phd in finance oxford university

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DPhil (PhD) studies in Mathematical Finance @ Oxford

The Mathematical and Computational Finance Group (MCFG) at Oxford is one of the largest and most dynamic research environments in mathematical finance in the world.

We combine core mathematical expertise with interdisciplinary approach. We foster lively interactions between researchers coming from different backgrounds and a truly impressive seminar programme, all this within one of the world's top universities, singular through its tradition and unique environment.

If you are passionate about mathematics and research and want to pursue a DPhil in Financial Mathematics, Oxford simply offers one of the best and most exciting places to do it!

 Research Topic and Supervisor Allocation

We welcome students with their own particular ideas of research topic as well as students with a broad interest in the field of Mathematical Finance. You have an opportunity to tell us about your research passions, and indicate potential supervisors, in your application form. This will be followed up during the interview.

In light of this, if you are offered a place, an appropriate supervisor will be proposed prior to your arrival in Oxford. However, there can be some flexibility over this once you arrive.  Keeping with the Oxford tradition, we offer our students independence and respect as early researchers, and always aim to match students with the most appropriate supervisors.

Outstanding students with a strong background in analysis, probability and data science are welcome to apply for our DPhil program. Each year we receive a large number of excellent applications. The selection process is extremely competitive and we can only admit a handful of candidates each year.

In order to apply for DPhil studies in Mathematical & Computational Finance, please indicate your interest in Mathematical and Computational Finance on your application form. Selected applicants will be invited for an interview -- either in person or by video call.

For general information on DPhil please consult our  Doctor of Philosophy (DPhil) admissions pages .

For the CDT Mathematics of Random Systems please consult our  the CDT website .

Or please contact  @email .

Funding for DPhil students is available from a variety of sources. Please note that some funding opportunities have deadlines: it is advised to apply before the deadline in order to maximise your chances of receiving funding.

Funding is also available through the  Centre for Doctoral Training in Mathematics of Random Systems . To apply for this program please How to Apply .

Email:  @email Phone:  +44 (0)1865 615234

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DPhil Graduates

Application requirements

You must upload all your university academic transcripts to the online application form. These must show the subjects studied and grades obtained from each academic year. If you are made an offer to join the programme, you will need to provide official copies of your transcripts. 

DPhil in Finance

You should have at least an upper second class honours degree or equivalent in an undergraduate degree.

DPhil in Management

For this programme, the most successful applicants typically have a distinction in a Master’s level degree in addition to an upper second class honours or first class in their undergraduate studies.

Please see our guidance on international qualifications to assess whether your qualifications meet our requirements. If you have only just commenced a master's programme and do not have a transcript, please upload a confirmation of enrolment letter from your institution. 

GMAT or GRE test

All applicants must take either the  GMAT or GRE (General) exam before applying, and provide an official copy of your report in your application. We do not provide GMAT or GRE waivers under any circumstances.

• Please contact  GMAC / ETS  directly to arrange to take the test. We have no preference between the GMAT and the GRE.
• We can accept the in-person and the online version of either test.
• All sections of the GMAT/GRE must be taken. GMAT/GRE scores are not valid if they are older than five years on the programme start date.
• Both the official scores and the score report (PDF or screenshot) must be uploaded to the application portal by your chosen application deadline. Provisional scores are not accepted.
• Make sure your name is clearly visible on your PDF score report/screenshot so we can verify your scores.
• You should aim to sit the exam as early as possible to allow enough time for ETS/GMAC to release the score report to you.
• We will continue to accept GMAT (10th Edition) scores during the transition period.

English test

You will need to prove your English language capability through one of the below means if you are not a national of a majority English-speaking country as defined by UK Visas and Immigration*.

Completed degree-level course entirely in English

Proof of English language proficiency may be accepted at the discretion of the University, in cases where you have either:

• Successfully completed a full-time degree-level course of a minimum of nine months, at a recognised institution, where the medium of instruction and assessment was entirely in English. Evidence must be provided by submitting an official letter from your institution stating that the medium of instruction throughout your course was English  OR  by uploading transcripts from your institution, which clearly indicate that the medium of instruction throughout your course was English.
• You have completed a degree in a majority English speaking country, as outlined by UK Visas and Immigration.*

In both instances, the course must have been completed within two academic years of the start date of the course to which you are applying.

If you are unable to provide a letter or transcript from a recognised institution stating that the medium of instruction throughout your course was in English,  or  you did not complete a degree in the countries listed below, you will be required to take one of the English tests below and achieve the required scores before you can join the programme. It is not mandatory for applicants to submit their English language test results at the point of application.

A TOEFL score

Test of English as a Foreign Language® is a standardised test to measure the English language ability of non-native speakers wishing to enrol in English-speaking universities. The institution code for ordering your official TOEFL score sheet from ETS is 0807. There is no department code, this can be left blank. TOEFL scores will not be valid if they are more than two years old on the programme start date for which you are applying.

• Minimum Score: 110
• Minimum required on each component: Listening - 22, Reading - 24, Writing - 24, Speaking - 25
• Test scores must all be achieved in one sitting; we do not accept TOEFL Best Score results.

An IELTS Academic score

The International English Language Testing System, or IELTS™, is an international standardised test of English language proficiency for non-native English language speakers. IELTS scores will not be valid if they are more than two years old on the programme start date for which you are applying.

• Minimum Score: 7.5
• Minimum required on each component: 7.0

A C1 Advanced score

The Cambridge C1 Advanced exam is an international standardised test of English language proficiency for non-native English language speakers. We only accept scores which are less than two years old on the programme start date for which you are applying. If admitted you will be asked to supply an official copy of the certificate.

• Minimum Score: 191
• Minimum required on each component: 185

A C2 Proficiency score

The Cambridge C2 Proficiency exam is an international standardised test of English language proficiency for non-native English language speakers. We only accept scores which are less than two years old on the programme start date for which you are applying. If admitted you will be asked to supply an official copy of the certificate.

An Oxford Test of English Advanced score

The Oxford Test of English Advanced is an online English assessment for applicants who want to prove their English proficiency at a higher level for professional or academic opportunities. We will only accept scores which are less than two years old on the programme start date for which you are applying. If admitted you will be asked to supply an official copy of the certificate.

• Minimum Score: 165
• Minimum required on each component: 155

* UK Visas and Immigration Office English-speaking country list:

Antigua and Barbuda, Australia, The Bahamas, Barbados, Belize, British Overseas Territories, Canada, Dominica, Grenada, Guyana, Ireland, Jamaica, Malta, New Zealand, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Trinidad and Tobago, UK, USA.

Please note, if you are a national of one of the above countries but either your first language is not English or you have not been living in a majority English-speaking country, you will still need to provide an English language test score to obtain a visa and meet the University's requirements.

Written work

You will need to upload three pieces of writing:

• A research proposal: The research proposal provides an outline of your research plans and is intended to demonstrate your ability to pursue a research-oriented academic career. The proposal should specify your intended research questions and locate them in relevant academic literature. It should outline research methods suitable to addressing your research questions and explain how they would advance knowledge in the field. Please begin your research proposal with a clear title. Max. 2,000 words. 
• A previous piece of written work such as an essay or section of a longer piece of work on a topic appropriate to the degree for which you are applying. Please note, you must be listed as the sole author of this piece of work - we cannot accept papers with multiple authors listed. Alternatively, you may submit a second research proposal should you have a secondary research interest. Max. 2,000 words.
• A personal statement. This should explain why you want to do a DPhil, why you want to study at Oxford, the field of your research interests, your preferred supervisor(s) and your post-DPhil plans. Max. 1,500 words.

The word count does not include references, citations or the bibliography. 

Three academic references must be submitted via the online application form.  

• If you are in the process of completing a degree programme, one reference must be from the institution which will award your final degree.
• We require references to come from a valid institutional or professional email address; we will not accept a reference from a Gmail/Hotmail/163 (or similar) address under any circumstances.
• We cannot accept references via any other channel than our official system, including by post or email.
• We do not accept references from friends or family members.

You will also be required to pay a £20 application fee via the University's Online Store .