phd in banking and finance

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PhD (Banking & Finance): Admission, Eligibility, Entrance, Syllabus 2024

Waqar Niyazi

Content Curator

PhD in Banking and Finance is a 3 years research level program that deals with the knowledge of finance and economics. It covers topics related to finance in micro aspects and macro aspects.

The eligibility criteria for a PhD course is a Master’s degree or equivalent relevant to the stream from a recognized university.

PhD admissions are granted through merit in the entrance examinations conducted by the university or college. The entrance exams that a candidate can clear to get admission in PhD program are UGC NET and CSIR UGC NET.

Some of the top colleges for PhD Banking and Finance are R. A. Podar College of Commerce And Economics, Somaiya Vidyavihar University, K. P. B. Hinduja College of Commerce, Nagindas Khandwala College, etc. The average fee charged to pursue PhD in Banking and Finance is INR 80,000 to INR 1, 00,000 per annum. The fee may differ according to the facilities provided by the university or college.

Some of the subjects taught in this course are Asset Pricing Theory, Foundations of Business Research, Econometric Analysis, Microstructure of Markets, etc.

The job roles after pursuing this course are diverse. Students can get various opportunities in the field of banking, stock management, teaching, etc.

The average starting salary for the jobs is INR 2, 00,000 to INR 5, 00,000 per annum. Some of the top recruiters of PhD Banking and Finance scholars are Reserve Bank of India, State Bank of India, National Stock Exchange, Mumbai University and others. 

Table of Content

PhD Banking and Finance: Course Highlights

• PhD Banking and Finance: Admission Process

3.1  How to Apply?

3.2  Eligibility Criteria

3.3  Entrance Exams

• PhD Banking and Finance: Top Colleges

4.1  College Comparison

• PhD Banking and Finance: Syllabus

5.1  Important Books

PhD Banking and Finance: Course Comparison

• PhD Banking and Finance: Job Prospects

7.1  Future Scopes

PhD Banking and Finance: FAQs

Why Study PhD Banking and Finance? 

There are a lot of reasons to study a PhD in Banking and Finance. There is always a need of good researchers to study the fields of banking and finance. Most of the students prefer doing PhD because of the following reasons:

• It gives a lot of job opportunities in various fields.
• It opens a door for students to become professors and to teach in universities. There is always a need for professionals and researchers.
• It enhances administrative skills of students.
• There is always a need for PhD students in banks.
• Students become good researchers and an expert in the field of Banking and Finance.
• PhD in Banking and Finance helps students in enhancing their leadership and communication skills.

After doing PhD, one can earn up to INR 5,00,000 per annum.

PhD Banking and Finance: Admission Process 

Admissions to PhD programs are either based on national level entrance exams or based on the merit in the entrance test conducted by the university or college.

Candidates can apply for PhD courses either by online mode or offline mode.

How to Apply? 

• Visit the official website or the Admission Office of the college/university for the admission form.
• Fill the application form and attach all the necessary documents mentioned over there.

Submit the application form and pay the application fee.

After the release of cut-off, final selection is done through interview or GD rounds.

PhD Banking and Finance: Eligibility Criteria 

The basic eligibility criterion to take admission in PhD (Banking and Finance) is a Master’s degree in the relevant stream or equivalent from a recognized university.

• Candidates must score more than 55% marks in their post graduation.
• Candidates must clear the cut-off percentage in the entrance examination as per decided by the university or college.

PhD Banking and Finance: Entrance Exams 

Candidates need to qualify the entrance exam and then go through the counseling process conducted by the universities.

PhD Banking and Finance: How to prepare for Entrance Exams?

The entrance exam for PhD consists of the following sections:

• Research Aptitude
• Teaching Aptitude
• Logical Reasoning
• Mathematical Reasoning and Aptitude
• Data Interpretation
• You should have some knowledge about the course so that the questions are not completely new to you.
• Go through the syllabus of the entrance exam and prepare accordingly.
• Practice previous year’s question papers for a better idea of the exam pattern.
• Appear for online mock tests conducted by different websites.
• Prepare for the research ability test for banking and finance.

How to Get Admission in a Good College?

• Most of the good colleges take admission through entrance exams.
• So, if you want to get admission in a good college, you must prepare for the entrance exams.
• Your final scores in your Master's degree also matter as admission in some colleges is merit based.
• Prepare well for the Group Discussion and Personal Interview because it will test your knowledge about the subject.
• Make sure to apply to your selective colleges before the deadline.

PhD Banking and Finance: Top Colleges  

PhD Banking and Finance: College Comparison  

K. P. B. Hinduja College of Commerce Vs Somaiya Vidyavihar University Vs Shyam University

PhD Banking and Finance: Syllabus 

PhD Banking and Finance: Important Books 

PhD Banking and Finance vs PhD in Economics

PhD Banking and Finance: Job Prospects and Career Options 

A PhD in Banking and Finance is beneficial for the students who are interested in learning about the latest reforms in the banking sector.

There are a lot of career options available for students pursuing PhD in Banking and Finance like Lecturer/ Teacher, Stockbroker, Finance Manager, Statistician, etc.

PhD Banking and Finance: Job Profiles

Salary Graph Trend 

PhD Banking and Finance: Future Scopes 

The job roles after a PhD course are diverse. Students can find stability in their career within a few years. The finance and banking sectors are always open for new generations to show their skills and help improve the economy of the country. Students can easily find jobs in both private and public sectors. The salary increases with experience.

• Students may go for further research work or for jobs in various fields.
• Students can continue their research work in macro finance or micro finance fields.

Students can go for jobs in the sectors like banking, stock broker, finance manager, lecturer, etc.

Ques. What is the average fee of PhD (Banking and Finance)?

Ans. The average fee for pursuing PhD (Banking and Finance) ranges between INR 80,000- INR 2,00,000

Ques. Which college in India offers PhD in Banking and Finance?

Ans. There are very few colleges in India that offer PhD in Banking and Finance. Two of them are:

• R.A. Podar College of Commerce and Economics, Mumbai
• Nagindas Khandwala College of Commerce, Mumbai

Ques. Is it necessary to do a PhD in Banking and Finance to get a job in banks?

Ans. No, it is not necessary to do a PhD to get a job in banks. But, if you want to get a higher post in the bank, doing a PhD will be a good option.

Ques. Is it necessary to do a PhD in Banking and Finance to become a professor in Finance?

Ans. Doing a PhD opens a lot of doors in the field of teaching. If you want to be a professor in Finance, a PhD degree in Banking and Finance will be a good choice.

Ques. Is it worth doing a PhD in Banking and Finance?

Ans . Yes, PhD in Banking and Finance is worth it. You can get numerous jobs that will pay you well. Also, you can do research in your field of study.

Ques. What are some of the main entrance exams for PhD in Banking and Finance course?

Ans. The main entrance exams for PhD in Banking and Finance courses are UGC NET, CSIR UGC NET, GATE, SET, NET, etc.

Ques. How long does it take to complete a PhD in Banking and Finance?

Ans. PhD in Banking and Finance is of three years. You can complete your research in these three years and get your Doctorate degree or you might go for further research.

Ques. What is the age limit for a PhD in Banking and Finance?

Ans . PhD in Banking and Finance is of three years. You can complete your research in these three years and get your Doctorate degree or you might go for further research.

Ques. Is it necessary to clear the PET exam to get admission to PhD in Banking and Finance course in K. P. B. Hinduja College of Commerce?

Ans. No, it is not necessary to clear the PET exam if you have qualified the GATE/ SET/ NET/ JRF Examination or any other national level examinations.

Ques. What is the maximum duration to complete PhD in Banking and Finance?

Ans. Usually, the course is to be completed within 3 years. But, some colleges offer more time to complete the research work and it can be a maximum of 4 years

Ph.D. (Commerce)

M.phil. (commerce), ph.d. (statistics), ph.d. (commerce and management), ph.d. (business economics), ph.d. (banking & finance) colleges in india.

Savitribai Phule Pune University - [SPPU]

RA Podar College of Commerce and Economics

KPB Hinduja College of Commerce - [KPB]

Gramonnati Mandal's Arts, Commerce & Science College - [ACSC] Narayangaon

Shyam University

Nagindas Khandwala College

Guru Nanak University - [GNU]

Prof. Rajendra Singh University - [PRSU]

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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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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, dollar safety and the global financial cycle, 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, recent insights by stanford business, a “grumpy economist” weighs in on inflation’s causes — and its cures, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist.

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Doctor of Philosophy (PhD) Banking & Finance

How to apply

PhD students in our school normally commence their study in Term 1 around early February each year. Prospective candidates are invited to submit their Expressions of Interest (EOI) between  May 1st and  July  31st  to be considered for admission in the following year. Please send your EOIs via email to  Banking and Finance HDR Admissions . Only selected applicants will be invited to apply via the UNSW central portal.

Out of round EOIs submitted after the deadline could be considered only for interested candidates with strong prior research experience, e.g., with a masters by research degree from a leading global institution.

Important:  Make sure you satisfy the UNSW academic and language entry requirements before submitting your EOI. Please read the “Entry Requirements” section below. 

Academic Entry Requirement

The minimum academic entry requirement for Stream 1 is the equivalent of a four-year UNSW Bachelor’s degree in a relevant discipline (Economics, Finance, and related subjects) with first or upper second class honours. The minimum academic entry requirement for Stream 2 is the equivalent of a four-year UNSW Bachelor’s degree with an Honours year (research), or the equivalent of a UNSW Masters’ degree with substantial research component with first or upper second class honours.

Note: an  upper second class honours  is equivalent to a weighted average mark of at least 75/100 (i.e., a Distinction) at UNSW and is allocated to roughly the top 30% of students. Grading systems vary across countries. For more information, read this  guide for grade equivalencies between countries .

English Language Requirement

UNSW recognises the follow countries as English-speaking: American Samoa, Australia, Bahamas, Barbados, Belize, Botswana, Canada, Fiji, Gibraltar, Ghana, Guyana, Ireland, Jamaica, Kenya, Lesotho, Liberia, New Zealand, Nigeria, Papua New Guinea, Singapore, Solomon Islands, South Africa, The Gambia, Tonga, Trinidad and Tobago, United Kingdom (including Northern Ireland), United States of America, Zambia, Zimbabwe.

If you are not a citizen of an English-speaking country, then you will need to establish that you have sufficient English language fluency. There are four ways to establish sufficient English language fluency: English Tests (including IELTS, TOEFL, Pearson and Cambridge), UNSW Global English Course, Prior Study, or an English Waiver. For details on each of these, please review our  English language requirements .

About the Doctor of Philosophy (PhD) Banking & Finance

UNSW’s Doctor of Philosophy (PhD) Banking & Finance will prepare you to become a globally focused and socially engaged research leader. You’ll be joining a cohort of high-achieving research students in tackling modern-day challenges at the forefront of Banking & Finance, working alongside leaders in the field (ranked 20 th in the world, QS Subject Rankings , 2022). This is your opportunity to become integrated into the UNSW Business School’s community of scholars.

You’ll first undertake rigorous coursework covering relevant theories and research methods. As part of the program, you’ll also be involved in research projects from an early stage. This training will equip you with the skills required to identify, analyse, and solve problems in the field.

You’ll then pursue independent research under the supervision of high-profile UNSW academics, culminating in a doctoral thesis. Your PhD thesis will showcase your research skills and enable you to make an original contribution to the field of Banking & Finance.

There will also be exciting opportunities throughout to interact with industry leaders, and to develop your teaching portfolio. The training is geared toward preparing you for a career in academia, although other career paths (e.g., consulting, government, industry, non-profit) are also enabled.

PhD program structure

Most students complete the overall PhD study (including the MPDBS year as illustrated below) in four to five years. For candidates with a strong prior research experience, e.g., with a masters by research degree from a leading global institution, it is possible to complete the study in three to four years without the MPDBS year. Admitted students will be notified in the admission offer about the need of completing the MPDBS study. 

Year One: Master of Pre-Doctoral Business Studies (MPDBS)

The first year of study is designed to provide a rigorous foundation to conduct independent research. You’ll learn a range of methodologies and build your communication and presentation skills.

Your first year of coursework study will cover fundamental research methods. You’ll also start developing key research skills such as identifying, framing, presenting, and writing academic contributions. You’ll work as a research assistant on faculty research projects and start working on your own research as your skills develop.

The first year will help you identify your potential thesis supervisor for the PhD component of the program. Upon successful completion of the first year, you’ll be awarded a Master of Pre-Doctoral Business Studies. A brief overview of the first year is presented below.

• Program Core Course: Foundations of Business Research; Econometric Analysis; Business Research Project Seminar
• Stream Core Courses: Microeconomic Theory I; Mathematical Economics; Asset Pricing Theory; Research Methods in Finance 2; Empirical Corporate Governance
• Research Assistance Work

Year Two: Specialised Coursework & Thesis Work

During the second year, you’ll continue in the Banking & Finance stream with a further year of advanced coursework.

Examples of courses you may take include:

• Empirical Corporate Finance
• Corporate Finance Theory
• Empirical Asset Pricing

Your second year is also when you’ll identify your thesis topic with your supervisor. You’ll engage in literature review, research design and present your research proposal to the School at the end of the year.

Years Three Onwards: Thesis Work

The final two or three years of the program are focused on conducting full-time research and completing your doctoral thesis. This is your opportunity to address some of the biggest challenges in Banking & Finance and make a significant contribution to knowledge in the field. Your research will offer new critical thinking and withstand critical analysis from expert researchers in the area.

For more details about the School of Banking & Finance and our PhD program, check out our home page, people page and research students page.

As with most other OECD countries, the number of PhD completions in Australia has grown dramatically – more than doubling in the last two decades.

An increasing number of PhD graduates find employment in business, government, and the non-profit sector. Nineteen of the largest ASX companies have PhD graduates on their senior executive teams.

Your PhD will set you on the path to a career in a premier research institution, anywhere in the world. Throughout your research degree, you’ll also have many opportunities to develop your teaching portfolio.

Beyond academia, there’s also significant demand in the private and public sectors for people with deep knowledge and sound research and analytical skills*.

Whether you’re looking to pursue a career in academia, or take your research skills out to industry, a PhD in Banking & Finance from UNSW will get you there.

* Source:  2019 Advancing Australia’s Knowledge Economy Report

Degree type

Postgraduate Research

4 years full-time, 5-8 years part-time

Commencing terms

Term 1 – February

Program code

Delivery mode, domestic / international.

International

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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.

• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ 30+ Best Dorm Room Essentials for Guys in 2024
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