phd in finance chicago

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PhD in Finance

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

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

Associate 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 Associate 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

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship 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.

Initiative on Global Markets Enhancing the understanding of business and financial market globalization, the IGM 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 Agustin Hurtado Young Soo Jang Piotr Langer 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 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 2023-2024 Guidebook!

Joint PhD Program in Financial Economics

Program requirements.

Students must satisfy the requirements for the PhD degree in both programs. This is viable because of the considerable overlap in what the two programs expect of their students.

In the first year students will take:

• Economics 30100, 30200 and 30300 – Price Theory (microeconomics)
• Economics 31000, 31100 and 31200 – Empirical Methods (econometrics)
• Economics 33000, 33100 and 33200 – Theory of Income (macroeconomics)

In their second year they will complete courses in two fields in accordance with requirements from the Economics Department. At the same time the students will satisfy the dissertation area requirements at Booth.

As an example, a student in their second year can satisfy the course requirements by taking:

• Business 34901/Economics 35050 – Asset Pricing I
• Business 34902/Economics 35060 – Asset Pricing II
• Business 34903/Economics 35070 – Corporate Finance I
• Business 34904/Economics 35080 – Corporate Finance II
• and two other finance electives as listed in the Guidebook

This is a required sequence at Booth. It will be recognized as a separate field (or fields) by the Economics department.

• Three other classes in economics and business to satisfy additional distributional requirements of the Economics Department and Booth. There is a wide range of appropriate course offerings both at Chicago Booth and the Economics Department.

In their remaining years, students will satisfy any additional distributional requirements from the Department of Economics and the second year paper required by both the Department of Economics and Booth. To facilitate guidance in choosing a dissertation topic and pursuing research, third year students will attend a student workshop or reading group in which they will present recent papers by others and/or their own projects in early stages of development. The workshop will be run by one or more of the faculty members involved in the joint degree program. Students will propose and defend a single dissertation to the satisfaction of both the Department of Economics and Booth. These requirements are subject to changes made by either the Department of Economics or Chicago Booth.

Department of Mathematics

Financial mathematics.

A pioneer in its field, the Financial Mathematics Program offers 15 months of accelerated, integrated coursework that explores the deep-rooted relationship that exists between theoretical and applied mathematics and the ever-evolving world of finance. Their mission is to equip students with a solid foundation in mathematics, and in doing so provide them with practical knowledge that they can successfully apply to complicated financial models. Financial Mathematics students become leaders in their field; program alumni have gone forth to find success at companies like JP Morgan, UBS, and Goldman Sachs. Read more

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Doctoral Programs

Chicago's Public Research University in the Heart of a World-Class Business City

The doctoral programs at UIC Business build upon our stature as a Research 1 institution. Each day, our faculty researchers produce new knowledge for the global economy. Doctoral candidates have the opportunity to study with renowned experts in the fields of accounting, entrepreneurship, finance, human resources, information and decision sciences, management, marketing and strategy.

Explore Our Doctoral Degree Programs

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PhD students receive a tuition waiver and stipend for four years in exchange for work as a graduate research or teaching assistant provided they are making satisfactory progress towards obtaining their degree as determined by the coordinator for their area of emphasis.

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Funding Packages

The University of Chicago offers most doctoral students competitive funding packages, which cover tuition and student health insurance, as well as a stipend for living expenses and research support. In most PhD programs, these awards are available for the duration of a student’s program. Programs which are exceptions articulate their policies clearly on their own web sites. Because the cost of living in Chicago is notably lower than in many other major cities, our stipends allow for a comfortable lifestyle. For more information about specific funding for your degree program, please refer to the financial aid information for the programs you intend to apply to.

In addition to the funding packages offered by the University, a wealth of additional opportunities are available, including prestigious fellowships which support language study, travel, or dissertation research; and on- and off-campus positions such as internships which allow students to explore other career paths.

Fellowships

UChicago students are among the leading recipients of competitive external funding – in fact, our graduate students have received more Fulbright–Hays dissertation awards than those from any other institution. Most divisions and schools, as well as many individual programs and departments, maintain lists of fellowships and other funding sources relevant to students in their fields. In addition to these tailored resources, UChicagoGRAD provides information on a wide range of fellowship opportunities and support throughout the fellowship process.

Academic & Career Development

UChicagoGRAD supports graduate and professional students by providing information and advice on funding opportunities and student resources. Explore instructional videos, sample essays, and informational databases. We also offer one-on-one counseling and assistance with applying for various fellowships.

Fellowship Database

The University maintains a  Fellowships Database , a robust listing of fellowships, including opportunities for students in specific fields, international students, and students of color.

Office of Multicultural Student Affairs (OMSA)

In addition to the list of fellowships available for students of color and underrepresented minorities available  here , there are other resources available as well.  The Office of Multicultural Student Affairs  (OMSA) supports the academic success of students of color at the University of Chicago and works to build an inclusive campus community. OMSA offers  grants and funding , as well as  career and professional resources .

Student Employment

During their time at UChicago, students can find a variety of employment opportunities that support and complement their education without interfering with their studies. On- and off-campus internships such as the Higher Education Interns program offer students an opportunity to explore options and gain skills, and several services help connect students to these positions or directly employ students.

Student Jobs Database

The  University of Chicago Student Employment site  requires a UChicago CNet ID to access fully, lists a wide range of jobs for current students, including teaching and assistantship opportunities.

Marketplace by the Chicago Maroon

The  Maroon , a university-specific site is similar to Craig’s List, has postings for jobs in addition to a wide array of other offerings.

Neighborhood Schools Program (NSP)

The  Neighborhood Schools Program  employs work-study and some non-work-study students in area schools and community organizations as teaching assistants and tutors, technology assistants, and more.

University Community Service Center (UCSC)

The  University Community Service Center  facilitates off-campus work-study jobs with Chicago area nonprofit organizations focusing on research, community outreach, communications, direct service with children, and more.

University of Chicago Medicine Employment

University of chicago medicine’s employment database  is full- and part-time administrative and clerical positions at the on-campus medical center., chicago center for teaching (cct).

The  Chicago Center for Teaching  offers workshops, seminars, and consultation to hone your teaching skills, as well as employing current graduate students, and may have information on local institutions seeking instructors.

Employment Information for International Students

The  Office of International Affairs  (OIA) maintains information on the forms and requirements for international students with F-1 or J-1 status who seek employment in the United States.

Loan Programs

Loan programs augment any other aid students have received from the University and from outside funding sources. Find details of all loan programs and application instructions on the Graduate Financial Aid website . . In order to apply for student loans through the University, you will need your University ID (“CNet ID”), and to complete the FAFSA after January 1.

Educational Benefits for Military Affiliates

The University of Chicago welcomes veterans and other military-affiliated students to our community. The University’s Office for Military-Affiliated Communities (OMAC)  helps military-affiliated individuals obtain educational benefits from the U.S. Department of Veterans Affairs and Department of Defense, and provides a range of other services as well.

Specialist advisers in the  Office of the Registrar  and the Office for Military-Affiliated Communities assist individuals who need enrollment certification or other documentation. We encourage military-affiliated prospective students to consult with OMAC by contacting them at [email protected] .

The Yellow Ribbon Program: This program provides funding for post-9/11 servicemen and women to attend the University, in partnership with the U.S. Department of Veterans Affairs. Yellow Ribbon applicants must be admitted and have confirmed their intent to enroll into an academic program before submitting a Yellow Ribbon application to the University of Chicago, and acceptance in the program is on a first-come, first-serve basis, although most programs do not limit the number of participants.

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The PhD in Finance program offers comprehensive coverage of the application of Financial Economics, Quantitative Finance, Business Finance, and Applied Statistics to academic and applied problems in investing, corporate finance, and risk management. The program equips students to apply tools from these areas to any business problem. The program is research oriented and prepares graduates who are capable of initiating advanced research to solve problems in investments, corporate finance, regulatory issues in risk and market functions, as well as academic roles in Finance.

Stuart School of Business is a global leader in bridging technology and business, offering distinctive education that trains students to become outstanding professionals in economics, finance, analytics, marketing, business, public administration, operations, and management. 

Business at Illinois Tech has a prestigious history that dates back to the late 1800s, with some of the nation’s first courses in "Family and Consumer Science" (including “Home Economics” and “Household Management”) being offered by the Lewis Institute, Stuart’s original home, and the Institute’s subsequent formation of the Department of Business and Economics in 1926.

Over a period of more than 125 years, building on curricular innovations by Julia A. Beveridge and George N. Carman, and on foundational scholarly works by trailblazing Illinois Tech scholars Herb A. Simon (author of Administrative Behavior, later awarded the Nobel Prize in Economics), Karl Menger (developer of the St. Petersburg paradox in economics) and Abe Sklar (developer of the Copula in financial modeling), the Stuart School of Business has refined education in business disciplines.

A long-standing leader in curricular innovation, in 1990, building on the foundational works of numerous Illinois Tech scholars, and Harold L. Stuart’s own contributions to finance and the broader business community, the Stuart School of Business established quantitative finance as an academic discipline, with a world’s first postgraduate Master’s program in Financial Markets and Trading – a program that highlighted a new model for embedding into a postgraduate academic program the emphases on career readiness and connectedness with the business community, and transformed business school education.

Today, the Stuart School of Business continues to be a frontier innovator in accredited education, offering academic programs and co-curricular opportunities that place students on the path to self-actualization and career success. Leadership, entrepreneurship, experiential learning, positive societal impact, and connectedness to the business community, combined with a human-centered approach to student development, and an unyielding focus on student success, continue to be core pillars at Stuart. Stuart is accredited by the Association to Advance Collegiate Schools of Business (AACSB) – an accreditation achieved by fewer than 6% of business schools worldwide.

Stuart’s Ph.D. in Finance offers comprehensive coverage of the application of quantitative financial methods, financial models, financial economics, and financial technology to decision-making problems across business disciplines, building on Stuart's prestigious history in the finance discipline.

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Andrew w. lo, executive committee, markus brunnermeier, john cochrane, janice eberly, andrea eisfeldt, robert engle, mark gertler, simon g. gilchrist, john heaton, anil kashyap, nobuhiro kiyotaki, deborah j. lucas, robert merton, monika piazzesi, jean-charles rochet, martin schneider, antoinette schoar, frank schorfheide, christopher sims, harald uhlig, contributors, daron acemoglu, viral acharya, tobias adrian, franklin allen, david backus, anne beatty, richard berner, javier bianchi, patrick bolton, richard bookstaber, jaroslav borovička, nina boyarchenko, alberto cavallo, stephen g. cecchetti, ryan chahrour, larry christiano, rohan churm, james clouse, alessandro dovis, fernando duarte, j. doyne farmer, kay giesecke, michael gofman, jacob goldfield, benjamin golub, darryll hendricks, gerard hoburg, peter howitt, henry t.c. hu, urban jermann, sujit kapadia, bryan t. kelly, andrei kirilenko, nataliya klimenko, laura kodres, christoffer kok, arvind krishnamurthy, jennifer la’o, karim r. lakhani, christopher leuz, nellie liang, vasileios madouros, serguei maliar, neil mehrotra, jianjun miao, christopher palmer, jonathan a. parker, thomas philippon, bluford putnam, ronald ratcliffe, nikolai roussanov, stephen ryan, yuliy sannikov, karl schmedders, frank schweitzer, akhtar siddique, frank smets, richard stanton, jeremy stein, alireza tahbaz-salehi, nancy e. wallace, mark w. watson, volker wieland, fellowship awardees, joseph abadi, adrien auclert, carlos fernando avenancio-leon, pablo daniel azar, cynthia mei balloch, philip barrett, majid bazarbash, juliane begenau, matteo benetton, laura blattner, luigi bocola, gorkem bostanci, may sarita bunsupha, nicolas caramp, paolo cavallino, igor cesarec, bong-geun choi, matteo crosignani, tetiana davydiuk, ricardo de la o, winston wei dou, victor duarte, maryam farboodi, diego feijer, julia fonseca, cristian fuenzalida, ljubica georgievska, james graham, daniel w. green, daniel l. greenwald, violeta andrea gutkowski, brian eugene higgins, lunyang huang, sasha indarte, priit jeenas, gustavo joaquim, adam tejs jørring, paymon khorrami, divya kirti, moritz lenel, simone lenzu, c. jack liebersohn, pierre mabille, marco macchiavelli, maarten meeuwis, fernando mendo, roxana mihet, aaron pancost, juan passadore, stefano pegoraro, alessandra peter, anton petukhov, andrea prestipino, elisabeth pröhl, julian richers, roberto robatto, alexander rodnyansky, samuel rosen, tianyue ruan, dejanir silva, emil siriwardane, zach stangeby, ludwig straub, daan struyven, jincheng tong, fabrice tourre, willem van vliet, quentin vandeweyer, alonso villacorta, olivier wang, christian wolf, ram yamarthy, amy (yifan) zhou.

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PhD Program

• Program of Study

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

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

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

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

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

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

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

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• Quantitative Finance Specialization
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• Management Science and Analytics (Ph.D.)

The Quantitative Finance specialization in the Ph.D. in Management Science and Analytics program is excellent preparation for either academic careers or for students who want to apply the theoretical, analytical, and quantitative rigor of management science to careers in finance.

Dissertation research in this area may include a wide range of topics such as risk modeling, financial time series analysis, and investment analysis.

Required courses for the Quantitative Finance specialization (three credits per course):

• MSC 621—Corporate Finance
• MSC 623—Investments
• MSC 631—Theory of Finance I
• MSC 633—Theory of Finance II
• MSF 545/MSC 613—Structured Fixed Income Portfolios
• MSF 546/MSC 614—Quantitative Investment Strategies

View the curriculum for the Ph.D. in Management Science (MSC) program and MSC course descriptions .

Career Opportunities

Industry and Research

The specialization in Quantitative Finance prepares students for a wide range of careers in finance, particularly in areas such as investment and commercial banking, trading, and risk management. This background also opens career opportunities across industries in business functions focused on finance, financial modeling, economics, and risk compliance.

Chicago’s position as a global center for finance and fintech, as well as the home to the world’s largest markets in financial derivatives, make it a prime location for internships, networking, and job opportunities for Stuart students in quantitative finance.

Our graduates are ready to step into roles such as:

• Senior quantitative analyst or quantitative analytics manager-economic modeling
• Quantitative developer, senior quantitative modeler, or quantitative risk modeler
• Research data scientist, senior quantitative researcher, or quantitative researcher-asset management
• Portfolio risk analyst, senior quantitative risk analyst, or exotic rates quantitative analyst
• Equity derivatives quantitative strategist or quantitative portfolio strategist
• Senior quantitative markets analyst or machine learning analyst

Students interested in academic careers are supported by strong mentoring relationships with our faculty, opportunities to co-author papers published in prestigious scholarly journals, and help in securing adjunct positions to develop their teaching skills.

As a result, our graduates have launched teaching and research careers as finance faculty members at colleges and universities in the United States and around the world, such as:

• Carnegie Mellon University
• Beijing Normal University
• Lewis University
• Brooklyn College - City University of New York
• Benedictine University
• Northeastern Illinois University
• East China Normal University
• Saint Michael’s College (Vermont)

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