phd in finance chicago

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• PhD in Accounting
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PhD Joint Program in Financial Economics

The financial economics phd program leverages the strengths of two renowned programs: the phd program in finance and the university of chicago’s kenneth c. griffin department of economics..

Core economics training is critical for students doing research in financial economics, and advances in financial economics have important implications for other areas of economics.

As a student in our Joint Program in Financial Economics , you’ll work with thought leaders in both economics and finance and follow your research interests wherever they lead. Leveraging courses and resources in the Finance dissertation area at Chicago Booth and the university’s Kenneth C. Griffin Department of Economics , you’ll build a foundation for research at the intersection of finance and economics.

Our Distinguished Finance and Economics Faculty

As a student in the joint program, you’ll work with professors and classmates in both the Department of Economics and the Stevens Doctoral Program in Finance at Chicago Booth. Faculty bring research expertise in a wide range of fields and serve as mentors to PhD students.

Finance Faculty

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

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

Department of Economics Faculty

Fernando Alvarez

Ali Hortacsu

Harald Uhlig

Kenneth C. Griffin Department of Economics

Alumni success.

Our PhD graduates lead successful careers  in prestigious academic settings, such as the Stanford Graduate School of Business and London Business School, as well as in leading financial institutions, including the International Monetary Fund.

Sangmin (Simon) Oh, PhD '24

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Simon's research interests are asset pricing, investments, and insurance. He studies how institutional frictions impact the pricing of risk, focusing on market dynamics and investor behavior and often leveraging machine learning tools. Simon's dissertation area is in financial economics.

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.

A Network of Support

Doctoral students at Booth have access to the resources of several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

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.

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.

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.

The Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center for Global Markets positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

Macro Finance Research Program The Macro Finance Research Program (MFR) expands our understanding of how financial markets affect the economy as a whole and, conversely, how the macroeconomy influences financial markets. It does so by bringing together a community of elite and emerging scholars and with common ambitions to tackle these important challenges. One of the important ambitions of this program is to provide intellectual and research support for advanced students in the joint PhD program in financial economics.

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.

Spotlight on Research

Chicago Booth Review regularly highlights the research findings of Booth faculty and PhD students in financial economics.

Line of Inquiry: Amir Sufi on Household Debt and Business Cycles

Chicago Booth’s Amir Sufi explains how the financial sector's willingness to extend credit to households helps fuel booms and busts.

How is IT Spending Changing Banking?

According to researchers Zhiguo He (previous Booth prof.), Sheila Jiang and Douglas Xu (both Booth PhD graduates), and Xiao Yin, IT investment figures prominently in banking activities.

How Can We Calculate the US's Greatest Fortunes?

Chicago Booth’s Eric Zwick and his coauthors have devised a new way to gauge how much wealth the ultrawealthy have and what it’s composed of. Their results can help update and sharpen the picture of inequality in the US.

The PhD Experience at Booth

Maryam Farboodi, PhD ’14, talks about how the Booth faculty challenged her to focus her research on issues that are applicable to the current financial sector.

Video Transcript

Maryam Farboodi, ’14: 00:02 My work lies in the intersection of finance and economics, trying to apply theoretical models to think about broader questions in big data technology. I was doing extremely theoretical research and I was always interested in doing stuff which are more related to the real world, which led me to join Chicago econ and then the Joint Financial Economics Program at Chicago Booth.

Maryam Farboodi, ’14: 00:29 The faculty really helped me focus my research on issues that are relevant to the current financial climate. A lot of current policy focuses on how financial institutions intermediate for each other and that has been the focus of my research. The faculty at Chicago Booth challenged me in making sure that the insight is applicable to the current financial sector.

Maryam Farboodi, ’14: 00:52 What is really, really special about Booth is the really close interaction between the faculty here and the econ department. Chicago Booth, in particular the joint program, is the best place you can be in. It provides an environment where you can interact with people who are extremely deep in both finance and economics and not lose track of important issues. Chicago Booth and Econ has really being like home to me. That's the feeling that any student can get if they really engage themselves with faculty. 

Current Financial Economics Students

Students in Chicago Booth’s Joint Program in Financial Economics focus their PhD research on a vast array of issues, from state-government borrowing costs to wealth inequality to climate policy. They go on to positions at leading academic institutions and global financial organizations.

Current Students

Monica Barbosa Connor Brennan

Filippo Cavaleri

Manav Chaudhary Rahul Chauhan

Shirui (Suri) Chen

Laurenz De Rosa Aditya Dhar

Joanna Harris Jacob Hartwig

Lewei He Tanvi Jindal

Jingoo Kwon

Federico Mainardi

Benjamin Marrow Eric Milstein Sixun Tang Yifan Wang Judy Yue

See a list of the current students in our Finance PhD Program .

How to Apply

To join the Joint Program in Financial Economics, you will need to be admitted to both the doctoral program in the Department of Economics and the PhD Program in Finance at Chicago Booth. However, you need only apply to one or the other program. Learn more about applying to Chicago Booth or to the Department of Economics .

Program Requirements

Learn more about the Joint Program in Financial Economics at Chicago Booth on the website or by referencing the joint program-specific guidebook below. See Joint Program-Specific Guidebook

General Program Expectations and Requirements

The Stevens Program at 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 2024-25 Guidebook!

Finance Graduate Programs in the Chicago Area

1-7 of 7 results

Kellogg School of Management

• Evanston, IL ·
• Northwestern University ·
• Graduate School
• · Rating 4.75 out of 5   20 reviews

Northwestern University, Graduate School, EVANSTON, IL. 20 Niche users give it an average review of 4.8 stars. Featured Review: Master's Student says As mentioned in the previous questions, I have not graduated yet. To this point, I feel as though it has been preparing me to lead teams and develop a successful career. Current stressor is the ROI,... Read 20 reviews.

Stuart School of Business

• Chicago, IL ·
• Illinois Institute of Technology ·
• · Rating 4.33 out of 5   3 reviews

Blue checkmark. Illinois Institute of Technology, Graduate School, CHICAGO, IL. 3 Niche users give it an average review of 4.3 stars. Featured Review: Master's Student says The program heavily emphasizes quantitative methods, equipping you with the skills to analyze complex financial data and make data-driven decisions. Courses in financial modeling, econometrics, and... Read 3 reviews.

Quinlan School of Business

• Loyola University Chicago ·

Blue checkmark. Loyola University Chicago, Graduate School, CHICAGO, IL.

Saint Xavier University

• Graduate School ·
• CHICAGO, IL
• · Rating 4.2 out of 5   10

Joseph M. Katz Graduate School of Business

• University of Pittsburgh ·
• PITTSBURGH, PA
• · Rating 4.75 out of 5   12

Mississippi College

• CLINTON, MS
• · Rating 4.37 out of 5   38

Driehaus College of Business

• DePaul University ·
• · Rating 4.5 out of 5   4 reviews

DePaul University, Graduate School, CHICAGO, IL. 4 Niche users give it an average review of 4.5 stars. Featured Review: Master's Student says The professors are very kind and the learning curriculum is very helpful. The syllabus is designed to align practical knowledge to the theoretical knowledge. Read 4 reviews.

College of Business Administration - University of Illinois at Chicago

• University of Illinois Chicago ·
• · Rating 5 out of 5   5 reviews

University of Illinois Chicago, Graduate School, CHICAGO, IL. 5 Niche users give it an average review of 5 stars. Featured Review: Current Master's student says I have just recently begun the Business Administration Program but I have enjoyed the experience so far. The content I am learning has real world applications and the information is delivered in a... Read 5 reviews.

College of Business - Lewis University

• Romeoville, IL ·
• Lewis University ·
• · Rating 5 out of 5   2 reviews

Lewis University, Graduate School, ROMEOVILLE, IL. 2 Niche users give it an average review of 5 stars. Featured Review: Master's Student says When I went to shadow the campus at first it seemed to be really small, but as I got deeper inside the campus I was taken by storm. To be not the biggest university around it still felt pretty big. Read 2 reviews.

• Find college scholarships

College of Business - Concordia University Chicago

• River Forest, IL ·
• Concordia University Chicago ·

Concordia University Chicago, Graduate School, RIVER FOREST, IL.

College Of Arts & Sciences- Valparaiso University

• Valparaiso University ·
• VALPARAISO, IN

University of Houston - Clear Lake

• HOUSTON, TX
• · Rating 4.65 out of 5   75

Welch College of Business and Technology

• Sacred Heart University ·
• FAIRFIELD, CT
• · Rating 5 out of 5   3

Showing results 1 through 7 of 7

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• Dissertation Areas and Joint PhD Programs
• PhD Career Outcomes
• PhD Proposals and Defenses
• PhD Job Market Candidates
• PhD Research Community
• 100 Years of Pioneering Research
• Rising Scholars Conference
• Yiran Fan Memorial Conference
• Frequently Asked Questions
• PhD in Accounting
• PhD in Behavioral Science
• PhD in Econometrics and Statistics
• PhD in Economics
• PhD in Finance
• PhD in Management Science and Operations Management
• PhD in Marketing
• Joint Program in Financial Economics
• Joint Program in Psychology and Business
• Joint PhD/JD Program

PhD Joint Program in Financial Economics

The financial economics phd program leverages the strengths of two renowned programs: the phd program in finance and the university of chicago’s kenneth c. griffin department of economics..

Core economics training is critical for students doing research in financial economics, and advances in financial economics have important implications for other areas of economics.

As a student in our Joint Program in Financial Economics , you’ll work with thought leaders in both economics and finance and follow your research interests wherever they lead. Leveraging courses and resources in the Finance dissertation area at Chicago Booth and the university’s Kenneth C. Griffin Department of Economics , you’ll build a foundation for research at the intersection of finance and economics.

Our Distinguished Finance and Economics Faculty

As a student in the joint program, you’ll work with professors and classmates in both the Department of Economics and the Stevens Doctoral Program in Finance at Chicago Booth. Faculty bring research expertise in a wide range of fields and serve as mentors to PhD students.

Finance Faculty

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

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

Department of Economics Faculty

Fernando Alvarez

Ali Hortacsu

Harald Uhlig

Kenneth C. Griffin Department of Economics

Alumni success.

Our PhD graduates lead successful careers  in prestigious academic settings, such as the Stanford Graduate School of Business and London Business School, as well as in leading financial institutions, including the International Monetary Fund.

Sangmin (Simon) Oh, PhD '24

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Simon's research interests are asset pricing, investments, and insurance. He studies how institutional frictions impact the pricing of risk, focusing on market dynamics and investor behavior and often leveraging machine learning tools. Simon's dissertation area is in financial economics.

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.

A Network of Support

Doctoral students at Booth have access to the resources of several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

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.

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.

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.

The Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center for Global Markets positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

Macro Finance Research Program The Macro Finance Research Program (MFR) expands our understanding of how financial markets affect the economy as a whole and, conversely, how the macroeconomy influences financial markets. It does so by bringing together a community of elite and emerging scholars and with common ambitions to tackle these important challenges. One of the important ambitions of this program is to provide intellectual and research support for advanced students in the joint PhD program in financial economics.

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.

Spotlight on Research

Chicago Booth Review regularly highlights the research findings of Booth faculty and PhD students in financial economics.

Line of Inquiry: Amir Sufi on Household Debt and Business Cycles

Chicago Booth’s Amir Sufi explains how the financial sector's willingness to extend credit to households helps fuel booms and busts.

How is IT Spending Changing Banking?

According to researchers Zhiguo He (previous Booth prof.), Sheila Jiang and Douglas Xu (both Booth PhD graduates), and Xiao Yin, IT investment figures prominently in banking activities.

How Can We Calculate the US's Greatest Fortunes?

Chicago Booth’s Eric Zwick and his coauthors have devised a new way to gauge how much wealth the ultrawealthy have and what it’s composed of. Their results can help update and sharpen the picture of inequality in the US.

The PhD Experience at Booth

Maryam Farboodi, PhD ’14, talks about how the Booth faculty challenged her to focus her research on issues that are applicable to the current financial sector.

Video Transcript

Maryam Farboodi, ’14: 00:02 My work lies in the intersection of finance and economics, trying to apply theoretical models to think about broader questions in big data technology. I was doing extremely theoretical research and I was always interested in doing stuff which are more related to the real world, which led me to join Chicago econ and then the Joint Financial Economics Program at Chicago Booth.

Maryam Farboodi, ’14: 00:29 The faculty really helped me focus my research on issues that are relevant to the current financial climate. A lot of current policy focuses on how financial institutions intermediate for each other and that has been the focus of my research. The faculty at Chicago Booth challenged me in making sure that the insight is applicable to the current financial sector.

Maryam Farboodi, ’14: 00:52 What is really, really special about Booth is the really close interaction between the faculty here and the econ department. Chicago Booth, in particular the joint program, is the best place you can be in. It provides an environment where you can interact with people who are extremely deep in both finance and economics and not lose track of important issues. Chicago Booth and Econ has really being like home to me. That's the feeling that any student can get if they really engage themselves with faculty. 

Current Financial Economics Students

Students in Chicago Booth’s Joint Program in Financial Economics focus their PhD research on a vast array of issues, from state-government borrowing costs to wealth inequality to climate policy. They go on to positions at leading academic institutions and global financial organizations.

Current Students

Monica Barbosa Connor Brennan

Filippo Cavaleri

Manav Chaudhary Rahul Chauhan

Shirui (Suri) Chen

Laurenz De Rosa Aditya Dhar

Joanna Harris Jacob Hartwig

Lewei He Tanvi Jindal

Jingoo Kwon

Federico Mainardi

Benjamin Marrow Eric Milstein Sixun Tang Yifan Wang Judy Yue

See a list of the current students in our Finance PhD Program .

How to Apply

To join the Joint Program in Financial Economics, you will need to be admitted to both the doctoral program in the Department of Economics and the PhD Program in Finance at Chicago Booth. However, you need only apply to one or the other program. Learn more about applying to Chicago Booth or to the Department of Economics .

Program Requirements

Learn more about the Joint Program in Financial Economics at Chicago Booth on the website or by referencing the joint program-specific guidebook below. See Joint Program-Specific Guidebook

General Program Expectations and Requirements

The Stevens Program at 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 2024-25 Guidebook!

Joint PhD Program in Financial Economics

Program Overview

The program includes courses and comprehensive examination in the three Core subjects of price theory, the theory of income, and quantitative methods, as well as coursework in the theory of financial decisions and additional finance coursework. In addition to these courses and the Core examination, PhD requirements include a research paper in finance, certification of competence in two Specialized Fields of concentration (which can overlap with the finance coursework), three courses from among three different elective Fields for the General Distribution requirement (for most students these three courses fulfill the Booth Coordinated Sequence requirement), workshop participation, the approval of a Thesis/Dissertation Proposal, and the completion of the Doctoral Thesis/Dissertation.

The typical course load is three courses per quarter for two years; this permits completion of nine courses during the regular academic year. The comprehensive examination for the Core subjects is given by the Department of Economics in the Summer Quarter. The finance research paper, which constitutes the general exam in finance (along with successful completion of finance coursework), is due in September before the start of the third year.

Course Sequence

A program of a typical PhD student consists of the following sequence:

First Year: Courses in price theory, the theory of income, and quantitative methods to prepare for the Core examination First Summer: Core examination and optional summer paper in finance Second Year: Theory of Financial Decisions courses; additional courses to fulfill finance and Specialized Field requirements and participation in Workshops; certification in two Specialized Fields; identification of a Finance Research Paper topic Second Summer: Specialized Field Exam (if applicable) and Finance Research Paper Third & Fourth Years: Additional coursework as necessary to fulfill remaining coursework requirements (including the general distribution requirement and third year required research seminar); participation in Workshops; decision on a thesis topic and presentation of a Thesis Proposal Seminar; admission to Candidacy Fifth Year: Completion of the Doctoral Thesis and presentation of a Public Lecture at which the Department formally approves the thesis

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University of Chicago Joint Program in Financial Economics

This MFR project will seek to encourage the participation of interested and promising advanced graduate student researchers. One vehicle for doing this is the Joint Program in Financial Economics at the University of Chicago . This program is a collaboration between the Economics department and the Booth School of Business.

The aim of this program is to exploit the strengths of both sponsors in training PhD students interested in financial economics. Core economics training is valuable for students seeking to do research in financial economics, and advances in financial economics have important spillovers to other areas of economics.

Every year, the program holds a number of conferences, workshops and events designed to expose students to frontier research in financial economics and to encourage research collaborations aimed at supporting prudent policy-making.

Associated Scholars

Lars Peter Hansen

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