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The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

Read More:   The Highest Paying PhD Programs

What’s the average cost of a phd program in finance.

The tuition for a PhD in finance can vary depending on the university, with public institutions generally being much more affordable than private ones.

Across all schools, the average tuition is around $30,000 per year.

However, on top of this, you need to factor in other expenses, which could add up to another $30,000 a year. Some top universities offer full funding, including tuition and a stipend for all students who are successfully admitted to the program.

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

Top finance phd programs and schools, stanford university, graduate school of business.

PhD in Finance

Stanford University is one of the most prestigious business schools in the world. Its PhD in finance programs has an emphasis on theoretical modeling and empirical testing of financial and economic principles.

• Courses include: Financial markets, empirical asset pricing, macroeconomics, and financial markets.
• Duration: 5 years
• Tuition : Full funding
• Financial aid: Research & teaching assistantship, grants, outside employment, and outside support.
• Delivery: On-campus
• Acceptance rate: 5%
• Location: Stanford, California

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

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• PhD positions in Business and Economics (48)

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Three 2-year Postdoctoral Fellowships at the Zukunftskolleg

(Fulltime, E 13 TV-L)Reference No: 2024/114. The preferred start date is April 1st, 2025. Conditionally on the submission of an external grant, the position can be extended for an additional year. In principle, the position can be divided into two...

PhD-positions in Finance

The Department of Finance at the University of Luxembourg invites students to apply for PhD-student positions in Finance.Your Role... The program follows the standard international format with rigorous coursework in the first year and for the rema...

Doctoral researcher Auditing and Corporate Governance

We are the research units in Accounting, Finance and Insurance at KU Leuven. Our staff strives for high quality research and education in audit, (management) accounting, tax, banking, investments a...

PhD on cooperative enterprises

The Centre of Expertise for Cooperative Entrepreneurship (KCO) is embedded in the Department of Work & Organisation Studies within the Faculty of Economics and Business Studies - Leuven Campus. We ...

PhD Position on designing a recommender system for sustainable investments

Job descriptionDuring the project, you will closely collaborate with industry and a doctoral training network spread throughout Europe, including extended research stays abroad.The successful appli...

Doctoral Positions in Management in various areas of specialisation, with five-year funding for all admitted PhD candidates

INSEAD, one of the world's leading and most diverse business schools, is renowned for its commitment to producing leaders who positively impact society. With campuses in Europe, Asia, and the Middle East, INSEAD offers its students an unparalleled...

Project manager (2 year fixed-term appointment)

Aalto University School of Business Department of Finance invites applications forProject manager (2 year fixed-term appointment)beginning at 1.9.2024 or as per agreement at Aalto University Otaniemi in Espoo, Finland. The position is in the Depar...

PhD Position in Machine Learning for Digital Finance

Job descriptionYou will be a member of the MSCA Industrial Doctoral Network on Digital Finance, a European Research and Training programme with several leading European universities and companies i...

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

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

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

Preparation and Qualifications

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

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

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

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

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, michael blank, greg buchak, antonio coppola, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, monetary tightening and u.s. bank fragility in 2023: mark-to-market losses and uninsured depositor runs, trading stocks builds financial confidence and compresses the gender gap, expectations and the neutrality of interest rates, recent insights by stanford business, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist, why the “venture mindset” is not just for tech investors.

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PhD in Finance

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow

Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance

Robert W. Vishny

Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center

Michael Weber

Associate Professor of Finance

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics and Finance

Alumni Success

Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.

Shohini Kundu, MBA '20, PhD '21

Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.

Jane (Jian) Li, PhD '21

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.

Spotlight on Research

The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.

A Brief History of Finance and My Life at Chicago

Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.

Climate-Policy Pronouncements Boost 'Brown' Stocks

It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.

With Business Loans Harder to Get, Private Debt Funds Are Stepping In

It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.

Too Many 'Shadow Banks' Can Limit Overall Access to Credit

While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).

A Network of Support

Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.

Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.

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

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.

Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.

The PhD Experience at Booth

For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.

Video Transcript

Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.

Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.

Current Finance Students

PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.

Current Students

Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi  Huan (Bianca) He Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue

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

Program Expectations and Requirements

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

Download the 2023-2024 Guidebook!

List of PhD Finance 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.

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• 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.

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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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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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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.

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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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PhD in Finance

• Author: Audrey Stoffle
• Expert Reviewer: Rob Voce
• Editorial Process

The Doctor of Philosophy (PhD) degree in Finance prepares graduates for research careers and to teach at the postsecondary level. Since most finance careers and certifications require a bachelor’s in finance or, more often, a master’s degree in finance , students pursuing a PhD in Finance often have their sights set on academic or research careers. Finance programs at the PhD level cover a variety of financial topics that including the behavior of financial markets, pricing and valuation of assets, and problem-solving in financial intermediaries and firms. Study is often focused on a combination of finance theory and practice, which involves the testing of models using various methods in order to investigate issues in finance and conduct research. PhD students also choose to focus on a particular area of finance (sometimes called concentrations or specializations as well as research topics or tracks, depending on the school). Common research areas are often influenced by current faculty research topics and include capital markets, financial intermediaries, international finance, and corporate finance.

Table of Contents

Program Options

• Core Concepts

Top PhD in Finance Programs

• Select Schools with a PhD in Finance

Jobs with a PhD in Finance

Frequently asked questions.

PhD in Finance degrees usually take between four and six years to complete, and most require full-time, on-campus attendance. In addition to a certain number of credit hours through traditional coursework, PhD programs also typically require comprehensive exams, research papers, a dissertation proposal, and a completed dissertation. These components often have deadlines, and each student is responsible for ensuring that all deadlines are met throughout the program. Some programs grant PhD in Finance or Financial Economics degrees, while others grant a PhD in Business Administration or Business Economics with a Concentration in Finance. As mentioned above, PhD programs in Finance often offer further areas of specialized study, both through formal concentration areas and through active research topics of current faculty that align with students’ goals. Common concentration and research areas include:

• Asset Pricing Theory
• Behavioral Finance
• Capital Markets
• Corporate Finance
• Corporate Governance
• Development Economics
• Entrepreneurship
• Equity Markets
• Financial Crises
• Financial Econometrics
• Financial Intermediaries
• Fund Management
• Household Finance
• International Finance
• Investments
• Macro-finance
• Market Microstructure
• Real Estate
• Strategy and Decision-Making
• Tax Effects in Security Markets

Online Degree Formats

Since PhD programs involve intense study and are highly collaborative in nature, most schools do not offer online options for students. At most, PhD Finance programs may offer some online coursework during the program. However, the traditional coursework in a PhD program is usually completed in the first two to three years of study, with the remaining years devoted to the writing of the dissertation and teaching assistantships. As a result, much of the work in the latter half of PhD programs may be able to be completed remotely as long as program deadlines continue to be met.

Admission Requirements

Common admission requirements for Finance PhD programs include a resume, Graduate Management Admission Test (GMAT) or Graduate Record Exam (GRE) scores, letters of recommendation, a personal statement, and often an interview. A Master of Business Administration (MBA) or Master of Finance is sometimes required–or at least preferred–for admission, but not always. Some prospective students have backgrounds in other areas, including mathematics, economics, engineering, or statistics. Check with your school or schools of interest to inquire about their requirements for admission.

Core Concepts and Coursework

Coursework in Finance PhD programs will vary by school and program, but possible courses may include:

• Econometrics
• Empirical Asset Pricing
• Finance Research Seminar
• Information and Trading in Financial Markets
• Statistical Theory

The following are recent rankings of the best Finance PhD programs in the nation. Schools in bold appear on both lists.

US News & World Report’s Best Business Schools with PhD-Finance Programs 2022

US News & World Report annually ranks the top business schools for finance based on factors like recruiter rating, average starting salary, employment rate, and student selectivity. 1 The below business schools with PhDs in Finance top the list:

• University of Pennsylvania (#1; Wharton)
• University of Chicago (#2; Booth)
• New York University (#3; Stern)
• Columbia University (#4; Columbia)
• Massachusetts Institute of Technology (#5; Sloan)
• Stanford University (#6; Stanford)
• University of California-Berkeley (#7; Haas)
• Harvard University (#8; Harvard)
• University of California-Los Angeles (#9; Anderson)
• University of Michigan-Ann Arbor (#10; Ross)
• Duke University (#11 tie; Fuqua)
• Northwestern University (#11 tie; Kellogg)
• Boston College (#13; Carroll)
• Fordham University (#14 tie; Gabelli)
• University of Texas-Austin (#14 tie; McCombs)

Arizona State University Top Schools for Finance Rankings 1990-2020

Arizona State University’s (ASU) W.P. Carey School of Business ranks colleges and universities based on the number of annual articles published in the top four finance journals each year. The following schools topped the rankings from 1990 to 2020: 2

• New York University (#1; Stern)
• Harvard University (#3 tie; Harvard)
• University of Pennsylvania (#3 tie; Wharton)
• University of California-Los Angeles (#5; Anderson)
• Columbia University (#6; Columbia)
• Duke University (#7; Fuqua)
• Massachusetts Institute of Technology (#8; Sloan)
• University of Michigan-Ann Arbor (#9; Ross)
• Ohio State University (#10; Fisher)
• Stanford University (#11; Stanford)
• Northwestern University (#12; Northwestern)
• Cornell University (#13; Johnson)
• University of Texas-Austin (#14; McCombs)
• University of North Carolina-Chapel Hill (#15; Kenan–Flagler)

Select PhD in Finance Programs

Traditional programs, duke university.

At Duke University’s Fuqua School of Business, students can earn a technically-focused Doctor of Philosophy (PhD) in Business Administration with a Concentration in Finance that will prepare them to become faculty at the nation’s top research universities. Two main subfields are offered, Asset Pricing Theory and Corporate Finance; a third, Behavioral Finance, is emerging. Students can typically complete the PhD in four to six years and they collaborate with faculty to determine a concentrated course of study that aligns with their career goals. A comprehensive exam in the content area is required as well as a dissertation. Duke’s Fuqua School of Business provides PhD students with stipends as well as tuition, registration, and health fees for up to 10 semesters. Courses include Microeconomics I and II; Empirical Corporate Finance; Theoretical Asset Pricing; a finance seminar; and Theoretical Corporate Finance. GMAT or GRE scores are required for admission and cannot be waived for any reason. An MBA or master’s degree is not required for admission, nor is previous work experience.

Northwestern University

The Kellogg School of Management at Northwestern University offers a full-time doctoral program in finance that leads to a Doctor of Philosophy (PhD) and draws on economics, mathematics, and statistics in its exploration of finance. Applicants should have a strong education or work background in mathematics, statistics, and economics, and while a master’s degree is not required, about half of PhD students at Northwestern have one. Students must maintain a minimum GPA of 3.0. Original research papers, as well as a proposal and dissertation, are required for graduation. In addition, PhD students serve as research and teaching assistants during the second, third, and fourth years of the program. Coursework includes three levels of asset pricing and corporate finance. Most students can complete the degree in about five and a half years, with the first two years usually spent on coursework and the final three years spent on research and writing the dissertation.

Ohio State University

Ohio State University’s Fisher College of Business offers a Doctor of Philosophy (PhD) in Finance program that prepares students to become researchers and postsecondary instructors in finance. The program is designed to be taken full time, with courses offered in the daytime. At least 10 credit hours per quarter are required, in addition to other responsibilities. Coursework in Ohio State’s program includes the subjects of microeconomics, macroeconomics, and research tools, as well as courses like Empirical Asset Pricing, Advanced Corporate Finance, and a Finance Research Seminar taken in the third year. A written and oral Candidacy Examination is taken between the second and third year of the program. All students must also choose a second field of study based on their interests. Microeconomics is highly recommended for finance students, but other fields may be chosen with advisor approval. GRE or GMAT scores are required for admission, along with three recommendation letters, a statement of intent, and a resume or CV. A master’s in finance is preferred for admission; without one, students may have to take additional coursework.

University of Pennsylvania

The Wharton School of Business at the University of Pennsylvania (Penn) offers a Doctor of Philosophy (PhD) program in Finance that combines the theoretical and empirical study of finance with the related discipline of economics. Students in Penn’s PhD program are prepared for research careers and teaching positions at top academic institutions. With a student-to-faculty ratio greater than one-to-one, Penn’s faculty research has contributed to the modern understanding of economic systems and how they can affect financial fragility and crises. Study focuses on areas like corporate finance; asset pricing and portfolio management; international finance; financial institutions; and macroeconomics. A total of 18 courses are required for the PhD, including economics core classes, econometrics/statistics courses, finance core classes, and electives in finance. No more than six courses can be transferred from other schools. The program consists of two phases: Pre-Candidacy and Candidacy. Students must maintain a “B” average in order to graduate. Four teaching fellowships are required, as well as various papers, presentations, and a dissertation. A master’s degree in finance is included in the PhD program for eligible students.

University of Texas at Austin

At the Texas McCombs School of Business at the University of Texas at Austin, students can earn a Doctor of Philosophy (PhD) in Finance to prepare them for research and teaching careers. Specializations are offered in Corporate Finance, Investments, Financial Intermediaries, International Finance, and Real Estate. In addition to the area of specialty, students are required to choose two minor fields. Popular fields are economics, statistics, or mathematics. The student-to-faculty ratio is one-to-one; as a result, students participate in multidisciplinary research through close collaboration with faculty and benefit from one-on-one mentoring. Applicants must have a four-year bachelor’s degree in any subject, but a reasonable background in math, statistics, and economics is expected, as well as adequate computer programming skills.

Most graduates of PhD programs in Finance begin academic careers in teaching or research, though they may also work for corporations in various finance and analyst roles. A PhD may also prepare graduates to become certified in an area of finance. More information on licensure and certification options can be found on our finance careers page . Possible job titles for PhD-Finance grads include:

• Chief Financial Officer
• Financial Analyst
• Financial Examiner
• Financial Manager
• Financial Planner
• Investment Analyst
• Quantitative Analyst

How much is a PhD in Finance salary?

Most graduates with PhDs in Finance work as professors and researchers at academic research institutions. According to the Bureau of Labor Statistics (BLS), postsecondary business teachers earned a median of $88,010 per year and postsecondary economics teachers earned a median of $107,260 per year as of May 2020. 3 By comparison, financial managers earned a median annual salary of $134,180 per year, and top executives earned a median of $107,680 per year. 4,5

Why should I get a PhD in Finance?

If you are interested in a career in academia–either in teaching at the postsecondary level or in conducting financial research to solve industry problems–a PhD in Finance might be right for you. Typically, other positions in finance, such as financial manager or chief financial officer (CFO) require a MFin or a MBA-Finance . Therefore, a PhD in Finance, given its time commitment, is best for those who aspire to be college or university professors and researchers.

What is the job outlook for PhDs in Finance?

According to the BLS, postsecondary teaching positions in business are expected to grow 12% through 2029, while postsecondary teaching positions in economics are expected to grow 5% over the same time period. 3 Employment of postsecondary teachers as a whole is projected to grow 9% through 2029. 3

How long does it take to get a Finance PhD?

The length of time it takes to get a PhD in Finance varies by program as well as the speed at which you complete your dissertation. That said, if you are considering pursuing this degree, you should expect to devote between four and six years of full-time study to finish it.

What are the admission requirements for PhD-Finance programs?

PhD programs vary widely in their admission requirements. Some may require a master’s degree or an MBA, while others may only require a bachelor’s degree. At this level, most schools look for students who have either studied finance in previous educational programs or who have a strong work background in the field. They may also require GRE or GMAT scores, a minimum GPA in previous finance study, as well as a strong application, letters of recommendation, and a successful interview. PhD programs, especially those that offer tuition assistance, are often highly competitive, so students with high GPAs, backgrounds, and test scores usually have the best chance of admission.

References: 1. US News & World Report Best Finance MBA Programs 2022: https://www.usnews.com/best-graduate-schools/top-business-schools/finance-rankings 2. Arizona State University Top Schools for Finance Rankings 1990-2020: https://apps.wpcarey.asu.edu/fin-rankings/rankings/index.cfm 3. Bureau of Labor Statistics, Occupational Outlook Handbook, Postsecondary Teachers: https://www.bls.gov/ooh/education-training-and-library/postsecondary-teachers.htm 4. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Managers: https://www.bls.gov/ooh/management/financial-managers.htm 5. Bureau of Labor Statistics, Occupational Outlook Handbook, Top Executives: https://www.bls.gov/ooh/management/top-executives.htm

11 Great Careers for Anyone Interested in Finance

You might think you have a good idea of what the finance industry looks like even if you’ve never worked in it. Maybe you picture people in suits on the floor of the New York Stock Exchange shouting numbers or the people directing them from a fancy office on the top floors of a skyscraper to “buy!” or “sell!” And yes, that is one area of finance (though the floors of many stock exchanges have closed or slowed down considerably with the rise of electronic trading). But there are many careers in finance, both inside and outside of the investing world, and it makes sense to explore the best one for you before you decide which one to pursue.

Many people entering the finance industry “want the big competitive investment jobs,” says Muse career coach Tara Goodfellow , a former finance professional and founder of Athena Consultants , where she coaches job seekers hoping to enter the finance industry. But you should think about what’s best for you, your personality, and your values before just choosing the type of finance job you think is flashiest or even most profitable.

If you have a finance or related degree, think about what classes you enjoyed and which you didn’t, Goodfellow says. What did you find most exciting? What can you rule out? You can also think back on any past internship to figure out what you did and didn’t like. Do you thrive under pressure? Are you willing to work long hours? Maybe investment banking or something in trading is right for you. Do you love making connections with new people? Consider taking a role in financial planning or advising or working as a broker or in consumer banking. Are you a math whiz who’d prefer to work behind the scenes and in a lower-stress environment? Look into becoming an actuary or quantitative analyst. Do you like finance but not the finance industry ? Consider pursuing a role in accounting, compliance, or budget analysis and management in another industry you’re interested in, like healthcare, tech, or even the government.

Regardless of which finance career interests you, the field of applicants will likely be competitive so choosing the one that plays most to your strengths and interests will help you “have a story to tell about why you’re a good fit” and stand out from the crowd, Goodfellow says.

Check out this list of 11 finance careers (with data from O*NET , a national online database of occupations and related information, and the U.S. Bureau of Labor Statistics) to see which one might be right for you. 

We’ve included salary info, too—the good news is that many finance careers have earning potential (and often starting salaries) well above the median household income in the U.S., which was $68,703 in 2019. (Note that in addition to base salary many finance jobs also come with significant commission, profit sharing, and bonuses, and that the salaries listed here may only reflect pay for the first position you're likely to hold.) 

As you look for jobs, keep in mind that within finance, many organizations have different titles for the same role. So check out the O*NET page for each to see possible job titles and thoroughly read descriptions for both individual job postings and all of a company’s openings to find the best one for you.

1. Accountant or Auditor

Median salary for accountants in the U.S.: $51,410

Median salary for auditors in the U.S.: $57,111

Accountants and auditors examine, analyze, interpret, organize, and maintain financial records to prepare financial statements or tax statements; find ways to reduce cost or increase profits; advise on business decisions; and ensure that companies and individuals are in compliance with tax codes and other financial regulations. Auditors focus on ensuring the correct and legal management of funds.

For entry-level accountants, there might be a big focus on getting a job with one of the Big Four accounting firms (Deloitte, PricewaterhouseCoopers , Ernst & Young, and KPMG), but “you don’t always have to go to the large banks and financial institutions,” Goodfellow says. “Every industry needs accountants.” Accountants and auditors can work for financial companies, government, universities, and organizations across all fields and in a variety of roles .

Accountants and auditors need to have a keen eye for detail and strong problem solving and analytical skills. You’ll need to have knowledge of general accounting principles, practices, and laws, which is usually obtained through a four-year accounting or related degree. Though you don’t absolutely need one to get started, your job prospects will increase tremendously if you have or are working toward an accounting certification. Certified Public Accountant (CPA) is the most popular, but there are a range of others depending on your specialty.

Find accountant jobs on The Muse

Find auditor jobs on The Muse

2. Credit Analyst

Median salary in the U.S.: $51,500

As the name implies, credit analysts analyze the credit and financial data and history of individuals and companies to determine the degree of risk involved in lending them money or extending them credit. They complete loan applications or analyze financial data such as income growth to determine the potential profitability of a loan and likelihood it will be paid back. Credit analysts primarily work for banks and credit card companies but can also work for mortgage, insurance, and investment firms.

You’ll need strong decision-making, critical thinking, analytical, research, and communication skills along with a bachelor’s degree in finance, accounting, or a related field. Some positions might also require a Chartered Financial Analyst (CFA) credential.

Find credit analyst jobs on The Muse

3. Brokers and Traders

Median salary for brokers in the U.S.: $58,031

Median salary for traders in the U.S.: $73,674

Brokers and traders buy and sell securities like stocks, bonds, and other funds and do research ahead of these trades. However, while traders often buy or sell based on the wishes of a manager of a portfolio or other investment fund, brokers are responsible directly to the investors and might work for themselves or a brokerage or securities firm. They are also responsible for growing their own client list so, much like financial planners, they must also have an entrepreneurial mindset to bring in new business and have strong interpersonal skills to begin and maintain long-term relationships. Both positions require a four-year degree and certain Financial Industry Regulatory Authority (FINRA) licenses to complete trades on behalf of others.

Find broker jobs on The Muse

Find trader jobs on The Muse

4. Financial Analyst

Median salary in the U.S.: $61,143

Financial analyst is a first finance job title for many people entering the industry. Depending on where you work, you might provide guidance to businesses and individuals making investment decisions; assess the performance of stocks, bonds, and other investments; evaluate current and historical financial data for the company you work for or others; and research possible investments. Regardless of the company, most financial analysts are responsible for reporting their findings to others. You’re most likely to be working for large financial institutions including investment firms and banks in New York City and other financial hubs, but you can also work as a corporate financial analyst in other industries.

To be a financial analyst you must have strong math, analytical, and communication skills, be detail oriented, and be willing to work long hours (a lot of research must be done outside of 9-to-5 hours) and endure high stress (O*NET rates the importance of financial analysts’ ability to tolerate stress at 88 out a possible 100, the highest on this list). To get started, you should have a bachelor’s degree in finance or a related field. Pursuing a related internship will also help you land an entry-level position. In order to progress as a financial analyst to a portfolio or fund management position, you may need a CFA certification or other FINRA license and an MBA.

Many financial institutions have two-year financial analyst programs for new graduates. Some of these programs, like the one at Wells Fargo , are rotational, allowing you to learn about different areas in the financial industry to help you decide where you want to go with the rest of your career. (Full disclosure: Wells Fargo is a current client of The Muse.)

Find financial analyst jobs on The Muse

5. Budget Analyst

Median salary in the U.S.: $61,381

Budget analysts help develop, review, and monitor spending toward budgets for organizations, departments, programs, and projects. Budget analysts work across industries in private companies and for government offices and must have strong analytical and communications skills to explain decisions to others in an organization. Budget analysts generally need a bachelor’s degree in accounting or a similar field, but some companies will accept experience instead while others are looking for candidates with an MBA. In order to work in some government budget analyst positions, you may need a Certified Government Financial Manager credential from the Associate of Government Accountants.

Find budget analyst jobs on The Muse

6. Personal Financial Planners and Advisors

Median salary for personal financial advisors in the U.S.: $63,528

Median salary for certified financial planners in the U.S.: $67,252

Personal financial planners and advisors help individuals with their financial goals, including providing education on investments, selecting investments on their behalf, managing their portfolios, planning for long-term goals, and monitoring their finances. While personal financial planners and advisors may work for banks (in private or retail banking) and investment funds and firms, they can also work for themselves.

Financial advisors may advise clients once or for a short time, whereas financial planners often have long continuing relationships with clients (which means they need strong interpersonal skills) and must be Certified Financial Planners to use the job title. In addition to analytical skills and investment knowledge, financial planners must also have an entrepreneurial mindset, Goodfellow says, since even if you’re working for another organization, you’re often building up a list of clients yourself.

Find financial advisor jobs on The Muse

Find financial planner jobs on The Muse

7. Risk Specialist

Median salary in the U.S.: $64,787

Risk specialists work for investment banks and firms, mortgage and insurance companies, and corporate lenders, among others. Risk specialists use quantitative and qualitative approaches to analyze the risk to:

• Existing and prospective investments (in both domestic and foreign markets)
• Earning capacities
• The success of companies

Risk specialists need to have a strong ability to recognize potential problems and good inductive, deductive, and mathematical reasoning skills. You often need a bachelor’s degree in finance, math, or economics to get started as a risk specialist and might need an MBA. A degree or focus in international business is also helpful for risk specialists.

Find risk specialist jobs on The Muse

8. Financial Examiners

Median salary in the U.S.: $65,171

Financial examiners ensure compliance with finance laws and regulations by reviewing balance sheets, financial records, and loan documentation. They generally work for financial institutions and insurance companies or for the government. Government financial examiners often investigate fraud or money laundering at financial institutions and other companies, while those working for private companies ensure the stability and compliance of their own organizations.

Financial examiners need strong attention to detail and analytical skills and a four-year degree in accounting or another field (though a certain number of accounting classes is required for anyone hoping to work for the FDIC ), and may consider getting a CPA credential to make them a more competitive candidate.

Find financial examiner jobs on The Muse

9. Quantitative Analyst

Median salary in the U.S.: $84,266

Quantitative analysts, or quants, develop financial products—including complex models—that investment and other financial firms use to price, trade, and calculate risk for different securities (any tradable financial asset). Quants primarily work for investment banks and hedge funds, but might also be employed by depository banks, trading firms, or fintech companies .

To become a quant, you need to have high-level mathematical and other reasoning abilities. A lot of your work will be abstract rather than focused on a specific company or industry, and much more time will be spent on a computer screen than interacting with colleagues. The salary for this position is high, but so is the barrier to entry: You’ll need a master’s degree or preferably a PhD in a quantitative field like math, finance, statistics, or economics and be able to demonstrate a strong computer skill set, or a master’s degree or PhD in financial engineering or computational finance.

Find quantitative analyst jobs on The Muse

10. Actuary

Median salary in the U.S.: $91,729

Actuaries use math and statistics to evaluate probabilities and risks that events, like car accidents or property damage, will occur. They calculate the cost of those events and help design insurance policies and other models. Actuaries primarily work for insurance companies but can also be employed by investment firms, governments, or banks. Actuaries have a very high salary and the market for these jobs has a very high predicted growth rate, Goodfellow says. The BLS estimates that the field will grow 18% from 2019 to 2029. The job is also relatively low stress , especially compared to other jobs of this salary level and in the finance industry.

You will need very strong math and reasoning skills and a four-year degree in actuarial sciences, finance, accounting, or a related field. You’ll also need to be certified by either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA), which both require you pass seven exams for the lower level of certification. Most companies expect you to have passed one or two of these exams before you complete your degree. There is also a long on-the-job training period for actuaries.

Find actuary jobs on The Muse

11. Investment Banker

Estimated Average Salary in the U.S.: $100,428

Investment banks deal primarily with the raising of money for companies and governments, through bonds, stocks, public offerings, mergers and acquisitions, venture capitalism, and other methods. Although the salary rewards are high (with the potential to earn over $400,000 after bonuses and profit sharing as an experienced investment banker), these are very competitive, high-stress positions. To become an investment banking analyst (the most common entry-level position), you often need not only a finance, economics, or other quantitative or business-focused degree, but an MBA or master’s in finance and an internship, and some companies only recruit from top schools.

Find investment banker jobs on The Muse

Department of Finance

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PhD degree requirements

The PhD in Business Administration program with a specialization in finance consists of a minimum of 72 semester hours of graduate-level course work beyond the bachelor’s degree and 12 semester hours of dissertation credit, for a total of 84 semester hours. Approved master’s degree-level coursework up to 30 hours beyond deficiency and prerequisite courses may potentially be included. A minimum of 42 hours of doctoral coursework and 12 hours of dissertation and/or research are required to be taken at Arizona State University’s Tempe campus.

The department offers a number of courses for doctoral students. View the complete list of courses offered by the Department of Finance.

The core — basic program

The courses in the basic program are intended to provide the foundation for advanced study in the finance concentration and supporting coursework. The W. P. Carey School of Business requires a minimum of 21 semester hours of credit in the Basic Program, distributed as follows.

• A minimum of 9 semester hours of economics (i.e., ECN 712, Microeconomic Analysis I; ECN 714 Microeconomic Analysis II; ECN 716, Advanced Economic Theory I)
• A minimum of 9 semester hours of quantitative methods (i.e., ECN 725, Econometrics I; ECN 726, Econometrics II, and ECN 770, Mathematics for Economists)

In addition to the requirements of the W. P. Carey School, the Department of Finance requires all entering students to take 3 semester hours of credit in FIN 700, Research Methods, and also ECN 594, Conference and Workshop, in the second summer session (starting in July) prior to the student’s first fall semester in the program.

Advanced program

The advanced program consists of at least 63 semester hours, 15 of which must be from the Department of Finance. [Research (FIN 792) or Readings & Conference (FIN 790) may NOT be used to fulfill this 15-hour requirement.] The W. P. Carey School requires a distribution of semester hours in the advanced program as follows.

• A minimum of 15 semester hours of finance doctoral courses (e.g., FIN 781, FIN 791, FIN 793)
• A minimum of 6 semester hours of coursework in “other courses” (e.g., ACC 791, MGT 791)
• A minimum of 36 semester hours of research and dissertation
• 6 semester hours from either “other courses” or additional research

Additional courses to fulfill PhD requirements

The W. P. Carey School of Business requires a minimum of 27 semester hours of additional graduate course credit. These remaining requirements can be met by taking elective courses. Students with previous related graduate coursework from approved master’s degree programs can potentially transfer up to 30 semester hours of credit to satisfy this requirement, as determined by the PhD coordinator for the plan of study.

Dissertation

The W. P. Carey School requires a minimum of 12 semester hours of dissertation credit (FIN 799) in which students work with a personally selected faculty committee to complete a major research-based dissertation of an original and creative nature.

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A culture of inclusivity and belonging.

Working at zillow is more than a job. it’s a chance to give back, grow your career, and make an impact by reinventing the real estate industry and making home a reality for more and more people. by joining our talent network, you will receive career resources, insights into life at zillow, and have your profile visible to our recruiting teams, increasing your chances of finding the perfect role..

• Join our Talent Network

We’re committed to recruiting for representation.

We believe that inclusivity begins with the candidate experience. We are intentional in how we engage with underrepresented communities and are improving our recruiting process to lift barriers and remove bias at all stages of the candidate experience. We have also significantly expanded our university recruitment program to be inclusive of historically Black colleges and universities.

• Learn more about our Equity & Belonging commitments

Sustainability

We believe that inclusivity begins with the candidate experience.

• Learn more about sustainability at Zillow

As the world continues its inevitable evolution, Zillow continues to lead the reinvention of real estate with equal focus on our customers, our employees, our partners and our communities. 

Zillow has always been known for our leadership and innovation, and we’re continually looking for new ways to make it radically easier for people to move. Today, our vision is to create “the housing super app” — an integrated real estate experience that makes transactions more accessible, more digital, more seamless, more inclusive and more delightful to our customers.

The Zillow housing super app is an integrated digital experience in which Zillow connects all the fragmented pieces of the moving process and brings them together in one transaction platform. Start to finish, our customers will be able to do everything within the Zillow ecosystem .

Recognition

We’re very proud that feedback from our employees has earned us a reputation for having a rewarding, diverse, inclusive and empowering environment. We have long said that our employees are our greatest asset, and that our culture is a direct reflection of what is important to them. Don’t just take our word for it — check out our recent reviews on Glassdoor .

@zillowgrouplife

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Safety Awareness Advisory

To ensure your safety and security, please remember that Zillow never asks candidates for personal information, identification documents, or bank details during the interview process. Furthermore, Zillow does not require candidates to make any purchases or process payments on our behalf as a condition of any employment offer.

If you come across any suspicious activity or have concerns regarding offers received, please do not hesitate to reach out to us at  [email protected] . Together, we can ensure a positive and secure experience for all.

Zillow Group is an equal opportunity employer and is committed to working with and providing reasonable accommodations to applicants with disabilities. If you have a disability and require a reasonable accommodation related to applying for employment at our company, please contact us .

Tech Fund Recruiting PhD Control Systems Quants

Use techniques from machine learning, optimization, and control theory to plan and execute the vehicle trajectory

Formulate and run simulations that account for all plausible real-world scenarios across various operating domains.

You will be responsible for the downstream components of their model pipeline whilst working through the noisy data of a real- world environment.

Requirements:-

Ideally you will have a PhD in Control Systems.

Professional experience in control systems development, with experience at an automotive company a plus

A track record of having shipped models and code into production

Strong programming skills in object-oriented languages (functional programming is a plus), including ability to debug and optimize code

Working knowledge of machine learning, data engineering, deep learning frameworks, and related testing techniques

Strong communication skills including the ability to concisely translate technical information to non-experts.

Please contact Tina Kaul with a PDF resume at [email protected]

Boost your career

Virginia Beach, Virginia

Athens, Ohio

Cullowhee, North Carolina

Lake Forest, Illinois

San Rafael, California

Miami, Florida

Lyndonville, Vermont

Radford, Virginia

Syracuse, New York

Canton, New York

Institute, West Virginia

Macon, GA, USA

Claremont, California

Loudonville, New York

Waco, Texas

Bourbonnais, Illinois

Pocatello, Idaho

Lawrenceville, New Jersey

Hamilton, New York

Bridgewater, Virginia

Captcha / Bot check:

Posted: 15-Aug-24

Location: Virginia Beach, Virginia

Type: Full-time

Categories:

Qualifications include; minimum of a bachelor’s degree with master’s degree preferred. Collegiate coaching experience preferred.   Salary is commensurate with experience and qualifications.  Must possess a valid driver’s license and be insurable by the university’s auto insurance carrier. 

Mechanical Engineering

• Graduate study in Mechanical Engineering
• Ph.D. programs

Ph.D. in Mechanical Engineering

The Doctor of Philosophy in Mechanical Engineering prepares students for careers in research and academia. Our collaborative faculty are investigating a diverse range of research areas like additive manufacturing, air quality, cellular biomechanics, computational design, DNA origami, energy conversion and storage, nanoscale manufacturing, soft robotics, transdermal drug delivery, transport phenomena, machine learning, and artificial intelligence.

Interested? Visit our research pages for more information, including faculty areas of expertise and research videos.

• Other Ph.D. programs

I’d like more information.

View the  degree requirements  in the handbook.

Doctor of Philosophy in Mechanical Engineering

Students typically complete the Ph.D. degree requirements in three to five years. Early in the program, students focus on course-work that enhances their knowledge as they prepare to conduct research.

Within one year, students must pass the departmental qualifying exam, an oral exam that tests research skills and knowledge of a core mechanical engineering subject area.

Student research forms the core of the Ph.D. program. Research involves active student-directed inquiry into an engineering problem, culminating in a written thesis and oral defense.

Ph.D. Financial Support

The majority of full-time Ph.D. students accepted through the standard application process receive fellowships that cover full tuition, the technology fee, and a stipend for living expenses for up to five years, as long as sufficient progress is made toward degree completion. These awards are sufficient to cover all expenses for the year (including summers). Students are required to pay for health insurance, the transportation fee, the activity fee, books, and course supplies. Off-campus housing is available within walking distance of campus. At least one year of residency is required for the Ph.D. We offer two ways to enter the Ph.D. program.

Advanced entry Ph.D.

The advanced entry Ph.D. is for students with an M.S. in an engineering discipline or equivalent field.

Direct Ph.D.

The direct Ph.D. is for students entering the program with a B.S. in an engineering discipline or equivalent field.

For a comprehensive overview of the programs, including degree requirements, please consult the most recent handbook

Ph.D. candidate Remesh Shrestha, co-advised by Professors Sheng Shen and Maarten de Boer, explains his research to create polymer nanowires that have high thermal conductivity:

Other Ph.D. programs and partnerships

Apply here (by these deadlines).

For spring 2023

For fall 2022

The application for fall entry opens in October.

More information

Ph.D. employment stats

Ph.D. enrollment and completion stats [pdf]