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PhD Program in Finance

2024-25 curriculum outline.

The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation. Attendance at the weekly Finance Seminar is mandatory in the second year and beyond and is encouraged in the first year. During the first two years, students are engaged primarily in coursework, taking both required and elective courses in preparation for their general examination at the end of the second year. Students are required to complete a research paper by the end of their fifth semester, present it in front of the faculty committee and receive a passing grade. After that, students are required to find a formal thesis advisor and form a thesis committee by the end of their eighth semester. The Thesis Committee should consist of at least one tenured faculty from the MIT Sloan Finance Group.

Required Courses

The following set of required courses is designed to furnish each student with a sound and well-rounded understanding of the theoretical and empirical foundations of finance, as well as the tools necessary to make original contributions in each of these areas. Finance PhD courses (15.470, 15.471, 15.472, 15.473, 15.474) in which the student does not receive a grade of B or higher must be retaken.

First Year - Summer

Math Camp begins on the second Monday in August.

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

14.451/14.452 Macro Theory I/II ( strongly recommended)

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

14.453/14.454 Macro Theory III/IV (strongly recommended)

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

14.384 — Time-Series Analysis or 14.385 — Nonlinear Econometric Analysis (Enrolled students receive a one-semester waiver from attending the Finance Seminar due to a scheduling conflict)

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

15.474 — Current Topics in Finance (strongly encouraged to take multiple times)

15.475 — Current Research in Financial Economics

Recommended Elective Courses

Beyond these required courses, students are expected to enroll in elective courses determined by their primary area of interest. There are two informal “tracks” in Financial Economics: Corporate Finance and Asset Pricing. Recommended electives are designed to deepen the student's grasp of material that will be central to the writing of his/her dissertation. Students also have the opportunity to take courses at Harvard University. There is no formal requirement to select one track or another, and students are free to take any of the electives.

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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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