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The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

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

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

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

Preparation and Qualifications

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

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

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

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

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, greg buchak, antonio coppola, 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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Phd in finance: requirements, salary, jobs, & career growth, what is phd in finance.

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

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

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

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

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

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

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

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

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

What is expected job growth with PhD in Finance?

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

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

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

What can you do with a PhD in Finance?

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

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

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

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

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

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

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

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

What are the requirements for a PhD in Finance?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What are the Best PhD in Finance Degree programs?

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

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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!

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The Columbia Advantage

Finance Doctoral students are trained in major areas in finance and economics, including, asset pricing, corporate finance, continuous-time models in finance, information economics, international finance, market micro-structure, and banking. The program prepares students for careers in scholarly research, and graduates take jobs primarily in academic or research institutions, while some students opt to work in industry. Details about the coursework and research students conduct on their way to earning their doctorate can be found on the Academics page.

The Finance Division at Columbia Business school has a track record of training scholars who go on to become academics at Universities, including many of the world’s most prestigious institutions. Our placement success is due in part to the close working relationship that students develop with the faculty in the division. The School intentionally keeps the PhD program small making it easier for students to find faculty collaborators and thrive. See our Placement page for more information.

Student Life

The Columbia Business School doctoral community consists of 125 students across six programs. The program attracts exceptional students from all over the world who are looking to develop research skills under the tutelage of faculty experts. Students come to the School for the exceptional training but also because they value the diversity, creativity, entrepreneurship and social tolerance that NYC offers. See here for more about student life.

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About / Departments

Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

Download the Finance PhD poster (PDF)

Explore Stern PhD

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Wharton Online

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.

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

For information on courses and sample plan of study, please visit the University Graduate Catalog .

Get the Details.

Visit the Finance website for details on program requirements and courses. Read faculty and student research and bios to see what you can do with a Finance PhD.

Finance Doctoral Coordinator Prof. Luke Taylor John B. Neff Associate Professor in Finance, Professor of Finance Co-Director, Rodney L. White Center for Financial Research Email: [email protected] Phone: (215) 898-4802

Smart. Open. Grounded. Inventive. Read our Ideas Made to Matter.

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Through intellectual rigor and experiential learning, this full-time, two-year MBA program develops leaders who make a difference in the world.

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Earn your MBA and SM in engineering with this transformative two-year program.

Combine an international MBA with a deep dive into management science. A special opportunity for partner and affiliate schools only.

A doctoral program that produces outstanding scholars who are leading in their fields of research.

Bring a business perspective to your technical and quantitative expertise with a bachelor’s degree in management, business analytics, or finance.

A joint program for mid-career professionals that integrates engineering and systems thinking. Earn your master’s degree in engineering and management.

An interdisciplinary program that combines engineering, management, and design, leading to a master’s degree in engineering and management.

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This 20-month MBA program equips experienced executives to enhance their impact on their organizations and the world.

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PhD Program in Finance

2023-24 curriculum outline.

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

Required Courses

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

First Year - Summer

Math Camp begins on the second Monday in August.

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

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

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

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

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

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

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

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

15.475 — Current Research in Financial Economics

Recommended Elective Courses

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

The Ins and Outs of a PhD in Finance

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

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

Are You Finance PhD Program Material?

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

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

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

What is a Finance PhD Program?

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

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

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

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

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

What Jobs Can You Get with A PhD in Finance?

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

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

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

What Does the Application Process Look Like?

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

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

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

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

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

Is A PhD in Finance Worth It?

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

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

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

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

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

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

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

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

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

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

What Can I Do with a PhD in Finance?

Find your perfect school.

Key Takeaways:

A PhD in Finance prepares you for high-earning roles like university professor, investment researcher, and financial manager.
Graduates can opt for academia, focusing on teaching and research , or high-stakes financial roles in public or private sectors.
The degree offers competitive advantages in job opportunities , influencing compensation, benefits management, and strategic financial planning.

Finance is an interesting and challenging field, and financial professionals interested in advancing their careers often wonder what they can do with a PhD in Finance. That option poses many interesting choices because earning a PhD in Finance not only puts candidates in positions to pursue a variety of jobs but also puts them in positions where they can earn excellent wages. They’ve taken their training and education to the highest level, and the sky is the limit! Here are a few career choices available for someone with a PhD in Finance. You should be aware that many PhD programs require students to take hybrid classes .

University Professor

Every year many graduates of the PhD in Finance choose to work as college professors in the economics and finance departments of colleges and universities. Although their main responsibilities are to teach students every semester, they also spend a great deal of time performing research. Additionally, they are required to publish books or articles based on the research they’re performed. University professors are also responsible for preparing exams for the class, creating the course syllabus, preparing lectures and grading tests and assignments. While this position doesn’t pay as much as some pay with the finance doctoral degree, they do make very good wages and find the work very rewarding.

Featured Programs

Investment researcher.

Investment researcher is a popular career choice for PhD in Finance holders who don’t choose to work in an academic setting. Investment researchers use their knowledge of finance to research how certain income investments are performing. They may work in the private or public sector. They deal with corporate bonds, foreign currencies, credit equities, commodities, and similar fixed income accounts. Using their research and expertise, investment researchers then make recommendations to their clients. Investment researchers generally earn higher wages than those working in academia.

Financial Manager

Working as a financial manager can be stressful at times but can also be very rewarding. Imagine the rewarding feeling of successfully managing someone’s money and knowing they’ve earned a high return based on your research and recommendations! Financial managers may be hired with a master’s degree, but those with a PhD in Finance typically see the best job opportunities. A big part of their job involves researching and analyzing current market trends so they can help the company increase both their customer base and their profits. They also generate the company’s business reports, forecasts and financial statements.

Compensation and Benefits Manager

Compensation and benefits managers are an important part of an organization’s workforce because they’re the professionals who help the company determine what kind of wages they can pay their employees. They figure out how to balance the wages and compensation benefits so the company is competitive while still being profitable and able to maintain a good workforce. They oversee the distribution of wages and benefit packages and ensure the company is paying the right amount based on the profitability of the company and the employee’s job performance. Compensation and benefits managers also select and work with benefits vendors, investment managers, and insurance brokers.

Jobs in the business and financial operations field are expected to see a growth of 7 percent during the 2018-2028 decade, resulting in almost 600,000 new jobs by 2018 according to the U.S. Bureau of Labor Statistics . Professionals who go the extra mile and earn a PhD in Finance will generally see the best opportunities.

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FINANCE PH.D.

Join top minds in finance.

Applications are no longer being accepted for Fall 2024

Your Future in Finance

Finance Department

APPLICATION DEADLINE

The application deadline for the Finance Doctoral Program is December 15.

***Applications will be accepted until February 15, but cannot guarantee applications submitted/completed after the December 15 deadline will still be considered for admissions.***

Why should you get your Finance PhD at McCombs?

Our faculty are not only intellectual leaders, they are also highly devoted to our PhD students. Faculty frequently co-author with current and former students teaching them the skills to successfully publish and helping jump-start their publishing careers. We hold a weekly PhD research seminar for PhD students where students present their ongoing work to faculty and we discuss prominent avenues for research. We have a strong collaboration with the Economics Department and our program of work has a strong economics foundation.

Gregory Weitzner, Ph.D. Alumnus

"UT Austin is a fantastic place to do a PhD in Finance. The faculty are extremely nurturing and genuinely care about the PhD program. They challenge you and yet are always approachable. With such a large department, you can find anyone working on something related to what you are interested in. Finally, you can't beat living in Austin."

Kevin Mei, Current Ph.D. Student

"The UT Finance PhD program has been a tremendous launchpad for my academic career. Among its many strengths, the department is especially oriented towards fostering genuine relationships between faculty and students. All faculty, from junior to senior, seem interested in my success. This tight-knit atmosphere makes it easy for PhD students to approach world-class researchers and has helped launch papers for almost all of my cohort. The steady stream of great seminars and conferences has also been an invaluable opportunity for me to connect with many giants of our profession in a warm environment. The combination of this exposure and strong foundational training has made UT an ideal place to start my academic career."

Eric Vance, Current Ph.D. Student

"The faculty put so much time and effort into the students. They want to see us succeed and have fostered an environment where they are readily available and frequently provide feedback. Their advice made the transition to research easier, and my own work has improved greatly from insights I gathered discussing with them."

Preparation and Qualifications

PREPARATION AND QUALIFICATIONS

The Texas McCombs Finance doctoral program assumes that students have taken advanced courses to establish a reasonable mathematical, statistics, and economics background. Adequate computer programming skills are necessary for coursework.

Prospective applicants are required to hold a four-year bachelor's degree (does not need to be a degree in finance) or equivalent before starting the program.

Please also see our FAQ page for more information.

Academic Leadership

We have some of the most influential faculty in the profession with important leadership and editorial positions:

Sheridan Titman

Dr. Sheridan Titman

Editor, Review of Financial Studies: 1996-1998 Editor, International Review of Finance: 1999 ± 2004 Editor, Foundations and Trends in Finance: 2013- present Associate Editor, Real Estate Economics: 1986-present Associate Editor, Journal of Real Estate Finance and Economics: 1987-present Associate Editor, Review of Financial Studies: 1987-1990 Associate Editor, Journal of Finance: 1990-2000 Associate Editor, Journal of Housing Economics: 1991-present Associate Editor, Journal of Financial and Quantitative Analysis: 1991-1995 Associate Editor, Pacific Basin Finance Journal: 1991-present Associate Editor, Review of Financial and Quantitative Analysis: 1994-present Associate Editor, Journal of Financial Research: 1996-2000

Officer Positions: Vice President: Western Finance Association: 2004-2005 Program Chair: Western Finance Association: 2005-2006 President: Western Finance Association: 2006-2007 Vice President: American Finance Association 2010 President Elect: American Finance Association 2011 President: American Finance Association 2012 Vice President and Program Chair: American Real Estate and Urban Economics Association 2016 President: American Real Estate and Urban Economics Association 2018

Laura Starks

Dr. Laura Starks

Editorial: Editor, Review of Financial Studies (2008-2014) Editor,FMA Survey and Synthesis Series (2016-present) Advisory Editor, Financial Analysts Journal (2016-present) Advisory Editor, Financial Management (2016-present)

Officer Positions: President: AFA (American Finance Association), present President: Society of Financial Studies (2017-2020) Vice-President: Society of Financial Studies (2014-2017) President: Western Finance Association (2015-2016) President-elect and Program Chair: Western Finance Association (2014-2016) Vice-President: Western Finance Association (2013-2014) President: Financial Management Association (1999-2000)

John Griffin

Dr. John Griffin

Editorial: Associate Editor, Review of Financial Studies, June 2012-May 2015

Officer Positions: President, Western Finance Association, 2022. Vice President, President-Elect, Western Finance Association, 2020, 2021. Chair, Society of Financial Studies (SFS) Cavalcade, 2013. Vice-Chair, Society of Financial Studies (SFS) Cavalcade, 2012

Clemens Sialm

Dr. Clemens Sialm

Editorial: Review of Financial Studies, Editor, 2023-present Journal of Finance, Associate Editor, 2022-2023 Review of Asset Pricing Studies, Editor, 2022-2023 Journal of Pension Economics and Finance, Editor, 2016-2023 Financial Management, Associate Editor, 2016-2023 Journal of Financial Markets, Associate Editor, 2016-2023 International Review of Finance, Associate Editor, 2014-2023 Review of Financial Studies, Associate Editor, 2010-2013 Management Science, Associate Editor, 2009-2019 Review of Asset Pricing Studies, Associate Editor, 2017-2021

Officer Positions: Chief Executive Officer, Texas McCombs Investment Advisors, 2017-present Vice President, Midwest Finance Association, 2022-present

William Fuchs

Dr. William Fuchs

Editorial: Associate Editor for the American Economic Review 2012 -2014 Associate Editor for the Journal of Mathematical Economics 2019 Associate Editor for the Journal of Economic Theory 2019-current

Officer Positions: President, Finance Theory Group

Robert Parrino

Dr. Robert Parrino

Editorial: Associate Editor, Journal of Corporate Finance, 2001-18 Associate Editor, Journal of Financial Research, 2006-11

Officer Positions: President Elect, Financial Management Association International, effective October 2020 Immediate Past Vice President-Program, Financial Management Association International, 2019-20 Vice President-Program, Financial Management Association International, 2018-19 Vice President-Program Elect, Financial Management Association International, 2017-18

Job Market Candidates

Yingfan linda du, mahyar sefidgaran, recent graduate placements.

Alex Priest - 2023 - University of Rochester

Iman Dolatabadi - 2022 - Cornerstone Research

Tim Park - 2022 - Analysis Group

Jonathan Serrano - 2022 - Brex

David Xiaoyu Xu - 2022 - Southern Methodist University

Lee Seltzer - 2021 - The New York Fed

Jangwoo Lee - 2021 - Chinese University of Hong Kong

Gregory Weitzner - 2020 - McGill University

Xuewei (Erica) Jiang - 2020 - University of Southern California

Garrett Schaller - 2020 - Colorado State University

Shuo Liu - 2019 - City University of Hong Kong

Amin Shams Moorkani - 2019 - Ohio State University

Avishai Schiff - 2019 - Cornerstone Research

Jacelly Cespedes - 2018 - University of Minnesota

Qifei Zhu - 2018 - Nanyang Technological University

Zach Liu - 2017 - University of Houston

Adam Winegar - 2017 - Norwegian Business School

Current PhD Students

Vladimir belykh, tommy brown, lydia zijin fu, john garrett, haojing han, jaeyong lee, seung chul (eric) lee, prateek mahajan, changyong song, steven urry, xinran zhang, yiyuan zhang, william t. zheng, are you ready to change the world.

The Texas McCombs Doctoral Program is seeking individuals who are interested in transforming the global marketplace. Are you one of these future thought leaders?

List of PhD Finance Careers

Career Advice
Changing Careers
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What Is the Meaning of Specialization in Economics?

What kind of job can you get with an economics minor, list of financial careers.

Sports Economics Jobs
What Can I Do With a Law Degree Besides Be a Lawyer?

If getting a Ph.D. in finance or economics interests you, there are many job opportunities that open up aside from the typical careers that attract financial specialists. With a bachelor's or master's degree in finance, jobs like financial analyst, financial advisor or financial manager open up. But jobs after Ph.D. in finance are a little different.

Jobs After Ph.D. in Finance

The fields of finance and economics are closely tied to the study of monetary policy. If you enjoy doing research and testing theories about monetary policy, investing and trade, then you may be attracted to the benefits of a Ph.D. in finance. Jobs that you can get include that of college or university professor, a researcher at a think tank, government economist and foreign monetary policy expert.

These jobs are for people who enjoy doing research as much as they enjoy investment strategy and tracking financial markets. Those who get jobs after Ph.D. in finance often research and write about the effects of monetary policy and market movements. So if you're interested in that Ph.D. in finance, you must enjoy reading about financial policies as much as you like working in finance.

The Scheller College of Business at Georgia Tech states that a doctoral degree in finance qualifies you for an academic career that can offer intellectual freedom through scholarly research and teaching. Students there study the theoretical and empirical tools of modern finance, with a strong foundation in economics.

Choosing to Teach

One of the benefits of a Ph.D. in finance is you have the choice of teaching or doing research. If you choose teaching, you'll probably be teaching finance and education courses at the college or university level. Georgia Tech states that many of their finance Ph.D. graduates go on to teach at colleges and universities around the world.

Teaching at the college or university level pays an average of $79,540 , according to the U.S. Bureau of Labor Statistics (BLS) for 2019. Important qualities for these jobs are critical thinking skills, interpersonal skills, speaking skills, resourcefulness skills and writing skills.

Postsecondary teaching jobs are expected to grow by 11 percent, or much faster than average, by 2028, according to the BLS . College and university teaching jobs in economics are expected to grow by 8 percent by 2028, still faster than average. Teaching jobs in business at a college or university are expected to grow by 15 percent, the BLS reports.

Working in Research

Some college professors may do more research than teaching, according to the BLS. But there are other alternatives if you prefer research career options after a Ph.D. in finance. Many think tanks have a section devoted to economics and finance. These organizations often get their funding from charitable and corporate sources, according to Oxford University Careers Service .

Think tank researchers often write articles for media or internet outlets and appear on TV or radio programs dedicated to current events. They often focus on specific communities or geographic areas. Others with Ph.D.s in finance get government jobs, often at the state or federal level. According to the BLS, 22 percent of economists work for the federal government, while 9 percent work for state governments.

The median annual wage for economists is $105,020 , according to the 2019 statistics from the BLS. Those who work for the federal government average $119,580 , while state government economists average $73,400 . The job outlook is expected to grow by 8 percent through 2028.

Scheller College of Business at Georgia Tech: PhD in Finance
Oxford University Careers Service: Think Tanks
U.S. Bureau of Labor Statistics: Postsecondary Teachers
U.S. Bureau of Labor Statistics: Postsecondary Teachers Job Outlook
U.S. Bureau of Labor Statistics: Economists

Karen Gardner spent many years as a feature editor for a newspaper in Maryland. She enjoys writing about the career options that people choose.

List of economics jobs with a bachelor's degree, careers in finance & mathematics, careers for medical anthropologists, what can you do with a master's degree in social policy, qualifications for a medical economist, salary for a professor of economics, careers as a research analyst, the average salary of actuaries vs. statisticians, what are the benefits of being a sociologist, most popular.

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Pitt Business - Joseph M. Katz Graduate School of Business and College of Business Administration

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Academics Overview
Collaborative Research

The Katz PhD Program in Finance focuses on research in financial economics, and most recently has studied phenomena such as corporate governance, restructurings, mergers and acquisitions, initial public offerings, corporate valuations, corporate diversification, corporate disclosures, equity-based compensation, and issues related to international corporate finance. The finance group mentors students with an apprenticeship model, providing an early start in research projects both by and with faculty.

Over successive five-year periods between 1980 and 2014, graduates of the Katz PhD in Finance Program ranked between 28th and 49th among doctoral programs worldwide depending on the specific time interval over which productivity was measured. Most recently, our graduates ranked as the 17th most productive among finance graduates of U.S. public universities the 39th most productive among all programs worldwide. This is especially impressive given that the rankings do not make adjustments for differences in the number of graduates across programs.

Considering we are a relatively small program, our graduates have had an outsized impact in terms of producing high-impact research published in the leading finance academic journals.The upside of our small program size is that it allows for frequent interactions and collaborations among our faculty and our PhD students.

We have an excellent history of doctoral student/faculty collaboration, which often results in articles that are published in top journals. Our faculty members develop relationships with our students that result in research collaboration that often lasts well beyond the doctoral program experience.

Our goal is for students to join finance faculties at top research universities and to make significant scholarly contributions to the field of financial economics. We usually accept two or three new students per year so that we are able to give students a great deal of faculty attention.

Some of our alumni are now full or chaired professors at research-oriented schools including:

University of Alabama
Hong Kong University of Science and Technology
Chinese University of Hong Kong
University of Missouri
Georgia Institute of Technology
North Carolina State University

Year 1 Curriculum: Fall Term (12 credits)

Admitted students begin the PhD program with an intensive math class that meets daily for three weeks prior to the start of fall classes. Katz Finance PhD Students are expected to arrive on campus by August 1.

An exploration of critical thinking.


BFIN 3001 Finance Fundamentals	1.5
BFIN 3031 Corporate Finance Theory Methods	1.5
ECON 2001 Introduction to Mathematical Methods	3
ECON 2010 Mathematical Methods Economic Analysis	3
ECON 2020 Intro to Econometric Theory	3
ECON 2100 Advanced Microeconomic Theory 1	3

Year 1 Curriculum: Spring Term

A thorough examination of research methods.


BFIN 3032 Corporate Finance Seminar 1	1.5
BFIN 3033 Corporate Finance Seminar 2	1.5
BFIN 3034 Corporate Finance Seminar 3	1.5
ECON 2120 Advanced Microeconomic Theory 2	3
CMU 0721 Seminar in Finance	2

Year 1 Curriculum: Summer Term (3 credits)

Research paper with faculty guidance.

BFIN 3039 Summer Research Paper

Year 2 Curriculum: Fall Term

A continued study in critical thinking and research methods.


BFIN 3035 Financial Empirical Methods	1.5
CMU 0723 Seminar in Finance 3	2
CMU 0724 Seminar in Finance 4	2
ECON 2260 Advanced Econometrics 1	3
MATH 3225 Mathematics of Finance	3

Year 2 Curriculum: Spring Term

A further dive into major concentrations, critical thinking, and research methods.


BFIN 3036 Empirical Asset Pricing	1.5
BFIN 3038 Property Rights and Theory of the Firm	1.5
CMU 0720 Computational Methods Finance	2
CMU 0805 Computational Methods Econ	2
MATH 3226 Mathematics of Finance 2

Year 2 Curriculum: Summer Term

A comprehensive independent study.


BFIN 3010 Independent Study in Finance	3

Year 3 Curriculum: Fall, Spring, and Summer Terms

Fully concentrated work on dissertation and service as teaching assistant.


BUSADM 3199 Dissertation Credits	9
FTDF 0000 Full-Time Dissertation Study

Curriculum: Years 4 and 5

Teach and enter the job market to defend your dissertation.

FTDF 0000 Full-Time Dissertation Study

STUDENT SPOTLIGHT

Pitt has spectacular faculty and staff members. One can work with world-class scholars on rigor and relevant topics in business fields. I’m fortunate to work with possibly the best mentors one could ask for – they respect your own research interests, always inspire you, and they encourage curiosity, discovery, and blazing your own trail. They support and help me evolve as an independent researcher and a future educator.

PhD, Information Systems and Technology Management

I chose Pitt over other schools for the exceptional faculty at Katz and for the flexibility and freedom it provides. The faculty, who are world-class researchers, genuinely care for my growth and are always open to discuss and collaborate on new research ideas. The flexible course of study allows me to draw from a vast array of courses offered across different schools, helping me choose only those which best fit my needs. I am lucky to be part of the Katz community, which inspires me to do better every day!

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Ph.D. Programs

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Ph.D. in Finance

An international reputation for academic excellence.

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

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

Academic Program
Class Profile

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

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

Comprehensive Examination

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

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

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

Research and Teaching Assistant Requirement

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

Sample Course Sequence

Course Descriptions

Microeconomic Theory I
Statistics
Ph.D. Seminar: Advanced Topics in Capital Markets

Microeconomic Theory II
Econometric Methods
Macroeconomic Theory II
Ph.D. Seminar: Corporate Finance
RA/TA Work

Ph.D. Seminar: Asset Pricing
Ph.D. Seminar: Advanced Topics in Corporate Finance
Ph.D. Seminar: Topics in Empirical Corporate Finance
RA/TA Work

Ph.D. Seminar: Advanced Topics in Asset Pricing
Ph.D. Seminar: Research Topics in Finance
Ph.D. Seminar: Research Topics in Behavioral Finance
RA/TA Work

Research Paper
Research Paper Defense
RA/TA Work

Dissertation
RA/TA Work

Dissertation
Dissertation Proposal Defense
RA/TA Work

Dissertation Research and Writing
RA/TA Work

Dissertation Research and Writing
Dissertation Defense
RA/TA Work

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

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

Year	Class Size
2019	4
2020	4
2021	4
2022	4
2023	4
Overall Selectivity	6%

Demographics

Item	Data
Average Age	29
Age Range	23-37
Women	10%
International Students	65%

Academic & Professional Profile

Metric	Data
Average GMAT Score	730
GMAT 80th Percentile Range	720-730
Average GRE Score	327
GRE 80th Percentile Range	320-331
Average Undergraduate GPA	3.69
Average Full-Time Work Experience	2 years
Students Holding Master's Degree	35%

Where do our graduates work?

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

American University

Arizona State University

Baruch College (City University of New York)

Bocconi University

DePaul University

Fordham University

George Washington University

Indiana University

Lehigh University

Louisiana State University

Michigan State University

National University of Singapore

Texas A&M University

The College of William and Mary

University of Alberta

University of Arizona

University of Georgia

University of Minnesota

University of New South Wales

University of Notre Dame

University of Pennsylvania (Wharton)

University of Virginia (Darden School)

University of Hong Kong

Villanova University

Virginia Tech University

Meet Our Students

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

Finance Faculty

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

Ph.D. Admission FAQ

Application link & deadlines.

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

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

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

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

CV and Resume

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

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

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TOEFL, iBT, and TOEFL iBT Home Edition: 100

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

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

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

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PhD in Business Administration with a Specialization in Finance

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The Finance PhD program prepares students to engage in original research on financial markets and decision-making. Students acquire critical technical skills in economic theory, finance theory, data analysis and coding. They also learn to identify promising ideas, write compelling papers and present effectively. Contribute to leading edge research

Our faculty’s research interests and technical approaches are broad, with particular strength in fields and methods such as:

Corporate finance
Household finance
Labor and finance
Social impact investing
Textual analysis
Theoretical modeling

Work with top thought leaders

Because the Finance PhD program is small, students benefit from broad access to faculty as co-authors, advisors and mentors. Students also have direct access to leading scholars within professional associations, including five members of the Finance Theory Group, five members (including one founder) of the Labor and

Additional information about our Finance faculty can be found here

General details about the curriculum, requirements, and structure of the program can be found here . Please be aware this document is not an exhaustive list of the requirements for the Program.

How to Apply

PhD in Finance Program Flyer

PhD Graduates' Publications

ETF Arbitrage, Non-Fundamental Demand, and Return Predictability (2021) Review of Finance David C. Brown (PhD 2014) Shaun William Davies Matthew Ringgenberg

Financing Efficiency of Securities-Based Crowdfunding (2020) Review of Financial Studies (Editor's Choice as Lead Article) David C. Brown (PhD 2014) Shaun William Davies

Learning by Owning in a Lemons Market (2022) Journal of Finance Jordan Martel (PhD 2018) Brian Waters Kenneth Mirkin

A Theory of Financial Media (2022) Journal of Financial Economics Eitan Goldman Jordan Martel (PhD 2018) Jan Schneemier

A Text-based Analysis of Corporate Innovation (2021) Management Science Gustaf Bellstam (PhD 2018) Sanjai Bhagat J. Anthony Cookson

Rival Growth Prospects & Equity Prices: Evidence from Mass Layoff Announcements (2021) Journal of Money, Credit and Banking Adam Bordeman (PhD 2015 Accounting) Bharadwaj Kannan (PhD 2016) Roberto Pinheiro

Employment, corporate investment and cash flow uncertainty (2018) Journal of Financial & Quantitative Analysis Saad Alnahdeh (PhD 2017) Sanjai Bhagat, Iulian Obreja – U.S. Securities and Exchange Commission

Tax uncertainty and retirement savings diversification (2017) Journal of Financial Economics David C. Brown (PhD 2014) Scott Cederburg Michael S O'Doherty

Moral hazard in active asset management (2017) Journal of Financial Economics David C. Brown (PhD 2014) Shaun William Davies
Size, leverage, and risk-taking of financial institutions (2015) Journal of Banking and Finance Sanjai Bhagat Brian Bolton (PhD 2006) Jun Lu - Central University of Finance and Economics, Beijing (PhD 2011)
Financial crisis and bank executive incentive compensation (2014) Journal of Corporate Finance Sanjai Bhagat Brian Bolton (PhD 2006)
Director ownership, governance and performance (2013) Journal of Financial & Quantitative Analysis Sanjai Bhagat Brian Bolton (PhD 2006)
Manager characteristics and capital structure: Theory and evidence (2012) Journal of Financial & Quantitative Analysis Sanjai Bhagat Brian Bolton (PhD 2006) Ajay Subramanian
PhD in Accounting
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Ph.D. in Finance

Program information.

At the University of Kansas, finance doctoral students are trained to teach at the university level, to do research that is publishable in top academic journals, and to analyze questions that are important to government agencies and the private sector. Successful students develop close working relationships with the KU finance faculty, both in the classroom and on co-authored research. Many of our students publish their first research study before finishing the program, and most students accept jobs at universities rated “high” or “very high” in research activity by the Carnegie Foundation.

We emphasize rigorous training and hands-on experience. Five semesters of coursework include a firm grounding in economic theory, thorough training in statistics and econometrics, and an immersion in the most important research studies in corporate finance, investments and financial institutions.

Application deadlines

Priority: December 15

Final: January 10

Application requirements

Students begin their own research during the first year of the program and present their first research seminar early in the second year of the program. Many of our students publish their first research study before finishing the program, and most students accept jobs at universities rated “high” or “very high” in research activity by the Carnegie Foundation.

We emphasize rigorous training and hands-on experience. Successful students develop close working relationships with the KU finance faculty, both in the classroom and on co-authored research. Students typically teach three undergraduate finance classes before graduating.

Program details

Core courses, statistical methods.

BSAN 920: Probability for Business Research OR MATH 727: Probability Theory

BSAN 921: Statistics for Business Research OR MATH 728: Statistical Theory

BSAN 922: Advanced Regression

ECON 800: Optimization Techniques I

ECON 801: Microeconomics I

ECON 802: Microeconomics II

BE 917: Advanced Managerial Economics

Concentration courses

FIN 901: Current Research in Finance

FIN 937: Seminar in Business Finance

FIN 938: Seminar in Investments

FIN 939: Seminar in Financial Institutions

Supporting courses

ECON 817: Econometrics I

ECON 818: Econometrics II

One of the three sequences below

Sequence 1: Minor in Research Methods

ECON 715: Elementary Econometrics

Advanced elective research methods course

Sequence 2: Minor in Research Methods and Financial Accounting

ACCT 928: Introduction to Accounting Research

ACCT 932: Seminar in Financial Accounting Research I

Sequence 3: Minor in Research Methods and Applied Economics

ECON 770: Economics of the Labor Market

ECON 870: Applied Microeconomics

For more information, view a detailed list of courses in the academic catalog.

A course that is not being offered within a reasonable timeframe, or a course in which a student can demonstrate competence my be, with the approval of the area group and the Ph.D. Team, replaced with another course.

Area-specific core requirements may by changed subject to the approval of the area group and the Ph.D. Team.

A minimum of 15 courses, plus BUS 902 and BUS 903 are required for completion of the degree.

Courses recommended for preparation for the qualifier assessment may not be included in the concentration or minor areas.

Summer research
Pass the Finance Qualifier Assessment
Present first-year research paper
Teach an undergraduate finance class
Pass the Finance Comprehensive Exam
Present second-year research paper
Present your dissertation proposal
Defend your dissertation proposal

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Associate Dean, Undergraduate Programs
Anderson Chandler Professor
School of Business Administration
Dean's Office
Finance Academic Area

Assistant Professor
Finance academic area

Koch Professor in Business Economics

Koch Distinguished Professor in Business Economics
Harold Otto Chair of Economics

Area Director, Finance
O. Maurice Joy Professor

Associate Professor
Director, Davis Center for Figure Sense

Capitol Federal Fellow

Associate Dean of Graduate Programs
Capitol Federal Professor
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Finance doctoral students

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Ph.D. in Business with a Finance Area of Focus

Learn about the program's curriculum and comprehensive examination requirement.

Learn More About the Program & Curriculum

Admission and Financial Aid

Learn about admissions and the costs of pursuing a Ph.D. in finance, and explore a variety of resources available to help finance your degree.

Learn More About Admission and Financial Aid

An overview of the research activities of our students and faculty.

Learn More About Program Research

The Ph.D. in Business with a Finance Area of Focus prepares students for future academic and research-oriented careers by providing them a solid foundation in both theoretical and empirical financial research. Students take courses that cover asset pricing, continuous time models, corporate finance, corporate governance, macro-financial issues, investment, banking, politics and finance, and real estate. GW faculty have a strong research profile in both theoretical and empirical research, covering a wide area of research including asset pricing, banking, corporate finance, international finance, corporate governance, credit risk and real estate.

The program seeks intellectual and curious students with a strong dedication to high-quality research. Prospective students are expected to have strong analytical skills and be ready to start independent work pursuing scholarly research. The faculty works closely with students to develop research and is dedicated to help them succeed in obtaining placements at high-quality research institutions.

The strength of the program is complemented by the ability to leverage resources across top policy and research organizations such as the International Monetary Fund, the Federal Reserve Board, World Bank, SEC, CFTC and FDIC. The GW finance Ph.D. program is in the center of one of the most vibrant intellectual centers in the world. As a result, faculty and students find many ways to utilize synergies with these institutions such as research collaborations, exchanging ideas, and joint seminars.

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Why Do a Ph.D in Finance?

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

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

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

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

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

Finance Ph.D. Ranking

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

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

What do Finance Ph.Ds do after Graduating?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Thank you for your response, it helped greatly!

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

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

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

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

just u are, idiots

just ure retarded

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

This isn't that complicated, though.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

afajof.org/association/jobs.asp

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

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

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

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

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

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

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

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

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

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

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

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

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

Many thanks

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

Check out quantnet and poets and quants

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

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

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

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

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

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

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

I concur with Schumacher.

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

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

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

Long time reader, first time poster...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

just looking @ my options

You can become a professor.

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

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

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

Thanks in advance.

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

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

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

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

3 years ago.

buybuybuy: 3 years ago.

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

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

Trying to get ideas about PHD finanace proposal.

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

You should probably be talking with your advisor.

This cant be serious :)

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

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

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

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

WSO hedge fund career guide

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

Hi Gurus out there.

I am interested in applying to Finance Phd program.

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

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

To provide info on my background/stats:

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

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

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

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

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

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

Any advice or comment will be appreciated :)

Just to add another piece of info...

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

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

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

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

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

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

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

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

Most recent post on this seems to be in 2007.

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

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

That actually sound pretty cool...

I'm actually interested in pursuing this path as well

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

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

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

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

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

Not for me. And I strongly considered it.

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

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

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

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

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

Fair enough.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Your age is a big problem, so be prepared.

restructury, thanks for your comment.

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

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

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

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

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

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

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

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

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

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

Any more suggestions? Thank you!

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

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

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

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

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

I am interested in the following schools and programs:

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

Thanks again.

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

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

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

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

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

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

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

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

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

few questions...

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

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

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

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

how do i best prepare for interviews?

any languages?

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

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

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

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

thanks a lot.

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

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

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

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

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

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

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

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

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

Consider finding a recruiting firm.

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

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

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

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

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

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

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

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

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

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

With a PHD you'd be overqualified

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

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

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

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

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

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Ai: on the fast track to phd-level intelligence.

Editor’s Note: Today, my InvestorPlace colleague Luke Lango is joining us to discuss the path to true financial freedom: investing in winning AI stocks .

Take it away, Luke…

Hello, Reader.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Do you think you’re smarter than AI?

Today, the answer to that question may well be a resounding “yes.” After all, it doesn’t take a rocket scientist to know that most humans have just five fingers on each hand…

But we’re still in the very early stages of this burgeoning technology. Remember the dawn of the internet? If you’re a ‘90s kid like me, you’ll know that in the days of dial-up, you couldn’t surf the web while someone else was talking on the home phone.

Yet, here we are today, with near-limitless connectivity possibilities, using the internet in ways its early adopters could have never dreamed. We’re video-chatting with folks across the globe, ordering things for same-day delivery with the click of a button, streaming any movies or TV shows at any time we’d like.

So, while we may be smarter than AI at this moment in time, the tides will soon change. And when we reach that point, AI stocks could very well soar more than you ever thought possible because that will be the moment that AI truly takes over the world.

And we actually think we could reach that point by next year.

Preparing for Smarter, Faster, Stronger AI

Today’s AI systems are cool, capable, and, yes, smart. But they often lack the accuracy and depth of knowledge that a given subject’s expert would have. That makes AI useful for some more trivial things, while not terribly useful for truly value-additive tasks.

Think ChatGPT-4o, the latest version of OpenAI’s popular chatbot. It is fast, has a wide breadth of knowledge and can be used to help with a number of different things. Looking for a place to eat? Need someone to edit an email you just drafted? How about a quick refresher on how stocks do in election years? ChatGPT has you covered.

Now, if you’re looking for, say, an in-depth dive into how quantum computing works, recent industry developments, timely academic insights, etc. – well, that’s something where even the latest version of ChatGPT will fall short.

But its next iteration won’t…

At least, that’s what OpenAI’s chief technology officer, Mira Murati, thinks.

She recently said that ChatGPT-3 – the bot’s previous version – possessed toddler-level intelligence, while ChatGPT-4 possesses high-school-level intelligence. And she expects that ChatGPT-5 will have PhD-level intelligence on certain subjects.

That’s incredible.

And what’s more, she expects ChatGPT-5 will launch sometime in 2025 or ‘26.

AI Is Progressing at a Break-Neck Pace

The most incredible part about this development? The pace of ChatGPT’s progress.

Let’s assume OpenAI’s CTO is right about ChatGPT gaining PhD-level intelligence by 2025 or ‘26. That would mean that ChatGPT progressed from ‘toddler’ to ‘doctor’ in the span of less than five years.

It takes humans two decades to achieve that, which means ChatGPT is learning about 4X as fast as we are. And unlike humans, its intelligence is theoretically limitless.

Of course, there is only so much knowledge that our brains can retain and only so many processes it can run at any given time. But an AI’s database – as well as its processing ability – are capped only by its computing capacity. And if we’re able to increase that computational power to near-infinity, the AI has no upper limit on its intelligence.

To that end, if ChatGPT reaches PhD-level intelligence by next year… and keeps learning at a rate 4X as fast as humans with no limit to its knowledge… then AI could be smarter than even the smartest human by 2030.

And at that point, AI will take over the world.

The Final Word

Soon, we’ll likely live in a world where AI can write books better than the best authors, market products and services better than the best marketers, create products better than the best product developers – even pick stocks better than the best stock-pickers.

Indeed, I’m acutely aware of the existential threat that AI poses to my career.

We all should be. In my opinion, it is inevitable. In time, AI will likely do your job better than you. It will certainly do mine better than me.

And from that perspective, the only path to true financial freedom is through investing in winning AI stocks. If you can’t count on your career to guide you to retirement anymore, then you might as well bet on the stuff that’s taking it over.

That’s my opinion, at least.

And it may be a bleak way of looking at things. But the flip side of this coin is that if I’m right, then the companies making next-gen AI will see their stock prices soar more than anyone believes is possible…

Which means you could make more money than you ever thought possible, too.

Needless to say, with all this change in the air, it is urgent that you plug into the right AI stocks to buy at the current moment.

Learn all about our top picks in this space.

You can stay up to speed with my latest market analysis by reading my Daily Notes! Check out the latest issue on your Innovation Investor subscriber site. Click here to learn more.

Editor, Hypergrowth Investing

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Legendary Investor Predicts: “Forget AI... THIS Technology Is the Future”

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Student Loans

How To Pay For A Ph.D.

Fact Checked

Updated: Jan 25, 2024, 12:13pm

If your heart is set on earning a Doctor of Philosophy (Ph.D.) degree, you’ll join an elite club. In the United States, only 4.9 million people—about 2% of adults—hold a Ph.D. or other doctoral degree.

A Ph.D. can lead to a significantly higher salary. According to The College Board, the median earnings for those with doctoral degrees was $120,700, 38% more than the median for those with master’s degrees.

However, earning a Ph.D. can be an expensive endeavor. To avoid racking up too much debt, learn how to pay for a doctorate with grants, scholarships and other sources of financial aid.

What Does a Ph.D. Cost?

If your goal is to earn a Ph.D., be prepared for a significant investment of both time and money. Depending on the type of university you choose and your program, a Ph.D. usually takes three to five years to complete. If you attend school part-time, it can take even longer.

According to the National Center for Education Statistics (NCES), tuition and fees cost, on average, $20,513 for the 2021-2022 academic year, so you’ll spend anywhere from $61,539 to $102,565 to complete a Ph.D. program. In addition, you’ll need to account for about $16,000 to $20,000 per year in added costs, such as room and board, supplies and other fees.

That total is on top of what you spent on a bachelor’s and master’s degree, so your education will likely cost well into the six figures. With such a high cost, it’s no surprise that many Ph.D. earners have substantial student loan balances.

7 Ways To Pay For a Ph.D.

Ph.D. costs can be significant, but a variety of financial aid opportunities can make the price tag more manageable. Paying for a Ph.D. is possible using the following options:

1. Fully Funded Ph.D. Programs

Fully funded Ph.D. programs typically cover the cost of tuition and fees, and they also provide a monthly stipend for living expenses and health insurance. Some examples of fully funded Ph.D. programs include:

Boston University . Attendees of Boston University’s Charles River Campus can take advantage of a fully funded model. The program includes 100% tuition coverage, a health insurance credit and a living expense stipend. Depending on your program, the stipend ranges from $27,318 to $40,977 per year.
Duke University . At Duke University, Ph.D. students are guaranteed five years of tuition and living stipends and up to six years of full health and dental insurance coverage. The amount of financial support varies by program and stipend amounts range from $2,538 to $3,217 per month.
Massachusetts Institute of Technology (MIT) Sloan School of Management . MIT’s fully funded Ph.D. program covers students for up to five years. The program pays for the full cost of tuition and provides students with a monthly stipend of $4,497, student medical insurance and a new laptop. Students also receive up to $4,500 for travel and conferences.

Not all universities offer fully funded Ph.D. programs, and existing programs are highly competitive. For example, the Stanford University Department of Political Science Ph.D. program selects 12 to 15 students per year.

2. Ph.D. Fellowship Programs

A fellowship program provides students with financial support so they can focus on their academic work. Issued based on the student’s academic merit or research achievements, fellowships may or may not have a service requirement attached.

Fellowships can come from universities, nonprofit organizations or government agencies. For example:

American Psychological Association (APA) Doctoral Fellowship in Health and Substance Abuse Services . The APA fellowship is for full-time doctoral students who are committed to working in behavioral health. It provides up to three years of financial support, and the stipend amounts vary by year and program.
Cornell Fellowship . Cornell University operates several fellowship programs. The Cornell Fellowship pays for one academic year of tuition, fees, health insurance and a stipend.
U.S. National Science Foundation (NSF) Graduate Research Fellowship Program . The NSF Graduate Research Fellowship Program is a five-year fellowship that gives students three years of financial support. The fellowship includes an annual stipend of $37,000 and pays up to $16,000 per year in tuition and fees.

You can search for fellowship opportunities through the ProFellow database .

3. Doctoral Scholarships

Scholarships are available to Ph.D. students, and these merit-based awards can come from nonprofit organizations, private companies, states and government agencies. The award amounts vary, ranging from smaller awards that may only cover incidental expenses to more substantial awards of $20,000. For example:

Accounting Doctoral Scholars Program . Certified public accountants (CPAs) intending to earn a Ph.D. in accounting can qualify for up to $20,000 through the Accounting Doctoral Scholars Program.
American Library Association (ALA) Century Scholarship . The ALA Century Scholarship gives up to $2,500 to library school students with disabilities pursuing a doctoral degree.
Washington State American Indian Endowed Scholarship . In Washington, Native American students can receive $500 to $2,500 to pay for their education at an eligible school within the state.

You can search for additional scholarship opportunities with tools like FastWeb or Scholarships.com .

4. Ph.D. Grants

Unlike scholarships, grants are usually awarded based on the student’s financial need. Ph.D. grants can be issued by states and nonprofit organizations. For example:

José Martí Scholarship Challenge Grant Fund . This grant, issued to Hispanic students in Florida, is both need-based and merit-based. Eligible recipients can receive up to $2,000 per year.
Organization For Autism Research Graduate Research Grant . Doctoral candidates conducting autism research can qualify for a grant of $2,000.
Virginia Tuition Assistance Grant Program . Virginia residents attending an eligible university can receive between $5,000 and $12,500 per year in financial assistance.

You can find Ph.D. grant opportunities through your state education agency or CareerOneStop .

5. Employer Reimbursement

If you’re currently working full- or part-time, your employer may be willing to help with some of your education expenses. According to the Society for Human Resource Management, 48% of employers offer tuition assistance or reimbursement benefits.

Contact your human resources department to find out if tuition reimbursement is available and what you need to do to qualify for the benefit.

6. Federal Student Loans

Depending on the other financial aid you qualify for, you may need to borrow some money to cover your remaining expenses. Federal student loans are a good starting point since they have more borrower protections than other options, and you may qualify for loan forgiveness later on based on your employment.

Ph.D. students may qualify for either direct unsubsidized loans or grad PLUS loans. Unsubsidized loans have lower interest rates but have annual and aggregate borrowing maximums that your program may exceed. If that’s the case, you can use grad PLUS loans to pay for your remaining expenses.

	Direct Unsubsidized (Graduate or Professional)	Grad PLUS

7. Private Student Loans

If you aren’t eligible for federal loans or need to borrow more than the federal limits allow, private student loans are another way to pay for your Ph.D. Private loans come from banks, credit unions and other lenders, and your loan eligibility is based on your credit, income and whether you have a co-signer (someone who agrees to repay the loan if you miss payments).

If you have excellent credit, you could qualify for private loans with lower rates than you’d get with federal loans, and private student loans can have terms as long as 20 years.

If you decide to take out a private loan, compare quotes from several lenders offering loans for Ph.D. programs. Consider the rates, terms and overall repayment costs to find the best loan option.

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Stock market today: Dow drops 600 on weak jobs data as a global sell-off whips back to Wall Street

Specialist James Denaro works at his post on the floor of the New York Stock Exchange, Friday, Aug. 2, 2024. (AP Photo/Richard Drew)

Trader John Romolo works on the floor of the New York Stock Exchange, Friday, Aug. 2, 2024. (AP Photo/Richard Drew)

Traders gather at the post of specialist Stephen Naughton, right,on the floor of the New York Stock Exchange, Friday, Aug. 2, 2024. (AP Photo/Richard Drew)

A trio of traders work on the floor of the New York Stock Exchange, Friday, Aug. 2, 2024. (AP Photo/Richard Drew)

FILE - People pass the New York Stock Exchange on July 31, 2024 in New York. World shares have tumbled on Friday, August 2, 2024, with Japan’s Nikkei 225 index slumping 5.8% as investors panicked over signs of weakness in the U.S. economy.(AP Photo/Peter Morgan, File)

Trader Jonathan Mueller works on the floor of the New York Stock Exchange, Friday, Aug. 2, 2024. (AP Photo/Richard Drew)

A board above the trading floor shows the closing number for the Dow Jones industrial average, at the New York Stock Exchange, Friday, Aug. 2, 2024. Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation.(AP Photo/Richard Drew)

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NEW YORK (AP) — Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation .

The S&P 500 sank 1.8% for its first back-to-back losses of at least 1% since April. The Dow Jones Industrial Average dropped 610 points, or 1.5%, and the Nasdaq composite fell 2.4% as a sell-off for stocks whipped all the way around the world back to Wall Street.

A report showing hiring by U.S. employers slowed last month by much more than economists expected sent fear through markets, with both stocks and bond yields dropping sharply. It followed a batch of weaker-than-expected reports on the economy from a day earlier, including a worsening for U.S. manufacturing activity, which has been one of the areas hurt most by high rates.

It was just a couple days ago that U.S. stock indexes jumped to their best day in months after Federal Reserve Chair Jerome Powell gave the clearest indication yet that inflation has slowed enough for cuts to rates to begin in September.

Now, worries are rising the Fed may have kept its main interest rate at a two-decade high for too long. A rate cut would make it easier for U.S. households and companies to borrow money and boost the economy, but it could take months to a year for the full effects to filter through.

“The Fed is seizing defeat from the jaws of victory,” said Brian Jacobsen, chief economist at Annex Wealth Management. “Economic momentum has slowed so much that a rate cut in September will be too little and too late. They’ll have to do something bigger than” the traditional cut of a quarter of a percentage point “to avert a recession.”

Traders are now betting on a 70% probability that the Fed will cut its main interest rate by half a percentage point in September, according to data from CME Group. That’s even though Powell said Wednesday that such a deep reduction is “not something we’re thinking about right now.”

Of course, the U.S. economy is still growing, and a recession is far from a certainty. The Fed has been clear about the tightrope it’s walking since it started hiking rates sharply in March 2022: Being too aggressive would choke the economy, but going too soft would give inflation more oxygen.

While refusing to claim victory on either the jobs or the inflation fronts on Wednesday, before the discouraging economic reports hit, Powell said Fed officials “have a lot of room to respond if we were to see weakness” in the job market after hiking its main rate so high.

“Certainly today’s job data feeds the weakening economy narrative, but I believe the market is overreacting at this point and pricing too much in on rate cuts at this stage,” said Nate Thooft, senior portfolio manager at Manulife Investment Management. “Yes, the economy is weakening, but I am not convinced there is enough evidence that the data so far is a death knell for the economy.”

U.S. stocks had already appeared to be headed for losses Friday before the disappointing jobs report thudded onto Wall Street.

Several big technology companies turned in underwhelming profit reports, which continued a mostly dispiriting run that began last week with results from Tesla and Alphabet .

Amazon fell 8.8% after reporting weaker revenue for the latest quarter than expected . The retail and tech giant also gave a forecast for operating profit for the summer that fell short of analysts’ expectations.

Intel dropped even more, 26.1%, for its worst day in 50 years, after the chip company’s profit for the latest quarter fell well short of forecasts . It also suspended its dividend payment and forecast a loss for the third quarter, when analysts were expecting a profit.

Apple held steadier, up 0.7%, after reporting better profit and revenue than expected .

Apple and a handful of other Big Tech stocks known as the “ Magnificent Seven ” were the main reasons the S&P 500 set dozens of records this year, in part on a frenzy around artificial-intelligence technology. But their momentum turned last month on worries investors had taken their prices too high.

Friday’s losses for tech stocks dragged the Nasdaq composite 10% below its record set last month. That level of drop is what traders call a “correction.”

Helpfully for Wall Street, other areas of the stock market beaten down by high interest rates began rebounding sharply last month when tech stocks were regressing, particularly smaller companies. But they tumbled too Friday on worries that a fragile economy could undercut their profits.

The Russell 2000 index of smaller stocks dropped 3.5%, more than the rest of the market.

All told, the S&P 500 fell 100.12 points to 5,346.56. The Dow dropped 610.71 to 39.737.26, and the Nasdaq composite fell 417.98 to 16,776.16.

In the bond market, Treasury yields fell sharply as traders forecasted deeper cuts to rates coming from the Federal Reserve. The yield on the 10-year Treasury fell to 3.79% from 3.98% late Thursday and from 4.70% in April.

In stock markets abroad, Japan’s Nikkei 225 dropped 5.8%. It’s been struggling since the Bank of Japan raised its benchmark interest rate on Wednesday. The hike pushed up the value of the Japanese yen against the U.S. dollar, which could hurt profits for exporters and deflate a boom in tourism.

Chinese stocks fell as investors registered disappointment with the government’s latest efforts to spur growth through various piecemeal measures, instead of hoped-for infusions of broader stimulus, while stock indexes dropped by more than 1% across much of Europe.

Commodity prices also had a rough ride this week. Oil prices leaped after the killings of leaders of Hamas and Hezbollah fueled fears that a widening conflict in the Middle East could disrupt the flow of crude.

But prices fell back Thursday and Friday on worries that a weakening economy would burn less fuel. A barrel of benchmark U.S. crude dropped back below $74 Friday after coming into the week above $77.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Watch CBS News

4 reasons the stock market is plunging — and what experts say you should do

By Aimee Picchi

Edited By Alain Sherter

Updated on: August 5, 2024 / 5:33 PM EDT / CBS News

A swift and sudden downdraft in global stocks is raising concern among ordinary investors about the impact on their portfolios and 401(k) plans.

The S&P 500 slid 160 points, or 3%, to 5,186 on Monday, the index's biggest one-day drop in nearly two years, according to FactSet. The tech-heavy Nasdaq Composite sank 3.4% as investors fled some of the tech giants that until recently had powered the U.S. market higher, with Apple shedding 4.8% and Nvidia falling 6.4%.

Notably, the slump follows what had been a bullish year, with the stock market reaching record highs that bolstered the retirement accounts of millions of U.S. workers. The whiplash may have some 401(k) savers questioning what's behind the reversal, especially after the U.S. economy had appeared to be on solid footing, with steady growth and cooling inflation, thanks to the Federal Reserve's flurry of interest rate hikes.

Here are four reasons why experts say the stock market is tumbling, along with their advice on what investors should do.

The Fed might have waited too long to cut interest rates

A range of signals in recent months suggest the economy is losing speed, leading some experts to urge the Federal Reserve to lower its benchmark interest rate for the first time since 2020. For now, however, the central bank has left rates unchanged, including more at its policy meeting last week .

Investors now fret that the Fed may have waited too long to ease borrowing costs for consumers and businesses, raising the risks of a recession.

"The real issue here is investors are worried the Fed is behind the curve in cutting interest rates, and that means there could be a bigger risk of a policy error," Amanda Agati, chief investment officer of PNC's asset management group, told CBS MoneyWatch. "The fear is that we might ultimately tip into a recession, versus that prior expectation for a soft landing."

Economic data points to U.S. slowdown

Stocks have soared into record terrain this year, propelled by expectations the Fed would soon trim interest rates for the first time since 2020 and by the ongoing artificial intelligence boom.

But market sentiment began to shift in mid-July as a growing number of economic signals pointed to a slowdown in growth. Those concerns intensified on August 2 after data showed a dip in manufacturing and construction, while a weaker-than-expected employment report added to Wall Street's fears about the economy running out of steam.

Potentially more worrisome is that consumer spending — which accounts for roughly two-thirds of economic activity — is showing signs of weakness. Companies such as McDonald's and Walmart are reporting that their customers are cutting back amid the strain of still-elevated inflation and high borrowing costs.

Still, some experts caution that such data points might turn out to be a blip, rather than a trend.

"Without stating the obvious, one month does not make a trend, so next month's jobs report will be very important," said Seema Shah, chief global strategist at Principal Asset Management, in an email. "It's worth pointing out that the April 2024 payroll number was initially 165,000 and then was revised down to 108,000 before rebounding to 216,000 the following month."

Tech stocks are a victim of high expectations

Some of the worst-hit stocks during the rout can be found in the tech sector, with the so-called Magnificent Seven, a group of tech stocks including Amazon, Apple and Nvidia, among the market's worst performers on Monday. Nvidia, the chip company whose technology powers artificial intelligence , has shed 23% of its value since July 31.

Prior to last week, these stocks had been among the year's best performers, which meant that Wall Street had lofty expectations for their revenue and profit growth. And while their earnings reports have been solid so far this year, they haven't wowed investors.

"Even if earnings come in as expected, the valuation multiples are so high that it's hard to sustain" those prices, PNC's Agati said. "Investors are panicking, and this is a really rapid sentiment shift."

She added, "We don't think the underlying fundamentals support this shift. For the most part, the Magnificent Seven have been fine in terms of earnings results."

Japan's interest rate hike

Professional investors also pointed to the impact of the Bank of Japan's move last week to raise its main interest rate from nearly zero.

This boosted the value of the Japanese yen. But it has also forced traders to unwind investments in which they had borrowed money in Japan at near-zero interest rates and then converted the yen into dollars, which they then used to buy U.S. stocks. In other words, traders have had to sell assets to cover their trades, which could be feeding into the stock market declines, experts said.

"This 'carry trade' has been unraveling in recent weeks and might have crescendoed on Friday," according to Yardeni Research.

What should investors do?

First it's important to understand that stock downturns — even sharp ones — are common. Although the S&P 500 is down roughly 8% from its peak in July, drops in equity prices of 5% or more have occurred at least once a year for the past four decades, according to Oxford Economics. Market corrections, or a drop of at least 10% from their highs, occur an average of every one and half to two years, the firm said in a report.

But even bear markets, or when stocks decline at least 20% from their peak, are normal and aren't a reason to panic, experts say. While the temptation might be to sell, it's best to resist that urge, especially for people saving for the long-term such as for retirement. Market timing, or trying to buy and sell stocks to capture gains and avoid losses, is notoriously difficult and can lead to lost opportunities, research from Charles Schwab has found .

"If you are a long term investor, take a deep breath — it is very scary, I get it," Jill Schlesinger, the business analyst for CBS News, told the network. "As long as you are in a long-term portfolio, you shouldn't worry."

Moving into cash "is never a good investment," added PNC's Agati. That's especially the case when the Fed is widely expected to cut rates as early as September, which will reduce the returns for savings accounts and money market funds.

"If you are worried about your retirement plan, I wouldn't be pulling the plug and moving to cash," Agati added, noting that he would look at investment-grade fixed income investments or U.S. Treasuries because they may provide more attractive yields moving forward.

Stock Market

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

More from CBS News

Stock markets steady after the S&P 500's worst day in almost two years

Stocks rebound from rout as Fed faces calls to cut rates early

Here are the odds of an emergency rate cut from the Federal Reserve

Will mortgage rates continue to drop this August? Here's what experts say

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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 ...
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Studying for a PhD can enable you to demonstrate some important traits of successful bankers; including a keen interest in and wider understanding of banking and global markets, high analytic ...
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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 ...
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What can you do with a PhD in Finance? A PhD in Finance can lead to a variety of professional prospects in a variety of fields. Individuals with a PhD in Finance may pursue the following professional paths: 1. Academia: Many PhDs in Finance go on to become professors or researchers at universities or business schools. They may teach finance ...
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The Ph.D. in Finance. Stern's Ph.D. program in finance trains scholars to conduct research at the leading edge of financial economics. The faculty represents one of the largest finance research groups in the world that has been ranked consistently as the leading publisher of academic research in top finance journals. Comprised of more than 40 ...
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PhD students also enjoy the benefits of Stern's economics department, NYU's economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics. Graduates of Stern's Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and ...
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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. Overview. The department prepares students for careers in research and teaching at the world's leading academic institutions, focusing on Asset Pricing and ...
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2023-24 Curriculum Outline. The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation.
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The PhD in Business Administration grounds students in the disciplinary theories and research methods that form the foundation of an academic career. Jointly ... The doctoral program in Business Economics, which includes Finance and Applied Economics tracks, provides scholars with rigorous training in economic theory and a particular focus on ...
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With a PhD, you will gain the skills and expertise to succeed in a variety of finance-related roles. You'll be able to analyze financial data, develop financial models, and advise both individuals and organizations about the best strategies to achieve their goals. You will also gain valuable research experience that can help you make valuable ...
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Though tuition rates vary widely among programs, total tuition for the best online Ph.D. in finance programs on our list averages around $45,000. To help fund your degree, you can apply for ...
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The finance group mentors students with an apprenticeship model, providing an early start in research projects both by and with faculty. Research Over successive five-year periods between 1980 and 2014, graduates of the Katz PhD in Finance Program ranked between 28th and 49th among doctoral programs worldwide depending on the specific time ...
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The examination consists of two steps. Step 1: Students take an exam at the end of the second year in the program (late May). The exam covers all Finance Ph.D. classes taken during the first and the second year in the program. Whereas some of the questions will be specific and will test a particular topic, other questions will focus on broader ...
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The Finance PhD program prepares students to engage in original research on financial markets and decision-making. Students acquire critical technical skills in economic theory, finance theory, data analysis and coding. They also learn to identify promising ideas, write compelling papers and present effectively. ...
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Ph.D. in Finance. At the University of Kansas, finance doctoral students are trained to teach at the university level, to do research that is publishable in top academic journals, and to analyze questions that are important to government agencies and the private sector. Successful students develop close working relationships with the KU finance ...
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A Ph.D. in Finance will set you up for a position at a quantitive trading desk. They land fewer jobs with I-banks and more often work behind the scenes and are generally less involved directly with clients as their reputation tends to be that they are more academic and less business oriented.
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NEW YORK (AP) — Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation.. The S&P 500 sank 1.8% for its first back-to-back losses of at least 1% since April. The Dow Jones Industrial Average dropped 610 points, or 1.5%, and the Nasdaq composite fell 2.4% as a sell-off for stocks whipped all the way around the world ...
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The 10 Best PhD Programs in Finance

Why Get a Doctorate in Finance?

Jobs and Salaries for Doctors of Finance

Read More: The Highest Paying PhD Programs

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

The University of Pennsylvania, The Wharton School

The University of Chicago, Booth School of Business

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

Massachusetts Institute of Technology, Sloan School of Management

Northwestern University, Kellogg School of Management

The University of California Berkeley, Haas School of Business

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

Liberty University, School of Business

Northcentral University

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Preparing for a Finance Doctorate Program

Skills You Gain from Earning a PhD in Finance

PhD Programs in Finance FAQs

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How Much Can You Make With a PhD in Finance?

What Do You Need To Get a 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.

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