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

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

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

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

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

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

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The 10 Best PhD Programs in Finance

In essence, finance is the study of economics and the claims on resources. The best PhD programs in finance help you develop professionally so you can make difficult decisions around fund allocation, financial planning, and corporate financial management. This qualification will also equip you for a career in teaching or research at top universities.

Which of the 10 best finance PhDs is best for you?

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

According to the Bureau of Labor Statistics (BLS), finance managerial professionals have an average salary of $131,710  per year, and jobs are estimated to grow by 17%  from 2020 to 2030. This is much more than the average across all occupations. With a PhD in finance, you may work as a finance manager or even become a CEO of a large corporation.

Jobs and Salaries for Doctors of Finance

After earning a PhD in finance, you can find well-paid jobs as a professor or in various corporate finance roles.

Here are some of the most common finance professions with the average annual salaries for each:

• Financial Manager ( $96,255 )
• Financial Analyst ( $63,295 )
• Finance Professor ( $73,776 )
• Chief Financial Officer ( $140,694 )
• Investment Analyst ( $67,730 )

Read More:   The Highest Paying PhD Programs

What’s the average cost of a phd program in finance.

The tuition for a PhD in finance can vary depending on the university, with public institutions generally being much more affordable than private ones.

Across all schools, the average tuition is around $30,000 per year.

However, on top of this, you need to factor in other expenses, which could add up to another $30,000 a year. Some top universities offer full funding, including tuition and a stipend for all students who are successfully admitted to the program.

Read Next: The Average Cost of a Master’s Degree in Finance

Top finance phd programs and schools, stanford university, graduate school of business.

PhD in Finance

Stanford University is one of the most prestigious business schools in the world. Its PhD in finance programs has an emphasis on theoretical modeling and empirical testing of financial and economic principles.

• Courses include: Financial markets, empirical asset pricing, macroeconomics, and financial markets.
• Duration: 5 years
• Tuition : Full funding
• Financial aid: Research & teaching assistantship, grants, outside employment, and outside support.
• Delivery: On-campus
• Acceptance rate: 5%
• Location: Stanford, California

The University of Pennsylvania, The Wharton School

The University of Pennsylvania’s renowned Wharton School of Business is home to faculty who are well-known in the field of business research. The school boasts a low student-faculty ratio in an atmosphere that allows you to work with faculty members as peers. This doctor of finance program emphasizes subjects like asset pricing, corporate finance, and portfolio management. This helps students become experts in research and teaching in these areas.

• Courses include: Topics in asset pricing, financial economics, and international finance.
• Credits: 18 courses
• Financial aid: Fellowships, grants, student employment, health insurance, stipend, and loans.
• Acceptance rate: 9%
• Location: Philadelphia, Pennsylvania

The University of Chicago, Booth School of Business

Booth School of Business is a major center for finance education because its faculty includes Eugene F. Fama, Nobel laureate and the father of modern empirical finance. This finance doctoral degree has an option for a joint PhD in collaboration with the university’s economics department.

• Courses: Financial economics, financial markets in the macroeconomy, and behavioral finance.
• Tuition : Refer tuition page
• Financial aid: Grants, stipends, health insurance, scholarships, fellowships, teaching assistantships, research assistantships, and loans.
• Acceptance rate: 7%
• Location: Chicago, Illinois

The University of Illinois at Urbana-Champaign, Gies College of Business

The University of Illinois at Urbana Champaign is one of the best places for studying and conducting research in finance. Its finance research faculty was ranked #4  in the UTD Top 100 Business School Research Rankings between 2016-2019. In this PhD in finance program, students can take the qualifying examination at the end of the first year and, if successful. They’ll be able to start their research project earlier and complete the degree sooner.

• Courses include: Empirical analysis in finance, corporate finance, and statistics & probability.
• Duration: 4-5 years
• Financial aid: Full tuition waiver, stipends, scholarships, grants, student employment, and loans.
• Acceptance rate: 63%
• Location: Champaign, Illinois

Massachusetts Institute of Technology, Sloan School of Management

The Sloan School is one of the top research centers in the world, which aims to transform students into experts who can handle real-world problems in a wide range of spheres, from business and healthcare to climate change. This PhD program in finance gives students the flexibility to choose between a wide range of electives and even study some courses at Harvard.

• Courses include: Current research in financial economics, statistics/applied econometrics, and corporate finance.
• Duration: 6 years
• Financial aid: Full tuition, stipend, teaching assistantships, research assistantships, health insurance, fellowships, scholarships, and loans.
• Location: Cambridge, Massachusetts

Northwestern University, Kellogg School of Management

The Kellogg School of Management allows students to conduct independent research under the supervision of faculty who’ve made significant contributions to the field and have earned numerous prestigious awards. This doctorate of finance program’s admission process has a dual application option. You can also apply to the Economics PhD simultaneously, so if you are not selected for the finance program, you may be considered for economics.

• Courses include: Econometrics, corporate finance, and asset pricing.
• Duration: 5.5 years
• Financial aid: Tuition scholarship, stipends, health insurance, moving allowance, and subsidies.
• Location: Evanston, Illinois

The University of California Berkeley, Haas School of Business

The Haas School of Business in Berkeley is an innovative institution that questions the status quo, takes intelligent risks, and accepts sensible failures in its path to progress. This finance PhD program offers students opportunities to learn about cutting-edge research from faculty from around the world.

• Courses include: Corporate finance theory, stochastic calculus, and applications of psychology & economics.
• Tuition : Refer cost page
• Financial aid: Fellowships, grants, tuition allowance, stipends, teaching assistantships, and research assistantships.
• Acceptance rate: 17%
• Location: Berkeley, California

The University of Texas at San Antonio, Alvarez College of Business

The Alvarez College of Business is one of the forty largest business schools in the USA. It follows a comprehensive and practical approach to education that allows students to apply the knowledge they gain directly in the workplace. This PhD in finance encourages students to do collaborative research with the faculty, which helps them publish their own academic papers before they even complete the program.

• Courses include: Corporate finance, international financial markets, and microeconomic theory.
• Credits: 84 (post-bachelors)
• Financial aid: Scholarships, grants, work-study, teaching assistantships, research assistantships, research fellowships, and loans.
• Acceptance rate: 84%
• Location: San Antonio, Texas

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

Liberty University is a non-profit institution among the top five online schools in the USA and has been offering fixed tuition fees for the past seven years. This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature.

• Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc.
• Credits: 60
• Duration: 3 years average
• Tuition : $595 per credit
• Financial aid: Grants, scholarships, work-study, veteran benefits, and loans.
• Delivery: Online
• Acceptance rate: 50%
• Location: Lynchburg, Virginia

Northcentral University

PhD in Business Administration (PhD-BA) – Finance Management

Northcentral University was founded with the objective of offering flexible, fully-online programs to working professionals around the world. This doctorate degree in finance online is flexible and allows you to design your own schedule. You will also get one-on-one personal mentoring from qualified faculty.

• Courses include: Business financial systems, business statistics, and business leadership & strategy.
• Duration: 84 months average
• Tuition: $1,105 per credit
• Financial aid: Grants, scholarships, and military scholarships.
• Acceptance rate: NA
• Location: Scottsdale, Arizona

Things To Consider When Choosing a Finance PhD Program

The right PhD program for you is a very personal decision and will depend on several individual factors.

However, these general questions will help you to make the right choice:

• Is the university properly accredited?
• Does the university conduct innovative and cutting-edge research?
• Are there renowned faculty members who you’ll want to work with?
• Do they offer subjects or specializations that match your career goals?
• What is the school’s placement history?
• What are the tuition fees, costs, and options for scholarships and financial aid?
• Does the program offer online study options?

It’s also important to consider if you want to pursue a career in academia or work in organizations as a senior finance professional. A PhD degree will generally set you up for a career in research or academia, while a DBA is more suited to a career in business or government.

Preparing for a Finance Doctorate Program

It’s important to start preparing early if you want to be selected for one of the best finance PhD programs.

These handy tips can help you put your best foot forward:

• Research the requirements of the best universities offering PhD in finance degrees, including pre-requisite subjects and qualifying grades. Keep these in mind when completing your bachelor’s or master’s degree.
• Understand your strengths and weaknesses in relation to the program’s requirements. Work on your weaknesses and continue to hone relevant skills.
• Read extensively in the field and keep up-to-date on regional and global developments.
• Join communities of finance professionals to build your network and be exposed to the latest knowledge in the discipline.

Skills You Gain from Earning a PhD in Finance

The most important skills you learn as a doctor of finance include:

• Communication skills, including writing and presentation skills
• Data analytical skills
• Economics and accounting skills
• Critical thinking skills
• Mathematical skills
• Analytical software skills
• Management and leadership skills
• Problem-solving skills

PhD Programs in Finance FAQs

How long does a phd in finance take.

PhD programs in finance usually take between three and eight years to complete.

Is It Worth Getting a PhD in Finance?

A PhD in Finance is a qualification that’s in high demand today. It is a terminal degree and can help you get top-level jobs with lucrative salaries in corporate or large organizations.

How Much Can You Make With a PhD in Finance?

With a finance doctorate, you can expect to earn a salary anywhere from around $45,000 to $150,000, depending on your experience, role, and the organization you work for. According to the BLS, the average salary for finance PhD holders is $131,710 .

What Do You Need To Get a PhD in Finance?

The admissions requirements vary depending on the program, but you’ll typically need a bachelor’s or master’s degree in finance. The programs can take three to eight years of coursework and research.

To apply, you’ll usually need to submit:

• Application
• Academic resume
• Academic transcripts
• Recommendation letters
• GRE or GMAT score
• Personal essay

Final Thoughts

With a doctorate in finance, you can build a rewarding career in academia, research, or the business sector. Like any doctorate, these programs ask for dedication and hard work. By planning early, you’ll set yourself up to pursue one of the best PhD programs in finance.

For more on how to build your career in the field, take a look at our guides to the best master’s degree in finance , the highest paying PhDs , and fully-funded PhD programs .

Lisa Marlin

Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.

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• Best Online Ph.D. In Finance Programs

Best Online Ph.D. In Finance Programs Of 2024

Updated: Mar 28, 2024, 12:10pm

A Ph.D. in finance can prepare you for various specialized, high-level roles in financial management , business management, financial analysis and academia. Schools of business often offer finance as a concentration within a broader business management or business administration doctoral program .

Finance doctoral programs explore investment analysis, strategic financial planning, advanced accounting and corporate finance. In addition to coursework, students must research, write and defend a dissertation.

This page lists all four schools that meet our ranking criteria and offer online Ph.D. in finance programs. Learn how to choose and what to expect from a Ph.D. in finance program.

Why You Can Trust Forbes Advisor Education

Forbes Advisor’s education editors are committed to producing unbiased rankings and informative articles covering online colleges, tech bootcamps and career paths. Our ranking methodologies use data from the National Center for Education Statistics , education providers, and reputable educational and professional organizations. An advisory board of educators and other subject matter experts reviews and verifies our content to bring you trustworthy, up-to-date information. Advertisers do not influence our rankings or editorial content.

• 6,290 accredited, nonprofit colleges and universities analyzed nationwide
• 52 reputable tech bootcamp providers evaluated for our rankings
• All content is fact-checked and updated on an annual basis
• Rankings undergo five rounds of fact-checking
• Only 7.12% of all colleges, universities and bootcamp providers we consider are awarded

Our Methodology

We ranked four accredited, nonprofit colleges offering online Ph.D. in finance programs in the U.S. using 14 data points in the categories of student experience, credibility, student outcomes and affordability. We pulled data for these categories from reliable resources such as the Integrated Postsecondary Education Data System ; private, third-party data sources; and individual school and program websites.

Data is accurate as of February 2024. Note that because online doctorates are relatively uncommon, fewer schools meet our ranking standards at the doctoral level.

We scored schools based on the following metrics:

Student Experience :

• Student-to-faculty ratio
• Socioeconomic diversity
• Availability of online coursework
• Total number of graduate assistants
• Portion of graduate students enrolled in at least some distance education

Credibility :

• Fully accredited
• Programmatic accreditation status
• Nonprofit status

Student Outcomes :

• Overall graduation rate
• Median earnings 10 years after graduation

Affordability :

• In-state graduate student tuition and fees
• Alternative tuition plans offered
• Median federal student loan debt
• Student loan default rate

We listed all four schools that met our ranking criteria.

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Online Ph.D. in Finance Options

How to find the right online finance ph.d. program for you, should you enroll in an online ph.d. in finance program, accreditation for online ph.d.s in finance, frequently asked questions (faqs) about online ph.d.s in finance, university of the cumberlands, texas tech university, kansas state university, national university.

Program Tuition Rate

$749/credit

Percentage of Grad Students Enrolled in Distance Education

Overall Graduation Rate

The University of the Cumberlands in Williamsburg, Kentucky, offers a hybrid executive Ph.D. in business with a specialty in finance. Learners develop leadership, research and teaching skills that can help them excel in business.

The curriculum includes core, professional research and specialty area coursework. The program also requires an applied learning practicum every semester, which lets students apply knowledge in real-world settings and gain professional experience. Learners must also attend an intensive in-person residency weekend each semester.

Admission requirements include a minimum 3.0 GPA and a master’s degree in a relevant field.

• Our Flexibility Rating: Learn on your schedule
• School Type: Private
• Application Fee: $30
• Degree Credit Requirements: 66 credits
• Program Enrollment Options: Full-time
• Notable Major-Specific Courses: Managerial ethics and social responsibility, comparative economics
• Concentrations Available: N/A
• In-Person Requirements: Yes, for residency weekends and applied learning practicums

$9,518/year (in-state)

Texas Tech University claims to offer the first Ph.D. in financial planning, a 60-credit program that equips students for careers in financial planning research and academia. Texas Tech delivers the Ph.D. both on campus and online.

Students in the program must complete a dissertation in addition to 60 credits of graduate coursework. The degree prepares students to become Certified Financial Planners™ (CFPs), and learners who have not yet completed a CFP board-registered financial planning program may have to complete additional classes. The degree program requires an entrance exam and field experience.

• Our Flexibility Rating: Learn around your 9-to-5
• School Type: Public
• Application Fee: $75
• Degree Credit Requirements: 60 credits
• Example Major-Specific Courses: Security industry essentials for financial planning professionals, legal and regulatory aspects of personal financial planning
• In-Person Requirements: Yes, for field experience

$661/credit

Kansas State University features a Ph.D. in personal financial planning available in a hybrid format, with some degree requirements taking place on the school’s Manhattan, Kansas, campus. K-State claims to offer the first predominantly online personal financial planning doctorate, one of only three programs registered with the CFP Board. The program is designed with working professionals in mind.

Learners take online courses during the winter and spring semesters. During summer terms, students complete residency sessions and 10-day intensives on campus. The final summer term involves international travel to explore how global markets impact financial planning in the United States.

• Application Fee: $65
• Degree Credit Requirements: 90 credits
• Example Major-Specific Courses: Retirement planning for families, introduction to financial therapy
• In-Person Requirements: Yes, for on-campus residencies and cohort travel

$442/quarter credit

You can earn a fully online Ph.D. in business administration degree with a concentration in financial management from National University , based in San Diego, California. The program explores financial analysis, strategic planning, and research and development. Coursework focuses on international financial issues, accounting for nonprofit organizations and investment analysis. Students also complete dissertation research.

You can start working on your degree whenever it’s most convenient for you, with start dates every Monday. The program requires 20 courses and takes 40 months to complete. For direct entry into the program, you’ll need a master’s degree in a general business area or a master’s in any field and an undergraduate business degree.

• Application Fee: Free
• Degree Credit Requirements: 60 quarter credits
• Notable Major-Specific Courses: Investment portfolio analysis, advanced financial statement analysis
• In-Person Requirements: No

Not sure where to start in your college search? Let’s explore your options.

Consider Your Future Goals

An online doctorate in finance can help you obtain the knowledge and credentials you need to qualify for an advanced, research-based career in finance . But each program is unique, so you’ll need to do some research to find the one that best matches your career goals.

For example, find out if your prospective online Ph.D. in finance requires an internship or another form of field experience. Real-world experience can round out your education and help you make valuable connections for when you graduate. However, it can also add time to your degree and make it more difficult to work your learning around a full-time job.

Understand Your Expenses and Financing Options

Our guide includes four online Ph.D. in finance programs. Though tuition rates vary widely among programs, total tuition for the best online Ph.D. in finance programs on our list averages around $45,000.

To help fund your degree, you can apply for federal student aid, including scholarships, grants and loans, by filling out the Free Application for Federal Student Aid . You can also ask about funding opportunities like scholarships, grants, fellowships, and graduate research and teaching assistantships offered directly by your university or department.

Online learning can make a graduate-level education more accessible in many ways, but distance learning doesn’t necessarily work for everyone. Weigh the following when deciding whether to enroll in an in-person or online finance Ph.D.

• What’s your learning style? Online programs work best for students who don’t have a problem staying on task, managing deadlines and motivating themselves. If you think you’d do better with the structure and support that comes with attending scheduled in-person classes, consider an on-campus program.
• What’s your budget? If you’re looking to earn your Ph.D. in finance at a lower cost, online programs can provide savings. While out-of-state students usually pay higher tuition rates to attend in-person programs at public universities, online learners often receive discounted rates regardless of where they live. Distance learners can also save money by avoiding high costs associated with relocation, housing and transportation.
• What’s your schedule? If you need flexibility to manage a job or other time-consuming responsibilities while in school, an online program might be your best bet. Asynchronous programs in particular allow you to complete coursework on your schedule through pre-recorded lectures and online discussion boards.

Any school you consider for your online finance Ph.D. should hold institutional accreditation. You’ll need to attend an accredited school if you want to qualify for federal financial aid. Plus, employers and credentialing bodies often recognize degrees only from accredited institutions.

Institutional accreditation comes from third-party agencies that assess colleges to ensure they meet minimum quality standards related to faculty, academic programs, student outcomes and educational resources.

Accrediting bodies in the U.S. receive approval from the U.S. Department of Education or the Council for Higher Education Accreditation.

Programmatic accreditation offers a similar stamp of approval for individual degree programs or departments within universities. You may need a programmatically accredited degree to qualify for certain jobs and professional certifications.

An online Ph.D. in finance might hold programmatic accreditation from an accrediting agency that evaluates business-related programs, such as the Accreditation Council for Business Schools and Programs, the Association to Advance Collegiate Schools of Business or the International Accreditation Council for Business Education.

You can look up school and program accreditation information on CHEA’s website .

What is a Ph.D. in finance?

A Ph.D. in finance is a terminal business degree that develops advanced knowledge and skills in investing, corporate finance and economics. This diploma can prepare for finance-related roles in research and academia.

How long is a Ph.D. in finance?

The time it takes to earn a Ph.D. in finance varies depending on your program and enrollment status. It typically takes four to eight years to complete a doctorate, but you may be able to graduate from an online finance Ph.D. program in a little less than four years.

Is a Ph.D. worth it financially?

It depends on how much your degree costs and how much you can expect to make after you graduate, but a doctoral degree in finance can be well worth the investment. The U.S. Bureau of Labor Statistics (BLS) reports that workers employed in business and financial occupations earned a median annual wage of $76,850 in May 2022. If you pursue one of the higher-paying roles in this field, like financial analyst, you can earn a median salary of $96,220 per year.

How much does a Ph.D. in finance make in the U.S.?

How much you can expect to make with a Ph.D. in finance depends on your job, employer, geographic location and experience level. Ph.D. holders commonly work in academia; the BLS reports that business professors, including finance professors, earn a median annual salary of $88,790.

Liz Simmons has been writing for various online publications about career development, higher education and college affordability for nearly a decade. Her articles demystify the college application process and help prospective students figure out how to choose a major or career path.

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PhD in Finance

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

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

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

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

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

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

Lubos Pastor

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

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

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

Robert W. Vishny

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

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Alumni Success

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

Shohini Kundu, MBA '20, PhD '21

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

Jane (Jian) Li, PhD '21

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

Spotlight on Research

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

A Brief History of Finance and My Life at Chicago

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

Climate-Policy Pronouncements Boost 'Brown' Stocks

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

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

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

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

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

A Network of Support

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

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

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

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

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

The PhD Experience at Booth

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

Video Transcript

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

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

Current Finance Students

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

Current Students

Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi  Huan (Bianca) He 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 Doctoral Program at Chicago 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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From the Finance Ph.D. Liaison

“Welcome to UCLA Anderson’s Finance area, long recognized as one of the world’s top programs. Our Ph.D. students work with renowned faculty whose expertise covers corporate finance, macroeconomics, asset pricing, derivatives, investments and behavioral finance. The UCLA Anderson Doctoral Program is highly selective. We expect you to develop a passion and tenacity for excellent research in finance and, through mentorship and collaboration, we prepare you for a distinguished academic career. We look forward to receiving your application.”

Barney Hartman-Glaser Professor of Finance

Explore the Program

Recent publications.

Risk and Return in Segmented Markets with Expertise Andrea Eisfeldt

Complex assets appear to earn persistent high average returns, and to display high Sharpe ratios – but investor participation is very limited. Eisfeldt, along with co-authors Hanno Lustig and Lei Zhang, provides an explanation for these facts using a model of the pricing of complex securities by risk-averse investors who are subject to asset-specific risk in a dynamic model of industry equilibrium.  

Read Publication

Learning Millennial Style Bruce Carlin

The growing use of online educational content and related video services has changed the way people access education, share knowledge, and possibly make life decisions. Here, Carlin – with co-authors Li Jiang and Stephen A. Spiller – characterizes how video content affects individual decision-making and willingness to share in the context of a personal financial decision.  

Volatility Managed Portfolios Tyler Muir

Managed portfolios that take less risk when volatility is high produce large, positive alphas and increase factor Sharpe ratios by substantial amounts. Muir, together with co-author Alan Moreira, documents a profitable trading strategy that increases stock market exposure in low volatility episodes and reduces exposure in high volatility times.  

Alumni Success

Robert Richmond (’16)

First academic placement: NYU Stern

In 2016, Robert Richmond earned the Conference on International Finance Best Paper Award (2016), the Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research and the Xavier Drèze award for most outstanding Ph.D. research paper. His current research uncovers an economic source of exposure to global risk that drives international asset prices.

Mindy Xiaolan Zhang (’14)

First academic placement: UT Austin

Mindy Zhang is recipient of the 2014 Trefftzs Award for Best Student Paper, WFA; and the 2014 Yihong Xia Best Paper Award, CICF. She conducts research on macro finance, equilibrium asset pricing, dynamic contracting, dynamic corporate theory, labor and finance.

Tobias J. Moskowitz (’98)

First academic placement: University of Chicago Booth School of Business

Recipient of numerous honors and awards, Tobias "Toby" Moskowitz is one of UCLA Anderson's Inspirational 100 alumni. Moskowitz was named the inaugural Dean Takahashi '80 B.A., '83 M.P.P.M. Professor of Finance at Yale School of Management in 2016. He was previously the Fama Family Professor of Finance at the University of Chicago Booth School of Business, where he had taught since 1998. In 2011, he co-authored the best-selling book Scorecasting , which uses economic principles to explain the hidden side of sports.

Joshua D. Coval (’97)

First academic placement: University of Michigan Business School

Joshua Coval's current research investigates the structured finance market and how investor reliance on ratings and unsound pricing models led to the spectacular rise and collapse thereof. His research awards include the 2000 and 2005 Smith-Breeden Prize for the best paper in the Journal of Finance . His research has been featured in The Economist, the Wall Street Journal, the New York Times, the Chicago Tribune, Time, Money Magazine and Financial Times .

William F. Sharpe (’61)

Winner of the 1990 Nobel Prize in Economic Science, William Sharpe was mentored at UCLA by the late Professor J. Fred Weston. Sharpe was one of the originators of the Capital Asset Pricing Model and developed the Sharpe Ratio for investment performance analysis. He co-founded the independent investment advisory firm Financial Engines.

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The Columbia Advantage

Finance Doctoral students are trained in major areas in finance and economics, including, asset pricing, corporate finance, continuous-time models in finance, information economics, international finance, market micro-structure, and banking. The program prepares students for careers in scholarly research, and graduates take jobs primarily in academic or research institutions, while some students opt to work in industry. Details about the coursework and research students conduct on their way to earning their doctorate can be found on the  Academics page.  

The Finance Division at Columbia Business school has a track record of training scholars who go on to become academics at Universities, including many of the world’s most prestigious institutions. Our placement success is due in part to the close working relationship that students develop with the faculty in the division. The School intentionally keeps the PhD program small making it easier for students to find faculty collaborators and thrive. See our  Placement page  for more information.

Student Life

The Columbia Business School doctoral community consists of 125 students across six programs. The program attracts exceptional students from all over the world who are looking to develop research skills under the tutelage of faculty experts. Students come to the School for the exceptional training but also because they value the diversity, creativity, entrepreneurship and social tolerance that NYC offers. See here  for more about student life. 

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• Youth Program
• Wharton Online

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

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

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

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

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

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

Get the Details.

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

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

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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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The Finance doctoral program provides students with rigorous training in finance, economics, mathematics and statistics. These tools, plus opportunities for supervised independent research, enable students to make their own contributions to the understanding of financial markets and institutions that lead to productive research careers. The Finance doctoral program trains students to apply empirical methods and theoretical tools to advance our understanding of how financial markets and institutions work, and how they may contribute to economic development. The program aims to produce scholars who develop rigorous and creative research in finance and economics. Students are exposed to a variety of research methods in their coursework, and interact closely with faculty as they develop their own research projects. A distinctive characteristic of our program is its close ties with the Department of Economics, which are fostered by joint seminars, mutual advising of students, and frequent collaboration on research projects. The academic interests of the finance faculty also span a very broad range of topics in finance, from the role of culture and trust in financial markets to the identification of jump risk premiums. The breadth of knowledge and interests of our faculty create an environment that encourages students to conduct advanced research in novel aspects of the field.  

Active Research Areas :  Current theoretical and empirical research in Finance spans the areas of asset pricing and corporate finance. Research topics include corporate governance, household financial decisions, macro-finance, financial crises, the pricing of securities in financial markets, international finance, financial history, development economics, market microstructure, regulation, and financial econometrics. Please note: Applicants to economics-based PhD programs, such as Finance, may opt-in to have their application considered by Weinberg's Economics PhD program. More information about this option is available on The Graduate School website . 

Finance faculty members include scholars who are fellows of the American Academy of Arts and Sciences, the National Bureau of Economics Research, and the Society for Financial Econometrics, as well as recipients of the Smith Breeden Prize from the American Finance Association and other top paper awards. Several faculty serve/served in editorial positions at leading journals, such as the Journal of Finance, Journal of Monetary Economics, and Econometrica , and as directors of the American Finance Association and past-presidents of the Western Finance Association. Recent publications within top economics and finance journals include American Economic Review , Econometrica , Journal of Finance , Journal of Financial Economics, and Journal of Political Economy.

What We Are Looking for in Applicants

We seek students with strong training in mathematics and statistics and a solid background in economics, either through prior study or through work and research experience. Recommended coursework at an advanced level includes calculus, linear algebra, optimization, probability and statistics. Although a master’s degree is not required, about half of our incoming class has a graduate degree. Prior research experience is not required.

Program Requirements

In years one and two, students take three or four courses each quarter (fall, winter, spring). The first-year students complete the three core sequences in Microeconomics, Macroeconomics and Econometrics. In year two, students enroll in the 3-course sequences in asset pricing and corporate finance, plus an additional course/elective – preferably from the Economics Department. Students must maintain a minimum 3.0 grade point average (GPA). Qualifying Exam At the end of year one, students are required to establish competence in the Economics course sequences: Microeconomics, Macroeconomics and Econometrics. This competence is satisfied by achieving a 3.0 grade point average (GPA) across the nine required courses in the sequence.

During the summer following the student’s second year of study, students must pass a comprehensive qualifying exam designed to measure competence in both asset pricing and corporate finance or they must demonstrate competence by maintaining a 3.6 GPA average across both course sequences.

Candidacy As students transition from coursework to research, they are required to write an original research paper in the summer of their second year supervised by a faculty advisor. Students present their completed research project to the department in September following the summer quarter of their second year. At that time their performance is reviewed by the Finance faculty, and upon successfully completing their coursework, passing their qualifying exam and second-year paper, students are admitted to candidacy.

Fourth Year Paper At the end of the fall quarter of the fourth year, students are required to pass the dissertation proposal requirement by presenting a completed research paper to the department. The research paper has to be sufficiently advanced to be part of the student's dissertation. Students who do not pass the dissertation proposal at that stage have an additional opportunity to do so by the end of the spring quarter of the fourth year.

Research, Proposal & Dissertation The main activity in years three and four is research toward a thesis of publishable quality, under the direction of one or more faculty advisors. During the third year, students are required to present their work in progress to the department. A thesis proposal must be presented to the Finance faculty by the end of fall quarter of their fourth year. In their final year in the program, each candidate must complete a dissertation demonstrating original and significant research and must pass a final oral examination (“defense”) on the dissertation.

Teaching Requirement To promote engagement with faculty and integration with the intellectual life of the department, students serve as research assistants and teaching assistants during years two, three, and four. Research assistantships (RAs) are an excellent lead-in to research; teaching assistantships (TAs) prepare students for teaching after obtaining the PhD.

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Finance ph.d., earn a ph.d. in business and a major concentration in finance and learn from and work with top faculty members.

The Ph.D. in Business and a Major Concentration in Finance at Rice University prepares doctoral graduates to be superior classroom instructors and research scholars in financial economics upon graduation.

Our emphasis on research productivity, collaboration and collegiality is reflected in the students’ high completion rate in the program and the faculty’s commitment to the success of their students.

Deeply invested in the path their students take, the finance faculty believe in an open-door policy and collegial atmosphere during the program and after graduation. The essence of the finance doctoral program is the opportunity to learn from and work with top quality faculty members on a broad range of topics in modern finance. 

Interested in Rice Business?

Discussing and debating my ideas with professors at Rice Business honed the ideas into specific and testable questions. When time is a person's most precious commodity and people who give it to you believe strongly in what you are doing, you know you're in the right place. Lizzy Berger, Ph.D. in Finance '16 Assistant Professor of Finance, Johnson Graduate School of Management, Cornell University

Program Information

Rice Business offers an outstanding program for doctoral students interested in finance.

Full financial assistance will be offered to each admitted student in the Ph.D. in Finance program in the form of a research assistantship, where the student must work as a research assistant for assigned faculty members. The financial assistance is merit-based and is contingent on continued satisfactory progress (which includes prior satisfactory performance as a research assistant).

Tuition Grants

Full tuition support is available for each year of full-time study, conditional on satisfactory progress in the doctoral program.

Admitted students will be offered stipend support of $40,000 per fiscal year*. This stipend is available for each year of full-time study, conditional on satisfactory progress in the doctoral program.

Research and Academic Support

Each student will be provided with a workspace, a personal computer with office software**, including all necessary (as determined by area faculty) statistical packages and access to the Rice University network, library access, online academic journals access and e-mail. Each student will also have available $1,000 per year for miscellaneous research and academic expenses such as text books required for classes, computer upgrades, conference travel etc. Students may roll over unused monies from one year to the next.

*A condition for such stipend support is that the student must not engage in outside work for pay without prior permission from the Ph.D. program director. An incoming student bringing outside financial support in the form of a merit-based or fellowship will still be eligible to receive the stipend in full in addition to such outside support. If a student in the third year or beyond generates such outside support, the Rice Business stipend will be decreased by 50 percent of the outside support.       

**The computer will be refreshed after successful defense of the dissertation proposal. Instead, students completing their third year of study may be eligible for a computer refresh if needed and with the recommendation of their advisor.

Most coursework is completed in the first three years of the Ph.D. program. Students are expected to be in residence throughout the calendar year. Exceptions to this requirement must be approved by the student's dissertation chairperson, area advisor, and the director of the Ph.D. program.

All Ph.D. students are required to complete a doctoral dissertation and must maintain at least a 3.0 (B) grade point average. Students must defend their dissertation research proposal within a maximum of five years from the time of matriculation and defend their dissertation within a maximum of seven years from the time of matriculation.

Academic Timeline

Your coursework over the first two years, which should cover a minimum of nine courses, will be determined by you in consultation with the finance area faculty advisor.

You must defend your dissertation research proposal within a maximum of five years from the time of matriculation and defend your dissertation within a maximum of seven years from the time of matriculation.

These times represent generous upper limits. Students will be expected to complete their doctoral studies well within these stipulated deadlines.

Requirements

Course, Research Work and Dissertation Advisor

• The student’s course work must be approved by the area faculty advisor.
• The student is expected to attend all research seminars organized in the finance area during the student’s tenure in the Ph.D. program. Moreover, during each semester of the second and third years, the student must write a short summary and critical comments on two papers presented in the research seminar during the semester. These reviews are to be submitted to the area advisor and will be graded by a subset of area faculty for a Pass/Fail grade.
• Students are expected to be fully engaged in research during all the summers, including the summer of their first year, of their tenure in the Ph.D. program.
• Students must have a Rice Business finance faculty member who has agreed to serve as their dissertation advisor by January 1 of their third year in the program.

Exam Requirements

• Students must successfully pass a comprehensive exam administered by the finance faculty at the end of the fall semester of the second year. The exam will be administered and graded by finance faculty, under the supervision of the finance area advisor.  

Third-Year Research Paper Each student must write and present a sole-authored original research paper during their third year in the program. The paper must be presented by October 15 of the student's third year in the program. The specific procedures are as follows:

• By March 1 of the student’s second year in the program, two Rice Business faculty members must agree to serve as readers of the paper.
• A student must submit a detailed outline of the paper and a copy of the  Third-Year Paper Outline Approval Form , signed by the two faculty readers, to the finance area advisor by June 1 following the student's second year in the program. The outline for an empirical paper should include: (1) the research hypothesis, 2) motivation for the research hypothesis, (3) description of the data, (4) description of the empirical tests, and (5) the expected contribution to the literature. The outline for an analytical paper should include: (1) the basic phenomenon under study, (2) the economic setting, (3) the modeling approach, (4) the fundamental assumptions, and (5) the expected contribution to the literature. The outline should also include references to the related literature investigating the research topic and to any studies underpinning the analytical methods to be used.
• A student must submit a copy of the completed third-year paper to the finance faculty advisor and to the two faculty readers by September 15 of the student's third year in the program.
• A student must present the third-year paper at a research workshop at a date chosen by the faculty during the first half of October of the student's third year in the program and at least one of the faculty readers must be present and sign the  Third-Year Paper Presentation Form , stating that the presentation is acceptable.

Failure to complete the Third-Year Paper requirement, as outlined above, will mean that the student is not making satisfactory academic progress in the Ph.D. Program and is grounds for dismissal from the doctoral program.

Sample Course Sequence

The course curriculum is designed around a challenging course of study in both the theory of financial economics and in cutting edge empirical work. Here is a sample course sequence for a doctoral student in finance. BUSI 524, 525, 526, and 527 are half-semester courses on special topics in finance taught biennially. Students should consult the finance area advisor regarding whether to substitute a more advanced math course for Math 321 in the fall of the first year.

Year 1 - Summer (May 23 - August 15) Math Camp and Stat Camp

Year 1 - Fall ECON 501 - Microeconomic Theory I ECON 502 - Macroeconomics I MATH  321 Introduction to Analysis I ECON 510 - Econometrics I   Year 1 - Spring ECON 508 - Microeconomic Theory II ECON 511 Econometrics II BUSI 521 Asset Pricing Theory    Year 2 - Fall BUSI 524 or BUSI 525 BUSI 523 - Empirical Methods in Finance BUSI 522 - Corporate Finance   Year 2 - Spring BUSI 526 or BUSI 527

Year 3 - Fall BUSI 524 or BUSI 525 

Year 3 - Spring BUSI 526 or BUSI 527   Course Descriptions BUSI 521: Asset Pricing Theory This course is an introduction to portfolio choice and asset pricing theory. Topics include expected utility maximization, stochastic discount factors, arbitrage, mean-variance analysis, representative investors, and beta-pricing models. Single-period and dynamic models are studied.

BUSI 522: Corporate Finance The purpose of this course is to provide a background for understanding the major research directions in corporate finance. Topics include theory of the firm, capital structure, external financing decisions, payout policy, agency problems, corporate control and governance, investment decisions, and the role of financial institutions in corporate transactions.

BUSI 523: Empirical Methods in Finance This course is an introduction to empirical research in finance, covering the techniques most often used in the analysis and testing of financial economic theory. The course covers both time-series and cross section methods. Topics include event studies, empirical tests of asset pricing models, forecasting relationships, return predictability in the time-series and cross-section, asset pricing anomalies, and specification and identification issues in corporate finance.

BUSI 524, 525, 526, 527: Advanced Topics in Finance These are half-semester courses covering various topics in financial economics.

Certification of Candidacy indicates that a student has reached the advanced stage of the Ph.D. Program, permitting him/her to devote full time to writing a dissertation. At least eight months must elapse between admission to candidacy and conferral of the degree. The requirements for candidacy are:

• Successful completion of the course work requirements.
• Successful completion of the examination requirements.
• Seyed Mohammad Kazempour, Assistant Professor, Louisiana State University
• Billy Xu, Assistant Professor, University of Rochester
• Lawrence Zhao, Assistant Professor, Texas Tech University
• Yessenia Tellez , Assistant Professor, Virginia Tech
• Livia Yi , Assistant Professor, Boston College
• Emmanuel Yimfor , Assistant Professor, Ross School of Business, University of Michigan
• Michael Dong , Assistant Professor, College of Business, California State University Long Beach
• Justin Balthrop , Assistant Professor, School of Business, University of Kansas
• Jonathan Bitting , Assistant Professor, Walker College of Business, Appalachian State University
• Ron Ruomeng Liu , Assistant Professor, College of Business, University of Nebraska
• Alberto Teguia , Assistant Professor, Sauder School of Business, University of British Columbia
• Erik Mayer , Assistant Professor, Cox School of Business, Southern Methodist University
• Ioannis Spyridopoulos , Assistant Professor, Kogod School of Business, American University
• Lizzy Berger , Assistant Professor, Johnson College of Business, Cornell University
• Morad Zeknini , Assistant Professor, Freeman School of Business, Tulane University
• Edwin Hu, Financial Economist, Office of Markets, Securities and Exchange Commission

Every year, we have a diverse group of applicants for the finance Ph.D. program. Successful applicants have been music majors, engineers, newly graduated undergraduates, MBAs, Ph.D.s in other fields, economists, finance majors, computer scientists, and financial professionals. Although applicants who have strong backgrounds in mathematics, economics, and statistics and demonstrate proficiency in spoken and written English are among the most competitive in our applicant pool, we give all applicants due consideration.

Successful candidates for admission typically have had GMAT scores between 710 and 760. Roughly half of admitted candidates take the GRE instead of the GMAT and have comparable scores. In the spring, we arrange for finalists come to campus to see the school and meet the faculty.

The business school accepts students for full-time study beginning in the fall semester each year.

International applicants whose native language is not English need to submit a TOEFL score. If you applied to Rice Business previously, we ask that you submit the complete application package again regardless of the previous decision. You will be required to use a new e-mail address to start a new application.

An applicant must declare finance as their intended area of study while applying to the Ph.D. in Finance program. Selected candidates will be notified of admission decisions via e-mail no later than April 15. Candidates who submitted an application to the doctoral program and were not offered admission may re-apply for a later year.

Unlike MBA program applicants, Ph.D. program applicants are not required to have work experience. While experience is certainly helpful, evidence of strong intellectual ability is the most important factor.

Online Application: Using the online application , you will create a user account for the creation, submission and status of your application, including receipt of your supplemental documentation.

Application Requirements:  To be considered for admission, the following documents must be received no later than the posted application deadline: 

• Completed online Ph.D. application including a Statement of Purpose and CV/Résumé.
• Three confidential recommendations (academic strongly preferred). Recommendations should be submitted using the online application recommendation feature. After entering your recommender’s contact information into your application, the application system will immediately send an electronic "Recommendation" form to that individual.
• For reviewing purposes, electronic copies of transcript(s) can be uploaded through the online application system to meet the application requirements. (If you are offered admission to Rice, official paper or electronic transcript(s) will be required and should be sent directly to the Rice Jones Graduate School of Business by the issuing institution. Official transcript(s) are required from all undergraduate and graduate schools you have attended.)
• Your official Graduate Management Admission Test (GMAT) score report, or GRE test score report submitted directly to us (test taker copy not acceptable). This requirement will not be waived.
• To send your official GMAT score report, log on to  http://www.mba.com/mba/ , click “The GMAT” then “GMAT Scores and Score Reports”. The “Rice University Jesse H. Jones Graduate School of Business – PhD Program” code is 3WS-WD-54.
• To send your official GRE score report, log on to  http://www.ets.org , under “Tests” click “GRE”. Under “Test Takers” click “Order Additional Score Reports”. The “Rice U Mgmt PhD Program” code is 6618.

If you did not earn your undergraduate degree in the U.S., English-speaking Canada, Australia, New Zealand, or the United Kingdom, an official score report of your TOEFL (Test of English as a Foreign Language) taken within 2 years of your application date is required (test-taker copy not acceptable). This requirement is waived for international applicants who have received a Master's degree or a Doctorate from an institution within the U.S., English-speaking Canada, Australia, New Zealand, or the United Kingdom by the application deadline.

• To send your official TOEFL score report, log on to  http://www.ets.org , under “Tests” click “TOEFL” and then “Test Scores.” The “Rice University-Management PhD Program” code is 6618. 

A non-refundable application fee of $40 payable via credit card or check. Please make checks payable to Rice University. Applications will not be processed without the required application fee.

Please note that applicants may not apply for, or be considered for, more than one program at a time within the Jones Graduate School.

Minimum GMAT/GRE Score Requirements: While our program is highly competitive, we do not have a minimum GMAT/GRE score requirement.

Supplemental Application Materials:  While most of your application materials will be submitted electronically via our online application, materials that must be mailed should be addressed to:

Melinda Pena Ph.D. Admissions / MS 531  Jones Graduate School of Business  Rice University 6100 Main Street  Houston, TX 77005  

Finance Area Advisor

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About / Departments

Finance Department | Finance PhD Courses

Finance phd courses.

PhD in Finance

The Department of Finance, Real Estate, and Insurance and Risk Management at the Carl H. Lindner College of Business offers a rigorous, systematic, and highly structured doctoral program that develops quantitative, analytical, and teaching skills required for a successful career as a financial economist or as a faculty member. Our primary objective is to train scholars who will join top academic and research institutions or enter the field of financial economics.

The department has experienced phenomenal growth in the past few years, with exceptionally talented and highly energetic fresh PhDs from Columbia University, Indiana University, London Business School, and the University of Michigan joining our internationally renowned faculty. We work with a select number of PhD candidates each year on a wide range of empirical and theoretical research topics in finance.

• Asset pricing
• Corporate finance
• Experimental finance
• Financial institutions
• High-frequency trading
• International finance
• Market microstructure

Real Estate

• Housing policy
• Real estate finance
• Real estate investment
• Urban economics

Insurance and Risk Management

• Castastrophe risk
• Decision-making under risk
• Economics of uncertainty
• Innovations in managing risk
• Insurance markets
• Risk literacy
• Risk management

Our faculty publications appear in journals such as Geneva Risk, Insurance Review, Journal of Risk and Insurance, Journal of Risk and Uncertainty, Journal of Finance , Journal of Financial Research , Financial Review , Journal of Real Estate Finance & Economics , Quarter Journal of Business and Economics , Journal of International Business Studies , and the Pacific-Basin Finance Journal . 

Student support

Lindner doctoral students receive excellent research support. Our seminar series features prominent researchers. Our department has subscriptions to all major finance and accounting databases through WRDS, and funding is available to doctoral students for travel to conferences. Our top-ranked Carl H. Lindner III Center for Insurance and Risk Management and the UC Real Estate Center provide a great opportunity for doctoral students to interact with practitioners.

A collegial environment has long been a hallmark of Lindner PhD programs. Students frequently collaborate with one another and with faculty to produce original research. We strongly encourage these collaborations and place a high priority on students pursuing their own research agendas as quickly as possible. The finance program is highly selective, allowing faculty to work closely with each doctoral student to customize a program of study that meets his or her interests and needs. The goal of this interaction is for you to develop the ability to conduct original research that will become the cornerstone of your dissertation.

In order to enhance our students' teaching abilities, Lindner offers teaching workshops to develop their classroom skills. In our program, students are mentored by department faculty while in various teaching assistant roles and they are given hands-on teaching experience in the classroom to complete their teacher training.

The program begins with a thorough grounding in quantitative methods and economic and financial theory and is complemented by a sequence of seminars covering all the major areas of financial economics. Through work on an independent research paper, students develop the skills and ability necessary to conduct original research. Satisfactory performance on a written comprehensive examination marks the transition from coursework to full-time thesis research. A brief list of the research topics students may choose to pursue as a dissertation topic include theoretical, experimental, or empirical aspects of asset pricing, corporate finance, financial institutions, market microstructure, or real estate.

The program offers a thorough grounding in the basic tools of economics, statistics, and mathematics through a series of introductory courses followed by a series of well-defined seminars that cover the major areas of financial economics.

In addition to gaining basic analytical tools, candidates learn to develop economic intuition into financial problems and acquire the necessary mind-set to teach and conduct independent research as a university professor.

The curriculum consists of four components: required courses, an independent research paper, a comprehensive exam and a dissertation.

Course requirements

Students complete a program of study that leads to competency in three areas: quantitative methods, economics, and finance. The requirements of the program of study are typically satisfied by completing 18 courses in the first two and a half years of the program. Required courses include seven courses in quantitative methods and economics, six in finance, and several electives. In some cases coursework prior to entering the Program may be substituted for required courses.

Research paper

Students are expected to engage in research early in the program. All students work at least part-time as research assistants during the first two years of the program. By the end of their second year, students are required to submit a research paper as part of the FIN 9025 Research Colloquium. A more detailed description of the research paper and the standards and criteria used to evaluate it is available from (and maintained and updated by) the PhD Committee.

Comprehensive examination

Satisfactory performance on a written comprehensive examination marks the student's transition from coursework to full-time thesis research. The examination is intended to allow the student to demonstrate substantial knowledge of finance, economics and quantitative methods.

The candidate will have completed most course work, including all finance coursework, and submitted a satisfactory research paper prior to taking the comprehensive examination.

Dissertation

The doctoral dissertation is expected to be a substantial, significant and original contribution to knowledge. It is prepared under the guidance of a thesis committee of three or more faculty members (including one from outside the Finance department) selected by the candidate in consultation with his or her thesis advisor. Early in the process, the candidate submits a thesis proposal. The proposal is presented in a seminar to which the finance faculty and doctoral students are invited. The purpose of the presentation is to give the student an opportunity to hear the suggestions and comments of members of the UC finance community while the research plan is still fluid.

A thesis-defense seminar, open to the entire University of Cincinnati academic community, is held when the research is completed.

Required coursework

The finance PhD program requires the following coursework:

Introductory courses

• Introduction to Research and Teaching: taken the first semester in the program
• Philosophy of Science
• Business Core: if you do not have an MBA degree, you are required to become familiar with the basic body of knowledge (e.g, marketing, management, and accounting). Many of these courses can be waived if you have an MS degree.

Economic and Quantitative Methods (five courses)

• Principles of Probability
• Statistical Inference
• Econometrics I and II
• Microeconomic Theory

Typical electives (five courses):

• Options and Futures
• Math for Economists
• Financial Engineering
• Forecasting/Time Series Analysis
• Introduction to Cognitive Psychology
• Theory of Incentives
• SAS Programming
• Data Mining
• Linear Models
• Financial Mathematics I and II
• Applied Probability and Stochastic Processes
• Applied Economic Forecasting

The department offers the following seminars. The final seminar, FIN 9025 Research Colloquium: Special Topics in Finance, does not meet as a regular course. It is the course credit associated with the second-year paper.

FIN 9011: Foundations of Finance

• This course will introduce students to decision making under uncertainty (including consumer and producer theory, industrial organization, and welfare economics). Models with symmetric information (including static and dynamic portfolio and consumption choice problems) and asymmetric information (including models of moral hazard and adverse selection) will be covered.

FIN 9012: Corporate Finance Theory

• This course covers the theory of financial decision making in a variety of corporate forms (including public, private, start-up/entrepreneurial firms and financial intermediaries). This course will consider the theoretical foundations of the following topics: capital structure and payout policy, security issuance, governance (including mergers and acquisitions and performance incentives), and the existence of financial intermediaries. The course will also introduce the student to the tools of game theory (Nash equilibrium and refinements, screening/signaling models, etc.) used in theoretical corporate finance research.

FIN 9013: Empiracal Studies in Corporate Finance

• This course covers the empirical methodologies used in testing and investigating corporate finance topics and empirical examinations of important corporate finance issues. Representative topics covered include Empirical Methods/Techniques (event studies, long-term performance measurement); Mergers and Acquisitions (general issues, merger waves, proxy fights and takeovers); and, Performance Incentives and Organizational Form (boards of directors, compensation and insider holdings, institutional investors, blockholders, and corporate governance).

FIN 9014: Asset Pricing Theory

• This course covers the theory of how financial assets are priced (including equities, debt, and derivatives). Representative topics covered include the Efficient Markets Hypothesis, CAPM and APT, Intertemporal CAPM, Consumption CAPM, Derivatives Markets, and the Black-Scholes-Merton model.

FIN 9015: Empiracal Studies in Asset Pricing and Investments

• This course introduces students to current empirical asset pricing research. Representative topics covered include Time-Series Stock Return Predictability, Cross-Sectional Stock Return Predictability, the Dynamics of Stock Market Volatility, and the Stock Market Risk/Return Relationship over Time. Each topic will be addressed in three respects: commonly used empirical methodologies; main empirical findings; and the relation between empirical research and theory. The course will provide an overview of the tension between empirical findings and economic theories and discuss recent theoretical developments that provide a better explanation of data.

FIN 9020: Advanced Topics in Finance

• This course will cover a series of selected research topics that are not currently addressed within the department's other semester-length courses. As a result, this seminar may be structured as a series of mini-courses, each covering a few sessions, taught by multiple instructors. Representative topics that may be covered include Behavioral Finance, Real Estate, Financial Institutions, Experimental Economics, and Market Microstructure.

FIN 9025: Research Colloquium: Current Topics in Finance

• It is anticipated that most students will take this course during their second year in the program. In this colloquium the student will develop an independent, original research idea under the supervision of one or more faculty mentors. During the course the student will carry out all the theoretical analysis and empirical tests required to convert their research question into an original paper. The colloquium will culminate with the circulation of the finished research paper and a professional presentation of the research to the entire faculty.

Recent graduates of Lindner's Finance PhD concentration have accepted positions at:

• Arcadia University
• Marymount Manhattan College
• Shippensburg University
• University of Manitoba

Bond, Shaun, Pai, Yu-Jou , Wang, Peng, and Suyan Zheng (2019), “The Impact of Dividend Reinvestment Plans on Firm Payout Choices -Evidence from Real Estate Investment Trusts”, Real Estate Economics , 47(1), 178-213.

Suyan Zheng, “Why Do Multinational Firms Hold So Much Cash? Further Evidence on the Precautionary Motive,” Journal of Accounting and Finance , forthcoming

Suyan Zheng (2017), “Can Corporate Diversification Induce More Tax Avoidance Practices?”, Journal of Multinational Financial Management , 41, 47-60.

Doina C. Chichernea , Anthony D. Holder, and Alex Petkevich. "Does return dispersion explain the accrual and investment anomalies?" Journal of Accounting and Economics .

Doina C. Chichernea , Michael F. Ferguson, and Haimanot Kassa, "Idiosyncratic Risk, Investor Base and Returns," Financial Management .

Hui Guo and Buhui Qiu , "A Better Measure of Institutional Informed Trading," Contemporary Accounting Research .

Kee H. Chung and Sean Yang. "Reverse Stock Splits, Institutional Holdings, and Share Value" , Financial Management .

Kee H. Chung and Chairat Chuwonganant. "Uncertainty, Market Structure, and Liquidity" . Journal of Financial Economics 113 (September 2014), 476-499.

Guo, Hui, Michael F. Ferguson, and Haimanot (Haim) Kassa , "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns," Journal of Financial and Quantitative Analysis 49(1) (2014), 271-296.

Guo, Hui, and Buhui Qiu . "Options-implied variance and future stock returns." Journal of Banking & Finance 44 (2014): 93-113.

Glascock, John, and Ran Lu-Andrews . "An examination of macroeconomic effects on the liquidity of REITs." The Journal of Real Estate Finance and Economics 49.1 (2014): 23-46.

Qiu, Buhui , Svetoslav Trapkov, and Fadi Yakoub. "Do target CEOs trade premiums for personal benefits?" Journal of Banking & Finance 42 (2014): 23-41.

Kee H. Chung and Hao Zhang. "A Simple Approximation of Intraday Spreads with Daily Data." Journal of Financial Markets 17 (January 2014), 94-120.

EDHEC PhD in Finance- 2024/2025 elective courses revealed

New topics for elective courses have been consistently added to the EDHEC PhD in Finance programme curriculum since its inception. The programme management balances methodological electives with conceptual ones to help students stay informed about ongoing research debates and cutting edge research methodologies. 

Participants are required to take a minimum of five elective seminars during their second and third years. PhD in Finance candidates will have the privilege of learning from world’s leading specialists in these areas from top research institutions such as Chicago GSB, The Wharton School of the University of Pennsylvania, Columbia University, Duke University, Imperial College, Princeton University or Yale University.

In 2022-2023, the following topics were covered: Private Equity, Asset Pricing and Monetary Policy, Production-based Asset Pricing, Spectral Asset Pricing, and Models and Methods in Macro-Finance.

The next topics are unveiled below: 

Access the programme curriculum, and the list of past and upcoming research seminars here . 

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28 Best universities for Finance in Moscow, Russia

Updated: February 29, 2024

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Below is a list of best universities in Moscow ranked based on their research performance in Finance. A graph of 114K citations received by 27.1K academic papers made by 28 universities in Moscow was used to calculate publications' ratings, which then were adjusted for release dates and added to final scores.

We don't distinguish between undergraduate and graduate programs nor do we adjust for current majors offered. You can find information about granted degrees on a university page but always double-check with the university website.

1. Moscow State University

For Finance

2. National Research University Higher School of Economics

3. Finance Academy under the Government of the Russian Federation

4. Russian Presidential Academy of National Economy and Public Administration

5. RUDN University

6. National Research Nuclear University MEPI

7. Moscow State Institute of International Relations

8. Plekhanov Russian University of Economics

9. Moscow Institute of Physics and Technology

10. New Economic School

11. State University of Management

12. Moscow Aviation Institute

13. Bauman Moscow State Technical University

14. N.R.U. Moscow Power Engineering Institute

15. Moscow State Pedagogical University

16. Moscow Medical Academy

17. National University of Science and Technology "MISIS"

18. Moscow State University of Railway Engineering

19. Moscow Polytech

20. Russian State University for the Humanities

21. Mendeleev University of Chemical Technology of Russia

22. Russian State University of Oil and Gas

23. moscow state technological university "stankin".

24. Russian State Social University

25. National Research University of Electronic Technology

26. Russian National Research Medical University

27. Russian State Agricultural University

28. Moscow State Linguistic University

Universities for Finance near Moscow

Economics subfields in Moscow

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Finance Group

Finance is the study of markets for real and financial assets. The practical implications of modern financial theory are widely recognized and implemented by Wall Street and corporations. The PhD program provides students with an understanding of the theory on which the field is based and the tools they need to conduct theoretical and applied research.

Once required coursework in microeconomics and macroeconomics theory is completed, students are free to develop their programs of study and research with the guidance of faculty members. Often, faculty offer students an opportunity to participate in and expand on faculty research interests. Finance Faculty

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The University of Idaho’s online graduate degrees reflect our mission of making education accessible across the state and nation and responding to changing employment demands. Delivering the quality instruction expected of a research university, our online master’s and doctoral programs are taught by our esteemed faculty members and build upon our century-old reputation as an educational leader in the Northwest. 

Online graduate students can earn a degree from one of our top-ranked national programs around their existing obligations and have access to the same opportunities and resources, including the on-campus library, research projects, scholarships, and teaching assistantships. If you’ve thought about returning to school but require more flexibility due to your full-time job and raising a family, advance your career with any of the programs listed here.

Available via online or distance learning: 

• Climate Change , P.S.M.
• Geographic Information Skills, Mapping, and Monitoring , P.S.M.
• Precision Nutrition for Human and Animal Health , P.S.M.
• Sustainable Soil and Land Systems , P.S.M.
• Water Resources , P.S.M.

College of Business and Economics

• Online Master of Business Administration , M.B.A.
• Adult Organizational Learning and Leadership , M.S.
• Educational Leadership , M.Ed.
• Curriculum and Instruction , M.Ed.
• Physical Education , M.Ed.
• Special Education , M.Ed.
• Education , Ed.D., Ph.D. (may vary from all to mostly online)

Engineering

• Civil Engineering , M.Engr.
• Computer Engineering , M.S., M.Engr.
• Computer Science , M.S.
• Cybersecurity , M.S.
• Electrical Engineering , M.S., M.Engr.
• Engineering Management , M.Engr.
• Geological Engineering, , M.S.
• Mechanical Engineering , M.Engr.
• Power System Protection and Relaying, Certificate
• Secure and Dependable Computing Systems, Certificate
• Technology Management , M.S.

Letters, Arts and Social Sciences

• Emerging Media , M.A.
• Music , M.Mus.
• Public Administration , M.P.A.
• Psychology: Human Factors , M.S.
• Theatre Arts , MFA

Natural Resources and Environmental Science

• Environmental Science, M.S.
• Environmental Education and Science Communication, Certificate
• Master of Natural Resources, M.N.R.
• Fire Ecology, Management and Technology , Certificate
• Remote Sensing of the Environment, Certificate
• Geographic Information Science: Geospatial Aspects of Sustainable Planning Application , M.S.
• Geographic Information Science: Geospatial Habitat Assessment Application , M.S.
• Geographic Information Science: Geospatial Intelligence Application , M.S.
• Geographic Information Science: Geotechnician Application , M.S.
• Geographic Information Science: GIS Programming Application , M.S.
• Geographic Information Science: Natural Hazards and Emergency Planning Application , M.S.
• Statistical Science , M.S. 
• Teaching Mathematics , M.A.T.

The University of Idaho General Catalog is available online.

Distance Learning Versus Online Graduate Degrees

U of I’s online graduate degrees utilize two distinct formats. Online learning uses pre-recorded, or asynchronous, lectures that students can then review on their own time. Distance learning simulates a real-time virtual classroom. Wherever an online student is located, they have direct access to a traditional classroom environment where they can interact and participate in discussions with their fellow students and instructors.

The Benefits of U of I’s Online Graduate Programs 

Whichever online degree you begin, being an online learning student at U of I comes with a host of benefits.

• Flexibility: We design our online master’s and doctoral programs around the schedules of working adults, allowing you to maintain existing employment, family, and seasonal commitments without altering your schedule or taking a hit in income.
• Quality: We’re one of the region’s most respected research universities. Whether the class is pre-recorded or virtual, our leading faculty members deliver the same depth and detail of instruction that you expect in an on-campus classroom.
• Place-Based Degrees: Especially where research is concerned, our faculty members partner with regional organizations to support our online graduate students as they complete a place-based thesis or non-thesis research project. You, in turn, can conduct guided research relevant to your geographic region without ever setting foot on campus and may even be able to do so through your existing employer.
• Scholarships: Many erroneously believe that scholarships are off the table to online graduate students. Supporting your endeavors and professional growth, the University of Idaho has opened up teaching assistant opportunities and place-based scholarships to online students.
• Affordability: No matter where you are in the country or world, all online courses for master’s and doctoral programs are charged at our in-state rate. 
• Ahead of the Curve: The University of Idaho championed distance learning ahead of everyone else with our innovative Engineering Outreach program. We introduced these degrees over 35 years ago, and while we’ve adjusted delivery methods to available technologies, our commitment toward advancing your career through quality education has not wavered.

Learn More About U of I’s Online Graduate Degrees

Thinking about enrolling in an online graduate degree program? To get your questions answered, reach out to the College of Graduate Studies by email or by phone at 208-885-2647, or request additional information today .

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At least 35 of America’s billionaires are PhDs. As academic jobs become scarce, doctorates should get down to business

Samantha Dewalt is managing director of the Lehigh@NasdaqCenter, an exclusive education-industry partnership between Lehigh University in Pennsylvania and the Nasdaq Entrepreneurial Center in San Francisco .

Traditionally, a doctoral degree is regarded almost exclusively as a passport to scholarly distinction and academic tenure. Any person who committed the time, energy, and expense to attain a PhD appeared inevitably destined for the academy, free to pursue knowledge without commercial intent.

So goes the standard rationale—and training—for a doctorate. Candidates are groomed for careers in academia, where they will research, teach, and publish. That tradition, though well-intentioned, is overdue for a drastic expansion.

Saving research from ‘the valley of death’

Such an expansion has already begun. In December, the National Science Foundation awarded $100 million to 18 academic institutions all across the U.S. to “speed and scale research into products and services that benefit the nation.” The first-ever Accelerating Research Translation awards are designed to enable university scholars to convert academic innovation into commercial value and societal purpose. Each school awarded will partner with a mentoring institution of higher education already equipped with “a robust ecosystem for translational research.”

Lehigh University is among the recipients of the abovementioned National Science Foundation awards, with Carnegie Mellon University acting as its peer mentor. The $6 million award will be earmarked specifically to increase the translation of scientific discoveries in engineering, science, health, humanities, business, education, and other disciplines—by faculty, graduate students and postdoctoral researchers into prototypes, products, and programs that will benefit society.

Meanwhile, as the supply of jobs in academia struggles to keep up with the demand, more PhDs are turning to careers in industry. In 2020, The Princeton Review warned, “If it’s your ambition to become a professor, you should be aware that the PhD. track is no guarantee of a life in  academia .” As such, candidates will need to be prepared differently. 

Make no mistake: Some college graduates bearing PhDs have proven highly enterprising. It is estimated that the private sector now employs about as many PhD graduates as educational institutions.

Most research finds that between one-third and one-half of all PhD graduates globally stay in academia , while others may migrate to the private sector. Almost daily, some entrepreneurial PhDs launch new ventures that eventually hit the jackpot. Indeed, Forbes  has reported that “at least” 35 U.S. billionaires obtained a PhD before plunging into business.

But let’s face it: Academics are rarely trained to be entrepreneurs. They typically focus on conducting research, publishing manuscripts, and at times, developing intellectual property, but without cultivating the business knowledge or resources to turn innovations into viable market solutions. And it’s a shame when university research languishes on the shelf, never reaching the market—the so-called “valley of death”.

How America’s top universities are doing it

Universities are amping up efforts to educate PhD students about how to better capitalize on a doctoral degree. At Lehigh University, we have conducted a competitive analysis of what other higher education institutions, particularly those highly regarded for entrepreneurial activity, are doing to engage PhD students in entrepreneurial courses and programs. Among the schools we studied were Harvard, Stanford, MIT, Princeton, Dartmouth, and UC Berkeley. Overall, our analysis identified a need—and opportunity—to transform PhD education.

More particularly, we found that although most of these top-tier universities offer entrepreneurship education for graduate and undergraduate students alike, few target PhD students. We also learned that because most of the graduate courses in entrepreneurship originate in business or engineering schools, few are truly interdisciplinary. We also found that PhD students are more likely to participate in entrepreneurial activity if they have faculty advisors who are themselves entrepreneurs or at least entrepreneurial-minded.

Stanford University particularly stands out as an exemplary entrepreneurial environment for students. It benefits from education-industry partnerships that provide access to the most innovative companies in Silicon Valley. UC Berkeley distinguishes itself, too, for its emphasis on interdisciplinary entrepreneurial development and close collaboration with nearby startup incubators.

Dartmouth College pioneered the first engineering   PhD innovation program  that provides entrepreneurial training to turn research discoveries into market solutions. The PhD fellows take additional coursework in business, innovation, and entrepreneurship, and spend up to six months at an industry internship. 

Entrepreneurship education should be democratized. Other universities should follow the examples set by the top-tiers. All students—even those on a budget—should have access to the equivalent of an Ivy League experience.

Our university is taking a step in this new direction, to better expose our PhD students to entrepreneurial experiences and career pathways. Last fall, we introduced a hands-on, real-world, interdisciplinary course on entrepreneurship for PhD students. Built on a model designed by the National Science Foundation, the course is offered for credit and available to graduate students across disciplines through Lehigh@NasdaqCenter, partnering with the P.C. Rossin College of Engineering and Lehigh’s Office of Technology Transfer. 

It’s time for doctorates to get down to business. More PhDs should treat the ideas that emerge from scholarship as entrepreneurial opportunities. But first, they must know how to harness all that valuable education in the service of both our society and our economy.

More must-read commentary published by  Fortune :

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The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of  Fortune .

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Master of Finance

Become the future of finance, accepted job offers, months to a master's degree, atlanta: global city for fintech, engineered for next gen finance careers, an internship-style program, data-driven stem curriculum, powerful communication skills, the future of finance.

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Financial Planning & Analysis (FP&A) Certificate Program

Sep 09 - Nov 10, 2024

or $960/mo nth

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Program overview, elevate your finance career with wharton's globally recognized fp&a certificate program.

Career-focused Financial Planning & Analysis (FP&A) training

Master the art of forecasting, analysis, business partnering, and financial storytelling, combining technical and interpersonal skills with real-world applications as practiced in top corporations.

Learn from top faculty and industry leaders

Benefit from the wealth of knowledge shared by distinguished faculty from the Wharton School, experienced FP&A professionals and senior executives from renowned global companies.

Gain a globally recognized certificate

Upon successful conclusion of the 8-week program, participants will be awarded a digital certificate from Wharton Online, along with lifetime access to career resources and a network of program graduates.

A unique collaboration with Wall Street Prep

This career-focused program combines the institutional knowledge from the world’s leading business school with the practical skills approach of FP&A’s leading training provider and instructors with decades of FP&A experience in diverse industries.

"This program was great for gaining complete knowledge of all key areas of FP&A. It goes through not just the planning and analytical side but also makes you think about the soft skills needed to approach your role. It has made me feel more confident and, at the same time, prompted me to think differently and do more in my current role."

"Wall Street Prep’s FP&A program was engaging, relevant, built for our team members, and informative. We found it easy to work with WSP to design a curriculum that worked for our Finance team and are interested in exploring new ways of working with them in the future."

"The program has everything from the structured frameworks on FP&A to experiential advice. Regardless of your skill level, whether you just landed your first-time role in FP&A or you've been in the industry for decades, you will walk away having expanded your skill sets and better prepared yourself for your current and future finance roles."

"Thank you for facilitating a great training program! The content, Q&A sessions, self-study component, and individual learning lessons were all excellent and exactly what we were looking for. This was a very successful training for our team."

Applicant profile

The Wharton & Wall Street Prep Financial Planning & Analysis (FP&A) Certificate Program is designed for both finance and non-finance professionals in their early to mid-career seeking to level up their FP&A skills.

FP&A Analysts & Managers

Early to mid career FP&A professionals looking to advance in their careers and learn industry best practices.

Finance Professionals

Corporate finance professionals, investment bankers, and corporate treasurers seeking to broaden their skill set.

Accountants

Controllers, accountants, auditors, and tax professionals aiming to transition into FP&A roles.

Consultants

Fractional CFOs, and strategy and technology consultants aiming to provide more comprehensive advice to their clients.

Business Leaders

Entrepreneurs, C-level executives, and department heads who need to understand financial planning to better manage their business finances.

Non-Finance Professionals

Operations managers and human resources professionals who want to improve budgeting and strategic workforce planning.

Career Switchers

Early to mid-career professionals seeking to transition into an FP&A role.

Undergrad and graduate business, finance, and accounting students applying for FP&A internships and full-time roles.

Applicant Career Levels

Professional backgrounds, top roles applicants hold.

Countries Represented

Applicant Employers Include ...

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How you'll learn.

The Wharton & Wall Street Prep Financial Planning & Analysis (FP&A) Certificate Program is an immersive learning experience made up of self-paced video lecture, real-world exercises, industry case studies and full faculty support

8-Week Program Focusing on Financial Planning & Analysis

Gain the skillset of an experienced FP&A professional in eight weeks.

8-10 Hour Weekly Time Commitment

A comprehensive certificate program designed to fit into your busy schedule.

Self-paced Online Learning Experience

Complete the program on our online learning platform at your own pace.

The Same FP&A Training Used by Top Corporations

Access the same lessons and methods taught inside the world’s leading FP&A teams.

Learn Directly from CFOs and FP&A Professionals

Learn from finance leaders across the corporate spectrum - from global enterprise to PE-backed private companies.

In-Person & Virtual Networking Events

Attend exclusive networking events throughout the program and build out your professional network.

Learn By Doing With Real Case Studies

Create forecasts, manage budgets, and support decisions through financial analysis, and tell the financial story of the business as you would on the job.

Weekly Office Hours & 1:1 Coaching

Program faculty is there for you every step of the way.

FP&A Certification Issued from Wharton Online

Upon completion of the program, you will receive a Certificate of Completion from Wharton Online.

Earn a certificate from Wharton Online upon successful completion

Upon successful completion of the program, your Wharton Online-issued certificate will be emailed to you in a digital format you can use to demonstrate your achievement on your LinkedIn profile and resume.

Program curriculum

Over the course of eight weeks, you will learn forecasting, analysis, business partnering, and financial storytelling in a curriculum that combines technical and interpersonal skills with real-world applications practiced at top corporations. This self-paced online program culminates in a closing ceremony and the receipt of a certificate from Wharton Online.

Introduction to Financial Planning & Analysis (FP&A)

This module introduces the FP&A profession and its role in businesses of various sizes across different industries. We then examine common FP&A work products, evaluate current and emerging tools of the trade, and introduce a key skill set for FP&A professionals: strategic cost accounting.

• Examination of forecasts, budgets, variance analyses, scorecards, dashboards, and management decks.
• Understanding FP&A’s tools of the trade, including Excel, data analysis, visualization software, and emerging AI technologies
• Introduction to Strategic Cost Accounting in the context of FP&A

The Planning Cycle and Annual Budgeting

We review best practices for long-range planning and effectively managing the five phases of the annual budgeting process. The module covers how to get more out of your planning process by collaborating closely with the cross-functional team.

• In-depth review of the planning process, including long-range planning and annual budgeting
• Best practices for top-down and bottom-up planning jointly with the cross-functional team
• How to best manage the planning process with Excel

Forecasting

You will learn the forecasting techniques that are used today by major firms, including time series analysis, driver-based planning, sales pipeline forecasting, zero-based budgeting, and scenario planning methods. We cover methods for accurately projecting sales, expenses, cash flow, headcount, and capex.

• Step-by-step forecasting technique reviews, including hands-on practice
• Using scenario planning to identify risks and opportunities and develop mitigation plans
• Improving forecast accuracy by identifying and addressing forecast bias

Financial Analysis in FP&A

The module covers the financial analysis process end-to-end, from data cleaning over evaluating data quality to identifying cost-saving opportunities, variance analysis commentary, and using operational metrics to spot trends early.

• Best practices for data preparation and quality
• Learn how to identify cost savings, risks, and opportunities
• Create variance analysis commentary that uncovers actionable insights

Financial Modeling for Decision Support

We cover how to create financial models from scratch in Excel using commonly accepted modeling standards. The module covers the financial model types top finance teams use to make go / no-go decisions about major investments, such as Payback, Return on Investment, Life Time Value (LTV), and Discounted Cash Flow models.

• Excel modeling standards and best practices
• Financial Statement and DCF modeling
• Break-even analysis and getting to answers without modeling

Finance Business Partnering

You will learn how to build strong professional relationships and influence, preparing you to become a strategic advisor to the business. We cover developing business acumen and using it to raise accountability, challenge assumptions, and create visibility of business performance while protecting the relationship.

• Developing a broad understanding of the business
• Building trust and holding people accountable while maintaining relationships
• Influencing skills and challenging assumptions with data

Reporting, Presenting, and Storytelling

The module teaches how to effectively communicate financial information, be it in written form or when presenting live. It provides a deep dive into best practices for the performance management calendar, including flash reports, management reporting decks, visualizations, and telling a complete story of the business.

• Structuring management reporting decks that move the needle
• Matching visualizations to the story behind the numbers
• Impacting strategic decisions through effective financial presentations

Preparing for the future of FP&A

The final module of the program covers best practices for using emerging technologies, including generative AI and machine learning. In addition, we cover the FP&A recruiting process from common interview questions and answers to typical case studies.

• How AI is changing the FP&A function
• Introduction to generative AI in finance and machine learning
• FP&A interview preparation

Faculty & speakers

Christopher ittner, christian wattig, glenn hopper, jessica t. graziano, josette leslie, debbie sebastian.

Marcela Martin

Jack Alexander

Paul Barnhurst

Nicolas boucher.

Alan Brooke

Chad eatinger, aviad haimi-cohen, frank garafalo.

Guy Hutchinson

Diana Kawarsky

Anders Liu-Lindberg

Jason mcclain, ron monteiro, cpa, cma, mark potter, christopher reilly, saloni varma.

Tuition & payment options

Join a global network.

Enrollees access a large and highly engaged global network of peers who are committed to give us much as they get and to support one another. Connections built throughout the program are strengthen via in person and virtual meetups, discussion groups and networking events.

Invitation-Only Wharton/Wall Street Prep Group on LinkedIn

Upon completion of the program, graduates receive an invitation to join the Wharton Online / Wall Street Prep Financial Planning & Analysis (FP&A) Certificate Program Alumni Group on LinkedIn. Through this group, graduates can directly connect with the entire graduate network, seek advice and access graduate-only online events and resources.

Local Connection for a Global Certificate

Program participants come from over 40 countries, so while the program is global, connection is often created locally. Graduates gain access to their Local Alumni Slack Channel, designed to facilitate local connection for a global certificate.

Cross-Program Networking Events

Enrolling in a Wharton Online & Wall Street Prep Certificate Program is a unique opportunity to expand your professional network beyond your specific industry. Enrollees attend cross-program events attended by other Certificate Program learners and graduates in investment banking, private equity, hedge funds, asset management, venture capital, real estate and other career tracks.

For Employers: Level up your professional development

Small companies.

• Learn to communicate financial insights compellingly to attract investors and secure funding.
• Master efficient methods to analyze financial health and identify growth opportunities with limited resources.
• Gain forecasting skills vital for cash flow management and strategic decision-making.

Mid-Sized Companies

• Align your team's reporting with expansion goals and conveying complex data to stakeholders with clarity.
• Improve skills in identifying, assessing, and mitigating financial risks.
• Dive deeper into financial metrics to drive profitability and manage the increased complexity of your business operations.

Large Enterprises

• Develop your team's influencing skills, enabling them to impact company-wide strategic decisions.
• Integrate global trends and complex variables into long-term planning and risk management.
• Enhance cross-functional collaboration to align business units with firm-wide goals.

Speak With Us About Enrolling Your Team

Earn 65 cpe credits with the financial planning & analysis (fp&a) certificate program.

Wall Street Prep and Wharton Online are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Ready to get started?

Speak with an enrollment advisor, enroll to secure your spot in the program, what will i learn from taking this program.

The Wharton & Wall Street Prep will teach learners how to analyze private equity investments, blending investment theory with real world analysis as it is done at the world's leading private equity investment firms. For a complete curriculum, get the program brochure.

How often are programs offered?

How much time will it take to complete this certificate.

The course is designed to run for eight weeks, with a recommended workload of 8-10 hours of lectures, live sessions, and assignments per week.

What languages will the program be offered in?

This program is offered in English only.

How do I register for this program?

You can register for the program at any time through our Enrollment Form.

How much does the program cost?

Program tuition is $4,800. Tuition can be paid in full or in 5 monthly payments.

Do you offer tuition assistance?

What is the program refund policy.

This program is non-refundable.

Who can I contact for additional questions?

If you have any additional questions, please reach out to our enrollment team at enrollment@wharton.wallstreetprep.com .

By submitting this form, you agree to receive communications about this program.