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From the Finance Ph.D. Liaison

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

Barney Hartman-Glaser Professor of Finance

Explore the Program

Recent publications.

Risk and Return in Segmented Markets with Expertise Andrea Eisfeldt

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

Read Publication

Learning Millennial Style Bruce Carlin

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

Volatility Managed Portfolios Tyler Muir

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

Alumni Success

Robert Richmond (’16)

First academic placement: NYU Stern

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

Mindy Xiaolan Zhang (’14)

First academic placement: UT Austin

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

Tobias J. Moskowitz (’98)

First academic placement: University of Chicago Booth School of Business

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

Joshua D. Coval (’97)

First academic placement: University of Michigan Business School

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

William F. Sharpe (’61)

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

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The 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, michael blank, greg buchak, antonio coppola, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, 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, reserves were not so ample after all, the impact of impact investing, agency mbs as safe assets, recent insights by stanford business, more accessible yet less personal: the two sides of digital banking, is the united states’ borrowing binge about to burst, a “grumpy economist” weighs in on inflation’s causes — and its cures.

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The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

Read More:   The Highest Paying PhD Programs

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

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

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

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

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

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

PhD in Finance

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

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

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

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PhD. Full Form

• What Is The Full Form of PhD?

The full form of PhD is " Doctor of Philosophy ". It is a professional degree that, in most countries, qualifies the degree holder to teach their chosen subject at the university level or to work in a specialised position in their chosen area.

• What Is A PhD?

A PhD is a postgraduate academic degree granted by colleges and universities to a researcher who has submitted a dissertation or thesis, based on extensive and original research in their field of study.

It is the highest degree that a student can earn. Although certain colleges and educational institutions also permit students to acquire a PhD directly from their bachelor's degree, it often comes after a master's.

A PhD is a degree that requires three to four years of the full-time study course in which the student completes a substantial piece of original research which is then submitted as a thesis or dissertation. While some nations require coursework to be submitted, several PhD programs accept a portfolio of published works.

List of Disciplines For PhD program

Eligibility criteria for the phd, starting a phd., name of some phd entrance exams, job opportunities after phd., 1. academics, 2. government jobs, 3. consultancy, 4. digital media company, 5. research associate, advantages of phd., disadvantages of a phd degree.

Almost all of the major academic fields—Physics, Chemistry, Mathematics, Bio-Sciences, Biotechnology, Finance, Clinical Research, Zoology, Applied Sciences, Economics, Accounting, Social Work, Literature, Arts, Engineering, Psychology, Statistics, and Social Sciences—are offered as PhD programs.

A Second Class Master's or equivalent degree in the appropriate field from a recognised university in India or overseas, with at least an average of 55% of the total marks, or a grade point average of 3.5 on the UGC's (University Grants Commission) seven-point scale, is the prerequisite for admission to the PhD programs. In the case of SC/ST/OBC/differently-abled candidates, the minimum eligibility is an average of 45 % of total marks, or a grade point average of 2.50.

Candidates with an M.Phil. or an equivalent degree from an accredited institution in India or overseas may also apply for the PhD program.

A research proposal must be submitted in order to be admitted to the PhD program. The proposal should be accompanied by a research paper of approximately 1,000 words in length that specifies the general field of study, the research problem, the study's scope and objectives, its importance and justification, the methodology to be used, references, and the candidate's prior research and work experience in the field.

The topic or area of the doctoral research for which the candidate has been accepted, the minimum amount of time required before submitting their thesis, and the formal assessment methods preferred by the institution should all be officially informed to the candidate once registration is complete.

The majority of organisations will also give applicants a thorough description of the services and resources that the university's PhD and research students have access to. Institutions will also include a detailed outline of the milestones candidates must reach on their journey to achieve a PhD and the supervisor will be in charge of going through these milestones with them, making reports on their progress, and advising them on their next steps. Candidates will need to make adequate progress each year to pursue their PhD studies.

Whether candidates are opting for a PhD in IIT (Indian Institute of Technology), IIM ( Indian Institute of Management), or any other college in India, there is generally a specified entrance exam that one needs to qualify for.

UGC Net Exam

CSIR-UGC NET exam

JGEEBILS (Joint Graduate Entrance Examination for Biology and Interdisciplinary Life Sciences)

DBT JRF Biotech Entrance Test

TIFR Graduate School Admission Entrance Test

ICMR Junior Research Fellowship

JNU PhD. Entrance

NIPER PhD. Entrance Exam

The University of Hyderabad PhD. Entrance Exam

NBRC PhD. Entrance Exam

BITS PhD. Entrance Examination

AIIMS PhD. Entrance Exam

IISC PhD. Entrance Exam

NDRI PhD entrance exam

Babasaheb Bhim Rao Ambedkar University Lucknow – PhD. Admissions Test

Guru Jambheshwar University GJUST – PhD. Entrance Test

BARC PhD. Admission Test

ISM Dhanbad PhD. Admission Test

Indian Veterinary Research Institute Bareilly PhD. Admission Test

BINC Bioinformatics National Certification BINC Examination

DU PhD. Entrance Exam

a. Faculty Position

Teaching is one of the most popular career choices after earning a PhD, mostly because of the overlap between academic work and what is required to earn the degree.

b. Post Doctorate

Another option is to select to attend the same university for a variable length of time (between one and four years) and receive an expanded project based on the previous one. additionally, attempt to publish their research articles. A postdoctoral researcher's pay may vary based on the institution, industry, field of study, level of expertise, etc.

c. Adjunct Position

It is a non-tenure post in academic institutions; these individuals don't have the title of professor but nonetheless significantly impact the faculty. Professionals holding adjunct employment at some colleges put in extra time and handle various academic duties.

d . Teaching

PhD holders are qualified to teach at universities that offer undergraduate courses and are looking for faculty members with this degree who can conduct real research. PhD, candidates can become assistant professors by instructing undergraduate students, serving on committees that develop organisational and academic policy, and conducting tenure-related research.

For patriotic and fervent PhD applicants who desire to serve the country, the government employment sector is ideal. Professionals who enjoy conducting research and applying their talents can count on the government sector PhD because the government is constantly looking for imaginative and skilled individuals.

Candidates with a PhD may take the government examination. They can work in many government departments, including those responsible for formulating policy, rural development, transportation, science research, the military, and foreign affairs, among others. In India, there are several government employment available for PhD holders.

Consultancy is a fairly well-known and lucrative career option for those with a PhD. Keeping up with a lot of data is one of the talents needed to be a consultant.

Since PhD holders have a strong capacity for critical thought, large consulting firms frequently hire them. They are adept at solving issues in an efficient and rational manner. PhD holders are capable of making decisions after thoroughly analysing the evidence.

The preparation of reports offering a thorough analysis and context on various issues is part of the job description. An individual with exceptional writing and research skills, which are very helpful while pursuing a writing employment opportunity at a media organisation, is prepared for a PhD course.

In order to ascertain whether customers or businesses find a product or service acceptable or enticing, research associates must collect data. It is one of the most sought-after positions after getting a PhD. The minimal criterion for work as a research associate is often a PhD. Furthermore, working as a research associate is a stable and well-paying job.

Better job prospects are one of the biggest advantages of earning a PhD. In addition, employees might anticipate higher pay and position inside the organisation than prospects.

Candidates for a PhD will interact with academics and peers both inside and outside the University while they are working toward it. and would have collaborated with renowned academics and specialists in the field made significant connections at conferences and worked with colleagues who can serve as outstanding professional recommendations for a postdoctoral career.

A PhD degree is normally regarded as prestigious and well-recognized. Doctorate degrees are difficult to get and are acknowledged and respected at all levels of society, so one can be proud of their hard work and accomplishments.

The true value of a PhD reflects achieving extensive knowledge and expertise in your profession. Your knowledge is not merely theoretical, but also helpful in solving problems, and you can share it with others. Your educated judgement will be highly appreciated in society

It requires a lot of problem-solving and critical thinking to finish a dissertation and earn a PhD, which is advantageous because these are the top two talents that employers look for nowadays.

An extensive length of time is needed to complete a PhD, and a minimum of 4-5 years are required to get your PhD.

Falling Behind on The Job Market: While you are working on your thesis, some people of your age will have already worked for a while and accumulated professional experience.

Finding academic positions might be challenging, but working as a university lecturer or researcher will provide you with the experience you need. However, there is competition because there are few academic employment available.

Finding work after earning a PhD may be more difficult as employers may believe you are overqualified for the position they are hiring for and, as a result, are more likely to leave the position quickly in search of a better one.

The vast majority of students struggle academically, necessitating a fourth writing-up year when funding is no longer an option. For a candidate's family, working full-time on a thesis but not making a living could be very difficult.

Frequently Asked Questions (FAQs)

Yes, most PhD candidates receive a PhD stipend to support themselves during their studies. However, not all PhD studies are financed, as a result, some scholars may opt to support their PhDs on their own.

A PhD program generally takes four to seven years, but a variety of factors can influence that timeline.

Depending on the topic of study, level of experience and skill sets, the average yearly salary for PhD holders ranges from ₹6,00,000 to ₹12,00,000. Each young person obtaining a PhD earns an average of ₹16,73,500 per year as a professor and PhD holder. So, from a financial perspective, it is worthwhile.

After a PhD, if someone is keen to continue doing research, can pursue a postdoctoral fellowship in an educational institution and then work toward securing a tenure-track professorship.

A PhD entitles an individual to use the title doctor. These are the social and physical scientists who conduct and analyse published research.

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