accredited and offer degree programs online or in a hybrid format.

1. Capella University

With Capella University in Minnesota, students can study online to earn a DBA with a concentration in Accounting or a PhD in Business Management with a concentration in Accounting.

These programs are designed to help students learn about theories, methods, rules and ethical issues that influence accounting practice and consider the implications of practicing accounting within a global marketplace.

Before graduation, DBA students are expected to complete two residencies and submit a major research project. PhD students are expected to do three residencies and complete a dissertation.

Both programs use Capella’s GuidedPath format with weekly discussions and specific deadlines for submitting assignments.

  • PhD in Accounting
  • DBA in Accounting

Capella University  is accredited by the Higher Learning Commission.

2. City University of Seattle

When you study with City University of Seattle, you’ll have the opportunity to choose your own area of specialty for your DBA program.

Students who choose the Specialized Study concentration can submit a proposal for the graduate-level courses they would like to take as part of their studies.

If you’re interested in finance, you may be able to request courses on the topics of finance and accounting. During online classes, you’ll have opportunities to engage in live conversations with faculty.

You’ll be expected to submit a dissertation during your doctoral studies and complete three different residencies.

  • DBA in Business Administration (Finance concentration)

The City University of Seattle is Accredited by the Northwest Commission on Colleges and Universities.

3. George Fox University

As you pursue a DBA with a concentration in Accounting from George Fox University, you may take classes like Advanced Applications of Ethical Reasoning and Compliance in Accounting and Advanced Topics in Accounting.

In addition, you’ll need to complete both a dissertation and a practicum for the program. During the practicum, you’ll have opportunities to try your hand at teaching or consulting.

Most of the work for this hybrid DBA program is online, but you’ll need to report to the school’s campus in Oregon a few times a year.

George Fox University  is accredited by the Northwest Commission on Colleges and Universities.

4. Hampton University

If you’re interested in a PhD in Business Administration, check out Hampton University in Virginia. The program students to pursue a concentration in Accounting and Finance by taking multiple credit hours of elective courses.

These electives include classes like Financial Accounting and Reporting Research, Accounting Theory, Corporate and Financial Institutions, and Behavior Finance.

Students at this university take online courses during the traditional school year and come to campus for two summer residencies. This PhD program is appropriate for current professionals and for those straight out of a master’s program.

  • PhD in Business Administration

Hampton U  is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

5. Kansas State University

Do you believe that it is critical for individuals and families to have a solid financial plan for their future? If so, you may be interested in the PhD in Personal Financial Planning from Kansas State University.

You may choose to use this degree in the business world or spread your knowledge to others by working in an academic setting.

During the online doctoral program, you’ll need to come to the school’s Kansas campus for a few intensive sessions and go overseas to expand your knowledge about global markets. A dissertation is required for this program.

  • Hybrid PhD in Personal Financial Planning

Kansas State University  is accredited by the Higher Learning Commission.

6. Liberty University

For those interested in numbers and money, Liberty University’s online DBA offers two concentration options: Accounting and Finance.

Both programs begin with the same core courses, but Accounting students take specialized classes like Accounting for Decision Making and Advanced Auditing while Finance students focus on classes like Managerial Finance and Advanced Financial Statement Analysis.

Whichever track you choose, you will need to take a comprehensive exam and complete a dissertation before graduation from this Virginia university. Accounting graduates often work as auditors or budget supervisors, and Finance graduates may choose to become treasurers or financial managers.

Liberty University  is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

7. National University

You can pursue a DBA or a PhD in Business Administration from National University. NU is a network of nonprofit institutions headquartered in San Diego, CA.

The school encourages students of either program to pursue high-level leadership positions, but the PhD program is research-based, and the DBA involves the application of research findings that are already available.

Specialization options for both PhD and DBA students include Financial Management and Advanced Accounting. All faculty hold doctoral degrees, and many tracks can be completed fully online. Dissertations are required for PhD programs.

  • PhD in Business Administration – Advanced Accounting
  • DBA in Financial Management
  • DBA in Advanced Accounting

National University  is accredited by the WASC Senior College and University Commission.

8. Rutgers University

This university offers a PhD in Management; concentrations include Finance, Accounting or Accounting Information Systems. The concentration in finance offers courses like Investments, Corporate Finance, Theory of Corporate Disclosures, Control and Governance, and Econometrics.

The concentration in accounting offers courses like Current Topics in Auditing and Empirical Analysis of Financial Reporting. Students are expected to take a qualifying exam and defend a dissertation before graduating from these programs. The school recommends that students have master’s level education in mathematics, economics or computer science before applying for enrollment.

Rutgers University  is accredited by the Middle States Commission on Higher Education.

9. Sacred Heart University

Although Sacred Heart University does require DBA in Finance students to come to its Connecticut campus, the program is described as “low-residency,” and it is structured to fit the schedules of people who are already in the workforce.

Each student is part of a cohort that provides opportunities for networking and group projects. During the course of the program, students study topics like mathematics and global markets and choose electives like Fixed Income Securities or Portfolio Management.

Students are also required to submit a dissertation before graduation. The school’s DBA graduates often find work in government, academia, and corporations.

  • DBA in Finance

SHU  is accredited by the New England Commission of Higher Education.

10. Saint Leo University

You can get an online DBA from Saint Leo University in Florida. The program offers classes like Analytics for Decision Making, Organizational Behavior and Social Responsibility, and A History of Applied Management Theory. It can help you acquire research skills and learn how to apply your findings to real-world business applications.

Before graduation, you will be expected to take a comprehensive exam, defend a dissertation and complete a practicum. This DBA course of study is particularly well-suited for students who want to go into consulting, but the school’s graduates also teach, work as CFOs, manage organizations and become investment analysts.

  • Doctor of Business Administration

Saint Leo University  is accredited by the Southern Association of Colleges and Schools.

11. Trident University

Whether you want to earn an online DBA or a PhD in Business Administration, you can pursue your degree from Trident University in California.

One available concentration for the PhD program is Accounting and Finance; students on that track study topics like auditing, global markets, corporation finance, and taxation.

The DBA is a generalist degree that doesn’t include specialization. If you go the PhD route, you’ll need to complete a dissertation, and if you choose a DBA, you will be expected to complete a doctoral study. To help you move through the online program, the university offers its Doctoral Positioning System tracker.

  • PhD in Business Administration – Accounting

Trident University  is accredited by the WASC Senior College and University Commission.

12. University of Dallas

Students at the University of Dallas can earn a DBA through a mix of online classes and time on the school’s Texas campus.

This program is designed for those who already hold leadership positions in the business world and desire increased advancement, and its flexible nature helps working professionals earn their doctoral degrees while remaining in their current jobs.

This generalist program includes classes like Agile Organizations and Emerging Technologies. If you choose this university, you will be expected to join a colloquium and defend a dissertation and will have the option to complete a teaching practicum.

The University of Dallas  is accredited by the Southern Association of Colleges and Schools.

13. University of South Carolina

The Darla Moore School of Business at the University of South Carolina offers an on-campus program through which you can earn a PhD in Business Administration.

One available concentration for this program is Finance, and classes include Current Issues in Finance, Empirical Methods in Financial Research and Theory of Finance.

Faculty in this department have earned multiple recognitions, including the Alfred G. Smith, Jr. Excellence in Teaching Award and the Mortar Board Excellence in Teaching Award. A master’s degree is recommended before admission to the program, but it is not a requirement.

  • Hybrid DBA in Business Administration – Finance

The University of South Carolina  is accredited by the Southern Association of Colleges and Schools.

14. University of the Cumberlands

The PhD in Business program at the University of the Cumberlands takes business courses ranging from comparative economic and corporate finance to managerial ethics and responsibility. Students can choose one of their specialty areas like accounting, entrepreneurship, finance, etc. The Curriculum of this program will engage students in the theories, strategies, and tactics that they need to.

  • PhD in Business (Finance concentration)

The University of the Cumberlands is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

15. Walden University

Whether you’re interested in DBA or a PhD, you can earn it from Walden University. The DBA program offers concentrations like Accounting and Finance. On the path to earning a DBA, you can complete a doctoral study, assemble a portfolio or take part in a consultation program in which you work with a local organization or company.

If you would prefer to earn a PhD in Management, you can select a 21st Century Finance concentration, which requires the completion of a dissertation. Both the DBA and PhD tracks can be completed through online study.

Walden  University is accredited by the Higher Learning Commission.

Online PhD in Finance Programs

If you have a particular area of interest within the world of finance, then you may want to select a corresponding degree concentration.

PhD in Finance

Phd in financial management, phd in financial planning.

A concentration can give you opportunities to take an array of courses designed to hone your knowledge on that particular topic.

female accountant working in an office

If you are a numbers person, there’s a good chance that you like accounting just as much as you enjoy general financial topics. This concentration can allow you to explore both of these areas of study.

You might put this degree to work in corporate or academic settings. You may also be interested in an Online PhD in Accounting program .

financial managers having a meeting

Being in charge of a company’s financial resources requires a special set of managerial leadership skills. A concentration in financial management can help you gain those skills.

This concentration is designed to teach topics like building a solid financial strategy and navigating international markets.

financial advisor talking to a couple

Helping individuals do their best with their money is the goal behind a concentration in financial management.

This concentration can help train you to guide wise financial choices as you learn not only about asset management and investment growth but also about how to influence smart decision-making through relational know-how.

With a PhD Financial Planning degree, you may help others manage their money, lead a financial advisement company, or teach future finance students.

Doctorate in Finance Salary

Doctorate in Finance Salary

Earning your doctoral degree in finance may open many career paths to you. Once you graduate with this degree, you may work in an academic setting, a nonprofit organization, the corporate world, or the public sector.

Here are a few jobs you may be able to look forward to, along with the U.S. Bureau of Labor Statistics job outlook and average salary information.

Budget Analyst

Budget analysts are responsible for setting an organization’s budget and helping the company stick to it.

  • Outlook for job growth: 5% increase
  • Median salary per year: $78,970

This may be an enjoyable career path for those who want to understand all facets of a company – tracking and justifying where each penny goes. Budget analysts make recommendations for investment and expenditure to boost their company’s profitability.

Financial Analyst

Financial analysts are responsible for paying attention to the market in order to make recommendations on how people or businesses should invest their resources.

  • Outlook for job growth: 6% increase
  • Median salary per year: $83,660

Rather than monitoring their business or organization, they monitor the economy as a whole. This career may be ideal for those who find financial markets interesting and have a deep understanding of investments.

Personal Financial Advisor

Consider this career path if you want the satisfaction of knowing that you’re helping others plan for their futures.

  • Median salary per year: $89,330

You might also need to have a knack for marketing and sales as you attract and welcome new clients to your firm. In this role, you might work for a successful money management company or start your own practice.

Finance Professor

You may be able to pass your knowledge onto others by teaching students at the university level.

  • Outlook for job growth: 7% increase
  • Median salary per year: $88,010

Like many careers, you’ll need more than knowledge of the financial sector to be successful in this position. You’ll need organization and communication skills to be able to teach effectively. You’ll also need to be willing to prove your teaching effectiveness to your department via annual reviews.

If you enjoy teaching, researching, and discussing business, you may find yourself quite at home among the faculty of a business college.

Curriculum for Finance PhD Programs

Curriculum for Finance PhD Programs

Similar to a MBA in finance or online master’s in finance , when pursuing an advanced degree in finance, you’ll likely take a variety of courses designed to equip you with a thorough understanding of financial matters and how they relate to decision-making for individuals and businesses.

Your classes may include:

  • Accounting and Control for Nonprofit Organizations
  • Business Ethics
  • Business Valuation
  • Data Analysis for Investments
  • Financial Management for International Business
  • Human Resource Development
  • Investment Portfolio Analysis
  • Managerial Finance
  • Mathematical Foundations for Finance
  • Mergers & Acquisitions
  • Money, Capital Markets & Economic Growth
  • Quantitative Research Design & Methodology
  • Real Estate Finance
  • Real Option Valuation
  • Risk Management
  • Strategic Thinking for Decision-Making
  • Stochastic Foundations of Finance

Since your program will likely encourage you to take a mix of both foundational classes and specialized electives, the coursework listed above includes both core classes and electives. Your PhD in finance requirements may also include a dissertation or capstone project. A growing number of doctorate programs have no dissertation required , but these tend to be professional doctorates, not PhDs.

Choose programs with a capstone project if you’d like to finish your degree faster. Dissertations can often take 2-3 years more to complete after you finish your coursework.

DBA in Finance vs. PhD in Finance

DBA in Finance vs. PhD in Finance

When you have your sights set on a finance degree, there are two different doctoral routes you can take. You could earn a doctorate of business administration (DBA) in finance or pursue a Doctor of Philosophy (PhD) in finance.

Although you can learn a great deal about numbers, money, and economics either way, the two different degrees will likely set you on divergent career tracks.

People often choose a professional doctorate, such as a DBA in Finance, if they want to put their education to work in the field — for example, working on Wall Street or in a Fortune 500 company.

A DBA in Finance:

  • Is typically pursued by those who want to stay with their current company or work for another corporation.
  • May involve drawing from others’ data and research for the culminating project.
  • Is often pursued by those with several years of professional experience.

A PhD in finance is often pursued by people who want to work in an academic setting. You may find that a PhD program focuses more on the theoretical aspects of finance than the practical ones.

A PhD in Finance:

  • Is typically pursued by people who want to conduct research, get published or teach.
  • Typically requires conducting original research.
  • May be good for those straight out of school, such as recent graduates of a master’s in finance or master’s in accounting program.

Think about what you want to do for your career, then choose the degree that best fits those goals.

Online vs. Traditional Finance Degree

financial degree student studying online

When it comes to online versus traditional finance doctoral programs, the main difference is the format through which the material is presented. The content should remain about the same, and the rigors of the program likely will as well.

You may choose a fully online program, an on-campus one, or a hybrid mix.

Accreditation for a Doctorate in Finance Online

Accreditation for a Doctorate in Finance Online

Universities receive accreditation as proof that their programs provide a thorough educational experience for students. Therefore, when you’re looking for a doctor of finance program, the school’s accreditation should be the first thing that you consider.

Reputable universities receive accreditation from a regional accrediting agency . These organizations give a broad stamp of approval to the entire school rather than to its individual programs. It is essential that you enroll in a school with regional accreditation.

In addition, there are several national and international organizations that provide accreditation specifically for business programs. Although this type of accreditation may not be absolutely essential, it’s certainly a valuable sign that the program is thorough, reputable, and excellent in quality.

A finance program may be accredited by:

  • Accreditation Council for Business Schools and Programs (ACBSP)
  • Association to Advance Collegiate Schools of Business International (AACSB)
  • International Assembly for Collegiate Business Education (IACBE)

The top finance PhD programs are accredited both regionally and programmatically by one of these specialty boards. You can find your chosen university’s accreditation by searching the US Department of Education’s accreditation database .

Financial Aid for a Finance Degree

Financial Aid for a Finance Degree

As you begin looking into finance PhD programs, don’t forget to also look into financial aid opportunities. At the doctorate level, you may still be eligible for federal financial aid as well as fellowships and scholarships from universities and scholarships from private organizations.

Your employer might even have tuition assistance programs available.

Can I Get My PhD Online?

financial analysts in a meeting

Yes, many universities offer online PhD and professional doctorate programs. This includes doctoral degrees in finance, public health, education, nursing, and organizational leadership.

This approach can help you earn your advanced degree in a format that fits your schedule.

Is an Online PhD Respected and Credible?

In an online program, you should have to work just as hard as you do in an on-campus program. Additionally, your official records are unlikely to specify how you earned your degree.

The important thing is not the format in which you completed your coursework but whether you attended an accredited university.

Are There Any Online PhD In Finance Programs?

professional shaking hands with his employer

Earning a doctoral degree in finance doesn’t have to require moving onto campus or uprooting your whole life. Rather, there are programs for a DBA or PhD in finance online.

In these programs, you can engage in a computer-based educational experience as you work toward your degree.

Getting Your PhD in Finance Online

accountant working in an office

To take your finance education to the highest level, you may want to pursue a doctoral degree in this field, whether a PhD or a DBA.

Completing your coursework online can help you receive a solid education in a format that fits your lifestyle and prepare you for the next step on your career path.

Use the above list of schools to narrow down the finance PhD programs for you.

Related Guides:

  • Best Online Masters in Finance No GMAT
  • Finance vs. Accounting – What’s the Difference?

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PhD/ MPhil/ MSc Finance (Research)

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The PhD/MPhil/MSc in Finance comprises a short taught component followed by a longer research phase. Taught modules allow you to broaden, as well as deepen, your knowledge of research methods as well as conducting your own research and developing transferable professional skills.

The PhD programme in Finance will facilitate the creation and interpretation of new knowledge by the research student, demonstrated through the thesis. The taught component is designed to ensure that doctoral researchers understand the breath of techniques used in modern social science research.

Doctoral researchers will be capable of analysing a range of data using a range of qualitative and quantitative techniques. They will be able to explain theories underlying different approaches to social science research. Doctoral researchers are expected to participate to the fullest possible extent in the life of the Department of Finance and the Business School. This means attending seminars organised by the Department of Finance and more widely in the Business School thereby helping expose doctoral researchers to new ideas emanating from outside their own area of specialisation. It also requires actively participating in PhD workshops and conferences organised by the Department of Finance, the Business School and Graduate School as well as institutions outside the University of Birmingham.

Ultimately all doctoral researchers will have the ability to characterise and solve business and financial problems using advanced research tools. They should be able to derive policy implications from their research and communicate these to policy makers, practitioners and other academics in a manner which is comprehensible. They will also be able to peer review others’ research and offer constructive criticism; and to extend the frontiers of the discipline through their own innovative research.

Doctoral researchers may choose to become academics, work in Government, businesses, supranational organisations or in the research arms of major financial institutions. They are expected to achieve a substantial understanding of contemporaneous financial and business issues enabling them to take a lead in ongoing debates within society. They will be aware of and understand the function of related institutions at both a national and international level.

Fees 2024 - 2025

  • Code: 021B - £4,778 (UK) PhD Full time
  • Code: 022B - £2,389 (UK) PhD Part time
  • Code: 021B - £23,520 (International) PhD Full time
  • Code: 023B - £4,778 (UK) MPhil
  • Code: 023B - £23,520 (International) MPhil
  • Code: 045B - £4,778 (UK) MSc (Research)
  • Code 045B - £23,520 (International) MSc (Research)

Learn more about fees and funding

Scholarships and studentships

A limited number of scholarships may be available to outstanding applicants. International students  can often gain funding through overseas research scholarships, Commonwealth scholarships or their home Government.

For further information contact the School directly or visit our helpdesk.

How To Apply

  • How to apply

To apply for a postgraduate research programme, you will need to submit your application and supporting documents online. We have put together some helpful information on the research programme application process and supporting documents on our how to apply page . Please read this information carefully before completing your application.

Our Standard Requirements

The Business School's entry requirement is a good honours degree (first or upper second class honours) awarded by a recognised University in an appropriate subject, and a merit in a relevant Master’s degree. We usually ask students for an average of 65 in the taught component of their Masters. All international students also need to show that they have adequate knowledge of written and spoken English.

Learn more about our entry requirements.

Writing your research proposal

Along with your academic record, your references and your curriculum vitae your research proposal plays a critical role in the evaluation of your application.

Your research proposal should illustrate your ability to plan an independent research study and the relevance of your topic to the research interests and expertise of Birmingham Business School.You need to demonstrate that you understand the field that you plan to research, identify an interesting and original research question, and develop a tentative plan of study. It is highly desirable that your research proposal is written to the guidelines specified below.

Guidelines for the Research Proposal

When clicking on the Apply Now button you will be directed to an application specifically designed for the programme you wish to apply for where you will create an account with the University application system and submit your application and supporting documents online. Further information regarding how to apply online can be found on the how to apply pages.

International Requirements

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 14/20 from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Argentinian university, with a promedio of at least 7.5, may be considered for entry to a postgraduate degree programme. Applicants for PhD degrees will normally have a Maestria or equivalent

Applicants who hold a Masters degree will be considered for admission to PhD study.

Holders of a good four-year Diplomstudium/Magister or a Masters degree from a recognised university with a minimum overall grade of 2.5 will be considered for entry to postgraduate research programmes.

Students with a good 5-year Specialist Diploma or 4-year Bachelor degree from a recognised higher education institution in Azerbaijan, with a minimum GPA of 4/5 or 80% will be considered for entry to postgraduate taught programmes at the University of Birmingham.

For postgraduate research programmes applicants should have a good 5-year Specialist Diploma (completed after 1991), with a minimum grade point average of 4/5 or 80%, from a recognised higher education institution or a Masters or “Magistr Diplomu” or “Kandidat Nauk” from a recognised higher education institution in Azerbaijan.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0-3.3/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold a Masters degree from the University of Botswana with a minimum GPA of 3.0/4.0 or 3.5/5.0 (70%/B/'very good') will be considered for Postgraduate Diplomas and Masters degrees.

Please note 4-year bachelor degrees from the University of Botswana are considered equivalent to a Diploma of Higher Education. 5-year bachelor degrees from the University of Botswana are considered equivalent to a British Bachelor (Ordinary) degree.

Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

A Licenciatura or Bacharelado degree from a recognised Brazilian university:

  • A grade of 7.5/10 for entry to programmes with a 2:1 requirement
  • A grade of 6.5/10for entry to programmes with a 2:2 requirement

Holders of a good Bachelors degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good post-2001 Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Students with a minimum average of 14 out of 20 (or 70%) on a 4-year Licence, Bachelor degree or Diplôme d'Etudes Superieures de Commerce (DESC) or Diplôme d'Ingénieur or a Maîtrise will be considered for Postgraduate Diplomas and Masters degrees.

Holders of a bachelor degree with honours from a recognised Canadian university may be considered for entry to a postgraduate degree programme. A GPA of 3.0/4, 7.0/9 or 75% is usually equivalent to a UK 2.1.

Holders of the Licenciado or equivalent Professional Title from a recognised Chilean university will be considered for Postgraduate Diplomas and Masters degrees. Applicants for PhD study will preferably hold a Magister degree or equivalent.

Students with a bachelor’s degree (4 years minimum) may be considered for entry to a postgraduate degree programme. However please note that we will only consider students who meet the entry guidance below.  Please note: for the subject areas below we use the Shanghai Ranking 2022 (full table)  ,  Shanghai Ranking 2023 (full table) , and Shanghai Ranking of Chinese Art Universities 2023 .

需要具备学士学位(4年制)的申请人可申请研究生课程。请根据所申请的课程查看相应的入学要求。 请注意,中国院校名单参考 软科中国大学排名2022(总榜) ,  软科中国大学排名2023(总榜) ,以及 软科中国艺术类高校名单2023 。  

Business School    - MSc programmes (excluding MBA)  

商学院硕士课程(MBA除外)入学要求

School of Computer Science – all MSc programmes 计算机学院硕士课程入学要求

College of Social Sciences – courses listed below 社会科学 学院部分硕士课程入学要求 MA Education  (including all pathways) MSc TESOL Education MSc Public Management MA Global Public Policy MA Social Policy MA Sociology Department of Political Science and International Studies  全部硕士课程 International Development Department  全部硕士课程

  All other programmes (including MBA)   所有其他 硕士课程(包括 MBA)入学要求

Please note:

  • Borderline cases: We may consider students with lower average score (within 5%) on a case-by-case basis if you have a relevant degree and very excellent grades in relevant subjects and/or relevant work experience. 如申请人均分低于相应录取要求(5%以内),但具有出色学术背景,优异的专业成绩,以及(或)相关的工作经验,部分课程将有可能单独酌情考虑。
  • Please contact the China Recruitment Team for any questions on the above entry requirements. 如果您对录取要求有疑问,请联系伯明翰大学中国办公室   [email protected]

Holders of the Licenciado/Professional Title from a recognised Colombian university will be considered for our Postgraduate Diploma and Masters degrees. Applicants for PhD degrees will normally have a Maestria or equivalent.

Holders of a good bachelor degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good Bacclaureus (Bachelors) from a recognised Croatian Higher Education institution with a minimum overall grade of 4.0 out of 5.0, vrlo dobar ‘very good’, or a Masters degree, will be considered for entry to postgraduate research programmes.

Holders of a Bachelors degree(from the University of the West Indies or the University of Technology) may be considered for entry to a postgraduate degree programme. A Class II Upper Division degree is usually equivalent to a UK 2.1. For further details on particular institutions please refer to the list below.  Applicants for PhD level study will preferably hold a Masters degree or Mphil from the University of the West Indies.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 6.5 out of 10, or a GPA of 3 out of 4, and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalár from a recognised Czech Higher Education institution with a minimum overall grade of 1.5, B, velmi dobre ‘very good’ (post-2004) or 2, velmi dobre ‘good’ (pre-2004), or a good post-2002 Magistr (Masters), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 7-10 out of 12 (or 8 out of 13) or higher for 2:1 equivalence and will usually be required to have completed a good Masters/ Magisterkonfereus/Magister Artium degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Ecuadorian university may be considered for entry to a postgraduate degree programme. Grades of 70% or higher can be considered as UK 2.1 equivalent.  Applicants for PhD level study will preferably hold a Magister/Masterado or equivalent qualification, but holders of the Licenciado with excellent grades can be considered.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalaurusekraad from a recognised university with a minimum overall grade of 4/5 or B, or a good one- or two-year Magistrikraad from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree with very good grades (grade B, 3.5/4 GPA or 85%) will be considered for Postgraduate Diplomas and Masters degrees. 

Holders of a good Kandidaatti / Kandidat (old system), a professional title such as Ekonomi, Diplomi-insinööri, Arkkitehti, Lisensiaatti (in Medicine, Dentistry and Vetinary Medicine), or a Maisteri / Magister (new system), Lisensiaatti / Licenciat, Oikeustieteen Kandidaatti / Juris Kandidat (new system) or Proviisori / Provisor from a recognised Finnish Higher Education institution, with a minimum overall grade of 2/3 or 4/5, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a should hold a Bachelors degree and will usually be required to have completed a Masters/Maîtrise with a minimum overall grade of 13 out of 20, or a Magistère / Diplôme d'Etudes Approfondies / Diplôme d'Etudes Supérieures Specialisées / Mastère Specialis, from a recognised French university or Grande École to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Magister Artium, a Diplom or an Erstes Staatsexamen from a recognised university with a minimum overall grade of 2.5, or a good two-year Lizentiat / Aufbaustudium / Zweites Staatsexamen or a Masters degree from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0 Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a good four-year Ptychio (Bachelor degree) with a minimum overall grade of 6.5 out of 10, from a recognised Greek university (AEI), and will usually be required to have completed a good Metaptychiako Diploma Eidikefsis (Masters degree) from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

4-year Licenciado is deemed equivalent to a UK bachelors degree. A score of 75 or higher from Universidad de San Carlos de Guatemala (USAC) can be considered comparable to a UK 2.1, 60 is comparable to a UK 2.2.  Private universities have a higher pass mark, so 80 or higher should be considered comparable to a UK 2.1, 70 is comparable to a UK 2.2

The Hong Kong Bachelor degree is considered comparable to British Bachelor degree standard. Students with bachelor degrees awarded by universities in Hong Kong may be considered for entry to one of our postgraduate degree programmes.

Students with Masters degrees may be considered for PhD study.

Holders of a good Alapfokozat / Alapképzés or Egyetemi Oklevel from a recognised university with a minimum overall grade of 3.5, or a good Mesterfokozat (Masters degree) or Egyetemi Doktor (university doctorate), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a 60% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of the 4 year Sarjana (S1) from a recognised Indonesian institution will be considered for postgraduate study. Entry requirements vary with a minimum requirement of a GPA of 2.8.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree from a recognised institution, with 100 out of 110 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold the Maitrise, Diplome d'Etude Approfondies, Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees (14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2).

Students with a Bachelor degree from a recognised university in Japan will be considered for entry to a postgraduate Masters degree provided they achieve a sufficiently high overall score in their first (Bachelor) degree. A GPA of 3.0/4.0 or a B average from a good Japanese university is usually considered equivalent to a UK 2:1.

Students with a Masters degree from a recognised university in Japan will be considered for PhD study. A high overall grade will be necessary to be considered.

Students who have completed their Specialist Diploma Мамаң дипломы/Диплом специалиста) or "Magistr" (Магистр дипломы/Диплом магистра) degree (completed after 1991) from a recognised higher education institution, with a minimum GPA of 2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, will be considered for entry to postgraduate Masters degrees and, occasionally, directly for PhD degrees.  Holders of a Bachelor "Bakalavr" degree (Бакалавр дипломы/Диплом бакалавра) from a recognised higher education institution, with a minimum GPA of  2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, may also be considered for entry to taught postgraduate programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/50

Holders of a good Postgraduate Diploma (professional programme) from a recognised university or institution of Higher Education, with a minimum overall grade of 7.5 out of 10, or a post-2000 Magistrs, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 16/20 or 80% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in Libya will be considered for postgraduate study. Holders of a Bachelors degree will normally be expected to have achieved score of 70% for 2:1 equivalency or 65% for 2:2 equivalency. Alternatively students will require a minimum of 3.0/4.0 or BB to be considered.

Holders of a good pre-2001 Magistras from a recognised university with a minimum overall grade of 8 out of 10, or a good post-2001 Magistras, will be considered for entry to postgraduate research programmes

Holders of a good Bachelors degree from a recognised Luxembourgish Higher Education institution with a minimum overall grade of 16 out of 20, or a Diplôme d'Études Supérieures Spécialisées (comparable to a UK PGDip) or Masters degree from a recognised Luxembourgish Higher Education institution will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree will be considered for Postgraduate Diplomas and Masters degrees (70-74% or A or Marginal Distinction from a well ranked institution is considered comparable to a UK 2.1, while a score of 60-69% or B or Bare Distinction/Credit is considered comparable to a UK 2.2).

Holders of a Bachelors degree from a recognised Malaysian institution (usually achieved with the equivalent of a second class upper or a grade point average minimum of 3.0) will be considered for postgraduate study at Diploma or Masters level.

Holders of a good Bachelors degree from the University of Malta with a minimum grade of 2:1 (Hons), and/or a Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (Honours) from a recognised institution (including the University of Mauritius) will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2:1).

Students who hold the Licenciado/Professional Titulo from a recognised Mexican university with a promedio of at least 8 will be considered for Postgraduate Diplomas and Masters degrees.

Students who have completed a Maestria from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a Bachelors degree, licence or Maîtrise and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Students with a good four year honours degree from a recognised university will be considered for postgraduate study at the University of Birmingham. PhD applications will be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Doctoraal from a recognised Dutch university with a minimum overall grade of 7 out of 10, and/or a good Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (minimum 4 years and/or level 400) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum GPA of B/Very Good or 1.6-2.5 for a 2.1 equivalency, and will usually be required to have completed a good Masters, Mastergrad, Magister. Artium, Sivilingeniør, Candidatus realium or Candidatus philologiae degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0/4 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in the Palestinian Territories will be considered for postgraduate study. Holders of Bachelors degree will normally be expected to have achieved a GPA of 3/4 or 80% for 2:1 equivalency or a GPA of 2.5/4 or 70% for 2:2 equivalency.    

Holders of the Título de Licenciado /Título de (4-6 years) or an equivalent professional title from a recognised Paraguayan university may be considered for entry to a postgraduate degree programme. Grades of 4/5 or higher can be considered as UK 2.1 equivalent.  The Título Intermedio is a 2-3 year degree and is equivalent to a HNC, it is not suitable for postgraduate entry but holders of this award could be considered for second year undergraduate entry or pre-Masters.  Applicants for PhD level study will preferably hold a Título de Maestría / Magister or equivalent qualification, but holders of the Título/Grado de Licenciado/a with excellent grades can be considered.

Holders of the Licenciado, with at least 13/20 may be considered as UK 2.1 equivalent. The Grado de Bachiller is equivalent to an ordinary degree, so grades of 15+/20 are required.  Applicants for PhD level study will preferably hold a Título de Maestría or equivalent qualification.

Holders of a good pre-2001 Magister from a recognised Polish university with a minimum overall grade of 4 out of 5, dobry ‘good’, and/or a good Swiadectwo Ukonczenia Studiów Podyplomowych (Certificate of Postgraduate Study) or post-2001 Magister from a recognised Polish university with a minimum overall grade of 4.5/4+ out of 5, dobry plus 'better than good', will be considered for entry to postgraduate research programmes.

Holders of a good Licenciado from a recognised university, or a Diploma de Estudos Superiores Especializados (DESE) from a recognised Polytechnic Institution, with a minimum overall grade of 16 out of 20, and/or a good Mestrado / Mestre (Masters) from a recognised university, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised Romanian Higher Education institution with a minimum overall grade of 8 out of 10, and will usually be required to have completed a Masters degree/Diploma de Master/Diploma de Studii Academice Postuniversitare (Postgraduate Diploma - Academic Studies) or Diploma de Studii Postuniversitare de Specializare (Postgraduate Diploma - Specialised Studies) to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Диплом Специалиста (Specialist Diploma) or Диплом Магистра (Magistr) degree from recognised universities in Russia (minimum GPA of 4.0) will be considered for entry to taught postgraduate programmes/PhD study.

Students who hold a 4-year Bachelor degree with at least 16/20 or 70% will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a Maitrise, Diplome d'Etude Approfondies,Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees. A score of 14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2

Students who hold a Bachelor (Honours) degree from a recognised institution with a minimum GPA of 3.0/4.0 or 3.5/5.0 (or a score of 60-69% or B+) from a well ranked institution will be considered for most our Postgraduate Diplomas and Masters degrees with a 2:1 requirement.

Students holding a good Bachelors Honours degree will be considered for postgraduate study at Diploma or Masters level.

Holders of a good three-year Bakalár or pre-2002 Magister from a recognised Slovakian Higher Education institution with a minimum overall grade of 1.5, B, Vel’mi dobrý ‘very good’, and/or a good Inžinier or a post-2002 Magister from a recognised Slovakian Higher Education institution will be considered for entry to postgraduate research programmes.

Holders of a good Diploma o pridobljeni univerzitetni izobrazbi (Bachelors degree), Diplomant (Professionally oriented first degree), Univerzitetni diplomant (Academically oriented first degree) or Visoko Obrazovanja (until 1999) from a recognised Slovenian Higher Education institution with a minimum overall grade of 8.0 out of 10, and/or a good Diploma specializacija (Postgraduate Diploma) or Magister (Masters) will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor Honours degree (also known as Baccalaureus Honores / Baccalaureus Cum Honoribus) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (70%) or a distinction (75%).

Holders of a Masters degree will be considered for entry to postgraduate research programmes.

Holders of a Bachelor degree from a recognised South Korean institution (usually with the equivalent of a second class upper or a grade point average 3.0/4.0 or 3.2/4.5) will be considered for Masters programmes.

Holders of a good Masters degree from a recognised institution will be considered for PhD study on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 7 out of 10 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or a CGPA 3.30/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Kandidatexamen (Bachelors degree) or Yrkesexamen (Professional Bachelors degree) from a recognised Swedish Higher Education institution with the majority of subjects with a grade of VG (Val godkänd), and/or a good Magisterexamen (Masters degree), International Masters degree or Licentiatexamen (comparable to a UK Mphil), will be considered for entry to postgraduate research programmes.

Holders of a good "PostGraduate Certificate" or "PostGraduate Diploma" or a Masters degree from a recognised Swiss higher education institution (with a minimum GPA of 5/6 or 8/10 or 2/5 (gut-bien-bene/good) for a 2.1 equivalence) may be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0, 3.5/5 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bachelor degree (from 75% to 85% depending upon the university in Taiwan) from a recognised institution will be considered for postgraduate Masters study. Holders of a good Masters degree from a recognised institution will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Holders of a good Masters degree from a recognised institution will be considered for entry to our postgraduate research programmes.

Holders of a good Masters degree or Mphil from a recognised university will be considered for entry to postgraduate research programmes.

Students with a Bachelors degree from the following universities may be considered for entry to postgraduate programmes:

  • Ateneo de Manila University - Quezon City
  • De La Salle University - Manila
  • University of Santo Tomas
  • University of the Philippines - Diliman

Students from all other institutions with a Bachelors and a Masters degree or relevant work experience may be considered for postgraduate programmes.

Grading Schemes

1-5 where 1 is the highest 2.1 = 1.75 2.2 = 2.25 

Out of 4.0 where 4 is the highest 2.1 = 3.0 2.2 = 2.5

Letter grades and percentages 2.1 = B / 3.00 / 83% 2.2 = C+ / 2.5 / 77%

Holders of a postdoctoral qualification from a recognised institution will be considered for PhD study.  Students may be considered for PhD study if they have a Masters from one of the above listed universities.

Holders of a Lisans Diplomasi with a minimum grade point average (GPA) of 3.0/4.0 from a recognised university will be considered for postgraduate study at Diploma or Masters level.

Holders of a Yuksek Diplomasi from a recognised university will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (2.1) or GPA of 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree / Диплом бакалавра (Dyplom Bakalavra), Диплом спеціаліста (Specialist Diploma) or a Dyplom Magistra from a recognised Ukrainian higher education institution with a minimum GPA of 4.0/5.0, 3.5/4, 8/12 or 80% or higher for 2:1 equivalence and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

The University will consider students who hold an Honours degree from a recognised institution in the USA with a GPA of:

  • 2.8 GPA (on a 4.0 scale) for entry to programmes with a 2:2 requirement 
  • 3.2 GPA (on a 4.0 scale) for entry to programmes with a 2:1 requirement 

Please note that some subjects which are studied at postgraduate level in the USA, eg. Medicine and Law, are traditionally studied at undergraduate level in the UK.

Holders of the Magistr Diplomi (Master's degree) or Diplomi (Specialist Diploma), awarded by prestigious universities, who have attained high grades in their studies will be considered for postgraduate study.  Holders of the Fanlari Nomzodi (Candidate of Science), where appropriate, will be considered for PhD study.

Holders of the Licenciatura/Título or an equivalent professional title from a recognised Venezuelan university may be considered for entry to a postgraduate degree programme. Scales of 1-5, 1-10 and 1-20 are used, an overall score of 70% or equivalent can be considered equivalent to a UK 2.1.  Applicants for PhD level study will preferably hold a Maestria or equivalent qualification

Holders of a Bachelors degree from a recognised Vietnamese institution (usually achieved with the equivalent of a second class upper or a grade point average minimum GPA of 7.0 and above) will be considered for postgraduate study at Diploma or Masters level.  Holders of a Masters degree (thac si) will be considered for entry to PhD programmes.

Students who hold a Masters degree with a minimum GPA of 3.5/5.0 or a mark of 2.0/2.5 (A) will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a good Bachelor Honours degree will be considered for Postgraduate Diplomas and Masters degrees. 

International Students

English requirements are IELTS 7.0 with no less than 6.5 in any band or equivalent.

Members of the Department of Finance can offer supervision within the following areas.

Corporate Finance

Capital structure decision making including interactions between corporate investment and dividend/capital structure decisions. Issues relating to capital structure and firm performance and the study of agency costs. The examination of corporate events such as  stock repurchases, corporate restructuring, mergers and acquisitions ,IPOs, delistings and financial distress & bankruptcy. Entrepreneurial finance, debt and equity gaps, venture capital and private equity, financial flexibility in firms and R&D smoothing.

Capital  Markets

Within the field of capital markets we can offer supervision which examines debt maturity, and a wide range of market microstructure topics including those relating to liquidity and liquidity risk, market architecture and the trading environment, as well as microstructure effects associated with the international cross-listing of securities.  The use of derivatives for risk management. Islamic Finance. Institutional investment, portfolio investment, risk and investment volatility

Financial Regulation and Corporate Governance

Corporate governance – including shareholder voting, engagement, stock lending, communication within the board of directors, and board behaviour and performance, executive compensation. Agency conflicts. The use of the interbank market as a regulatory device, Basel III and new rules for global finance,.

Banking and Financial Services

Doctoral researchers in Finance are registered for a full time 3-year PhD or a part-time 6-year PhD. In the first year of the programme doctoral researchers are required to take Econometrics with Financial Applications module from the Department of Economics (30 credit module). They also need to take at least one of the existing MSc Investments and MSc Accounting and Finance courses and one other module to successfully complete 60 credits of study. The MSc module and one other appropriate M or D level module should be chosen in agreement with the doctorial researcher’s supervisor, as appropriate for the their research topic.  Modules available include: Financial Modelling and Forecasting Techniques (20 credits), Empirical Topics in Accounting and Finance (20 credits) and Quantitative Methods in Finance (10 credits). Doctoral researchers are also recommended to take Advanced Training Modules from the MA Social Research Programme or other modules (e.g. Qualitative Methods) as appropriate to their research and training needs.

By the end of their first year doctoral students will have completed an 8,000 word research proposal that they will present and be evaluated on at the first annual review. This forms the basis for supervised research over the remaining two years of the programme and the production of an 80,000 word thesis.

Career prospects

PhD graduates from Birmingham Business School are working in central banks, Government departments, a variety of financial institutions, accountancy firms, supranational organisations and multinational corporations. Many of our PhD graduates also go on to forge successful academic careers in other top Universities.

Doctoral Research career assistance

The University of Birmingham has invested heavily in careers and employability support. The Careers Team have been praised for enhanced developments within their team and for adopting a model of integrated employability and internship support; something that has been rolled out and implemented across all Schools and Colleges at the University.

Doctoral researchers at Birmingham Business School benefit from its own well qualified dedicated Careers Team to support students with employment opportunities, work placements, internships and how to succeed at interview. In addition, a range of career management, personal development and employer events are run each year by the Careers in Business Team to help you make the most of the opportunities available.

The University also has dedicated careers advisors for international students  who run workshops and networking opportunities with potential employers. These are especially popular with international postgraduate researchers.

  • Online chat events

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Finance Master’s Degree Program

Build the skills and network you need to advance your career in finance.

Online Courses

11 out of 12 total courses

On-Campus Experience

2 weekends or a 3-week summer course

$3,220 per course

Program Overview

Ready to deepen your financial expertise and enhance your career potential? Develop the advanced knowledge and practical skills you need to take on greater professional responsibilities or make a career pivot.

Our Finance Master’s Degree Program offers a wide range of courses that cover essential financial topics — from microeconomics to investment theory to business valuation. Under the instruction of expert faculty, you’ll learn to make complex financial decisions. And you’ll examine issues in finance through a local, regional, and global lens.

Program Benefits

Customizable path, stackable certificates, & experiential learning

Instructors who are academics and professionals at the top of their fields

Personalized academic & career advising

Entrepreneurial opportunities through the Harvard Innovation Labs

Paid research options

Harvard Alumni Association membership upon graduation

Customizable Course Curriculum

Our curriculum is flexible in pace and customizable by design. You can study part time, choosing courses that fit your schedule and align with your career goals. In the program, you’ll experience the convenience of online learning and the immersive benefits of learning in person.

In core finance courses, you’ll deepen your knowledge of essential finance concepts, tools, and strategies. Through elective coursework, you’ll build upon that foundation — focusing on the specialized areas that are most important to you, such as corporate finance, investments, or financial accounting.

11 Online Courses

  • Synchronous and asynchronous
  • Fall, spring, January, and summer options

You’ll complete 1 degree requirement in person at Harvard, at an accelerated or standard pace:

  • 2 weekends in fall or spring
  • 3 weeks in the summer

The path to your degree begins before you apply to the program.

First, you’ll register for and complete 3 required courses, earning at least a B in each. These foundational courses are investments in your studies and count toward your degree, helping ensure success in the program.

As an alternative, you may choose to earn one of the following credentials as part of your admissions path: HBS Online CORe Admissions Pathway or the MITx MicroMastersÂź Program Pathway .

Getting Started

We invite you to explore degree requirements, confirm your initial eligibility, and learn more about our unique “earn your way in” admissions process.

Earn a Stackable Certificate

As you work your way toward your master’s degree, you can take courses that also count — or “stack” — toward a graduate or microcertificate . It’s a cost-effective, time-saving opportunity to build specialized skills and earn a professional credential along the way to your degree.

Here are a few examples of stackable certificates and courses. 

Business Economics View More

Through courses taken for this graduate certificate, you’ll learn how to integrate economic principles and business concepts.

Sample Stackable Courses

  • Microeconomic Theory
  • Behavioral Economics and Decision Making
  • The Economics of Financial Markets
  • Strategy, Conflict, and Cooperation

Learn more about the Business Economics Graduate Certificate .

Corporate Finance View More

Gain the knowledge and tools needed for corporate financial analysis and decision-making in this graduate certificate.

  • Managerial Finance
  • Emerging Markets: Investment Theories and Practice
  • Mergers, Acquisitions, and Restructurings

Learn more about the Corporate Finance Graduate Certificate .

Data Analytics View More

Deepen your analytics knowledge to inform strategic business decisions with this graduate certificate.

  • Introduction to Computer Science with Python
  • Data Mining for Business
  • Introduction to Quantitative Methods for Economics and Finance
  • Introduction to Statistical Modeling

Learn more about the Data Analytics Graduate Certificate .

Principles of Finance View More

Learn to use financial information to make business decisions through this graduate certificate.

  • Foundations of Real-World Economics
  • Monetary Policy After the Financial Crisis
  • Financial Technologies, Artificial Intelligence, Blockchain, and Cryptocurrencies
  • Private Equity

Learn more about the Principles of Finance Graduate Certificate .

Real Estate Investment View More

Develop practical, real-world knowledge and skills for investing in real estate with this graduate certificate.

  • Financing Community and Economic Development
  • Urban Development Policy
  • Principles of Real Estate
  • Real Estate Finance and Investment

Learn more about the Real Estate Investment Graduate Certificate .

A Faculty of Finance Experts

Studying at Harvard Extension School means learning from the world’s best. Our finance instructors are renowned experts in their field and bring a genuine passion for teaching, with students giving our faculty an average rating of 4.6 out of 5.

Peter Marber

Chief Investment Officer for Emerging Markets, Aperture Investors

Gregory Sabin

Instructor in Accounting and Finance; Preceptor, Harvard Extension School

Teaches Managerial Accounting, Principles of Finance, Corporate Finance

Zinnia Mukherjee

Associate Professor of Economics, Simmons University

Teaches courses on a variety of topics, including microeconomic theory and the economics of climate change

Our Community at a Glance

Students in our Finance Master’s Degree program are experienced financial professionals seeking to advance their careers at their current companies, level up at different organizations, and even make total career changes.

You’ll join a network of talented peers who are committed to developing deep expertise in banking, investments, and economics. By the time you’ve completed your studies, you’ll likely have lifelong friends and professional contacts.

Download: Finance Master's Degree Fact Sheet

Average Age

Work Full Time

Have Experience in the Finance Field

Average Years of Professional Experience

Would Recommend the Program

Career Opportunities & Alumni Outcomes

With a graduate degree in finance, you can prepare to advance in a variety of roles. Our finance graduates work in a range of finance-related industries, including accounting, banking, biotechnology, information technology, investment and asset management, and financial management consulting.

Roles held by recent graduates include: 

  • Hedge fund analyst
  • Credit analyst
  • Compliance analyst
  • Corporate strategy manager
  • Vice president of mergers and acquisitions

Alumni work at a variety of organizations, including:

  • Bain Capital
  • Bank of America
  • Citizens Bank

Career Advising and Mentorship

Whatever your career goals, we’re here to support you. Harvard’s Mignone Center for Career Success offers career advising, employment opportunities, Harvard alumni mentor connections, and career fairs like the annual Finance and FinTech Fair on campus at Harvard.

Your Harvard University Degree

Upon successful completion of the required curriculum, you will receive your Harvard University degree — a Master of Liberal Arts (ALM) in Extension Studies, Field: Finance.

Expand Your Connections: the Harvard Alumni Network

As a graduate, you’ll become a member of the worldwide Harvard Alumni Association (400,000+ members) and Harvard Extension Alumni Association (29,000+ members).

From start to finish, Harvard has given me a lifetime of experience for a fraction of the cost of similar programs. I am forever grateful I made the move.

Tuition & Financial Aid

Affordability is core to our mission. When compared to our continuing education peers, it’s a fraction of the cost.

After admission, you may qualify for financial aid . Typically, eligible students receive grant funds to cover a portion of tuition costs each term, in addition to federal financial aid options.

Coffee Chat: All About Management Programs at HES

Are you interested in learning more about management graduate degree programs at Harvard Extension School? Attendees joined us for an informational webinar where they had the opportunity to connect with program directors, academic advisors, and current students.

What is a Master’s in Finance?

A master’s degree in finance can help financial professionals deepen their knowledge and technical skills in the financial field. Students who choose to get this degree are often already working in finance or a related field. Core courses can provide a solid foundation in the principles of finance, while electives can help you specialize your degree.

What Can You Do With a Master’s Degree in Finance?

A master’s degree in finance gives you foundational knowledge and practice skills to help your organization better manage its finances and investments. Whether you specialize in mergers and acquisitions, real estate investment, sustainable finance, or monetary policy, a master’s degree will give you the skills and tools you need to keep your career moving forward. It may even help you advance into mid- or even senior-level positions or start a new career in finance.

For more information on how a master’s degree in finance can help advance your career, read our blog Corporate Finance Career Path: How to Keep Your Growth on Track .

Is a Degree in Finance Useful?

A degree in finance is a great way to supplement and expand the real-world experience you’ve developed in the office.

Our curriculum offers the theoretical and academic knowledge you need to solve problems and develop solutions in creative and practical ways. You’ll find yourself applying the tools you learn in class right from the start.

Is a Career in Finance a Good Career?

The outlook for careers in finance is strong.

Careers in finance tend to be stable, even during economic downturns. And the job market for experienced finance professionals is likely to continue to grow over the next decade. The potential for a high-income career — especially for individuals with an advanced degree and several years’ of experience — is excellent.

How Long Does It Take to Complete the Finance Graduate Program?

Program length is ordinarily anywhere between 2 and 5 years. It depends on your preferred pace and the number of courses you want to take each semester.

For an accelerated journey, we offer year round study, where you can take courses in fall, January, spring, and summer.

While we don’t require you to register for a certain number of courses each semester, you cannot take longer than 5 years to complete the degree.

How Will This Finance Master’s Degree Program Help My Career?

A master’s degree in the field of finance demonstrates your mastery of the key knowledge and critical skills to build and advance a successful career in finance.

In the program at Harvard Extension School, you’ll gain an understanding of core elements of organizational finance decisions, including accounting and financial statement analysis, principles of finance, investments, corporate finance, and business valuations.

You’ll build advanced knowledge of economic theory, corporate finance, mergers and acquisitions, international markets, and risk management.

Whether you are seeking to advance your career in finance or taking the first step in a career change, you can gain the knowledge you need to prepare for roles such as account manager, cash manager, financial analyst, financial risk analyst, or financial auditor. You may also qualify for senior financial management positions such as controller, treasurer, or even chief financial officer.

Harvard Division of Continuing Education

The Division of Continuing Education (DCE) at Harvard University is dedicated to bringing rigorous academics and innovative teaching capabilities to those seeking to improve their lives through education. We make Harvard education accessible to lifelong learners from high school to retirement.

Harvard Division of Continuing Education Logo

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Doctor of Philosophy in Business Administration - Accounting

Doctor of Philosophy in Business Administration - Accounting

Minneapolis-St. Paul , United States

THE world university rank:  85

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AUD 180,973 ? USD  118,320 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Business Administration - Accounting

Doctor of Business Administration - Accounting

Bloomington , United States

THE world university rank:  198

AUD 235,148 ? USD  153,740 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Business - Accounting

Doctor of Philosophy in Business - Accounting

Houston , United States

THE world university rank:  119

AUD 350,015 ? USD  228,840 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Business Administration - Finance

Doctor of Philosophy in Business Administration - Finance

Hilo , United States

THE world university rank:  201

AUD 205,861 ? USD  134,592 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Business Administration - Accounting

Seattle , United States

THE world university rank:  301

AUD 169,605 ? USD  110,888 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Mathematics - Mathematical Finance

Doctor of Philosophy in Mathematics - Mathematical Finance

Lubbock , United States

THE world university rank:  601

AUD 98,991 ? USD  64,720 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Accounting and Management Information Systems

Doctor of Philosophy in Accounting and Management Information Systems

Cleveland , United States

AUD 266,317 ? USD  174,118 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Finance

Doctor of Philosophy in Finance

Sacramento , United States

THE world university rank:  18

AUD 125,571 ? USD  82,098 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Business Administration - Finance

Carbondale , United States

AUD 172,346 ? USD  112,680 Program fees are indicative only. Speak to your IDP study counsellor to get up-to-date course prices.

Doctor of Philosophy in Business Administration - Accounting

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Stockholm Business School

Doctoral programme in finance.

Are you curious about how financial markets operate, how corporations make financial decisions, or how to manage risks in a portfolio? Are you interested in how financial markets can be made sustainable, or how societies can promote financial stability? Then you should consider the PhD in Finance.

What we offer:

  • a world-class course program;
  • a fully funded doctoral studentship with a competitive salary;
  • a brand new campus close to the city centre as well as nature and recreation.

As a doctoral student you will undergo rigorous training in theory, method and analysis – through individual supervision, coursework, seminars and workshops. No doubt, you will also benefit from being part of an academic community where scholarly dialogue continues outside of the seminar room. Doctoral students are expected to complete their PhD in four years, with possible extension up to five years.

Research environment and research topic

SBS Finance is a highly international group of about twenty faculty members, post-docs, PhD students, and teaching assistants. The group hosts a weekly seminar series, where external as well as internal speakers present their academic research. There are also ad hoc academic events in the form of workshops and conferences.

Research topic

Financial economists study how scarce resources are allocated over time. Financial decisions differ from other allocation decisions in that their costs and revenues are spread over time and not known in advance. To implement their decisions, individuals, companies or other agents use the financial system. The system includes markets for stocks, bonds and other financial instruments, as well as financial intermediaries (such as banks and insurance companies), financial service companies (such as financial advisers) and the bodies that oversee and regulate the financial markets and institutions. The programme is open for thesis proposals on any topic related to Finance.

Current research that our faculty members work on are presented under Research projects in Finance.

Students interested in monetary policy and financial stability can choose to do a specialization in "Money and Finance". The specialization is provided by the Centre for Monetary Policy and Financial Stability (CeMoF), which is a joint venture between the Department of Economics, the Institute for International Economic Studies, and Stockholm Business School.

Read more about Centre for Monetary Policy and Financial Stability (CeMoF)

Programme structure, coursework and thesis

The doctoral programme in Finance comprises 240 higher education credits, or four years of full-time study. This consists of courses worth 105 credits and a dissertation worth 135 credits. The two parts can be followed simultaneously, but most of the course work is typically done during the first half of the study period. Many doctoral students also choose to teach during their studies, thereby extending their funding to up to five years.

The coursework includes mandatory courses in quantitative methods (15 credits) and finance (30 credits), as well as elective courses in fields closely related to finance (60 credits).

As a doctoral student in finance you can follow the course program offered by Stockholm Doctoral Program in Economics, Econometrics, and Finance (SDPE), which is a collaboration between Stockholm university and Stockholm School of Economics. Prior to the first semester, you are encouraged to participate in a Computational Bootcamp.

Read more about the course program offered by Stockholm Doctoral Program in Economics, Econometrics, and Finance (SDPE)

Read more about the Computational Bootcamp

For the electives, doctoral students in finance often take courses offered at the Swedish House of Finance and at partner universities in the Nordic Finance Network. Students choosing the "Money and Finance" specialization are required to take a course in Monetary Economics at Stockholm university.

Read more about courses offered at the Swedish House of Finance

Read more about courses at partner universities in the Nordic Finance Network

Read more about the course in Monetary Economics

The thesis is developed under the guidance of the supervisors. As a doctoral student at SBS you are assigned one or more supervisors from day one. As you progress with the thesis work you also get feedback at three “milestone seminars”: the thesis proposal seminar, the midway seminar, and the final script seminar. In addition, you are encouraged to present your work at conferences in Sweden and abroad. You are allocated a research budget to cover conference expenses.

At the end of the program, the thesis is assessed at the public dissertation defence. Doctoral theses in finance typically consist of three or more academic articles, of which at least one is solo-authored.

phd finance and banking

Employment / funding

When you are admitted to the PhD program, you typically also become employed by Stockholm university. The position takes the form of a temporary employment for a maximum of four years of full-time study, conditional on that the studies proceed according to plan. There is no tuition fee and you are paid a monthly salary . The entry level salary currently amounts to SEK 29 700 per month before taxes, increasing up to SEK 34 000 during the course of the program. The program requires you to be based in Sweden, with the main workplace being Stockholm Business School.

Each doctoral student is offered a research budget to cover expenses for courses, conferences, fieldwork, databases, and software. All employees at Stockholm university are also entitled to an annual sum of SEK 3 000 to cover expenses related to health and fitness activities.

Department duty

Many students also choose to teach during their PhD studies, but this is optional. You may take on departmental duty of up to 20% of full time each year, thereby extending your funding for the doctoral programme up to five years. In addition to teaching, the departmental duty may include research assistance and administrative tasks, such as assisting in the organization of academic events.

Application and admission

Eligibility.

Candidates for the doctoral programme in Finance at SBS must fulfil at least one of the following criteria:

  • Completed an advanced level degree (master’s degree).
  • Completed courses equivalent to at least 240 credits, of which at least 60 credits must be at master’s level.
  • Acquired equivalent knowledge in another way, in Sweden or elsewhere.

In addition, the applicant must have successfully completed at least 90 credits in Finance, or equivalent, including a thesis comprising at least 15 credits. Admission to PhD positions is limited and competition for positions is usually tough.

Application

The general period of opening for PhD positions is in the month of January.

Apply for PhD position here, closing date Feb 1st 2024.

Selection criteria

Selection of applicants is made with respect to their ability to benefit from studies at doctoral level. This is assessed on basis of:

  • performance in previous higher education studies
  • performance in independent written reports and theses
  • performance in standardized general knowledge examinations
  • letters of recommendation

Short-listed candidates are called to an interview.

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Source: SBS

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The top master’s in finance programs for getting a job at an investment bank

The top master’s in finance programs for getting a job at an investment bank

If you want to get a job at an investment bank, you need to go to a good school .

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And once you get into a good school, you have to do a good course. One of the most popular for prospective financiers is the masters in finance (or MS Finance, MSc Finance, Master in Finance, etc. depending on where you are in the world).

A masters in finance is a middle ground between doing an MBA and the CFA charter, both in terms of cost and career prospects: as we explain in other articles , if you didn't secure a second year banking internship , it allows you to complete a new internship between graduating from university and starting the masters. That internship will hopefully then lead to a full-time role. 

Masters in finance programs are often more popular with sales & trading professionals rather than investment bankers, for a variety of reasons. Investment bankers have historically tended to gravitate towards MBAs rather than MSc Finance courses. Neither are to be confused with the much more niche master’s in financial engineering courses which offer access to quantitative roles . Be warned, though, that even after completing a masters in finance you will usually only join as an analyst , the bottom rung of the ladder.

Our ranking of top Masters in Finance courses 

The table below shows a ranking of the top 32 schools for a masters in finance, based on our own data and some publicly available information on where graduates work. 

The ranking reflects the percentage of masters in finance graduates from each school working in a front-office investment banking role compared to total program alumni in the financial services ecosystem and the percentage of those in front-office roles at the industry's well-respected institutions (a combination of bulge bracket banks and elite boutiques )*.

The best masters in finance: Imperial College Business School

Our top-rated masters in finance is offered by the UK's Imperial College London’s business school. Although it performed well in terms of the prestige of its alumni, it was in a class of its own when measuring the proportion of its graduates working in front-office roles: this was more than twice as high as the average school we assessed.

The (second) best masters in finance: Warwick Business School

The second highest-rated masters in finance course was offered by the UK's Warwick business school. Although Warwick performed reasonably well in terms of front-office weighting, it was the best-rated masters program we looked at for the prestigious institutions its alumni attended.

The (third) best masters in finance: McCombs School of Business

The University of Texas at Austin’s McCombs School of Business came third. Although the masters in finance program is generally a European phenomenon, McCombs’ graduates have strong penetration of the most prestigious banks.

The (fourth) best masters in finance: Owen Graduate School of Management

Owen Graduate School of Management, part of Vanderbilt University, led the pack behind McCombs. Like McCombs, it performed particularly well when assessing where its alumni ended up, and the school had a relatively low proportion of its graduates in revenue-generating front-office roles.

The masters in finance course at the London School of Economics (LSE), based in the UK came fifth. The LSE benefited both from alumni in the front office and students at prestigious institutions.

Generally speaking, the list was dominated by American, British, and French universities. Between the three of them, they made up 75% of the list, with only Spain and China having more than one entry.

*”Prestigious Institutions” in investment banking were defined as the following, or their respective investment bank subdivision where applicable: Goldman Sachs, JPMorgan, Morgan Stanley, Citi, Bank of America, Barclays, Deutsche Bank, UBS, Evercore, Lazard, Rothschild, PJT Partners, Perella Weinberg Partners, and Moelis.

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Study in France the system must always produce a group of well-educated people with a common culture, language and skills that can serve the state. The French educational system has a very strong emphasis on content, culturally specific knowledge, scientific and mathematical knowledge. The system is designed to meet the needs of the state; individuality and originality are not considered worthwhile values

Study in France The system must always produce a group of well-educated people with a common culture, language and skills that can serve the state. The French educational system has a very strong emphasis on content, culturally specific knowledge, scientific and mathematical knowledge. The system is designed to meet the needs of the state; individuality and originality are not considered worthwhile values

Like every other normal person would do - at least when we're talking about MiF degree.

It has always been based on connections - kids of some related / influential people with money to start the fund... Probably their kids are already in. Next hires need real skills... since they came up with many 'sophisticated' products to crash themselves. It also depends on which country these companies are from - hire their own

Mostly scam 'news' and 'analyses' - ivy league standard!

Hi alex oldguy,

I have 15+ years experience with top-tier banks in London/Singapore and came across your comment while researching a good uni for someone close.

MIF is for entry level jobs in banking e.g. Corporate Finance. Though all banks have "equal opportunity" policy, but in reality these factors become quite real unless you have good networks in banking. Then there are issues of working under a 27 year old associate.

Instead of targeting a technical area e.g. corporate finance, M&A or trading where you would suit more entry level role, I would suggest pick where you can show transferable skills gained in running your business.

Suggested areas: Project manager in banking (regulatory / risk / compliance etc) - Normally project managers have anywhere between 7-30 year experience. It's not uncommon to see people with less than 2 year experience in Finance rest in other industries. A PMP certification + a finance / risk mgt Masters will help.

Business Analyst - experience range from 1 year to 20 years. There are Director level BAs in banking who manages team of offshore BA teams in say India/Poland etc.

Route suggested: Once you have relevant qualification get a contract role in large companies (easier to get in non-London location), then to contract role in banking and then to permanent role. It's easier that way.

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