phd in finance after ca

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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, 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, monetary tightening and u.s. bank fragility in 2023: mark-to-market losses and uninsured depositor runs, trading stocks builds financial confidence and compresses the gender gap, expectations and the neutrality of interest rates, recent insights by stanford business, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist, why the “venture mindset” is not just for tech investors.

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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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Why a Doctoral Degree from the Rady School ?

The Rady School Ph.D. program is committed to training intellectual and innovative scholars who will contribute to the advancement of management education and knowledge in the 21st century.

Our emphasis is on innovation, rigorous training and impactful research. Rady faculty are prominent scholars in the fields of finance, behavioral economics, innovation, technology and operations management, marketing, organizational strategy and psychology. The curriculum is designed to be extensive, flexible and personalized, in a self-directed research environment.

The Rady Ph.D. program builds upon UC San Diego’s reputation and lineage, which includes 16 Nobel Laureates (former and current faculty) and eight MacArthur Foundation award recipients. We invite you to discuss the opportunities offered by the Rady program with our expert faculty.

If you have any questions, please contact the Rady Ph.D. Graduate Coordinator at  [email protected] .

There is a Shortage of Business Ph.D.s

Data from the AACSB indicates that the U.S. shortage of business Ph.D.s is expected to be over 1,000 in five years and nearly 2,500 in 10 years, both in the academic and corporate fields. Graduates with the right background, motivation, ability and training have the opportunity to become the next generation of professors at the world's elite business schools.

The Rady Ph.D. program combines faculty expertise, intimate size, strong interdisciplinary training and a desirable location for highly qualified doctoral candidates. The program has a strong research orientation, along with personal attention and mentoring from world-class faculty.

The program is a full-time course of study, designed primarily to prepare candidates for an academic career. Students begin active research at an early stage, working with faculty mentors throughout the program. Most students take four to five years to complete degree requirements and defend their dissertation (depending on the student’s background and progress). Academic and research interests include finance, marketing, management, economics and strategy, and innovation, technology and operations.

Mission Statement

The mission of the Rady School of Management’s Ph.D. program is to graduate intellectually rigorous and innovative researchers. Our Ph.D. program is committed to preparing scholars and professors for the world’s leading universities.

Learning Goals

• A Rady School Ph.D. has mastered the analytical and methodological skills applicable to their area of specialization
• A Rady School Ph.D. is able to critically evaluate extant research within their area of specialization
• A Rady School Ph.D. is proficient in conducting original research in their field of specialization
• A Rady School Ph.D. is an effective teacher

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PhD Program

• Program of Study

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

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

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

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

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

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

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

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School of Business

A. Gary Anderson Graduate School of Management

Ph.D. in Finance

UCR’s Ph.D. in Business Administration with a concentration in Finance provides students with a solid foundation in the theoretical and empirical tools of finance. The goal of the program is to prepare students for careers that focus on research in asset pricing and corporate finance. Because finance research draws heavily on the discipline of economics and requires extensive training in quantitative methods, students in the program are required to study microeconomics and econometrics in addition to taking seminars in the field of finance.

Requirements

After completing coursework and passing the comprehensive exam, students are required to produce a dissertation containing original research. A large portion of their time in the program will be devoted to this research and to communicating their research findings to others in written and spoken English. Students will complete this work under the close guidance of the finance area faculty, who are among the world’s leading scholars in finance. For additional information on the faculty members, please see the  finance area faculty .

The average time for program completion is five years. Students who progress through the program at the expected pace and who are successful in completing original research projects are typically provided financial aid throughout their five years in the program. Financial aid generally consists of tuition plus income in the form of stipends or teaching assistantships.

Application Information

The UCR School of Business only accepts Ph.D. applications every few years. The next application cycle for the Finance area will be for a program start in Fall 2026. Applications will be open in late 2025, due in January 2026. 

Required Finance Courses

Covers econometric approaches to analyzing common problems encountered when conducting empirical research. Focuses on hypothesis testing, specification tests, general methods of moments estimation, the capital asset pricing model, multi-factor asset pricing models, event studies, operating performance studies, simultaneous equations models and endogeneity issues. Demonstrates programming in SAS and/or Gauss.

Deals with the contemporary issues in corporate finance. Focuses on selected classic and current empirical and theoretical research in corporate finance. Seeks to provide an advanced and rigorous background in the mainstream issues of modern corporate finance with an emphasis on empirical methodology.

Covers equilibrium models of stock returns and their relation to utility theory, arbitrage-based pricing models, options, term structure models and limits to arbitrage.

Covers empirical methods in finance research with an emphasis on empirical asset pricing studies. Topics include methods of testing models related to the theory of asset prices, stock market volatility and stock returns.

Topics include advanced topics in corporate finance theory and related empirical research.

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PhD in Finance

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

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

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 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

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics 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.

Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center 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 Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue

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

Program Expectations and Requirements

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

Download the 2023-2024 Guidebook!

Finance Group

PhD Program

In the last decade, the academic study of finance has experienced an infusion of new concepts and quantitative methodologies that places it among the most sophisticated and dynamic areas of business and economics. New developments in the traditional areas of finance—theory of rational investor portfolio choice, interpretation and determination of security prices, efficient corporate decision-making—have been approached from the perspective of a single integrating paradigm derived from economic theory. This has led to extensive joint teaching and research between the finance, applied economics, and accounting faculties at Berkeley. Academic contributions are having profound effects on financial practice.

There are specific requirements for the doctoral program in each field of study. The faculty group can specify how certain departmental requirements are to be met and can add requirements or increase minimum standards. Optional courses may be taken in addition to the required courses, not instead of them. Students must consult with their field advisor to ensure that their choices make a sensible program.

Students are encouraged to take four courses in each semester of the first year. Not all courses might be offered each semester and the list of classes is subject to change.

Current Finance PhD Students

Detailed course listings, and more about the PhD Curriculum in Finance

This semester’s courses

Next: Financial Engineering

Related Links

Haas PhD Program Haas PhD in Finance Haas PhD Placements

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The PhD specialization in Finance at McGill prepares students for research-oriented academic careers. While students from all backgrounds are encouraged to apply, the typical student holds an undergraduate or a master's degree in economics, finance, mathematics, statistics, computer science, engineering or physics.

The program is normally completed in five years. The first two years in the program are devoted primarily to taking courses in finance, as well as supporting disciplines (economics, mathematics and econometrics/statistics). After the first two years, students enter the dissertation phase of the program. For details on the Finance Area, research domains, publications and working papers, visit the Desmarais Global Finance Research Centre website.

Typical Course Structure

Fall semester

FINE 706 Introduction to Financial Economics ECON 709 Microeconomic Theory ECON 662 Econometrics I

Winter semester

FINE 707 Corporate Finance ECON 711 Microeconomic Theory 2 ECON 663 Econometrics II

Second Year

FINE 702 Asset Pricing Theory FINE 711 Empirical Corporate Finance Elective

FINE 703 Empirical Asset Pricing EDPH 689 Teaching and Learning in Higher Education Elective

ECON 712 Macroeconomic Theory 1 ECON 713 Macroeconomic Theory 2 ECON 742 Empirical Microeconomics ECON 763 Financial Econometrics ECON 661 Applied Time-Series & Forecast FINE 709 International Finance Seminar FINE 710 Fixed Income Securities Theory MPHE 745 HEC80-223 Macro Asset Pricing MPHE 746 HEC80-646A Stochastic Calculus I MPHE 743 HEC80222A Contingent Claims in Incomplete Markets

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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.

Also Read: MBA in Finance

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.

Also Read: Financial Management

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.

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Programs & Courses › Specializations

Schulich’s PhD in Finance program focuses on developing ground-breaking research in the field of Finance. Through exposure to world-renowned faculty, strong preparatory coursework, and access to comprehensive data sources, the program prepares its graduates to discover and publish new research that can alter how financial markets, individuals, and corporations raise money and invest for the future.

Specialization Details by Category

Study options.

Student admission is restricted to full-time study exclusively for the first four years. It is not recommended to be working outside of the PhD program during your studies. Students must be able to participate in the PhD program in Toronto.

The PhD program normally takes four to five years to complete. The actual length of study depends strongly on each student’s academic background, exact thesis topic and outside commitments.

Choose a study option to view its details and requirements

Available delivery options

• Full-time 48 to 72 months

Location(s)

• Keele Campus Toronto

The requirements to successfully complete the program are outlined below in “Curriculum Overview.”

FIRST YEAR DOCTORAL STUDENTS: Please click on and review the attached program structure document , which relates to specialization requirements.

Doctoral students must complete the following components of the PhD program:

• Core Courses (finance seminars, microeconomic and macroeconomic theories and econometrics)
• Summer Research Papers
• Comprehensive Examination (Written and Oral Exam, Research Paper)
• Dissertation

The focus of this course is on individuals' consumption and portfolio decisions under uncertainty and their implications for security valuations. The discussions of related topics are cast in both the discrete- and the continuous-time framework.

This course is designed to guide students through a variety of corporate finance topics. Students will study both theoretical and empirical papers on corporate decision-making and financial markets. Students will also have an opportunity to start a research project of their own.

This course takes advantage of the research expertise of individual faculty members in the finance area. Students are exposed to specific topics at the forefront of financial research, such as financial institution, risk management, and asset allocation.

GS/ECON 5100 3.0: Microeconomics Theory GS/ECON 6220 3.0: Advanced Econometric Theory I GS/ECON 6250 3.0: Advanced Econometric Theory GS/ECON 5110 3.0: Topics in Macroeconomic Theory GS/ECON 6100 3.0: Topics in Microeconomic Theory

Two Elective Courses These two courses are selected with the assistance of the Finance PhD program director from among those offered in other fields in Schulich or from other relevant postgraduate programs at York University.

Two Summer Research Papers In the summer semester of first and second years students write a research paper under the supervision of a faculty member.

Comprehensive Examinations

The comprehensive field examination takes place in the summer of both first year and second year. Students must demonstrate clear and coherent writing ability, methodological mastery and a deep comprehension of the literature relevant to the topic. Their academic writing style should mimic what is expected by top journals in the field. Students receive a grade of pass or fail on their comprehensive exams. Those who fail have the opportunity to retake the exams once, within six months of the date of the first comprehensive exam. Those who fail to pass a second time are not allowed to continue in the PhD program.

The program regards the comprehensive examination as a pivotal point for deciding whether students should be allowed to proceed with their studies or be encouraged to withdraw from the program.

Dissertation Proposal and Oral Defence

Candidates must prepare a written proposal to conduct original dissertation research carried out under the supervision of a supervisory committee, and must defend this to the satisfaction of the thesis supervisor and members of the supervisory committee.

Dissertation and Oral Examination

Candidates must prepare a dissertation based on original research carried out under the supervision of a supervisory committee and submit the results in appropriate dissertation form. After the formal submission of the dissertation, an oral examination is held. It is expected that all or part of the dissertation will be published following professional or scientific review.

We recommend further consultation with your area Ph.D. rep concerning any impending changes to the program requirements and guidance on selecting appropriate optional courses.

PhD students have the opportunity to work with some of the top experts in the field of finance. Our faculty has published a variety of research on behavioural finance, corporate governance, executive compensation, personal finance, institutional behavior, and international finance in leading finance and economic journals.

Through collaboration and mentorship with these leading researchers, our PhD graduates are well positioned to produce high quality research that will eventually lead to publications with high scholarly impact.

Selected faculty members

Professor of Finance; Bob Finlayson Chair in International Finance

Program Director, Master of Finance; Program Director, Financial Engineering; Professor of Finance

Professor of Finance

Assistant Professor of Finance

Associate Professor of Finance

Professor of Finance; Scotiabank Chair in International Finance

Professor of Finance; Area Coordinator, Finance

Professor of Finance and the Nigel Martin Chair in Finance

Career Opportunities

Placement of recent graduates.

The PhD in Finance program will prepare you for an academic career at a top research university in Canada, the US, or the rest of the world. The program will help you build a strong theoretical and empirical foundation in finance. Combined with our faculty’s wide-ranging research expertise, our program will position you for a strong career in finance research.

Research Requirements

Students must work as research assistants for the first three years of the program in order to receive financial support and be prepared for their dissertation.

When they are at the dissertation stage, Ph.D. candidates are expected to actively dialogue – both formally in seminars and informally – with other area members within the confines of their dissertation. In addition, students should plan to attend or present their research at well-known academic conferences such as the Northern Finance Association, the Financial Management Association, the American Finance Association and the Western Finance Association. They may also be asked to help review manuscripts and journal articles by editors and associate editors.

Students are required to teach one finance course before they go on the job market. This will help students to accumulate teaching experience which is an important ability to acquire in order to have a successful academic career.

Student Research

Research is the most critical element of the development of student’s careers. Schulich’s Finance PhD program supports student’s research through interaction with faculty, access to major databases, and other research support.

Selected Publications

Markus Broman (Forthcoming), “The Geography of Sub-advisors, Managerial Structure, and the Performance of International Equity Mutual Funds,” Review of Asset Pricing Studies (with Densmore, M. and Shum Nolan, P.)

Michael Densmore (Forthcoming), “The Geography of Sub-advisors, Managerial Structure, and the Performance of International Equity Mutual Funds,” Review of Asset Pricing Studies (with Markus Broman and Pauline Shum Nolan)

Xinyao Joseph Zhou (Forthcoming), “Does Social Interaction Spread Fear among Institutional Investors? Evidence from COVID-19,” Management Science (with Au, S. and Dong, M)

Shiu-Yik Au (Forthcoming), “Does Social Interaction Spread Fear among Institutional Investors? Evidence from COVID-19,” Management Science (With Zhou, X. J., and Dong, M)

Shiu-Yik Au (Forthcoming), “How Much Does Workplace Sexual Harassment Hurt Firm Value?” Journal of Business Ethics (with M. Dong, and A. Tremblay)

Andreanne Tremblay (Forthcoming), “How Much Does Workplace Sexual Harassment Hurt Firm Value?” Journal of Business Ethics (with M. Dong, and S. Au)

Andreanne Tremblay (2022), “Does Board Gender Diversity Reduce Workplace Sexual Harassment?” Corporate Governance: an International Review (with You, L. and Au, S.)

Shiu-Yik Au (2022), “Does Board Gender Diversity Reduce Workplace Sexual Harassment?” Corporate Governance: an International Review (with You, L. and Tremblay, A.)

Andreanne Tremblay-Simard (2022), “Global weather-based trading strategies,” Journal of Banking and Finance 143(C), 106558 (with Dong, M.)

Daniel Tut (2022), “Policy Uncertainty and Cash Dynamics,” Journal of Financial Research , 45(2), pp.422-444.

Daniel Tut (2022), “Debt Dynamic, Debt Dispersion and Corporate Governance,” International Journal of Managerial Finance

Daniel Tut (2022), “Investment, Q and Diseases,” Finance Research Letters 47, 102943

Markus Broman (2022), “Naïve Style-level Feedback Trading in Passive Funds,” Journal of Financial and Quantitative Analysis , May 2022, pp. 1083 – 1114.

Andreanne Tremblay (2021), “Employee Flexibility, Exogenous Risk, and Firm Value,” Journal of Financial and Quantitative Analysis 56(3), 853–884 (with Au, S. and Dong, M)

Shiu-Yik Au (2021), “Employee Flexibility, Exogenous Risk, and Firm Value,” Journal of Financial and Quantitative Analysis 56(3), 853–884 (with Tremblay, A. and Dong, M)

Andréanne Tremblay (2021), “Does the Weather Influence Global Stock Returns?” Critical Finance Review 10(2): 207-249 (with Dong, M.)

Jisok Kang (2021), “Why is Stock Market Concentration Bad for the Economy?” Journal of Financial Economics 140, 436-459. (with Bae, K. and Bailey, W.)

Markus Broman (2020), “Local Demand Shocks, Excess Co-movement and Return Predictability,” Journal of Banking and Finance , Volume 119, 105910.

Rejo Peter (2020), “Public‐to‐private buyouts and innovation,” British Journal of Management , 31(4), 811–829. (with Cumming, D. and Tarsalewska, M.)

Rejo Peter (2020), “Market manipulation and innovation,” Journal of Banking & Finance , 120, 105957, 1-17 (with Cumming, D., Ji, S. and Tarsalewska, M.)

Xinyao Joseph Zhou (2020), “The Dynamic Effect of Macroeconomic News on the Euro/US Dollar Exchange Rate,” Journal of Forecasting , vol. 39-1, 2020, pp. 84-103. (with Omrane, W. B. and Welch, R.)

Jisok Kang (2019), “Nominal Stock Price Anchors: A Global Phenomenon?”   Journal of Financial Markets 44, 31-41. (with Bae, K., Bhattacharya, U., and Ghon Rhee, S.)

Minjie Zhang (2019), “Angel investors around the world,” Journal of International Business Studies , 50, 692–719. (with Cumming, D.)

Rejo Peter (2019), “Pre-going private ownership around the world,” British Journal of Management , 30(3), 692-711. (with Cumming, D., Sannajust, A. and Tarsalewska, M.)

Xinyao Joseph Zhou (2019), “Time-varying Effects of Macroeconomic News on the Euro-Dollar returns,” North American Journal of Economics and Finance , 50, pp. 1-20. (with Omrane, W. B., Savaser, T. and Welch, R.)

Yelin Zhang (2019), “What is mutual fund flow?” Journal of International Financial Markets, Institutions and Money, 62, 222-251 (with Cumming, D. and Johan, S.)

Yelin Zhang (2019), “Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks,” Small Business Economics, 52, 455–484 (with Cumming, D. and Werth, J.C.)

Yelin Zhang (2019), “The role of due diligence in crowdfunding platforms,” Journal of Banking & Finance (with Cumming, D. and Johan, S.)

Recent Dissertation Topics

2023: Alireza Mahalati Rayeni – Essays on Innovation

2022: Xinyao Joseph Zhou – Three Essays in Empirical Asset Pricing

2021: Michael Densmore – Essays in Asset Management and Corporate Liquidity Management

2021: Rui Duan – Three Essays in Corporate Finance

2020: Daniel Tut – Essays on Creditor Rights Protection, Corporate Debt and Corporate Liability

2018: Rejo Peter – Empirical Essays on Finance and Innovation

2018: Shiu-Yik Au – Essays on Corporate Intangibles and Misconduct

2018: Yelin Zhang – Empirical Essays on Entrepreneurial Finance

2017: Jie Zhu – Two Essays on Investments: Corporate and Institutional Perspective

2017: Andreanne Tremblay Simard – Three Essays on Finance, Culture and Investor Behavior

2017: Minjie Zhang – Empirical Studies in International Entrepreneurial Finance

2016: Jisok Kang – Essays on International Corporate Finance

2015: Markus Broman – Essays on Exchange-Traded Fund Mispricing and Liquidity

2014: Feng Zhan – Essays On International Market Efficiency And Manipulation

Current PhD students in the Finance Area:

as of Fall 2023

• Ray Bawania
• Afshin Cheraghi
• Arshia Farzamfar
• Seyedeh Dorsa Ghamkhar
• Hosein Hamisheh Bahar
• Chengcheng Huang
• Hossein Naderi Khorshidi
• Mohammadreza Nafissi
• Samir Mourad
• Seyyedeh Elham Tabatabaei

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UCLA Anderson Ph.D. program

Where Brilliant Minds Break Through

Professor Chris Tang, prolific researcher in Management and Operations, with Rob Richmond, researcher in foreign currency investment.

Welcome to UCLA Anderson’s Doctoral Program — the first step in pursuing an academic career in management.

From the dean of our program.

"On behalf of our faculty, thank you for visiting the UCLA Anderson Ph.D. program! If you're serious about advancing our understanding of business disciplines through rigorous research, I invite you to explore everything our Ph.D. program has to offer. You'll have the opportunity to train with world-renowned scholars and alongside the next generation of researchers. In that pursuit, you will have UCLA's resources and strengths as a world-class research institution available to you."

Join us as we expand the boundaries of business knowledge. Apply to become one of tomorrow's leading scholars today.

Professor Stephen Spiller Associate Dean and Director Ph.D. Program UCLA Anderson School of Management

World-Class Faculty

Meet The Students

Graduate success stories.

Kevin Huang ('22) Assistant Professor, CUHK-Shenzhen

Noncompliance with SEC Regulations: Evidence from Timely Loan Disclosures

Jon Bogard ('22) Assistant Professor, Washington University in St. Louis

Target, distance, and valence: Unpacking the effects of normative feedback

Nur Kaynar Keles ('22) Assistant Professor, Cornell

Discovering Causal Models with Optimization: Confounders, Cycles, and Feature Selection

Geoff Zheng ('20) Assistant Professor NYU Shanghai

Growth Options, Incentives, and Pay for Performance: Theory and Evidence

Sebastian Ottinger ('21) Assistant Professor CERGE-EI

The Political Economy of Propaganda: Evidence from US Newspapers

Daniel Walters  ('17) Assistant Professor INSEAD

Investor memory of past performance is positively biased and predicts overconfidence

Marissa Sharif (’17) Assistant Professor of Marketing at the Wharton School

The Effect of Categorization on Goal Progress Perceptions and Motivation

Marco Testoni  ('19) Assistant Professor Tilburg University

The market value spillovers of technological acquisitions: Evidence from patent-text analysis

Alumni success

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UCLA Graduate Programs

Doctoral Studies

The doctoral experience.

We offer six types of doctoral degrees in over eighty fields of study. Most of our doctoral degrees are PhDs; we also offer a Doctor of Education, Doctor of Environmental Science and Engineering, Doctor of Public Health, Doctor of Musical Arts, and Doctor of Nursing Practice.

COMPLETE COURSEWORK AND OTHER REQUIREMENTS

Doctoral programs vary widely in the number of required courses as well as additional requirements. Most programs use the first year to prepare students for their chosen field. Some programs conduct an end-of-the-year exam for each first-year cohort, while others evaluate student by courses, papers, and projects completed in that first year. In addition to being assigned a Student Affairs Officer (SAO) by your program, you’ll also mutually choose your Faculty Advisor. Generally this is a natural process where a student’s and a faculty member’s interests and areas of specialization align. This relationship is an important one, which lasts well beyond a student’s tenure at UCLA. In your first year, you’ll take courses with a wide variety of faculty and make lasting friendships with your cohort.

• Registration & Enrollment

FIND FORMS FOR DOCTORAL STUDENTS

We’ve assembled all UCLA-wide forms that may be useful to a graduate student on a Master’s track in one place:  Forms for UCLA Doctoral Students . Your specific program may provide additional forms for your use. Here are some of the most common.

• Language Petition
• Nomination of Doctoral Committee
• Reconstitution of Doctoral Committee
• Graduate Degree Petition
• Leave of Absence
• In Absentia

KNOW YOUR PROGRAM REQUIREMENTS

To keep on track, a Doctoral student must meet specific requirements for a student’s program.

Type the name of your program to jump straight to its requirements:

Your Program Requirements cover most things a current student needs to know in order to graduate on time.  Our FAQs  answers a few common questions about program requirements. Any outstanding questions can be answered by your program through their website or from your Student Affairs Officer (SAO).

If your program offers a Master’s Degree along the path toward a Doctorate, you’ll be required to initiate a specialized process and meet criteria specific to your program.

NOMINATE YOUR DOCTORAL COMMITTEE

During your second or third year, you’ll begin assembling (nominating) your Doctoral Committee. Your committee is comprised of 4 or more faculty members (3 or more faculty members for professional (non-Ph.D.) doctoral committees) who are experts in your field who can guide you in your research. Some committee members will be on-campus while a few may be located at another academic institution. All committee members will be responsible for reviewing your work periodically, advising you on your direction and independent research, assessing your university oral qualifying exam, and approving your dissertation.

On occasion, your committee will fall out of compliance, in which case you’ll be required to  reconstitute your Doctoral committee . Common reasons include when one of your committee members leaves her or his post at UCLA or when you or a current committee member decides that you’ll benefit more by working with a different faculty member.

For more about your doctoral committee, see the Graduate Council’s guide  Graduate Student Academic Rights and Responsibilities  and  Standards and Procedures for Graduate Study at UCLA .

• Minimum Standards for Doctoral Committee Constitution
• Professional (Non-Ph.D.) Doctoral Committee Policy
• Nomination of Doctoral Committee
• Reconstitution of the Doctoral Committee and/or Change in Final Oral Examination Requirement

ADVANCEMENT TO CANDIDACY

Becoming a doctoral degree candidate is not a given. The first phase of your doctoral program is supervised by a faculty advisor or guidance committee. Your program will administer the written, and in some cases the program’s oral qualifying, exam after you complete courses and other preparatory work recommended or required by your program

Your doctoral committee may also require additional written exams. Only upon satisfactory completion of the written and oral qualifying requirements may you advance to candidacy. A student must also have met language requirements for advancement. This accomplishment generally happens between your second and fourth year.

CONTINUE PROGRESS TOWARD YOUR DOCTORAL DEGREE

With the guidance of your Doctoral Committee, you’ll conduct fieldwork, research, writing, and independent study all the way up through your dissertation.

While you’re completing your degree, keep an eye on your future. Be sure to participate in the great career and professional development events and resources at UCLA.

DEFENDING YOUR DISSERTATION

Some programs require you to present your dissertation to your doctoral committee in a time-honored event called the final oral examination (or final defense). To find out if your program has this requirement, consult your program requirements for the year you were admitted (see KNOW YOUR PROGRAM REQUIREMENTS above).

FILE YOUR DISSERTATION

You will complete an approved doctoral dissertation that demonstrates your ability to perform original, independent research and constitutes a distinct contribution to knowledge in your principal field of study.

CELEBRATE YOUR GRADUATION

Doctoral Degrees are awarded four times a year, and are integrated into a single commencement—called the Doctoral Hooding Ceremony—held once each year at the beginning of June.  UCLA Graduate Commencement for Doctoral Students  is where you’ll find info about tickets, locations, schedule, parking, and dress code (including caps and gowns). For information on commencement ceremonies hosted by various graduate departments and programs, search for your program on this year’s schedule .

YOUR FUTURE

Once you graduate, our support continues. You’ll find great resources, guidance, career support, and opportunities to network with fellow graduates through  UCLA’s Alumni Association .

To network with fellow alumni and learn about meetups and events, like our UCLA Alumni Facebook page . and follow UCLA Alumni on Twitter .

IIMA Admission Ph.D.

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Ph.D. Admissions

The IIMA Doctoral Programme welcomes individuals with a solid academic foundation, a high level of motivation, and the intellectual curiosity to do innovative research. The curriculum prepares students for careers in academia and industrial research.

Candidates may submit applications for the following areas of high levels of specialization: (1) Agriculture (2) Economics (3) Finance & Accounting (4) Human Resource Management (5) Information Systems (6) Innovation and Management in Education (7) Marketing (8) Operations & Decision Sciences (9) Organizational Behavior (10) Public Systems and (11) Strategy.

Students spend an average of four to five years in the programme, which includes two years of intensive coursework. Beginning with the first term, students take advanced Doctoral level courses in their area of high levels of specialization, as well as some suggested Post Graduate Programme (PGP) courses that provide a comprehensive management overview and develop fundamental skills for analysing managerial issues. After completing the coursework, students must pass an Area Comprehensive Examination to demonstrate that they have attained a high level of expertise in their area of high levels of specialization. Students then work on their doctoral dissertations. It is intended that these dissertations will make original contributions to an area of management or one of management's parent disciplines.   Students admitted to the programme get a comprehensive fellowship that covers all expenses and provides for living expenses. IIMA has excellent computing facilities, library, and faculty resources. IIMA faculty members actively publish in scholarly journals and advise with businesses and governments in and out of the country. Case writing and related research are actively pursued by the faculty and students.

The Doctoral Programme places its graduates in teaching, research, and consulting roles with world class organizations. A total of 451 doctoral students have graduated from IIMA so far.  

Basic Eligibility Criteria

Candidates must possess-

A Master's Degree or Two-year Post Graduate Diploma (obtained after completing a bachelor's degree with 55% marks or equivalent) or a 5-year Integrated Master's Degree (obtained after completing higher secondary school in the 10+2 pattern) in any field with 55% marks or equivalent. (OR) Professional qualification - CA, CS, CMA (with a minimum of 50% marks) in addition to a bachelor's degree (with at least 55% marks). (OR)  A four-year / eight-semester Bachelor's degree with a minimum CGPA of 6.5/10 or comparable grades.

Note that the Bachelor's/ Master's degree or equivalent qualification should be from any of the Universities incorporated by an act of the central or state legislature in India or other educational institutions established by an act of Parliament or declared to be deemed as a University under section 3 of UGC Act, 1956; or be recognized by the Ministry of HRD, Government of India; or  possess an equivalent qualification from an institution approved by AICTE.

Candidates in their last year of a Master's/ Bachelor's programme that would qualify them to apply may also apply. Such candidates, if selected, will only be allowed to join the programme provisionally if they submit a certificate latest by May 31, 2024 from the Principal/Head of the Department/Registrar or Director of the university/institute (issued on or before May 31, 2024) stating that they have appeared for the examinations (including practical examinations) in all the subjects required for obtaining the Master's/Bachelor’s degree/equivalent qualification.

Their admission will be confirmed when they submit mark sheets and a certificate of having completed the Master's/Bachelor’s degree/equivalent qualification referred in the certificate issued by the Principal/Registrar of their college/institution. The deadline for the submission of Marksheet and the Certificate is December 31, 2024.

Please note that those candidates who have applied on the basis of   their master's degree will have to meet the 55% marks stipulation, and those who have applied on the basis of their bachelor's degree will have to meet the 6.5 CGPA (or equivalent) marks stipulation.   Non-fulfilment of these conditions will automatically result in the cancellation of the provisional admission.  

Selection Process

Candidates applying to the Doctoral Programme are required to take the Common Admission Test (CAT) or a standard test in lieu of CAT.  For NRIs and Foreign students this standard test is the Graduate Management Aptitude Test (GMAT). 

Different areas of high levels of specialization of IIMA have specified different standard tests that candidates applying to the Doctoral Programme in their areas of high levels of specialization can take in lieu of CAT. These standard tests are given in the following table:  

The validity of the CAT and the other standard test scores are given in the following table. Note that the scores should be valid on the deadline for submission of the application form.

# Online GMAT/GRE (Take home) exam scores are not valid. Only test center-based GMAT/GRE scores are valid.

Alumni of all IIMs should also meet the standard test score requirements as mentioned above.

Candidates will be short listed on the basis of their performance in CAT or the standard test in lieu of CAT, academic background, and experience. The Doctoral programme admission interviews will be held during March-April 2024. IIMA may conduct online or face-to-face interviews depending upon the health advisory issued by the authorities at that time.

Fellowship and Expenses

IIMA provides a comprehensive fellowship that covers all academic expenses including tuition, computer, library, medical insurance, placement and alumni fees, and in addition includes a monthly subsistence allowance. The details of monthly subsistence allowance are as follows:

All students have access to a contingency allowance of Rs.25,000 per year (for five years) to cover research fees, book costs, photocopying, etc. Students are eligible to receive up to Rs.3,00,000/- for attending an international conference/workshop/summer school during the first five years of their Doctoral Programme tenure. (Additional information is provided in the Doctoral Programme Brochure.)

The Doctoral Programme is a full-time programme that requires significant on-campus/local living. On-campus accommodations for single students for the initial part of their tenure, and limited housing on campus for married students are available.

How to Apply

Online Application Form and Brochure will be made available on the institute website. Candidates may submit applications for a maximum of two areas of high levels of specialization using the online application form. An application fee of Rs.500/- can be paid through IIMA's payment gateway. The last date for submitting the application will be  29 January 2024 . 

Please also refer to the IIMA's Doctoral Programme advertisement that appeared in leading newspapers during September 2023.

Important Dates to Note

Link open for Online Application:  September 27, 2023

Last date for submitting the application for Doctoral Programme Admission:   29 January 2024

Interviews (Tentative):  March / April, 2024

For further information/clarifications, please contact:   Manager PhD Programme Indian Institute of Management Ahmedabad Vastrapur, Ahmedabad 380 015 Phone :+91 79 7152 4640/41/39  

Programme Brochure

Ph.d. programme borchure.

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PhD options after a Masters in Finance?

I (F31) (NYC) am wondering which PhD programs would lead to the most lucrative careers. Currently have a Masters in Finance and studying for the CFE. Any input will be appreciated!!

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Vikings rookie QB J.J. McCarthy to miss entire 2024 season

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Meet the 36-year-old Aussie college professor who lit up breaking at the Paris Olympics (and didn’t score a point)

Rachael gunn, or b-girl raygun, became an internet sensation for her look and her performance.

PARIS — One by one, the breakers emerged in baggy pants and bandanas, crop-tops and durags, tracksuits and backwards caps, oversize T's and classic hip-hop drip.

And then there was Rachael Gunn, B-girl Raygun, dressed in a standard Australian Olympian uniform, shirt tucked in like a 36-year-old college professor — because she is one.

“I didn't get the memo,” Gunn told Yahoo Sports, “that we weren't gonna rep our country colors. What's going on there?”

She said that, and plenty else, with a wry smile. She was fully aware that she looked, seemed and was out of place. In a field stacked with world champions and dental brace-wearing teens, she was an outlier, a former ballroom dancer with a PhD in cultural studies and a day job at Macquarie University in Sydney.

Australian Olympic breakdancer Rachael Gunn has a PhD in breakdancing and dance culture. “All my moves are original,” she told reporters after her performance. pic.twitter.com/8to8quMx9y — Michael Nayna (@MikeNayna) August 10, 2024

“Look, I came into the event kind of expecting that I wouldn't get a vote,” she said.

And she didn’t, losing her three round-robin battles 18-0, 18-0, 18-0 as the women's breaking competition got underway on Friday.

Instead, she leaned into her “unique style” — which many viewers interpreted, perhaps accurately, as a bit.

She swiped her very standard Aussie-green baseball cap. She skipped out to the stage, pumping her fist in the air. She flexed her muscles, and wiped the bottom of her granny-white sneakers. She slid across the floor with the grace of, well, a PE teacher. At one point, she flopped around like a fish.

“Look, everyone's got a different style in breaking,” she said.

So, she did something akin to a crab-walk. She hit a not-quite-vertical handstand. She did some basic downrock breaking, but had nothing resembling the acrobatic power moves that her competitors had.

“My style is not as suited to these events,” she said. “You can see the dynamics, and a lot of really quick footwork, and power moves, and freezes, and things like that.”

It’s surprising that Raygun from Austrailia is the best breaker ya’ll have. The kangaroo 😆 her signature move. How did she make it this far?! 👀 #BreakingForGold pic.twitter.com/Ij7iUeyfaK — Stevie Austin (@StevieAustin14) August 9, 2024

But she was pretty darn good for a woman who didn’t take up breaking until her 20s, via her then-boyfriend, now-husband. Pretty good for someone from Australia, not exactly a hip-hop hub. She qualified because she was the best in Oceania.

“I've never performed on a stage that big," she said. "We don't have events that big in Australia."

And she is far from a full-time breaker, like some of the other Olympians are. She spends most of her time lecturing and researching dance, gender politics and the “dynamics between theoretical and practical methodologies,” according to her bio on the Olympics website .

"In 2023, many of my students didn't believe me when I told them I was training to qualify for the Olympics, and were shocked when they checked Google and saw that I qualified," Gunn told CNBC .

So she was beaming after six rounds of breaking, even after exiting the competition without a vote.

“It was amazing. Such an amazing experience,” she told Yahoo Sports outside the venue at La Concorde. “What a stage, what an arena, what a crowd. Music was great. Like, oh, so, so grateful for the opportunity.”

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California man dies of heat exposure after crashing car off embankment in Death Valley National Park

A man died from heat exposure in triple-digit temperatures while at Death Valley National Park in California.

According to the National Park Service (NPS), 57-year-old Peter Hayes Robino, of Los Angeles, drove his car off a 20-foot embankment on Aug. 1.

Bystanders told local authorities that they spotted Robino stumbling towards his car prior to the incident. Park officials said that the witnesses offered to help him, but he declined. They said his responses did not make sense.

BLACK BEAR ATTACKS CHILD, 3, AT CAMPGROUND NEAR YELLOWSTONE NATIONAL PARK

Robino then got into his car and drove off a steep 20-foot embankment at the edge of the parking lot.

The car rolled over and airbags deployed, the NPS said .

READ ON THE FOX NEWS APP

A bystander promptly call 911 after witnessing the incident and another went down the embankment and helped Robino out of the crashed vehicle.

NPS emergency responders received the 911 call at 3:50 pm and arrived at 4:10.

GERMAN TOURISTS DEFACE JOSHUA TREE NATIONAL PARK IN PAINTBALL AND SLINGSHOT SHOOTING RAMPAGE

The bystanders said Robino was breathing until just before the park rangers arrived.

NPS EMTs started CPR and moved Robino into the air-conditioned ambulance. Robino was declared dead at 4:42.

A subsequent autopsy conducted by the Inyo County Coroner revealed that Robino died of hyperthermia .

Symptoms of overheating can include confusion, irritability, and lack of coordination.

The NPS said that the national park was 119°F that afternoon.

"My condolences go out to Mr. Robino’s family and friends," said Superintendent Mike Reynolds, who was one of the EMTs that responded to this incident. "His death serves as a reminder not to underestimate the dangers of extreme heat."

Park officials said this was the second heat related death this summer at Death Valley National Park.

Symptoms of overheating include confusion, irritability, and lack of coordination.

CLICK TO GET THE FOX NEWS APP Park rangers in Death Valley National Park advise that summer visitors :

Avoid the heat by staying in or near air-conditioning,

Not hike after 10 am at low elevations,

Drink plenty of water, and

Eat salty snacks.

Original article source: California man dies of heat exposure after crashing car off embankment in Death Valley National Park

2025 COLA estimate dips with inflation, but high daily expenses still burn seniors

The latest estimate of Social Security's cost-of-living adjustment (COLA) for 2025 dipped to 2.6% after the government said inflation cooled a bit in July from June, new calculations showed Wednesday.

In July , the 2025 COLA forecast was 2.7%.

If COLA is 2.6% for 2025, that would be "considered the average amount that COLAs have been over the past two decades and the lowest since 2021," said Mary Johnson, a retired analyst for the nonprofit Senior Citizens League who tracks and calculates the COLA estimates.

The consumer price index (CPI), a broad measure of goods and services costs, rose 2.9% in July from a year earlier, the government said on Thursday. That's down from 3.0% in June , the lowest level since March 2021, and matching the consensus forecast from Barron's . The so-called core rate, which strips out volatile food and energy prices, rose 3.2%, down from 3.3% in June and also in line with estimates. Both remain above the Federal Reserve's 2% target.

COLA is based on the "consumer price index for urban wage earners and clerical workers," or CPI-W. That figure rose 2.9%, unchanged from June and below the 3.2% COLA Social Security recipients began receiving in January .

A dip in COLA would likely be bad news for seniors who have seen the items they spend the most money on continue to rise faster than their COLA, Johnson has said.

Rents have risen at a 5.1% clip over the past year, electricty 4.9%, hospital services 6.1% and transportation services 8.8%, for example.

Nearly two in three Americans said they worried more about running out of money than death, according to Allianz Life’s 2024 Annual Retirement Study , released in April. That’s up from 57% in 2022 and fueled mostly by inflation fears (43%), followed by Social Security not providing as much financial support as it should (24%) and high taxes (22%).

What about Trump's proposal to stop taxing Social Security?

"Former President Donald Trump’s suggestion to eliminate the taxation of Social Security benefits is likely to be popular with many older voters, but it could have the unintendedconsequence of causing Social Security to go insolvent two years sooner than currentlyforecast," Johnson said.

The Social Security Board of Trustees expects Social Security will become insolvent in 2033 . Insolvency would cause all Social Security benefits tobe reduced by 21% as benefits would be adjusted to the amount of revenues received by the program.

“Vague political promises not to touch Social Security benefits are meaningless,” Johnson said. “Voters need to be shown where the money is coming from to payour benefits."

As a policy analyst, Johnson recommends lifting the cap on payroll taxes for high earners and inflation-adjusting the income thresholds to tax Social Security benefits so fewer recipients are taxed. Those thresholds have never been adjusted for inflation , resulting in more recipients getting their Social Security taxed.

How is COLA calculated?

The Social Security Administration bases its COLA each year on average annual increases in the consumer price index for urban wage earners and clerical workers (CPI-W) from July through September. That means July inflation numbers are especially important to pay attention to.

The index for urban wage earners largely reflects the broad index the Labor Department releases each month, although it sometimes differs slightly. Last month, the overall consumer price index rose 2.9% and the index for urban wage earners matched that headline inflation number.

What was 2024's COLA?

Older adults received a 3.2% bump in their Social Security checks at the beginning of the year to help recipients keep pace with inflation. That increased the average retiree benefit by $59 per month.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and  subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning. 

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Conservative professor reaches multimillion-dollar settlement after free speech lawsuit.

A California community college district agreed to pay $2.4 million to a conservative professor in a recent settlement agreement after years of legal battles between the two parties.

“After five years of administrative misconduct, a decisive courtroom display exonerated me of all allegations and exposed that Kern Community College District engaged in flagrant retaliation for my questioning of partisan policies and wasteful expenditures,” Matthew Garrett reacted in a statement to Fox News Digital. “Facing an imminent ruling in my favor and the prospect of paying millions of dollars in damages, KCCD had only one viable option: settlement.” 

Garrett, previously a tenured history professor at Bakersfield College in Southern California, filed a federal lawsuit against the Kern Community College District (KCCD) in 2021. In the lawsuit, Garrett claimed school officials retaliated against him and a colleague for questioning if grant money was being improperly used to fund social justice initiatives on campus. 

Garrett also claimed that he and other faculty members of a free speech coalition on campus were targeted with false allegations after they asked questions during a campus diversity meeting in October 2022. 

The district board of trustees voted to fire him in April 2023, alleging he had engaged in multiple instances of “immoral and unprofessional conduct,” which Garrett adamantly denied.

The professor contested his suspension in court. The two parties agreed to a settlement last month to end all disputes and claims surrounding Garrett’s employment after Garrett’s lawyers argued his case before an administrative law judge in May.

The district pledged to deliver a $2.4 million payment to Garrett as part of the settlement agreement that was obtained by Fox News Digital. The agreement covers “alleged general and emotional distress damages” as well as attorney fees. The total payment includes a one-time payment of $154,520.00 for back wages and medical benefits since his dismissal.

Under the settlement, Garrett agreed to resign from his position in the district. Administrators also agreed to withdraw its reports and accusations of unprofessional conduct from Garrett’s record and seal documents related to punitive action it took against him from his personnel file.

The settlement says the agreement isn’t “an admission of any wrongdoing or liability by either the District or Garrett.”

A district spokesman for KCCD provided the following statement to Fox News Digital.

“The Kern Community College District (KCCD) has settled all issues with Matthew Garrett. Matthew Garrett has voluntarily resigned from his employment and all litigation on this matter has been resolved. KCCD believes the settlement is in the best interest of the District and allows us to focus on the future and continue to deliver quality higher education for students of Kern County without any further legal distractions. To be clear, the dispute with Matthew Garrett was a disciplinary matter due to his disruptive actions on campus, none of which concerned freedom of speech. Kern Community College District unequivocally supports the right for our students and faculty to share their views and opinions on campus and elsewhere. As a District, we create an environment that provides our diverse students and communities with the opportunity to professionally engage with new ideas.”

“As this is a confidential personnel matter, we will not comment further.”

Garrett said he was grateful for the support he’s received and declared the settlement a victory.

“I am grateful to the many who stood by my side during this difficult time and invite them to join in our triumph. To my colleagues at Bakersfield College and nationwide, I say: Keep the faith; we are winning the battle, one case at a time,” his statement continued.

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Jaylen brown, jason kidd announce nonprofit in oakland, ca, after being inspired by brown’s goal of creating $5b in new wealth for the underrepresented.

Jaylen Brown and Jason Kidd have a heart for the Oakland community.

Each has ties to the city, which also catalyzes their bond. NBA Hall of Famer Kidd’s hometown is Oakland, CA, while Boston Celtics player Brown attended the University of California, Berkeley, and his college roommate was from Oakland, CA.

“Oakland is like the second home to me. I went to Berkeley. Jason also went to Berkeley. Jason is one of my mentors,” Brown told AFROTECH™. “One of my roommates when I was in college was from Oakland. So I spent a lot of time in Oakland,”

Giving Back To Their Communities

While Brown and Kidd  are connected through their ties to Oakland and their prominence in the world of basketball, they also share a passion for investing back into their communities.

As AFROTECH™ previously reported, Kidd showcased this when he participated  in a $2.6 million raise to become  co-owner of Oakland, CA-based soccer teams Oakland Roots SC (men’s) and Oakland Soul SC (women’s ) in 2023.

“I grew up playing soccer, basketball, and baseball here in Oakland. So, trying to give that platform to our next generation, giving them heroes,” Kidd explained to AFROTECH™. “Out of the As, when you talk about different players, Ricky Henderson, Dave Stewart, those are my heroes. I want to be them. So, with the As leaving, understanding that all the roots and the energy that they bring to the city are just a great thing to be a part of.”

Brown has also laid the foundation in Boston, MA, after signing a five-year supermax contract extension valued at $304 million in 2023, the most lucrative contract in NBA History at the time, according to a previous AFROTECH™ report. He followed up the announcement with a bold commitment to bring back Black Wall Street.

“When I signed my contract last year. I announced that I wanted to bring Black Wall Street to Boston. Why? Because Boston has top five in wealth disparity,” Brown explained. “It’s an article that came out not so long ago that said the average white household [net worth] is $250,000 and the average Black household’s [net worth] in the city of Boston is $8. So that was glaring.”

Brown wanted to be part of the solution, so he announced the launch of his nonprofit, Boston XChange, to drive $5 billion in wealth to the city for underrepresented communities — with support from partners including MIT Entrepreneurship Centers, Roxbury Community College, and Harvard — through investments, coaching from seasoned individuals, and resources and workplaces for creators, as AFROTECH™ previously reported.

“It was hard for businesses of color to get started in the city,” Brown said. “All of these different things are all types of hegemony that you just notice that goes on in the city. So, in response to that, I launched an initiative there, trying to help balance and even that out, to give opportunities and resources to our community, allowing me to be in these places that they’ve been shut out of over time, through the build-up or operations of the system. That was kind of the driving motivation.”

Oakland XChange

Kidd, impressed by Brown’s vision, wanted to replicate those efforts in Oakland, CA. Now, the pair are following up with the launch of The Xchange, a national strategy designed to drive economic growth by laser-focusing on real estate development, business education, technology, and cultural competency, per a press release. The XChange locations in Boston, MA, and Oakland, CA, are intended to be organization hubs.

“If you can keep some of those relationships going, you’d never know when you’re gonna cross paths in an endeavor like this or something else that you can help in your community. So, being able to have that relationship with JB has helped me be put in this position to help give back to my city,” Kidd expressed.

The Oakland XChange is led by Oakstop, a social enterprise that has been diligently empowering underserved Oakland, CA, communities for at least a decade through commercial real estate and in their pursuit of supporting creatives and diverse business owners with capital and technical assistance through its nonprofit arm, The Oakstop Effect, according to information provided to AFROTECH™.

Oakstop will now house the Oakland XChange (OXC) in its four existing buildings, totaling 65,000 square feet. The organization will be connected to its partner organizations and emboldened to build on its work in light of this shared commitment, per the press release.

View this post on Instagram A post shared by Oakstop (@oakstop)

“The beautiful thing about community is that you don’t have to do it alone,” Brown said. “To be able to pair with people who have already been doing great work and have already built those resources and just need someone to come in and amplify and shed the spotlight makes it a whole lot easier. It makes things a whole lot faster than trying to start things from scratch. We’re not coming in here just trying to start our own thing like Boston XChange. Oakland XChange is all about listening to the community, people doing things in the community, and bringing the resources.”

Partnerships To Promote Business Education

Like the Boston XChange (BXC), the Oakland XChange (OXC) aims to work with local institutions to champion business education. It plans to partner with UC Berkeley’s Haas School of Business and Stanford’s Graduate School of Business to create resource and investment gateways.

Brown and Kidd hope this blueprint will energize athletes, teams, business leaders, philanthropists, and influencers to replicate their model in the cities they love and are in need. They are setting the tone with personal investments totaling $10 million (Brown) and $2 million (Kidd), according to information provided to AFROTECH™.

“We think more of our peers should do the same. And Jason is one of one,” Brown said. “For him to be able to do that sends a signature, a stance for us to be able to do that with others and start to do that with other people who are doing that in other places, in other cities, and other teams are getting involved. We’d love to see the Warriors get involved here with Oakland in the building and wrap their arms around the enhancement and development of Oakland, and I would love to also see other places in the world, other athletes to be able to do the same thing in their cities.”

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Financial markets around the world stabilize after recent rout. Here’s what to know

Nearly everything on Wall Street is tumbling as fear of a slowing U.S. economy grows and sets off another sell-off for financial markets around the world. Investors are worried after Friday’s jobs report showed U.S. employers pulled back on hiring in July. (AP video: Joseph B. Frederick)

A pair of traders work on the floor of the New York Stock Exchange, Tuesday, Aug. 6, 2024.(AP Photo/Richard Drew)

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Markets on Wall Street and in Asia are stabilizing Tuesday following a mini-panic caused by an assortment of factors that stretched from late last week through Monday.

The S&P 500 and Nasdaq each rose 1.3% in morning trading and were on track to break a brutal three-day losing streak . The S&P 500 had tumbled more than 6% after several weaker-than-expected reports raised concerns that the Federal Reserve had pumped the brakes too much on the U.S. economy through high interest rates .

The Dow Jones Industrial Average was up 0.7%.

Elsewhere, Japan’s Nikkei 225 jumped 10.2% Tuesday, following its 12.4% sell-off the day before, which was its worst since 1987. Stocks in Tokyo rebounded as the value of the Japanese yen stabilized a bit against the U.S. dollar following several days of sharp gains.

A rate hike last week by the Bank of Japan contributed to the turmoil by upending trades where investors had borrowed Japanese yen at low cost and invested it elsewhere around the world. The resulting exits from those investments may have helped accelerate the declines in global markets.

Starting Thursday, investors grew worried about a slowing U.S. economy. They pointed fingers at the Fed for waiting too long to cut rates and sold shares of technology companies that had ridden a frenzy around artificial intelligence to lofty stock market valuations.

Calmer voices that claimed the sell-off was a good thing because stock prices had risen too high seemed to prevail Tuesday. Some of Tuesday’s gainers were those same technology companies investors had fled from. Chipmaker Nvidia was up 3.8% Tuesday morning, following a drop of 6.4% on Monday.

For individual investors, experts say it’s not time for rash decisions, but a moment to make sure their investments are properly diversified.

Here’s a look at the reasons for the turbulence in markets:

Inflation and central banks

Starting in 2022, the Fed rapidly raised interest rates to combat a spike in inflation. It’s maintained its key rate at 5.4% for about a year. As part of its inflation fight, the Fed also aimed to cool down a red-hot labor market.

Investors thought the Fed and other central banks were on track, even though inflation remained somewhat above their targets — in the Fed’s case, 2%. The European Central Bank and the Bank of England cut rates once and the Fed signaled it was prepared to start cutting rates in September.

Anxiety over the U.S. economy

Despite some signs of cooling, the U.S. economy kept chugging along even with higher rates, outpacing Europe and Asia. Then came last week’s economic reports.

Weak readings on the job market , manufacturing and construction sparked worries about a U.S. economic slowdown and criticism that the Federal Reserve waited too long to cut rates.

Traders in the U.S. are now betting the Federal Reserve will lower rates by half a percentage point in September instead of the usual quarter point. Some were calling for an emergency rate cut.

A handful of Big Tech stocks drove the market’s double-digit gains into July. But their momentum turned last month on worries investors had taken their prices too high and expectations for their profit gains had grown too difficult to meet -- a notion that gained credence when the group’s latest earnings reports were mostly underwhelming.

Apple fell more than 5% Monday after Warren Buffett’s Berkshire Hathaway disclosed that it had slashed its ownership stake in the iPhone maker. Nvidia lost more than $420 billion in market value Thursday through Monday. Overall, the tech sector of the S&P 500 was the biggest drag on the market Monday.

Japan’s rollercoaster

The Nikkei suffered its worst two-day decline ever, dropping 18.2% on Friday and Monday combined. One catalyst for the outsized move has been an interest rate hike by the Bank of Japan last week.

The BoJ’s rate increase affected what are known as carry trades. That’s when investors borrow money from a country with low interest rates and a relatively weak currency, like Japan, and invest those funds in places that will yield a high return. The higher interest rates caused the Japanese yen to strengthen, likely forcing investors to sell stocks to repay those loans.

Stocks in Tokyo rebounded as the value of the Japanese yen stabilized against the U.S. dollar.

What should investors do?

The prevailing wisdom is: Hold steady.

Experts and analysts encourage taking a long view, especially for investors concerned about retirement savings,.

“More often than not, panic selling on a red day is generally a great way to lose more money than you save,” said Jacob Channel, senior economist for LendingTree, who reminds investors that markets have recovered from worse sell-offs than the current one.

Bitcoin claws back some losses

Bitcoin was back up to $56,490 Monday morning after the price of the world’s largest cryptocurrency fell to just above $54,000 during Monday’s rout. That’s still down from nearly $68,000 one week ago, per data from CoinMarketCap.

While bitcoin did serve as a safe haven of sorts during the worst of the pandemic, it mostly acts like any another risky asset that investors steer clear from during market downturns.

Sell-offs are normal

Greg McBride, financial analyst for Bankrate, points out that a 10% pullback in markets happens on average once every 12 months.

Quincy Krosby, chief global strategist for LPL Financial, says investors should try to wait out the current wave of turbulence.

“Pockets of volatility are expected to continue as August and September give way to a calmer seasonal period; however, it’s important to remember pockets of opportunity are always on the other side of the storm,” she said.

Cora Lewis and Wyatte Grantham-Philips in New York contributed to this report.