Is a PhD in Finance Right for You?

5 November 2023

Embarking on a journey to attain a PhD in finance is akin to setting out on a grand academic adventure, one that promises to challenge your intellect, enhance your analytical skills, and potentially position you as an expert in the finance industry. If you’re currently contemplating whether to pursue this prestigious path, it’s crucial to understand what a doctorate in finance entails, the flexibility of online PhD programs in finance, and the world-renowned institutions that can facilitate your ascension to the pinnacle of financial expertise.

Understanding the PhD in Finance

A PhD in finance is not just a degree; it’s a rigorous exploration into the depths of financial theories, markets, and the mechanisms that drive the global economy. As a doctoral candidate, you’ll engage in sophisticated research and analysis, seeking to contribute original insights to the field of finance. This degree is designed for those with a fervent interest in academic research, teaching at the university level, or taking on high-level quantitative roles in the industry.

The Online PhD in Finance

The digital age has made pursuing a doctorate in finance online more accessible than ever. An online PhD in finance offers unprecedented flexibility, allowing you to balance your studies with professional and personal commitments. This innovative mode of learning has opened doors for aspiring scholars around the globe, ensuring that even those who cannot commit to on-campus life can still achieve their academic ambitions.

The Prestige of a Doctorate in Finance Online

Pursuing a doctorate in finance online doesn’t mean compromising on quality. Many reputable institutions offer online PhD programs that mirror their on-campus curriculum, complete with virtual mentorship from esteemed faculty members. This makes earning a doctorate in finance online a viable and respected option for many.

World’s Best Schools Offering PhD in Finance

When it comes to choosing a school for your PhD in finance, prestige, faculty expertise, and research facilities matter. Let’s delve deeper into some of the world’s best schools offering PhD programs in finance, known for their rigorous curriculum, distinguished faculty, and impactful research contributions to the field.

University of Chicago – Booth School of Business


The University of Chicago’s Booth School of Business is synonymous with groundbreaking finance education. The PhD program here is known for its empirical and theoretical approaches to financial concepts. Chicago Booth has produced numerous Nobel laureates in Economics, and its finance PhD program emphasises original research that often challenges conventional wisdom in the field. Students have the opportunity to work alongside leading scholars in areas such as asset pricing, corporate finance, and financial intermediaries. You can read more about Booth School of Business here.

MIT – Sloan School of Management


MIT Sloan offers a finance PhD program designed to develop thought leaders in the world of finance. The program is known for its quantitative rigor and an interdisciplinary approach that combines finance with economics, mathematics, and behavioral science. With access to resources like the MIT Laboratory for Financial Engineering, students are equipped to tackle complex financial challenges both in theory and practice.

Stanford University – Graduate School of Business


Stanford’s finance PhD program is recognised for its commitment to advancing financial knowledge and its strong research orientation. It offers a personalised course of study and a high faculty-to-student ratio, ensuring that doctoral candidates receive considerable individual attention. Stanford encourages a collaborative research environment, and its location in Silicon Valley provides unique opportunities for those interested in the intersection of finance and technology.

London Business School


London Business School (LBS) boasts a PhD in Finance program with a global perspective. The school’s finance faculty are experts in a diverse array of specialties, from corporate finance to asset management. PhD students at LBS benefit from its central London location, providing proximity to one of the world’s leading financial centers. The program is designed to train students to produce high-quality research that is publishable in top academic journals.

University of Oxford – Saïd Business School


The Saïd Business School at the University of Oxford offers a distinguished DPhil (PhD) in Finance program. It emphasizes an intellectually rigorous study of financial markets, instruments, corporate finance, and computational finance. Students are encouraged to collaborate with other departments, such as Economics and Mathematics, enriching their research with interdisciplinary insights.

University of Pennsylvania – Wharton School


The Wharton School’s finance department is one of the most storied and esteemed in the world. The PhD program in finance at Wharton trains students to apply empirical and theoretical methods to solve the most pressing financial problems. Wharton doctoral students can tap into an extensive alumni network and are often seen at the forefront of academic and industry conferences.

Harvard University – Business School


Harvard Business School offers a program where PhD candidates in finance are part of a collaborative research community. The program provides a solid foundation in financial theory and research methods, while also encouraging students to pursue their own research interests. Harvard’s resources, including access to the extensive research and library facilities across the university, make it an attractive destination for finance scholars. You can find more about Harvard Business School here.

These schools are known not only for their academic rigor but also for providing comprehensive support for their PhD students, often including generous funding packages, teaching opportunities, and access to a network of illustrious alumni. Prospective students should look for programs that offer robust research facilities, access to financial databases, statistical and mathematical software, and the opportunity to engage with the financial community through internships and seminars.

Funding and Scholarships

One of the most pressing concerns for PhD candidates is funding. Fortunately, there are numerous scholarships and funding options available for those pursuing a PhD in finance. These can range from university-provided assistantships and fellowships to grants from financial institutions and government scholarships. For instance, the CFA Institute offers scholarships for doctoral students studying finance-related subjects, while various foundations provide funding targeted at research in financial planning.

Deciding to pursue a PhD degree in finance is a decision that holds the potential to shape your future career trajectory in significant ways. Whether you opt for a traditional on-campus program or an online PhD in finance, the journey requires commitment, passion, and intellectual curiosity. With the right funding and the support of a top-tier institution, your doctoral studies can lead to groundbreaking research and a fulfilling career in academia or the financial industry. As you stand at the crossroads of decision, consider not just the qualifications you will gain but also the doors they will open in the vast and intricate world of finance.

Open positions may close at any time, which means that someone already accepted the offer. So if you see a job where the deadline has passed, it means that the position was already filled.

Would you like to know the salary amount of PhD and postdoc positions in Europe? 

You can find all the available full-funded PhD positions in different countries here.