best finance phd in europe

UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)  Application deadline:  31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 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 test, 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 PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.

The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics. 

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

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, students 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 each student receives personal attention and guidance from our faculty members throughout their doctoral study. 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.
• We expect our PhD graduates to have as their goal an academic career 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. 

• ECON0107 - Macroeconomics, 15 credits  
• ECON0106 - Microeconomics, 15 credits  
• ECON0108 - Econometrics, 15 credits  
• ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
• MSIN0234 - Topics in Financial Economics, 30 credits  
• MSIN0135 - MRes Financial Economics Research Project, 105 credits  

The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations. 

Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students 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.  

Students will also undertake a substantial research project, which would usually start in Term 2 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:.

Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located 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 Bloomsbury, London’s historical intellectual centre.

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

UCL School of Management and the Department of Economics  

Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship. 

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF . 

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. 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. 

As a research student you will 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. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

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 by 31 January 2024 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.

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 states 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

The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.

Application Procedure

Apply via 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 the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free. 

Successful candidates who have submitted their application after 31 January 2024 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.  Students 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 students will 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 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.

How to Apply

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

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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 ( [email protected] )

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PhD Program

Sfi phd program.

The program promotes the pursuit of academic excellence providing an intellectual environment and a curriculum comparable with the top PhD programs in Europe and North America. The PhD program operates at the four Swiss Finance Institute campuses: Léman (Ecole Polytechnique Fédérale de Lausanne, the University of Geneva, and the University of Lausanne), Lugano (Università della Svizzera italiana), St. Gallen (the University of St. Gallen), and Zurich (the University of Zurich).

• PDF SFI PhD Program Brochure PDF, 666.43 KB Download

Program Structure

The Swiss Finance Institute PhD program in finance is a centrally coordinated program operating on multiple campuses of partner universities in Geneva, Lausanne, Lugano, and Zurich.

Current Students

Get to know our current PhD students at our campuses in Léman, Lugano and Zurich. Browse by location or areas of expertise.

Information

Job market candidates.

A list of Swiss Finance Institute PhD students currently on the job market.

Meet a global community of Swiss Finance Institute graduates.

Information on how to apply specific to the campuses in Leman, Lugano and Zurich.

Admissions & Financing

The program is internationally oriented and aims at attracting the best students from Switzerland and abroad.

Frequently Asked Questions.

Swiss Finance Institute - Geneva

University of Geneva 42, Bd du Pont d`Arve CH-1211 Geneva 4

Swiss Finance Institute - Zurich

Walchestrasse 9 CH-8006 Zurich

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Doctoral Education Doctoral Programme in Finance

Research and training in finance at the highest level.

The programme attracts promising students in a stimulating environment. Its goal is to produce scholars with expertise in finance, economics, and data science.

• Department of Finance

Duration 3-5 years

Working Languages English

Admissions From November to June

Fee €200/semester

Student on the job market 2023-2024

Aleksandr ermakov.

Ph.D. in Finance  University of Luxembourg

An ambitious programme

The programme offers training comparable to the most renowned finance departments. The first year is an intense coursework. It goes from the basics to the knowledge frontier in economics, econometrics, and finance. The second and third years offer specialized courses. All courses are in English and taught by local faculty and visiting scholars from renowned universities/business schools (e.g., University of Chicago, LBS etc.). Most students typically find their doctoral advisor in the second year of the programme. Advisors take great care of the students so they can advantageously compete with students from the most renowned universities. 

A stimulating environment

The Department of Finance is situated in the heart of Luxembourg’s financial hub at Kirchberg Campus . It comprises over 15 full-time faculty members with a strong research orientation cultivated in renowned economics and finance departments, such as Bocconi University, Carnegie Mellon University, Duke University, Institut Polytechnique de Paris (ENSAE-CREST), New York University, Paris School of Economics, University of Rochester, and the Swiss Finance Institute (Universities of Geneva and Lausanne). Despite its recent creation, it has become a prominent finance department in Europe. It comfortably ranks among the top 10 European finance departments based on the number of top economics, mathematical statistics, and finance publications per capita. It provides an international and stimulating environment with regular top research seminars and several prestigious conferences. Furthermore, its collaborative spirit extends within the University of Luxembourg, with close ties to the Department of Mathematics and the Department of Economics and Management. The Department of Finance also collaborates with key players in Luxembourg’s financial landscape, including the Luxembourg Financial Center, the European Stability Mechanism, the Central Bank of Luxembourg, and various other economic and financial institutions.

How to join ?

In February, admissions to the Master in Quantitative Economics and Finance ( MQEF ), which plays the role of the first year of the PhD program, open. In parallel, the Department of Finance usually posts an ad on the  University’s Job Portal .   Prospective PhD students should apply to both the  MQEF and the  University’s Job Portal . Applications are reviewed regularly. The Department of Finance contacts selected candidates. The sooner you apply, the better. Most students are hired on behalf of the Department of Finance, and find their advisor in the second year of the programme.

Candidates with a degree in Mathematics, Physics, Computer Science, Engineering or another quantitative subject are particularly encouraged to apply. Candidates who already hold a research-oriented Master’s Degree in Economics, Finance, Financial Engineering, Econometrics, Statistics, or other related fields (ideally with a quantitative focus) may, exceptionally, directly join the second year of the programme.

Scholarships are available for promising students in the first year (Master in Quantitative Economics & Finance).

Full-time positions with a competitive salary are offered from the second year.

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PhD in Finance at a glance

Join EDHEC’s PhD in Finance programme to develop your expertise and work with researchers specialising in your company’s core concerns, all without interrupting your career.

Next intake

September 2025

ABOUT THE EDHEC PhD IN FINANCE PROGRAMME

EDHEC Business School believes that academic research has a vital role to play in promoting innovation and raising professional standards. With a century-long tradition of serving the needs of the community, it has a long-established ‘research for business’ focus and a well-embedded educational credo of ‘professional development through research-based excellence’. The EDHEC PhD in Finance is the culmination of this ambition. 

The programme is taught by an exceptional team of international scholars who not only hold prestigious qualifications, distinctions and appointments but, more importantly, have also made significant contributions to the field of financial economics, furthering theory and impacting practices through research, consulting and executive education.

Undertaking a PhD in Finance | EDHEC Business School  

EDHEC Business School has been offering a unique PhD in Finance program since 2008. The EDHEC PhD in Finance is a research-oriented program which trains participants to serve as the future architects of the financial industry.   [Music]   The program is designed to prepare talented and hardworking individuals for challenges requiring an integrated view of the inner workings of financial markets and institutions, a thorough understanding of financial decision-making and its modeling and the ability to autonomously identify, analyse research questions to propose and implement creative solutions.   

Abraham LIOUI Director, EDHEC PhD in Finance, Professor of Finance, EDHEC Business School 

We have created this program, the PhD in Finance, for executives because we felt that there was a gap between the knowledge, the discoveries and the patterns that have been elicited in academia and the practice in the industry. We wanted this research to be applied within the industry that has to have an impact either by innovations or by reshaping the industry broadly speaking.   The EDHEC PhD in Finance program is designed for high-level practitioners who keep their full-time jobs. Executive participants undertake this program as a personal development step towards senior positions in the financial industry or if they already hold these positions as a way to become better leaders. It can also lead to a change of career towards academia.   People who are undertaking this program are mainly after an intellectual challenge. The PhD program offers a platform where people can think deeply about the issues that they have been facing and therefore offer solutions in the most efficient way.   The PhD in Finance program is offered in Europe from London and Nice. The program has 40 PhD graduates to date who have gone on to author over 25 publications in top academic journals and leading professional reviews.   [Music]   11 graduates in academia 9 graduates run their own company For the graduates in the industry, most changed jobs or got promoted, some teach at the Master’s level.

Neo Teng Hwee PhD in Finance, EDHEC, Chief Investment Officer, Head of Investment Products and Solutions   Practically speaking the EDHEC program is the only program that allows professionals to actually pursue a doctorate yet at the same time maintaining a full-time job. That is because the courses are conducted on a blocked week basis. So this is a very natural decision for me.  

Messaoud Chibane PhD in Finance, EDHEC, Assistant Professor, NEOMA Business School Formerly Global Head of Quantitative Research, Shinsei Bank

I think it's very relevant to finance professionals especially for those who have had a reasonably long experience in finance and who still maintain the willingness to learn fundamental aspects of finance. So, this combined with teachers who have very profound theoretical knowledge but are also very knowledgeable about practical application of finance. The fit of these two utility functions makes it very relevant to financial practitioners.    [Music]   Regions of residence (executive track participants) Asia 34% Europe Middle East Africa 30% Americas 33% Australasia 3%     The programme faculty consists of world-class specialists in Finance,  risk and investment management and economic and financial modelling. It brings together EDHEC Business Schools senior economics and finance scholars and affiliate professors from top research institutions around the world including Princeton, Wharton, Oxford, Imperial College London, Chicago, Caltech and the London School of Economics.   The programme is well balanced between courses that are related to methodologies but also to conceptual developments. So, in the first year we do cover the foundations but at the PhD level of finance. And in the following years we provide students with advanced seminars which are taught by top scholars in the world at the cutting edge of the research in several fields, be it econometrics, behavioural finance, asset pricing or corporate finance.  

Vijay Vaidynathan PhD in Finance, EDHEC, and CEO, Optimal Asset Management  

I was very attracted to the PhD programme here in particular because it's a very unique combination of superstar faculty from all over the world. So, what's unusual is for example in our classes, we had faculty from Princeton, we had faculty from the University of Chicago, and these are the very top names in their field. So even if I had done a PhD in Princeton, I would not get the faculty from University of Chicago. If I do it in Chicago I don't get the University of faculty from Princeton. So it's a very unique combination of the top international talent in terms of faculty and the interactions that are possible with these very eminent faculty. So that was what attracted me the most.  

Gideon Ozik PhD in Finance, EDHEC, and Managing Partner and Founder, MKT MediaStats  

I thought the programme was fantastic. First, when I entered the programme, I had very high expectations. But when I had finished, I realised, it went above and beyond my expectations.   The workload is something that was a bit surprising. We expected a very intensive workload. However, it turned out that the work was a lot more difficult and demanding that we initially anticipated. So it’s a real PhD. The professors that are involved in the programme are among the top in the finance world.   Number of participants enrolled: 62 Countries represented: 31 International participants: 92% Average professional experience of executive track participants: 15 years   The PhD in Finance offered by EDHEC Business School is the foremost academic and professional qualification for experienced practitioners. Sponsoring organisations benefit from the learning experience of their executives whose critical thinking and analytical and research skills enhanced by doctoral studies are of considerable value. The program requires exceptional dedication but the satisfaction of working at the frontier of knowledge and practices and Finance, and the career impact are ample rewards for those who make this commitment.   This program is super challenging not only academically and intellectually but also practically because people have at the same time to manage their job, their family and on top of this, an extremely demanding program.   [Music]   Offered since 2008, the EDHEC PhD in Finance equips professionals with the scientific background and research skills required to advance knowledge and practices in the financial industry.  It is delivered over three years in a format that minimises residency requirements to allow professionals from over the world to participate without interrupting their careers. The programme welcomes over sixty participants from some thirty countries and is offered in Europe (London and Nice). EDHEC Business School has designed its doctoral programme according to international academic standards and awards a PhD in Finance degree which is covered by its AACSB and Equis accreditations.  

PhD PROGRAMME AT A GLANCE 

Programme rationale.

An extraordinary platform for your professional development and for finance-industry innovation.

Supporting the efficient allocation of resources over time and space, the financial industry is the lifeblood of the global economy and at the forefront of developments that are dramatically reshaping the world. This fast-paced, cosmopolitan and intellectually stimulating environment attracts some of the best and most ambitious minds in science and business.  

Advancing the frontiers of knowledge and practice in such a competitive environment requires professionals who are able to combine well-honed critical thinking, extensive field expertise and outstanding analytical and research skills to exert thought leadership and introduce radical innovation. The financial industry is at a critical juncture and the need for such professionals and innovation is particularly acute. Undergraduate degrees, professional experience and an MBA only partly develop this set of top-level skills, so if you aspire to greater intellectual heights, you should consider pursuing the foremost academic and professional qualification, the PhD.

PROGRAMME OBJECTIVES

Become an autonomous researcher and lifelong innovator.

The PhD in Finance offered by EDHEC Business School is a research-oriented programme that trains participants to serve as the architects of the financial industry. The programme is designed to prepare talented and hard-working individuals for challenges that require an integrated view of the inner workings of financial markets and institutions, a thorough understanding of financial modelling and decision-making, and an ability to independently identify, analyse and research questions in order to propose and implement creative solutions.

ONE PROGRAMME, TWO TRACKS

An executive track for high-level practitioners in full-time jobs and a residential track for high-potential graduate students.

The programme has two tracks: a residential track for young professionals who want to hold part-time teaching positions at EDHEC Business School in Nice and an executive track for high-level practitioners who wish to keep working full time. Executive track participants undertake the PhD in Finance as a critical development step en route to senior positions in the financial industry or, if they already hold such position, to steer their organisation in new directions. Residential track participants typically complete their PhD studies to gain access to an academic career in a leading research or educational institution.

The programme’s core courses and electives are offered in Europe, out of EDHEC’s campuses in London and Nice.

Admissions  

PhD experience  

Participants profile

A WELL-STRUCTURED AND RIGOROUS CURRICULUM

Follow a programme that includes core courses, electives and research workshops, and conduct research in close collaboration with our faculty.

The EDHEC PhD in Finance requires intense personal commitment and is designed to be completed in three years. Its structure includes core courses, electives, research workshops and a dissertation. Core courses provide you with sound training in financial theory and state-of-the-art analytical and research methods. Elective seminars and workshops give you exposure to the latest advances in specific fields of your choice. The dissertation allows you to work individually with programme faculty members on topics chosen for their academic and industry relevance, aligned with your research interests and professional goals.  

A RICH LEARNING ENVIRONMENT

The faculty fosters a collaborative approach to research and you will have the opportunity to interact with inspiring academics and experts.

By concentrating core courses and elective seminars in residential weeks, opening up elective seminars to PhD candidates from different cohorts, extending the online classroom for research workshops, and adapting dissertation supervision to your individual circumstances, the programme creates a rich collaborative environment for all participants and builds close working relationships between PhD candidates and faculty.  

Learn more about our participants, alumni and their publications by visiting the links below:

OUTSTANDING FACULTY

Learn from an exceptional team of international scholars from top research institutions.

The PhD programme faculty comprises world-class specialists in finance, risk and investment management, and economic and financial modelling. It combines EDHEC Business School’s senior economics and finance scholars with affiliate professors from top research institutions around the world. Faculty members have an exceptional track record of publications in and editing for the most respected scientific journals in financial economics. Their educational awards and experience in PhD candidate supervision, their prestigious appointments with leading universities worldwide and their senior-level engagement with major corporations, governments and supranational organisations speak to their outstanding reputation for excellence and expertise.

Learn more about our faculty and their publications by visiting the link below: 

Programme Faculty

A LIFE-CHANGING INVESTMENT

PhD studies have a far-reaching impact on your work and career.

The key benefits of the EDHEC PhD in Finance are its outstanding faculty, its balanced structure, its supportive research environment and its talented and diverse candidate body. These combine to create the best opportunities for you to hone your research expertise and prepare to shape the future of the financial industry.

Read alumni testimonials and explore PhD theses by visiting the links below: 

Alumni testimonials   

EXECUTIVE TRACK IN FOCUS

Since 2008, EDHEC Business School has offered a unique PhD in Finance programme to elite practitioners who aspire to higher intellectual achievement and want to reshape practices in investment banking, asset management and other crucial sectors of the financial industry.

PARTNERSHIPS

The PhD in Finance programme at EDHEC is partner of several academic conferences such as The European Conference on Household Finance - Centre for Economic Policy Research (CEPR), The Adam Smith Workshop in Asset Pricing and Corporate Finance , and The Annual Private Markets Research Conference .  

Since January 2023, EDHEC has become the first academic institution to join INQUIRE EUROPE  - Institute for Quantitative Investment Research, as a member.

EDHEC – MAKING A DIFFERENCE

Students, professors, researchers, alumni, partners and recruiters… EDHEC is a global community driven by the fundamental objective of making a positive impact on the world and for future generations by reinventing business.

Impacting future generations.

EDHEC Business School has been offering management training and development programmes since 1906. One of the leading business schools in Europe, it delivers degree courses to more than 8,500 students and trains more than 10,000 professionals annually through its executive courses and research events.

The School’s mission is to develop talent through high-quality business education, advance knowledge, impact business practices and contribute to the social and economic debate. Research conducted by its 175 permanent faculty members and its full-time researchers drives all of these activities and is at the very core of the School’s offerings.

Lean more about EDHEC Business School: Our Mindset | EDHEC Business School

Research and entrepreneurship serving a responsible economy EDHEC spends more than 20% of its resources on research, which lies at the heart of its business model.

Lean more: EDHEC Business School: Our Research & Innovation Resources .

Business and value creators benefit directly from the contribution of EDHEC’s research centres. Our research guides major institutions in their global business actions: the EDHEC-Risk Institute in the case of asset management, the EDHEC Infrastructure Institute when it comes to long-term investment and the EDHEC Augmented Law Institute for legal business management.

One of the top 10 European Business Schools, with three international accreditations.

EDHEC features in all of the honours lists and top rankings published globally each year. These benchmarking tools put EDHEC among the best business schools in France and beyond, for all of its programmes , be it undergraduate, Grande Ecole, masters or executive education. Our excellence and commitment to being No. 1 are confirmed by our continued placement in the lists of best academic institutions worldwide. The latest Financial Times ranking of Best European Business Schools cemented EDHEC Business School’s presence among the top 10 for the fourth year running. This ranking corroborates the success of EDHEC’s strategy: to embed applied research into relevant academic programmes.

EDHEC Business School was among the first institutions worldwide to be awarded three international accreditations (AACSB, EQUIS, Association of MBAs) for the academic excellence and professional relevance of its programmes, its strong links with the business community, its international orientation and its commitment to ongoing quality improvement.

A wide range of graduate programmes, taught fully through English.

EDHEC Business School offers a wide range of graduate programmes, taught fully through English, attracting students from a wide range of countries, cultures and academic and professional backgrounds. The diversity of the student body contributes to the richness of the learning environment, which is highly conducive to personal and professional development. EDHEC’s international strategy sets great store in giving students real exposure to ‘difference’, be it on our campuses, through our academic exchanges or our double degree programmes.

EDHEC Alumni share values and the School’s vision of business serving society.

EDHEC Business School graduates are lifelong members of a thriving network of more than 50,000 professionals in 127 countries and every industry. This friendly and supportive community of business leaders organises events and meetings throughout the year to facilitate an exchange of ideas and networking, while supporting students in designing their career plan and helping graduates to promote their business and career. EDHEC Alumni is also a force for the dissemination of best practices, shared values and the School’s vision of business serving the greater good.

Questions in this category relate to PhD studies more generally. More specific FAQs can be found on the executive track and admissions/funding pages.  You can also contact us by phone or email

Although rare, it is possible to apply and be admitted to our PhD in Finance programme without a master’s degree. Professional experience and advanced professional qualifications, such as the CFA Charter, would have a positive weighting on our response, along with a solid undergraduate degree and an excellent GMAT score.  

You can apply for a PhD after an MBA. Because of its strong quantitative orientation, our PhD programme requires a significant academic background in economics, finance, mathematics, econometrics and stochastic modelling (Master's level).

The EDHEC PhD in Finance is three years in duration. In the event that candidates cannot manage to complete the programme within three years, they can do so within a further two years.

Research experience is not compulsory. Providing published research papers, working in the R&D division of a company (industry research) or acting as an academic research assistant would bolster your application.

EDHEC Business School has designed its PhD programme according to international academic standards and awards a PhD in Finance degree which is covered by its AACSB and Equis accreditations. The PhD in Finance at EDHEC is an institutional degree. 

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23 PhD Degrees in Economic Studies Finance in Europe for 2024

• Finance and Banking
• Financial Management
• Risk Management
• Wealth Management

Popular degree type

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PhD Degrees in Economic Studies Finance

By earning a Master in Business Administration (MBA) with an emphasis on finance, graduates gain specialized knowledge and skills within the financial sector, which may help them to find a highly skilled career. Students may be able to obtain an MBA in Finance in about two years’ time.

In all, there are over 4000 Higher Education Institutions in Europe offering a wide range of courses at Bachelor, Masters and Doctorate level. With more and more of these organizations offering English as the language of education for at least some of their degree programs, universities in Europe are now of higher quality than ever before. Universities in Europe offer a friendly welcome to foreign students and to give a course of knowledge that meets their profession needs in today’s global demand.

Requirements for the PhD program often involve the student having already obtained a Master’s degree. Additionally, a thesis or dissertation primarily consisting of original academic research must be submitted. In some countries, this work may even need to be defended in front of a panel.

This PhD specialisation provides candidates with an in-depth and intensive training programme at the cutting edge of both theoretical and empirical research in Finance.

• Start date: August 2026

PhD specialisation in Finance

The PhD specialisation in Finance prepares candidates for careers in world leading academic institutions, research-oriented international and national organisations, and the industry. Job market candidates from the department have found employment at premier universities including London Business School, Tilburg University, University of Melbourne, NOVA University Lisbon, Norwegian School of Economics (NHH), Central University of Finance and Economics (CUFE) and National Chengchi University (NCCU). Local placements in Norway include Boston Consulting Group, Financial Supervisory Authority, and Storebrand. We encourage candidates with solid quantitative and analytical skills, and a strong background in disciplines such as Finance, Economics, Statistics, and Mathematics to apply.

The four-year study programme leading to a PhD degree is designed to allow you to conduct in-depth research. In addition, it is comprised by a course component, seminars, PhD committees, pre-doctoral defence, and lastly, dissertation and final defence. 25% of the time is reserved for teaching.

Distinguishing features of the specialisation

The four-year programme offers rigorous training for candidates with strong analytical skills and intellectual curiosity. It follows a standard structure in place at all comparable programmes around the world. The first year is devoted to course work that covers all the major fields in Finance and core topics in Economics relevant for a Finance PhD. BI faculty mainly teaches these courses. The candidates can also take specialised courses and participate in doctoral workshops through the Nordic Finance Network.

The second year of the programme sees candidates transitioning to research work that continues through to the end of the programme. Candidates will work towards the doctoral dissertation that is typically a collection of three research articles. Research work is done in close co-operation with the supervisor and other faculty members from the department. Projects joint with faculty members often involve collaborators from other research institutions. Candidates also participate in weekly research seminars with international scholars and present their research work at departmental workshops. The research environment is supportive and PhD candidates take actively part in all the social life at the department.

Meet Renata Silva de Almeida who shares her experience as a PhD candidate

Professor paul ehling discusses the advantages of being a phd candidate at bi, fully funded scholarships.

All PhD candidates receive financial support when accepted into the programme. The candidates are hired as full-time employees on an initial four-year contract. Continuation of the support through the four years of the programme is dependent on good standing and regular progress towards completing the programme’s requirements. PhD candidates are entitled to full parental leave and health insurance, and are part of the Norwegian Public Service Pension Fund. The workplace is BI Norwegian Business School at its main campus in Oslo.

What you can expect

The four-year study programme leading to a PhD degree is designed to allow you to conduct in-depth research. In addition, it is comprised of a course component, seminars, PhD committees, pre-doctoral defence, and lastly, dissertation and final defence. 25% of the time is reserved for teaching.

Entry requirements

How to apply, course plan.

Here you will find an overview of the courses included in the programme and when they are offered.

A PhD from BI can be a gateway to prestigious placements at universities around the world. Below are examples of positions obtained by recent graduates of BI's PhD programme.

Department of Finance

The Department of Finance is ranked 10th in Europe, and 2nd in the Nordic countries, based on top-finance publications 2013-2017 (U of Texas Dallas rankings). BI hosted the European Finance Association (EFA) Annual Meeting in 2016 and in 1996. The department is committed to research at the highest international level and faculty members currently represent about 20 different nationalities. Faculty come from some of the world’s best institutions such as University of Chicago, Wharton, UCLA, Ohio State University, Carnegie Mellon, University of Southern California, London Business School, and London School of Economics.

Faculty members publish their research regularly in the top Finance and Economics journals. These publications have appeared in Journal of Finance, Review of Financial Studies, Journal Financial Economics, American Economic Review, Econometrica, Journal of Political Economy, and Review of Economic Studies. The strong commitment to research has earned the department a top-10 rank in Europe based on research output in top-tier academic Finance journals.

The department runs an international weekly research seminar series in which academics from the world’s best research institutions present their work. These seminars and other visits by international researchers give PhD candidates an excellent opportunity to reflect and receive feedback on their own research. The department also regularly organises conferences and workshops.

The department has access to all the commonly used international databases. Many faculty members also work with unique Norwegian micro data on firms and individuals obtained from official registers. The department hosts the Centre for Asset Pricing Research (CAPR) and the Centre for Corporate Governance Research (CCGR). These centres sponsor and support faculty research groups, conferences, and seminars.

• Read more about the Department of Finance

Paul Ehling

Professor - Department of Finance

PhD alumna in Finance

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The Finance PhD program at HEC Paris provides students with a rigorous training in financial economics delivered in a vibrant research department. 

Our stimulating research environment allows PhD students to grow as researchers and to obtain jobs in top academic institutions at the end of the thesis.

In the past few years, graduates from the HEC Paris PhD program have been hired as Assistant Professors at London Business School (see Maxime' s research in corporate finance and asset management), Singapore Management University (see Tianhao' s research in  ESG investment, sustainable finance, and asset management),  Columbia University (see Noémie's research in government intervention and corporate behavior ),   the London School of Economics (see Huan’s research in fintech), Wharton (see Sylvain’s research in household finance), Princeton (see  Adrien's research in corporate finance), Harvard Business School (see Boris’ research in financial innovation). See the full academic placement record at the bottom of this page.

Why are HEC Paris PhD graduates so successful on the academic job market?

The first ingredient is the rigorous training. The HEC Paris finance department partners with the economics department at IP Paris to provide students with a solid training in finance + economics + econometrics.

The second ingredient is the excellence of the faculty. Finance professors at HEC Paris publish in top academic finance and economics journals and hold editorial positions in journals such as the Journal of Finance and the Review of Financial Studies.

The third ingredient is the collegiality of the HEC Paris finance group . PhD students have numerous opportunities to interact with faculty and discuss about research. Some of these opportunities happen in organized events: courses, weekly research seminar, pre-seminar workshop, weekly internal seminar, annual PhD workshop, mock job market interviews in the final year of the thesis, and so on (see below for more information on these events).

Research interactions also and perhaps mostly happen informally. If you come to the HEC Paris Finance department, you will find that doors are open and you will probably find professors and students chatting about research at the coffee machine. Students can present their research in the internal research seminar. When faculty or students want to learn about a research field, they set up a reading group inviting interested faculty and students to read papers together and discuss research ideas.

The HEC Paris Finance PhD program is relatively small compared to the size of the faculty. We usually hire two or three PhD students per year and the department has about twenty research faculty. This high faculty-to-student ratio fosters the quality of interactions between student and faculty.  Our connections in top universities around the world allow PhD students to spend  a semester or a year visiting another university.  

Main events

Weekly research seminar: Researchers from other universities present their research. See the schedule . Pre-seminar workshop: Before each research seminar, the PhD students and a different faculty each week meet for a “pre-seminar workshop” to discuss the paper presented at the seminar. It is a great opportunity for students to engage in a discussion about a different research topic every week, to learn from a faculty specialized in this field, and to generate new research ideas.

Weekly internal seminar: A faculty or a PhD student presents preliminary research ideas.

Annual PhD workshop: Every year we invite 30 PhD students from other finance PhD programs in Europe. It is a great opportunity for PhD students to meet with future researchers and colleagues and to create interactions that can generate joint research projects. During this workshop, students from HEC Paris and other schools who are close to completing their PhD present their research in front of the other students and the HEC faculty. Click here

Preparation for the job market: In the final year of the thesis, PhD students apply to academic positions in universities and business schools all over the world. The job market has three main selection stages: based on the research package and recommendation letters in November; interviews in January; seminars and campus visits in January-February. PhD students at HEC Paris are actively prepared for this process. We organize mock interviews and mock job market seminars with the HEC faculty, which allow students to practice in real-life situations.  

Selection of past placements

Our complete placement history in Finance can be found here . 

•    Markus Bak-Hansen, Bank of England , 2024 •    Maxime Bonelli, London Business School , 2023 •    Tianhao Yao, Singapore Management University , 2023 •    Pinardon-Touati Noémie, University of Columbia , 2022 •    Pekka Honkanen, Terry College of Business, University of Georgia , 2020 •    Huan Tang, London School of Economics , 2020 •    Sylvain Catherine, The Wharton School, University of Pennsylvania , 2019 •    Thorsten Martin, Bocconi University , 2018 •    Jean-David Sigaux, European Central Bank , 2017 •    Adrien Matray, Princeton University , 2016 •    Olivier Dessaint, Rotman School of Management, University of Toronto , 2015 •    Boris Vallée, Harvard Business School, 2015 •    Jean-Noël Barrot, Sloan School of Management, Massachusetts Institute of Technology , 2014  

Average starting salary: 226 000 USD

PhD Coordinator

Current students              Department website             Placement  

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Best Universities for Finance in Europe

Updated: February 29, 2024

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Below is a list of best universities in Europe ranked based on their research performance in Finance. A graph of 23.7M citations received by 1.32M academic papers made by 1,190 universities in Europe was used to calculate publications' ratings, which then were adjusted for release dates and added to final scores.

We don't distinguish between undergraduate and graduate programs nor do we adjust for current majors offered. You can find information about granted degrees on a university page but always double-check with the university website.

1. University of Oxford

For Finance

2. University of Cambridge

3. London School of Economics and Political Science

4. University College London

5. University of Amsterdam

6. Erasmus University Rotterdam

7. University of Manchester

8. Catholic University of Leuven

9. University of Warwick

10. Imperial College London

11. Swiss Federal Institute of Technology Zurich

12. Tilburg University

13. University of Nottingham

14. London Business School

15. University of Groningen

16. University of Edinburgh

17. University of Zurich

18. Goethe University of Frankfurt am Main

19. Aarhus University

20. Delft University of Technology

21. University of Southampton

22. Utrecht University

23. University of Leeds

24. Bocconi University

25. Stockholm University

26. University of Birmingham

27. University of Bologna

28. University of Sheffield

29. Copenhagen Business School

30. King's College London

31. Durham University

32. Lund University

33. Free University Amsterdam

34. University of Copenhagen

35. University of Sussex

36. University of Reading

37. University of Bristol

38. Sapienza University of Rome

39. Lancaster University

40. Technical University of Munich

41. Federal Institute of Technology Lausanne

42. University of Glasgow

43. Ghent University

44. Maastricht University

45. University of Bonn

46. University of Vienna

47. University of Strathclyde

48. University of Padua

49. Pierre and Marie Curie University

50. City, University of London

51. Stockholm School of Economics

52. Cardiff University

53. University of St. Gallen

54. Leiden University

55. Uppsala University

56. Polytechnic University of Milan

57. University of York

58. Newcastle University

59. University of Lisbon

60. Catholic University of Louvain

61. University College Dublin

62. University of Exeter

63. University of Munich

64. University of Hamburg

65. University of Oslo

66. Wageningen University

67. Moscow State University

68. University of Leicester

69. University of East Anglia

70. University of Helsinki

71. Queen Mary University of London

72. RWTH Aachen University

73. University of Bath

74. Loughborough University

75. Norwegian University of Science and Technology

76. University of Mannheim

77. KTH Royal Institute of Technology

78. University of Essex

79. Karlsruhe Institute of Technology

80. Autonomous University of Barcelona

81. University of Liverpool

82. University of Valencia

83. Free University of Brussels

84. University of Cologne

85. Free University of Berlin

86. Eindhoven University of Technology

87. University of London

88. Pompeu Fabra University

89. Humboldt University of Berlin

90. Carlos III University, Madrid

91. Vienna University of Economics and Business

92. University of Twente

93. University of Antwerp

94. University of Gothenburg

95. Radboud University

96. Brunel University London

97. Heidelberg University - Germany

98. Athens University of Economics and Business

99. University of Milan

100. Trinity College Dublin, University of Dublin

Economics subfields in Europe

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PhD Program

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The PhD program in Finance

The aim of our PhD program is to produce PhD candidates at a high international level. In addition to learning how to conduct research at an international level, students will acquire a broad theoretical and methodological insight into the discipline of finance.

Next deadline: February 29, 2024. Link to the job announcement .  Information Meeting: February 6 at 15.30 in SPs03. Register here .  See a video of Theis Ingerslev Jensen, a recent PhD graduate at the Department of Finance , about his research and his placement at Yale University. 

See a video of PhD graduate, Niels Joachim Gormsen , where he explains about his research and his placement at the University of Chicago.

You can find further details about the program and application procedure below.

Ph.D. in Finance, fully funded

In cooperation with the graduate school of economics, finance, and management (gsefm).

The GSEFM offers a quantitative and research-oriented education featuring the structures of premier anglo-saxon graduate programs. Together with SAFE, it provides an environment where students can benefit from a unique research group in Finance spanning a wide range of topics as well as from the location in Frankfurt, the primary center for financial markets and central banking in continental Europe. The program does not charge tuition fees.

The GSEFM Ph.D. Program in Finance consists of two years of doctoral coursework with a qualifying examination at the end of the first year. Core courses in financial economics, econometrics, and mathematical methods (first year) and two to three elective courses (second year) ensure that students acquire a thorough knowledge of the theory of Finance before beginning their own research.

The Leibniz Institute for Financial Research SAFE, based at the same premises at Goethe University’s House of Finance, offers funding for the entire program to excellent applicants for the Ph.D. Program in Finance as well as to those for the Program in Economics who pursue financial economics as one field in their studies. Funding includes a scholarship of monthly €1,300 in the first program year and, conditional on passing the preliminary exams, an ensuing work contract as research assistant with sufficient time allocation to work on the thesis.

SAFE – short for Sustainable Architecture for Finance in Europe – is dedicated to interdisciplinary research on the financial markets and their players in Europe as well as to research-based, independent policy advice. It is committed to contributing to a sustainable and resilient financial system that promotes innovation and serves the needs of the economy and the society.

The GSEFM education combined with research work at SAFE offers exceptional global career opportunities in academia, international organizations, or financial regulation. ( List of recent placements )

SAFE aims to increase the proportion of female scholars among its research staff and will therefore give preference to female applicants in case of equal qualification.

Interested? Please visit the GSEFM website for more information on the Ph.D. in Finance and admission requirements . Please follow the instructions on the GSEFM website on how to apply and make sure you choose SAFE as first preference under the header "Application for Financial Aid" in the application form.

Do not send applications directly to SAFE. Only applications submitted via the GSEFM/Goethe University admission portal will be considered in the application process.

Download the fact sheet PhD in Finance/Economics, fully funded by SAFE

Contact for questions

Prof. Loriana Pelizzon, Ph.D.

Deputy scientific director, director research department "financial markets".

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Finance Concentration

This concentration is one of the three concentrations offered in the Frankfurt School's Doctoral Programme.

We conduct scientific research projects, aiming at publishing them in top journals in the fields of asset pricing, corporate finance and financial intermediation. Frequently, these projects are pursued jointly with representatives of our stakeholders from the industry, the public and governments and actively involve our doctoral students.

The prerequisite for a successful participation in research projects is a thorough training in theoretical and empirical topics in the fields of asset pricing, corporate finance and financial intermediation. Currently, the finance concentration consists of core courses and electives taught by resident staff.

Internationally renowned guest professors in their respective fields of expertise complement the curriculum. Students who pursue a Doctoral in Finance at Frankfurt School have to complete the electives in addition to the required core courses.

Finance Seminars

Mathematics & Statistics

Calculus of Several Variables Functions of Several Variables Implicit Functions and Their Derivatives Quadratic Forms and Definite Matrices Unconstrained Optimization Constrained Optimization Concave and Quasiconcave Functions Economic Applications Eigenvalues and Eigenvectors Advanced Linear Algebra Advanced Analysis Basic Probability and Statistics

Econometrics I

The course introduces some of the most widely used quantitative models in the fields of economics, finance and management. It has a clear focus on applying the methods while not shying off on formal treatments. In particular, the course covers:

Statistical Concepts and Distributions

Asymptotic Limits and Estimators

Linear Models and Estimation

Instrumental Variables Estimation

Generalized Method of Moments

Microeconomics

1. Demand Theory 2. Expected Utility Theory 3. General Equilibrium Theory 4. Non-Cooperative Game Theory a) Dominant strategies and applications b) Nash Equilibrium and applications c) Subgame Perfect Equilibrium and applications 5. Principal-Agent Theory 6. The Theory of Incomplete Contracts

Asset Pricing Theory

The course is an in-depth introduction to the modern theory of asset pricing and portfolio choice. Its main focus is on the relationship between arbitrage and equilibrium, and how both conditions imply the existence of "state prices," positive discount factors such that the price of any security is simply its discounted expected payoff. The first part of the course examines static economies while the second extends into a multi-period framework. Both parts are restricted to discrete time and symmetric and complete information.

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the programme office help you identify the appropriate courses.

Econometrics II

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate and in some cases improve, prior empirical studies. Censored regression functions

Tobit regression

Estimators and sample selection bias

Median and qunatile regressons

Covariance matrices

Causal effects

Nonparametric regressions and intsrumental variables

Non-parametric regressions

Kernel regressions

Time series analysis

Unit root testig Integrated proecesses

Cointegration Introduction to machine learning

Game Theory

The course combines theoretical developments of game theoretic concepts with applications of these concepts to questions in economics, finance and management. The course starts with simple games and shows the solution concepts for these games (and potentially the problems of the concepts). It then gradually enriches the games and the respective solution concepts. For each class of games, several examples will be provided how to apply the material learned in the course, always with an eye on how students can apply these concepts in their own research. Finally, students will present recent of fundamental research papers that use and apply these concepts, thereby pointing out the usefulness (but also the potential problems) of these concepts in research in different fields

Causal Inference

The course is structured in three parts (not necessarily chronological):

Part 1: Empirical methodologies (focus on regression discontinuity, difference-in-difference estimators, synthetic control estimators)

Part 2: Discussion of recent empirical papers with a focus on financial intermediation, corporate finance, and possibly with a link to accounting

Part 3: Development of own research ideas

Corporate Finance

The module introduces concise moral hazard and adverse selection models that allow analyzing major topics in corporate finance including among others firms’ debt capacity, the optimal capital structure, corporate risk and liquidity management. The module then discusses the role of banks in mitigating moral hazard and advserse selection in corporate finance, before moving on with a more general analysis of the role of banks in the financial system.

Empirical Asset Pricing

The objective of the course is twofold:

1) to familiarize students with the field of empirical asset pricing, i.e., to provide exposure to the seminal papers as well as the most important recent contributions; and

2) to teach students how to conduct, interpret and present empirical research. Accordingly, we will encounter a broad set of methodologies and datasets.

Accounting Information and Capital Markets

This module provides an introduction to the key areas of financial accounting research. It covers topics such as value relevance of accounting information, accounting-based valuation, earnings management, contracting and accounting, disclosure, text-as-data in accounting, information intermediaries, real effects in accounting, corporate governance, financial reporting regulation, political ecomony of accounting etc.

Advanced Topics in Finance

1) Advanced Topics in Information Acquisition and Processing 2) Regression-Based Estimation of Asset Pricing Models 3) Advanced Topics in Financial Intermediation 4) Advanced Topics in Over-The-Counter Markets 5) Advanced Topics in Political Economy in Finance 6) Advanced Topics in Household Finance

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the program office help you identify the appropriate courses.

PhD Brownbag

The workshop provides a forum for presenting ongoing and completed research projects by Ph.D. students. Students learn to present their own academic research for a mixed audience. They will gain skills in presenting, preparing compelling slides, interacting with the audience, taking feedback, and time management. Given the turnover of topics over time, students are required to enrol in the course every time it is offered.

Master's Thesis / 2nd year paper

The second year paper is the first piece of the student’s very own presentable research work. It can also be used to obtain a Master’s degree in Business Research and Analytics.

Research (Dissertation and Defence)

Upon passing the Qualifying Exam at the end of the 2 nd year, students enter the research phase of the programme. Students dedicate themselves to their research projects, produce scholarly papers and present their research at international academic conferences. They also have the opportunity to interact with international scholars visiting Frankfurt School to present research in the seminar series.

Research at FS

Why do managers so often underestimate the risk of their strategic decisions? Management professor Stevo Pavicevic tries to answer this question in his work:

"Making decisions is at the heart of professional lives of managers. Despite managers' best efforts, their decisions are often hopelessly erroneous. Here at Frankfurt School of Finance and Management, we investigate why managers make poor strategic decisions, and more importantly, how firms can build safeguards into the decision-making process to reduce the risk of flawed decisions."

Decision making is also important in marketing professor Tetyana Kosyakova’s projects, but her focus is on consumers rather than managers:

"My research is mainly in the area of choice and Bayesian modelling. Currently, I am working on a series of projects, which focus on developing the methodology for estimating consumer preferences based on consumer choice (or purchase) data, when consumers are making choice decisions given a large choice set.

A typical purchase decision from a large choice set could be a consumer picking a yoghurt in a supermarket, given a large yoghurt assortment on a dairy shelf or a consumer configuring a laptop given multiple options for processor, memory and other technical features. Traditional models do not scale to large choice sets or large product assortments due to the difficulty of likelihood evaluation. My work is aimed at contributing to this research area."

Dr. rer. pol. students at Frankfurt School often work closely together with the faculty on (larger) research projects. Digitalization and its corporate impact is at the core of the project of accounting professor Matthias Mahlendorf :

"In a joint project with Dr. rer. pol. and students and international coauthors, we are currently investigating how senior managers develop their expectations about their company's future performance.

This is important, because many firms are currently investing in new approaches such as Google's "Objectives and Key Results", OKR as well as in predictive analytics. These tools have the potential to solve some challenges that firms have struggled with for decades, such as slack building in performance goals and biased forecasts. However, we need solid research to distinguish between hype and actual improvements."

Research at Frankfurt School often centres on big problems in society, including climate change and wealth inequality. Take, for example the work of finance professor Yigitcan Karabulut :

"My current research interest lies in household finance, with a particular emphasis on studying the factors that contribute to household wealth dynamics and their implications for the evolution of wealth inequality. In other words, I examine why some families are poor and some are wealthy and how this changes over time. Lately, I am working mostly to understand the impact of robots on differences in wealth."

After a lot of hard work, the tangible output of research is a publication in a scientific journal. We asked Professor Sascha Steffen about the paper that is closest to his heart:

"Even though it is not my best published paper, I am very happy about my paper on the "dash for cash" of firms during the current COVID crisis. It was not only the first paper that scrutinized this but also unearthed some subtle drivers of corporate cash holdings.

First, cash does not seem to be just "negative debt" (or a waste of resources that some literature seems to suggest) but there is an economic rationale for holding cash. Second, credit risk matters for cash holdings (which has been somewhat neglected in the literature); it is not only default risk, though, but there is a "cliff risk" for firms to become downgraded to non-investment grade which significantly affects cash holdings."

Finance Faculty

Affiliated faculty, student funding and scholarships.

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years conditional on the continued satisfaction of all academic programme requirements.

From the first year onwards doctoral students will receive EUR 1,820 for the period of 5 years.

Furthermore Frankfurt School covers costs related to research, including conferences and overseas visits.

Application process

1. target group and admission requirements.

Outstanding graduates of a Bachelor‘s or Master’s programme in business administration, finance, management, accounting or related fields who aspire to launch an academic career.

Candidates in the final year of a Master’s or Bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents. Please note that you need a certified English or German translation for all documents, that are not originally in German or English. The application platform will be open between 15 September and 15 January.

Required Documents

• CV and list of publications (if existent)
• Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
• Certified copy of your University Degree Certificate or equivalent and academic transcript of records
• Official GMAT or GRE results
• Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
• Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with faculty? Is the research of any member of the FS faculty of interest to you?
• Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: background, extracurricular activities, work experience.

Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform: http://apply.interfolio.com/79802

Create a profile by clicking on the button “Apply now”.

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”.

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to an online interview with faculty members of the chosen concentration.

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctoral Proceedings. It is based on the applicants' overall portfolio and the interview. The results will be communicated after the final decision.

Isabeau Köhncke Recruitment Officer

Lianna Mirzoyan Recruitment & Admissions Manager

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We have 32 Finance PhD Projects, Programmes & Scholarships

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Finance PhD Projects, Programmes & Scholarships

Embarking on a PhD in Finance provides a unique opportunity to delve into the intricate world of financial systems, markets, and instruments. This rigorous path of study equips candidates with the analytical and quantitative skills necessary for high-level research and analysis of financial phenomena. PhDs in Finance explore a vast array of topics, from corporate finance and investment analysis to market behaviour and financial risk management.

Through these programmes, students uncover new insights into financial principles, contributing to the development of more robust financial models, strategies, and regulatory policies. The journey towards a PhD in Finance is not just about mastering financial theory; it’s about making a tangible impact on the financial sector and thereby influencing the global economy.

Why complete a PhD in Finance?

A PhD in Finance sets the stage for candidates to become leaders in financial research and innovation. These programmes challenge students to think critically and creatively about complex financial issues, fostering an environment of intellectual growth and discovery.

Doctoral research in finance often entails the application of advanced econometric and mathematical techniques to data analysis, providing new perspectives on the dynamics of financial markets or the effectiveness of financial policies. The ability to conduct such sophisticated analyses makes PhD graduates highly desirable in both academic and practical finance settings.

In terms of employment, a PhD in Finance opens a wide range of career opportunities. In academia, graduates can shape the future of finance by engaging in research and teaching the next generation of finance professionals.

Outside of academia, PhD holders are sought after by banks, financial institutions, consultancies, and governmental agencies for their expertise in financial analysis, policy development, and strategic planning. The skills developed during these programmes, such as critical thinking, complex problem-solving, and advanced data analysis, are invaluable in addressing the challenges faced by the finance sector today.

Doctoral Researcher: Towards a paradigm shift for real estate valuation

Phd research project.

PhD Research Projects are advertised opportunities to examine a pre-defined topic or answer a stated research question. Some projects may also provide scope for you to propose your own ideas and approaches.

Funded PhD Project (Students Worldwide)

This project has funding attached, subject to eligibility criteria. Applications for the project are welcome from all suitably qualified candidates, but its funding may be restricted to a limited set of nationalities. You should check the project and department details for more information.

Join a world-leading, joint PhD program with a generous scholarship

Funded phd programme (students worldwide).

Some or all of the PhD opportunities in this programme have funding attached. Applications for this programme are welcome from suitably qualified candidates worldwide. Funding may only be available to a limited set of nationalities and you should read the full programme details for further information.

Australia PhD Programme

An Australian PhD usually takes 3 years of independent study towards an original thesis. Unlike most countries, this will usually be assessed as a piece of written work, without an oral ‘viva voce’ exam. However, some universities may arrange an online viva.

Business Administration Ph.D.

A critical political economy of money, finance and finacialization, self-funded phd students only.

This project does not have funding attached. You will need to have your own means of paying fees and living costs and / or seek separate funding from student finance, charities or trusts.

An investigation of Quantum Cognition in Financial Decision Making

Future finance with artificial intelligence, supply chain digitalisation: building a sustainable supply chain, financial literacy as a barrier to entrepreneurial ambitions students from disadvantaged backgrounds, leveraging business models for investment due diligence in the venture capital, uk stock market, monetary policy, and the real economy, leeds university business school, business research programme.

Business Research Programmes present a range of research opportunities, shaped by a university’s particular expertise, facilities and resources. You will usually identify a suitable topic for your PhD and propose your own project. Additional training and development opportunities may also be offered as part of your programme.

Investigating Progress and Implementation of Female Leadership among FTSE 350 Companies by 2025

Empirical modeling in financial engineering, mathematical modelling: real estate finance and investment, financial engineering: modelling and methods.

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Master's Degree in Economics and Finance: PhD Track Program

Applications for the 2024-2025 edition are now closed

Please contact our Admissions Team if you have any questions.

Program Director

Davide Debortoli

PhD, Universitat Pompeu Fabra

See all faculty below

The PhD track of the Master's Degree in Economics and Finance is the first year of the PhD program at Universitat Pompeu Fabra

Launched in 1993 and currently organized jointly by the UPF Department of Economics and Business and BSE, the  UPF PhD Program  attracts students of exceptional talent and provides a strong foundation, a stimulating environment, and worldwide placement in the most prestigious institutions, research centers, and universities. 

The PhD Track Program is Year 1 of the UPF PhD. Upon completion of the PhD Track Program, graduates are awarded the BSE Master's Degree in Economics and Finance and proceed to Year 2 of the PhD (detailed in the schedule below).

Study with accomplished research faculty

Courses in the PhD Track Program are designed and taught by  BSE Affiliated Professors  at the UPF Department of Economics and Business and the Center for Research on International Economics (CREI) , two of Europe's top research groups.

Among them are recipients of ERC Grants and other competitive international funding, authors of publications in top journals, and fellows of the Econometric Society and NBER, to name just a few of their accomplishments. They will be your teachers, your mentors, your thesis supervisors, and down the road, your colleagues.

Additional entry requirements for this program

Because this is a PhD-track program, applicants must: 

• Submit a GRE score to be considered for admission. (GRE is not required to apply to other BSE Master's programs.)
• Complete 4 years of university study before starting this program.

Program schedule: 

Upf phd program structure.

• Year 1: Compulsory core courses in Econometrics, Microeconomics and Macroeconomics (BSE PhD Track Program)
• Year 2: Coursework that prepares students to conduct research (UPF Master of Research - MRes)
• Years 3-5: Research and PhD dissertation This stage typically lasts 4 years, but shorter and longer intervals are not uncommon.

Year 1: BSE PhD Track Program (Master's Degree in Economics and Finance)

COURSEWORK IN MACRO, MICRO, AND ECONOMETRICS

The course offer displayed is for next year's edition. Course offer is subject to change.

Course list for current students

Master project

The master project is a required component of all BSE Master's programs. Working individually or in groups, students use the tools and knowledge they've acquired during the entire year to explore a topic of their choice. A professor supervises throughout the project.

Examples of master projects from previous cohorts:

Topics Related to Economics and Mental Health

Estimating causal effects in the absence of treatment observability, migration shocks and occupational downgrading: evidence from venezuelan migrants in chile, import price inflation following the 2021 suez canal blockage: (for)ever given or transitory.

After successful completion of Year 1, students are awarded the Master's Degree in Economics and Finance by BSE and Universitat Pompeu Fabra.

Year 2: UPF Master of Research in Economics, Finance and Management (MRes)

COURSEWORK THAT PREPARES STUDENTS TO CONDUCT RESEARCH

A variety of specialized elective courses taught by faculty of the UPF Department of Economics and Business and CREI will present students with cutting-edge research, help them find topics for their own research, and put them in contact with potential thesis directors.

Visit the UPF Department of Economics and Business to see a list of MRes courses

The department's broad workshops and seminar series complement the coursework with exposure to the latest research presented by renowned speakers from the best institutions around the world.

Upon successful completion of Year 2, students are awarded the Master of Research in Economics, Finance and Management (MRes) by Universitat Pompeu Fabra.

Years 3-5: UPF PhD in Economics, Finance, and Management

RESEARCH AND PHD DISSERTATION

Students conduct research under the guidance of the faculty of the UPF Department of Economics and Business and CREI. This stage typically lasts four years, but shorter and longer intervals are not uncommon.

After successful defense of the thesis, students are awarded the PhD in Economics, Finance and Management by Universitat Pompeu Fabra.

Degrees awarded

Both the BSE Master's Degree and the UPF Master of Research have been recognized by the Catalan and Spanish Education authorities within the framework of the Bologna Process (in Spanish, “Master Universitario o Master Oficial”).

The UPF PhD has been recognized by the Catalan and Spanish Education authorities (in Spanish, “Programa Oficial de Doctorado”).

Quality indicators for the BSE Master's Degree

UPF PhD Faculty

The teaching faculty for Year 1 are listed below. A full list of UPF Department of Economics and Business faculty members for all 5 years of the PhD program is available on the department website.

View a list of faculty for all 5 years of the PhD

Geert Mesters

PhD, VU University Amsterdam and Tinbergen Institute

Elisa Giannone

PhD, University of Chicago

Jaume Ventura

PhD, Harvard University

Larbi Alaoui

PhD, University of Pennsylvania

Christian Brownlees

PhD, University of Florence

Isaac Baley

PhD, New York University

Edouard Schaal

PhD, Princeton University

Antonio Penta

Katerina Petrova

PhD, Queen Mary University London

PhD, Massachusetts Institute of Technology

Priit Jeenas

Alexander Frug

PhD, Tel Aviv University

PhD Track Student Profile 2023-24

21 students from 10 countries (90% international)

Most represented countries this year: 

• Spain and India (2 students each)

Most common undergraduate backgrounds:

• Economics and Finance

Build your career and your network

In addition to a track record of strong placements, both the BSE Master's program and the UPF PhD program offer access to a close-knit community of colleagues, mentors, and friends for life.

UPF PhD placement examples

Past graduates of the UPF PhD program have obtained tenure-track positions in:

United States Chicago, Duke, NYU, Stanford, UC San Diego

Europe Bocconi, Bonn, Carlos III, Cemfi, ESADE, IESE, IIES-Stockholm University, LSE, Mannheim, Nova de Lisboa, Oxford, Tilburg, UCL, Warwick, Zurich

Latin America ESPOL, ITAM, Pontificia Universidad Católica del Perú, Universidad de Los Andes

Asia Singapore Management University, Shanghai University of Finance and Economics, Zhejiang University

Some UPF PhD graduates choose employment with organizations and companies such as:

Central Banks Banca d’Italia, Bank of England, Federal Reserve Board, Bank of Canada, Deutsche Bundesbank, European Central Bank, etc.

International Organizations International Monetary Fund, the World Bank, Inter-American Development Bank

Economic Consulting Firms NERA, Deloitte, JP Morgan

See all UPF PhD placements by year (UPF website)

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