Ph.D. in Finance usually covers research aspects related to the economics of claims on resources. A good example would be a claim of stocks and bonds or contracts on money and other commodities. It also includes the claim of money on commodities. Students of Ph.D. in Finance also study valuation and markets of these claims by corporations, individuals and the society in general. As a Ph.D. student, you may have a wide choice of the subject of finance to choose and work on. There are things like assets, behavior, decision-making, financial intermediaries etc. that a lot of students like to research on depending on their interest.
Generally, people presume that a master’s degree is necessary in order to be eligible for a PhD but that is not completely true. Universities in the United States also accept students with a top grade bachelor degree. However, to be an eligible candidate, you need to have basic knowledge of and credits in subjects like calculus, linear algebra, statistics and probability. Also, credits in subjects like statistical methods, economics, and financial markets are a necessity.
How to Apply
The application process is pretty straight forward, however, a personal statement explaining your background and work experience plays an important role so you must spend a fair amount of time on it to make it interesting for the admission committee.
You also need to send along a Resume with two or three academic references depending on the requirement of the university. Try to get these references from your professors who could highlight on your research skills since a PhD requires some basic research skills. A good GMAT or a GRE score is mandatory for making your application.
Lastly, updated official transcripts of all your academic degrees are very important so make sure you have them from your university.
The Ph.D. program in Finance can be of 3 years or 5 years depending on the university and country you are planning to go. You need to do a 2-year course work wherever the program is for 5 years and you straight get into the research where the program is for 3 years.
Fee for the program
The fee for the program ranges between 10,000 – 15,000 dollars per annum. But in most cases, Ph.D. students manage to get a funding from the university or an external source. They can also work as part-time teaching assistants to get some stipend.
The research topics could be anything related to finance that is of your interest. It is very important that you choose a topic that interests you because you will have to spend a good amount of time on it. A lot of students go for topics related to social innovation, merger acquisitions, private equity etc.
Jobs after PhD
Many students like to continue their research and apply for post-doctoral research funding. Others go in for academic related field. However, there is also an option to become financial analysts in big companies or banks. Positions like assistant professor, research scientist and associate professor is also open after a PhD in Finance.
Salary after PhD
The salary after a Ph.D. in finance depends on a lot of factors like the geographical area where you choose to continue, the type of work etc.
|JOB||Average Salary($) per annum|
|Assistant Professor in Finance||1,19,000|
|Professor in Finance||1,30,000|
|Senior data analyst||72,000|