london business school phd finance

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MRes/PhD Finance

• Graduate research
• Department of Finance
• Application code N4ZC
• Starting 2024
• Home full-time: Closed
• Overseas full-time: Closed
• Location: Houghton Street, London

This programme offers the chance to undertake a substantial piece of work that is worthy of publication and which makes an original contribution to the field of finance. You will begin on the MRes, and will need to meet certain requirements to progress to the PhD.

Our programme is unique in its integration of finance and economics. During the first year, you will take microeconomics, macroeconomics, and econometrics courses alongside PhD students in Economics. However, in the second year you will differentiate by taking advanced courses in asset pricing and corporate finance. You will leave with a broad understanding of finance and its relations to other fields in economics.

As one of the largest finance departments in the world, we are able to offer opportunities for research in virtually any field in finance. We have strengths in theory and empirics, asset pricing and corporate finance, as well as financial econometrics, behavioural finance, macro-finance, and microeconomic analysis of financial markets and institutions.

You are expected to participate in the regular departmental seminars (weekly), as well as occasional workshops and conferences given by internationally renowned speakers. This is viewed as an important part of the learning process on the MRes/PhD in Finance.

Programme details

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Entry requirements

Minimum entry requirements for mres/phd finance.

Merit in a taught master's degree in finance, economics or another subject with a strong quantitative component.

Competition for places at the School is high. This means that even if you meet our minimum entry requirement, this does not guarantee you an offer of admission. 

If you have studied or are studying outside of the UK then have a look at our  Information for International Students  to find out the entry requirements that apply to you.

GRE/GMAT requirement

GRE or GMAT is required from all applicants (GRE is preferred)

Find out more about GRE/GMAT

Assessing your application

We welcome applications for research programmes that complement the academic interests of members of staff at the School, and we recommend that you investigate  staff research interests  before applying. However, please do not get in touch with faculty at this stage, 

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

• academic achievement (including existing and pending qualifications)
• statement of academic purpose 
• outline research proposal
• sample of written work.

See further information on supporting documents

You may also have to provide evidence of your English proficiency. You do not need to provide this at the time of your application to LSE, but we recommend that you do.  See our English language requirements .

When to apply

The application deadline for this programme is 25 April 2024 . However, to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.

Statement of Academic Purpose

Your Statement of Academic Purpose should clearly explain the below:

• Why you want to do research in finance
• How your studies and experience make you suitable to do research in finance

Research interests

Your Research Interests should be submitted in place of the Outline Research Proposal, along with your application form and other required supporting documents, via the LSE online application system.

• Which aspect of the PhD do you think you will like the most? Which will you dislike the most? Why? (max. 200 words)
• Tell us about your favourite paper in financial economics. What do you like about it? How would you improve it? (max. 400 words)
• Write a comment for a general audience on a topic/question that interests you in finance: (max. 400 words).
• Is CEO compensation excessive?
• Markets function well as information is aggregated efficiently through prices.
• What are the benefits of shareholder activism?

Fees and funding

Fees and funding.

Every research student is charged a fee in line with the fee structure for their programme.  The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2024/25 for MRes/PhD in Finance

Home students: £4,829 for the first year (provisional) Overseas students: £22,632 for the first year

The fee is likely to rise over subsequent years of the programme. The School charges home research students in line with the level of fee that the Research Councils recommend. The fees for overseas students are likely to rise in line with the assumed percentage increase in pay costs (ie, 4 per cent per annum).

The Table of Fees shows the latest tuition amounts for all programmes offered by the School.

The amount of tuition fees you will need to pay, and any financial support you are eligible for, will depend on whether you are classified as a home or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Further information about fee status classification.

Scholarships and other funding

The School recognises that the  cost of living in London  may be higher than in your home town or country, and we provide generous scholarships each year to home and overseas students.

This programme is eligible for  LSE PhD Studentships , and  Economic and Social Research Council (ESRC) funding . Selection for the PhD Studentships and ESRC funding is based on receipt of an application for a place – including all ancillary documents, before the funding deadline.  

Funding deadline for LSE PhD Studentships and ESRC funding: 15 January 2024 Second funding deadline for LSE PhD Studentships: 25 April 2024

The Finance Department may also offer departmental scholarships.

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas.  Find out more about financial support.

External funding 

There may be other funding opportunities available through other organisations or governments and we recommend you investigate these options as well.

Further information

Fees and funding opportunities

Information for international students

LSE is an international community, with over 140 nationalities represented amongst its student body. We celebrate this diversity through everything we do.  

If you are applying to LSE from outside of the UK then take a look at our Information for International students . 

1) Take a note of the UK qualifications we require for your programme of interest (found in the ‘Entry requirements’ section of this page). 

2) Go to the International Students section of our website. 

3) Select your country. 

4) Select ‘Graduate entry requirements’ and scroll until you arrive at the information about your local/national qualification. Compare the stated UK entry requirements listed on this page with the local/national entry requirement listed on your country specific page.

Programme structure and courses

Programme structure and courses.

A PhD in Finance from LSE consists of six coursework units, completed over two years, followed by a thesis which is usually expected to take a further three or four years.

We encourage our research students to participate fully in the intellectual life of the Department, and in the research seminar and workshop programmes of the Department and related research centres such as the Financial Markets Group (FMG). The weekly Capital Markets Workshops provide exposure to the work of leading academics from the UK and overseas. In addition, the FMG hosts a number of conferences each year with leading researchers and practitioners.

Students will normally commence in late August, by attending an introductory course before the start of the academic year.

Introductory Course in Mathematics and Statistics Provides students with the essential mathematical, statistical, economic and econometric background for the core Economics courses of these programmes.

During their first year, students take courses in Advanced Microeconomics, Advanced Macroeconomics and Advanced Financial Econometrics to build their core knowledge in these areas. They will also take two transferable skills courses which are not examined.

There is also the option to attend non-examined research workshops or seminars in finance given by faculty and internationally renowned scholars. Students also attend a PhD seminar in Finance throughout their MRes/PhD studies.

Microeconomics for MRes Students Introduces the basic analytical tools that are necessary to conduct research in any field in economics.

Macroeconomics for MRes Students Covers topics in advanced macroeconomics with emphasis on fundamentals and applications to recent theoretical advances.

Econometrics for MRes students Covers probability, mathematical statistics, and asymptotic theory, and theory and application of regression analysis. Provides a survey of the theory and application of time series methods in econometrics.

Financial Economics This non-examined course provides an in-depth introduction to the theories of asset pricing and corporate finance.

Capital Markets Workshop   

Second year

Students take courses in Corporate Finance and Asset Pricing, in addition to completing a research paper. They are also expected to attend research workshops or seminars in finance given by faculty and internationally renowned scholars.

Corporate Finance for Research Students The first half of this course focuses on the theory of corporate finance. The second half of the course will consider empirical research in corporate finance.  

Asset Pricing for Research Students Covers asset pricing theory, empirical asset pricing, as well as empirical evaluation of asset-pricing models.

Research Paper in Finance A research paper of between 6,000 and 8,000 words, related to your designated major field, to be submitted at the end of August of the second year.

PhD Seminar in Finance A seminar course for PhD students in the early stages of their research to present their work in progress.

Capital Markets Workshop

PhD programme

After meeting the progression requirements, students progress to PhD registration and begin to work on their thesis

For the most up-to-date list of optional courses please visit the relevant   School Calendar page. 

You must note, however, that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises. 

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s  Calendar , or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the  updated graduate course and programme information  page.

Supervision, progression and assessment

Supervision.

You will be assigned a lead supervisor (and a second supervisor/adviser) who is a specialist in your chosen research field, though not necessarily in your topic. Lead supervisors guide you through your studies.

Progression and assessment

To progress at the end of each year, students must pass their examined courses at grades specified by the Department and make satisfactory progress in their research. Progress is regularly monitored by the Department's Postgraduate Assessment Review Panel.

You will also need to meet certain criteria to progress to PhD registration, such as achieving certain grades in your coursework, and earning a minimum mark on your research paper.

Your final award will be determined by the completion of an original research thesis and a viva oral examination.

More about progression requirements.  

Student support and resources

We’re here to help and support you throughout your time at LSE, whether you need help with your academic studies, support with your welfare and wellbeing or simply to develop on a personal and professional level.

Whatever your query, big or small, there are a range of people you can speak to who will be happy to help.  

Department librarians   – they will be able to help you navigate the library and maximise its resources during your studies. 

Accommodation service  – they can offer advice on living in halls and offer guidance on private accommodation related queries.

Class teachers and seminar leaders  – they will be able to assist with queries relating to specific courses. 

Disability and Wellbeing Service  – they are experts in long-term health conditions, sensory impairments, mental health and specific learning difficulties. They offer confidential and free services such as  student counselling,  a  peer support scheme  and arranging  exam adjustments.  They run groups and workshops.  

IT help  – support is available 24 hours a day to assist with all your technology queries.   

LSE Faith Centre  – this is home to LSE's diverse religious activities and transformational interfaith leadership programmes, as well as a space for worship, prayer and quiet reflection. It includes Islamic prayer rooms and a main space for worship. It is also a space for wellbeing classes on campus and is open to all students and staff from all faiths and none.   

Language Centre  – the Centre specialises in offering language courses targeted to the needs of students and practitioners in the social sciences. We offer pre-course English for Academic Purposes programmes; English language support during your studies; modern language courses in nine languages; proofreading, translation and document authentication; and language learning community activities.

LSE Careers  ­ – with the help of LSE Careers, you can make the most of the opportunities that London has to offer. Whatever your career plans, LSE Careers will work with you, connecting you to opportunities and experiences from internships and volunteering to networking events and employer and alumni insights. 

LSE Library   –   founded in 1896, the British Library of Political and Economic Science is the major international library of the social sciences. It stays open late, has lots of excellent resources and is a great place to study. As an LSE student, you’ll have access to a number of other academic libraries in Greater London and nationwide. 

LSE LIFE  – this is where you should go to develop skills you’ll use as a student and beyond. The centre runs talks and workshops on skills you’ll find useful in the classroom; offers one-to-one sessions with study advisers who can help you with reading, making notes, writing, research and exam revision; and provides drop-in sessions for academic and personal support. (See ‘Teaching and assessment’). 

LSE Students’ Union (LSESU)  – they offer academic, personal and financial advice and funding.  

PhD Academy   – this is available for PhD students, wherever they are, to take part in interdisciplinary events and other professional development activities and access all the services related to their registration. 

Sardinia House Dental Practice   – this   offers discounted private dental services to LSE students.  

St Philips Medical Centre  – based in Pethwick-Lawrence House, the Centre provides NHS Primary Care services to registered patients.

Student Services Centre  – our staff here can answer general queries and can point you in the direction of other LSE services.  

Student advisers   – we have a  Deputy Head of Student Services (Advice and Policy)  and an  Adviser to Women Students  who can help with academic and pastoral matters.

Student life

As a student at LSE you’ll be based at our central London campus. Find out what our campus and London have to offer you on academic, social and career perspective. 

Student societies and activities

Your time at LSE is not just about studying, there are plenty of ways to get involved in  extracurricular activities . From joining one of over 200 societies, or starting your own society, to volunteering for a local charity, or attending a public lecture by a world-leading figure, there is a lot to choose from. 

The campus 

LSE is based on one  campus  in the centre of London. Despite the busy feel of the surrounding area, many of the streets around campus are pedestrianised, meaning the campus feels like a real community. 

Life in London 

London is an exciting, vibrant and colourful city. It's also an academic city, with more than 400,000 university students. Whatever your interests or appetite you will find something to suit your palate and pocket in this truly international capital. Make the most of career opportunities and social activities, theatre, museums, music and more. 

Want to find out more? Read why we think  London is a fantastic student city , find out about  key sights, places and experiences for new Londoners . Don't fear, London doesn't have to be super expensive: hear about  London on a budget . 

The programme is aimed at training students to become an academic. Students who successfully complete the programme often embark on a career in academic institutions, or international organisations such as central banks or the IMF. See a list of past placements.

Further information on graduate destinations for this programme

Support for your career

LSE Careers has a wide range of resources available to assist students in their job search. Find out more about the  support available to students through LSE Careers .

Find out more about LSE

Discover more about being an LSE student - meet us in a city near you, visit our campus or experience LSE from home. 

Experience LSE from home

Webinars, videos, student blogs and student video diaries will help you gain an insight into what it's like to study at LSE for those that aren't able to make it to our campus.  Experience LSE from home . 

Come on a guided campus tour, attend an undergraduate open day, drop into our office or go on a self-guided tour.  Find out about opportunities to visit LSE . 

LSE visits you

Student Marketing, Recruitment and Study Abroad travels throughout the UK and around the world to meet with prospective students. We visit schools, attend education fairs and also hold Destination LSE events: pre-departure events for offer holders.  Find details on LSE's upcoming visits . 

How to apply

Virtual Graduate Open Day

Register your interest

Related programmes, mres/phd economics.

Code(s) L1U4

MSc Finance and Economics

Code(s) LN43

MPhil/PhD Statistics

Code(s) G4ZS

MRes/PhD Accounting (Accounting, Organisations and Institutions)

Code(s) N2ZD (AOI track)

MPhil/PhD Social Research Methods

Code(s) L9ZM

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Finance at LBS

There’s no better place in the world for you to study Finance than at London Business School. We have an outstanding global reputation for teaching this specialist subject and strong links with financial institutions, recruiters and practitioners.

London has long-held its position as the international financial capital of the world, and with our campus located at its heart, you’ll find yourself at the thriving epicenter – able to build connections in the City while learning alongside some of the world’s finest financial minds.

post-experience Masters in Finance

Financial Times 2022

£ 10 trn+

in assets managed in the UK 

the largest asset management centre in Europe.

raised via London IPOs over the last three years

approx. one-quarter of all European IPOs by value.

£ 32 .3bn

PE & VC funding 

was secured by UK financial services firms in 2022.

A finance education suited to your experience level

We see finance professionals gain successful admission to programmes across our Masters portfolio. However, for those with a concentrated interest in finance, there are two programmes that have been created specifically for those at a pre- or post-experience stage in their careers.

Masters in Financial Analysis (MFA)

Our MFA is for recent graduates with up to 2 years’ experience. It gives you a solid base in finance, accounting, data analysis, financial modelling and world economy. You also gain knowledge of the very latest financial software and exposure to financial markets and institutions. It’s an applied programme that will ensure you complete your studies equipped with exceptional analyst-level skills that are in demand.

Masters in Finance (MiF)

Consistently ranked as the world’s best post-experience programme by the Financial Times, the MiF is ideal for experienced finance professionals who are striving to expand their network and secure long-term success. The MiF is available in full- or part-time format, to fit around your personal and professional commitments.

Tailor your learning experience

Gain global exposure

Depending on the programme you choose to study there are opportunities to take your experience global via a Global Experience or a Global Immersion Elective.

Led by expert faculty, Global Experiences follow one of the following themes: Finance, Technology, Innovation, Entrepreneurship, Strategy, Luxury or Sustainability & Social Impact. You will spend an intensive, immersive week, gaining an in-depth view of a country’s business culture via company visits, expert panels, workshops and guest speakers. You’ll interact meaningfully with major corporations, micro-entrepreneurs, faculty, alumni and others in the LBS global community. Debate the risks of doing business in a frontier market, support a micro-entrepreneur with a business plan or help a tech start-up tackle a pressing business issue.

Students on our Masters in Finance programme can pursue the Global Immersion elective, an exciting week-long trip specifically focusing on the asset management and banking industries. Deepen your understanding of the financial sector on this faculty-led trip built around guest speakers and organisational visits. Recent locations include Boston/New York, and Paris/Frankfurt.

Customise your classes

Electives are a key part of the learning experience across all of our Masters programmes. They allow you to tailor your learning across subject areas such as Economics, Management Science and Operations, Marketing, Organisational Behaviour and Strategy and Entrepreneurship. We have an extensive elective offering, recent courses on offer have included: 

• Value Investing
• Private Equity and Venture Capital
• Real Estate Finance
• The Economics of a Crisis
• Equity Investment Management
• Financial Analysis of Mergers

Students on our Masters in Finance can also choose one of the following concentrations which support specific interest areas and career goals: 

• Corporate Finance
• Investment Management and Analysis
• Risk Management and Derivatives

Student-led learning

There are over 80+ clubs to be found at LBS, and between them over 1000+ events and initiatives are hosted annually. Our strong links to the sector make it easy for the brightest and best in the finance world to share their insights and experience. LBS’s finance clubs serve one of the largest professional communities on campus and cater to a wide variety of finance-related interests including:

• Investment Banking (Finance Club)
• Investment Management
• Real Estate
• Infrastructure

Each club offers students a platform to connect with those with similar interests and cement a network outside your immediate cohort. Key student-led initiatives include:

• Treks: 20+ finance treks around the world run annually.
• Conferences: several exclusive club run conferences covering Investment Management, PEVC, Women in Business, Real Estate and more.
• Competitions: including Stock Pitch, Private Equity Case and Venture Capital Investment competitions.

With such a breadth of events on offer, there’s no shortage of opportunities to engage with new insights, improve your skills and strengthen your network.

"I was looking for a solid foundation in finance and knew from living in London that LBS would be a great option. The campus is near my office in Marble Arch, in the heart of the city, and was the perfect place to bui "I was looking for a solid foundation in finance and knew from living in London that LBS would be a great option. The campus is near my office in Marble Arch, in the heart of the city, and was the perfect place to build my network. It was also important that I could study part-time; I wanted to continue moving forward with my career rather than taking time out. " ...

"I was looking for a solid foundation in finance and knew from living in London that LBS would be a great option. The campus is near my office in Marble Arch, in the heart of the city, and was the perfect place to build my network. "

Martha Mends, MiFPT2022 

Job title:  Investment Associate at EMK Nationality:  British

"What amazed me the most at LBS was the help I got from the career team and the career coaches even before the start of term. The CV reviews, multiple workshops and peer leader sessions offered me great opportunities "What amazed me the most at LBS was the help I got from the career team and the career coaches even before the start of term. The CV reviews, multiple workshops and peer leader sessions offered me great opportunities to learn from industry leaders and experienced alumni. The people at LBS are also exceptional; I not only met great classmates, but also future colleagues and lifelong friends. " ...

"What amazed me the most at LBS was the help I got from the career team and the career coaches even before the start of term. The CV reviews, multiple workshops and peer leader sessions offered me great opportunities to learn from industry leaders and experienced alumni. "

Chenghong Sun, MFA2021

Job title:  Graduate Analyst - Securities Services, J.P. Morgan Nationality:  Chinese

"As a banker looking to transition to sustainable finance, my expertise in the area was very limited. Leveraging LBS’ network and connecting with alumni working in the space helped me understand the industry, skillset "As a banker looking to transition to sustainable finance, my expertise in the area was very limited. Leveraging LBS’ network and connecting with alumni working in the space helped me understand the industry, skillset and best practices to thrive in these roles. As a banker looking to transition to sustainable finance, my expertise in the area was very limited. Leveraging LBS’ network and connecting with alumni working in the space helped me understand the industry, skillset and best practices to thrive in these roles. " ...

"As a banker looking to transition to sustainable finance, my expertise in the area was very limited. Leveraging LBS’ network and connecting with alumni working in the space helped me understand the industry, skillset and best practices to thrive in these roles. "

Santiago Frontini Gerlach, MiFFT2021

Job title:   Impact Investor, International Finance Corporation Nationality:  Argentinian/German 

"The LBS Career Centre ensured that I (as a career switcher) was fully equipped with the know-how on getting into banking, from general guidance, to sector experts, to former senior bankers, to CV reviews and intervie "The LBS Career Centre ensured that I (as a career switcher) was fully equipped with the know-how on getting into banking, from general guidance, to sector experts, to former senior bankers, to CV reviews and interview practice. The LBS Career Centre ensured that I (as a career switcher) was fully equipped with the know-how on getting into banking, from general guidance, to sector experts, to former senior bankers, to CV reviews and interview practice. The MBA programme fully furnished me with a deep understanding of finance, strategy and management, all of which I am using to thrive in my current role. " ...

"The LBS Career Centre ensured that I (as a career switcher) was fully equipped with the know-how on getting into banking, from general guidance, to sector experts, to former senior bankers, to CV reviews and interview practice. "

Chidi Amadi, MBA2021

Job title: Investment Banking Associate, Citi Nationality:  British

"I was looking for a solid foundation in finance and knew from living in London that LBS would be a great option. The campus is near my office in Marble Arch, in the heart of the city, and was the perfect place to build my network. It was also important that I could study part-time; I wanted to continue moving forward with my career rather than taking time out." Martha Mends, MiFPT2022  , Job title:  Investment Associate at EMK Nationality:  British

"What amazed me the most at LBS was the help I got from the career team and the career coaches even before the start of term. The CV reviews, multiple workshops and peer leader sessions offered me great opportunities to learn from industry leaders and experienced alumni. The people at LBS are also exceptional; I not only met great classmates, but also future colleagues and lifelong friends." Chenghong Sun, MFA2021 , Job title:  Graduate Analyst - Securities Services, J.P. Morgan Nationality:  Chinese

"As a banker looking to transition to sustainable finance, my expertise in the area was very limited. Leveraging LBS’ network and connecting with alumni working in the space helped me understand the industry, skillset and best practices to thrive in these roles. As a banker looking to transition to sustainable finance, my expertise in the area was very limited. Leveraging LBS’ network and connecting with alumni working in the space helped me understand the industry, skillset and best practices to thrive in these roles." Santiago Frontini Gerlach, MiFFT2021 , Job title:   Impact Investor, International Finance Corporation Nationality:  Argentinian/German 

"The LBS Career Centre ensured that I (as a career switcher) was fully equipped with the know-how on getting into banking, from general guidance, to sector experts, to former senior bankers, to CV reviews and interview practice. The LBS Career Centre ensured that I (as a career switcher) was fully equipped with the know-how on getting into banking, from general guidance, to sector experts, to former senior bankers, to CV reviews and interview practice. The MBA programme fully furnished me with a deep understanding of finance, strategy and management, all of which I am using to thrive in my current role." Chidi Amadi, MBA2021 , Job title: Investment Banking Associate, Citi Nationality:  British

Career Centre

Richard Bland

Head of Finance Careers at London Business School

Finance is a core strand of our School and we are fortunate to have one of the most respected finance faculties in the world. With two pre-eminent finance programmes and more than a quarter of our MBA class, in total, more than 40% of all London Business School’s full-time students go on to pursue a career in finance post-graduation. We work closely with companies, offering a suite of options to connect to students, whether that is coming on campus to present, attending a careers fair, hosting office events or simply posting a job to the appropriate community.

Since the global financial crisis, we have seen a significant growth in Buy Side careers for students, with a tripling of the number of students entering private equity annually over the last decade. Our annual Buy Side Networking Evening, held each spring, brings together alumni from asset management, hedge funds and private equity to network with each other and to meet current students. The Finance Careers team also facilitate upwards of 20 treks a year, focusing on different sectors or geographies, which are regularly supported by our alumni community. These are a great chance to hear from investment professionals about recent investments and develop a network.

Employment reports

Download our employment reports to explore the industries, salaries, destinations and much more of our most recent graduates.

Institute of Entrepreneurship and Private Capital

The IEPC is an unparalleled centre for education, policy shaping and events covering all aspects of entrepreneurship, from idea generation to financing, and private markets investing. The IEPC helps create and finance the companies of the future and shape the people who will lead them.

AQR Asset Management Institute

The AQR Asset Management Institute harnesses the School’s academic excellence, global perspective and London experience. A pioneer in research-driven investment management, our approach to research is interdisciplinary, encompassing strategy, organisation and management as well as finance, economics and accounting.

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By Scott Richardson, Dan Atkinson

Explore other career options

Our graduates accept job offers across a broad range of sectors. Discover endless opportunities to propel your career to new heights and find out how our Career Centre experts can help you achieve your goals

• Diversified Sectors
• Entrepreneurship

Related Programmes

Finding the right programme for your experience level

Ready to take the next step in your finance career? Take a look at our recommended programmes or explore our full range of Masters degrees to help you determine which could be right for you. Explore our full programme portfolio

Masters in Financial Analysis

Stand out from the competition with the Masters in Financial Analysis (MFA) for new graduates. Developed in consultation with the world’s leading financial organisations, this highly practical programme will equip you with the skills, knowledge and networks essential for a successful career in finance. Study full-time over 12 months in London – the capital of global finance – and learn from the world’s top academics and practitioners.

Masters in Finance Full-time

This full-time, highly specialised programme is designed for ambitious and experienced finance professionals. Strengthen your global view of finance with a programme that can be tailored to suit your career goals. There’s an extensive range of specialist electives to choose from, as well as practitioner courses, industry-focused events and international experiences.

Join the London Business School MBA and be rewarded with a life-changing learning experience and untold career options. Develop an international mindset, build a global network and take yourself to a market eager for your skills and outlook. Leave this transformational programme as a well-rounded global leader ready to thrive and succeed in today’s business environment. Your ability to achieve and act – both independently and as a member of a multicultural team anywhere in the world – is what will make you stand out.

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PhD Admission Guide

This application guide provides information on the key stages in making an application to study for a PhD at King’s Business School and on the admission and funding deadlines. Please read this information carefully as failure to meet the requirements outlined below may jeopardise your application. 

Application and funding deadlines

• How to apply: A step-by-step guide
• After you Apply

Receiving an offer

* Be sure to speak with a supervisor before submitting your application.

For entry to the King’s Business School PhD Programme for October 2024/25, the following application and funding deadlines apply:

1. Check that you meet our entry requirements

Academic standards.

You should hold, or be completing, a Master's degree with a Merit or higher (or overseas equivalent) and  have achieved a 2:1 Bachelor's degree (or overseas equivalent) in a relevant subject.

International applicants can check the equivalence of their degrees . If you can't find your country or qualification in the list or would like to check the status of your institution with us, please contact the Admissions Office for further advice.

King’s does not require standardised tests such as the GRE or GMAT, but some supervisors may request these scores for information.

English language requirements

If you are a native English speaker or have been awarded a degree within the last five years from one of the countries listed here , you may not be required to take an English language test. English language competency is assessed on a case-by-case basis.

If your first language is not English you must be able to provide recent evidence that your spoken and written command of the English language is adequate for the programmes for which you have applied. Check our English language requirements here (Band B) . You can use our pre-sessional English calculator to check if your language scores meet our requirements.

Please note, we cannot review individual eligibility before you apply and are only able to consider complete applications which include all supporting documents.

2. Contact potential supervisor(s)

Support from a supervisor with the right expertise for your project is essential to success in your doctoral studies. For your application to be considered you must identify a lead supervisor who shares an interest in your proposed area of research.

You sould contact potential supervisors to discuss your research proposal before applying. If they are interested, they will invite you for an interview. 

You will work closely with your lead supervisor for several years, so it is essential to ensure that you have similar research interests and aims for the project. Before approaching a potential supervisor, read some of their publications on their Research Profiles to see if they undertake work in an area relevant to you. This will help you to decide whether they are the right fit for you and your project. When approaching a potential supervisor, it is important to show an appreciation of their research expertise and interests.

Details of research undertaken within the School can be found by exploring our departments and academic staff pages. All of our faculty members are research active and the majority of them are available to supervise doctoral students.

When you have identified a supervisor you would like to work with, please email them, and include the following information in your message:

• A short message explaining your background, research interests and why you are interested in undertaking a PhD
• An explanation of why you think they are the right supervisor for your project, demonstrating your familiarity with their research work
• A copy of your CV
• An early draft of your research proposal (usually about one page). Have a look at Section 3 for details on what to include in your proposal

If you do not send this information you may not get a response to your email, as without these details it will not be possible for a supervisor to assess whether they will be able to supervise your project.

It is fine to send queries to more than one supervisor, but please do not send blanket email requests to more than four academics at a time. These are unlikely to receive a response.

If you do not receive a response from your preferred supervisor after a week, then feel free to send them a reminder. If you still do not receive a response, you can still submit your application and include the name your preferred supervisor in your application. Your application may be considered.

If a supervisor is interested they will invite you for an interview and all applications are reviewed at School level. Please note that a supervisor’s agreement to supervise you does not guarantee entry to the programme. You must submit an online application with all of the required documents before the School is able to make a full assessment of your suitability.

3. Develop your proposal

A PhD proposal is an outline of your proposed project. It is arguably the most important part of your PhD application. The admissions committee will be assessing your expertise in your chosen research area, your knowledge of the literature, the quality and originality of your ideas, whether your project is a good fit with your proposed supervisor and the research strengths of the School, and the feasibility of your project.

The proposal should be approximately 1,500 words in length plus references, and should be structured using the following headings:

• Introduction: To set up a clear research problem/question and its wider significance
• Background: To provide a short literature review that analyses the state-of-the-art in the field and explains how the project will add to and/or challenge existing literature
• Objectives: To state the main objectives of the project
• Methods: To explain the methods you plan to use, including sources of, or means of collecting, data
• Implications: To highlight the anticipated academic and applied contributions of the project

You are advised to contact prospective supervisors before finalising your proposal in case they have any advice about how to refine it and so you can ensure your research fits well with the expertise of your supervisor.

It is understood that your project will evolve during the course of your PhD, so the proposal is necessarily speculative. We do not expect you to be able to answer your research question(s) at the application stage. Likewise, some of the methods you may want to use will work, and some of them may not. Nonetheless it is important to try and be as specific as you can about the project’s objectives, methods and anticipated outcomes.

4. Write your Personal Statement

We ask that you also write a short supporting statement (c. 500 words) explaining:

• Your motivation for applying for a PhD
• Why you are well suited to undertaking a PhD (appropriate expertise, personal skills, etc.)
• What you are hoping to do after you complete your PhD
• Why you have selected your preferred supervisor(s)
• Why King’s Business School is the best place for you to undertake your project

5. Apply online

Submit your application via King’s Apply , our online application portal. Select either Management Studies Research MPhil/PhD (Full Time) or Management Studies Research MPhil/PhD (Part Time) depending on your preferred mode of study. Please note that only applicants for Full Time study are eligible for a King’s Business School studentship.

Your application requires the following:

• Research proposal of 1,500 words, to be uploaded on the portal
• The name of your preferred supervisor
• Personal statement of 500 words, to be pasted in the ‘Supporting Statement’ box
• One academic reference which is recent and valid. You can invite your referee to upload their reference directly or you can upload copies of the reference letter to the online application form
• A sample of your previous written work (typically, your Master’s dissertation)
• English language test certificate, unless you meet the criteria for an exemption.Valid degree transcripts for both undergraduate and master’s degrees, which include marksheets showing all modules taken and marks received. If your transcripts are not in English, please provide an official translation
• Details on how you will fund your studies. If you are applying for a King’s College London studentship you must enter the scholarship code details in the online form

6. Apply for funding

Most PhD students require funding to support their studies. To increase your chances of securing funding, we strongly encourage you to apply to all studentship competitions for which you are eligible.

A variety of competitions are open to students accepted to the King’s Business School PhD Programme and a comprehensive database of studentships is available through the Centre for Doctoral Studies . Some of the key competitions include:

King’s Business School Studentships

Open to all full-time applicants to the PhD Programme, regardless of fee status, King’s Business School studentships pay fees in full and an annual stipend. Applicants to the King’s Business School studentships are expected to also apply to any other King’s studentships for which they are eligible. The competition opens in early October each year.

Please let your supervisor know if you are interested in applying to the King's Business School Studentships and ensure you submit your online application via King’s Apply by 15 December 2023 at 17.00 (5pm) .

Please contact The PhD Team at [email protected] if you have any questions.

London Interdisciplinary Social Science Doctoral Training Partnership (LISS-DTP) Studentships

These studentships, funded by the Economic and Social Sciences Research Council, are available to Home and International students (including EU students). The deadline is TBC, but usually late January 2024.

King’s China Council Scholarships

Open to citizens and permanent residents of the People’s Republic of China, these scholarships provide international fees, an annual living allowance and visa application fees. To apply mention the relevant scholarship code when you submit your online application to King’s Apply, and fill out the CSC application form (available online). The deadline is usually in early January.

After you apply

Use King’s Apply you can track the status of your application, view your offer details and upload supporting documents such as English language test results.

The application process can take four to eight weeks depending on the time of year. Please note that an incomplete application will delay the decision-making process.

If you have any queries about your application, you can contact Admissions directly through your King’s Apply Account using the messaging service (admissions does not communicate through email about applications)

All shortlisted applications are reviewed at School level and if your application is successful, you will either receive an unconditional or conditional offer at the end of March 2024 for Round 1 and end of June for Round 2. A conditional offer will outline certain requirements which you must fulfil before you can be admitted to the programme.

If you decide to accept the offer, you will need make the offer ‘firm’ on your King’s Apply Account. You can still do this if your offer is conditional and when all conditions are met the status of your application will change to unconditional.

You will start to receive specific programme Information from the Research Officer in the summer before the programme starts in October.

Do you have a question?

If you have a query which is not answered on this page, or to find out more about supervisors currently taking on PhD students, please contact [email protected] . 

Choose start date: Start date: September 2024 Duration: Five to six years Deadline: Applications are now closed Fee: Fully funded Location: London, UK

Conduct research to develop a more robust financial system

Within the Department of Finance, our world-class researchers engage with and disseminate research to practitioners, policy-makers and academic colleagues to develop a more robust financial system.  

The research interests of faculty span four core themes – Innovation and Asset Pricing, Corporate Finance, Finance and Risk Management, and Financial Analysis. They hold expertise within derivative pricing and hedging, quantitative risk management and asset allocation, financial econometrics, stochastic volatility modelling, credit risk modelling, catastrophe risk analysis, M&A and private equity. 

You may also be co-supervised by faculty in other departments in the School, depending on your research interests. 

Research centres and partnerships

The Business School is home to several research centres and institutes, offering a diverse range of activities that bring together academics and specialists

The Brevan Howard Centre for Financial Analysis

Where Imperial College London finance faculty collaborate with external academics and industry professionals to develop cutting-edge research, influencing global industry practice and public policy.  

Grantham Institute for Climate Change

Focussing on research relating to a sustainable, resilient, zero-carbon future. 

Financial Technology

Acting as a hub for the interdisciplinary research that is needed to develop innovations, reveal insights and answer questions; bringing together the activities of academics, startup companies, established industry and governmental organisations. 

Climate Finance and Investment

Works to unlock solutions within capital markets to address the challenges posed by global climate change. 

Teaching experience

PhD students on the Graduate Teaching Assistant (GTA) scholarship will undertake 150 hours of teaching assistant duties from year three of the programme. There will be opportunities for PhD students to engage in teaching activities within the Business School’s Finance Masters’. 

Doctoral Theses in Finance

Meet your faculty.

Our PhD programme fosters close collaboration between leading Finance faculty and doctoral students, developing their research interests and providing continuous support and guidance throughout the programme.  

Franklin Allen

Patrick Bolton

Ramana Nanda

Lara Cathcart

Enrico Biffis

Christopher Hansman

Clara Martinez-Toledano

Explore more, doctoral programme.

Study your doctoral programme at a global top 10 university offering world-class faculty, leadership coaching, global business experience, industry connections, specialist careers support and an exciting London location. 

Request a brochure

Downloading a brochure is a great way to find out more about our programmes and discover which is right for you. 

Stay up to date

Keep up to date about news, events, and application deadlines for the Doctoral programme by joining our mailing list. 

Finance MSc

London, Canary Wharf

The Finance MSc programme offers a world-class generalist training in finance. Building on the foundations of quantitative finance (economics, mathematics, and statistics), it combines theory and practice in a variety of finance-related topics including corporate finance, investment, derivatives, hedge funds, private equity, big data analysis, behavioural finance, investment banking, and fintech. This highly selective programme attracts outstanding students globally.

UK tuition fees (2024/25)

Overseas tuition fees (2024/25), programme starts, applications accepted.

Applications open

• Entry requirements

A minimum of an upper-second class Bachelor's degree from a UK university or an overseas qualification of an equivalent standard in one of the following subjects: economics, finance, mathematics, business, accounting, engineering, science or statistics. Degrees from other disciplines may be considered if they are related to finance and/or mathematics. Applicants are not required to submit a Graduate Record Examinations (GRE) Graduate Management Admissions Test (GMAT) result as part of their initial application. However, applicants with a degree that is not in a highly quantitative discipline are encouraged to submit a GMAT or GRE result. A score of at least 43/60 in the quantitative section of GMAT, or 162/170 in the quantitative section of GRE will add weight to an application.

The English language level for this programme is: Level 2 Please note that when applicable, students must meet Level 2 English in one single test.

UCL Pre-Master's and Pre-sessional English courses are for international students who are aiming to study for a postgraduate degree at UCL. The courses will develop your academic English and academic skills required to succeed at postgraduate level.

Further information can be found on our English language requirements page.

Equivalent qualifications

Country-specific information, including details of when UCL representatives are visiting your part of the world, can be obtained from the International Students website .

International applicants can find out the equivalent qualification for their country by selecting from the list below. Please note that the equivalency will correspond to the broad UK degree classification stated on this page (e.g. upper second-class). Where a specific overall percentage is required in the UK qualification, the international equivalency will be higher than that stated below. Please contact Graduate Admissions should you require further advice.

About this degree

As a Finance MSc student you will acquire a firm grasp of fundamental finance-related concepts and be able to apply your knowledge to practical tasks by, for example, utilising mathematical models to price financial securities.

Graduates will acquire the skills and knowledge required to work in any of the major global financial centres such as New York, London, Tokyo, Hong Kong and more.

The programme has been developed to give a holistic understanding of the financial sector and provides a combination of science and practice at every stage. Term 1 is dedicated to the scientific foundations of finance as an academic discipline. Term 2 explores additional frontier topics and starts blending the foundations with industry practices, which you will start to study in elective modules. Term 3 gives you further opportunities to tailor your learning experience with more electives.   

UCL is a CFA® affiliated university: academic institutions that embed a significant portion of the CFA Program Candidate Body of Knowledge (CBOK) — including the Code of Ethics and Standards of Professional Conduct — into their curriculum. The Finance MSc curriculum is closely tied to the practice of investment management which is helpful to students preparing for the CFA programme exams.

Who this course is for

This programme is suitable for those who have a passion for finance and a clear drive to work in the finance industry.

What this course will give you

This programme draws upon the combined strengths of two highly-rated departments: UCL School of Management and UCL Economics. The knowledge and expertise of UCL's academic staff combine to provide a repository for students to draw upon as they identify and respond to challenges and issues in real-world scenarios. As an MSc Finance student, you will benefit from a bespoke Careers and Employer Engagement programme and a dedicated careers team who will help you present yourself to leading graduate employers with confidence. 

UCL School of Management is based at our Canary Wharf campus at One Canada Square in Canary Wharf, London’s financial hub, offering students a myriad of opportunities to network with industry professionals. The School works closely with global companies and innovative start-ups at the cutting edge of management and associated finance-related practice. The research performed in the UCL School of Management was rated as “world-leading” and "internationally excellent" in the 2021 Research Excellent Framework (REF) , placing us second in the UK for business and management. 

UCL Economics has long-established links with leading financial institutions, reflected within hard-edged, meaningful research. The Research Excellence Framework 2021 (REF) has placed UCL Economics first for 4* world-leading research outputs and research environments, with scores of 72% and 100% respectively. The Department also placed third in its overall ranking with 65% of all indicators ranked as 4*. The Department gives students a thorough knowledge of cutting-edge techniques in theoretical and applied economics, utilising robust quantitative underpinnings.

The foundation of your career

As a Finance MSc graduate, you will be able to demonstrate deep knowledge and understanding of the specialist subject area while placing that subject within a wider organisational and contextual framework.

You will understand current issues and thinking along with techniques applicable to research in the subject area.

Upon graduating you will have both theoretical and practitioner perspectives and will be able to apply a range of specialist skills to the organisations – as well as the context – in which you as a specialist may operate.

Employability

The aim of the programme is to prepare individuals for effective roles in the financial industry, the national and international scope of which is extensive. It includes commercial banks, investment banks, hedge funds, private equity firms, asset management companies, insurance companies, credit rating agencies, broker-dealers, and boutique financial advisory companies among others. 

As well as being a part of a global cohort and having the opportunity to network with likeminded individuals, our students benefit from career workshops, one-on-one advice, exclusive corporate events and access to our alumni community. The Finance MSc programme gives students access to a number of high-profile corporate speakers and specialists within their field, which typically also includes opportunities for students to network in small group environments. In addition, over 1,000 employers/organisations attend events that are arranged each year by UCL Careers, including careers fairs, employer presentations and sector ‘themed weeks’, which may include employer forums, networking events, talks on how to get into the sector, and one-on-one advice sessions. 

Teaching and learning

The programme is delivered through a combination of lectures and seminars. Students typically study 4 compulsory modules in Term 1 and 2 compulsory modules in Term 2. Students also study 4 optional modules which may take place in Term 2 or 3. In Term 3 all students undertake a dissertation module (research project).  

Assessment is through written examinations, individual and group coursework, and a 7,500-word dissertation.

Modules in Terms 1 and 2 are delivered over 10 weeks, with 3 contact hours per week comprising lecture content and interactive components. Modules in Term 3 are delivered intensively with ten x 3-hour sessions over a period of 5 weeks.

In addition, students spend approximately 7-12 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.

The total number of weekly hours will vary according to the module and the weekly activities being undertaken.

For a full overview of the programme structure please visit the UCL School of Management website.

You will take four compulsory modules in Term 1 and two compulsory modules in Term 2 (each bearing 15 credits).

You will also take four optional modules from a choice of 11 options (all 15 credits each) in either Term 2 or Term 3.

The compulsory modules provide the basis and foundation in key finance theories and models and optional modules give you the opportunity to gain in-depth knowledge about more specialised areas of finance.

There is a compulsory dissertation module (research project) in Term 3, worth 30 credits. Most of the research and write-up for the research project will likely take place in Term 3 and over the summer.

You will also have access to two non-credit-bearing courses as follows:

An online camp in Mathematics will take place before Term 1 starts. This mini online course aims to standardise the mathematical base of students before any teaching starts.

A series of optional workshops called “Frameworks for Finance Essentials” allowing you to gain a deeper knowledge in financial accounting. You will need this training to be able to understand more complex concepts to be delivered in Corporate Finance and in some of the electives offered in the programme.

Compulsory modules

Optional modules.

Please note that the list of modules given here is indicative. This information is published a long time in advance of enrolment and module content and availability are subject to change. Modules that are in use for the current academic year are linked for further information. Where no link is present, further information is not yet available.

Students undertake modules to the value of 180 credits. Upon successful completion of 180 credits, you will be awarded an MSc in Finance.

Accessibility

Details of the accessibility of UCL buildings can be obtained from AccessAble accessable.co.uk . Further information can also be obtained from the UCL Student Support and Wellbeing team .

Online - Open day

Graduate Open Events: Finance MSc

Join UCL School of Management's virtual open day to learn more about the MSc Finance programme. You will hear from the Programme Director, Professor Fred Malherbe, the programme team and current/former students about what it is like to study with us. You will also have the opportunity to ask the questions that are important to you.

Fees and funding

Fees for this course.

The tuition fees shown are for the year indicated above. Fees for subsequent years may increase or otherwise vary. Where the programme is offered on a flexible/modular basis, fees are charged pro-rata to the appropriate full-time Master's fee taken in an academic session. Further information on fee status, fee increases and the fee schedule can be viewed on the UCL Students website: ucl.ac.uk/students/fees .

Additional costs

All full time students are required to pay a fee deposit of £2,000 for this programme.

This programme may include opportunities for students to undertake optional international study trips. The costs of such trips are usually covered by students although some elements may be subsidised or grants available depending on the destination, organisational and support responsibilities. On average, costs would be around £1,000 to £1,750 depending on the trip destination, personal flight preferences and spending habits as well as the prevailing currency exchange rates.  

For more information on additional costs for prospective students please go to our estimated cost of essential expenditure at Accommodation and living costs .

Funding your studies

The scholarship works to support the ambitions of east Londoners by funding the fees and living costs of eligible Master's programmes including this MSc at UCL. Further details at: ucl.ac.uk/scholarships/ucl-east-london-scholarship .

For a comprehensive list of the funding opportunities available at UCL, including funding relevant to your nationality, please visit the Scholarships and Funding website .

UCL East London Scholarship

Deadline: 20 June 2024 Value: Tuition fees plus £15,700 stipend () Criteria Based on financial need Eligibility: UK

Students are advised to apply as early as possible due to competition for places. Those applying for scholarship funding (particularly overseas applicants) should take note of application deadlines.

A staged admissions process is in place for this programme. This means that when you apply, your application will be considered with all others that have submitted before the deadline. This enables us to ensure that all applications are considered fairly and equally.

Applications submitted, and considered complete by 15th December 2023 can expect to recieve a response on their application by 19th February 2024.

Applications submitted, and considered complete by 23rd February 2024 can expect to receive a response on their application by 6th April 2024.

Applications submitted, and considered complete by 15th March 2024 can expect to receive a response on their application by 27th April 2024.

Applications submitted, and considered complete by 7th June 2024 can expect to receive a response on their application by 12 July 2024.

Please note that our 'response' may include being informed that your application is being held for further review against other applicants. All applicants will receive a response no later than 12th July 2024.

There is an application processing fee for this programme of £160 for both online and paper applications. Further information can be found at Application fees .

When we assess your application we would like to learn:

• why you want to pursue a postgraduate degree in finance
• what particularly attracts you to the UCL Finance MSc programme
• how your academic and professional background prepare you to meet the challenging demands of this programme
• what your career aspirations are post-graduation from the programme.

Together with essential academic requirements, the personal statement is your opportunity to illustrate whether your reasons for applying to this programme match what the programme will deliver.

Please note that you may submit applications for a maximum of two graduate programmes (or one application for the Law LLM) in any application cycle.

Choose your programme

Please read the Application Guidance before proceeding with your application.

Year of entry: 2024-2025

Got questions get in touch.

UCL School of Management

[email protected]

UCL is regulated by the Office for Students .

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WHAT IS A GMAT/GRE? AND HOW TO REQUEST A WAIVER FOR THE MASTERS IN FINANCE PRE APPLICATION

What is a GMAT or GRE?

These tests are important tools which allow the Admissions Committee to assess your aptitude for rigorous graduate/business study. Both exams are multiple-choice, computer-based standardised exams, both tests will have multiple sections, including but not limited to, verbal reasoning and quantitative reasoning. Both GMAT and GRE have undergone changes to their tests in the last few months, so it’s worth updating yourself on those changes as you start to prepare.

At London Business School, we review applications with a holistic approach so your test score will be one component considered alongside other application elements, such as your previous academics, your work experience so far, the quality of your essays, your professional reference etc.

Do I have to take the GMAT or GRE test?

The GMAT/GMAT Focus or GRE is a mandatory requirement of the application process, acting as a supporting document to your online application. However, in some cases the Admissions Committee can grant waivers to applicants who can demonstrate previous academic excellence, strong grades with an emphasis in quantitative subjects and outstanding professional finance experience.

How will I know if I am eligible for a waiver?

For the Masters in Finance, applicants who have obtained a CFA II or above will receive an automatic GMAT/GRE waiver. As this waiver is guaranteed, you do not need to contact our Recruitment and Admissions team in advance for this to be granted.

If you do not hold a CFA II or above but would like to be considered for a GMAT/GRE waiver, we encourage you to submit your CV, full academic transcripts and a short supporting statement demonstrating your quantitative skills and experience. In writing this statement you are welcome to include academic and professional qualifications, employment experience or any other relevant information. 

Please email the documents and statement to  [email protected]   before submitting your application.

What scores are Admissions looking for?

Our class scores for GMAT have traditionally ranged anywhere from 600 up to 780. In the new GMAT Focus Edition test, this is roughly equivalent to a range of 565-785.

Submitting with a high score (GMAT 680+, GMAT Focus 635+ or GRE 155 Verbal and 165 Quantitative) can positively impact your Masters in Finance application, and can offset any possible weaknesses in your university grades. However, it’s important to reiterate that GMAT/GRE scores are just one part of the application. A higher score does add weight to a profile, but it doesn’t guarantee admission. Similarly, a low score doesn’t automatically discount you from the process.

Does the Admissions committee have a preference over GMAT or GRE?

We have no preference between GMAT and GRE, it will not have any impact on your application whether you choose to do GMAT or GRE, we look at them both equally. Our advice here is to take practice tests for both GMAT and GRE to determine which best suits you.

Practice the GMAT test with London Business School’s  GMAT simulator .

GMAT practice tests are also available via  mba.com  and GRE practice tests available via  ets.org .

If you have any further questions regarding a GMAT/GRE waiver please email  [email protected]

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2024-2025 General Catalog

Business, Bachelor of Science Graduate School of Management

Office & Contact Information

Accepting freshmen in Fall 2025 and transfer students in Fall 2027; current students are accepted beginning in Fall 2027.

Bachelor of Science in Business at the UC Davis Graduate School of Management

The UC Davis Bachelor of Science in Business offers a core foundation anchored in math, statistics and economics while building competencies in fundamental areas of business. Business majors choose to specialize in one or two of the following areas:

Marketing & Business Analytics

• Management & Strategy

The major is a first-of-its-kind campus partnership between the Graduate School of Management, College of Letters & Science, and College of Agricultural & Environmental Sciences.

The Graduate School of Management awards the Bachelor of Science in Business.

The major requirements below are in addition to meeting  University Degree Requirements  &  College Degree Requirements ; unless otherwise noted. The minimum number of units required for the Business Bachelor of Science is 108.

Students may not double major in the Business Major and Economics or Managerial Economics. In addition, students in the Business Major may not be granted minors offered by the Graduate School of Management.

Specialization Areas

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A Gen Xer who got $250,000 in student loans forgiven said he can now finally start saving for retirement — and consider his dream of studying in India

• Joel Lambdin, 49, received $250,000 in student-loan forgiveness in January.
• It's a result of the Education Department's one-time account adjustments.
• Lambdin said the relief would allow him to save for retirement and consider long-term dreams.

Joel Lambdin finished graduate school in 1998 — but as a professional musician, he was hardly making enough money to pay off his student loans and other bills.

So Lambdin, now 49, said his only option to make ends meet was to put his student loans in forbearance — in which he was not making payments but interest was still accumulating .

"It was just so that I could subsist, so that I could survive," Lambdin told Business Insider. "With the hope that at some point, I would be making enough money that I would be able to take them out of forbearance and start paying them down."

But he grew to realize that the only way he could make a significant dent in his student loans was by switching careers. He didn't want to do that because he loved working in music, so he decided to keep his larger student loan in forbearance and begin paying off his smaller loan with a lower monthly payment.

He continued making those payments until the pandemic pause on student-loan payments , at which point he and his wife started making a plan of action to tackle the larger debt once the pause ended. That led them to discover the Education Department's initiative allowing some borrowers a one-time account adjustment . It lets the department evaluate borrowers' accounts and update payment progress toward forgiveness on income-driven repayment plans and Public Service Loan Forgiveness, including any payments made during a forbearance period.

That account adjustment led to a letter Lambdin received on January 31, reviewed by BI, from his student-loan servicer Aidvantage. It said: "Congratulations! The Biden-Harris Administration has forgiven your federal student loan(s) listed below with Aidvantage in full."

For Lambdin, that letter meant his $249,255 outstanding student-loan balance was effectively wiped out.

"It had started to feel like my fate was being decided for me by the cold hand of finance," Lambdin said, "and that was a weight that I didn't realize was there until it wasn't there."

He added: "The feeling was much more like putting down a backpack that was really full of books that you got used to. And then you put it down, and you're like, 'Oh, man, that feels so much better.' It's more like that, rather than sort of a jump-for-joy kind of situation."

While Lambdin is still working to determine what exactly the relief will mean for him and his wife, he said, discussing retirement is "a much more present conversation now" because contributing to savings is viable after the relief. He can also begin to look into buying a home.

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The Education Department continues to cancel student debt through its one-time account adjustments, a process it plans to complete this summer. Most recently, the department wiped out $7.4 billion in student debt for 277,000 borrowers , some of whom benefited from the adjustments.

Beyond financial goals, Lambdin said the relief was also allowing him the freedom to pursue some of his long-term dreams, including taking a sabbatical to study with his meditation teacher in India.

"It's something that I wouldn't have been able to even consider doing if we had to pay off student loans, but without them, it's something that I can really seriously consider doing," he said. "And so those are the kinds of things that I think get really lost in the monetary side of the conversation about debt relief."

'I've been really lucky'

While Lambdin said he felt as though he earned the relief given his decades of payments, he recognized that it's not that easy for many other borrowers.

For example, as BI has previously reported , some borrowers who might qualify for relief through different repayment programs may not have gotten it yet because of paperwork backlogs and administrative errors. On top of that, funding for federal student-loan servicers is strained — meaning many borrowers face hourslong hold times and cannot get clear answers from customer service regarding their payment progress.

"There are some real horror stories out there, and I've been really lucky in that I haven't experienced the kinds of shenanigans that other people have experienced," Lambdin said. "So I actually feel very lucky that things have transpired the way they have."

Some of those horror stories include inaccurate payment projections and delayed billing statements . When it comes to student-loan forgiveness, some borrowers told BI that their servicer made a mistake with the forgiveness , reinstating their payments months later.

The Education Department has said it's aware of the challenges borrowers face and has established an accountability framework to punish servicers when they fail to fulfill their contractual obligations.

The department is also in the process of crafting its new plan for student-loan forgiveness — it recently released the draft text of the rules , which included relief for borrowers with unpaid interest and those who have been in repayment for at least 20 years.

As for Lambdin, he's still figuring out how to approach life without student debt hanging over his head. But now he can consider various options, and he can thank the loan forgiveness for that freedom.

"There's a certain amount of waiting for the other shoe to drop because it's not that I don't trust that it's happening but just that the debt has been with me for so long, and then it's not there," Lambdin said. "And it's something that I think really takes some getting used to."

Watch: Biden announces who can have $10,000 erased in student loans

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Private student loan interest rates continue upward surge

The latest private student loan interest rates from the Credible marketplace, updated weekly. ( iStock )

During the week of Apr. 15, 2024, average private student loan rates increased for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10-year fixed-rate loans and 5-year variable-rate loans.

• 10-year fixed rate: 10.45%, up from 9.40% the week before, +1.05
• 5-year variable rate: 7.75%, up from 7.39% the week before, +0.36

Through Credible, you can compare private student loan rates from multiple lenders.

For 10-year fixed private student loans, interest rates rose by over a full percentage point, while 5-year variable student loan interest ticked up by more than a third of a percentage point.

Borrowers with good credit may find a lower rate with a private student loan than with some federal loans. For the 2023-24 academic school year, federal student loan rates will range from 5.50% to 8.05%. Private student loan rates for borrowers with good to excellent credit can be lower right now.

Because federal loans come with certain benefits, like access to income-driven repayment plans, you should always exhaust federal student loan options first before turning to private student loans to cover any funding gaps. Private lenders such as banks, credit unions, and online lenders provide private student loans. You can use private loans to pay for education costs and living expenses, which might not be covered by your federal education loans. 

Interest rates and terms on private student loans can vary depending on your financial situation, credit history, and the lender you choose.

Take a look at Credible partner lenders’ rates for borrowers who used the Credible marketplace to select a lender during the week of April 15:

Private student loan rates (graduate and undergraduate)

Who sets federal and private interest rates?

Congress sets federal student loan interest rates each year. These fixed interest rates depend on the type of federal loan you take out, your dependency status and your year in school.

Private student loan interest rates can be fixed or variable and depend on your credit, repayment term and other factors. As a general rule, the better your credit score, the lower your interest rate is likely to be.  

You can compare rates from multiple student loan lenders using Credible.

How does student loan interest work?

An interest rate is a percentage of the loan periodically tacked onto your balance — essentially the cost of borrowing money. Interest is one way lenders can make money from loans. Your monthly payment often pays interest first, with the rest going to the amount you initially borrowed (the principal). 

Getting a low interest rate could help you save money over the life of the loan and pay off your debt faster.

What is a fixed- vs. variable-rate loan?

Here’s the difference between a fixed and variable rate:

• With a fixed rate, your monthly payment amount will stay the same over the course of your loan term.
• With a variable rate, your payments might rise or fall based on changing interest rates.

Comparison shopping for private student loan rates is easy when you use Credible.

Calculate your savings

Using a student loan interest calculator will help you estimate your monthly payments and the total amount you’ll owe over the life of your federal or private student loans.

Once you enter your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the life of the loan and the total amount you’ll pay back. 

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.