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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.
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• 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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Melinda Peña

Finance PhD Program

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

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• ADMISSIONS EVENTS

Requirements

Sample Schedule

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

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

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

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

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

Job Market Candidates

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

PhD Students

Robin y. lee.

• PhD Candidate in Finance and Business Economics

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

Federica Ansbacher

• PhD Student in Finance and Business Economics

Wenqian (Winston) Chen

Applying to the phd program, dates + deadlines.

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

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

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

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

ADMISSIONS CONTACT

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

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Stay Informed + Stay Connected

Finance (PhD)

Program description.

Stern’s PhD program in finance trains scholars to conduct research at the leading edge of financial economics. The faculty represents one of the largest finance research groups in the world that has been ranked consistently as the leading publisher of academic research in top finance journals. Comprised of more than 40 researchers, including a Nobel-prize-winning economist, our faculty are active in all areas of finance—asset pricing, corporate finance, derivatives, market microstructure, and behavioral finance—with both theoretical and empirical focus, and with emerging specialization in the areas of financial intermediation, crises, and macro-finance. As a result of this unusual breadth, students have access to expertise in almost any topic that they might wish to explore.

All applicants to the NYU Stern School of Business PhD Program are required to submit a complete application for admission. A complete application includes the  online application ,  statement of purpose ,  optional essay ,  educational history and resume or CV ,  letters of recommendation ,  test scores ,  academic transcripts , and an  application fee .

See How to Apply for admission requirements and instructions specific to this program.

Program Requirements

The program requires the completion of at least 49-54 credits, comprised of the following:

Curriculum Details

Although every doctoral student must satisfy general requirements, each student designs and completes an individual program of study.

Each new doctoral student begins a program of study, which requires approval from the Area Coordinator and the Doctoral Office. Any unusual features or revisions of an approved program of study requires permission from both the department Area Coordinator and the Doctoral Office. Unless specifically approved in advance by the Area Coordinator and the Doctoral Office, MBA courses will not be eligible for tuition remission.

The general PhD degree requirement for students entering the program with a Master’s degree or equivalent is to successfully complete a minimum of 36 credits. The requirement for students entering the program with only a Bachelor’s degree is to successfully complete a minimum of 54 credits. If the Doctoral Office and the department Area Coordinator approve, a program of study may include previous graduate work at NYU or other universities. In all cases, students must complete at least 33 credits of coursework at NYU.

An approved program of study becomes part of the student’s permanent academic file and represents a formal commitment by both the student and the school. Any approved program can be modified as appropriate.

A complete program of study must include:

• Prerequisites: Every student must satisfy the prerequisites in calculus, linear algebra, basic probability and statistics, and economics before starting doctoral study. This can be accomplished by taking courses in these subjects for a grade.
• Basic Research Skills Methodology Courses: Every student must complete four research methodology courses, including three courses in probability and statistics, and one course in microeconomics.
• Major Specialization & Elective Courses: Every student must complete the prescribed program of courses in their major specialization, as well as elective courses.

Additional Program Requirements

Program of study.

Successfully complete a program of study, including completion of prerequisite coursework, basic research skills methodology courses, and major field of study and elective courses.

Comprehensive Examination

Successfully pass the comprehensive examination(s) required in the student’s area of study.

Teaching Workshop

Attend the Teaching Workshop and receive certification to teach an undergraduate course.

Teaching Preparations

Successful completion of the teaching practica as described in the PhD Handbook.

Teach an Undergraduate Course

Teach one undergraduate course or the equivalent during the 4th year of study.

Dissertation Proposal

Initiate a major piece of original research and present it for faculty approval.

Dissertation Defense

Complete a satisfactory dissertation and defend it successfully at the defense presentation. The research is the extension and completion of the research presented at the dissertation proposal.

Sample Plan of Study

Learning outcomes.

Upon successful completion of the program, graduates will:

• Learn basic economics tools and frameworks for sound foundations in financial economics.
• Learn tools and frameworks specific to financial economics research; learn how to develop a research project from concept to final product.
• Learn effective research communication skills.
• Identify a broad and novel research area and develop ideas for a set of research papers constituting a dissertation.
• Learn to develop and teach a course independently.
• Learn to establish and maintain productive working relationships with faculty.
• Learn how to transition from coursework to independent research.
• Obtain feedback on job market paper from faculty (in addition to feeback from committee).
• Learn to conduct independent researche under the guidance of a faculty member.

NYU Policies

Stern policies.

University-wide policies can be found on the New York University Policy pages .

Additional academic policies can be found on the Stern Graduate Academic Policies page . 

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• Dissertation Areas and Joint PhD Programs
• PhD Career Outcomes
• PhD Proposals and Defenses
• PhD Job Market Candidates
• PhD Research Community
• 100 Years of Pioneering Research
• Rising Scholars Conference
• Yiran Fan Memorial Conference
• Frequently Asked Questions
• PhD in Accounting
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• PhD in Economics

PhD in Finance

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• Joint Program in Financial Economics
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• Joint PhD/JD Program

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

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

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

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

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

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

Lubos Pastor

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

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

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

Robert W. Vishny

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

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Alumni Success

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

Shohini Kundu, MBA '20, PhD '21

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

Jane (Jian) Li, PhD '21

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

Spotlight on Research

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

A Brief History of Finance and My Life at Chicago

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

Climate-Policy Pronouncements Boost 'Brown' Stocks

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

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

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

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

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

A Network of Support

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

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

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

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

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

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

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

The PhD Experience at Booth

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

Video Transcript

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

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

Current Finance Students

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

Current Students

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

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

Program Expectations and Requirements

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

Download the 2023-2024 Guidebook!

Finance PhD Specialization

General information.

Finance is the study of investment and financing decisions by firms, the portfolio decisions of individual investors, and the implications of those decisions for the pricing of capital assets. Finance includes the study of corporate financial decisions, corporate control, the role and management of financial institutions, new venture financing, mutual funds and other investment vehicles, market microstructure, asset pricing and portfolio choice, international finance, and the behavior of interest rates and foreign exchange rates.

The Finance department at the Foster School has a long and distinguished record of excellence. It is the birthplace of the Capital Asset Pricing Model (CAPM), the Western Finance Association (WFA), and the Journal of Financial and Quantitative Analysis (JFQA) . The finance department is the longtime home of the JFQA, widely regarded as one of the four leading journals in Finance. Our faculty serve as editors and associate editors at all four of the top journals in finance – at the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis – and at other leading finance journals.

The main objective of the finance PhD program is to produce outstanding researchers who can be placed in the world’s top academic finance departments. Our faculty are open to a large variety of research styles and methods. At the same time, we have a strong department identity, which stresses the joint application of equilibrium reasoning and empirical analysis to understanding financial economics. We have a very active seminar and summer visitor program which attracts leading academics to Seattle and provides many opportunities for interaction. Our heavy representation at top journals ensures that PhD students will be exposed to cutting edge research and will have the opportunity to learn first-hand how leading journals evaluate papers submitted for publication.

Course work in the area of finance covers the basic tools, theory, and empirical evidence necessary to give students a solid foundation upon which to generate and disseminate new knowledge throughout their careers. Students regularly enter into research projects jointly with faculty in addition to the dissertation requirement. Students also obtain valuable teaching experience during their Ph.D. program of studies at the University of Washington.

Admission Requirements

Course requirements for finance major.

The following courses are required for all finance majors. The number of credits for each course is indicated in parentheses after the course number.

Finance majors are also expected to register for and attend the Finance Research Workshop (FIN 599) each quarter of the regular academic year in which they are enrolled in residence.

Research Methods Minor Area Requirements

Finance students are strongly encouraged to take Econometrics as their research methods minor. An Econometrics minor consists of the following courses at a minimum:

Econometrics

Other Minor Area Requirements

In addition to the finance area, all students majoring in finance are required to choose three support areas. Both research methods and microeconomics are required minor areas for finance majors. The third minor area depends upon the student’s interest. However, students are strongly recommended to take macroeconomics their third minor area of study. Other popular minor areas include, accounting, math, statistics, psychology, and computer science.

The microeconomics minor area must include the following three course sequence:

The macroeconomics minor area must include the following three course sequence:

A Typical Course Schedule

Second Year

All finance students are encouraged to take the year-long macroeconomics sequence from the economics department if it fits with their research interests.

Other Requirements

First-Year Paper Students create and present a research paper during their first summer under the guidance of their advisor. The paper may be an original idea or an extension of existing work, recognizing that original ideas are more likely to subsequently become working papers or dissertations, while extensions allow those struggling to find executable ideas a way to build their toolbox in a structured manner. This paper will be due for a last set of comments at the end of August and presented in mid-September.

Basic Tools Exam The basic tools exam for finance majors is administered near the end  of the Summer Quarter at the end of the first year of study. The exam is designed primarily to test the student’s understanding of microeconomic analysis, as covered in the economics core sequence ECON 500, 501, and 508. It is administered by the Economics department. Previous examples of the Tools Examination can be obtained in the School’s Doctoral Program Office.

Major Area Examination The finance major area exam is administered near the beginning of a student’s second Summer Quarter. The exam tests a student’s understanding and knowledge of the entire field of finance. Previous examples of the Area Examination can be obtained in the School’s Doctoral Program Office.

Summer Research Project After completing the Major Area Examination, students complete an original research paper under the guidance of a faculty advisor. This project is to be independent research on a topic and issue selected by the student. Students present their work in a workshop setting in Fall Quarter.

General Examination After successfully completing the previous exams and research papers, the student will propose a dissertation. The proposal should demonstrate through existing work that a student has the capacity to complete a thesis.  Members of the Supervisory Committee, a representative of the Graduate School, and any other interested faculty attend the proposal.

Dissertation and Final Examination After passing the general exam, students complete the proposed research and write the dissertation guided by a reading committee. The reading committee may consist entirely of members of the supervisory committee or may include one or more members not previously on the supervisory committee. The supervisory committee administers the final defense of the dissertation.

PhD in Finance

The PhD program in Finance at the Research School of Finance, Actuarial Studies and Statistics (RSFAS) equips graduates with the necessary skills to conduct research in the field of finance. The program will challenge PhD candidates to identify and solve important questions in the finance world, and will help them to develop a keen analytical mind essential for navigating the fast-changing financial marketplace and corporate sector.

While the program is focused on developing candidates for an academic career, many of the skills it provides are readily transferable to various positions in government and industry. Some examples are researchers or associates within the banking and financial sector, including investment banking, in roles such as investment or quantitative analysis, mergers and acquisitions analysis and business analysis; and researchers and policy advisers at institutions including central banks, bank regulators, international organisations such as the World Bank, IMF, OECD and ADB, and government departments such as Treasury and Finance.

CRICOS #: 048345A

Duration: 2 to 4 years full time (4 to 8 years part time)

Before you submit an application for entry to the program, you should:

• ensure you meet the admission requirements outlined below
• identify potential supervisors – that is, one or two finance academics at ANU who conduct research in your area of interest.

You can find information on researchers and their research areas in the  ANU researchers database  and on the  RSFAS Finance faculty  page.

While other ANU schools may recommend contacting potential supervisors before submitting an application,  this is not required  for entry into RSFAS’s PhD programs. Instead, you only need to list the name(s) of potential supervisors in your online application form.

Potential supervisors cannot guarantee entry into the PhD program. Admission will depend on the strength of your application relative to others in the pool.

After you’ve completed the steps above, you can proceed with an  online application .

Application deadlines

The first semester of the ANU academic year starts in February, and the second semester starts in July. While all applications for first semester entry must be submitted  before 31 October,  international applicants wishing to be considered for an  ANU scholarship  should submit their applications  before   31 August .

To be considered for a scholarship, your application must be accompanied by all the supporting documents listed below, including the referee reports. Request for referee reports are triggered and sent to your nominated referees at the time of submission of program application. It is thus important that you submit your application in advance (2-3 weeks) to allow time for your referees to provide their reports prior to the scholarship deadline.

If you’re currently completing an academic degree and haven’t yet received your final results and transcript, you should still submit all available documents before the deadline, and forward remaining results once you receive them. We won’t make a final decision on your application until we’ve received all the required documents.

The admission requirements for the PhD program in Finance reflect the advanced knowledge that candidates will need to undertake the coursework component of the degree, and the research experience and skills needed to successfully undertake and complete the research thesis.

The minimum qualification requirement for admission to the PhD program in Finance is:

• an Australian Bachelor degree (or equivalent) with First Class Honours or Second Class Honours Division A in finance, actuarial studies, economics, business, commerce, or a subject area with a substantial quantitative content, or
• another qualification (e.g. a Master degree) with a substantial research thesis component that the RSFAS HDR (higher degree by research) committee is satisfied is equivalent or superior to a degree mentioned in (a), or
• a combination of qualifications and professional experience that the RSFAS HDR committee is satisfied is equivalent or superior to a degree mentioned in (a).

Admission to the PhD program in Finance is competitive and we can only admit a limited number of applicants each year. Meeting the minimum entry requirements does not guarantee you a place in the program.

If you don’t have sufficient research experience for entry into the PhD program, you might consider applying to the MPhil program . If you’d like to consider this pathway, contact the RSFAS HDR convenor for more information.

English language requirements

All applicants must satisfy the University’s  English language admission requirements . An international applicant who is not a native English speaker may satisfy these requirements by submitting evidence of an  IELTS  overall score of at least 6.5, and with no component less than 6.0, or a paper-based  TOEFL  score of at least 570, with at least 4.5 in the essay component.

Application and supporting documentation

You must submit your application online via the  ANU Application Manager .

In addition to the standard information required in the online application, you must submit the following supporting documents as part of your application:

• a one-page statement of purpose outlining your motivation to undertake a PhD in Finance at ANU
• a research proposal – see details below, as well as these guidelines on how to  prepare a persuasive research proposal
• copies of written research work, e.g. honours or Master thesis, research project, or published works
• either  GRE General Test  or  GMAT  results completed within the last five years – some applicants are exempted from this requirement (see below for further information)
• official  TOEFL  or  IELTS  results (where applicable) to demonstrate that you satisfy the University’s  English language requirements .

Research proposal

The online application requires you to submit a research proposal. The proposal should set out an original research idea, provide an introduction or background to your research idea, clearly set out the research objectives, and explain why the research is important and the contribution it will make to the finance discipline. Among other things, you will need to demonstrate an understanding of the key literature in your chosen topic area. As a guide, you should aim for between 1,500 and 2,000 words, including a list of key references.

If you don’t have a prior degree in finance, your research proposal should present a puzzling and interesting real-world phenomenon in finance that could lead to an important research topic. You should aim to convince the RSFAS HDR committee that your proposal is relevant and interesting.

The RSFAS HDR committee uses the research proposal as an indicator to assess the quality and originality of your ideas and your skills in critical thinking. Note that the research proposal does not restrict you to this field of study should you be admitted to the PhD program.

GRE or GMAT requirement

You must submit either your  GRE General Test  or  GMAT  results as part of your application. You’re exempt from this requirement if you’ve already completed an ANU Master of Finance or ANU degree with honours in Finance. You’re also exempt if you’ve completed a Finance degree with honours from another Australian university, but we encourage you to provide GRE or GMAT results to improve your chances of admission and scholarship support.

Offers of admission

The RSFAS HDR committee will review all complete applications submitted by the relevant deadline.

If your application is short-listed, you may be required to attend an interview (face to face or online).

We may send you an offer of admission if you satisfy the eligibility criteria and your area of interest matches those of RSFAS academics with supervisory capacity. However, since admission is competitive and supervisory capacity is limited, we won’t send any offers of admission until  after the relevant application deadline , irrespective of the date when you submit your application.

The PhD in program in Finance consists of two components –  coursework  and  research .

Candidates undertake the research component after successfully completing the required coursework.

Assumed knowledge and pre-PhD preparation

While not a formal requirement for entry, you should be aware that the PhD coursework requirements outlined below assume knowledge equivalent to later-year undergraduate and graduate diploma–level studies in economics, finance and quantitative methods. The following is an indicative list of ANU subjects that make up the basic assumed knowledge:

• ECON8025  Advanced Microeconomic Analysis
• ECON8026  Advanced Macroeconomic Analysis
• EMET8005  Economic Models and Introductory Econometrics
• FINM8006  Advanced Investments
• FINM8004  Advanced Corporate Finance

PhD coursework component

In the coursework component, PhD candidates undertake a comprehensive set of courses designed to provide training in the theory and methods necessary to conduct high-quality finance research. These courses are academically rigorous and will be examined. Candidates take up to 18 months to complete the coursework (10 subjects plus a pre-PhD mathematics refresher course, if required). Upon successful completion of the coursework, PhD candidates will progress to the research component. The standard coursework structure for the PhD is as follows:

Pre-PhD summer course (if required):

• ECON8007 Mathematical Techniques for Advanced Economic Analysis

Year 1, Semester 1:

• ECON8011  Microeconomic Theory
• ECON8022  Macroeconomic Theory
• EMET8014  Advanced Econometrics I

Year 1, Semester 2:

• FINM8018  Doctoral Studies in Asset Pricing
• FINM8019  Doctoral Studies in Corporate Finance – Theory

Year 2, Semester 1:

• FINM8020  Doctoral Studies in Asset Pricing 2
• FINM8021  Doctoral Studies in Corporate Finance – Empirical

Three electives taken in the first year, consisting of:

• EMET8008  Advanced Econometrics II
• EMET8001  Applied Micro-Econometrics
• STAT8002  Applied Time Series Analysis or  EMET8010  Applied Macro and Financial Econometrics
• ECON8021  Topics in Microeconomic Theory
• ECON8001  Topics in Macroeconomics
• FINM7003  Continuous Time Finance
• ECON8013  Optimisation for Economics and Financial Economics
• ECON8014  Computational Methods in Economics
• ECON8038  Industrial Organisation
• ECON8053  Game Theory
• ECON8076  Topics in Game Theory
• ECON8080  Advanced Behavioral Economics

Other electives may be possible beyond those listed above. Note that not all courses are offered in all years.

In Semester 1 of the second year, PhD candidates are also required to attend Special Topics in Finance seminars. This is an advanced reading seminar series led by faculty and senior PhD candidates aimed at providing candidates with exposure to up-to-date research. This seminar series culminates in a draft proposal that will form the basis of the candidate’s thesis proposal review (see below).

PhD research component

Following the successful completion of coursework, PhD candidates undertake specialised research training and independent research. Research training begins in the second year with advanced-level seminars, where participants delve deeply into key current research papers. At the same time, PhD candidates will commence research in their chosen topic. The year culminates with the defence of the first research proposal or paper, known as the thesis proposal review (see below).

Research supervisory panel

When a PhD candidate is admitted to the program, a provisional supervisor is appointed. The provisional supervisor has the responsibility of overseeing the candidate’s progress until a supervisory panel is chosen.

The Special Topics in Finance seminar series held during Semester 1 of the second year of candidature will help facilitate the finalisation of PhD supervisory panels. The role of the supervisory panel is to assist, advise, and provide support and encouragement to the candidate for a timely and successful completion of the research thesis.

RSFAS finance seminar program

The RSFAS finance seminar program consists of regular seminars presented by national and international researchers. PhD candidates are expected to attend and actively participate in the seminars throughout their candidature.

Research integrity training

Within three to six months of enrolment, all PhD candidates must complete the  Research Integrity Training  and pass the exam. Completion of this course and exam is a compulsory milestone for all PhD candidates.

Thesis proposal review

The thesis proposal review is a major milestone towards the end of the second year. The purpose of the review is to assess the originality, significance, adequacy and achievability of the candidate’s thesis plan.

PhD candidates are required to submit a draft thesis proposal following completion of the Special Topics in Finance seminar series towards the end of Semester 1 in the second year of their candidature. The proposal includes a description of the research to be undertaken in the thesis, and a summary of the thesis structure and time plan. Candidates are required to give a presentation to the RSFAS faculty and submit a paper to their supervisory panel.

Successful completion of the thesis proposal review (as determined by the Delegated Authority following consultation with the HDR convenor and supervisory panel) is required to continue in the PhD program.

Annual progress reviews

It is University policy that each candidate’s progress be reviewed periodically. In each year of their program, PhD candidates are required to submit an  annual plan and report  as a basis for periodic progress review. This document provides details on work completed by the candidate since the previous review, current progress, and any problems that may impact their research. It also outlines the coursework and research the candidate intends to undertake in the following 12 months.

Oral presentation

In their final year, candidates are required to give a final  oral presentation  on their research, usually three months before submitting their thesis.

Read more about  research candidate milestones .

Thesis submission and examination

The culmination of the PhD in Finance is a written thesis which, upon completion, is submitted for examination. The thesis is assessed by examiners who are experts in the relevant field.

For more information on the process, visit our page on  submitting a thesis .

For information about scholarships available to HDR candidates, visit our page on  scholarships and fees .

Read details of some of our alumni’s recent  job placements .

See our list of current  Finance PhD students .

• Curriculum/Program Requirements

Duke's Fuqua School of Business

The Finance PhD program requires you to complete:

• Course requirements as outlined below
• A second-year research paper
• A finance qualifying exam will be administered and evaluated by the finance faculty committee at the end of Year 2
• Teaching and research assistantship
• A preliminary exam / comprehensive evaluation which will include the presentation of your second-year paper and your performance in the courses and finance qualifier
• Dissertation thesis proposal
• Final dissertation and defense exam

The Finance PhD program provides a sound foundation in the finance and economics disciplines, as well as in related elective courses.

Course Requirements

Complete by end of year 2 the four required finance classes, namely Finance I to Finance IV, and required graduate-level economics classes in the Department of Economics (Microeconomics I, Econometrics I, and Macroeconomics I) and in total, a minimum of 11 graduate-level courses. Specifically:

• Four required finance courses (Finance I to IV)
• Three required economics courses (Microeconomics I, Macroeconomics I, and Econometrics I)
• Electives to meet your specific needs or interests, which can include additional classes in economics (e.g., Microeconomics II, Macroeconomics II, and Econometrics II), mathematics, statistics, decision sciences, and finance

Second-Year Paper

Students are required to form a PhD faculty committee who will guide the student in developing/writing their second-year paper. This paper will be presented in October/November of their third year (roughly at the 2.25-year mark).

Qualifying Exam

At the end of the second year, a finance qualifying exam is offered based on Finance I to Finance IV. This exam is graded and evaluated by the finance faculty committee. The committee can fail a student in any part of the entire exam and determine if the student should take a new qualifier in any subject (or subjects) and/or retake the class that he/she failed in the qualifying exam.

Teaching and Research Assistantship

Students acquire critical classroom experience as professors’ teaching assistants in the courses they offer across programs at Fuqua. Compensated research assistantships beyond that are available on a competitive basis.

Preliminary Exam / Comprehensive Evaluation

The preliminary exam / comprehensive evaluation includes the second-year paper presentation, the performance in the courses and the qualifiers. The finance faculty use these inputs to evaluate the student after the second-year paper presentation. The faculty in conjunction with the student’s PhD faculty committee decides if the student passes the comprehensive exam. In case the student fails the comprehensive exam, he/she may be given a second opportunity as determined by the faculty within 4 months of the first presentation. In case the student fails in their second attempt they will receive a terminal master’s degree in business.

Dissertation Proposal

We suggest students form a dissertation committee in the fall of their fourth year, with the proposal occurring in the spring of the fourth year. Students have until the end of the summer of the fourth year to complete this requirement.

Dissertation Defense

We expect students to defend their dissertation by the end of their fifth year in the program.

Sample Program Schedule

The following is a pro-forma schedule that you might choose, depending on your background, experience, strengths, and interests. At the end of four full semesters (end of Year 2), you should have taken a minimum of 11 graduate-level courses to meet the finance area requirements.

Asterisk indicates key milestone (qualifying, preliminary, and final exams

PhD Program

• Current PhD Students
• Student Research and Awards

Tippie College of Business

Phd in finance - phd programs.

PhD in Finance

In business, the big questions are usually finance questions.

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

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

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

Request Info

Respected and renowned

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

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

See faculty research

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

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

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

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

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

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

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

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

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

Academic record

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

GMAT or GRE score

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

Letters of recommendation

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

English proficiency

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

Statement of purpose

Content and overall seriousness are considered.

Curriculum and sample plan of study

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

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

Finance Department Handbook

Research Topics & Ideas: Finance

120+ Finance Research Topic Ideas To Fast-Track Your Project

If you’re just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you’ve come to the right place. In this post, we’ll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

If this sounds foreign to you, check out our free research topic webinar that explores how to find and refine a high-quality research topic, from scratch. Alternatively, if you’d like hands-on help, consider our 1-on-1 coaching service .

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

If you need a helping hand, feel free to check out our private coaching service here.

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Create your own research proposal

A research proposal is a short document that summarises the research you want to undertake. If you cannot find a suitable advertised project, this is a route to create your own.

When creating a research proposal, you’ll need to consider the question or issue you want to address with your project. Think about the background of the subject and how your research will be an original contribution to the field. You’ll also need to think about the methods you'll use to conduct this research. Your proposal helps us assess your suitability for a research degree and decide if we can offer you the right supervision.

Preparation

You may want to make contact with 1 or more potential supervisors to discuss project ideas. They may also be able to help with funding your degree .

You can search our academics to find a supervisor whose research interests align to yours. When you find a match, contact them to discuss your proposals. Allow time for responses and to consider their feedback.

Learn how to make a supervisor enquiry

Writing your research proposal

You should keep it clear, objective and realistic. Include:

• an outline of your research interests
• your initial thoughts about your topic
• clear objectives of what you aim to achieve or the question you want to address
• references to previous work
• why the research is relevant and original
• your proposed method and general approach
• why you believe the research should be funded
• how your skills will help to conduct the research
• any training you may need to undertake the project

How to structure your proposal

Your research proposal should include:

• a working title for your project
• up to 1,500 words (excluding a bibliography)

It’s best to write with short paragraphs and sentences. You can use images and diagrams if it’s appropriate.

Example structure:

• introduction statement (200 words)
• your background reading and the area you want to contribute to (400 words)
• your research question or issue to investigate (200 words)
• data sources, research methods and critical approaches to use (500 words)
• conclusion on how your project will contribute to the field (200 words)
• bibliography

Submit your proposal

Your potential supervisor will inform you of when to start the application process and how to include the details of your agreed project.  

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Finance PhD with Integrated Study

Awards: PhD with Integrated Study

Study modes: Full-time, Part-time

Funding opportunities

Programme website: Finance

Introduction to Postgraduate Study

Join us for this online session on 26 June to learn more about postgraduate study at Edinburgh

Find out more and register

Research profile

As part of a world-renowned University, triple accredited (AMBA, AACSB, and EQUIS) and ranked 5th in the UK for research power (Times Higher Education, 2022) within Business and Management, our Business School provides a dynamic and supportive research environment for our large and diverse graduate community.

The Business School's research mission is to produce theory-led, practically relevant research that addresses contemporary organisational and management challenges faced by businesses, public organisations, regulatory bodies, and policy-makers.

Our research subject groups

The School has significant research expertise in the following disciplines:

• Accounting and Finance
• Entrepreneurship and Innovation
• Management Science and Business Economics
• Organisation Studies

Our research themes

Staff across these six disciplinary subject groups work together to carry out research under the following themes:

• Climate Change and Sustainability
• Corporate Finance
• Entrepreneurship
• Interdisciplinary Accounting
• Leadership, Organisations, and Society
• Management Science

Research centres and networks

Our Centres and Networks bring together established and new researchers to develop and disseminate new knowledge:

• Business school research centres, institutes and networks

Interdisciplinary research

The Business School has capitalised on opportunities afforded by our Edinburgh location and cultivated links with other parts of the University to develop and lead new areas of expertise, in financial services and FinTech, creative industries, and digital tourism.

The School has links with other schools at the University, including Social and Political Studies, Mathematics and Law, allowing students with cross-disciplinary interests to find expertise, support and supervision.

Your research

As a doctoral researcher, you will have the opportunity to pursue original research and make a significant contribution to your chosen field.

The strength of your application for our programme depends on the fit of your proposal with the School’s research mission and themes, and particularly how it fits with the research interests of our academic staff.

We therefore strongly recommend you make contact with a potential supervisor before applying. Check out the links to our research disciplines and themes above to find one of our academic colleagues you would be interested to work with, who would have the expertise to support your studies.

When approaching a potential supervisor please ensure you give them an up-to-date CV and a draft research proposal. If you are not sure who to approach, please contact our admissions team (contact details can be found in the ‘Further information’ section).

• Guidance on writing a research proposal

Programme structure

The PhD with Integrated Study in Management is 4 years full-time with an additional year at the end to allow you to write up your thesis.

During your first year you will take 180 credits of taught courses to build your research skills and the knowledge required for your area of study.

To be awarded a PhD, you will need to defend your written thesis in an oral examination called a viva.

Find out more about compulsory and optional courses

We link to the latest information available. Please note that this may be for a previous academic year and should be considered indicative.

Training and support

Your supervisory team will be made up of at least two members of academic staff who will meet with you regularly to discuss your research progress and plans.

You will be assigned to one of our research subject groups relevant to your topic and the group hosts regular research activities.

Our doctoral training programme will allow you to pursue research and professional skill training alongside your subject-specific taught courses.

There will be a variety of seminars and workshops delivered by international experts throughout the year, providing further opportunities for advanced learning and networking.

Another way the Business School supports your individual development is through dedicated funding. Doctoral researchers can apply to use this funding for further opportunities such as attending international conferences or professional body membership fees.

The Business School's location right in the heart of Edinburgh means you will be based close to the city’s cultural attractions, including a wealth of libraries, archives, museums and galleries.

As a doctoral researcher at the Business School, you will have access to our PhD study spaces, as well as the staff lunch room and kitchen.

The Business School has its own postgraduate library and study centre (The Hub), a Finance Computer Lab, and Librarian who can help you find the information you need throughout your studies.

Our world-class research programmes offer:

• Supervision from acclaimed academic faculty within a wider range of subject areas
• Courses designed to expand your knowledge base and develop your research strategies
• Dedicated, modern facilities with state-of-the-art databases and specialist resources
• A peer network of students and inspiring alumni from across the globe
• A vibrant research environment with regular seminars, masterclasses, and events allowing you to connect and learn from experts across the business world

Career opportunities

The Business School offers training events and support for all our postgraduate research students in both academic and professional skills – we support a diversity of career pathways.

There are opportunities for doctoral researchers to be employed as our Research Assistants and Teaching Assistants.

Graduates from our postgraduate research degrees often pursue further careers at internationally renowned universities or become senior consultants for private and public bodies.

• Why choose a PhD at the University of Edinburgh Business School?

Listen to staff and students at the Business School discuss the doctoral programme.

Entry requirements

These entry requirements are for the 2024/25 academic year and requirements for future academic years may differ. Entry requirements for the 2025/26 academic year will be published on 1 Oct 2024.

A postgraduate masters degree from an accredited institution in the UK or overseas, showing evidence of above-average academic achievement. This includes:

• a degree classification with a mark of 65% or more overall (University of Edinburgh level, or overseas equivalent)
• normally, a masters dissertation at the distinction level (University of Edinburgh level, or overseas equivalent)
• applicants with a masters degree without a dissertation component worth a third of degree credits will require a distinction or equivalent.

If you do not have a masters degree you may still be considered if you have a UK undergraduate degree at a First, or international equivalent, with a mark of 70 or more in the dissertation module.

International qualifications

Check whether your international qualifications meet our general entry requirements:

• Entry requirements by country
• English language requirements

Regardless of your nationality or country of residence, you must demonstrate a level of English language competency at a level that will enable you to succeed in your studies.

English language tests

We accept the following English language qualifications at the grades specified:

• IELTS Academic: total 7.0 with at least 6.0 in each component. We do not accept IELTS One Skill Retake to meet our English language requirements.
• TOEFL-iBT (including Home Edition): total 100 with at least 20 in each component. We do not accept TOEFL MyBest Score to meet our English language requirements.
• C1 Advanced ( CAE ) / C2 Proficiency ( CPE ): total 185 with at least 169 in each component.
• Trinity ISE : ISE III with passes in all four components.
• PTE Academic: total 70 with at least 59 in each component.

Your English language qualification must be no more than three and a half years old from the start date of the programme you are applying to study, unless you are using IELTS , TOEFL, Trinity ISE or PTE , in which case it must be no more than two years old.

Degrees taught and assessed in English

We also accept an undergraduate or postgraduate degree that has been taught and assessed in English in a majority English speaking country, as defined by UK Visas and Immigration:

• UKVI list of majority English speaking countries

We also accept a degree that has been taught and assessed in English from a university on our list of approved universities in non-majority English speaking countries (non-MESC).

• Approved universities in non-MESC

If you are not a national of a majority English speaking country, then your degree must be no more than five years old* at the beginning of your programme of study. (*Revised 05 March 2024 to extend degree validity to five years.)

Find out more about our language requirements:

Fees and costs

Scholarships and funding.

There are various scholarship opportunities:

• Business School scholarships and funding

Other funding opportunities

The University has a detailed search of financial aid available for all prospective students.

• Search for Bursaries, Scholarships and other Financial Aid available to all prospective students

Search for scholarships and funding opportunities:

• Search for funding

Further information

• Postgraduate Research Admissions
• Phone: +44 (0)131 651 5337
• Contact: [email protected]
• Director of Research Degrees, Dr Ben Marder
• Contact: [email protected]
• University of Edinburgh Business School
• 29 Buccleuch Place
• Central Campus
• Programme: Finance
• School: Business School
• College: Arts, Humanities & Social Sciences

Select your programme and preferred start date to begin your application.

Finance (PhD with Integrated Study) - 4 Years (Full-time)

Finance (phd with integrated study) - 8 years (part-time), application deadlines.

We encourage you to apply at least one month prior to entry so that we have enough time to process your application. If you are also applying for funding or will require a visa then we strongly recommend you apply as early as possible. We may consider late applications if we have places available, but you should contact the relevant Admissions Office for advice first.

• How to apply

You must submit two references with your application.

Two references are required for this programme.

Find out more about the general application process for postgraduate programmes:

Accounting and Finance

PhD Accounting and Finance

Research is central to the activities of the University of Bristol Business School. The school comprises several groups of academic staff with a variety of interests and a focus on research that has practical relevance. The results of the most recent UK-wide research assessment, the Research Excellence Framework (REF) 2021 , rated 88% of the research activity in business and management as 'world leading' or 'internationally excellent'.

The Business School encourages interdisciplinary research, drawing on a range of theories and methodologies. We welcome students from a variety of backgrounds and experiences. You will be joining a thriving PhD community. We run a programme of activities to enable PhD students to network with each other.

Candidates entering the PhD programme are required to take 60 credit points of taught units in their first year and to participate in PhD workshops and reading groups. Students are also encouraged to undertake further training in agreement with their supervisor for the duration of their studies.

The main research training is taken from among two categories of units, with separate lists for Accounting and for Finance students. The units are chosen in consultation with the supervisors to suit the student's PhD research. The pass mark set by the University for any level 7(M) unit is 50 out of 100.

World-leading research

The University of Bristol is ranked fifth for research in the UK ( Times Higher Education ).

94% of our research assessed as world-leading or internationally excellent.

Entry requirements

The applicant must have an upper second-class honours degree in a relevant subject or an equivalent qualification, and either have completed or be completing a master's qualification from a UK university (or equivalent).

The master's requirement does not apply to applications made to SWDTP-funded scholarships although commencement of the PhD remains conditional on the completion of the associated master's. Applicants without a master's qualification may be considered on an exceptional basis.

Aptitude test results such as GMAT and GRE can be submitted as evidence of PhD-level analytical and verbal abilities.

See international equivalent qualifications on the International Office website.

Read the programme admissions statement for important information on entry requirements, the application process and supporting documents required.

If English is not your first language, you will need to reach the requirements outlined in our  profile level B.

Further information about  English language requirements and profile levels .

Fees and funding

Fees are subject to an annual review. For programmes that last longer than one year, please budget for up to an 8% increase in fees each year.

More about tuition fees, living costs and financial support .

Alumni discount

University of Bristol students and graduates can benefit from a 25% reduction in tuition fees for postgraduate study.  Check your eligibility for an alumni discount.

Funding for 2024/25

Students applying to research programmes in the Faculty of Social Sciences and Law may apply for funding from a range of sources. Applicants can find details about applying to these scholarships and deadlines for applications on our Faculty of Social Sciences and Law webpage .

Applicants can also find the latest funding information on the Business School website , via Business School PGR contacts ( [email protected] ) or through the Business School's social media channels ( Facebook | Instagram | LinkedIn | Twitter ).

Further information on funding for prospective UK and international postgraduate students.

Career prospects

The primary purpose of this qualification is to prepare for a career in research.

Research groups

Find out more about the University of Bristol Business School research groups .

Details of the current research and supervision interests of individual members of staff are available on the school website .

When writing the research statement to accompany your application, the primary requirement is to define and situate your research within an academic/disciplinary context. You should remember that people in the academic community are the main audience or readership for postgraduate research.

This means that you will need to identify:

1. The research questions or problems that you intend to address; 2. The research context for your project/programme of work; 3. The methods you think you will use to pursue the key questions; 4. Two potential supervisors for your research - please refer to the staff profiles as listed by the school website .

In considering your application, significant weight will be given to the extent to which you can demonstrate a clearly thought out and specific interest in research.

How to apply

Apply via our online application system. For further information, please see the guidance for how to apply on our webpages.

Applicants need to make sure that they submit all required documents (see admissions statement), incomplete applications will not be considered.

Applicants must contact prospective PhD supervisors in advance of applying for a programme. Please refer to the staff profiles as listed by Academic Groups . If the supervisor you seek cannot offer supervision, try to identify alternative supervisors.

The supervisor's details should then be included in the application form, or the application process may be delayed. You may also submit an application without identification of supervisors, and we will try our best to find a match, although we cannot guarantee supervision. Early applications are strongly encouraged.

Applications open on 2 October 2023 and will be considered in four rounds, with round one closing on 1st December 2023; round two on 1st February 2024 and round three on 31st March 2024. Round four closes on 1st June 2024.

Applications to begin study in September 2024 will not be accepted after this date. Applications should be submitted electronically by no later than 4pm on the day of the deadline for the round in which you apply.

Business School PGR Team

Faculty of Social Sciences and Law

University of Bristol Business School

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90 Finance Research Proposal Topics

Research papers are an academic type of writing that requires the ability to find the results of a subject and analyse those results to make conclusions and recommendations. In the realm of finance, there are numerous things one could investigate. The management of risk Corporate and organizational governance, investment and many more are just the beginning of the things this field of study covers. Before we dive into the most common topics of finance research papers, it is essential to know about the basics of finance.

What is Finance?

Simply put financial management is the administration of money. However, this type of management encompasses activities like forecasting, savings and lending, borrowing and investing. Finance is a leading area to a swath of different activities related to investing, money credit, capital markets leverage or debit, and banking. Finance-related careers have for quite a while been rewarding because it gives you an advantage over virtually all other courses available. However, in this vast array of subjects, where do students in finance have resources available for writing research papers on finance ? There are several websites that concentrate on topics for finance research papers online.

Select the most appropriate research topic for the Finance Research Proposal

It is essential to select your subject carefully and eliminate any irrelevant information. There are a lot of things you should be aware of when choosing the best research topic, for instance, its importance in the context of current application and its relationship to prior research and the type of research issue and more. Additionally, you'll need to ensure that the subject is focused on a specific issue which you'll be dealing with during your research analysis.

• When you are deciding on your research paper , it is crucial to choose the subject you are fascinated by.
• Find a question with no answer within the area of your research and conduct additional study to discover a feasible solution.
• Before you begin writing your essay, be sure you've completed some preliminary research to make sure you have enough research materials to write about your topic .
• Conduct a search online and discover which topics could be an issue that you must tackle these.
• Be sure you're taking a look at current, up-to-date and current information so that you can ensure your report is current.
• Check out a variety of financial theses and papers to get an concept of your chosen subject;
• Find a general view on your topic of financial research and then use the information to focus on one specific aspect.
• Discuss your subject with your friends or others who have written essays. It is also possible to consult with your professors as well.

A list of finance-related topics to write about

We have compiled an array of interesting topics for writing about. They are divided into groups. This will allow you to select the most relevant topic for your audience and be sure to write it down completely. Enjoy doing your research.

Innovative finance topics

Perhaps you're planning to write a fascinating business essay. You'll have to pick some of the most popular topics for finance papers and then create a persuasive essay. This is our list of 10 topics we think are the fascinating.

• A comparative study of the benefits and setbacks of mergers and acquisitions
• Potential solutions possible solutions Capital Asset Pricing Model
• The future of commerce as well as the consequences of manipulating commodities
• A comparative study of the Continuous-time model's use
• Stability for retail investors by implementing the Systematic Investment Strategy
• US economic growth and taxation of income
• How will the American economy function in conjunction with the current banking system?
• Analysis of financial statements and ratio analysis are they a real element?
• Senior citizen investments - a review of this portfolio
• Multilevel Marketing and it's application across different economies around the world
• The similarities and differences between traditional finance and behavioral
• Customer satisfaction with e-banking
• The most effective risk management strategies for manufacturing - thorough analysis
• A derivative market and its financial risk Identification and measurement
• Risks that could be posed to the banking sector, and how to mitigate them?
• The latest technology that are behind commercial banking

Research topics on finance for MBA

The following list of research subjects in finance will inspire your professors and view finance from a different view.

• An analysis of the investment potential of your selected company
• Capital management - a detailed report
• Considerations for saving taxes and financial strategies
• Life insurance investment and the participation of investors in these investments
• An analysis of the comparison between the traditional product and UIL

Topics related to public finance

Topics in public finance are financial research topics that cover the tax system, borrowing by the government as well as other aspects.

• Budgeting for government and accounting
• The economic austerity is a result of finance and education in the government
• The concept and practice of the taxation by the government
• How can the government get money by borrowing?
• The revenue collection plan of the government
• Accounting and budgeting for the government

Research topics for international research in Finance

Because business transactions are taking place globally, and local commerce is no longer an only alternative, it is essential to study international business.

• How can we help prevent the onset of global economic crisis?
• Does the banking industry have the ability to lessen the consequences of the financial crisis?
• Can a country get the goal of providing healthcare to homeless people?
• Which areas of healthcare require more money?
• The issues with the high cost of medications in the US

Topics in research on healthcare finance

Here are a few of the most important issues in the field of healthcare finance:

• Which is better, free or paid healthcare?
• Healthcare finance - its origins
• Is financing healthcare a privilege or a right?
• Health policies throughout America U.S. through history
• What can countries in the first world do to enhance healthcare?
• What impact has the government had on health care?
• Are we able to achieve universal healthcare for all?

Topics in Corporate Finance

Corporate finance is the process of the organization of capital, financing, and making choices on every investment. Following is a list of finance research topics will help you avoid errors in this field.

• Potential solutions to ethical issues in the field of corporate finance
• Understanding the investment trends of small and medium-sized firms
• Mutual funds and investment A thorough analysis of its various streams
• How can equity investors deal with the potential risk
• What are the possible advantages and disadvantages of SWIFT and how will it function?

Topics in Business Finance

Every decision we make in the business world has financial consequences. We must therefore be aware of the basics to write finance-related topics that need analysis, management valuation, management, etc.

• The establishment of business entities and the use of business finance
• Modernization of business and the role of finance in business
• Selling our life insurance Do we have a tax incentive that is effective in this case?
• Who are the people who mutual funds affect in the private and public sectors?
• Diverse investment options for various types of financials - Do you have an investment option you prefer?
• The preferences and choices of investors - A thorough analysis
• The investor's perspective regarding taking a stake in private insurers
• Corporate entities and raising their accountability
• Business finance and ethical issues
• Taxes on small and medium-sized business payment

Personal financial topics

Personal finances are a vulnerable field, because we all want to attend to our finances in a way that is appropriate. Below are some fascinating problems in this area:

• Strategies for saving money while in a financial bind - A assessment
• The impact of inflation and the rise in the rate of interest on personal finances
• Employers and employees working at home - what are the advantages?
• Is health insurance that is free or affordable healthcare a right that everyone should have?
• What are the most effective ways to save money if you're in a pinch?
• Credit scored - a comprehensive analysis
• The importance of car and credit loans
• How do taxes affect financial decision?
• What are the most effective ways to effectively manage credit?
• The mobile banking industry and the problems

A few more topics for research proposals in Finance

• The distinction between traditional and behavioral finance
• The effect of control over budgets on organization performance
• An analysis of the usage of financial state in evaluating the performance of a company
• Ethics concerns that are associated with corporate finance and the ways they can be addressed
• Transparency and clarity are enhancing in corporate organisations
• The management of massive credit at commercial banks in either developed or developing countries
• Mobile banking in both developed and developing countries
• A review of credit management practices and bank lending practices in both developed and developing countries.
• Electronic banking is a relationship that influences satisfaction of customers
• Examining the effects of loan defaults and loan defaults on the financial viability of banks
• Investment management: pros and cons management
• Sustainability and green governance in industries that could pollute the earth.
• How do corporate governance and institutional ownership affect green patent Generation.
• The implementation of risk-management strategies.
• Microfinancing and the alleviation of poverty
• The transformation of the banking industry due to information technology (IT)
• Internal controls in accounting firms
• Corporate Social Responsibility is a key issue in banking systems of today
• The combination of cryptocurrency and banks in a demonetized global
• Security concerns with online banking and transactions online
• Examine the differences between traditional finance and behavioral finance.
• Study of the effect of budgetary control on the effectiveness of an organisation.
• A critical analysis of the usage of financial statements to evaluate the efficiency of an organization.
• What are the ethical issues associated with finance in corporations, and how can they be addressed easily?
• Audit independence: improving transparency and accountability within corporate companies
• Credit management and issues related to bad debts at commercial banks of [Country Name].[Country Name].
• Opportunities and challenges of mobile bank banking within [Country NameProspects and challenges of mobile banking in [Country Name].
• Evaluation of lending practices at banks and credit management in [Country Name].The evaluation of credit management practices and lending practices in [Country Name].
• The impact of electronic banking on satisfaction of customers.
• An analysis of loan defaults and the impact it has on the bank profitability.

How to Write a Perfect Finance Research Paper

Gathering and utilizing the correct financial information is vital in the production of clear finance reports and research papers on finance for academic and corporate goals. These data can range from the financial history of a business, the trends of an asset's performance on its market or shifts in the market for investment. But, before collecting and analyzing the data it is essential to choose a subject to avoid wasting time by focusing on a faulty subject. How can you be sure the finance research essay you write is done to perfection? Here are some steps to make sure that you adhere to when writing an essay or research paper on finance: an essay on finance:

Pick a relevant research paper area

This article is designed to provide most popular topics for finance research papers. When choosing a successful study paper subject, it's crucial to know the subject you're dealing with. If you don't know the subject you're writing about can result in you taking many dead-end routes and wasting valuable time. Once you have a clear understanding of the topic you must determine the relevancy of the topic and the subject you're writing your research paper on. Also, you can brainstorm ideas for subjects that could be suitable to research for your financial paper and based on these ideas you'll end with a suitable topic.

Plan your writing

It is commonly advised that if you are planning to chop off a branch, invest longer sharpening the axe. Writing effectively requires the steps you take to plan your the actions for your research paper prior to you actually begin writing. This will ensure that you're more productive and will ensure that as you write , you are spending less time. In writing a research paper, you'll employ a variety of approaches to writing. It could involve observation, summarizing, or analysing, arguing and analysing. Be mindful of the purpose of your paper is vital during this stage. This is where you will collect ideas for your finance essay.

Editing and writing

The process of writing the finance research paper is at the heart of the procedure. It is not much to be said regarding the writing process process, if you have prepared well and settled on a topic that is suitable in the study paper. But, every writer is bound to make mistakes. When writing, there will be mistakes made on paper. Additionally, ideas can change, or new ideas may pop out. The reason for the process of editing your financial research document is to polish your paper into the most polished version possible. Here are some tips to follow during how to edit and proofread your work.

• Don't edit your essay immediately after writing. It is best to let it for a few days or for a long period of time prior to beginning your editing and proofreading.
• If you can, ask someone to assist you with proofreading and editing your work. This could be from a friend or family member or even a colleague from class.
• When editing, make sure to edits, do it on chapters that are based on chapter. This will help you lessen the burden as your finance research papers may be quite a lengthy document.
• Use different methods in your editing. Examining for grammatical errors and checking for a flow of logic, ensuring the correct reference usage and many more.
• After editing, read the entire document to ensure that there wasn't anything that was overlooked.

In the final draft of this paper, you will not just exhume data, but also the confidence.

Frequently asked questions

What is finance .

Financial management is simply the management of funds. However, this form of management also includes borrowing, investing, and operations like predicting and lending. A wide range of distinct activities relating to investment, money credit, capital markets leverage or debit, and banking fall under the umbrella of finance.

What is the best topic for finance project ?

role of retail credit in bank credit's long-term expansion. Retail bank credit's contribution to the economy's sustained expansion. The role of ECGC guarantees in export credit. An analysis of corporate banking and project finance, including credit for infrastructure.

What are the current research topics in finance ?

Finance-related research topics for students.

• the variations and parallels between conventional finance and behavioral finance.
• e-banking customer satisfaction.
• A thorough review of the best risk management strategies for the manufacturing sector.
• Identification and evaluation of the financial risks associated with a derivatives market.

What are the topics for finance internship ?

General Financial

• Studies on capital budgeting.
• Economic Analysis.
• Ratio evaluation
• Risk assessment.
• Inventory Control.
• Analysis of financial performance.
• studies on venture capital finance.
• Tax preparation.

Which project is best for MBA finance ?

Beginner MBA Finance Projects

• The value of capital budgeting.
• corporate investment analysis.
• portfolio management, including techniques.
• an examination of a company's cost modeling.
• the mechanism for controlling the budget and inventory.
• Public understanding and familiarity with wealth management.

What can be the topics for mba Finance summer internship project in a CA firm ?

corporate finance, international taxation, mergers, and acquisitions, etc

How do I prepare for a finance internship ?

Refresh your knowledge of technical financial topics and abilities. Refresh your memory of typical finance issues or procedures that you could be asked to use on the day of your interview. Candidates seeking internships at Wall Street institutions are frequently required to verbally describe financial practices.

What are the articles related to finance ?

According to Article 280 of the Constitution, the President appoints the Finance Commission, which has as its primary responsibility to make suggestions on how to tax income should be divided between the Union and the States and among the States themselves.

What are some research proposal topics in accounting and finance ?

Five Interesting Topics for Accounting Research Papers

• Software for accounting is required.
• newest accounting software innovations.
• Accounting ethics dilemmas.
• Best accounting techniques' historical prospects.
• Benefits of quick information for contemporary accountants.

What is the best topic for internship ?

Topics for Internship.

• Any State's e-governance.
• Analyze any given service across all States.
• Internet adoption and methods to boost it.
• Internet safety.
• Social media: good or bad?
• Social media's impact on Indian culture
• Social media is eroding our culture's foundation.

What is the best topic in finance ?

Accounting businesses' internal controls. Concerns about corporate social responsibility in contemporary banking systems. combining banks and cryptocurrencies in a demonetized environment. Cybersecurity concerns have an impact on online transactions and banking.

What is the objective of a finance internship ?

Learn everything you can about the company's cash management procedures. Learn everything you can about the company's treasury operations. Learn about the company's corporate budgeting procedure. Discover the company's internal and external financial reporting practices.

What is research proposal with example ?

A research proposal is essentially a formal, organized document that outlines your intended research subject, your reason for choosing it as a topic for study, and your methodology (i.e. your practical approach).

How long is a research proposal ?

2,500 words 

How do you start a research proposal example ?

A succinct description of your desired research, no more than 100 words, should be included in the proposal. This might be a few phrases outlining the issue you want to look at or the main issue you want to tackle. Explain the general context in which your study will be conducted.

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Sample PHD Finance and Accounting Dissertation Proposal

Here is a sample that showcases why we are one of the world’s leading academic writing firms. This assignment was created by one of our expert academic writers and demonstrated the highest academic quality. Place your order today to achieve academic greatness.

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An Analysis of the Impact of Financial Volatility Estimates and Option Pricing Methods on the Returns and Risk Assessment in the Saudi Stock Market

Introduction.

Volatility is defined as the statistical measurement of the dispersion in a market index considering the returns (Abdalla and Suliman, 2012). The central banks and regulatory authorities of stock exchanges have highly focused on volatility modelling and forecasting by using asset pricing models for measuring risks and using option pricing formulas for maximising returns.

The Black-Scholes model is an option pricing formula that delivers the scope of portfolio management of stocks along with delivering reliable estimates of volatility (Bhowmik & Wang, 2020). The Saudi stock exchange is also known as Tadawul and it was established in 2007. Tadawul has a market cap of SAR 8.23 trillion and its trade volume amounts to SAR 380.89 billion.

The research topic is to conduct an analysis of the impact of financial volatility estimates and option pricing methods on the returns and risk assessment in the Saudi Stock Market.

Reason for Choice

The research topic has been selected as volatility has become an integral component of the present financial markets and most of the studies conducted by the past authors have focused on the relationship between volatility of the oil prices in Saudi Arabia and the stock prices. This research will evaluate how the estimation of financial volatility along with using option pricing models can be used for increasing the returns in the Saudi stock market along with conducting a financial risk assessment.

This research will provide more information regarding the dependencies among financial volatility and the Saudi Stock Market along with evaluating the significance of forecasting methods for maximizing gains and minimising risk. The research will provide the investors with better decision making parameters considering the alterations in returns due to financial volatility.

The Objectives and Expected Research Contribution

This study research aims to evaluate the influence of financial validity extremists and option pricing methods on the returns and risk assessment in the Saudi Stock Market. The research objectives include analysis of the significance of financial volatility modelling and estimates in the Saudi stock market.

The research will also contribute in the domain of option pricing models that can be used for evaluating the risk associated with the stock prices for guiding the decision making of the investors. The present condition of the Saudi stock market along with its dependencies on oil and other commodities will also be evaluated as an objective of this research.

Lastly, the ways in which returns of investment can be maximized in the Saudi stock market by conducting a proper risk assessment by using financial volatility forecasting and option pricing models will also be discussed. This will facilitate the foreign investors to understand the fluctuations in the Saudi stock along with helping the risk manager is and investors to raise awareness about the risk in Tadawul.

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Research Background and Questions

In Saudi Arabia, the volatility of the stock market and the overall financial industry in the last decade was due to the changes in oil prices. However, the BASEL accords were updated to implement BASEL III for improving the banking and financial regulations. The stock prices in the nation have been declining since 2015 due to the fall in the price of crude oil (Kalyanaraman, 2014).

The government of the country has established a model for Vision 2030 by integrating financial forecasting mechanisms to reduce the dependence on oil for the economy (Simmons, 2006). Volatility is desired in the market as stagnant stock prices do not yield any profits. However, high volatility also implies high risk for the security, and it is measured by using variance and standard deviation among the returns from the market index.

The research questions are:

• What is the importance of financial volatility estimates in the stock markets?
• In what ways do option pricing models facilitate risk assessment and decision making in the stock market?
• What is the present condition of the Saudi Stock market considering the dependencies, returns and risk?
• What is the impact of financial volatility estimates and option pricing methods on the returns and risk assessment in the Saudi Stock Market?

Literature Review

The financial assets have the characteristics of providing returns on the investment but are also susceptible to market risks due to the returns being variable (Black, 1976). The volatility of the assets remains variable, requiring the forecasting of stocks to analyse the market risk involved. Examination of the stock volatility is crucial for minimising the risk and losses while contributing to increasing financial gains.

Option pricing methods refer to the parameter of volatility for evaluating the price of the stocks (Birge and Zhang, 1999). This is beneficial for risk assessment applications and general portfolio management of the stocks. As per Bhowmik & Wang (2020), price volatility estimation enables the financial institutions to become aware of the current volatility value of the assets they are managing and estimating the future values for maximising investors’ returns. According to Lim and Sek (2013), the two methods of determining financial volatility forecasting include using the GARCH and ARMA models.

Methodology

The purpose of this research is to evaluate the impact of estimating financial volatility and option pricing methods on the return on investments and risk assessment in the Saudi Stock Market. This research will be conducted using the positivism philosophy for using first and information for deriving the findings.

The research will be conducted using an inductive approach and considering an experimental design to establish the linkage among the variables in the research topic (Saunders et al., 2007). The research will be conducted by conducting a semi-structured interview with 10 Saudi stock exchange employees to understand the implications of financial volatility forecasting and option pricing models.

Limitations

The research limitations include time and budget restrictions that inhibit surveying with the investors in the Saudi Stock exchange.

The research will require 180 days or six months to complete.

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The research will be conducted by analysing the data collected from the interview by forming a thematic analysis for evaluating the open-ended responses. Secondary data will also be considered in this research for comparing the findings from the immediate reactions.

This investigation will identify the measures that are best suited for guiding the investors and financial advisors regarding the maximisation of returns and risk minimisation in the Saudi stock market by using financial volatility estimates and option pricing.

Abdalla, S. Z. S. (2012). Modelling Stock Returns Volatility: Empirical Evidence from Saudi Stock Exchange International Research Journal of Finance and Economics, 85, 166-179.

Bhowmik, R., & Wang, S. (2020). Stock Market Volatility and Return Analysis: A Systematic Literature Review. Entropy, 22(5), 522.

Birge, J.R. and Zhang, R.Q., 1999. Risk-neutral option pricing methods for adjusting constrained cash flows.  The Engineering Economist ,  44 (1), pp.36-49.

Black, F. (1976). Studies of stock market volatility changes.  1976 Proceedings of the American Statistical Association Business and Economic Statistics Section .

Kalyanaraman, L. (2014). Stock market volatility in Saudi Arabia: An application of univariate G.A.R.C.H. model.  Asian Social Science, 10 (10), 142.

Lim, C.M. and Sek, S.K., 2013. Comparing the performances of GARCH-type models in capturing the stock market volatility in Malaysia.  Procedia Economics and Finance ,  5 , pp.478-487.

Saunders, M., Lewis, P.H.I.L.I.P. and Thornhill, A.D.R.I.A.N., 2007. Research methods.  Business Students 4th edition Pearson Education Limited, England .

Simmons, M.R., 2006. Twilight in the desert: The coming Saudi oil shock and the world economy. John Wiley & Sons.

Frequently Asked Questions

How to write a phd dissertation proposal.

To write a Ph.D. dissertation proposal:

• Choose a research topic.
• Develop a clear problem statement.
• Outline objectives and methodology.
• Review literature.
• Present a timeline.
• Seek feedback from advisors.
• Revise and finalize the proposal before submission.

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