phd in financial economics online

Tepper School of Business

Ph.D. Program in Financial Economics

This field devotes attention to the study of the effects of information, attitudes toward risk, taxation, macroeconomic fluctuations, and security market prices..

The purpose of the Ph.D. program in financial economics is to educate students in the concepts and analytical techniques needed to understand and advance the frontiers of knowledge in financial economics.

The program provides students with sound training in economics, finance, and quantitative methods, as well as the opportunity to work closely with faculty on original research.

Financial economics deals with the pricing of capital assets and the financial decisions of individuals and firms. Much of its attention is devoted to the study of the effects of information, attitudes toward risk, taxation, macroeconomic fluctuations, and time on investors' investment choices and security market prices. Issues involving the behavior of firms are also of interest, including the importance of corporate dividend, capital structure, and investment policies to firm valuation.

The Ph.D. program in financial economics is designed to educate students in the concepts and analytical techniques required for basic and applied research in these and related areas. This training typically leads to academic careers at other major business schools and economics departments.

Carnegie Mellon is one of the few institutions at which the economics department for the university as a whole is housed in the business school. This creates an environment which is especially conducive to close integration between the various management studies and economics. The Tepper School of Business at Carnegie Mellon has long played a pioneering role in the application of new ideas and techniques in economics to financial problems.

Research Topics

Asset pricing theory.

• Market Incompleteness
• The Effect of Incomplete Markets on Security Valuation
• Risk Preferences
• Asset Pricing and Investor Risk Preferences
• Mortgage Valuation
• The Valuation of Mortgage Loans

Tax Effects in Security Markets

• Treasury Bonds
• Tax Effects in the Relative Pricing of Treasury Bonds
• Municipal Bonds
• Term and Tax Effects in the Pricing of Municipal Bonds
• Capital Gains Taxation
• The Effect of Capital Gains Taxation on the Optimal Trading and Equilibrium Pricing of Financial Assets

Corporate Finance

• Corporate Control
• Capital Structure And Corporate Control
• Optimal Bankruptcy Law

Market Microstructure

• Design of Financial Markets
• Limit and Market Orders
• Trading Strategies

International Finance

• Risk Premia in Currency Markets
• Lottery Bonds

P lease visit our Ph.D. Student Profiles page t o view the profiles of our current doctoral candidates.

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Top 9 Best Online PhD Economics Programs [2024]

Economists have excellent job prospects in today’s labor market. With a doctorate in economics from a reputed university and strong academic record, you’ll find many well-paid job opportunities in academia or policy. Almost every field needs economists — organizations rely on economists’ statistical, analytical, and problem-solving skills  to find solutions to important issues.

Most students need a master’s of economics  degree to move forward with the PhD. But some schools accept transferable credits from related programs, too!

However, not everyone can afford to earn a doctorate on campus. So, an online PhD economics degree is a great alternative.

Below are some of the best online economics PhD programs and helpful information on jobs, salaries, costs, preparation tips, and more.

Table of Contents

Best Online PhD Programs in Economics

Ready to pursue your doctorate in economics online? Let’s dive into our list of top PhD economics online programs.

Liberty University

PhD in Public Policy – Economic Policy

Liberty University offers opportunities to pursue higher education across diverse disciplines with a foundation of Christian ethics. This 100% online PhD in economics program allows you to learn from established leaders in economic policy-making.

• Courses : Economic policy studies, economics & public policy, policy analysis & research design
• Credits : 60
• Duration : 3 years
• Tuition : $595 per hour
• Financial assistance : Grants, scholarships, and loans.
• Acceptance rate : 50.1%
• Location : Lynchburg, Virginia

Atlantic International University, School of Business and Economics

Doctor of Economics

AIU is a primarily online university that emphasizes freedom of inquiry and free thought exchange between students and faculty. This PhD in economics online degree aims to help students who want to pursue research or teaching in economics or business.

• Courses : Economics of growth & development, microeconomic research, mathematics for economists
• Tuition : Refer tuition page
• Financial assistance : Scholarships
• Acceptance rate : N/A
• Location : Honolulu, Hawaii

Bircham International University

Doctor – Economic Science

Bircham International University is a global educational institution with a decentralized structure offering higher education programs in many languages. The university’s PhD economics distance learning program helps students develop a deep understanding of how people see value in the production, consumption, and distribution of goods and services.

• Courses : Micro- and macroeconomics, capital markets, economic analysis.
• Credits : 45-72
• Duration : 24 months
• Tuition : $7,650 to $12,240
• Location : Miami, Florida

Ottawa University

Doctor of Business Administration

Ottawa University is affiliated with the Ottawa tribe of Oklahoma and the American Baptist Church. It offers a range of online programs to mold students into valuable leaders. This distance PhD economics program is mostly online but requires six two-day residencies. Finally, the program offers courses in strategy, capital management, and finance with a focus on economics.

• Courses : Finance value generation strategy, strategic human capital management, informed decision-making
• Credits : 56
• Cost : $4,887 per semester
• Acceptance rate : 70.3%
• Location : Ottawa, Kansas

California Baptist University

California Baptist University is a non-profit, private university that ranks #34  of the best western regional colleges. Although not an entirely online doctorate in economics, this DBA program offers courses in economics, especially on applying theories of economics to business.

• Courses : Applying economic theory to business, international business in global markets, and quantitative research
• Duration : 36 months
• Tuition :  $795 per unit
• Financial assistance : Grants, loans
• Acceptance rate : 80.2%
• Location : Riverside, California

Hampton University Online

Doctor of Philosophy in Business Administration

Hampton University Online provides opportunities for adults to continue their studies through mostly online means and with a scientific approach. This PhD is a hybrid business administration program that involves two compulsory four-week summer residencies and covers managerial economics as part of the program.

• Courses : Managerial economics, organization theory & practice, organizational behavior
• Credits : 61
• Duration : 3.5 years
• Tuition : $695 per credit
• Financial assistance : Scholarships, grants, work-study, loans, and military benefits.
• Acceptance rate : 36%
• Location : Hampton, Virginia

Marymount University, College of Business, Innovation, Leadership, and Technology (BILT)

Online DBA in Business Intelligence

Marymount University  was ranked #31   by US News & World of all southern regional colleges. This online Doctor of Business Administration is equivalent to an economics PhD online program as you can study economics for business decision-making and courses in strategy with a data-driven approach.

• Courses : Economics for business decision making, using data for business intelligence, and strategy in a changing climate.
• Credits : 36
• Tuition :  $1,140 per credit hour
• Financial assistance : Grants, scholarships, loans, student employment, and assistantships.
• Acceptance rate : 85.3%
• Location : Arlington, Virginia

William Howard Taft University

William Howard Taft University is a leader in distance education and aims to provide affordable and quality education in business, law, education, and other disciplines. This DBA program includes several courses in economics and its application in the business sector.

• Courses : Designing economic business strategies, global economy, and global business practices & challenges.
• Duration : 37 months
• Tuition : $360 per credit
• Financial assistance : Scholarships, grants, military benefits, loans, and employer reimbursement.
• Location : Lakewood, Colorado

Baker College

Baker College was named one of Newsweek’s top American online schools  and offers fully online and hybrid programs in fields such as business, health science, and education. This DBA program has microeconomics and macroeconomics courses and explores how business leaders implement successful global strategies with limited resources.

• Courses : Global financial economy, leading 21st-century organizations, managing in a worldwide context
• Tuition : $915 per credit hour
• Financial assistance : Scholarships, grants, and loans.
• Acceptance rate : 73%
• Location : Owosso, Michigan

What Do I Need to Get a PhD in Economics?

You will likely need an undergraduate or postgraduate degree in economics or a related field to apply for a PhD in economics program. Certain programs may have other prerequisites, so check with the admissions office well in advance of the application deadline.

Once accepted, you’ll have to study various courses in economics, finance, business, management, mathematics, statistics, and strategy to earn your PhD in economics online degree.

Finally, you’ll have to pass examinations and other assessments, including a final qualifying exam. Most programs also have a research component, which means submitting a thesis or dissertation.

Preparing for an Economics Doctorate Program

Our advice? Prepare early for your PhD in economics program.

At the undergraduate level, consider taking more courses in subjects like mathematics, statistics, and calculus. It also helps to work with faculty, conduct undergraduate research, and complete professional internships whenever possible. All this lays the groundwork to prepare you well for a PhD in economics program.

Things to Consider When Choosing an Online PhD Economics Program

The right program for you depends on a range of personal factors. Consider the following when assessing programs to narrow it down:

• Make sure the specializations and subjects offered by the program match your passions and will help you achieve your career goals.
• Review available research options and make sure these also match your goals
• The faculty should have a strong reputation, especially in your field of choice
• Ensure the costs fit your budget or that there are sufficient funding options available
• Look at where past alumni  are now working, and see how this fits with your ideal future

Why Get a Doctorate in Economics?

A doctorate in economics opens doors to some of the best jobs in academia and policy. According to the Bureau of Labor Statistics, an economist’s median salary  is $105,630. Even better, jobs in the field are expected to grow by 13% from 2020-2030, higher than the average of all occupations.

Jobs and Salaries for Doctors of Economics

A PhD in economics online credential can equip you for roles in business, government, research, and education. Here are some top jobs for graduates, with average salaries for each:

• Economist ( $79,352 )
• Statistician ( $78,596 )
• Financial Manager ( $96,045 )
• Urban Planner ( $59,309 )
• Financial Analyst ( $63,195 )

What Is the Average Cost of a PhD in Economics?

According to the National Center for Education Statistics (NCES), the average tuition for a PhD in economics program  is $19,749 per year. You can expect to pay around $12,500 for public university programs and $26,621 for private. Keep in mind these figures only cover tuition – you’ll also need to pay for books, technology fees, and other educational expenses.

How Long Does it Take to Get a PhD in Economics?

Typically, a PhD in economics takes 4-6 years to complete. However, you may be able to complete a doctorate in three or even two years at some universities, especially with an online PhD.

What Skills Do You Gain From a PhD in Economics?

First and foremost, you’ll gain strong mathematical, statistical, and analytical skills as part of your doctorate in economics. You’ll also learn to apply economic concepts and modeling to address issues in business, government, finance spaces. Finally, economics PHD grads gain expertise in writing, presentation, communication, and problem-solving.

Facts and Statistics about Economics PhD Holders

According to Brookings, universities awarded 1,216 PhDs in economics  in 2020 —  66% to men and 34% to women. Foreign students with temporary visas earned around 60% of the doctorates.

Among the permanent residents who got doctorates in economics, 4.9% were black and 71.8% white, with the remaining graduates of Asian, Hispanic, and other descent.

Final Thoughts

Compared to online PhDs  from other disciplines, you won’t find as many online PhD economics programs. However, you can find related programs, like online Doctor of Business Administration ( DBA ) or accounting  with an emphasis on economics-related subjects like microeconomics and macroeconomics. This is a good substitute if your preferred university doesn’t offer a PhD economics online degree.

Considering other business-related PhD programs? Keep a clear path toward a lucrative career with our list of the highest paying PhDs .

Frequently Asked Questions

Can you get a phd in economics online.

Yes – some universities offer online PhD economics programs that you can complete online. Many of these online programs can be completed in as little as three years.

Is an Economics PhD Worth It?

A PhD in economics is one of today’s most sought-after qualifications. Economists are in high demand and have an annual median salary of $105,630 , with prospects even greater for graduates with a PhD.

How Many Years is a PhD in Economics?

A PhD in economics takes 3-6 years to complete.

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• university of new orleans
• henry bernstein college of business administration
• doctor of philosophy degree in financial economics

Financial Economics Ph.D. Program

The Department of Economics and Finance at the University of New Orleans offers a Doctor of Philosophy Degree in Financial Economics. The innovative curriculum incorporates both contemporary economic and financial analysis into a program that reflects the growing integration of these two disciplines. It is one of the first programs to formally respond to the substantial demand for financial economists in research and policy making positions in universities, business and government.

graduate school

PhD Curriculum

The Financial Economics program is divided into three stages

• Core preparation
• Advanced specialization

Dissertation

Core courses.

The PhD consists of core qualifying exams, including two specialized fields and a corresponding general exam. The capstone is a dissertation, including an oral defense. 

Typically, students, before their second fall semester, will take a finance qualifying, which focuses on corporate finance and asset pricing. Following the complete of the second fall semester, students will complete an economic qualifying, including micro and macro economics. 

A total of 60 credit hours are needed. To be considered a full time student, 9 credit hours are required for each semester. 

Dissertation information

doctoral degree requirements

Graduate School Admission Requirement

College of business administration.

Contact Dr. Mohammad Kabir Hassan  [email protected]

Application Deadline Fall Admission:  March 15

Test Requirements :  GRE

Other Requirements 3 Letters of Recommendation  Statement of Purpose  CV or Resume Writing Sample

Financing your Education

There are numerous options to help finance your PhD program

• Graduate School Scholarships
• Graduate Assistantships
• Funding Workshops
• Financial Resources

Tuition & Fees

For more information, visit the Graduate Schools page

Graduate school financial information

Financial Economics Ph.D. Alumni Profile

Since the inception of the Ph.D. program in 1984, there have more than 100 degrees granted. Our graduates hold academic tenured and tenure-track positions in institutions around the United States such as

• The University of Missouri, St. Louis
• Wayne State University
• Southern Illinois University
• Baruch College
• Temple University
• Boston University
• Nichols State

As well as Abroad

• Isik University (Turkey)
• Universidad de Sonora (Mexico)
• King Saud University (Saudi Arabia)
• King Fahd University of Petroleum and Minerals (Saudi Arabia)
• Imam Muhmmad University (Saudi Arabia)
• Hashemite University (Saudi Arabia) 

In non-academic areas, positions have been taken with

• The First Commerce Corporation
• The Army Corps of Engineers
• The Controller’s Office of the City of New York.

See a list of our alumni

Rumpa biswas.

PhD Student Department: Economics and Finance Education: MBA Finance, Hofstra University, NY, USA Teaching Interests: Corporate Finance, Investments, Portfolio Analysis, Derivatives, Fixed Income, Risk Management, Financial Markets and Institutions Research Interests: Investments, Corporate Finance, Derivatives, Risk Management Office: KH 435 Phone:  Email:  [email protected]

Nicolas Duvernois

PhD Student Department: Economics and Finance  Education: MS in Management - ESCE Business School, MBA - Nicholis State University, MS in Financial Economics - University of New Orleans   Teaching Interests: Investments, Financial Management, Data Analytics, and Microeconomics Research Interests: Macro-Finance, Empirical Asset Pricing, Risk-sharing, Income Inequality, Climate Finance    Office: KH 424 Phone:  504-875-5659. Email: [email protected].

Obed Izaguirre

PhD Student Department: Economics and Finance Education: BA in Business and Industrial Management - Universidad Tecnologica Centroamericana (Honduras), MBA - Nicholls State University, MS in Financial Economics - University of New Orleans   Teaching Interests: Corporate Finance, Statistics, Financial Management, Investments, Economics, Financial Institutions   Research Interests: Corporate Finance, International Finance, Corporate Governance, Ownership Structure, Financial Markets, Sports Economics Office: KH 432 Phone: Email: [email protected]

Kiran Paudel

PhD Graduate - 2020 May Department: Economics and Finance Education: Ph.D. in Financial Economics, University of New Orleans, MS in Finance, University of North Texas, BS in Computer Science, Minor in Economics, the University of Texas at Dallas   Teaching Interests: Corporate Finance, Investments, Portfolio Analysis, Derivatives, Fixed Income, Risk Management, Financial Markets and Institutions   Research Interests: Investments, Corporate Finance, Derivatives, Risk Management Phone:  469-579-1450 Email: [email protected]

Seungho Shin

PhD Student Department: Economics and Finance Education: BA in Finance - University of Central Florida, MBA in Finance and Operations Management - Rollins College, MS in Financial Economics - University of New Orleans   Teaching Interests: FinTech, Business and Economics Statistics, Financial Management, Microeconomics   Research Interests: Empirical Asset Pricing, Market Microstructure, Corporate Governance, FinTech Office: KH 342 Phone:  Email: [email protected]

PhD Student Department: Economics and Finance Education: MBA in Finance - State University of New York at Buffalo, MS in Finance - University of New Orleans   Teaching Interests: Investments, Portfolio Analysis, Derivatives, Financial Management, Corporate Finance, Economics, Statistics   Research Interests: Empirical Asset Pricing, Risk Management, Market Microstructure Office: KH 436 Phone: Email: [email protected]

Student Learning Outcomes

Student Learning Outcomes specify what students will know, be able to do, or be able to demonstrate when they have completed a program of study.

View Outcomes

• Doctoral Programs

Financial economics encompasses a broad area of topics and issues, including corporate investments and financing policy, security valuation, portfolio management, the behavior of prices in speculative markets, financial institutions, and intermediation.

The PhD specialization in finance is designed to give the student a strong background for study and research in both theoretical and empirical work in finance and related areas. Emphasis is placed on understanding the important concepts and models. Students normally take several graduate courses in the Department of Economics, particularly in microeconomics and macroeconomic theory, the economics of uncertainty, and econometrics.

The program offers two courses specifically in financial theory and its applications. In addition, the faculty and doctoral students attend a seminar that features speakers from around the country. However, the specialization is built primarily around individual study and research under the guidance of the faculty.

Examples of potential areas of research for the financial economics dissertation:

• Principal-agent relationships
• Financial intermediation
• Efficiency of markets
• Portfolio selection

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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, 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, reserves were not so ample after all, agency mbs as safe assets, dollar safety and the global financial cycle, recent insights by stanford business, is the united states’ borrowing binge about to burst, a “grumpy economist” weighs in on inflation’s causes — and its cures, the surprising economic upside to money in u.s. politics.

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UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2025 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by 24 January 2025 (see details below) Application deadline:  24 January 2025, 17:00 UK time (late applications submitted by the 05 April 2025 may still be considered, see details below Entry:  Applicants must hold a distinction in a Master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ' Level 2 ' (IELTS and TOEFL are the preferred tests, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the  UCL English Language Requirements  page.

The MRes and MPhil/PhD in Financial Economics is a five-year programme, run jointly by two of UCL’s leading departments, the Department of Economics and the School of Management, providing you with rigorous quantitative training in microeconomics, macroeconomics, econometrics, and finance, taught in the context of cutting-edge research and relevant applications in the field.

In your first year, you’ll thoroughly engage with new analytical frameworks and develop the skills to identify relevant, topical, and highly promising research topics within financial economics, leaving you confident to present new ideas for feedback, as well as provide critical feedback to others. 

The following four years (conditional upon your successful progression from the MRes to MPhil/PhD) will focus on fostering the skills you’ll need to run complex research projects from ideation through to completion, and to eventually present your research findings and methodology to a diverse range of specialised audiences. Your teaching, mentoring, and interpersonal skills will also be developed during this time. 

PhD Structure

The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research-based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process. 

Superior performance is required for automatic progression from MRes to MPhil. In particular, you should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element. 

Our highly selective and small-sized PhD programme ensures that you receive the right personal attention and guidance from our faculty members throughout your doctoral study to support your learning, research, and development. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules. 

As a potential PhD graduate, we expect your career aspirations to be within academia as a faculty member in a top Business School or Economics department, or in the research group of an international institution or a central bank. 

Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules. All modules in the MRes year are core modules, there are no optional modules.  

ECON0106 - Microeconomics, 15 credits  

ECON0107 - Macroeconomics, 15 credits   

ECON0108 - Econometrics, 15 credits   

ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits  

MSIN0254 - Topics in Financial Economics, 15 credits  

MSIN0255 MRes Financial Economics Research Project, 105 credits

The programme is delivered through a combination of lectures, seminars, and class discussions. Your performance in these modules is assessed through presentations, coursework, projects, and examinations.  

You’ll study five compulsory taught modules. A typical taught module is taught over two terms (two x 10 weeks) with four hours of contact hours per week (three hours of lecture + one hour of review session). In addition, you’ll spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.   

Your first year will culminate in you undertaking a substantial research project, which would usually start in Term Two and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken. 

Why choose us

What makes us different:.

On this programme, you can expect the following benefits and opportunities:  

Study at UCL, a top 10 global university ( QS, 2025 ) and become a part of two of its leading departments, the UCL Department of Economics and the School of Management. The PhD programme is an integral part of our School’s active and ambitious research environment, where you’ll receive rigorous academic training and personalised research mentorship.    

Learn in a world-class environment that combines the best of a leading business school, located on Level 38 and Level 50 of the tallest building in Canary Wharf , the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in UCL’s Bloomsbury campus, in London’s historical intellectual and cultural centre.  

Benefit from our extensive industry and faculty networks. Our teaching staff work in close collaboration with global organisations, governments, and the public sector, bringing their unparalleled insight and research from the field, right back into the classroom and your mentorship. 

Unlike many PhD programmes in finance, our programme has a full anchor in economics and econometrics. This will strongly support your PhD research and dissertation papers, which will likely be published in top academic journals worldwide.   

On this programme, you’ll gain the rigorous academic and interpersonal skills to perform cutting-edge research in your chosen area of financial economics. The calibre of teaching and faculty, as well as the wide array of academic opportunities unique to this programme, will prepare you for fruitful academic and research-based careers in leading universities and research institutions across the world.   

If you want to become an academic economist conducting research in finance, this programme is for you.   

We further support your academic and research aspirations by offering fully funded, five-year scholarships to all admitted students who applied before the 24 January 2025 application window. The scholarship covers your full tuition fees and includes an annual tax-free stipend of £26,000. We also offer a £2,000 annual budget for research expenses.    

Research areas and structure  

The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics, Real Analysis and Probability with Economics Applications), a hybrid module (Financial Economics) with taught components and research-based components, and a research project in the final part of the year.

For the MRes project, you will work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process. 

Research environment  

Alongside the core economics modules you’ll study, a significant part of your programme will involve critically reviewing past and contemporary literature in the field, as well as crafting econometrically testable theories which build upon seminal academic research in financial economics.   

Networking opportunities

Throughout the programme, and after, you’ll have a multitude of opportunities to connect with, collaborate, and receive constructive feedback on your research and ideas, both from faculty and from professional connections in the financial economics field. 

As a research student, you’ll join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. You can review upcoming research events at the  Centre for Finance website . 

As part of the  (MSIN0234) Topics in Financial Economics  module undertaken in your first year, you’ll have access to UCL Finance Seminars (run jointly between the School of Management and the Department of Economics), where world-leading experts in Financial Economics present their current research. In the past, speakers have included academics from leading institutions such as Yale, Berkeley, Chicago, and Columbia, as well as Nobel laureates.  

You may also have the opportunity to participate in leading academic conferences in the UK and internationally, with travel, accommodation, food, and other costs covered by the UCL School of Management. 

Upon graduation, you will also join UCL’s extensive  alumni network . 

The UCL School of Management and the Department of Economics  

You’ll conduct this research under the close mentorship of faculty from two leading departments at UCL, both holding outstanding reputations for producing innovative and disruptive research in management and economics.  

According to the REF 2021 , 95% of the School’s research was deemed “world-leading” and internationally excellent", whilst the Department of Economics has ranked top in the UK for research environment and outputs in the field of Economics and Econometrics, according to REF 2014 and 2021.   

Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career.  

At the end of your MRes year, you’ll also submit a thesis in the form of a manuscript to be submitted to a prestigious journal for publication, providing you with invaluable practice for your PhD submissions, as well as future research endeavours. 

Applications

Applying for our mres/phd programme, entry requirements and admissions criteria.

Applicants to the MRes + PhD programme must hold a distinction in a Master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications.  

We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application before the January deadline will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability or will come with their own funding. 

The MRes + MPhil/PhD in Financial Economics nurtures future world-leading researchers to push the frontiers of financial economics. We therefore seek graduates who strongly aspire to pursue academic careers in top business schools or departments of economics in world-class universities, or the research groups of international institutions or central banks.   

This programme is ideal for you if you are intellectually curious, self-disciplined, and passionate about finance, economics, and people. You should be enthusiastic and full of stamina, well-prepared to commit to a rigorous and intellectually demanding research programme. 

In your personal statement, you are expected to suggest one or more faculty members as potential supervisors. On the application form, you may see that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.  

We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to: 

IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests. 

TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests.  

Application Deadline

Our application deadline for September 2025 entry is 24 January 2025 (17:00 UK time) with a late submission window closing on 05 April 2025 (17:00 UK time). Those applying in the late submission window will only be considered if there are still places remaining. 

Application Procedure

Apply via the UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents: 

• Official Transcripts of Grades/Course marks
• A 1-page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD. 
• Your GRE score report, if you took the test.
• Your IELTS/TOEFL score report, if English is not your first language. 

Funding/Scholarships

We offer fully funded five-year scholarships to all admitted students who apply before 24 January 2025. The scholarship is open to all nationalities. It covers all tuition fees and includes an annual stipend of £26,000 which is tax-free.  

We also offer a £2,000 annual budget for research expenses.

Successful candidates who have submitted their application after the January deadline may receive a scholarship subject to availability or will come with their own funding.

Additional Costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying. As a student on this programme, you may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which you’ll use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy.  

Further Information and Contact Details

The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April, we encourage candidates to apply as early as possible due to the high competition for the limited places on this programme.

How to Apply

For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .

Video Library

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Frequently Asked Questions about the UCL School of Management MRes/PhD Programme

Programme Information

Application process, admissions requirements.

Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.

Further Information

If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team at  [email protected] .

PhD | Finance

The Ph.D. in Finance

Stern’s Ph.D. program in finance trains scholars to conduct research at the leading edge of financial economics. The faculty represents one of the largest finance research groups in the world that has been ranked consistently as the leading publisher of academic research in top finance journals. Comprised of more than 40 researchers, including a Nobel-prize-winning economist, our faculty are active in all areas of finance—asset pricing, corporate finance, derivatives, market microstructure, and behavioral finance—with both theoretical and empirical focus, and with emerging specialization in the areas of financial intermediation, crises, and macro-finance. As a result of this unusual breadth, students have access to expertise in almost any topic that they might wish to explore.

Explore Finance

Discover our other fields of study.

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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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More Information

• Apply to Wharton
• Doctoral Inside: Resources for Current PhD Students
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PhD Joint Program in Financial Economics

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

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

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

Our Distinguished Finance and Economics Faculty

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

Finance Faculty

Francesca Bastianello

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

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

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

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

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

Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

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

Lubos Pastor

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

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Pietro Veronesi

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

Robert W. Vishny

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

Michael Weber

Associate Professor of Finance

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics and Finance

Department of Economics Faculty

Fernando Alvarez

Ali Hortacsu

Harald Uhlig

Kenneth C. Griffin Department of Economics

Alumni success.

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

Sangmin (Simon) Oh, PhD '24

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

Jane (Jian) Li, PhD '21

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

A Network of Support

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

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

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

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

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

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

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

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

Spotlight on Research

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

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

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

How is IT Spending Changing Banking?

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

How Can We Calculate the US's Greatest Fortunes?

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

The PhD Experience at Booth

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

Video Transcript

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

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

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

Current Financial Economics Students

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

Current Students

Monica Barbosa Connor Brennan

Filippo Cavaleri

Manav Chaudhary Rahul Chauhan

Shirui (Suri) Chen

Laurenz De Rosa Aditya Dhar

Joanna Harris Jacob Hartwig

Lewei He Tanvi Jindal

Jingoo Kwon

Federico Mainardi

Benjamin Marrow Eric Milstein Sixun Tang Yifan Wang Judy Yue

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

How to Apply

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

Program Requirements

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

General Program Expectations and Requirements

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

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