Best PhD in Finance Programs

Students who plan to apply to doctoral degree programs in finance need to carefully research the different admissions requirements and processes for their chosen school(s) of interest. Most of these programs require students to submit the appropriate application, which commonly has an application fee associated with it. The application will typically ask for additional materials that allow the admissions committee to make an educated decision on whether to accept a student or not. Although these supplemental materials vary from program to program, students will likely need to take the GRE or GMAT exams and submit their test scores. Most programs also require applicants to include their transcripts, letters of recommendation, a resume or CV, and a statement of purpose or personal statement.

The prerequisites for doctoral degree programs in finance vary from program to program as well. In general, these programs can be competitive, so students' experiences may help give them an edge over other applicants. For example, several programs prefer to admit students with some research experience and quality communication skills, both verbal and written. Other programs may expect applicants to have a strong background in economics and/or mathematics. For instance, programs may require students to enter the program with prior coursework in calculus, linear algebra, probability, and statistics or complete these courses during the first year of the program. Finally, there are some finance programs that may want students to have prior experience with specific programming languages, such as MATLAB or GAUSS, and demonstrate some programming skills.

Some doctoral degrees in finance may be offered by schools that carry business-specific accreditation. Typically, business-related organizations, such as the Association to Advance Collegiate Schools of Business (AACSB), will accredit the entire business college or department. This means that various degrees within the college, such as a PhD in Business Administration with a concentration in finance, will fall under this business-specific accreditation. Subject-specific accreditation may be preferred by employers as it likely indicates students' readiness to enter that specific field after graduation. Doctoral programs in finance are also typically offered by regionally accredited institutions, which allows students to transfer credits more easily and accept federal student aid.

Most PhD programs in finance are designed to be completed in 4 years. However, some students may take longer. The time that it takes to earn this degree varies by different factors, including how long it takes students to conduct research for and write their dissertation. Students who take courses part-time or take time off during their degree will also take longer to finish. These programs are usually designed to allow students to complete most, if not all, of their coursework in the first 2 years and then spend the remainder of the program working towards their dissertation.

Doctoral degree programs in finance are usually customizable and allow students to take courses pertaining to their research and areas of interest. However, students are still typically required to complete some core courses in economics, finance, and either statistics or econometrics. These courses provide advanced knowledge, skills, and research methods for the field of finance. Students will likely take courses such as microeconomic theory, econometrics, financial markets, statistics for economists, corporate finance, and macroeconomics. After these core courses, students usually finish their coursework with electives in the field of finance. Available courses vary greatly from institution to institution, but these courses are designed to help prepare students for writing their dissertation and/or a future career. Students may be able to choose from courses such as asset pricing theory, continuous-time financial economics, macro-finance, empirical methods in corporate finance, and game theory. Most programs are designed to have students complete their coursework in the first 2 to 3 years of the program. Depending on the program, students may also participate in research or teaching practicum experiences while taking courses.

Preparing Your Finance Dissertation

Once students have completed their coursework in the first few years, they usually have to take a comprehensive exam to demonstrate their mastery of the field and readiness for the dissertation portion of the program. After students have passed the exam and reached candidacy, they must begin collecting ideas and information for a dissertation hypothesis. Typically, students in these doctoral programs are required to develop a dissertation proposal. This proposal must show a developed research design and help ensure that there is enough information available to support a dissertation on the chosen topic. This proposal has to be approved by the student's dissertation committee, and after it is approved, students begin the research and writing process. Students may spend a year or more researching, analyzing, and writing their dissertation. The final product has to be defended again before the dissertation committee before students earn their PhD. This defense also includes an oral exam where students can be asked various questions about their dissertation and prior coursework.

Finance degree programs are widely available at the undergraduate and graduate degree levels. Students can also pursue a range of closely related degree programs, such as programs in financial management or accounting. Every level of education earned in the field of finance helps propel students' careers to the next level and prepares students for the next level of education. Graduates of these versatile degree programs can pursue an array of finance- and business-related careers. Explore some of the finance degree options below.

Finance Associate Degrees

Students can choose from a few different associate degree programs in finance, including an Associate of Science (AS) in Finance or an Associate of Applied Business (AAB) in Financial Management Technology. These degree programs usually require 60 or more credits and can often count credits towards a 4-year degree. Some of these programs are offered online, and students generally take some general education courses and foundational courses in the field of finance to get familiar with the subject.

Finance Bachelor's Degrees

At the bachelor's level, students can commonly find Bachelor of Science (BS) degrees in finance, as well as closely related degrees, such as a Bachelor of Business Administration (BBA) with a concentration in finance. Some students may also add a minor or double major at this level in a related business area or another subject, such as a finance and marketing double major. Many bachelor's degree programs in finance are available in online formats, and some are designed to prepare students for professional certifications, such as the Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP) exams.

Finance Master's Degrees

Students can most commonly choose from a Master of Finance or Master of Science (MS) degree in finance. Some of these programs can be completed in as little as 10 to 12 months and may carry a STEM (science, technology, engineering, and mathematics) designation. These programs are also designed to prepare students for professional certifications, such as the CFA designation. Depending on the program, students may be able to choose from additional concentration areas, such as corporate finance or financial engineering.

Finance Graduate Certificates

Graduate certificate programs are widely available in the field of finance, as well as related areas, such as financial management or accounting. Many of these programs are offered online for students who are not ready to enroll in a master's program. Some programs will allow students to apply credits from the certificate towards a graduate degree. Most graduate certificate programs can be completed in less than one year and may require between 12 and 16 credits.

Students wondering what you can do with a PhD in Finance will be happy to know that there are many different financial careers available. Although the average starting salary of finance majors may vary by position, most students with a doctoral degree in the field can move past entry-level finance jobs into more advanced leadership positions. Some students may want to pursue research and work in academia, while others may work in various industries as financial managers and executives. Graduates are often qualified for a range of positions related to business. Below are a few examples of possible career options.

Become a Financial Manager

Most financial managers need to have at least a bachelor's degree. This degree may be in business, economics, and other disciplines that further develop students' analytical skills. It is also usually required for these managers to have at least 5 years or more of prior work experience. Typically, this work experience needs to be in another finance- or business-related position. Professional certifications are available for financial managers and usually correspond to a specific type of job or work area. For example, professionals can pursue the Certified Government Financial Manager (CGFM) designation if they work for any level of government or the CFA designation if they are an investment professional.

Job duties vary for different kinds of financial managers, but in general, these managers help oversee the financial wellness of their organization. This requires them to examine financial statements and monitor reporting and budgets for accuracy and compliance with laws and regulations. They help influence financial decisions for the organization and usually oversee other staff members.

Become a Top Executive

Top executives include a wide range of job titles, including executive directors, presidents, and some titles involved specifically with finance, such as chief financial officers (CFOs). Education and work experience requirements usually vary by position, but it is common for these executives to hold at least a bachelor's degree or higher. Most top executives also need to have multiple years of work experience in their given area of focus. Depending on the position, professional certification may be available to help demonstrate competency in the field.

The job duties for top executives also vary by position, but overall, these professionals serve as leaders for their organization or area within an organization. These advanced positions require professionals to oversee staff, help set big-picture goals, and develop policies and strategies to improve efficiency.

Become a Personal Financial Advisor

Personal financial advisors are required to have at least a bachelor's degree, but many have a master's degree and can make them more competitive. These advisors may hold a degree in finance or other analytical areas, such as economics, accounting, or mathematics. Typically, personal financial advisors need to undergo some on-the-job training to fully understand their position and build their client network. A range of professional certifications is available for these advisors, including the CFP certification.

Personal financial advisors work closely with individuals to help them manage their money and reach financial goals. They provide information and advice concerning insurance, investments, savings, and more in an easy-to-understand way. They must understand the needs and goals of their clients and then carefully research options and monitor clients' accounts.

There is an array of professional organizations available for financial professionals to help them connect with others in the field and continue to learn. Some of these organizations are for financial professionals in general, while others are for specific types of professionals, such as Certified Public Accountants (CPAs) or personal financial advisors. Professionals can access various resources, including journals and news from the field, and participate in a range of organization-sponsored events and committees. A couple of examples of finance-related professional organizations include:

• The American Finance Association- The AFA offers membership and is the publisher of the finance journal, Journal of Finance. Members can participate in the group's annual meeting and access news, event information, videos, and career information from the group's website.
• The National Association of Personal Financial Advisors- The NAPFA is a group designed for personal financial advisors and provides membership and communities for these financial professionals. Advisors can take advantage of professional development opportunities through conferences, virtual learning, podcasts, and more.

Students need to carefully calculate and plan for the cost of earning a doctoral degree in finance. Tuition makes up a big portion of this cost and different schools charge various tuition rates. For example, one school may charge rates based on how many units or credits students take, while others may charge different rates based on residency status. Students must also consider any additional fees that are not covered by tuition, as well as the cost of books and supplies. Food, housing, and other expenses can also be factored in. While it varies greatly by school and each student, some graduate students can expect to pay over $95,000 a year for all of their expenses.

Many schools realize that it costs a lot of money to earn a doctoral degree and may help its students by offering various forms of funding. Although students are still eligible to take out loans from the Free Application for Federal Student Aid (FAFSA), funding offered from schools is often in the form of assistantships, fellowships, or scholarships and does not have to be repaid. For instance, some students may earn a teaching assistantship and help teach undergraduate courses in their field or a research assistantship in exchange for a tuition waiver and stipend. Schools may also offer fellowships or conference funding to doctoral students based on their research projects and papers.

Scholarships are another great way to help cut the cost of earning a doctoral degree. Finance students are in unique positions where they may qualify for both finance- and business-related awards. While some schools may offer scholarships, many different business-related organizations also offer scholarships for students interested in the field. For instance, the Government Finance Officers Association (GFOA) offers a range of scholarships for students in finance and accounting. Some of the graduate-level scholarships range from $10,000 to $20,000 for recipients.