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Is it worth doing a PhD to secure a job in finance?

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Jonathan Black

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

This week’s problem

Is it worth doing a PhD in finance? While I do not intend to be an academic, will the qualification increase my chances of securing a position in the banking industry? Anonymous

Jonathan’s answer

The banking and finance industry covers a wide range of activities and roles, from buyside fund managers, analysts and researchers to sellside sales, trading and market making. It will help if you can narrow down the sort of job you seek as only some of these roles would benefit from advanced skills in specific areas such as quantitative analysis, modelling, and coding.

Studying for a PhD can enable you to demonstrate some important traits of successful bankers; including a keen interest in and wider understanding of banking and global markets, high analytic intelligence, confidence with figures, stamina, energy, and maintaining good working relationships with colleagues when under pressure.

Many of these skills can be learnt on the job, but a PhD could help you gain them while also learning some specific technical skills, and networking widely to understand the industry better.

While you say that you do not intend to be an academic, a PhD would keep that option open if you were to change your mind, maybe after a spell in industry.

In their study of a sample of PhD graduates, Billy Bryan and Kay Guccione identified four domains of doctoral value: career, skills, social and personal values. While your question focuses on just one of these, the instrumental use of a PhD to gain a career advantage, the PhD graduates in the study cited these three other factors. They noted that within the career area, a doctorate gave them professional credibility and enhanced reward, as well as the issue behind your question: the ability to land the job.

The PhD graduates recognised the transferable and project-based skills they had learnt, many of which can be applied in the banking industry. Socially, they felt the PhD had brought them esteem, status, and access to rewarding networks of colleagues around the world. At a personal level, the graduates felt a strong sense of achievement and enhanced personal identity from having a PhD.

You will have to decide which of these you already have, which you would like, and of those you don’t have and would like, whether you can get them via a PhD or on the job. If you are concerned only with the career enhancing properties of a higher degree, then a masters will probably provide sufficient skills to give you an edge in gaining an analyst or research role in banking, and would be quicker.

Readers’ advice

I know investment bankers who followed the same path. They obtained the doctorate . . . and were promoted quickly to VP level. During your PhD studies you will build vital skills. Mo.

I know nothing about finance but something about getting a PhD. It took three and a half years of everything I had: personally, emotionally, intellectually. It was exhausting and exhilarating. Do not go down that path unless you cannot bear the thought of anything else. Particularly do not go down it just because, oh, it might be useful. xerxes

If you have the time and conceptual ability it is deeply rewarding for its own sake. StrategyProf

Jonathan Black is director of the Careers Service at the University of Oxford. Every fortnight he answers your questions on personal and career development, and working life. Do you have a question for him? Email [email protected]

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The Ins and Outs of a PhD in Finance

Landing a PhD in finance – the ultimate undertaking for intrepid souls who yearn to ascend to the highest academic echelons of finance. If you’re serious about being an overseer in this industry, a Doctorate of Philosophy in Finance is what you need! So if wading through tutorials and textbooks isn’t exactly how you want to spend your weekends, we totally understand.

That’s why we’ve broken down in glorious detail all that there is to know about landing a finance doctorate – so no more stressful nights scouring Google for advice on statements of purpose or wondering whether learning Python coding is necessary!

Are You Finance PhD Program Material?

If you’re someone who loves crunching numbers and has a passion for delving deep into financial issues to fully grasp the capital market’s fluctuations, then earning your finance PhD could be just what you need to accelerate your career ! As the financial landscape evolves to include high-speed trading and complex derivative investments, doctoral finance degrees are no longer just for students interested in teaching or research. Instead, these educational programs are offering more opportunities for those looking to take advantage of advancing technologies and modernized markets.

Possessing a finance PhD no longer confines professionals to the traditional lecture hall setting. Instead, this prestigious degree serves as your passport to some of the most innovative jobs available in financial institutions, on Wall Street, and further.

Programs at many universities are typically geared toward the study of theoretical finance and train students to gain a comprehensive understanding of financial markets. These graduate-level degrees allow students to delve deeper into business knowledge, as well as provide a stepping stone for those looking to pursue an academic career such as college professors or researchers. PhD students undertaking this degree are at the forefront of understanding and developing new markets, theories, and ideas. Furthermore, PhD in finance students have a unique opportunity to shape future leaders who will one day be responsible for managing our ever-changing world. After completing this higher-learning finance program, graduates are usually well-prepared to pursue successful careers either in the public sector or as consultants and researchers within administration or business.

What is a Finance PhD Program?

A PhD in Finance is a terminal finance degree for students seeking to specialize in advanced financial topics and theories. This degree program typically requires PhD students to gain expertise in areas such as investments, corporate finance, quantitative methods, theoretical modeling, modern empirical finance, and international finance. Most finance PhD programs involve rigorous coursework and the completion of a dissertation project that demonstrates the student’s knowledge within his or her chosen area. With this degree, graduates are well-prepared to pursue a career as an academic researcher or work as a financial analyst in a variety of settings. Upon completion of the program, students can be confident that they possess the knowledge and skills necessary to succeed in their chosen field.

What Are the areas of specialization for PhD programs in finance?

PhD programs in finance typically offer a variety of specializations, depending on the university. Common areas of specialization for these programs may include corporate finance, financial risk management, international finance, financial market regulation and banking law, real estate investments, corporate governance, quantitative methods, and econometrics. Depending on the program chosen, PhD students may also specialize in areas such as financial engineering, computational finance, empirical asset pricing, and derivatives. PhD candidates in finance may also specialize in a particular country’s banking system or a specific type of financial instrument.

How Long Does It Take to Earn a PhD in Finance?

Getting a PhD in Finance is not an easy task , and it requires considerable dedication and hard work. Generally, the duration of a finance PhD program depends on the institution, department, research topic, and degree requirements. On average, completing a PhD in Finance may take four to five years. This includes coursework, passing qualifying exams, conducting independent research, and writing the dissertation. In some cases, doctoral students may have to take additional courses or complete an internship to fulfill the requirements for graduation. Additionally, some universities require that their doctoral students attend and present at conferences or publish scholarly articles in peer-reviewed journals. All these add up to the total time it takes to complete doctoral studies. Ultimately, the length of time it takes to complete a PhD in Finance depends on the student’s level of commitment and dedication.

What Jobs Can You Get with A PhD in Finance?

Pursuing this type of finance degree can provide you with the theoretical and practical knowledge necessary to become an expert in your chosen field. With a PhD, you will gain the skills and expertise to succeed in a variety of finance-related roles. You’ll be able to analyze financial data, develop financial models, and advise both individuals and organizations about the best strategies to achieve their goals. You will also gain valuable research experience that can help you make valuable contributions to the field of finance. With a PhD in finance, you can enjoy a broad range of career options in the banking, finance, and accounting industries. These can include roles such as financial analyst, portfolio manager, investment banker, risk manager, or financial consultant. The possibilities are virtually limitless; you could be a leader and innovator in the field of finance, or simply use your skills to help others make wise financial decisions.

How Difficult Is It to Get Admitted into a Good Program?

Pursuing a PhD in finance can be an incredibly challenging endeavor. The amount of knowledge required and the rigorous academic requirements to gain admission to a top-tier finance program are daunting. Because of the rigorous admissions process, competition for admission is intense. Applicants must demonstrate a comprehensive understanding of financial concepts, strong quantitative and analytical skills, as well as an ability to think critically and independently. Prospective PhD students must also demonstrate a strong commitment to academic research, as well as the ability to develop and complete original research projects. Those who are successful in gaining admission to a PhD in finance program will reap the rewards of a top-tier education and will be well-prepared for an exciting career in the field of finance.

What Does the Application Process Look Like?

A Ph.D. in Finance is a terminal degree, meaning the highest level of education available in that field. It requires years of study and rigorous coursework to earn. To be eligible, students must have completed a bachelor’s degree with a major in finance or a related field and have acquired a minimum cumulative grade point average of 3.3. Most programs require that applicants submit GRE scores , letters of recommendation, and professional experience.

Generally, doctorate programs require four to five years of in-depth assessment and coursework as well as the writing of a dissertation; therefore, it stands to reason that admission into such programs will be highly selective. During the application process, admissions committees formed by finance faculty strive to guarantee that a student will do whatever is necessary for them to be successful in their program. This can take some time because universities are searching for worthy candidates with knowledge of their field and impressive academic credentials.

To be considered as an applicant, the following materials and resources are needed:

submitting your paper or online application form
a statement of purpose
covering the applicable fees
providing official transcripts from any educational institutions attended.
well-crafted letters of recommendation from former employers and instructors that are familiar with his/her academic accomplishments.
a scholarly writing sample accompanied by official GRE or GMAT scores.

After you’ve submitted your documents, the end step of the application process is usually an interview with a member of the admissions committee. Each business school is different and thus has specific admission requirements; while one program may need candidates to go through an interview , another might only require providing a writing sample portfolio.

Is A PhD in Finance Worth It?

The answer to this question depends on your individual career goals and ambitions.A PhD in finance can open doors to a variety of interesting and lucrative careers in the financial sector. It can also provide you with an opportunity to advance your research and teaching skills, and it may even lead to a higher salary. However, it takes a substantial amount of time and effort to complete a PhD program, so you should weigh the pros and cons carefully before deciding if it is the right move for you.

What Are The Top 10 PhD in finance programs in the world?

The top 10 PhD in Finance programs in the world are highly sought-after for their rigorous curriculum, finance faculty, and international recognition. The most distinguished programs can be found at institutions such as Harvard University, the Yale School of Management, Massachusetts Institute of Technology (MIT), Stanford, London Business School, the Wharton School of Business , Cornell University’s Johnson Graduate School of Management, the Kellogg School of Management, and the University of Chicago Booth School of Business. These esteemed programs provide students with the opportunity to explore cutting-edge finance topics from a global perspective. With access to world-renowned faculty members, highly competitive internships, and outstanding research facilities, graduates from these top 10 PhD in Finance programs are equipped with the knowledge and skills necessary to become leaders in the field. Pursuing a PhD in finance from any of these schools will give students a unique advantage as they enter the corporate world or pursue academic positions.

How Competitive Is It to Get Admitted Into a Top PhD in Finance Program?

PhD in finance programs are highly competitive and rigorous, requiring a strong knowledge base and advanced research skills to succeed. Many of the top universities offering PhD in finance programs have extremely select criteria for admissions, including GRE scores, academic achievement, professional experience, and recommendations from faculty members. The competition for admission is intense; most universities will only admit a handful of students each year.

How Can You Increase Your Chances of Getting Admitted into a Phd in Finance Program?

Completing a doctorate in finance is an ambitious endeavor, but it’s not impossible. To make yourself a more competitive applicant when applying to a doctoral program in this field, it’s important to focus on building your qualifications and doing meaningful research prior to applying. Start by obtaining a high GPA during your undergraduate education and impressing your professors through meaningful research and participation in course discussions. Then, gain relevant experience with internships or other professional opportunities that relate to the field of finance. From there, build a strong portfolio of academic achievements such as journals, published articles, presentations, and awards. Once you have established yourself as an ambitious researcher with a commitment to the finance field, you are ready to apply for a PhD program.

Working with a graduate school admission consultant prior to applying to a PhD program can also increase your chances of getting accepted by providing you with a solid foundation on how to build a portfolio that impresses admissions committees. A specialized consultant can help you make sure all your application materials are in order, as well as provide insight into the admissions process and what makes an applicant stand out—and get noticed. Make sure to check out our PhD application services or schedule a free consultation to find out how we can help you reach your career goals!

With a Master’s from McGill University and a Ph.D. from New York University, Dr. Philippe Barr is the founder of The Admit Lab . As a tenure-track professor, Dr. Barr spent a decade teaching and serving on several graduate admission committees at UNC-Chapel Hill before turning to full-time consulting. With more than seven years of experience as a graduate school admissions consultant, Dr. Barr has stewarded the candidate journey across multiple master’s and Ph.D. programs and helped hundreds of students get admitted to top-tier graduate programs all over the world .

Subscribe to my YouTube Channel for weekly tutorials on navigating the PhD application process and live Q&A sessions!

The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

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The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large.

At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the pricing and valuation of assets, the behavior of financial markets, and the structure and financial decision-making of firms and financial intermediaries.

Investigation of issues arising in these areas is pursued both through the development of theoretical models and through the empirical testing of those models. The PhD Program is designed to give students a good understanding of the methods used in theoretical modeling and empirical testing.

Preparation and Qualifications

All students are required to have, or to obtain during their first year, mathematical skills at the level of one year of calculus and one course each in linear algebra and matrix theory, theory of probability, and statistical inference.

Students are expected to have familiarity with programming and data analysis using tools and software such as MATLAB, Stata, R, Python, or Julia, or to correct any deficiencies before enrolling at Stanford.

The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level mathematics is desirable.

It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics, with a reflective and analytical, rather than operational, viewpoint.

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, greg buchak, antonio coppola, peter m. demarzo, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, behavioral responses to state income taxation of high earners: evidence from california, beyond the balance sheet model of banking: implications for bank regulation and monetary policy, fee variation in private equity, recent insights by stanford business, “geoeconomics” explains how countries flex their financial muscles, car loans are a hidden driver of the ride-sharing economy, public pensions are mixing risky investments with unrealistic predictions.

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Phd in finance: requirements, salary, jobs, & career growth, what is phd in finance.

A PhD in Finance is a doctoral-level academic degree program in finance that focuses on advanced research and theoretical study. It is intended for people who want to work in academia, research, or advanced positions in the financial industry.

A PhD in Finance usually entails extensive training in finance, economics, statistics, and research methods. It also necessitates the completion of a substantial research project, frequently in the form of a dissertation, in which the student conducts original research and contributes to the body of knowledge in finance.

A PhD in Finance program’s curriculum may include financial theory, investments, corporate finance, financial econometrics, risk management, asset pricing, derivatives, and other specific fields of finance. Quantitative research approaches, such as econometrics, statistical modeling, and data analysis, may also be emphasized in the program.

How much money do people make with a PhD in Finance?

Individuals with a PhD in Finance can earn a wide range of salaries depending on criteria such as their years of experience, location, company, and job duties. PhD holders in Finance typically earn better income than people with less schooling in the industry, as their postgraduate degree denotes knowledge and specialization.

PhD holders in Finance may work in academia as professors or researchers in universities or business schools. According to the US Bureau of Labor Statistics (BLS), the median annual income for postsecondary business teachers (including finance professors) was $83,960 in May 2020.

Salaries, on the other hand, can range from $50,000 to far over $150,000 or more, depending on factors such as rank, experience, and location.

Individuals with a PhD in Finance may work in the private sector as financial analysts, quantitative researchers, risk managers, investment managers, or consultants, among other positions. Salaries in the private sector can vary greatly depending on job title, level of responsibility, and business size and location.

According to Glassdoor data, the average annual pay for a financial analyst with a PhD in Finance in the United States in 2021 was roughly $102,000, while a quantitative researcher with a PhD in Finance may earn $150,000 or more per year.

What is expected job growth with PhD in Finance?

As businesses and organizations rely on financial skills to manage their operations, investments, and risk, the field of finance is projected to evolve and flourish.

Finance experts with extensive education and specialized knowledge, such as those with a PhD in Finance, may be in high demand in academic and research contexts, as well as professions requiring advanced quantitative and analytical skills.

According to the U.S. Bureau of Labor Statistics (BLS), employment of postsecondary teachers, particularly business teachers (such as finance professors), is expected to expand 9 percent from 2020 to 2030, faster than the national average. The need for higher education, as well as the ongoing demand for research and education, are driving this predicted growth.

What can you do with a PhD in Finance?

A PhD in Finance can lead to a variety of professional prospects in a variety of fields. Individuals with a PhD in Finance may pursue the following professional paths:

1. Academia: Many PhDs in Finance go on to become professors or researchers at universities or business schools. They may teach finance classes, conduct research, publish scholarly articles, and contribute to the progress of financial knowledge through their research findings. In addition, they may mentor and advise students, oversee dissertations, and attend academic conferences and seminars.

2. Research: PhD holders in Finance may work in research-related positions in university institutions, government agencies, or private research enterprises. They may perform novel research on financial markets, investments, risk management, corporate finance, or other finance-related topics. Their discoveries can help to build financial theories, models, and regulations, and they may have practical implications in the financial business.

3. Financial Services: PhD holders in Finance may work as financial analysts, quantitative researchers, risk managers, or investment managers in the financial services industry. They may evaluate financial data, design investment plans, manage risks, and provide strategic financial advise to customers or organizations using their sophisticated knowledge of finance and mathematical skills.

4. Consulting: PhD holders in Finance may operate as financial consultants, providing clients with specific experience in areas such as investment management, risk management, financial analysis, or corporate finance. They may operate in consulting firms, financial advisory firms, or specialist consulting practices within bigger corporations, advising clients on strategic financial matters.

5. Policymaking and government: Finance PhD holders may work in government agencies, international organizations, or policy-making institutions, providing knowledge in financial policy, regulations, or economic analysis. They may be involved in the development of financial policies, the assessment of the impact of financial legislation, or the provision of strategic financial advice to government agencies or policymakers.

6. Corporate Finance: PhD holders in Finance may work in corporations, particularly in financial strategy, capital budgeting, risk management, or financial analysis areas. They may offer financial advice in strategic decision-making, financial planning and analysis, investment analysis, or corporate valuation, assisting firms in improving their financial performance.

7. Entrepreneurship and Innovation: PhD holders in Finance may apply their financial skills to entrepreneurial initiatives or professions requiring innovation. They may work at start-ups, venture capital companies, or innovation-focused organizations, where they evaluate business models, assess investment opportunities, manage financial risks, and provide strategic financial advise to assist entrepreneurial activities.

What are the requirements for a PhD in Finance?

The particular criteria for a PhD in Finance can differ depending on the university or educational institution that offers the program, as well as the country or location in which the program is located. However, some common PhD in Finance requirements often include:

1. Educational Qualifications: Most PhD programs in Finance require applicants to have a solid educational background, often a master’s degree in a relevant topic such as finance, economics, business, or a comparable quantitative study. Some schools may accept applicants with a bachelor’s degree, however this is uncommon and sometimes necessitates additional requirements or experience.

2. Graduate Admissions examinations: Applicants to PhD programs in Finance may be required to submit results from standardized graduate admissions examinations such as the Graduate Record Examination (GRE) or the Graduate Management Admission Test (GMAT). (GMAT). These assessments measure applicants’ abilities in areas such as verbal reasoning, quantitative reasoning, and analytical writing.

3. Research Proposal: Because the PhD in Finance program is research-intensive, applicants may be required to submit a research proposal explaining their intended study topic or research interests. Typically, this proposal comprises a summary of the research issue, study aims, methodology, and predicted contributions to the subject of finance.

4. Academic Transcripts: Typically, applicants must produce official transcripts from their previous undergraduate and graduate degrees, demonstrating their academic record and achievements.

5. Letters of Recommendation: Applicants may be expected to present letters of recommendation from academic or professional sources who can speak to their abilities, skills, and prospects for success in a PhD program.

6. Statement of Purpose: Applicants are often required to provide a statement of purpose explaining their rationale for obtaining a PhD in Finance, as well as their professional objectives and research interests. This statement assists the admissions committee in determining the applicant’s fit with the program and their likelihood of success.

7. English Language Proficiency: Many PhD programs in Finance may demand confirmation of English language proficiency for applicants whose native language is not English, such as scores from the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System. (IELTS).

8. Interviews: As part of the admissions process, several PhD programs in Finance may ask applicants to engage in an interview. This interview may take place in person, over the phone, or via video conference, and it will assess the applicant’s research interests, academic abilities, and enthusiasm for pursuing a PhD in Finance.

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How long does it take to get a phd in finance.

The time it takes to earn a PhD in Finance depends on a number of factors, including the program structure, the student’s progress, and the individual’s dedication to their study. However, it usually takes 4 to 5 years of full-time study to get a PhD in Finance.

The completion of a PhD in Finance can be divided into many stages, which may differ based on the program and the individual’s progress:

1. Coursework: During the first year of a PhD in Finance program, students often do coursework to provide a solid foundation in finance theory, research methods, and other related fields. Coursework time varies, but it normally takes 1 to 2 years to finish.

2. Comprehensive Exams: Some PhD programs in Finance require students to complete comprehensive exams after completing courses to demonstrate their knowledge and expertise in the discipline. Depending on the program’s requirements, comprehensive exam preparation and completion can take several months to a year.

3. Research Proposal: After passing the comprehensive tests, students usually work on writing and defending a research proposal outlining their desired study topic, methodology, and expected contributions to the discipline. The development and defense of the research proposal might take several months to a year or more, depending on the complexity of the research and the student’s progress.

4. Dissertation Research: Following the successful defense of the research proposal, students begin their dissertation research, which is the capstone of their PhD program. The dissertation research stage’s time might vary greatly based on the research topic, methodology, data gathering, and analysis needs. The dissertation research and writing process normally takes two to three years or more.

5. Dissertation Defense: After completing their dissertation, students usually defend their research findings in front of a committee of faculty members. The time it takes to schedule and complete the dissertation defense can vary, although it normally takes several months to a year or more, depending on committee member availability and other practical concerns.

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Do you need a masters in finance to get a phd in finance.

A Master’s degree in Finance or a similar discipline is not always required for entrance to a PhD program in Finance. However, admission requirements may differ based on the program and institution.

Some PhD programs in Finance may require applicants to have a Master’s degree in a relevant discipline, whereas others may allow applicants with only a Bachelor’s degree provided they have additional qualifications or experience.

A Master’s degree in Finance or a closely related discipline can provide a solid foundation in finance theory, research methodologies, and mathematical skills, which can be useful for PhD study in Finance.

It can also reflect a greater degree of academic preparation and may assist applicants in standing out during the difficult admissions process.

Some PhD programs in Finance, however, may provide a combined Master’s and PhD program in which students acquire a Master’s degree while pursuing their PhD. In such instances, admittance may not require a separate Master’s degree.

What are the Best PhD in Finance Degree programs?

1. massachusetts institute of technology (mit) – phd in finance 2. stanford university – phd in finance 3. university of chicago – phd in finance 4. columbia university – phd in finance and economics 5. new york university (nyu) – phd in finance 6. university of pennsylvania (wharton) – phd in finance 7. harvard university – phd in business economics (with a concentration in finance) 8. university of california, berkeley (haas) – phd in finance 9. princeton university – phd in finance 10. northwestern university (kellogg) – phd in finance, leave a comment cancel reply.

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Ph.D. in Finance

An international reputation for academic excellence.

Finance faculty at Boston College are experts in their disciplines and globally acclaimed for their scholarship, research, and mentorship. In our collegial environment, students typically collaborate with one another and with faculty to produce groundbreaking research.

The academic program begins with systematic, rigorous training in quantitative methods, economics, and finance. In addition, students complete a major research project, serve as research and teaching assistants, and write a doctoral dissertation.

Academic Program
Class Profile

Doctoral students in finance at Boston College complete a program of study that leads to competency in three areas: quantitative methods, economics, and finance. The program begins with course work in quantitative methods, economics, and finance. In the third year, students complete a major research project designed to develop their ability to do original research. Through hands-on experience as teaching assistants, students gain important pedagogical experience. Finally, each student completes a doctoral dissertation that contributes substantial, original work to the field of finance.

Students must complete a program of study that leads to competency in three areas: quantitative methods, economics and finance. The requirements of the program of study are typically satisfied by completing 14 courses in the first two years in the program. In some cases, course work prior to entering the program or successful performance on waiver examinations may be substituted for required courses. However, each student must complete a minimum of 12 courses while in the Program.

Comprehensive Examination

Satisfactory performance on a comprehensive examination marks the student’s transition from course work to full-time thesis research. The examination is intended to allow the student to demonstrate substantial knowledge of the literature and theory of finance and economics and competence in the area of quantitative methods. The examination consists of two steps.

Step 1: Students take an exam at the end of the second year in the program (late May). The exam covers all Finance Ph.D. classes taken during the first and the second year in the program. Whereas some of the questions will be specific and will test a particular topic, other questions will focus on broader understanding of the literature. Each student will be notified on their exam performance, immediately after it has been graded. There will be no second attempt to take the exam. If a student fails the exam, the only way to get admitted into “Ph.D. candidacy” would be to perform exceptionally well in Step 2.
Step 2: Students submit independent research proposals by the end of the summer of the second year in the program (late August) to their faculty advisors. Students present research papers at the end of the third Fall semester (early December). Ph.D. committee members will attend the presentation and will jointly evaluate the proposal. Students will be evaluated based on their performance in the exam (step 1) and the quality of research paper presentation (step 2).

Doctoral students are expected to engage early in research. The culmination of the program is the doctoral dissertation, a substantial, significant, and original contribution to the field that is prepared under the guidance of a thesis committee of three or more faculty members. When the research is complete, students present a thesis-defense seminar that is open to the Boston College community.

Research and Teaching Assistant Requirement

Doctoral students at the Carroll School are expected to serve as research assistants, teaching assistants, and/or instructors throughout their studies. Students work for a set number of hours per week, throughout the duration of their Ph.D. programs. In exchange, the Carroll School provides financial support for doctoral students in the form of a stipend and tuition remission.

Sample Course Sequence

Course Descriptions

The Ph.D. Program in Finance at the Carroll School attracts applicants from all over the world and from a wide array of backgrounds. While notable for the diversity of their individual achievements, our students typically share a track record of leadership, a strong commitment to research and teaching, and a desire to make a difference in the world.

Note: The following information reflects data for the entering classes of 2019–2023. Updated September 25, 2023.

Demographics

Academic & professional profile, where do our graduates work.

Our students and recent graduates are also prolific scholars and writers, publishing regularly in top economic and finance journals such as the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and the Journal of Financial and Quantitative Analysis.

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Learn more about current Ph.D. in Finance candidates.

Finance Faculty

Faculty take an active role connecting students with exceptional career opportunities.

Ph.D. Admission FAQ

Application link & deadlines.

Application Deadline: The deadline to apply for Fall 2024 is January 9, 2024.

Application Fee: All applicants are required to pay a nonrefundable application fee of $100 USD.

Interviews: If selected, applicants will be invited to interview in early spring.

Admission Decisions: Applications are generally reviewed after the final deadline has passed. There is no specific decision notification date for Ph.D. programs. Final decisions are typically available by mid-spring.

CV and Resume

Your current curriculum vitae should include your education, research, and professional information.

We also require a separate Employment History, using the form provided within the online application.

Recommendations

Recommendations from two individuals who can provide an objective appraisal of your capacity for intensive graduate study and potential for professional success.

Transcripts

All applicants must possess a four-year bachelor’s degree from an accredited college or university. You must submit transcripts from every institution where you were enrolled in a degree-granting program. At the time of application, only a self-reported transcript is required but if you are admitted, we will require an official transcript sent directly from your degree-granting institution. Transcripts should include:

Course names

All grades received (including transfer credits and study abroad programs)

Cumulative GPA

Degree conferral information

Graduates of non-U.S. institutions must possess a college or university degree equivalent to a four-year U.S. bachelor’s degree. If admitted, international students are required to submit an official English translation of all academic credentials, along with a third-party degree verification from an agency such as SpanTran or World Education Services (WES) .

GMAT or GRE Scores

Applicants must submit GMAT or GRE scores from within the past five years. We accept both the GMAT Exam and GMAT Focus Edition. Our test codes are:

GMAT school code: 44x-J5-96
GRE school code: 3033

While Graduate Admissions does not have a preference between the GMAT or GRE, we encourage you to consult class profile data for average test scores in order to gauge where you stand.

English Proficiency

If you are not a U.S. citizen or permanent resident, you are required to submit an English language proficiency exam score with your application. We accept TOEFL, IELTS, or PTE scores. We do not accept the Duolingo English Test.

Scores must be from within the past two years, and applicants must meet the following minimum scores:

TOEFL, iBT, and TOEFL iBT Home Edition: 100

You are eligible to waive the language test requirement if you meet either of the following criteria:

You have completed a four-year bachelor’s degree or a two-year master’s degree (or higher) at an institution where the medium language of instruction is English. You must have completed your degree in its entirety at the English-medium institution. The medium language of instruction must be indicated on your transcript or verified in an official letter from the institution.

You have worked in a full-time, post-degree position for at least two years in the United States or a country where English is an official language. NOTE: Working for a company that conducts its business in English in a country where English is not an official language will not qualify you for a language test waiver.

If you are eligible to waive the language test requirement, you do not need to submit a waiver request beforehand and can simply move forward with your application.

Required & Optional Essays

Applicants must submit a required essay discussing their research interests and career objectives. You may also submit an optional essay that addresses aspects of your candidacy that have not already been covered in other parts of the application.

If you have any further questions, please email us at bcmba@bc.edu , or schedule a phone call or Zoom appointment with a member of the Graduate Admission team.

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PhD in Finance

Updated on
Jan 31, 2023

Offering an opportunity to delve into advanced and technical issues in the field of Finance and its related branches, a PhD in Finance concerns research areas such as valuation of financial instruments, topics in international finance, market volatility, trading mechanics, and so forth. It is generally undertaken after a Master of Finance or related degree programs in closely related disciplines and involves heavy portions of theoretical learning as well as practical and mathematical analysis. Doctoral scholars more often than not work in the capacities of a research assistant or scholar at research organizations and universities along with multinational asset and wealth management firms. Read on to know more about what a doctorate in finance entails and the top universities you should consider.

PhD in Finance: What is it About?

The structure of a typical Doctoral degree, be it PhD in Finance or other programs generally run for around 3 to 7 years varying on the destination. The typical structure involves a variety of components so as to prepare a candidate for a solid research career in Finance .

This includes core and required courses, electives, practical training, fieldwork, teaching experience, exams, dissertation, research projects, and a host of other elements.
The quantity and mix of these elements vary depending on the objectives of the course. Further, on the conclusion, a dissertation needs to be submitted by the candidate on a topic of choice based on his research and fact-finding experiences under a guiding professor.
As a general rule for admission, a strong research-oriented and mathematically-inclined master’s degree is required although many universities now offer an integrated PhD as well which caters to candidates who have attained an undergraduate degree.

Why Pursue PhD in Finance?

The following are the reasons to pursue PhD in finance:

Finance is a highly in-demand field and the demand for skilled professionals in the field in continuing to increase
Finance stream offers some of the highest-paying jobs
There are abundant of opportunities for finance professionals in both public and private sector
PhD in finance will widen your knowledge about various financial subjects

Skills Required

The following are the skills required for PhD in Finance:

Analysis and Problem solving
Project Management and Organization
Interpersonal and Leadership skills
Research and Information Management
Communication Skills
Self-Management and Work Habit

PhD in Finance Eligibility

Whether you are planning to apply for PhD in Finance in India or abroad, you will be required to fulfil certain prerequisites in order to be eligible for the course. Though the actual course requirements can differ from one university to another, here are the general eligibility requirements for PhD in Finance in India and abroad:

The applicant must have completed a master’s degree in Finance or any other related field from a recognised academic institution with the minimum scores specified by their chosen university.
To apply for PhD in Finance in India, you might be required to qualify PhD entrance exams .
If you are aspiring to pursue PhD abroad, you will have to provide GRE scores along with English Language Proficiency scores such as IELTS , TOEFL , etc. Further, you will also have to submit a Statement of Purpose (SOP) and Letters of Recommendation (LORs) apart from other academic documents.

PhD in Finance Admission Process

In order to get admission for PhD in Finance, you need to follow a crucial admission process. Here is the admission process you should follow:

Fill the application form on the institute website where you wish to apply. The application can be filled online or offline
Take the entrance test depending on your desired institute. Once you have qualified the entrance test by scoring marks equal to or higher than required, you will be invited for further process.
The next part is the interview. You will be invited only if you qualify the entrance test. There can be one or more interview processes.
In the interview, you may be asked about your thesis plan and why you wish to pursue PhD. If you qualify these interviews, you will get a confirmation letter from your institute.

PhD in Finance: Entrance Exams

As stated above, to pursue PhD in Finance in India, candidates need to qualify entrance exams. Majority of the institutions in India provide admission in this course on the basis of GATE score or UGc NET score, what a few institutions also conduct a few entrance exams of their own.

Mentioned below are the popular PhD in finance entrance exams that one must target to pursue this course-

UGC NET
JNU PhD Entrance Exams
SIU PET Exam
GTU PhD Entrance Exam

PhD in Finance Syllabus

Candidates pursuing or aspiring to study a PhD in Finance can expect to study a range of core, specialised and elective subjects as per their research topic, objective and future research inclinations. These subjects belong to both in core areas of finance such as risk, decision making, financial instruments, economic analysis, information economics, bargaining, auctions, public finance, etc. More subjects perused in this degree are mentioned below.

Best Finance Ph.D. Programs

There are several specializations in the field of Ph.D. for Finance that you can opt for. Here is a list of them with a brief on each:

Ph.D. in Financial Management

Ph.D. in financial economics deals with the study of taxation, macroeconomics, attitude towards risks, and impact of information. It trains students in finance, economics, and quantitative learning.

Ph.D. Quantitative Finance

This field of Finance deals with mathematical and quantitative ways to create and disrupt financial practices. This field focuses on enhancing return and reducing risks in the market.

Ph.D. in Accounting and Finance

Ph.D. in Finance and Accounting directly focuses on the fundamental aspects of finance and accounting. It perfects you in financial management and understanding the monetary affairs of a nation.

Ph.D. Computational Finance

Ph.D. in computational finance looks upon the modelling of financial markets, usage of computational intelligence in making financial decisions. This field takes you to become a portfolio manager, quantitative analyst, etc.

Ph.D. Financial Economics

The program focuses on economics and its impact on finance. The specialization areas create a joint curriculum to focus on asset pricing, metrics, macroeconomics, and banking.

Ph.D. in Banking and Finance

Ph.D. in banking and finance focuses on understanding the major section of the domestic and international banking sector through the view of finance and economics.

PhD in Accounting and Financial Management

PhD in Accounting and Financial Management is usually a part of PhD in Business Administration. It is usually chosen for work in analytical, logical and time management. Some of the topics covered are Business Environment, Business Finances, Financial Management, etc.

PhD Financial Engineering

The course is layered above a strong foundation of financial science in a logically coherent world. In qualifications, a Master’s in Science or a Masters’ in Financial Engineering (MFE) will gear you up towards new quantitative roles such as delivering risk models and trading directly, library control, model validation, risk management, and programming.

Must Read: Financial Engineering Courses

Phd in Finance Topics

Here are some of the most interesting topics for thesis in PhD in Finance:

Financial Economics
Corporate finance
Behavioural Finance
Financial Markets
Cognitive Behaviour in Renewable Energy
Determinants of Credit risk in Banks
Impact of the Macroeconomic variables on the Non-performing loans
Optimal capital ratio to the commercial banks’ survival
Equity Strategies using Fundamental Momentum

PhD in Finance Best Universities

Here are some of the top universities in the world that offer PhD in Finance:

L ondon School of Economics

A Ph.D. in Finance from London School of Economics requires the following:

GRE / GMAT (GRE is preferred)
Masters in Finance or Economics
Academic Records
Outreach Research Proposal
Sample of Written Work

MIT offers a Ph.D. in Finance. While they mention the prerequisites, other instructions are mentioned during the application process:

Bachelors degree
Quantitative background
Deep Knowledge of Micro economics and Macroeconomics
GMAT/ GRE Score
TOEFL / IELTS test
Transcripts
Resume

Harvard offers a Ph.D. in Business Economics that includes Finance. The requirements for Ph.D. in Harvard are:

Specific coursework for Masters in Finance or Economics is required
All courses should have a minimum grade of B.
Students must teach or assist for one semester
Dissertation proposal in the third year

Stanford University has a specific requirement from their students for Ph.D. in Finance. You must fill their online application along with submitting the following documents:

GMAT / GRE Score
Three references
Submitted application fees
$125 application fees or INR 10,210
Official Transcripts

Oxford University offers a D.Phil in Finance. The school expects intellectual people with good academic records. Here are the requirements:

A good bachelors degree with a 3.5 gpa or equivalent
TOEFL/ IELTS
Three academic references
Three pieces of written work

PhD in Finance: Best Universities

The location of the institution plays a major role in the orientation of the PhD program as well as the career outlook and future prospects. Glance over the following list of universities providing PhD in Finance and its related fields which you must consider before making your decision.

Note: The admission procedure of universities for a specific program may differ according to university policies and requirements. Students are advised to visit official university websites for further information.

Best Universities in India

Apart from these, here are the top universities offering PhD in Finance in India:

IIT Madras, Chennai
Indian Institute of Foreign Trade, Delhi
Alliance School of Business, Bangalore
Jawaharlal Nehru University, Delhi
Shailesh J. Mehta School of Management, Mumbai
National Institute of Technology, Silchar
Ahmedabad University, Ahmedabad
Kalinga Institute of Technology, Bhubaneshwar

PhD in Finance Scope

Being a multidisciplinary field, you can find employment opportunities as a researcher or a full-time role upon completing a PhD in Finance in government and private sectors, international organizations like World Bank , International Monetary Fund, World Trade Organisation, etc. Here are some popular profiles in which you can work:

Finance Consultant
Budget Analyst
Chief Financial Officer
Securities and Commodities Specialist

Jobs Profile and Salary

PhD in Finance is a great career option as it offers several high-paying jobs. Here are some of the jobs and their respective salaries in the field:

Best Books for PhD in Finance

As stated in the above mentioned section, it is vital for the candidates to have a thorough knowledge about the quantitative foundations of finance, thus, one shall aim at collecting study material that can help them with this. Mentioned below are some of the important books for this course-

A PhD in Finance can take anywhere between 3-7 years to complete. In the initial years, theoretical knowledge is provided through diverse subjects. In the culminating years, you will spend time in industrial projects.

Yes, you can pursue a PhD after an MBA in Finance. It is an excellent option, specially for those, who want to establish a career in Research or want to delve deeper into a particular domain of Finance.

1. Complete your Masters in Finance or a related discipline. 2. Obtain a good score in GMAT/GRE exam. 3. Obtain a minimum percentile in English proficiency tests like IELTS/TOEFL. 4. Write a Statement of Purpose. 5. Collect essential documents like transcripts, LORs, etc. 5. Apply to the university of your choice.

Pursuing a PhD in finance or in any other field of interest is a difficult decision to make, especially taking into account the number of years that you will be devoted to as well as the rigorous nature of the study. Take the assistance of Leverage Edu ’s AI-enabled tool which suggests course and university combinations based on your personalized skills and abilities and assist you in finding an ideal degree and institution to pursue your PhD from.

Team Leverage Edu

8 Universities with higher ROI than IITs and IIMs

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Dissertation Areas and Joint PhD Programs
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PhD Research Community
100 Years of Pioneering Research
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Frequently Asked Questions
PhD in Accounting
PhD in Behavioral Science
PhD in Econometrics and Statistics
PhD in Economics

PhD in Finance

PhD in Management Science and Operations Management
PhD in Marketing
Joint Program in Financial Economics
Joint Program in Psychology and Business
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!

Youth Program
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PhD Program Information

Find out more about the Finance admission requirements, overview of the PhD program, preliminary exams, transfer credit policy, application procedures, student involvement and placements, and other information.

PhD Program

Course Descriptions
Course Schedule
Dissertation Committee and Proposal Defense
Meet our PhD Students
Program of Study
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Doctoral Inside: Resources for Current PhD Students
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Doctor of Finance Programs in America

1-17 of 17 results

Wharton School

Philadelphia, PA •

University of Pennsylvania •

Graduate School

• Rating 4.67 out of 5 15 reviews

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

University of Pennsylvania ,

Graduate School ,

PHILADELPHIA, PA ,

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

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

Read 15 reviews.

Kellogg School of Management

Evanston, IL •

Northwestern University •

• Rating 4.81 out of 5 16 reviews

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

Northwestern University ,

EVANSTON, IL ,

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

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

Read 16 reviews.

Tepper School of Business

Pittsburgh, PA •

Carnegie Mellon University •

• Rating 4.78 out of 5 9 reviews

Alum: I really enjoyed my experience here. It took a while to make friends and get to know the campus environment, but once I did it was excellent. ... Read 9 reviews

Blue checkmark.

Carnegie Mellon University ,

PITTSBURGH, PA ,

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

Featured Review: Alum says I really enjoyed my experience here. It took a while to make friends and get to know the campus environment, but once I did it was excellent. .

Read 9 reviews.

Leonard N. Stern School of Business

New York, NY •

New York University •

• Rating 4.82 out of 5 28 reviews

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

New York University ,

NEW YORK, NY ,

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

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

Read 28 reviews.

Carroll School of Management

Chestnut Hill, MA •

Boston College •

• Rating 5 out of 5 2 reviews

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

Boston College ,

CHESTNUT HILL, MA ,

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

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

Read 2 reviews.

McCombs School of Business

Austin, TX •

University of Texas - Austin •

• Rating 4.67 out of 5 12 reviews

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

University of Texas - Austin ,

AUSTIN, TX ,

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

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

Read 12 reviews.

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Mays Business School

College Station, TX •

Texas A&M University •

• Rating 2 out of 5 3 reviews

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

Texas A&M University ,

COLLEGE STATION, TX ,

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

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

Read 3 reviews.

Eli Broad College of Business

East Lansing, MI •

Michigan State University •

• Rating 5 out of 5 1 review

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

Michigan State University ,

EAST LANSING, MI ,

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

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

Read 1 reviews.

Culverhouse College of Business

Tuscaloosa, AL •

The University of Alabama •

The University of Alabama ,

TUSCALOOSA, AL ,

University of Connecticut School of Business

Storrs, CT •

University of Connecticut •

• Rating 4.75 out of 5 8 reviews

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

University of Connecticut ,

STORRS, CT ,

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

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

Read 8 reviews.

Charles H. Lundquist College of Business

Eugene, OR •

University of Oregon •

• Rating 5 out of 5 6 reviews

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

University of Oregon ,

EUGENE, OR ,

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

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

Read 6 reviews.

Louisiana State University - College of Science

Baton Rouge, LA •

Louisiana State University •

Louisiana State University ,

BATON ROUGE, LA ,

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J. Mack Robinson College of Business

Atlanta, GA •

Georgia State University •

• Rating 3.5 out of 5 6 reviews

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

Georgia State University ,

ATLANTA, GA ,

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

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

College of Business - University of Texas - San Antonio

San Antonio, TX •

University of Texas - San Antonio •

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

University of Texas - San Antonio ,

SAN ANTONIO, TX ,

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

Falls School of Business

Anderson, IN •

Anderson University - Indiana •

Anderson University - Indiana ,

ANDERSON, IN ,

Capella University

Minneapolis, MN •

• Rating 4.61 out of 5 957 reviews

Master's Student: As a passionate advocate for addiction recovery and mental health, pursuing a Master's in Addiction Studies at Capella University has been a transformative experience for me. The program has not only equipped me with the necessary knowledge and skills but has also provided me with a supportive and enriching learning environment. One of the key aspects that sets Capella University apart is its commitment to online education. Being able to study from the comfort of my own home has allowed me to balance my academic pursuits with my personal and professional responsibilities. The flexibility of the online format has enabled me to engage in meaningful discussions with fellow students from diverse backgrounds, bringing a wealth of perspectives to the virtual classroom. In conclusion, I am confident that with the education and experiences I have gained at Capella University, I am well-prepared to contribute positively to the lives of individuals and communities struggling with addiction. ... Read 957 reviews

MINNEAPOLIS, MN ,

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

Featured Review: Master's Student says As a passionate advocate for addiction recovery and mental health, pursuing a Master's in Addiction Studies at Capella University has been a transformative experience for me. The program has not only... .

Read 957 reviews.

Inter American University of Puerto Rico

San Juan, PR •

• Rating 4.6 out of 5 5 reviews

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

SAN JUAN, PR ,

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

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

Read 5 reviews.

Showing results 1 through 17 of 17

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 .

2024 Best Online PhD in Finance Programs [Doctorate Guide]

An online PhD in Finance offers the opportunity to study finance and economics at the highest level.

You can learn how to use financial models and theories to develop a deeper understanding of economic systems and solve business problems. Finance PhD degrees also teach students to conduct quantitative research on financial networks and policies.

Editorial Listing ShortCode:

Graduates can use their knowledge and skills to pursue careers in a variety of areas, including academia, business consulting, data science, finance, and the public sector.

PhD in Finance Programs Online

A Ph.D. in Finance is designed for people who want to immerse themselves in academic research and theory. This degree focuses on advanced financial models and concepts used to explain and forecast the performance of the economy, financial institutions, investments, and other aspects of modern finance.

Doctoral students in this field also study approaches and techniques for conducting empirical research. Students practice collecting and interpreting data from a variety of sources, such as consumer surveys and income statements. They also use econometrics to statistically analyze financial data and trends.

Other topics commonly taught in finance doctoral programs include:

Asset pricing
Banking systems
Corporate finance and capital markets
Empirical analysis
Financial decision-making
Financial markets
International financial topics
Macroeconomics
Market design
Microeconomics
Time series analysis

Additionally, students can develop many technical skills related to financial research. For instance, finance PhD programs often encourage students to use programming languages like Python and R to extract and analyze data. Students may also learn to use the latest digital tools to interpret data and create financial models, such as MATLAB and Stata.

Graduates can use their finance PhD degrees to pursue a broad range of careers. Many students enroll in these programs because they want to work in higher education. They may use their specialized knowledge to become professors and academic researchers.

The private sector also provides many employment opportunities for PhD holders. All organizations need business-savvy professionals who can manage financial resources, make predictions, and formulate financial strategies. As a result, there are numerous finance-related jobs in all industries.

Graduates may also secure jobs with nonprofit organizations. Some work as grant writers, while others become policy analysts. Other potential careers in this sector include development officer and program manager. These roles all focus on helping nonprofit organizations generate more income and solve economic or social issues.

Finally, this degree can be beneficial for people who want to become consultants or entrepreneurs. You can learn business tactics and skills that you can use to help clients perform better or to launch your own company.

Finance Careers & Salaries

A doctoral degree in finance can pave the way for many career paths. Many graduates pursue careers as college professors in business, economics, and finance departments. These professionals teach students and publish research in their area of specialty.

Additionally, many graduates secure employment with private corporations and financial institutions, including banks, credit unions, and investment firms. They can become actuaries, cost estimators, financial analysts, and other finance professionals.

These specialists use the advanced knowledge and research skills they gained during their PhD programs to analyze financial data and help corporations make data-driven business decisions.

According to the Bureau of Labor Statistics , here are careers associated with finance and their median salaries.

Some graduates become financial analysts and researchers for government agencies and think tanks. They often help their employers develop and explore the implications of economic policies, political strategies, and social policies. Graduates can also work for or start consulting firms.

Business and management consultants examine their clients’ financial records and operations. They use their findings to identify inefficient workflows and other issues and make recommendations to help businesses improve their performance.

Online Finance PhD Curriculum & Courses

Finance PhD programs teach advanced finance concepts and research skills. The specific curricula vary by program but may include courses similar to these:

Empirical Methodology in Finance : You’ll learn how to use popular empirical research methods to investigate and solve issues in the finance industry.
Financial Economics : This course analyzes foundational theories and applications of modern financial economics, such as arbitrage pricing theory, mean variance theory, and stochastic dominance.
Financial and Economic Networks : You’ll use empirical and theoretical research methodologies to deepen your understanding of financial modeling and networks.
Household Finance : You’ll explore recent empirical research projects in household finance and learn strategies to gather and analyze data.
International Finance : This class traces the history of academic research on international finance and covers techniques students can use to conduct research in this field.
Introduction to Asset Pricing : You’ll investigate how finance institutions use asset pricing models to predict the expected rate of return for investments.
Introduction to Corporate Finance : You’ll learn how to create, interpret, and conduct quantitative research with corporate finance models.
Macro-Finance : You’ll examine fundamental areas and methods in macro-finance, such as asset pricing, fiscal policy, and household finance.
Microeconomics : This course overviews applications and theories of microeconomics, including aggregated demand and general equilibrium analysis.
Theories of Finance : You’ll study contemporary financial theories and their relationship to asset pricing, corporate finance, and financial markets.

Additionally, many programs require finance PhD students to take courses in statistics and probability.

How to Choose an Online PhD in Finance Program

Co-workers checking on PhD in Finance Program online

All finance PhD programs have different educational opportunities, learning environments, and resources. As a result, there are many factors to consider as you compare finance degree online programs, such as:

Program reputation . Employers often look more favorably at job candidates who graduated from high-ranking institutions with excellent reputations. Additionally, attending a top program could provide more opportunities to develop a robust professional network in your chosen area.
Research areas . Doctoral students typically research and write about specific topics or subfields that align with their personal and professional interests. It’s beneficial to look for a program with well-known faculty specializing in your chosen areas, such as corporate governance or behavioral finance. These professors can guide your research and connect you with resources.
Funding opportunities . Some PhD programs in finance offer full or partial funding for qualifying students. You might qualify to receive a tuition waiver, a stipend to cover conference travel, and other financial assistance. You can also inquire about additional funding opportunities, such as grants and scholarships from the college.
Course format . The specific mode of delivery for online courses varies. Some programs offer synchronous online classes, which allow you to interact with professors and peers over video chat. Others have asynchronous courses that you complete on your own schedule.

Additionally, you can ask a program’s staff if they have current students or recent alumni willing to speak with you. These informal conversations can help you get a better sense of the program’s culture and strengths and weaknesses.

Admissions Requirements

Man preparing requirements for PhD in Finance

Many PhD programs in finance only admit a limited number of students each year, so the admissions process can be competitive.

Every institution has its own admissions criteria, but here are a few typical requirements:

Bachelor’s or master’s degree in related field
Statement of purpose describing your interests, goals, and reasons for applying
CV listing education, work experience, applicable skills, and volunteer activities
Confidential letters of recommendation
Official transcripts

Some colleges and universities also request GMAT or GRE scores, but many programs are phasing out this requirement.

Online PhD in Finance Programs Accreditation

University offering Online PhD in Finance

Accreditation is an essential factor to consider as you compare finance doctoral programs, much like when considering an MBA in Finance online or on campus programs. Colleges and universities can earn regional accreditation if an external regional accreditor assesses their programs and faculty and verifies that they meet agreed-upon educational standards.

Accredited programs offer professional and academic benefits. Employers often prefer to hire graduates from accredited schools because they know these candidates have received a quality education. Accredited doctoral programs typically provide access to student support services, such as online library databases and career centers.

Plus, many government agencies and private organizations only distribute financial assistance to students enrolled at accredited institutions.

Financial Aid and Scholarships

As you investigate finance PhD programs, you can also search for financial aid opportunities to help pay for your degree.

Many doctoral programs offer full funding for qualified students. These funding packages could include a stipend, tuition waiver, and health insurance. Students may need to work as a teaching or research assistant in exchange for this funding. Also, they are typically required to maintain a certain GPA and meet program milestones.

The federal government also offers several types of financial assistance for graduate students. You may be eligible for federal grants, student loans, or a part-time work-study program. You can learn more about these opportunities by visiting the Federal Student Aid website.

In addition, many employer offer financial support for workers who want to further their education. You can ask your supervisor about any tuition assistance or reimbursement opportunities.

What Can You Do with a PhD in Finance?

Financial Risk Specialist & Economists discussing

A doctoral degree in finance can help you qualify for many lucrative careers. Many graduates use their expertise and research skills to secure positions as postsecondary teachers.

The Bureau of Labor Statistics predicts that the demand for this career will increase by 12% over the next decade. Additionally, a PhD in Finance can help prepare you for numerous jobs in business and finance. Some graduates become financial managers and oversee their organization’s investments and revenue.

Finance is a good career path for many students. Other potential career paths in the finance industry include financial examiner, chief financial officer (CFO), management analyst, and operations research analyst. These positions focus on data analytics and strategic decision-making.

Should I Get a PhD in Finance?

Financial Manager discussing with Financial Analysts

Finance PhD degrees tend to be rigorous and involve extensive research and writing.

Here are a few signs that this degree could be the right fit:

Your preferred career requires a terminal degree in the field.
You enjoy studying economics, mathematics, and statistics.
You want to become an expert in financial systems and theories.
You’re passionate about researching topics in business and finance.
You want to publish your research for academic audiences.
You’re interested in teaching students.

If some of these criteria apply to you, a doctoral degree in finance could be a strategic next step.

How Long Does It Take to Get a PhD in Finance Online?

Most PhD programs in finance take 3 to 5 years to complete if you enroll full-time. But several factors can affect how long it takes you to graduate.

Programs that require a dissertation typically take longer. Many students spend a total of 5 years—including 3 years completing coursework and 2 years writing their dissertation. Some students take longer, though, to finish their dissertations, extending the length of their program.

Doctorate programs that don’t require a dissertation may be completed in 3 to 4 years if students are enrolled full-time.

What’s the Difference Between a DBA vs. PhD in Finance?

A Doctor of Business Administration (DBA) and a Doctor of Philosophy (PhD) are both terminal degrees in finance, but they have a few crucial differences.

A PhD could be a strategic choice if you’re passionate about research and teaching.

Is a PhD in Finance Worth It?

Financial Risk Specialist in a meeting with finance team

Yes, a PhD in Finance is worth it for many students. This degree allows you to develop a deeper understanding of economics, financial markets, and investment techniques. You’ll also learn how to identify business problems and mitigate risk.

In addition, a doctorate in finance enables you to develop expertise in specific areas of finance. For instance, you could specialize in behavioral finance, econometrics, or financial technologies. Expertise in these fields could lead to career paths in academic institutions, corporations, tech startups, and other organizations.

The Bureau of Labor Statistics predicts that overall employment of business and finance professionals will increase by 7% over the next ten years, and 12% job growth is projected for postsecondary teachers.

Universities Offering Online Doctorate in Finance Degree Programs

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

A Doctorate in Personal Financial Planning is available through Kansas State University. The program is 1 of only 4 in the country recognized by the Certified Financial Planner Board of Standards. Coursework is completed online during the fall and spring. There are three summer residencies, lasting 10 days each. The final residency is abroad. Kansas State University is accredited by the Higher Learning Commission.

National University offers a PhD in Business Administration with a concentration in Financial Management. The program may be completed entirely online. On average, the required 60 credits may be completed in 73 months. Courses are 4 to 8 weeks long. The school offers weekly start dates. National University is accredited by the WASC Senior College and University Commission.

A Doctorate of Professional Studies with a concentration in Finance may be earned through Pace University. Coursework is completed online with Friday sessions on campus once per month. Courses follow a semester schedule. Typically, the 19 required courses may be completed in 3 years. Pace University is accredited by the Middle States Commission on Higher Education.

Texas Tech University offers a PhD in Personal Financial Planning. The program is available fully online or on campus. The program requires 72 credits. Courses follow a semester schedule with 3 start dates. Upon completion, graduates may be eligible to take the CFP Certification exam. Texas Tech University is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

A PhD in Business with a specialization in Finance through the University of the Cumberlands. Coursework is online with fieldwork or an internship required. The program requires 66 credits including 24 hours in professional research and 24 hours in Finance. Courses are in half- or full-terms. The University of the Cumberlands is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

Walden University offers a PhD in Management with a specialization in 21st Century Finance. The program is fully online and requires 4 brief academic residencies. The program is course-based with weekly assignments. Most courses are asynchronous in format. Courses are in an accelerated format with several start dates each year. Walden is accredited by the Higher Learning Commission.

Getting Your Doctorate in Finance Online

student getting Doctorate in Finance Online

If you want to study and help solve complex business and financial problems, you might consider earning an online PhD in Finance.

Finance doctoral programs teach students about asset planning, financial models, regulations, and other topics. They also cover empirical research skills, such as creating surveys and managing datasets. Graduates apply their knowledge in many positions. Some become college professors, while others pursue roles as financial managers, consultants, and marketing analysts.

You can kickstart your doctoral journey by exploring online finance PhD programs from accredited schools today.

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Why Do a Ph.D in Finance?

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As a sophomore undergrad, how can I best position myself to get into a good Ph.D. program? I plan on doing a masters beforehand, and I was wondering if it would be in my best interest to seek out work experience prior to applying to Ph.D. programs or if I should just do research and work towards publications at my University (which is a top 25 school).

What are the requirements for a Top 25 Ph.D. in Finance?

Getting into a top Ph.D. in Finance program is extremely competitive. A firm foundation in math is essential as is economics. To set yourself apart, a letter from a well-published professor is going to give you an edge. If you can get yourself an internship with this professor, even better.

Any and all experience you can get prior to your Ph.D. application will be useful. The most effective approach is getting published in a top finance publication, however with the limited research knowledge and experience received in an undergrad, this can prove difficult.

Finance related work experience and internships are valuable as they display your dedication and work ethic but they are not likely going to be enough for your Ph.D. application. What they will do is give you a better of an idea what a career in finance would be like and if you would prefer to be in a bank/corporate setting or academia post-graduation.

Finance Ph.D. Ranking

Take a look at some of the top-ranked business schools according to Bloomberg

teenagepirate: Top finance Ph.Ds are more competitive than any entry-level job within banking. A publication always helps. Research experience helps more than internships but competitive internships (top name bank etc.) have value because they're a signal that you're capable of working hard. Admission to the top 25 schools is essentially a lottery. Average GMAT for Chicago's finance Ph.D. was 760+ for instance. Work hard, do your math courses, do your economic courses, get good recommendation letters from well-published finance profs (try to do research internships with them). Independent research won't get you very far because as an undergrad, you're just not trained well enough to do it to a high level.

What do Finance Ph.Ds do after Graduating?

A Ph.D. in Finance will set you up for a position at a quantitive trading desk. They land fewer jobs with I-banks and more often work behind the scenes and are generally less involved directly with clients as their reputation tends to be that they are more academic and less business oriented. What it does set you up for, however, is a career in academia as a professor or researcher.

Schumacher: I-banks generally have economists and market strategists (not sure who gets these jobs and how) that generally most of these people carry PhDs. The trend at most quant trading desks seems to lean more towards the physics, mathematics, statistics PhDs. It's a great degree to have if you want to break into trading. To be honest, a Finance Ph.D. is basically only beneficial to people who want to become college professors, which has its perks (ridiculously short hours, low-stress environment, and great pay assuming you can get a job at a half-decent college).

https://www.youtube.com/watch?v=tnn4Ny67DY4

UES802: I was talking a bit ago with an MD at an MM I-bank and someone asked him a similar question. He responded with, while anything is possible, attaining a Ph.D. in Finance won't really help your chances to get into I-banking all that much. He personally felt that people who go this route tend to get too used to the culture and routine that is involved with school, and are better equipped to become a professor than to attempt to enter the business world.

Academic-based positions can be extremely lucrative and appealing due to the great benefits and hours but if you’re keen to work with clients and in the front end of things, it would probably be more book education than you need.

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It's fairly difficult. Princeton admits 1-2 PhDs each year. Same with the other top ten schools.

My advice is to write a paper that gets published in a Big Three journal (Journal of Finance, Journal of Financial Economics, Review of Financial Studies.) If you can do that, you should get in just about anywhere.

IlliniProgrammer: It's fairly difficult. Princeton admits 1-2 PhDs each year. Same with the other top ten schools. My advice is to write a paper that gets published in a Big Three journal (Journal of Finance, Journal of Financial Economics, Review of Financial Studies.) If you can do that, you should get in just about anywhere.

Wow, are non-ivies (say, top 30 schools) a little easier? How about a publication in a good health economics journal? (I hope to get more involved in healthcare finance research)

Would my undergrad summers best be utilized by doing research or internships at F500 or investment banks ?

Top finance PhDs are more competitive than any entry level job within banking. A publication always helps. Research experience helps more than internships but competitive internships (top name bank etc.) have value because they're a signal that you're capable of working hard.

Admission to the top 25 schools is essentially a lottery. Average GMAT for Chicago's finance PhD was 760+ for instance. Work hard, do your math courses, do your econ courses, get good recommendation letters from well published finance profs (try to do research internships with them). Independent research won't get you very far because as an undergrad, you're just not trained well enough to do it to a high level.

Finally, don't post here, post on urch.com and read econjobrumors.com . People here are a little bit retarded and think a PhD is something you do if you don't get a job and you want to be lazy. A finance assistant prof (ie straight out of PhD) at a top 25 school will get $200k+ for 9 months a year and a professorial lifestyle. Hell, even PhD students get a $30k stipend (and can raise external financing for the program). It's not as much as you get paid in industry, but it's pretty excellent when you consider the lifestyle and the fact that you don't have to wade through as much bullcrap in your career.

teenagepirate: IlliniProgrammer: It's fairly difficult. Princeton admits 1-2 PhDs each year. Same with the other top ten schools. My advice is to write a paper that gets published in a Big Three journal (Journal of Finance, Journal of Financial Economics, Review of Financial Studies.) If you can do that, you should get in just about anywhere.

How are the results for attending a program outside the top 30 or even top 50? Does it get increasingly tough to get tenure and industry opportunities?

Also, I was on academic probation during my freshman year due to poor grades. If I bounce back to about a 3.7 GPA or so by time of application, would it come back to bite me?

Thank you for your response, it helped greatly!

Between Harrison Hong, Markus Brunnermeier, and Ben Bernanke, we have our fair share of research on the financial markets.

Everyone has access to WRDS; everyone can crank out an analysis and figure out if there's something publishable in about a week's time; and the papers are examined blindly. This is something any 21 year old with Excel and WRDS can do; it's not exactly like this is 1978 and some 18 year old is trying to invent the PC in his parents' California garage. (Oh wait.)

Ask a tough question for which there is financial or economic data to answer it with. Then find an appropriate journal to submit your analysis to. They don't really consider the fact that you're an undergrad until the decision to publish has already been made.

Get something published- just make sure you have something really interesting. The JoF's submission fee is something like $250 and they have a twelve week turnaround time.

just u are, idiots

just ure retarded

The market is very good, solid 6 figure salaries for starting associate professors. Pretty much everything you read about getting into economics PhD programs can be cross applied to finance PhD programs. The most improtant things are going to be:

Math background: math stats, probability, differential equations, and real analysis would be very good.
Recs from profs
Experience working as a research assistant, writing a senior thesis, etc. These are the sorts of things that make for good recs.
A non disqualifying GRE quant score (as close to 800 as possible).

Also look into econ PhDs where you can concentrate in financial economics. They won't care about interning at a F500 or whatever, it's irrelevant.

(the reason I mentioned Etula there in the last paragraph is not because he's a retard or anything but because his asset pricing paper was mentioned on Falkenblog yesterday http://falkenblog.blogspot.com/2013/01/is-broker-dealer-leverage-elusiv… and I really wasn't convinced by it yet this guy is an "asset pricing expert" in QIS at GSAM )

teenagepirate: (the reason I mentioned Etula there in the last paragraph is not because he's a retard or anything but because his asset pricing paper was mentioned on Falkenblog yesterday http://falkenblog.blogspot.com/2013/01/is-broker-dealer-leverage-elusiv… and I really wasn't convinced by it yet this guy is an "asset pricing expert" in QIS at GSAM )

How difficult is getting into an accounting phd program? What undergrad/ MS concentrations would set me up best for this and/or finance?

jackd9999: teenagepirate: (the reason I mentioned Etula there in the last paragraph is not because he's a retard or anything but because his asset pricing paper was mentioned on Falkenblog yesterday http://falkenblog.blogspot.com/2013/01/is-broker-dealer-leverage-elusiv… and I really wasn't convinced by it yet this guy is an "asset pricing expert" in QIS at GSAM )

As for your undergrad, it's not super important. Undergraduate accounting tends to be way more practical than what research is. Your best bets are math, econ, statistics and finance, with a few accounting courses so that you understand the very basic concepts. After those come engineering, physics etc. Essentially, you just need to be able to show that you can handle the very quantitative courseload. Often, you'll need to have done a few basic courses in micro-economics and finance, but this is not a hard requirement at all schools. Some schools (Stanford comes to mind, MIT too I think) also require some programming proficiency so it makes sense to do a bit of compsci as well.

And are you serious about "everyone can crank out an analysis and figure out it there's something publishable"? It takes Hong, Brunnermeier etc. a year or so to go from idea to publication and that's with an army of research assistants and co-authors. It's virtually impossible for an undergrad to know the established methodologies for a given field, to know whether their question is relevant and to be able to write the paper in the right way to get their point across in a way that's acceptable to the editors. An undergrad is not going to get a top 3 pub in econ/acc/fin, they may get their dissertation in if their supervisor puts a lot of work into it, but I've never seen a BSc diss make it, only masters level ones. And, as I said, the supervisor usually helps a lot with that.

If you have a trading strategy that can generate a big enough sharpe ratio, it's not too tough to get it published in the JQFA. And if it's big enough and obvious enough to raise a lot of doubt about the EMH or CAPM , you're now talking about a big three publication.

You can vet a trading strategy in about three days in industry. It took me a week to come up with something that can consistently generate a Sharpe of 2.

Most of the quants who held Finance PhDs I worked with in industry were published multiple times in grad school. Seriously, it's not all that tough. And it doesn't really matter your school's ranking- it matters what you, personally get published. Attending a school with a brand name can also be helpful, but you're only the sum of your work product.

Bottom line: If you want into grad school, get something published .

IlliniProgrammer: And are you serious about "everyone can crank out an analysis and figure out it there's something publishable"? It takes Hong, Brunnermeier etc. a year or so to go from idea to publication and that's with an army of research assistants and co-authors. It's virtually impossible for an undergrad to know the established methodologies for a given field, to know whether their question is relevant and to be able to write the paper in the right way to get their point across in a way that's acceptable to the editors. An undergrad is not going to get a top 3 pub in econ/acc/fin, they may get their dissertation in if their supervisor puts a lot of work into it, but I've never seen a BSc diss make it, only masters level ones. And, as I said, the supervisor usually helps a lot with that.

You can vet a trading strategy in about three days in industry; probably less. It took me a week to come up with something that can consistently generate a Sharpe of 2.

Just randomly picked 3 top 10 schools that showed CVs of their current students / job market candidates. Most of them have no publications, a few have one paper with a supervisor or something. You don't get a top 3 publication for figuring out a trading rule, you don't even get a JPM or FAJ for that. No one cares, it's probably the result of data mining or ignoring something like liquidity/ trading costs etc..

And what do you mean by quant? You mean someone working derivs, or a quant as in someone who specializes in quantitative investing? Basically mathematical finance vs. asset pricing? Because in mathematics and physics it's a lot easier to publish than in finance, articles are much shorter and take less time to get through.

If getting a top journal publication was easy, leading professors wouldn't travel half-way around the world to present papers at seminars and get comments on them.

teenagepirate: IlliniProgrammer: And are you serious about "everyone can crank out an analysis and figure out it there's something publishable"? It takes Hong, Brunnermeier etc. a year or so to go from idea to publication and that's with an army of research assistants and co-authors. It's virtually impossible for an undergrad to know the established methodologies for a given field, to know whether their question is relevant and to be able to write the paper in the right way to get their point across in a way that's acceptable to the editors. An undergrad is not going to get a top 3 pub in econ/acc/fin, they may get their dissertation in if their supervisor puts a lot of work into it, but I've never seen a BSc diss make it, only masters level ones. And, as I said, the supervisor usually helps a lot with that.

Uncovering Hedge Fund Skill from The Portfolio Holdings They Hide This paper studies the “confidential holdings” of institutional investors, especially hedge funds, where the quarter‐end equity holdings are disclosed with a delay through amendments to Form 13F and are usually excluded from the standard databases. Funds managing large risky portfolios with nonconventional strategies seek confidentiality more frequently. Stocks in these holdings are disproportionately associated with information‐sensitive events or share characteristics indicating greater information asymmetry. Confidential holdings exhibit superior performance up to 12 months, and tend to take longer to build. Together the evidence supports private information and the associated price impact as the dominant motives for confidentiality. http://onlinelibrary.wiley.com/doi/10.1111/jofi.12012/pdf

Ok, so someone had the neat idea of running a regression of hedge fund performance against the percentage of portfolios that they disclose through amendments. Woohoo! Journal of Finance! Oh, wow, it was probably mostly done by a grad student too (Yuehua Tang).

As for the strategies, of course you have to take bids and asks. These are reported in nearly every market database. You also have to be conservative in estimating market impact for larger strategies- the fact is that you may not be able to execute some strategy with millions of dollars off of a bid or ask of 500 shares, but there are a number of models commercially available for empirically guessing how much such a transaction would move the market.

If you (1) have a valid arbitrage strategy that WILL make money and (2) use it to make a convincing argument about financial theory, you pretty much have a publication in either the Big Three or one of the next few journals.

Of course, sometimes the best strategies and ideas never get published.

1.) Come up with a theory about the markets. Ideally one that relies on data that wasn't available 20 years ago. (This may rule out theories on cash equities) 2.) Design a strategy to test that theory. 3.) Figure out whether the results show anything. Ideally, try to have a natural experiment with a control and a test. 4.) Figure out how interesting and meaningful those results are. 5.) Clean it up and try to publish it.

You should be able to cycle through 1-4 in 40 hours of work. 5 will take another ~80 hours before you submit to your first journal. Also it's wise to submit to some repository so your idea doesn't get scooped.

I just noticed you also asked about the UK in your first post. So I'll mention that briefly as well.

Basically, in the UK, LBS is basically an American school and is the only UK school that ranks really well globally. LSE has a good name in industry but they're very large and not that respected internationally in "academic finance" or accounting, and apparently treat their PhD students quite poorly. LSE , Warwick, Imperial, Cass, Oxford and Cambridge are pretty much what you would treat as the second tier of schools in the UK after LBS with each having some sort of problem: Cambridge's faculty of finance is tiny and very junior but decent, at the other end of the spectrum you have LSE and Cass which are really big but with a lot of mediocre people and bought talent. Oxford had like 3 people go to this year's AFA meeting which was quite impressive for a faculty as small as theirs. For the UK and finance, LBS is the way to go and should that fail, then LSE and Oxford. But there are many many schools that are as good as LSE and Oxford which are not impossible to get into in the US so at that point it becomes a point of how much funding you can get and how well the research interests match yours. For accounting, I have no idea really because it seems like accounting research in Europe and accounting in the US are done completely differently and European researchers are just unable to get good publications into the top US journals but dominate publishing in AOS. I don't know enough to rank the schools but LBS's department of accounting seems fairly good by international standards (faculty seem to publish in the top US journals), even though it's quite small.

As for if you have a valid arbitrage strategy, lots of people think they do and try to publish them but get rejected. Why? Because most likely they're ignoring something... A lot of professionals think they've got a winning strategy but if they exposed that strategy to the kind of scrutiny that academic ideas get they'd realize just how flawed it actually is.

There have been a couple of arbitrages published in recent years but in reality they're quite rare.. If you have a valid arbitrage strategy that will make money, chances are that either you can use it to make a lot of money (doesn't happen often in practice) or you can publish it (doesn't happen often either).

This isn't that complicated, though.

Anyhow, OP, I strongly recommend http://www.urch.com/forums/phd-business/ instead of here. Here you just have too few people who know anything about the process and too many people who will answer without knowing anything for this forum to be useful (not referring to anyone on this thread but this whole forum)

PhD in Finance vs. Working ( Originally Posted: 10/28/2012 )

I'm early into a PhD program in Finance at a 10-20 ranked b-school. I'm not so sure about going the academia route if I do complete my degree, and find myself more excited about building a career as a researcher in the AM industry. Considering the options of (1) finishing the PhD and going into AM as a researcher, or (2) trying to find a buy or sell side research job and quitting the program (I already have a Master's), does anyone out there with experience have any advice or comparisons for these two paths? Is the ceiling higher with the PhD, and is it worth the 5 year investment?

Geez, finance PhD programs are insanely competitive. If you're in a good program, I would stay where you are.

Depending on your location, you should be able to find part-time work/ internships / consulting jobs while you are working on your degree. If you come out with strong work experience and a good thesis, just about any buyside firm will at least give you a look.

I assume you have a stipend? Then the only cost is opportunity. In this market, staying in a PhD program isn't a terrible idea. You could always quit if you get an offer from a top fund - but in the meantime, you are building your resume (and hopefully getting work experience).

I do have a stipend, but unfortunately my program won't allow me to take outside work while enrolled in the program. So my options for building work experience are pretty limited.

A phD will definitely get you noticed but if you don't have any relevant experience, summer internship , etc, then you will be just like every other PhD who is having a career crises. The problem with a masters at a non-feeder school is that there are many people with them (MFE, etc.) so your resume won't stand out too much. I would say the ceiling is not higher with a PhD but it will help you get noticed by top shops/ AM firms.

If you don't want to do quant/systematic strategies then the value proposition of a PhD diminishes. But again, a PhD will get you noticed in any shop that isn't straight fundamental.

I would think that if you're at a top school then many of your professors consult for the industry. you should ask them about their experience and then also see if they can help you get a summer internship or help them on a project. that should give you a better idea if you think it's worth quitting your program.

Since you're pursuing a PhD in Finance, you're most likely going to be offered positions in quantitative finance research(derivatives pricing). It isn't that bad of a place to be. If you don't want to complete your thesis, then by all means start applying to all the major companies.

You're most likely in a small predicament. I'm guessing you don't know how to program the common languages used like c, c++, java, and python which would rule you out of many quantitative research positions. Given that, you'll be in a more competitive pool competing with students straight out of undergrad for research positions. Since you have a masters, many company HR reps will say you deserve higher pay. But then you've got to think about the department budget and who's running it and what they're willing to sacrifice. In a sense, you run the risk of being overqualified for a research position but under-qualified for another(quant finance research).

With that said, i'd recommend you get through the remainder years and complete your phd.

If you really want to go into industry, 2 years of programming will do you well, C++, Java, and Python at the minimum.

I would have to disagree with one of the above posters. Do not tell your professors that you're planning to go into industry. As you already know, the whole point of a PhD is to prepare you to be an academic researcher. You'll most likely face some opposition when planning your thesis if you tell your professors that your headed to industry.

These are some links which should be of help if you're looking for an industry career post PhD

http://www.econjobrumors.com/topic/phd-in-finance-for-private-sector http://www.econjobrumors.com/topic/afa-private-sector-aqr-blackrock http://www.econjobrumors.com/topic/us-industry-salaries-for-phds/page/1 http://www.econjobrumors.com/topic/most-economists-are-losers

http://www.econjobrumors.com/topic/accounting-phd-vs-finance-phd

afajof.org/association/jobs.asp

Also, finish the PhD. Somehow. The signal premium is worth it. You could arguably drop out with an MS which was paid for and go to work on the street as a quant, but Dr. ABC > Mr. ABC.

Also the buy side roles which are available to Finance PhDs are VERY different from the roles held by MFEs.

Incremental benefit for doing Phd finance ( Originally Posted: 04/13/2013 )

Seeing recently stats of leading business school in US and UK (especially), i was amazed to find that msc/ms programs in finance requirements besides funding are less but they create greater monetary value for finance graduate. On other hand, phd guys invest 5 years with no experience/industry links have to end p on almost same salary. Starting salary for MS guy in year 0 ( just after graduation) is suppose 70 K then it would be approx 92 K by end of differential 4 years ( assuming 7 % increment in annual salary) On other hand, how many phd guys cross on such break even of 92 K at start?

I don't think that money is what is driving people to Finance PhDs. At least not as much as MS . But there are probably other things involved as well.

meaning you agree that on monetary ( or more precisely quantitative return on investment ) terms, phd is behind.

i actually put these facts to this forum just after seeing very few "quality" Masters level specialized fin. programs in US, on other hand all big universities are investing through doctorate level finance courses in finance industry.

From my understanding most of the PHD students in business schools go there for free. Most of these people want to teach and do research, which is cool. I don't think most of them get a phd for the money, it is more like credential that they need to be able to teach and do research.

PhD finance for a job in market ( Originally Posted: 07/17/2015 )

I am starting a PhD program in finance this September. My ultimate aim is to be a researcher in the AM industry and maybe in hedge funds. You might think that PhD is a painful and not a certain path to achieve it, but I would also like to keep options open for academia for the future.

My question here would be the areas/topics that industry might find attractive and that I can excel during my PhD. I am interested in topics in asset pricing and behavioral finance, like analysing/creating models to see the difference in prices of financial products in different stages of business cycles, etc. I am not sure whether those are relevant topics for AM and hedge fund analysts?

WRT my background, I do have a BS in Physics and MS in Finance so I feel I have capacities in both quantitative and financial areas. I am quite good in MATLAB, but VBA and C ++ or Java seem a-must to be in the market.

Please let me know which topics I need to focus on my PhD study, the ones that significantly help me to land some jobs in relevant areas. Not sure whether it make any sense, but my studies were in Europe and i want to stay in Europe. The school is ranked in the European top 10-20 with a few excellent researchers.

Many thanks

If you're getting a PhD and know matlab I would assume you can pick up vba in a few minutes, it's pretty basic (no pun intended)

Check out quantnet and poets and quants

I don't have any input here other than that I'd be careful about listening to advice from here for something as sensitive as your PHD thesis. I would reach out directly to HF 's directly and anyone else you want to work with else well.

Finance PhD's ( Originally Posted: 06/28/2007 )

What's the typical starting job for fresh Finance PhD's other than academia? Do they tend to go into quant-based funds or something similar or do a lot start out at Associated at BB 's?

Also, does it matter which school you get your PhD from? Can a PhD from Tier 2 B-school get a good job or is he/she going to have a hard time?

Why are you asking? These types of questions alone are a pretty good indication that you will never be a Finance PhD.

But to answer your question Finance PhDs have been known to secure jobs as quants and associates at BBs . Like always the better the school...the better your chances of landing these types of jobs.

Personally, I think a PhD in Finance is a complete waste of time unless you had your heart sent on the academic world. If youre brainy enough to get a PhD in finance youre probably brainy enough to get a PhD or at least a Masters in Math/Stats/CompSci/Physics, all of which are probably more marketable in the academic world AND finance.

I concur with Schumacher.

I was talking a bit ago with an MD at a MM I-bank and someone asked him a similar question. He responded with, while anything is possible, attaining a PhD in Finance won't really help your chances to get into Ibanking all that much. He personally felt that people who go this route tend to get too used to the culture and routine that is involved with school, and are better equipped to become a professor than to attempt to enter the business world.

One of the top interest rate quants in the world is a finance PhD.

Math Finance PhD to Wall Street ( Originally Posted: 10/17/2015 )

Long time reader, first time poster...

I'm currently a student in one of the top math finance programs. Until recently I'd planned on joining a finance department at a business school after completing my PhD. Unfortunately, having taken a number of finance courses not offered by the math department - we offer few topics courses - and I've discovered that most of the finance research is mathematically and/or statistically unsound.* The math finance research while rigorous is utterly useless.** As such, I'm strongly considering a transition back to the private sector.

Prior to joining my PhD, I worked in data analytics consulting for four years. I've generally held sales roles and have been client facing. I'm not your typical PhD: I love client interations, I wasn't a nerd in college or HS though I went to a good university, and I was an athlete throughout college and HS. Ideally, I'd like a role that facilitates a lot of social interaction and that's close to the money. Seeing the jobs most of our people get, and yes it's mainly quant jobs in banks or hedge funds , I've acquired the impression that those two things don't characterize their everyday tasks. Should I complete my PhD? Is there a role for a PhD that doesn't make you a trader's bitch or turn you into some sort of quasi-academic troll at Two Sigma?

I'm interested in why you think quants are quasi-academic trolls?

I've heard a lot of quants say that having a postgraduate math degree for quant roles is completely unnecessary/overkill, since the math you learn as an undergraduate math major is sufficient. It's more a function of marketability, or advertising on behalf of the firms who hire these math PhDs.

Also, your comments on mathematical-finance research seems reasonable given many of the opinions of renown quants. Apparently, a lot of the research has just become completely useless and unsound - essentially mental masturbation.

Keep in mind, quants at places like AQR/Two Sigma do more than just research - they also develop and execute actual investment strategies.

The issue is that your background already puts you into the 'quantitative roles bucket'. It may be difficult to convince people in roles with more client-interaction that they should hire you. Trading, risk and investment management roles are what's open to you right now. Of these, investment management would probably offer the most client-interactions.

Investment management at a BB like Goldman Sachs Asset Management , as opposed to a quant fund, may offer a bit more of what you're looking for. I have seen some quants (with/without PhDs) in asset management roles at BB banks. I also hear that Asset Management has quite a bit of client interaction, although others are better qualified to advise you on this.

If you want to get out of quant roles completely, then you're going to have more trouble. This is made significantly worse by the fact that you're a Math PhD, rather than straight out of undergrad. It makes you an 'experienced' hire and I'm not sure how well a Math PhD would be able to recruit for an IB analyst role, ect.

Careers options for PhD in Finance (Other than academia) ( Originally Posted: 11/14/2015 )

I am a first year PhD Finance student at a school which has very a solid reputation in overall but not the top in finance. As a PhD student, my priority is on getting an academic position, but I am also interested in career options in the industry.

Are there substantial number of people getting into IBD or Sales & Trading with a finance phd degree? I am also considering to quant or strats positions, but computational language is not something that I am familiar with.

I know that investment banks prefer fresh college graduates or MBA students over PhD candidates for their front office tasks other than quant, but I also heard that some trading desks dealing with more complicated products such as structure rates or exotics willingly hire PhD guys. Is that true?

If my research is on corporate finance , more specifically capital structure of firms, would it boost my employability for IBD ?

In terms of locational preference, I would not mind to work in any of major financial centers around world. (NY, London or HK) So, if you have any knowledge on those places, please give me some insight.

Quant Hedge Funds. Although it totally depends on the penchant of your PHD program. Quantitative Researchers are research (new models) and programming focused.

IBD I would say a no. You're likely too old and a bit too quantitatively orientated for the role which is as much soft skills as hard science. I would imagine you may have an easier time on the S&T side with a quant desk but I would think you'd likely need to develop some coding skills which frankly shouldn't be that hard to pick up.

Thanks, guys. So you guys suggest that only 'quant' related positions would be available for me? And for the programming language, I am currently using matlab and R for my coursework and research. Would it be sufficent?

undefined: Thanks, guys. So you guys suggest that only 'quant' related positions would be available for me? And for the programming language, I am currently using matlab and R for my coursework and research. Would it be sufficent?

Matlab and R are perfect. In trading , you want a language you can crunch data / backtest strategies with (R / Python) as well as one that has solid execution when you go live (Matlab / Python / C++). Look into statistical arbitrage / pairs trading, you should pick this up no problem w/ your background. Download a few data sets online, run some simple analysis to start, and you can formulate a strategy to start paper trading on your own. From there you can join prop desks, HFT , structuring etc.

If algorithmic trading doesn 't interest you and you don't want to go the pure academic route another way in is through a multilateral organization as an economist . After a few years those positions can set you up well to jump to a bank or hedge fund where you can make some serious coin.

I like the idea about economics. There is a third option other than industry and academia... Government!

Federal Reserve has nice paychecks and exit opps... They cap out around 200 k though if I remember right.

And PLEASE... If you want to go to industry do NOT do research on corporate finance . I would use the opportunity to find an arbitrage or something other statistically significant relationship which produces consistent alpha .

econ/finance phd ( Originally Posted: 04/08/2007 )

if you are currently in a econ or finance phd program what exit opportunities are there on wall street

FI and Equity Quant Reserch/Deriv Pricing groups, banks like Lehman and CS have a PhD day/presentation some time in fall, where they tell about PhD opportunities. make sure you school work is quant/econometrics related. Are you Stern fin or econ ?

just looking @ my options

You can become a professor.

Finance Phd ( Originally Posted: 10/23/2011 )

I am doing Phd in finance, passed the first two levels of CFA exams. I have been told that my background fits for buy side firms, especially HFs . My uni is not an ivy league school though. What do you think is the best way for me to contact HFs?

As my uni is not an ivy league school, they are not coming to my uni and it is hard for me to find something through the alumni.

Thanks in advance.

Cold call/ cold email tons of firms. Use Linkedin to connect with people at HFs you would be interested in working for. I'd imagine it wouldn't be hard to get responses since you're doing a PhD.

What topics are you studying in finance.. I'm just being nosy as I didn't know they offered such a Ph.d

My thesis in on market microstructure of derivatives market. I also work on asset pricing.

Let's say I am graduating in summer, when do you think I should start sending e-mails?

3 years ago.

buybuybuy: 3 years ago.

Agreed. Start emailing and calling ASAP. Attend as many networking events as possible. Tap into the alumni networks of both your PhD school and BA/ BS school, as well as any possible masters you may have done.

New here & im a PHD Finance hunter ( Originally Posted: 04/11/2014 )

Trying to get ideas about PHD finanace proposal.

Not sure if trolling, but if you're seriously looking for someone else to come up with your Phd topic, you probably should not be pursuing a Phd in the first place.

You should probably be talking with your advisor.

This cant be serious :)

finance phd ( Originally Posted: 10/01/2011 )

I will graduate this summer and I am taking CFA level 3 exam this June.I am good at econometrics , R and Matlab. My uni is not an ivy league school, but has a good reputation.

Sell side quants told me that my profile suits better for buy side jobs. I am wondering which buy side firms hire finance phds. Thanks in advance.

Take a look around the Hedge Fund forum. This site has alot of great resources. Here's some for you:

WSO hedge fund career guide

Phd in Finance profile eval ( Originally Posted: 09/27/2014 )

Hi Gurus out there.

I am interested in applying to Finance Phd program.

I would like gurus here to provide me some insights/ideas on my chances getting into these programs listed below:

Uni. of Michigan, UCLA, Duke, USC, Cornell, Boston College, University of Florida, Rutgers.

To provide info on my background/stats:

UGPA: 3.45 & GPGA: 3.5. Studied EE during undergrad and Comp. Engr as major and econ as minor studies during grad school w/ full fellowship & stipend.

GRE V 156 GRE Q 170 AWA 4... I know i bombed my verbal :(

1.5 yrs of research experience & winning IEEE research fellowship/scholarship for my research.

2 yrs of working @ High tech firm (think apple or google) by the time i enroll to phd program..

I am particularly worried about my gpa since it is not 3.8 or 3.9 as advertised on many phd program website...

Do you gurus think if I have a reasonable chance to get into one of the programs I listed above? And is there any particular area I should improve or work on, say GRE verbal for example?

Any advice or comment will be appreciated :)

Just to add another piece of info...

i received my BSE & MSE from top 5 engineering program.....

Your background certainly isn't bad. I have done some reading in finance PhD programs and I think you have a lot of points in your favor. I think it is likely that you will be able to get in somewhere, however there are a few things to keep I mind from what I've read:

The Math. Have you taken Real Analysis in undergrad? Finance and Econ PhDs are pretty brutal math-wise and knowing the EE students I know, it is very possible to come out of an engineering program without a strong enough math background for a Finance/Econ PhD.

You alluded to this in your post but finance PhD programs are extremely competitive. Even for someone like you it will be tough to get in to a top program.

Research fellowship is a big point in your favor, leverage that in your application.

Great thanks for your comment. First of all, here is a list of math courses I took: Cal I, II, III, IV, Linear Algebra, statistics, Regression/forecasting, Probabilistic method in engineering which covers some Real Analysis, and many other engineering courses requiring intro knowledge level of Real analysis. But I have not taken a course called Real Analysis. And I am aware of the competitiveness of the Finance PHD program :(

What do you think of my lowish gpa and verbal score? Any reg flag or yellow card?

Finance PhD ( Originally Posted: 08/11/2011 )

Most recent post on this seems to be in 2007.

To put it simply, I did my undergrad in Finance, have an MBA , and am taking CFA Level III next June. Working in ER currently.

Really considering going and doing my doctorate. Love the researching professor lifestyle and autonomy. Anyone done this? Advice going forward? (Starting next fall)

That actually sound pretty cool...

I'm actually interested in pursuing this path as well

Professor Jarrow at Cornell was a math major and a MBA from Tuck. He got his PhD at MIT in 3 years after that. Look up HJM model.

To the OP, what specific field within finance are you interested in?

I dropped out of an Econ PhD, so if anyone is considering this path and wants to ask me any questions, feel free to PM me.

The life of an academic is, to misquote Thomas Hobbes, "solitary, poor, nasty, brutish" and shit.

You have much less autonomy you think you do; you're obliged to churn out a constant streams of papers that will (most likely) be read by almost nobody; and, you have to be prepared to relocate to the middle-of-nowhere's-ville to take a job teaching undergrads. To make things worse, the actual process of researching can be incredibly lonely too.

Not for me. And I strongly considered it.

Specific field of interest would be more on the corporate side of things -- M&A, spin-offs, restructurings, etc.

Thanks for the input, all. Definitely is a major decision with ramifications, but there's a major part of me that believes I will regret it if I don't do it.

Also, I think that a major catalyst for my thought process here is that I don't really see myself living tick-by-tick to the stock market, or being so focused on a given industry that I can tell you the exact inventory level for a company 3 quarters ago. Don't get me wrong, I love my job right now -- and I think that analysts who are so in tune with an industry are really good, and it's amazing to see that level of knowledge about companies.

I feel like the things that I like about doing ER I can do for my own portfolio on a go-forward basis. And I also want to make sure that I can have solid balance in my life -- be a husband, be a good dad. Not that it can't be done in ER , but the balance challenge is significantly more difficult.

I'm aware that academia is no bed of roses and that there's no "free lunch", but I feel like, for me, the benefits outweigh the costs.

Fair enough.

Do a Masters and re-assess. I was dead set on avoiding the City and "corporate" economics when I finished my undergrad. Two years later I u-turned.

So long as you apply yourself with gusto- and don't look back- you can't really go wrong, as with most things in life. Until your set off in the direction, keep your options open and don't burn any bridges.

PhD Finance for I-Banks !? ( Originally Posted: 11/10/2007 )

i'm currently studying economics and am considering a phd in finance, I'm still having about 2years ahead until graduation though.

Why I would like yet to get a clear opinion whether or not to pursue a PhD afterwards is, since if I wanted to do one (in a really good school) I would need to concentrate more (maybe entirely) on my studies now in order to get a sufficient good degree, in contrast to doing as many as possible relevant internships in order to get a good job directly after graduation. Aside from that I would need to apply already in about a year I guess.

I read already some related threads about the topic, many advice "do it if you really are interested in the subject" which makes definitely sense and of course I am interested! but if i knew already which job i would like to go for for sure and also knew that the phd wouldnt be usefull for that particular job, i wouldn't do one I think. But since I don't really know yet, what kind of job to aim for (and general whether industry or maybe academia) it also would help me to keep all my options open.

I read many times that in many areas of i-banks a phd absolutely wouldn't be neccessary, though i read as well since financial instruments are getting more and more complex a phd could be beneficial.

So my main question is in which areas of i-banks (i.e. sales, trading , risk management, NOT structuring since that's obvious) is a finance phd (with what specialisation?) beneficial or even neccessary?

I'd really appreciate your input! Thanks a lot in advance!

I don't know much about other areas, but for corporate finance , a PhD is definitely not required, nor is it beneficial.

Ibanks generally have economists and market strategists (not sure who gets these jobs and how) that generally most of these people carry PhDs.

The trend at most quant trading desks seems to leaning more towards the physics, mathematics, statistics PhDs.

If you have a good math background you can check out the MFE programs both in the U.S. and U.K. Its a great degree to have if you want to break into trading

To be honest, a Finance PhD is basically only beneficial to people who want to become college professors, which has its perks (ridiculously short hours, low stress environment, and great pay assuming you can get a job at a half-decent college). If I-banking is what you're after though, dont waste 8-12 years of your life pursuing a PhD when you could be gaining some valuable work exp.

A PhD would be relevant on certain trading desks, research, probably risk management, and I can't really speak to other areas . If you have a finance PhD you will not have a problem getting a job at a bank - they are in very high demand. Having said that, don't get a PhD as a means to get into banking unless you are really, really, interested in the topic you're working on. Something like 50% of PhD finance candidates burn out, and that's coming from an already very select crowd - I've heard admissions stats are somewhere around 10-20%. It's not an easy road.

career advice for PhD student ( Originally Posted: 01/18/2013 )

I wouldn't recommend to do that online MBA . To me that's kinda ridiculous. There are all kinds of majors in IBD , so don't worry about that. Maybe the CFA Level I can show your general interest in finance, but there are very variable notions on this strategy here on WSO

You're Ivy, so that's a very big plus. I would concentrate on getting my story right: " Why do you wanna do finance?" Why now? What can you bring to the table? I also would try to dwell on your quant skills, if there are any.

Your age is a big problem, so be prepared.

restructury, thanks for your comment.

Do I have a realistic shot at an associate position with a MBA? Should I do the UCLA certificate program in investment management and analysis? Is taking CFA 1 is the best course of action if I have some time to spare on preparation for IB job (beside networking)?

Due to my experience you would only have a shot for an assoiciate positions with a prestigious MBA , not at all with an online MBA .

The UCLA program or CFA Level I program is a very good add on in my opinion.

But I think you have to focus on getting a job (networking) more than to add another qualification.

So let me ask you: Why do you wan't to get into finance?

Have you ever thought about consulting? (Your CV and Ph.D. may have mor advantages here) I'm just asking because I do have a couple of friends who want(ed) to get out of their traditional field (engineering, chemistry;..) just to do something more business related without any clear focus.

you're an ivey so....NETWORK, NETWORK and NETWORK!

I am leaning towards a MBA which could open more doors compared to specific training/knowledge I could get from CFA . Even though its online, its the same degree given to other students in the full-time program (the interviewers won't know unless he/she asks me explicitly about the nature of the program) Since I already have access to alumni network and career services at my ivy league schools, I don't care much about the networking opportunity within my MBA cohort. My plan is not get another brand name on my resume - but to retool my management skills and sharpen my business acumen, which I think can be done through an online program.

I am also planning to give a shot at consulting too. BUT English is my second language, and my presentation skills might not be as smooth as those of native speakers. And consulting involves a lot more interactions with clients, social skills play a bigger role to success in consulting than in IB . So I guess I might have better chances of having a career in IB .

I don't want to go into academia. My goal had been to join the private sector since I started my PhD program. Finance fascinates me for several reasons (including great pay). Particularly, I am pretty good with analytical skills and want to help companies search out ways to become more financially independent. Another reason is that my home country does not have an established financial market (no credit bureau , no mortgage loan, no stock exchange ). With international experiences and top-notch training i could get here in the US, my dream is to return home one day and help develop the financial sector back in my country.

Any more suggestions? Thank you!

You can make it into banking- but generally speaking the work is pretty mind numbing and might feel below your intellectual abilities / curiosity, given that you have gone through the trouble of getting an advanced degree. Realistically, your best shot is to network your way in. Success depends on how good you are at networking, MBAs , CFAs , all that stuff is a waste of time.

What are my odds going from PhD into these business schools? ( Originally Posted: 05/02/2014 )

I am looking to apply to a MBA program this coming fall and switching away from R&D into management and consulting roles within the life science and biotech industry. I will be 28 when I enroll, this is a little on the older side I believe. Anyways, I would appreciate you guys' opinions on my chances.

Undergrad (top 2 Canada): Economics (3.4/4.0) Graduate (semi-target U.S) : Biochemistry PhD GMAT : 730

Work experience: Boutique consulting (co-op, life science biotech industry): 7 months IT consulting and implementation (current, healthcare and life science industry) : 6 months Software Start up (current, health care and life science industry): COO , 8 months.

I am interested in the following schools and programs:

Cornell (Johnson): 1 year MBA program for scientists Fuqua (healthcare management program) Haas UCLA USC Marshall (I am not sure how Marshall is doing, from the latest statistics it would seem that 25% of graduates are without job placement; I would like some thoughts on this as well)

Thanks again.

28 is the average age, so you're definitely not on the old side. Your work experience is a bit on the light side, and it's going to be a red flag that you were at two firms for less than a year unless you explain it well. That said, a dual Biochem Ph.D and MBA will make you highly employable, so I think you can certainly get into the schools you are aiming for (although, you might come off as unfocused since your career isnt based on your Ph.D...make sure you can build a coherent story). You MIGHT have to re-apply once before you get in, to show more experience, but you'll definitely get in eventually. You might have more trouble in the Top 10/ MBA business schools "> M7 schools though if you decide to reach, but your target schools are fine (Haas will be a reach though).

Your work experience is a HUGE red flag. Three jobs under a year each?! Most people hold on to a position for at least 2 years. Maybe you should look into patent law. There are alot of top firms that will pay you to goto law school and give you a six figure paycheck.

Thank you for the input guys. I realize that my work experience will be a glaring weakness on my application that I would need to address in some capacity. To qualify, I was not laid off, nor was I job hopping. My 7 months work experience at the boutique consulting firm was a work study (co-op) program. The work focused on management consulting for the life science and biotech industry. I am still currently employed at the start-up and the IT consulting firm. Both firms are involved in software development for the healthcare and life science sector. By the time I matriculate into any MBA program I would have been at these two companies for 2 years.

I am also not sure how MBA programs take into consideration the PhD experience. As part of the PhD program, I essentially served as a research assistant for 4 years. Since I am legally a paid employee of the University, should this not count as work experience in some capacity?

Yes, your work experience as a research assistant in the university does count. Your combination on-going experiences look consistent with what I have seen in other students who are applying from an academic setting. I don't see any red flags. But like any other candidate, you want to present your purpose as having something bigger than simply wanting to switch functions. Get your story clear, I mean really clear, and of course, figure out ways that your experiences will add to a class.

Tell us more about this Cornell program for scientists (!) I thought it was just a tech program in NY . -- sorry to be ignorant, especially in public. I will be visiting the Cornell Tech Center in NY in a few weeks, so give me good questions to ask.

I do know of a number of PhDs that have gone to MBA business schools "> M7 schools more or less straight out of grad school. Doable, but not that common. If you can justify an MBA (having a good story) and also have demonstrated excellence out of academics (ECs, leadership roles, etc...), I believe you would be competitive at your schools of interest.

PhD looking for job at BB bank ( Originally Posted: 09/20/2012 )

i'm looking for a job at a BB . i'm generally clueless about finance but i am pretty sure i will like it if i get into it. i'm doing a phd in engineering from a good school and i expect to graduate in may or august next year.

few questions...

do Citi , jp, GS , etc have specific programs to hire people with my background? would my background (PhD plus a couple internships ) be sufficient to pass a resume screen?

given that i want to graduate next summer, when should i look to apply? is it rolling? is there a deadline for phds?

are phds hired differently from ba's? would i be interviewing for an associate role as opposed to analyst?

what divisions are there, and how is the prestige associated with each of them?

how do i best prepare for interviews?

any languages?

There's literally book guides printed out to answer those general questions. Search the forum or read them. also go to the wilmott forum instead. More PhDs there and they would be more knowledgeable of the opportunities. This forum is mostly populated with Investment Bankind Division aspirants. You'd be in Sales and Trading .

The most important and first filter for you is going to be- how good is your C++?

And yes, you'd be an associate. And full-time recruiting is going on right now. But for the jobs where they specifically look for quant PhDs- that recruiting isn't as structured. (of course some PhDs go into non-PhD required/recommended jobs too). For the quant PhD jobs you're looking at 3 main things:

risk management. especially market risk. considered middle office . nobody's top choice. mostly statistics skills. filled with many non-PhDs too. Some people kind it interesting though. little to no programming.
Quantitative Developer. This is almost all programming work. Yet filled with math/physics/engineerg, etc PhDs.
model validation. almost all quant PhDs. will require programming but not as much as QD. Generally MFE-type maths, but they prefer a PhD to get it right. Considered a typical springboard to front office trading /structuring.
trading. what everyone wants. the background highly depend on the asset you trade- PhDs will go to the exotic products or the more automated products (automated is obviously programming work).

thanks a lot.

i know a bit of C and am gonna work on developing that. i think i will be fine after studying it for a month...

is there any other skill theyre gonna look for? for instance, say my phd is in engineering. are they gonna ask me technical questions related to my prior cousework? or is it just going to be basic probability questions and brainteasers that i've seen on the internet?

finally, assuming im an industrial engineering phd from columbia, have working C skills, and can talk about my research, what's the chance i can get hired as a phd, in any div at GS ?

bajamrock9: what's the chance i can get hired as a phd, in any div at GS ?

GS is the first company that always comes to mind because they reached out to me. i'll consider any bb firm though. i was just picking out one as an example.

is there any other skill theyre gonna look for? for instance, say my phd is in engineering. are they gonna ask me technical questions related to my prior cousework? or is it just going to be basic probability questions and brainteasers that i've seen on the internet? finally, assuming im an industrial engineering phd from columbia, have working C skills, and can talk about my research, what's the chance i can get hired as a phd, in any div at GS ?

An interview is not going to be advanced technical stuff. But in the past it was common to have some people take a test and decide interviews based on that. That's another reason you'd want to apply sooner or later. Credit Suisse used to have a in-house test for applicants to their "quantitative associate" program- which basically encompassed 99% of the jobs a PhD would go into. Several times a year they'd have a 100+ people come in and take a test- mostly higher-level undergrad level questions in math areas useful for finance. And another common thing is an online test that supposedly measures your programming ability through multiple choice questions. There's a company that does it that several banks use- can't remember the name now.

But how they interview PhDs can change over the years depending on the bank, the department and sometimes even whoever is currently in charge in that area. Don't know how GS does it. As for your chances of getting into ANY division at GS? That's not an illuminating question. And in fact depends more on their current staffing needs in particular areas than it does on you (unless you're an expert in some in vogue area like signal processing?). But assuming you work at it- e.g. contacting HR and headhunters- I'd say pretty good.

GS is actually the largest employer of PhD's after I believe the federal government. BB love PhDs and they are much harder to fire too, due to their expertise.

Consider finding a recruiting firm.

You will most likely find a position as a quant or as GS likes to call them, strategists. Put simply, you will a traders bitch.

I don't think that's true. At the end of the day its a bank not a technology/science company. And quantitative finance is just a subset of a broader industry. Besides Google is almost 2x as big. IBM is 10x as big (in employees).

I'm sure they have a higher attrition rate though- just because there's a higher learning curve in their job.

thanks so much for the insights, everyone. very helpful.

so all in all, you'd say that there is a good chance that I can land a job at a BB , provided I prepare. that's pretty much what I wanted to gauge.

given that, what would you say is the best way I should approach preparing for interviews? is the interview process as cutthroat as it is for undergrads? is there a book or a program i can subscribe to that will prepare me for interviews? i'm just reading wilmott's FAQs in quantitative finance as of now.

Heard on the Street....but its kinda old now. But everyone uses this. And they expect almost everyone to have seen it. Review your probability, calculus, ode/pde. Prepare for C++ brainteasers . The interview process is a lot more variable then undergrad. It's not nearly as structured. Typically not as many stages.

They'll look at your CV and ask you questions from it. So be prepared for that obviously. If you display some quant finance knowledge they might ask you further questions. Otherwise just read Hull . If you have time- then go into more finance reading like Shreve- but better to be strong on the basics than weak and broad. The finance questions will be secondary. If you fuck up the prob/calc/ode question- then that's instant death.

Next, a lot of PhD hires are interviewed specifically by a certain desk/group for a specific position. So once you hear about the interview- you're going to want to learn more about their work, the financial instrument, etc. And pay extra attention on that group's most relevant quant skill. e.g. for an interview with market risk you might want to add stats/econometrics to your reviewing. for model validation pde's. for quant developer- c++ brainteasers .

doing phd while networking into ib ( Originally Posted: 02/07/2013 )

With a PHD you'd be overqualified

Your communication skills will be a huge roadblock, regardless of what you decide to do.

The Kid: Your communication skills will be a huge roadblock, regardless of what you decide to do.

'I am an international student who is about to graduate this semester from a non-target school in US, have not yet networked enough and secured a job in IB due to time manners. I am thinking of pursuing a PHD degree here in US after my undergraduate probably at schools around New York area so that it would be easy for me to travel there and make connections. If success in securing a job, then I would leave the PHD program. I dont want to pursue a MSF or a MFE due to budgetary issue. Do you think it is feasible? Will I have a shot in getting into BBs? By the way I am majoring in economics, had an internship with a boutique in the M&A advisory, but currently only targeting the BBs'

'have not yet networked enough' 'due to time manners.' 'if success in securing a job' 'due to budgetary issue,' etc.

Iunno. your point gets across, but it's not 'good' english persay.

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Ph.D Economics vs Ph.D Finance

By quantmeup June 5, 2007 in PhD in Economics

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Actually, most fields in economics are fairly quantitative (or at least mathematical) but not all of them are the best for getting into quantitative finance jobs.

If you're worried primarily about the job prospects, then take a look at the placement records of the departments of finance and economics at the universities that interest you. It does seem like economics PhD students occasionally get jobs at the major hedge funds and investment banks, but I have no idea whether it's easier to harder to get there with a Finance Ph.D. I think it might still depend on specific faculty members. Sometimes Economics departments have kick-*** finance faculty, but those departments usually are among the top 25 or so economics departments. However, at the lower ranked universities, with a few exceptions like USC, I bet it's usually safer to just go for a Finance Ph.D. if you are 100% sure that you want an industry job, because as an economics Ph.D. student at those universities, you would have to work with finance department faculty anyways (and, I bet, it's not possible or easy at least at some universities).

What field in economics would be the best to prepare for a career in the finance industry?

Applied Econometrics would probably be one of them. What else?

What field in economics would be the best to prepare for a career in the finance industry? Applied Econometrics would probably be one of them. What else?

Asset pricing, time series econometrics, international finance, monetary economics.

falco123456

I'm not an expert, but look into the following programs:

Financial economics with a major in econometrics

Mathematical finance

If you just want to work in industry, a masters in mathematical finance might be best. If your sure you want a PhD, Carnegie Mellon has a mathematical finance PhD program in the math department. My guess, if you want to work in quantitative finance, get a degree in mathematical finance.

shootermcgavin7

I think PhD finance will be the best thing for you... its a bit more easier to get in there,

I wasn't aware of this

quantwanabe

From what I've heard, PHD in finance is not easier at all to get in. In fact, it is much more difficult.

you are absolutely right dhtuan, anyone who thinks it is easier to get into a Phd in finance is really in for a big surprise. In economics, a prospective candidate mostly compete with econ and math majors; however, in finance you have physics, engineering, math, econ, and business majors competing for a few spots. It is hard to say that a Phd econ is harder to get into. In my opinion, both Finance and Econ Phds are equally hard to get into.

Thank you all for your replies. The premise of my question derived from a though I ha about doing a MS in Financial Engineering (check Global Derivatives). This site also lists some doctorate programs.

I currently hold just a BS in Econ. but am working toward my CFA. I know that academia is very rewarding, but my ambition is to make a lot of money, work at a hedge fund/private equity. I know some will say "why not get an MBA". But I know that I will not get into a top MBA school. Plus I like details and rigor which most B-schools do not provide.

Hence it seems like it'll be Ph.D Finance for me or perhaps CUNY's Econometrics program.

Thank you all.

Thank you all for your replies. The premise of my question derived from a though I ha about doing a MS in Financial Engineering (check Global Derivatives). This site also lists some doctorate programs. I currently hold just a BS in Econ. but am working toward my CFA. I know that academia is very rewarding, but my ambition is to make a lot of money, work at a hedge fund/private equity. I know some will say "why not get an MBA". But I know that I will not get into a top MBA school. Plus I like details and rigor which most B-schools do not provide. Hence it seems like it'll be Ph.D Finance for me or perhaps CUNY's Econometrics program. Thank you all.

Take a look at Princeton Master of Finance program: http://www.princeton.edu/~bcf/master.htm

I guess a PhD Finance would be just fine if you wanted to make money, but don't you think 5 years is too long?

If you can pass the CFA, trust me you will make money!!!!The CFA is guetting harder and harder thanks to a 200% increase in enrollment from India alone. You are probably aware that they do no set the passing grade untill all applicants complete the exam. Good luck on your CFA, study hard and you will be fine

futurefinancier

This is one more of those myths. I believe that the honest answer is: we do not know whether it is harder or not and, I have never heard of a serious attempt to make the comparison. So since we don't know you shouldn't base your decision on this.

If you are 100% sure you want to go into finance, then go for the finance PhD. Entering for an Econ PhD implies you will spend some time studying material you are not really interested in, so skip it and go directly to finance. If you are not sure, an Econ PhD offers a lot of flexibility and if you consider econ departments with good finance departments you can always benefit from faculty in that department. That is, departments like UPenn, NYU, Chicago, Harvard, are very good in econ and very good in finance as well. There are others in the econ top 25 too.

What about LSE? Does anyone know if its department of Accounting and Finance has a PhD as good as its Economics Department?

I ask that because I'll probably have funding for Economics PhD conditional to returning for my country after finishing the PhD while funding for Financial PhD is unconditional.

My main areas of interest are: Macroeconomics, Internacional Finance and Corporate Finance

Entering for an Econ PhD implies you will spend some time studying material you are not really interested in, so skip it and go directly to finance.

I agree somewhat, but the first year core at many schools is nearly identical between Econ & Finance.

Once you start getting into seminars/research tend to be when the two diverge.

1 year later...

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While finance requires some mathematics training and some knowledge and skills in accounting and economics, it’s not necessarily more difficult than any other field of study, particularly for people with an aptitude for math.

To alleviate your concerns, this post will explore why people think finance is difficult so that we can counteract that assumption.

After reviewing these details, if you’re interested in pursuing a degree and an eventual career in the field, fill out our information request form to receive additional details about our online Bachelor’s Degree in Finance , or our online Master’s Program in Finance . If you’re ready to get started, submit your application today.

Why Do People Think Finance is Difficult?

Like any subject, finance will be easier or harder for different people, depending on what they’re good at.

As an example, finance may end up being difficult for you if you don’t have skills, interests, or abilities in accounting, mathematics, or general financial skills, but if that were the case, then you probably wouldn’t consider studying it.

One thing to consider when choosing to study finance is that much of what you study during your degree program will include a mix of economics and accounting, which is naturally going to require at least some math, so if you absolutely detest math, then this may not be the right degree for you.

However, assuming you can do a little math and that you’re interested in general finance topics, or that you’re dedicated to actually working in the industry, we think pursuing your degree and a career in the field will be well worth the effort.

What Do You Need to Learn to Get a Job in Finance?

If you’re looking to break into the field of finance and want to serve as a financial manager or financial services professional, you’re going to need to develop your skills and abilities for handling some core responsibilities, including:

Developing and nurturing relationships with both organizations and individual clients.
Calculating debt repayment schedules.
Estimating and managing financial risk.
Implementing cash management strategies.
Applying legislative, regulatory, and industry principles to financial scenarios.
Assessing client and organizational financial status using interview and data gathering skills.

These may sound like difficult tasks to someone who’s never studied or worked in finance, but they’re not so difficult that you couldn’t develop the ability to complete them by enrolling in a degree program.

In fact, the single best way to build up your skills and ensure that you’ll be able to launch a successful career in finance is to get your degree, which is nearly certain to provide you with the skills and knowledge you’d need to break into the industry, including:

Understanding proper terminology, theories, concepts, practices, and skills specific to the industry.
Interpreting financial statements and ratios.
Applying financial principles to practice business problems and personal financial situations.
Examining investment opportunities and evaluating, then managing financial risk.
Performing financial analysis using quantitative concepts and techniques.

These specific skills may require a bit of practice before you’ve achieved total proficiency in the complex processes, but it’s nothing that dedicated study and practice can’t overcome.

Who Should Consider Pursuing a Career in Finance?

Not everyone is going to be a great fit for the field of finance, but there are several character traits that would indicate you may be uniquely suited to find success in the industry.

Here’s a list of several character traits that may help predict a successful career in finance:

Having a “people first” mentality. According to Forbes , this is a critical character trait for any would-be financial professional since you’ll need to put clients’ interests ahead of your own.
Fast learners. Financial situations change rapidly, and strategies that worked last year (or yesterday), may no longer apply to the current situation. If you can’t learn quickly, adapt, and overcome, then you may not be cut out for finance.
Communication skills. Math wizards don’t tend to make the best finance professionals, since knowing the numbers is one thing, but being able to explain them to clients is another entirely.
Tenacity. eFinancialCareers.com includes both resiliency and persistence in their list of 10 personality traits needed to succeed in finance. This can be a stressful industry; being able to power through difficult times and keep pushing toward a goal is key to finding success in the industry.
Analytical skills. The Ladders explains that you’ll need supreme analytics skills to succeed in the industry. Being able to see where markets are headed, where industries are moving, or what the long-term trend line predicts is of critical importance to anyone working in finance, and the better you are at seeing patterns and making accurate predictions, the higher your odds will be at achieving success in finance.
Bravery and leadership. People who go far in finance tend to be capable of moving between the roles of being a team player and leading from the front, effortlessly changing their strategy based on the requirements of the situation.
Confidence. Considering you’ll need to convince organizations and individuals to take your advice, you’ll need to confidently, but humbly, explain your logic, give advice, and get others to sign off on your plans.

There are many other traits that might indicate you could be a good fit for becoming a financial professional, but these are several of the most telling characteristics.

Do You Need a Degree to Break Into the Industry?

It’s certainly possible to launch a career in finance without a degree, but that’s likely to be far harder than landing your first job with reputable academic credentials attached to your name.

This is especially true for anyone looking to land one of the better industry jobs, or something above an entry-level role, where firms, organizations, and even individual clients are likely to be extremely selective about who they choose to work with.

As a result, getting your degree in finance isn’t only the best way to ensure that you’re able to develop the skills and abilities needed to find success when working in the industry, but it’s also the best way to increase the odds that you can break into the industry at all.

By completing a Bachelor’s or Master’s Degree in Finance, you’ll send a clear signal to any potential hiring manager or client that you’ve put in the time required to develop the knowledge and abilities needed to bring value to their account.

And when it comes time to choose a degree program, CSU Global offers two excellent online options that you’ll certainly want to consider.

Which Type of Degree Should You Get? Bachelor’s vs. Master’s Programs

We recommend enrolling in the degree program that aligns best with your professional needs and career goals.

For most aspiring financial professionals, that means selecting between a Bachelor’s or Master’s program, and the easiest way to pick which program would serve you best is to consider your:

Current academic credentials.
Experience in finance.
Career goals.

If you don’t already have a bachelor’s degree, or you’re brand new to the industry, then you will almost certainly want to enroll in our online Bachelor’s Degree program in Finance.

However, if you’ve already got a bachelor’s degree in any field, you’ve got some experience in the industry, and you’re looking to advance your career and pursue a role in leadership or management, then our online Master’s Program in Finance may be a better fit.

If you’re having a difficult time choosing between a B.S. and an M.S. program, consider contacting one of our Enrollment Counselors by calling 1-800-462-7845, or by emailing enroll [at] csuglobal.edu .

Whichever program you choose, you can rest assured that your studies at CSU Global will help set you up to achieve success in the field.

Should You Get Your Degree in Finance Online?

You should certainly consider getting your degree in finance online , especially if you already lead a busy life full of job or family responsibilities.

If you’re going to have to share time between academic pursuits and other tasks, then studying online is almost certainly going to be the ideal way to pursue your academic credentials.

Studying online will allow you to complete your coursework in your own time and on your own schedule, making it much easier to continue meeting your other obligations.

CSU Global’s 100% online degrees in Finance are both designed to make this juggling act easier on our students, which is why we provide far more flexibility and freedom than a traditional in-person program.

To help you avoid scheduling conflicts, our programs offer:

No set class times or physical locations.
Monthly class starts.
Accelerated eight-week courses.

If you’ve got a relatively busy schedule, but you’re serious about developing the skills needed to become a financial professional, then you should seriously think about studying with us.

Why Should You Choose CSU Global?

Both of our Bachelor’s and Master’s Finance programs are regionally accredited by the Higher Learning Commission , and our Master’s program is also accredited by the Accreditation Council for Business Schools and Programs

Both programs are also designed to develop your foundational knowledge and skills needed to succeed in the industry, with a curriculum designed specifically to be applied in the workplace.

Our educators all have recent and relevant real-world experience in finance, so you can rest assured that you’ll be provided with modern, relevant solutions to the problems financial professionals face on the job each day.

Our Bachelor’s Program is well-regarded by industry professionals, and our Master’s Program is quite literally one of the top-ranked in the country, having recently earned excellent rankings, including:

A #3 ranking on the list of Top 50 Master’s in Finance Degrees by Intelligent .
A #1 ranking for Best Online Master’s in Finance by Best Masters Programs .
A #2 ranking for Best Online Master’s in Finance Degree Programs by Intelligent .

CSU Global itself also recently received several distinguished rankings, including:

A #10 ranking for Best Online Colleges for ROI from OnlineU .
A #1 ranking for Best Online Colleges & Schools in Colorado from Best Accredited Colleges .
A #1 ranking for Best Online Colleges in Colorado from Best Colleges .

Finally, we offer affordable tuition rates , and a Tuition Guarantee that confirms your tuition rate won’t increase as long as you remain enrolled with us.

To get additional details about our fully accredited, 100% online degrees in finance, please give us a call at (800) 462-7845, or fill out our Information Request Form . Ready to get started today? Apply now !

Is Finance a Hard Major? (With Student Quotes)

If you’re thinking about pursuing a finance career, then this article is perfect for you. One of the first questions people ask – Is finance a hard major?

Finance-related careers are highly desirable for their high salaries and stability. The Bureau of Labor Statistics (BLS) predicts that employment opportunities in financial services will grow 8 percent every year through 2030, which means there should be many job openings available for those who want to pursue a career in finance.

Starting median salaries are in the $76,570 range. However, that will differ depending on specialities and experiences. If you have an undergraduate degree in finance or accounting and pass the CFA exam, your salary can increase dramatically.

Related article: Why is a Business Degree Hard?

Is Finance a Hard Major?

The finance degree isn’t seen as particularly challenging in general, but if you dislike math or statistics, you can find it challenging. Along with some business classes, you’ll need to complete calculus and statistics courses.

Since you’ll be collaborating closely with other experts, you also need to be an excellent communicator. Reports, presentations, and proposals are all examples of this. You’ll also need to know how to properly analyze data so that you can use it to inform your judgments.

You’ll need to acquire more complex mathematics and statistics than what is typically taught in most degrees if you intend to pursue a career in investment banking. Additional programming languages like SQL, Java, Python, and Ruby will definitely be useful to have a working knowledge of.

You should budget between $100K and $200K in annual income if you choose to pursue a profession in investment banking.

The fact that finance is such a vast and varied field of study makes it difficult as well.

The field of finance spans a huge range. Everything is covered, including investing, insurance, and even law, as well as accounting and economics. There are numerous other possibilities than studying finance in college, yet this is the course of study that many students pick. Among many other topics, a student could choose to study accounting, marketing, or management.

You must first comprehend the fundamentals of accounting if you want to work in finance, though. Due to the fact that accounting establishes the groundwork for financial reports and statements, it is the base of finance. Students will also need to comprehend fundamental economic concepts like supply and demand as well as how markets function. The many kinds of investments that are available should also be known to students.

You may expect a very interdisciplinary approach to your financial studies as a result. Finance can be studied in a variety of ways, and each manner necessitates a unique set of abilities. For instance, quantitative finance places a lot of emphasis on mathematical modeling, whereas behavioral finance explores the psychology of financial decision-making.

Due to the mathematical and analytical nature of the courses, economics and accounting are a little more difficult to enter than finance. The freedom to choose your own route awaits you once you’re inside, though.

Students with business majors have the chance to put their academic knowledge to use in practical settings. After graduation, many students choose to work in consulting or investment banking, however some may choose to pursue careers in marketing or sales.

Money-making is only one aspect of finance. Additionally, adding value is important. By planning and analyzing their financial resources, finance professionals assist businesses in expanding and prospering. They aid companies in developing growth strategies and risk management techniques. Investment banks, hedge funds, private equity companies, and other financial institutions are among the places where many finance experts end up working. even enter politics, according to some finance specialists.

Students should be familiar with the fundamentals of economics, geopolitics, current events, international relations, markets, sectors, trade agreements, and current news. Finance is a relatively difficult major for many students since professors require them to read extensively on the topic.

How Hard is a Finance Degree?

It can be challenging to get a degree in finance, but it also depends on the university you attend. Finance classes are not very difficult, but they do require some basic arithmetic and analytical skills. A number of fundamental courses must be completed before moving on to an advanced option and the last year of study for a degree in finance.

A financial degree’s level of difficulty is determined by the required courses, the advanced courses chosen, and the university’s general level of difficulty.

The brightest students are sought after by universities. They must therefore make their courses more challenging. As a result, the courses at a top university will be more challenging. Majors in finance must complete 10–15 core courses.

The fundamentals are covered in these classes, which also equip students with the know-how they need to eventually enroll in more advanced courses.

A finance student usually takes the following classes:

Principles of Financial Accounting
Principles of Managerial Accounting
Principles of Macroeconomics
Principles of Microeconomics
Statistics for Business and Economics
Information Systems or Information Technology
Calculus I and II
Foundations of Business Analytics
Operations Management
Business Ethics
Business Law
Financial Management
Organizational Behavior
Strategic Management
Fundamentals of Marketing

You will take all the required courses for your finance degree plus additional elective courses. These courses will help you broaden your perspective, increase your knowledge of different subjects, teach you critical thinking and communication skills and advance cultural diversity in society. You will also have the opportunity to choose an elective course that interests you.

Advanced courses are designed to help you achieve your personal goals. If you’re interested in becoming an analyst at a hedge fund, then the advanced courses may be exactly what you need. Some of the courses offer specializations like Quantitative Finance, Data Science, and Applied Math.

Each specialization offers its own unique curriculum and coursework. For example, the Quantitative Finance specialization focuses on topics like derivatives pricing, option valuation, portfolio management, and risk analysis.

Most students will struggle initially with the unfamiliar terms and maths involved in a finance degree. However, after a while, most students can develop a basic understanding of finance and through constant revision, they can do well.

Can I Major in Finance If I am Not Good at Math?

The truth is that you can still major in finance even if you struggle with math. To graduate, your arithmetic abilities will need to be improved more, but if you put in the effort and study time, you can finish the course work. Finance still involves a lot of math, even though it is not very complicated.

Math, accounting, economics, statistics, and other related topics are typically covered in depth by finance majors. Risk management, valuation, portfolio theory, and other ideas will all be studied by and required of finance students.

Probability, calculus, linear algebra, and discrete mathematics may even be required of you. A great deal of math and mathematical skills are necessary because finance is such a vast subject.

Here are some related articles to math classes:

Is Calculus Hard?
Is Linear Algebra Hard?
Is Discrete Math Hard?

Who Should Pursue a Finance Career?

People who succeed in a job in finance typically have particular personality traits. They must to be able to reason well, assess issues, communicate clearly, and comprehend how businesses operate.

There are particular traits, in addition to these universal ones, that help someone succeed as a financial professional. They consist of:

Thinking Analytically – A person with analytical thinking abilities is frequently referred to as a “thinker.” This kind of thinker approaches issues with logic and reason. He or she must be able to dissect complicated problems into their component elements and apply this knowledge to generate solutions.

Communication Skills – Successful financial professionals frequently have excellent communication skills. They are adept at paying close attention, speaking plainly, and writing succinctly. They feel at ease speaking in front of crowds and sharing their thoughts.

Solving Problems – A finance professional that succeeds is constantly looking for methods to enhance their performance. This implies that he or she is continuously seeking out novel solutions to issues.

Adapt Quickly – You’ll need to adjust quickly because financial laws are constantly shifting. You must be fast to pick things up and flexible to change in order to succeed in a job in finance. To find out what works best for you, you must be willing to test out many options.

Persistence – You don’t give up until you’ve found a way around a problem. When things don’t turn out as you had hoped, you don’t give up easy. Instead, you investigate the cause of the failure before making another attempt.

Confidence – People who are confident typically outperform others who lack confidence. They have the mindset that anything is possible if they put their minds to it. You must grow your self-confidence if you want to succeed in a profession in finance.

Self-Motivation – Self-motivated individuals are driven by a personal ambition to succeed. Goals and objectives serve as their driving forces, and they work hard to achieve them.

Why Do People Think Finance is Difficult?

Depending on who you ask, finances will either be simple or difficult. For instance, finance requires a lot of math, so if you’re not good at it, you might find it difficult. If that wasn’t a concern for you, though, you could still pursue a career in finance because it doesn’t call for any specialized training.

But finance isn’t just about figures. Numerous other subjects are also involved, including economics, psychology, law, and even history. Therefore, if you are interested in finance, you must also be familiar with all of those other topics.

An MBA or a Master of Finance are likely good choices if you’re looking for a degree that will help you land a job in finance. Although you’ll need to take accounting and economics courses, you won’t need need to know more advanced arithmetic than basic algebra. If arithmetic is your absolute pet peeve, you might want to consider pursuing a bachelor’s in business instead.

You should think about studying finance in college if you want to work in the financial services sector. If you are prepared to pay for tuition, you might even be able to study abroad. However, you must first be aware of the types of job opportunities available in the industry before you begin applying for positions.

Within the sector, there are numerous job options, including those in investment banking, asset management, corporate finance, risk management, and insurance. If you’re interested, you might also think about enrolling in a course in actuarial science, economics, math, statistics, or accounting.

Is Finance a Hard Major? Final Thoughts

Finance may be an excellent major for you with many different routes to financial success in your future. You can become a stockbroker, a trader, a banker, a fund manager, a hedge fund manager, a private equity investor, a venture capitalist, a corporate executive, a consultant, a tax accountant, or even a lawyer.

You’ll need to consider your interests, skills, personality, and goals when deciding on what the path that you want to take in the future.

You may also be interested in these other articles:

Is an Accounting Major Hard?
Is an Economics Major Hard?
Is an Economics Degree Worth It or Not?

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How Trump Is Scrambling to Raise Cash

The former president is facing converging financial crunches as he and the Republican Party confront a shortfall against President Biden and the Democrats.

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By Shane Goldmacher and Maggie Haberman

As many as three nights a week, Donald J. Trump has been hosting private dinners at Mar-a-Lago, schmoozing with some of the Republican Party’s biggest financiers as he races to address a sizable cash shortfall against President Biden.

There is no request for money from the attendees at these meals, which have included Larry Ellison, the billionaire co-founder of Oracle, and Pepe Fanjul, the sugar magnate, according to people familiar with the sessions. But advisers to Mr. Trump’s campaign and his super PACs hope the charm offensive will eventually pay political and financial dividends.

One of the most pressing issues facing Mr. Trump is the financial disparity he and allied groups now face with Mr. Biden and the Democratic Party. Mr. Biden’s campaign announced on Sunday that it entered March with $155 million cash on hand with the party, after raising $53 million in February. The Trump operation has not released a more recent total, but his campaign account and the Republican National Committee had around $40 million at the end of January.

Mr. Trump enters the general election ahead of Mr. Biden in public polls . But Mr. Biden has taken full advantage of one of the benefits of incumbency, both socking away cash and building out a political operation earlier than his challenger.

Despite years of professing massive wealth and boasting of his desire to “drain the swamp,” the deeply transactional former president is leaning yet again on the cash of others, turning Mar-a-Lago into a staging ground for billionaires and others with their own agendas. One potential leverage point with the biggest G.O.P. financiers is the package of tax cuts Mr. Trump signed into law in 2017. Many of those cuts expire at the end of 2025, and Mr. Biden has vowed not to extend them for the nation’s highest earners.

Money often winds up mattering less in presidential races than in down-ballot races. Voters pay attention to the candidates naturally, especially Mr. Trump, and the key states all wind up awash in advertising by the fall.

Yet recent presidential contests have been so excruciatingly close that everything has mattered, and Mr. Trump is preparing to face an especially large avalanche of Democratic spending this year. Just a single union this week announced plans to spend $200 million , ten times what the main Trump super PAC had on hand. A cash edge can help Democrats tilt or expand the battleground map in their favor.

In a sign of the Trump orbit’s urgent need for cash, at least two donors who made seven-figure pledges to support Mr. Trump this year were nudged to see if they could cut an eight-figure check — meaning $10 million or more — instead, according to a person familiar with the request.

It is an unusually perilous moment for Mr. Trump.

The former president is facing converging financial crunches just as he has become the presumptive Republican nominee. The first is the political cash situation. The others are far more personal.

Mr. Trump recently posted a $91.6 million bond in a civil case in which he was found liable for sexual abuse and defamation of the New York writer E. Jean Carroll. He also must summon the resources to post a roughly $450 million bond, the judgment in a New York civil fraud case against his businesses, in the coming days. And he has mounting legal bills as his first criminal trial nears. Mr. Trump’s Save America PAC, which has been paying his lawyers and those of some witnesses, is set to run dry by summer at the current pace of spending.

Some Trump allies predict they will have enough campaign cash to win, even if it’s less than Mr. Biden.

“Hillary Clinton way out-raised President Trump but he connected with the American people and that was the difference right there,” said Tommy Hicks Jr., a former Republican National Committee co-chair and finance director.

Brian Ballard, a Republican lobbyist, fund-raiser and Mar-a-Lago member, said Mr. Trump was “incredibly engaged” in the political money fight.

“He understands the one advantage the Biden campaign has is financial resources,” Mr. Ballard said, adding “and he understands we need to do all we can to negate that.”

To prepare for the fall, Mr. Trump’s advisers have embarked on an aggressive and speedy takeover of the R.N.C. that included installing his daughter-in-law, Lara Trump, as co-chair, with the intention that she’ll focus in part on shoring up fund-raising. The Trump team imposed mass layoffs in some departments on Monday, and is shipping all of the party’s finance and digital fund-raising staff to the former president’s Florida headquarters by the end of the month.

In a sign of the early Democratic edge, Mr. Biden traveled to Wisconsin this week to promote the 44 party and campaign offices they are opening in the state, at the same time Mr. Trump’s team was laying off or forcing the R.N.C.’s regional political staff to reapply for their jobs.

For now, the Trump operation is ramping up its program for bundlers of midsize donations and planning to conserve cash costs by holding fewer rallies than they did at the end of the primary season.

On Thursday, Mr. Trump formed a new joint fund-raising account with the national party and roughly 40 state parties, calling it the Trump 47 Committee, allowing him to directly raise money in chunks of more than $800,000. A splashy dinner in Palm Beach is being planned in early April to fill the new account’s coffers. One person familiar with the planning said donors have pledged more than $25 million.

Mr. Trump himself is said to be concerned about the fund-raising gap between his orbit and Mr. Biden’s, although he has told advisers that he believes he and his allies will ultimately raise what they need, according to one person with knowledge of the discussions.

But some top donors remain hesitant. Among their privately expressed concerns is a fear that large donations could wind up covering Mr. Trump’s legal fees, even as his advisers have publicly said the R.N.C. won’t do so. Mr. Trump’s main super PAC has, as of January, refunded more than $47 million of the $60 million it had received before the 2024 run began to Mr. Trump’s PAC, which is paying Mr. Trump’s lawyers.

So far, Mr. Trump has reported only a limited well of major contributors during the 2024 race. He has, in the meantime, become increasingly attentive to them.

He recently had a meeting with one of the world’s richest men, Elon Musk, and a brief backstage encounter with Jeff Yass, a billionaire investor in TikTok. Mr. Trump said on CNBC that he and Mr. Yass had not spoken about the company, though he later posted on social media regarding his skepticism about federal legislation that could ban the app, especially if it would benefit the parent company of Facebook.

On Super Tuesday, Mr. Trump’s main super PAC, Make America Great Again Inc., rented out a room at Mar-a-Lago for some of the larger donors to mingle in. Mr. Trump stopped by and thanked some of them, including Trish Duggan, a prominent Florida philanthropist and Scientologist, who has contributed more than $5 million, according to a person who was in the room.

The night he won the New Hampshire primary, Mr. Trump gave shout-outs in his victory speech to the casino magnate Steve Wynn and the hedge fund manager John Paulson, both of whom are billionaires.

“You know what? Put him at Treasury,” Mr. Trump said of Mr. Paulson that night. The April fund-raising dinner, which was first reported by Bloomberg , will be hosted by Mr. Paulson.

On the night of the South Carolina primary, Woody Johnson, the billionaire owner of the New York Jets to whom Mr. Trump gave an ambassadorship during his term, stood behind Mr. Trump.

Another billionaire and regular at Mar-a-Lago, Ike Perlmutter, is supporting a separate super PAC , Right for America, that is being run by Trump ally Sergio Gor. Mr. Trump blessed Mr. Perlmutter’s effort, despite the fact that its existence has caused tension within the broader Trump circle.

The general election cash chasm was apparent in the advertising announced in March.

The main Trump super PAC has purchased about $380,000 in radio advertising targeting Black voters in three states this month. The Biden campaign has announced a $30 million ad campaign over six weeks — a nearly 100 to 1 edge in the first stretch of the race.

That ratio does not include the roughly $500,000 the pro-Trump super PAC spent on an ad that trolled Mr. Biden the day of his State of the Union speech, questioning whether the president would live to 2029, when his second term would end. The provocative commercial exemplifies what underfunded groups typically do: Spend symbolically to generate free media coverage.

Some Republican donors have emphasized that wealthy contributors may write large checks, but they often don’t want to see that fact disclosed, given the controversy that attaches itself to Mr. Trump. A number of donors faced public blowback in 2016 for their support.

An official with the Trump super PAC would not say whether Mr. Yass has given money to the group, but a person close to the campaign said he is expected to make a seven-figure contribution. It’s unclear if that would be to a super PAC or a dark money group that does not have to identify its donors.

After Mr. Musk’s meeting with Mr. Trump was reported, Mr. Musk wrote , “I am not donating money to either candidate for US President.” But should he choose to donate, Mr. Musk, too, could decide to give to an entity in which the money cannot be tracked.

Not everyone is on board just yet.

“Can I just have a moment to be sad over Nikki not being in the race?” the hedge fund executive and G.O.P. financier Ken Griffin said at a conference in Florida this week, referring to Mr. Trump’s last major Republican rival, Nikki Haley. But Mr. Griffin predicted that Mr. Trump would win this fall and left open the possibility of backing him.

The current financial situation is a reversal of the one in 2020.

Back then, it was Mr. Trump who held the White House and had amassed a $187 million advantage by roughly this same point, creating a far larger gap than Mr. Biden has built now. But spending decisions by the Trump team and a deluge of Democratic giving inverted that by the fall .

The Republican National Committee announced that last weekend — the first since Michael Whatley was installed as chairman, and Ms. Trump as co-chair — was its strongest for a fund-raising weekend since 2020. Ms. Trump said on Fox News that she had personally received pledges of $2.7 million.

And a Trump campaign spokeswoman said that February had been its strongest month for small dollar fund-raising of the race. Records show the previous high for online fund-raising was last August, when Mr. Trump raised $22.3 million.

Still, Democratic donors have been pouring money into Mr. Biden’s coffers. The Biden campaign announced it had raised more than $10 million online in the 24 hours after the State of the Union address.

To put that sum in perspective, it more than doubled the biggest day Mr. Trump had in 2023, when his mug shot was released from his Georgia indictment, and he raised $4.2 million online.

Shane Goldmacher is a national political correspondent, covering the 2024 campaign and the major developments, trends and forces shaping American politics. He can be reached at [email protected] . More about Shane Goldmacher

Maggie Haberman is a senior political correspondent reporting on the 2024 presidential campaign, down ballot races across the country and the investigations into former President Donald J. Trump. More about Maggie Haberman

Our Coverage of the 2024 Elections

Presidential Race

No Labels, the group that for months has pledged to run a centrist presidential ticket in the event of a rematch between President Biden and former President Donald Trump, is running out of time to recruit a presidential candidate after a string of rejections.

Biden’s re-election campaign had $71 million on hand at the end of February, more than double the money in Trump’s campaign account, as he continued to expand his fund-raising advantage over his rival.

Trump indicated that he was likely to back a 15-week federal ban on abortion , with exceptions for rape, incest and life-threatening emergencies.

Other Key Races

Ohio will almost certainly go for Trump this November. Senator Sherrod Brown, the last Democrat holding statewide office, will need to defy the gravity of the presidential contest to win a fourth term.

March 19 was the biggest primary night since Super Tuesday, and there were few surprises in the results. Here are the key takeaways .

Democrats in Arizona are leaning heavily into their support for abortion access to shore up support for Biden and hang on to a key Senate seat. But a legal dispute means it remains unclear what restrictions will actually be in effect when Arizonans vote in November.

Trump unable to finance an appeal bond for at least $450 million, lawyers say

Trump and the trump organization have been unable to get an insurer that issues court bonds to accept property as collateral.

NEW YORK — Donald Trump has failed to finance an appeal bond for more than $450 million to cover a judgment in the New York attorney general’s business fraud case against him and is seeking a reprieve from an appellate court to keep the state from seizing assets, according to a court filing by his attorneys on Monday.

The former president’s lawyers said in the filing that Trump and the Trump Organization, the real estate, hospitality and golf resort company he solely owns, have been unable to get a surety company, an insurer that issues court bonds, to accept property as collateral — stalling any efforts to obtain a bond with a week before the state might begin collecting.

“Critical among these challenges is not just the inability and reluctance of the vast majority of sureties to underwrite a bond for this unprecedented sum, but, even more significantly, the unwillingness of every surety bond provider approached by Defendants to accept real estate as collateral,” Alan Garten, the Trump company’s general counsel, wrote in a sworn submission.

Garten said Trump and the company approached 30 surety companies through four brokers, proposing combinations of liquid and real estate assets, without success. None of them were willing to accept real estate collateral for appeal bonds, he said, noting that Trump and the company have faced “insurmountable difficulties” in exhaustive efforts to secure a bond for the full amount necessary.

Barring financial or court developments, Trump, the likely Republican nominee against President Biden in the 2024 election , could see New York state officials take steps toward seizing his real estate and other assets next week.

The legal team behind Trump recently failed to get an emergency appeals judge to issue a stay of enforcement on the judgment as the 30-day unofficial deadline the attorney general gave the company to fulfill its appeal bond obligation looms. . That judge also rejected an offer of a $100 million bond in lieu of the full amount. A full panel will soon examine the same issues.

Trump’s financial outlook appears significantly jeopardized by the pending bond issue and the massive judgment looming over him, which remains unresolved less than two weeks after Trump posted a $91 million bond to hold off enforcement in a defamation lawsuit he lost to advice columnist E. Jean Carroll.

Such large civil judgments are more commonly seen in litigation involving corporations or other major financial institutions. For the family-run Trump Organization, which owns and manages Trump’s real estate and makes up the vast majority of his personal wealth, quickly finding such a large amount of cash or other available assets has proved exceedingly difficult.

Barring a court stay, Trump will need to post a bond of about $464 million by Monday — the day a month-long grace period offered by New York Attorney General Letitia James’s expires. If a bond is posted before the window closes, it would have the effect of imposing a stay on James’s enforcement while Trump’s appeal is pending because the surety company would have guaranteed future payment. If a bond isn’t posted, James’s office can begin enforcing the judgment by starting the process of seizing his assets.

Trump’s lawyers called it a “practical impossibility” to post a bond under the circumstances.

Trump’s lawyers in the case asked for permission to send the bond fulfillment issue to the state’s highest court for review should the New York Supreme Court Appellate Division decline to stay enforcement of the monetary judgment. The team previously won a temporary stay of a non-monetary condition which would remove Trump’s adult sons Eric and Donald Trump Jr. from running the company.

Trump, his company and several current and former executives were found civilly liable in Manhattan state court this year for engaging in illegal acts to defraud banks and insurance companies by lying about the true value of his assets to falsely obtain profits and savings in business over a decade.

James, who brought the case, said Trump misstated the value of his properties and other assets by up to $2.2 billion a year from 2011 to 2021.

Surety companies are requiring Trump to put up the entire amount needed for the bond in collateral, according to the defense filing. Legal experts said that a likelihood of the appeal failing is the main reason companies would mandate such terms.

“Insurance companies in appeals cases tend to want the full amount of the judgment as collateral,” said Adam Pollock, an attorney who formerly served as assistant attorney general in New York.

Surety companies generally accept only cash or an irrevocable letter of credit as collateral, according to JD Weisbrot, who has worked in the business for more than 20 years and is a managing director at the underwriting firm Risk Strategies.

Someone with assets like Trump, who has the majority of his fortune tied up in real estate, would ideally go through a bank to get that letter of credit, Weisbrot said. A bank would also likely want the full amount of the bond in collateral but might accept many more types of collateral, including deeds to real estate, fine art or other assets, he said. That could free up funds for someone who owns lots of property.

“My feeling is a bank would likely take a similar position as a surety and likely also require a dollar-for-dollar amount in collateral,” he said. “But a bank is more flexible as a financial situation than a surety would be in terms of the type of collateral.”

Trump has few existing relationships with big banks on Wall Street, according to a financial disclosure he filed with the government in August as part of his candidacy. Deutsche Bank, which provided him with a number of loans that fueled the expansion of his business before he entered politics, no longer has any loans with him.

When the state attorney general gets the green light from a court to enforce a financial judgment, state law allows her office to instruct law enforcement to deliver execution notices — similar to subpoenas — to banks or other parties that hold a defendant’s assets.

Staff from the New York City Marshals (or the Sheriff’s Office if the asset is real estate) then go to collect the debtor’s assets, Pollock said. That can include draining the defendant’s bank accounts by requesting cashier’s checks for the full amounts or, in some cases, going to defendants’ homes or businesses and hauling away expensive cars or pieces of artwork.

In some instances, enforcement might require the state attorney general’s office to spend time determining where a defendant’s assets are located. But because the case with Trump revolved around his assets and chronicled them in great detail, James’s office likely already has much or all of the information it needs.

“They know where his assets are — the whole case was about his assets,” Pollock said.

That would make enforcement much easier, Pollock suggested, particularly for bank accounts that are in his name or the name of his business units that were named as defendants.

“They could get that money tomorrow,” he said.

O’Connell reported from Washington. Josh Dawsey in Washington contributed to this report.

Trump claims he has $500 million in cash, undercutting his lawyers March 22, 2024 Trump claims he has $500 million in cash, undercutting his lawyers March 22, 2024
Bankruptcy is one way out of Trump’s financial jam. He doesn’t want to take it. March 20, 2024 Bankruptcy is one way out of Trump’s financial jam. He doesn’t want to take it. March 20, 2024
Trump unable to finance an appeal bond for at least $450 million, lawyers say March 18, 2024 Trump unable to finance an appeal bond for at least $450 million, lawyers say March 18, 2024

Trump says he has nearly $500 million in cash but doesn't want to use it to pay New York judgment

N EW YORK (AP) — Donald Trump claimed on Friday to have almost a half-billion dollars in cash but said he’d rather spend it on his presidential run than on the $454 million civil fraud judgment against him in New York. The former president vowed to fight the verdict “all the way up to the U.S. Supreme Court if necessary” as the state gears up to potentially seize some of his assets if he doesn't pay the hefty tab.

Trump has been trying to get a state appeals court to excuse him from a requirement that he provide financial guarantees showing he's good for the money while he appeals the staggering verdict .

The presumptive Republican presidential nominee didn’t provide any documentation for his cash claim, and his lawyers have suggested it’s not feasible to tie up so much cash on a bond while also keeping his businesses running and meeting other obligations. Among them, according to financial records: a condition on one of his property loans that he maintain a minimum liquidity of $30 million.

A Manhattan judge in February found that Trump repeatedly lied about his wealth on financial statements given to banks and others to secure loans and make deals. The judge ordered him to give up profits from certain real estate deals and money he saved by obtaining lower interest rates on loans. Trump denies that he tried to deceive anyone.

As recently as Thursday, Trump's lawyers reiterated in court filings that they were having difficulty obtaining a bond covering the judgment because underwriters insisted on cash, stocks or other liquid assets instead of real estate as collateral. More than 30 bonding companies rejected their entreaties, they said.

Trump’s lawyers asked the state’s intermediate appeals court to reverse a prior ruling requiring that he post a bond covering the full amount to halt enforcement. New York Attorney General Letitia James has fought Trump's request, urging the appeals court to require the full amount to ensure the state can easily access the money if the verdict is upheld.

To obtain a bond, Trump's lawyers said he would likely have to put up 120% of the judgment, or more than $557 million. The appeals court has yet to rule.

“I’ll fight this all the way up to the U.S. Supreme Court if necessary,” Trump told Fox News Channel on Friday. Mischaracterizing the law, he added: “They can’t take away your property before you’ve had a chance to appeal."

Because the fraud case was tried in state court, Trump would likely have to exhaust the state appeals process first or ask a federal court to take up the case, which is rare, to even have a chance bring his fight to the U.S. Supreme Court. A litigant who loses in a federal appeals court or in a state's high court — in New York, called the Court of Appeals — may then file a petition for a writ of certiorari, which is a document asking the Supreme Court to review the case.

Contrary to Trump's claim, seizing assets is a common legal tactic when someone can’t access enough cash to cover a civil penalty, even while an appeal is pending. Appealing doesn’t, in itself, halt collection. Barring court intervention, James would be well within her legal rights to initiate seizure of Trump’s property if he doesn’t pay.

In a post Friday on his Truth Social platform , Trump suggested he had enough cash to at least cover the judgment in full — but didn't think he should have to spend it that way.

“Through hard work, talent, and luck, I currently have almost five hundred million dollars in cash,” he wrote in all caps, adding that he had planned to use “a substantial amount” on his presidential campaign.

Trump has never before suggested that he would contribute to his own 2024 campaign and has been soliciting contributions from outside donors since before he left the White House. When he ran in 2016, Trump repeatedly claimed that he was self-funding his campaign, even though he relied on donor funds.

“I don’t need anybody’s money,” he said in his announcement speech in 2015. “I’m using my own money. I’m not using the lobbyists, I’m not using donors. I don’t care. I’m really rich.”

In the end, Trump ended up spending about $66 million of his own cash in loans and contributions on that race — far less than the $100 million he frequently promised.

Whether Trump actually has nearly $500 million in cash, as he claimed, could become the subject of a future court battle over his assets. James, a Democrat, could start efforts to collect on the legal judgment she won against Trump as soon as Monday unless an appeals court intervenes.

James has said she is prepared to seek to seize some of Trump’s assets , though it wasn't clear how quickly that might unfold. Her office has declined to comment on its plans.

Last April, Trump testified in a deposition in the civil fraud case that he had “substantially in excess of 400 million in cash," but that was before he sold his rights to manage a New York City golf course to casino operator Bally’s for $60 million. Recently, Trump had to post a $91.6 million bond to keep from paying a $83.3 million defamation judgment to writer E. Jean Carroll while he pursues an appeal in that case.

Previously, on a June 30, 2021, financial statement, Trump reported having $293.8 million in cash and cash equivalents and an overall net worth of $4.5 billion.

Trump's substantial personal wealth likely grew even more Friday when shareholders of a publicly traded shell company approved a deal to merge with his media business, which operates the social networking site Truth Social. Based on Thursday's stock price, Trump's stake in the company could be worth more than $3 billion, though rules could potentially prevent him from selling newly issued shares for at least six months.

Associated Press reporter Jill Colvin contributed to this report.

FILE - Republican presidential candidate former President Donald Trump speaks at a campaign rally, March 9, 2024, in Rome Ga. Trump's lawyers kept pressing an appellate court Wednesday, March 20, to excuse him from covering a $454 million fraud lawsuit judgment for now, saying he'd suffer “irreparable harm" before his appeal is decided. (AP Photo/Mike Stewart, File)

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Do PhD have any value in Finance ? : r/FinancialCareers
A PhD is a lot of money to hope you get 1 of maybe 3,000 jobs. The average quant doesn't have a PhD in economics, at least from my experience most quant colleagues I talk with have physics, maths or mathematical finance PhDs. Or some kind of financial engineering masters, or maths/phys masters. This is correct.
Is it worth doing a PhD to secure a job in finance?
Studying for a PhD can enable you to demonstrate some important traits of successful bankers; including a keen interest in and wider understanding of banking and global markets, high analytic ...
The Ins and Outs of a PhD in Finance
Getting a PhD in Finance is not an easy task, and it requires considerable dedication and hard work. Generally, the duration of a finance PhD program depends on the institution, department, research topic, and degree requirements. On average, completing a PhD in Finance may take four to five years. This includes coursework, passing qualifying ...
On doing a PhD in Finance after a few years in the industry
The limits of that system is that you have to do 95% like others do and 5% is left for your innovations. If you do a PhD in Finance, you have to start from scratch, you should not come in with a ...
The 10 Best PhD Programs in Finance
This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature. Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc. Credits: 60. Duration: 3 years average.
Finance
The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. ... It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics ...
PhD in Finance: Requirements, Salary, Jobs, & Career Growth
Salaries, on the other hand, can range from $50,000 to far over $150,000 or more, depending on factors such as rank, experience, and location. Individuals with a PhD in Finance may work in the private sector as financial analysts, quantitative researchers, risk managers, investment managers, or consultants, among other positions.
PhD Program
Wharton's PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics. The department prepares students for careers in research and teaching at the world's leading academic institutions, focusing on Asset Pricing and Portfolio ...
Is It Worth It to Get a PHD in Financial Planning?
Costs. Getting a Ph.D. in financial planning requires a sizable investment of time and money. The cost varies depending on the program and the institution. Tuition alone can range from $30,000 to $120,000. Students may have to shell out additional sums for textbooks, research materials and travel expenses.
Ph.D. in Finance
Step 1: Students take an exam at the end of the second year in the program (late May). The exam covers all Finance Ph.D. classes taken during the first and the second year in the program. Whereas some of the questions will be specific and will test a particular topic, other questions will focus on broader understanding of the literature.
PhD in Finance: Eligibility, Syllabus, Universities & Scope
PhD in Finance: What is it About? The structure of a typical Doctoral degree, be it PhD in Finance or other programs generally run for around 3 to 7 years varying on the destination. The typical structure involves a variety of components so as to prepare a candidate for a solid research career in Finance.. This includes core and required courses, electives, practical training, fieldwork ...
Anyone with a PhD in Finance, or knowledge of the option ...
If you want lots of options, a PhD in stats is a pretty good bet. You can work in hard sciences, soft sciences (e.g., bioinformatics and medicine), defense & other gov't stuff, finance and econ. It's a very 21st century degree. Finance PhD's seem to be in higher demand than other similar doctorate degrees (Applied Math, Economics, etc) with ...
Finance PhD
PhD in Finance. 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 ...
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PhD Program Information. Find out more about the Finance admission requirements, overview of the PhD program, preliminary exams, transfer credit policy, application procedures, student involvement and placements, and other information. Admission and Basic Requirements. Applying for your Degree - Master's or Ph.D. Candidacy.
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Evanston, IL •. Northwestern University •. Graduate School. •. 16 reviews. Master's Student: An MBA (Master of Business Administration) academic experience typically involves a rigorous and comprehensive curriculum designed to equip students with the knowledge, skills, and perspectives needed for leadership roles in various areas of business.
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 ...
2024 Best Online PhD in Finance Programs [Doctorate Guide]
University of the Cumberlands. A PhD in Business with a specialization in Finance through the University of the Cumberlands. Coursework is online with fieldwork or an internship required. The program requires 66 credits including 24 hours in professional research and 24 hours in Finance. Courses are in half- or full-terms.
Why Do a Ph.D in Finance?
Average GMAT for Chicago's finance PhD was 760+ for instance. Work hard, do your math courses, do your econ courses, get good recommendation letters from well published finance profs (try to do research internships with them). Independent research won't get you very far because as an undergrad, you're just not trained well enough to do it to a ...
Ph.D Economics vs Ph.D Finance
June 22, 2008. A finance PhD program is far more competitive to get into than an economics PhD program is. I just graduated with and undergraduate double major in both finance and economics. I have been accepted to a Finance PhD program. The acceptance rate was ~4% and teh average GMAT math scores are in the top 90%.
How Hard is a PhD in America?
Introduction. Getting a PhD in America is a challenging and difficult process that requires dedication, hard work, and a lot of perseverance. It can be a lonely and isolating experience, as students often spend long hours in the lab or library working on their research, and the uncertainty of the research process can add to the stress.
What's a Career in Investing and Finance Like?
The UC Investments Academy educates, motivates, and professionally trains UC students for careers in investing and finance - all free of charge. The Academy is the brainchild of Jagdeep Singh Bachher, the University of California's chief investment officer, who with his team, manages more than $170 billion for the 10 UC campuses and five ...
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Is Finance Hard?
Like any subject, finance will be easier or harder for different people, depending on what they're good at. As an example, finance may end up being difficult for you if you don't have skills, interests, or abilities in accounting, mathematics, or general financial skills, but if that were the case, then you probably wouldn't consider ...
Is Finance A Hard Major? (With Student Quotes)
The truth is that you can still major in finance even if you struggle with math. To graduate, your arithmetic abilities will need to be improved more, but if you put in the effort and study time, you can finish the course work. Finance still involves a lot of math, even though it is not very complicated.
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If you want to create and advance cutting-edge theories in the business world, a Ph.D. in business administration might be the right fit for you. And for maximum flexibility and minimal ...
Report Helps Answer the Question: Is a College Degree Worth the Cost
The analysis found that former students at most colleges had an annual income higher than high school graduates a decade after enrollment.
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The former president is facing converging financial crunches as he and the Republican Party confront a shortfall against President Biden and the Democrats.
Trump unable to finance at least $450M appeal bond in N.Y. fraud case
NEW YORK — Donald Trump has failed to finance an appeal bond for more than $450 million to cover a judgment in the New York attorney general's business fraud case against him and is seeking a ...
PDF TULANE UNIVERSITY GRADUATE Financial Aid Fact Sheet for 2024-2025
TULANE UNIVERSITY GRADUATE . Financial Aid Fact Sheet for 2024-2025 . General Information Federal Aid Eligibility Limits . Institutional Assistance . Withdrawals . Satisfactory Academic Progress (SAP) Financial Aid Office Location: Uptown Campus, Gibson Hall, Suite #130 Contact Information: Phone 504-865-5723; Email- [email protected]
Trump says he has nearly $500 million in cash but doesn't want to use
Previously, on a June 30, 2021, financial statement, Trump reported having $293.8 million in cash and cash equivalents and an overall net worth of $4.5 billion.

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The University of Pennsylvania, The Wharton School

The University of Chicago, Booth School of Business

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

Massachusetts Institute of Technology, Sloan School of Management

Northwestern University, Kellogg School of Management

The University of California Berkeley, Haas School of Business

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

Liberty University, School of Business

Northcentral University

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