phd in finance cost

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Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

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The 10 Best PhD Programs in Finance

In essence, finance is the study of economics and the claims on resources. The best PhD programs in finance help you develop professionally so you can make difficult decisions around fund allocation, financial planning, and corporate financial management. This qualification will also equip you for a career in teaching or research at top universities.

Which of the 10 best finance PhDs is best for you?

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

According to the Bureau of Labor Statistics (BLS), finance managerial professionals have an average salary of $131,710  per year, and jobs are estimated to grow by 17%  from 2020 to 2030. This is much more than the average across all occupations. With a PhD in finance, you may work as a finance manager or even become a CEO of a large corporation.

Jobs and Salaries for Doctors of Finance

After earning a PhD in finance, you can find well-paid jobs as a professor or in various corporate finance roles.

Here are some of the most common finance professions with the average annual salaries for each:

• Financial Manager ( $96,255 )
• Financial Analyst ( $63,295 )
• Finance Professor ( $73,776 )
• Chief Financial Officer ( $140,694 )
• Investment Analyst ( $67,730 )

Read More:   The Highest Paying PhD Programs

What’s the average cost of a phd program in finance.

The tuition for a PhD in finance can vary depending on the university, with public institutions generally being much more affordable than private ones.

Across all schools, the average tuition is around $30,000 per year.

However, on top of this, you need to factor in other expenses, which could add up to another $30,000 a year. Some top universities offer full funding, including tuition and a stipend for all students who are successfully admitted to the program.

Read Next: The Average Cost of a Master’s Degree in Finance

Top finance phd programs and schools, stanford university, graduate school of business.

PhD in Finance

Stanford University is one of the most prestigious business schools in the world. Its PhD in finance programs has an emphasis on theoretical modeling and empirical testing of financial and economic principles.

• Courses include: Financial markets, empirical asset pricing, macroeconomics, and financial markets.
• Duration: 5 years
• Tuition : Full funding
• Financial aid: Research & teaching assistantship, grants, outside employment, and outside support.
• Delivery: On-campus
• Acceptance rate: 5%
• Location: Stanford, California

The University of Pennsylvania, The Wharton School

The University of Pennsylvania’s renowned Wharton School of Business is home to faculty who are well-known in the field of business research. The school boasts a low student-faculty ratio in an atmosphere that allows you to work with faculty members as peers. This doctor of finance program emphasizes subjects like asset pricing, corporate finance, and portfolio management. This helps students become experts in research and teaching in these areas.

• Courses include: Topics in asset pricing, financial economics, and international finance.
• Credits: 18 courses
• Financial aid: Fellowships, grants, student employment, health insurance, stipend, and loans.
• Acceptance rate: 9%
• Location: Philadelphia, Pennsylvania

The University of Chicago, Booth School of Business

Booth School of Business is a major center for finance education because its faculty includes Eugene F. Fama, Nobel laureate and the father of modern empirical finance. This finance doctoral degree has an option for a joint PhD in collaboration with the university’s economics department.

• Courses: Financial economics, financial markets in the macroeconomy, and behavioral finance.
• Tuition : Refer tuition page
• Financial aid: Grants, stipends, health insurance, scholarships, fellowships, teaching assistantships, research assistantships, and loans.
• Acceptance rate: 7%
• Location: Chicago, Illinois

The University of Illinois at Urbana-Champaign, Gies College of Business

The University of Illinois at Urbana Champaign is one of the best places for studying and conducting research in finance. Its finance research faculty was ranked #4  in the UTD Top 100 Business School Research Rankings between 2016-2019. In this PhD in finance program, students can take the qualifying examination at the end of the first year and, if successful. They’ll be able to start their research project earlier and complete the degree sooner.

• Courses include: Empirical analysis in finance, corporate finance, and statistics & probability.
• Duration: 4-5 years
• Financial aid: Full tuition waiver, stipends, scholarships, grants, student employment, and loans.
• Acceptance rate: 63%
• Location: Champaign, Illinois

Massachusetts Institute of Technology, Sloan School of Management

The Sloan School is one of the top research centers in the world, which aims to transform students into experts who can handle real-world problems in a wide range of spheres, from business and healthcare to climate change. This PhD program in finance gives students the flexibility to choose between a wide range of electives and even study some courses at Harvard.

• Courses include: Current research in financial economics, statistics/applied econometrics, and corporate finance.
• Duration: 6 years
• Financial aid: Full tuition, stipend, teaching assistantships, research assistantships, health insurance, fellowships, scholarships, and loans.
• Location: Cambridge, Massachusetts

Northwestern University, Kellogg School of Management

The Kellogg School of Management allows students to conduct independent research under the supervision of faculty who’ve made significant contributions to the field and have earned numerous prestigious awards. This doctorate of finance program’s admission process has a dual application option. You can also apply to the Economics PhD simultaneously, so if you are not selected for the finance program, you may be considered for economics.

• Courses include: Econometrics, corporate finance, and asset pricing.
• Duration: 5.5 years
• Financial aid: Tuition scholarship, stipends, health insurance, moving allowance, and subsidies.
• Location: Evanston, Illinois

The University of California Berkeley, Haas School of Business

The Haas School of Business in Berkeley is an innovative institution that questions the status quo, takes intelligent risks, and accepts sensible failures in its path to progress. This finance PhD program offers students opportunities to learn about cutting-edge research from faculty from around the world.

• Courses include: Corporate finance theory, stochastic calculus, and applications of psychology & economics.
• Tuition : Refer cost page
• Financial aid: Fellowships, grants, tuition allowance, stipends, teaching assistantships, and research assistantships.
• Acceptance rate: 17%
• Location: Berkeley, California

The University of Texas at San Antonio, Alvarez College of Business

The Alvarez College of Business is one of the forty largest business schools in the USA. It follows a comprehensive and practical approach to education that allows students to apply the knowledge they gain directly in the workplace. This PhD in finance encourages students to do collaborative research with the faculty, which helps them publish their own academic papers before they even complete the program.

• Courses include: Corporate finance, international financial markets, and microeconomic theory.
• Credits: 84 (post-bachelors)
• Financial aid: Scholarships, grants, work-study, teaching assistantships, research assistantships, research fellowships, and loans.
• Acceptance rate: 84%
• Location: San Antonio, Texas

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

Liberty University is a non-profit institution among the top five online schools in the USA and has been offering fixed tuition fees for the past seven years. This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature.

• Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc.
• Credits: 60
• Duration: 3 years average
• Tuition : $595 per credit
• Financial aid: Grants, scholarships, work-study, veteran benefits, and loans.
• Delivery: Online
• Acceptance rate: 50%
• Location: Lynchburg, Virginia

Northcentral University

PhD in Business Administration (PhD-BA) – Finance Management

Northcentral University was founded with the objective of offering flexible, fully-online programs to working professionals around the world. This doctorate degree in finance online is flexible and allows you to design your own schedule. You will also get one-on-one personal mentoring from qualified faculty.

• Courses include: Business financial systems, business statistics, and business leadership & strategy.
• Duration: 84 months average
• Tuition: $1,105 per credit
• Financial aid: Grants, scholarships, and military scholarships.
• Acceptance rate: NA
• Location: Scottsdale, Arizona

Things To Consider When Choosing a Finance PhD Program

The right PhD program for you is a very personal decision and will depend on several individual factors.

However, these general questions will help you to make the right choice:

• Is the university properly accredited?
• Does the university conduct innovative and cutting-edge research?
• Are there renowned faculty members who you’ll want to work with?
• Do they offer subjects or specializations that match your career goals?
• What is the school’s placement history?
• What are the tuition fees, costs, and options for scholarships and financial aid?
• Does the program offer online study options?

It’s also important to consider if you want to pursue a career in academia or work in organizations as a senior finance professional. A PhD degree will generally set you up for a career in research or academia, while a DBA is more suited to a career in business or government.

Preparing for a Finance Doctorate Program

It’s important to start preparing early if you want to be selected for one of the best finance PhD programs.

These handy tips can help you put your best foot forward:

• Research the requirements of the best universities offering PhD in finance degrees, including pre-requisite subjects and qualifying grades. Keep these in mind when completing your bachelor’s or master’s degree.
• Understand your strengths and weaknesses in relation to the program’s requirements. Work on your weaknesses and continue to hone relevant skills.
• Read extensively in the field and keep up-to-date on regional and global developments.
• Join communities of finance professionals to build your network and be exposed to the latest knowledge in the discipline.

Skills You Gain from Earning a PhD in Finance

The most important skills you learn as a doctor of finance include:

• Communication skills, including writing and presentation skills
• Data analytical skills
• Economics and accounting skills
• Critical thinking skills
• Mathematical skills
• Analytical software skills
• Management and leadership skills
• Problem-solving skills

PhD Programs in Finance FAQs

How long does a phd in finance take.

PhD programs in finance usually take between three and eight years to complete.

Is It Worth Getting a PhD in Finance?

A PhD in Finance is a qualification that’s in high demand today. It is a terminal degree and can help you get top-level jobs with lucrative salaries in corporate or large organizations.

How Much Can You Make With a PhD in Finance?

With a finance doctorate, you can expect to earn a salary anywhere from around $45,000 to $150,000, depending on your experience, role, and the organization you work for. According to the BLS, the average salary for finance PhD holders is $131,710 .

What Do You Need To Get a PhD in Finance?

The admissions requirements vary depending on the program, but you’ll typically need a bachelor’s or master’s degree in finance. The programs can take three to eight years of coursework and research.

To apply, you’ll usually need to submit:

• Application
• Academic resume
• Academic transcripts
• Recommendation letters
• GRE or GMAT score
• Personal essay

Final Thoughts

With a doctorate in finance, you can build a rewarding career in academia, research, or the business sector. Like any doctorate, these programs ask for dedication and hard work. By planning early, you’ll set yourself up to pursue one of the best PhD programs in finance.

For more on how to build your career in the field, take a look at our guides to the best master’s degree in finance , the highest paying PhDs , and fully-funded PhD programs .

Lisa Marlin

Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.

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Ph.D. in Business with a Finance Area of Focus

Learn about the program's curriculum and comprehensive examination requirement.

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Admission and Financial Aid

Learn about admissions and the costs of pursuing a Ph.D. in finance, and explore a variety of resources available to help finance your degree.

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An overview of the research activities of our students and faculty.

Learn More About Program Research

The Ph.D. in Business with a Finance Area of Focus prepares students for future academic and research-oriented careers by providing them a solid foundation in both theoretical and empirical financial research. Students take courses that cover asset pricing, continuous time models, corporate finance, corporate governance, macro-financial issues, investment, banking, politics and finance, and real estate. GW faculty have a strong research profile in both theoretical and empirical research, covering a wide area of research including asset pricing, banking, corporate finance, international finance, corporate governance, credit risk and real estate.

The program seeks intellectual and curious students with a strong dedication to high-quality research. Prospective students are expected to have strong analytical skills and be ready to start independent work pursuing scholarly research. The faculty works closely with students to develop research and is dedicated to help them succeed in obtaining placements at high-quality research institutions.

The strength of the program is complemented by the ability to leverage resources across top policy and research organizations such as the International Monetary Fund, the Federal Reserve Board, World Bank, SEC, CFTC and FDIC. The GW finance Ph.D. program is in the center of one of the most vibrant intellectual centers in the world. As a result, faculty and students find many ways to utilize synergies with these institutions such as research collaborations, exchanging ideas, and joint seminars.

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PhD in Finance

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Chicago Booth has long been recognized for its PhD in finance. Our finance faculty—which includes Nobel laureates Douglas W. Diamond, Eugene F. Fama, and Lars P. Hansen—sets the course for research in all areas of the field.

As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.

Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.

The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.

Our Distinguished Finance Faculty

Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.

Francesca Bastianello

Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow

Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance

Robert W. Vishny

Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center

Michael Weber

Associate Professor of Finance

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics and Finance

Alumni Success

Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.

Shohini Kundu, MBA '20, PhD '21

Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.

Jane (Jian) Li, PhD '21

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.

Spotlight on Research

The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.

A Brief History of Finance and My Life at Chicago

Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.

Climate-Policy Pronouncements Boost 'Brown' Stocks

It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.

With Business Loans Harder to Get, Private Debt Funds Are Stepping In

It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.

Too Many 'Shadow Banks' Can Limit Overall Access to Credit

While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).

A Network of Support

Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.

Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.

Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.

Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.

The PhD Experience at Booth

For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.

Video Transcript

Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.

Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.

Current Finance Students

PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.

Current Students

Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi  Huan (Bianca) He Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue

Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .

Program Expectations and Requirements

The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

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The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large.

At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the pricing and valuation of assets, the behavior of financial markets, and the structure and financial decision-making of firms and financial intermediaries.

Investigation of issues arising in these areas is pursued both through the development of theoretical models and through the empirical testing of those models. The PhD Program is designed to give students a good understanding of the methods used in theoretical modeling and empirical testing.

Preparation and Qualifications

All students are required to have, or to obtain during their first year, mathematical skills at the level of one year of calculus and one course each in linear algebra and matrix theory, theory of probability, and statistical inference.

Students are expected to have familiarity with programming and data analysis using tools and software such as MATLAB, Stata, R, Python, or Julia, or to correct any deficiencies before enrolling at Stanford.

The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level mathematics is desirable.

It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics, with a reflective and analytical, rather than operational, viewpoint.

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, michael blank, greg buchak, antonio coppola, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, monetary tightening and u.s. bank fragility in 2023: mark-to-market losses and uninsured depositor runs, trading stocks builds financial confidence and compresses the gender gap, expectations and the neutrality of interest rates, recent insights by stanford business, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist, why the “venture mindset” is not just for tech investors.

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PhD in Finance

The Department of Finance, Real Estate, and Insurance and Risk Management at the Carl H. Lindner College of Business offers a rigorous, systematic, and highly structured doctoral program that develops quantitative, analytical, and teaching skills required for a successful career as a financial economist or as a faculty member. Our primary objective is to train scholars who will join top academic and research institutions or enter the field of financial economics.

The department has experienced phenomenal growth in the past few years, with exceptionally talented and highly energetic fresh PhDs from Columbia University, Indiana University, London Business School, and the University of Michigan joining our internationally renowned faculty. We work with a select number of PhD candidates each year on a wide range of empirical and theoretical research topics in finance.

• Asset pricing
• Corporate finance
• Experimental finance
• Financial institutions
• High-frequency trading
• International finance
• Market microstructure

Real Estate

• Housing policy
• Real estate finance
• Real estate investment
• Urban economics

Insurance and Risk Management

• Castastrophe risk
• Decision-making under risk
• Economics of uncertainty
• Innovations in managing risk
• Insurance markets
• Risk literacy
• Risk management

Our faculty publications appear in journals such as Geneva Risk, Insurance Review, Journal of Risk and Insurance, Journal of Risk and Uncertainty, Journal of Finance , Journal of Financial Research , Financial Review , Journal of Real Estate Finance & Economics , Quarter Journal of Business and Economics , Journal of International Business Studies , and the Pacific-Basin Finance Journal . 

Student support

Lindner doctoral students receive excellent research support. Our seminar series features prominent researchers. Our department has subscriptions to all major finance and accounting databases through WRDS, and funding is available to doctoral students for travel to conferences. Our top-ranked Carl H. Lindner III Center for Insurance and Risk Management and the UC Real Estate Center provide a great opportunity for doctoral students to interact with practitioners.

A collegial environment has long been a hallmark of Lindner PhD programs. Students frequently collaborate with one another and with faculty to produce original research. We strongly encourage these collaborations and place a high priority on students pursuing their own research agendas as quickly as possible. The finance program is highly selective, allowing faculty to work closely with each doctoral student to customize a program of study that meets his or her interests and needs. The goal of this interaction is for you to develop the ability to conduct original research that will become the cornerstone of your dissertation.

In order to enhance our students' teaching abilities, Lindner offers teaching workshops to develop their classroom skills. In our program, students are mentored by department faculty while in various teaching assistant roles and they are given hands-on teaching experience in the classroom to complete their teacher training.

The program begins with a thorough grounding in quantitative methods and economic and financial theory and is complemented by a sequence of seminars covering all the major areas of financial economics. Through work on an independent research paper, students develop the skills and ability necessary to conduct original research. Satisfactory performance on a written comprehensive examination marks the transition from coursework to full-time thesis research. A brief list of the research topics students may choose to pursue as a dissertation topic include theoretical, experimental, or empirical aspects of asset pricing, corporate finance, financial institutions, market microstructure, or real estate.

The program offers a thorough grounding in the basic tools of economics, statistics, and mathematics through a series of introductory courses followed by a series of well-defined seminars that cover the major areas of financial economics.

In addition to gaining basic analytical tools, candidates learn to develop economic intuition into financial problems and acquire the necessary mind-set to teach and conduct independent research as a university professor.

The curriculum consists of four components: required courses, an independent research paper, a comprehensive exam and a dissertation.

Course requirements

Students complete a program of study that leads to competency in three areas: quantitative methods, economics, and finance. The requirements of the program of study are typically satisfied by completing 18 courses in the first two and a half years of the program. Required courses include seven courses in quantitative methods and economics, six in finance, and several electives. In some cases coursework prior to entering the Program may be substituted for required courses.

Research paper

Students are expected to engage in research early in the program. All students work at least part-time as research assistants during the first two years of the program. By the end of their second year, students are required to submit a research paper as part of the FIN 9025 Research Colloquium. A more detailed description of the research paper and the standards and criteria used to evaluate it is available from (and maintained and updated by) the PhD Committee.

Comprehensive examination

Satisfactory performance on a written comprehensive examination marks the student's transition from coursework to full-time thesis research. The examination is intended to allow the student to demonstrate substantial knowledge of finance, economics and quantitative methods.

The candidate will have completed most course work, including all finance coursework, and submitted a satisfactory research paper prior to taking the comprehensive examination.

Dissertation

The doctoral dissertation is expected to be a substantial, significant and original contribution to knowledge. It is prepared under the guidance of a thesis committee of three or more faculty members (including one from outside the Finance department) selected by the candidate in consultation with his or her thesis advisor. Early in the process, the candidate submits a thesis proposal. The proposal is presented in a seminar to which the finance faculty and doctoral students are invited. The purpose of the presentation is to give the student an opportunity to hear the suggestions and comments of members of the UC finance community while the research plan is still fluid.

A thesis-defense seminar, open to the entire University of Cincinnati academic community, is held when the research is completed.

Required coursework

The finance PhD program requires the following coursework:

Introductory courses

• Introduction to Research and Teaching: taken the first semester in the program
• Philosophy of Science
• Business Core: if you do not have an MBA degree, you are required to become familiar with the basic body of knowledge (e.g, marketing, management, and accounting). Many of these courses can be waived if you have an MS degree.

Economic and Quantitative Methods (five courses)

• Principles of Probability
• Statistical Inference
• Econometrics I and II
• Microeconomic Theory

Typical electives (five courses):

• Options and Futures
• Math for Economists
• Financial Engineering
• Forecasting/Time Series Analysis
• Introduction to Cognitive Psychology
• Theory of Incentives
• SAS Programming
• Data Mining
• Linear Models
• Financial Mathematics I and II
• Applied Probability and Stochastic Processes
• Applied Economic Forecasting

The department offers the following seminars. The final seminar, FIN 9025 Research Colloquium: Special Topics in Finance, does not meet as a regular course. It is the course credit associated with the second-year paper.

FIN 9011: Foundations of Finance

• This course will introduce students to decision making under uncertainty (including consumer and producer theory, industrial organization, and welfare economics). Models with symmetric information (including static and dynamic portfolio and consumption choice problems) and asymmetric information (including models of moral hazard and adverse selection) will be covered.

FIN 9012: Corporate Finance Theory

• This course covers the theory of financial decision making in a variety of corporate forms (including public, private, start-up/entrepreneurial firms and financial intermediaries). This course will consider the theoretical foundations of the following topics: capital structure and payout policy, security issuance, governance (including mergers and acquisitions and performance incentives), and the existence of financial intermediaries. The course will also introduce the student to the tools of game theory (Nash equilibrium and refinements, screening/signaling models, etc.) used in theoretical corporate finance research.

FIN 9013: Empiracal Studies in Corporate Finance

• This course covers the empirical methodologies used in testing and investigating corporate finance topics and empirical examinations of important corporate finance issues. Representative topics covered include Empirical Methods/Techniques (event studies, long-term performance measurement); Mergers and Acquisitions (general issues, merger waves, proxy fights and takeovers); and, Performance Incentives and Organizational Form (boards of directors, compensation and insider holdings, institutional investors, blockholders, and corporate governance).

FIN 9014: Asset Pricing Theory

• This course covers the theory of how financial assets are priced (including equities, debt, and derivatives). Representative topics covered include the Efficient Markets Hypothesis, CAPM and APT, Intertemporal CAPM, Consumption CAPM, Derivatives Markets, and the Black-Scholes-Merton model.

FIN 9015: Empiracal Studies in Asset Pricing and Investments

• This course introduces students to current empirical asset pricing research. Representative topics covered include Time-Series Stock Return Predictability, Cross-Sectional Stock Return Predictability, the Dynamics of Stock Market Volatility, and the Stock Market Risk/Return Relationship over Time. Each topic will be addressed in three respects: commonly used empirical methodologies; main empirical findings; and the relation between empirical research and theory. The course will provide an overview of the tension between empirical findings and economic theories and discuss recent theoretical developments that provide a better explanation of data.

FIN 9020: Advanced Topics in Finance

• This course will cover a series of selected research topics that are not currently addressed within the department's other semester-length courses. As a result, this seminar may be structured as a series of mini-courses, each covering a few sessions, taught by multiple instructors. Representative topics that may be covered include Behavioral Finance, Real Estate, Financial Institutions, Experimental Economics, and Market Microstructure.

FIN 9025: Research Colloquium: Current Topics in Finance

• It is anticipated that most students will take this course during their second year in the program. In this colloquium the student will develop an independent, original research idea under the supervision of one or more faculty mentors. During the course the student will carry out all the theoretical analysis and empirical tests required to convert their research question into an original paper. The colloquium will culminate with the circulation of the finished research paper and a professional presentation of the research to the entire faculty.

Recent graduates of Lindner's Finance PhD concentration have accepted positions at:

• Arcadia University
• Marymount Manhattan College
• Shippensburg University
• University of Manitoba

Bond, Shaun, Pai, Yu-Jou , Wang, Peng, and Suyan Zheng (2019), “The Impact of Dividend Reinvestment Plans on Firm Payout Choices -Evidence from Real Estate Investment Trusts”, Real Estate Economics , 47(1), 178-213.

Suyan Zheng, “Why Do Multinational Firms Hold So Much Cash? Further Evidence on the Precautionary Motive,” Journal of Accounting and Finance , forthcoming

Suyan Zheng (2017), “Can Corporate Diversification Induce More Tax Avoidance Practices?”, Journal of Multinational Financial Management , 41, 47-60.

Doina C. Chichernea , Anthony D. Holder, and Alex Petkevich. "Does return dispersion explain the accrual and investment anomalies?" Journal of Accounting and Economics .

Doina C. Chichernea , Michael F. Ferguson, and Haimanot Kassa, "Idiosyncratic Risk, Investor Base and Returns," Financial Management .

Hui Guo and Buhui Qiu , "A Better Measure of Institutional Informed Trading," Contemporary Accounting Research .

Kee H. Chung and Sean Yang. "Reverse Stock Splits, Institutional Holdings, and Share Value" , Financial Management .

Kee H. Chung and Chairat Chuwonganant. "Uncertainty, Market Structure, and Liquidity" . Journal of Financial Economics 113 (September 2014), 476-499.

Guo, Hui, Michael F. Ferguson, and Haimanot (Haim) Kassa , "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns," Journal of Financial and Quantitative Analysis 49(1) (2014), 271-296.

Guo, Hui, and Buhui Qiu . "Options-implied variance and future stock returns." Journal of Banking & Finance 44 (2014): 93-113.

Glascock, John, and Ran Lu-Andrews . "An examination of macroeconomic effects on the liquidity of REITs." The Journal of Real Estate Finance and Economics 49.1 (2014): 23-46.

Qiu, Buhui , Svetoslav Trapkov, and Fadi Yakoub. "Do target CEOs trade premiums for personal benefits?" Journal of Banking & Finance 42 (2014): 23-41.

Kee H. Chung and Hao Zhang. "A Simple Approximation of Intraday Spreads with Daily Data." Journal of Financial Markets 17 (January 2014), 94-120.

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Financing Your Education - Doctoral Programs

A doctoral degree is a significant investment in your future, and financing your education is a critical factor to consider. While the funding we provide covers the basic standard cost of attendance determined by Stanford University for a modest life as a graduate student, accepting an offer from a doctoral program has significant personal, professional, and financial implications. Below you’ll find information on GSE and Stanford financial support for doctoral students, as well as other important considerations when it comes to financing your PhD.

Funding guarantee

Stanford GSE offers all admitted PhD students a five-year funding package that provides tuition aid, fellowship stipend, and assistantship salary which covers the standard cost of attendance. The funding is based on meeting the basic financial need of the student alone for the first five academic years of the doctoral program and entails assistantship work. The cornerstone of the GSE doctoral experience is the apprenticeship that all students undertake, typically under the guidance of their academic advisor, but often with other Stanford faculty as well. In this apprenticeship model, doctoral students are provided with a funding package that consists of opportunities to serve as teaching and research assistants for faculty members' courses and research projects. By this means, and in combination with the coursework, students are prepared to excel as university faculty, education researchers, and leaders in the field.

All funding is contingent upon satisfactory academic progress and performance on the research and teaching assistantships. There is no separate application for this funding.

Assistantships

As part of the academic and professional training and development, students undertake assistantships which provide both salary and tuition. Research assistantships are funded by faculty research grants, other faculty funds or as needed, by the GSE Dean’s Office, and can lead to joint publications with faculty or to dissertation topics. Students who have sufficient expertise and experience may also be selected as teaching assistants for courses at the GSE or other Stanford schools and departments. Assistantships are typically secured in consultation with faculty advisors. Students work 10 hours (25% assistantship) or 20 hours (50% assistantship) a week depending on their year in the program. 

• Research assistantship (RA): Various duties for research projects
• Teaching assistantships (3 types):
• Course Assistant (CA)—course preparation and grading
• Teaching Assistant (TA)—leads regularly-scheduled discussion sections
• Teaching Affiliate (TF)—full responsibility for course

Funding Details 2023-2024

Note: The above figures reflect 2023-2024 rates. Actual amounts will be adjusted to the rates for 2024-25 and future years.

Cost of attendance

Tuition depends on the units taken by the student. In addition to tuition expenses, the cost of attendance of a PhD program involves living expenses such as rent, food, and transportation. The sum of tuition and non-tuition expenses constitutes the standard cost of attendance. 

As you consider applying to graduate school, you can use the standard cost of attendance of your program —plus any additional expenses you might have—to create your financial plan, keeping in mind that tuition and non-tuition expenses of the standard cost of attendance are set by the university on an annual basis.

What you can do now to prepare financially if admitted

• Prepare for how your standard of living may change as a graduate student, especially if you are coming from a full-time job.
• Consider the length of your program, any dependents, existing debt, and additional financial commitments you may have. Students with children may review Stanford support programs for families.
• If you have personal or special circumstances that require additional expenses above and beyond the standard cost of attendance, plan accordingly.
• Start saving as much as you are able to cover any unexpected expenses you may incur while in graduate school.
• Familiarize yourself with federal as well as private student loans, their interest rates, fees, repayment options, deferment policies, and eligibility requirements, so that you are informed if you need to borrow.
• Be ready to cover all initial expenses, since fellowships and stipends will not be disbursed until a few weeks into your first quarter. Onboarding into a PhD program often requires up front out of pocket expenses for relocation.

Additional GSE resources

Once PhD students matriculate, the GSE has a variety of resources available to support academic work and unanticipated needs.

Students are eligible for up to three travel fellowships during their time at GSE if they are attending a conference or other professional development opportunity.

GSE Student Emergency Fund assists graduate students who experience a financial emergency or unanticipated expenses causing financial hardship. This fund is meant to support those who cannot reasonably resolve their financial difficulty through fellowships, loans, or personal resources. 

GSE Dissertation Support Grants help advanced PhD students who require additional financial support for dissertation research activities. These grants, available at up to $6,500 total per student, are available to students who do not have access to other funds to cover their dissertation costs.

Stanford University resources

Knight-Hennessy Scholars (KHS) program aims to prepare the next generation of global leaders to address the increasingly complex challenges facing the world. The program selects up to 100 students each year and provides three years of financial support that is integrated into the GSE’s funding package for PhD students.

Vice Provost for Graduate Education awards various fellowships for doctoral students and maintains a list of other Stanford fellowships that students may consider.

Cardinal Care subsidy is an automatic university-wide subsidy program for graduate students. Vaden Health Center manages the university’s Cardinal Care student health insurance.

Stanford Financial Aid Office oversees a number of financial support programs specifically for graduate students with challenging financial situations. 

Additional hourly work is available to students who wish to work for pay as "casual labor" at Stanford up to eight hours a week, provided work does not adversely affect the academic program. Requires approval from the student’s advisor and the Academic Services team.

Other funding sources

External fellowships are integrated into the GSE’s funding package. There are many funding opportunities offered outside of Stanford. The GSE admissions team has compiled an external fellowships and grants document for you to explore, though you should plan to do your own research as well. International students can find additional sources of funding on the Institute of International Education’s (IIE) Funding for U.S. Study website and this publication .

Stanford is committed to providing benefits through the Yellow Ribbon Program of the Post-9/11 GI Bill® to students in degree-seeking programs. GSE students who qualify for Chapter 33 benefits at the 100% level may be eligible for additional funding through the Yellow Ribbon Program. Please note that for GSE students receiving tuition fellowship funding, the Yellow Ribbon match may reduce and in some cases replace institutional grants and scholarships. For instructions, visit the page, Activate VA Education Benefits at Stanford .

International students are guaranteed the same funding package as domestic students. However, there may be restrictions regarding the number of hours and opportunities to work during the summer months. To learn more, please contact the Bechtel International Center .

To meet immigration regulations, international students must show proof of adequate financial support to cover the length of time of their graduate program. While international students are not eligible for U.S. federal loan programs, they may qualify for private/alternative loans. Many lenders, however, require that a U.S. citizen or permanent resident co-sign the loan. You can find information and tools to help you choose private loan programs most frequently used by Stanford students here. A comprehensive list of private loan programs is available at FinAid.org .

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Top 10 Cheapest Online Doctorate in Finance Degree Programs 2024

Find your perfect school.

Author: Brenda Rufener Reviewed by: Julie McCaulley Reading level: Grade 10 Original publication date: July 2019 Updates: 4

Key Takeaways:

• William Howard Taft University was our #1 pick for the cheapest online PhD in finance degrees, followed by Liberty University .
• An affordable online PhD in finance offers lower tuition costs , no relocation fees, and the ability to continue working while pursuing your degree.
• Online PhD in Finance degrees offer flexible scheduling , including self-paced study and asynchronous programming.
• All schools listed in this ranking are institutionally accredited.

This article profiles the top 10 cheapest online PhD finance programs.

Featured Programs

Until recently, online PhD degree programs were limited, and traditional programs were the norm. Recently, reputable and accredited public and private universities started offering online doctoral programs. This includes the online PhD and DBA in finance. We reviewed several schools to find the top 10 cheapest online PhD in finance programs.

Top 10 Cheapest Online PhD in Finance Programs Methodology

We looked at 30 colleges and universities listed by the NCES College Navigator. These schools offer online PhD in finance programs or closely related doctoral programs. Similar programs include Doctor of Business Administration (DBA) with finance courses or specializations. We narrowed our original pool of schools by applying the following criteria:

• Offerings of at least one online PhD in finance or closely related degree
• School and/or program reputation with rankings from U.S. News and World Report
• Affordable graduate tuition and fees of less than $20,000 per year

Some of the schools on our list offer stipends and tuition waivers. For clarity, we listed the school by raw affordability based on graduate tuition listed by NCES.

Below is our list of the top 10 cheapest online PhDs in finance.

Note: This ranking/article was originally published in July 2019 and was last updated in March 2024. The 2022 tuition updates may affect the ranking order, but the list has not been re-ordered.

#10 – Cambridge College Global

Online doctor of business administration in quality systems management, boston, massachusetts.

Website Graduate Tuition/Fees : $19,035

Cambridge College Global offers an affordable online DBA in finance program. It focuses on systems management. The program is designed for professionals with professional and personal obligations. The degree readies graduates for top executive positions within business contexts and industries. that value leadership, analytical thinking, and complex problem-solving. Courses may include:

• Business Analytics and Decision-Making
• Business Operations and Supply Chain Management
• Financial Management and Fiscal Leadership
• Organizational Development and Change Management

U.S. News and World Report ranks Cambridge College Global #147 in best online MBA programs.

• Supportive faculty
• Not a lot of statistical information available

#9 – National University

Online phd in financial management, la jolla, california.

Website Graduate Tuition/Fees : $15,912

National University offers an online PhD in finance. It is designed for working professionals seeking the rigor and flexibility of a PhD program. Graduates are prepared for a variety of careers, such as:

• College or university faculty
• Research and private positions in investment banking, financial planning/analysis

The program consists of 60 credits divided into 20 courses that require 45 months to complete. The program blends rigorous research with practical application. Students engage in:

• Advanced financial statement analysis
• Financial business decision modeling
• Investment selection techniques
• Earning and risk management

U.S. News and World Report ranks National University #105 – #115 in regional colleges Midwest.

• Diverse student community
• Great academic programming and resources
• Large class sizes
• Impersonal, lack of individual attention

#8 – Creighton University

Online dba in finance, omaha, nebraska.

Website Graduate Tuition/Fees : $19,676

Creighton University offers an online doctor of business administration in finance, two-thirds online and one-third residency. The program is accredited by the Association to Advance Collegiate Schools of Business International and draws students from over 26 states. The program is designed for working professionals to complete over three years. The program embeds seven residencies per year for the first two years and zero residencies in the third year. Courses may include:

• Applied Behavioral Research Design and Methods
• Applied Finance Research
• Applied Information Systems Research
• Survey of Innovative Business Pedagogy

U.S. News and World Report ranks Creighton University #1 in regional universities Midwest and #20 best online graduate business programs.

• Small class sizes
• Some issues with the financial aid process have been reported
• Limited diversity

#7 – Franklin University

Columbus, ohio.

Website Graduate Tuition/Fees : $12,060

Franklin University offers an online DBA in finance. It is for working professionals seeking a doctorate to prepare them for career advancement. The PhD in finance online can be completed in three years. It allows students an entire year to complete their dissertation. Additionally, upon approval, students can transfer up to 24 credits of previous coursework from other programs or institutions. In addition to advanced business concepts, such as:

Students also dive deeply into the political, cultural, and ethical issues that drive and impact business decision-making.

• Easy-to-use online platform
• Helpful supportive instructors
• Advisors are sometimes inaccessible
• Lack of support for active military has been reported

#6 – California Baptist University

Riverside, california.

Website Graduate Tuition/Fees : $14,914

California Baptist University provides an online DBA in finance. It can be completed in just three years, including the dissertation. The 50-unit program blends advanced theory with a praxis that develops students into outstanding business executives and leaders within various organizational contexts. The program’s structure allows students to work on only one course at a time every eight weeks. Strategic residencies are placed in the program that allows students to network with peers and faculty. Courses may include:

• Applying Economic Theory to Business
• Ethics in Organizations and Management
• Financial Analysis for Decision Making
• Orientation to the Doctorate in Business Administration

U.S. News and World Report ranks California Baptist #32 in regional universities West.

• Well organized online curriculum
• Tutoring services available
• Lack of student diversity
• Lack of financial aid availability has been reported

#5 – Johnson & Wales University

Online doctor of business administration, providence, rhode island.

Website Graduate Tuition/Fees : $15,156

Although not a PhD in finance online, Johnson & Wales offers an online Doctor of Business Administration. It provides advanced courses in finance and financial management. These courses include:

• Contemporary Issues in Finance
• Business Analytics and Intelligence

Other courses include:

• Advanced Strategies in Organization Development
• Contemporary Leadership Issues
• Problems and Methods in Marketing Management

The program is divided into eight-week courses, and completion usually takes three years. Students are provided with a lock-step dissertation model that they begin working on at the end of the first year. Johnson & Wales is accredited by the New England Commission on Higher Education. U.S. News and World Report ranks it #104 among the best online graduate business programs.

• Professors teach all classes
• Graduation rate is higher than the national average
• High student to faculty ratio

#4 – Atlantic International University

Online phd in finance, honolulu, hawaii.

Website Graduate Tuition/Fees : $13,000

Atlantic International University offers a cheap online finance doctorate. It prepares graduates for various occupations in private industry, higher education, and more. Additionally, the program focuses on key research areas in computer science within the context of financial decision-making and modeling. Students choose from a wide list of courses to tailor the degree to their career trajectory and interests. Featured finance courses include:

• Financial Economics
• Economic Statistics
• Empirical Applications in Finance
• Linear Statistical Methods
• Time Series Analysis

The program is completed entirely online. It is for working professionals who can’t attend traditional classes due to work and personal obligations.

• Very flexible programming
• Does not hold U.S. accreditation

#3 – Kansas State University

Online doctorate in personal financial planning, manhattan, kansas.

Website Graduate Tuition/Fees : $11,786

Kansas State University offers an affordable online finance PhD focusing on personal financial planning. Graduates go on to careers in academia and private industry. The hybrid program blends online learning in the fall and spring semesters along with 10-day summer experiences. The Higher Learning Commission of the North Central Association of Colleges and Schools accredits the institution. The program is housed within the School of Family Studies and Human Services. The program is designed to be completed in five years or less and includes courses such as:

• Advanced Research Methods
• Clinical Research and Applications in Financial Counseling and Planning
• Estate Planning for Families
• Financial Therapy Theory and Research

Kansas State is ranked #147 in national universities by U.S. News and World Report.

• A very tight-knit community
• Accepts dual and AP credits
• TAs teach many of the classes

#2 – Liberty University

Lynchburg, virginia.

Website Graduate Tuition/Fees : $8,630

Liberty University offers an online DBA in finance for individuals possessing an MBA from a regionally or nationally accredited institution and a minimum 3.0 GPA. The Liberty DBA in finance is completed entirely online, making it an excellent option for working professionals seeking to advance their skills and knowledge through the attainment of the highest academic degree. Finance courses include:

• business valuation
• investments and derivatives
• managerial finance
• mergers and acquisitions

Graduates of go on to careers as financial managers, chief sustainability officers, chief financial officers, and corporate treasurers. U.S. News and World Report ranks Liberty University #98 in best online graduate business programs.

• Strong focus on student success
• Very affordable
• Conservative atmosphere may not be for everybody
• Limited student diversity

#1 – William Howard Taft University

Lakewood, colorado.

Website Graduate Tuition/Fees : $4,610

William Howard Taft University has an online DBA. It focuses on business leadership and financial management. The program is conducted entirely online, with no campus visits or residential requirements. The flexibility and 100% online model make it a great option for mid-career professionals seeking to increase their knowledge and skills and further their career options. Courses may include:

• Conceptual Foundations of Accounting and Finance
• Global Business Practices and Challenges
• Global Strategic Management
• Negotiations and Dispute Settlement

William Howard Taft is accredited by the Colorado Commission on Higher Education.

• Affordability
• Not regionally accredited
• School has limited name recognition

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Frequently Asked Questions

What can i do by earning a cheap online finance doctorate.

An individual with an online Ph.D. in finance has a wide range of occupational options considering the transferability of skills and knowledge learned throughout the degree program that applies to most organizational contexts. Graduates can pursue careers as:

• Accountants and auditors
• Budget analysts
• Financial managers
• Financial researchers
• Financial economists
• Personal financial planning and management
• College and university faculty

Additionally, individuals with a PhD in finance may be qualified for executive-level positions such as:

• Chief Financial Officer
• Chief Executive Officer
• Similarly related positions that oversee entire departments and organizations

It is common for investment banks, hedge funds, and private equity firms to hire finance PhDs as research associates performing quantitative analysis of financial organizations and instruments. Many research associates start off their careers performing finance research for a specific industry or sector such as biotechnology, software, and energy.

Finance PhDs are also employed by the government as economists. Specifically, the federal government hires individuals to perform economic research measuring and analyzing how economic activity impacts local, regional, and national economies both domestic and abroad. These positions pay well, but typically less than those in private industry. The research conducted by individuals with these positions helps to inform and influence government policy.

Along with applied work as private researchers and economists, many finance PhDs work as college and university faculty. The main charge for academic jobs include conducting and publishing research and teaching classes.

What is the job outlook for individuals with an online doctorate in finance?

The job outlook is expected to remain very strong for financial managers and researchers across all sectors of the economy. According to the Bureau of Labor Statistics, the occupational growth rate for financial managers is expected to be 19% during the time period 2016-2026. This is a much higher growth rate compared to the average occupation. For context, the average growth rate for all jobs during this same time period is expected to be 7%.

Job growth is driven by several factors. Specifically, in the fall out of the economic and financial crisis, organizations are seeking individuals with expertise in regulatory reform and risk mitigation. As financial institutions seek stability and profit, individuals with these skills will be in high demand.

As organizations increase cash reserves both domestically and abroad, individuals with financial management skills including cash and risk management will be sought after as organizations seek professionals who know how to manage finances in a global economy involving foreign markets.

As online money management continues to increase, banking institutions will continually need to adapt to the changing landscape where internet money management is the norm compared to traditional in-person banking. As such, finance PhDs with knowledge of online money management and IT platforms will be in high demand.

How much money can I make with an online finance doctorate?

According to the United States Government Bureau of Labor Statistics, the average salary (median pay) for a financial manager is $127,990 per year. Compare that to the median salary of $38,640 for all occupations and it is easy to see that individuals with an online finance PhD make attractive salaries. As with other occupations, variables such as industry, years of experience, and geographic location all play salient roles in determining pay. Financial managers working in professional, scientific, and technical contexts earn the highest average pay of $151,610 annually. Government financial managers earn the lowest of any sector with a median annual salary of $112,830.

Financial and budget analysts earn wages ranging from $101,410 for investment-related jobs to $81,420 for credit intermediation (online banking) occupations. Fund managers may make far more than the above stated salaries as many of these analysts earn bonuses based upon investment performance. It is not uncommon for high-yield analysts to make in the high six-figures and even seven-figures on an annual basis based on strong investment performance.

Individuals living in high-population metropolitan areas will find the highest paying jobs and the most job openings. California and New York employ the highest numbers of financial managers and also pay the highest salaries. New York-based financial managers earn an average salary of $210,510 annually.

What is the difference between an online finance PhD and a DBA?

There are several differences between an online finance doctorate and an online DBA (Doctor of Business Administration). Read on to find out the distinctions between the two degrees.

A PhD in management is generally for individuals seeking to become academics. These individuals work as professors, instructors, and researchers within academic institutions or think tanks where researching theory and publishing in peer-reviewed journals are the main objectives of the occupation. Research is primarily conducted as a means to contribute to the field of existing knowledge within the discipline. Additionally, PhD students are typically recent graduates with little professional experience. The DBA degree is designed for the seasoned professional seeking to gain practical knowledge and skills needed to succeed on the job. While research is an important part of the curriculum, DBA students engage in more applied research to directly integrate it into their careers. DBA students are typically older, non-traditional students with several years of experience.

The Doctor of Business degree is relatively new compared to the PhD. The PhD is universally recognized by academic institutions whereas the DBA is still developing. As such, students enrolled in PhD finance programs may be required to teach as well as publish their dissertation in a peer-reviewed academic journal. While DBA students complete dissertations as well, they can be applied projects and may not be required to publish in academic journals.

How long does it take to earn an online doctorate in finance?

Graduate degrees require a lot of time and dedication. A PhD is a well-respected and universally known degree that propels the graduate to the highest level of academic distinction. The time to complete an online PhD in finance is largely dependent on the student and the programmatic structure. Typical online programs take between 3-5 years to complete. The advantage of online programs is their ability to cater to students with full-time careers and other outside obligations that inhibit them from taking full-time course loads.

Because Doctor of Business Administration programs are designed for working professionals, there is an abundance that allows students to take courses on a part-time basis. Part-time coursework typically means taking one course at a time per term. For many graduate programs, including full-time PhD and DBA programs, full-time enrollment requires two courses per term, which can be taken concurrently or one at a time. It is common for DBA degrees to take approximately three years to complete, with PhD programs taking longer. In addition to minimum completion times, it is critically important that students know the maximum time allowed to finish the degree. Some programs give students up to ten years or longer to finish provided they have everything done but the dissertation.

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This concludes our list of the top 10 cheapest online PhD in finance programs.

PhD – Admissions, fees and funding

We are delighted that you are interested in doctoral studies at EDHEC. If our PhD in Finance programme fits your needs and objectives, we would recommend starting the application process early, as it may take longer than you expect to collate the requisite supporting documents.

How to apply

Admission to the EDHEC PhD in Finance programme is highly selective. Admission decisions are made based on the applicant's overall profile, as in the completed application package.

DOWNLOAD THE APPLICATION FORM

PhD admissions

Successful PhD applicants come from a diverse array of educational backgrounds and professional experience, but are set apart by their academic and professional excellence, superior analytical and interpersonal skills, international awareness and proven ability to complete the programme. 

Executive track

Winter deadlines: mid-December and end March  Spring deadline: end May 

Residential track

End January  

The application file consists of:

• a completed application form and signed statement of integrity 
• a letter of intent
• two forms/letters of recommendation
• transcripts of undergraduate and graduate programmes
• copies of diplomas/degrees 
• GMAT or GRE scores
• proof of English proficiency (test scores)
• evidence of research capability in the form of a writing sample (your master’s thesis or a scholarly publication) or a well-developed proposal (up to 2,000 words) for a doctoral thesis
• your curriculum vitae/resumé
• a copy of your passport/birth certificate
• a recent passport photograph (digital format accepted)
• application fee form, with proof of payment order or credit-card receipt*

*The application fee is waived for residential track participants.

Because of its strongly quantitative slant, the programme requires candidates to have a significant academic background in financial economics, econometrics and stochastic modelling (Master's level).

Fees and funding

PhD programme fees and how to access funding 

The school may offer financial assistance of up to 50% of tuition fees to help self-funded participants.  

Tuition fees for PhD candidates are €35,000 for the 2024-25 academic year, €35,000 for 2025-26 and €35,000 for 2026-27. Fees do not include travel and accommodation expenses.

Residential track participants will work as teaching or research assistants in Nice (France). In return for their part-time duties, they will receive a full tuition-fee waiver plus competitive compensation. Up to two such positions are offered to PhD in Finance candidates each year and these positions are filled as early as possible.

Executive track participants in the PhD in Finance programme are usually either self-financed or company sponsored. As human-capital development and R&D-related expenses, tuition fees and associated costs may be eligible for specific public or collective funding schemes in some jurisdictions. In some countries, tuition fees can be deducted from income tax. 

We are a private, not-for-profit institution that receives virtually no funding from the public sector. For our PhD in Finance programme, our financial assistance schemes include:

• a mobility award of up to 10% off first-year tuition fees for participants who have to travel more than 3,000 miles to campus (not means-tested, not merit-based);
• a (means-tested) bursary programme aimed at self-funded participants who require funding assistance, but are not eligible for a scholarship, which may comprise up to € 10,000 off annual tuition fees; 
• a merit- and means-tested scholarship programme open to all self-funded participants who reside and work in countries classified as low- or middle-income by the World Bank , which may cover up to 50% of tuition fees;
• a rebate of 20% off PhD in Finance tuition fees for organisations that, at the time of payment, are endowing a research chair at EDHEC Business School 
• a rebate of 20% on tuition fees to graduates of EDHEC Business School degree programmes.

Please contact us for further details about these funding opportunities: [email protected] .

Graduate students can apply for federal and private loans. EDHEC is an approved international school and a participant in federal student loan programmes of FAFSA . Students may be eligible for some private graduate student loans such as Sallie Mae for instance.

We have tried to answer some of the questions you may have with regard to applications, tuition fees, and funding opportunities. You can also contact us by phone or email .

EDHEC does not offer an online application option for the PhD in Finance programme. If you are interested in the PhD in Finance programme, please download the appropriate application form here ( executive track, residential track ) and return it by email to Brigitte Bogaerts.  

We encourage you to submit an electronic version of your application to expedite processing. Referees can also send their letters of recommendation by email.

The EDHEC PhD in Finance is conducted entirely through English. The programme, therefore, requires a very good command of both oral and written English. English proficiency test scores are part of the application package for non-native speakers. We accept TOEFL, TOEIC, IELTS and UCLES.

If you are a native English speaker, you will not be required to take an English proficiency test. If you are a non-native speaker, you may solicit an exemption on the basis of either (i) recent University-level experience at an institution where the curriculum was taught exclusively in English, or (ii) top verbal and analytical writing scores at scholastic potential tests (GMAT/GRE), or (iii) significant work experience in English speaking environments.

EDHEC Business School requires GMAT or GRE test scores for admission to the PhD in Finance programme.

EDHEC Business School's GMAT institutional code for the PhD in Finance programme is 3QQ-WQ-32.

EDHEC Business School's GRE institutional code for the PhD in Finance programme is 4242.  

A candidate may ask the Admissions Committee to review their application prior to receiving their GMAT/GRE scores, provided their application is filed before the first application deadline. The Committee may set candidates a minimum GMAT score as a condition of admission into the programme. GMAT score reports must be received prior to the third application deadline (end May). 

This can take the form of a writing sample in English (for example, your master’s thesis or a scholarly publication) or a well-developed proposal for a doctoral thesis. In this proposal, you should describe in enough detail (up to 2,000 words) a topic that you would like to develop in your dissertation. Even though your actual thesis may differ from the intended topic, the proposal will show the committee whether you are able to formulate an interesting research question, suggest a methodological approach to answering the question and outline the expected results. The clarity of the text and the writing style are also part of the evaluation.

A non-refundable deposit of €5,000 is required prior to the start of the programme to hold your place and for access to the requisite materials. The balance of the tuition fees is payable in two instalments at the end of August and the end of January.

EDHEC Business School offers a number of awards, bursaries and scholarships to help alleviate high student travel costs, assist self-funded students in meeting funding challenges reward EDHEC partners that sponsor their executives for the PhD in Finance programme and encourage alumni of its degree programmes who wish to pursue a doctoral qualification at their alma mater.

Scholarship or bursary awards are considered for all PhD applicants and students. Applications can be sent when applying for admission or after admission.

Applicants being considered for admission to the PhD programme will be interviewed. 

  Applicants being considered for admission to the residential track of the PhD programme will be also interviewed for a part-time teaching assistant position.

Applicants to the executive track may require a pre-interview with the programme director prior to submitting their application. Please email [email protected] to find out more.

Decisions are communicated electronically to all applicants within four weeks of the admissions deadline.  

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PhD in Finance

The PhD program in Finance at the Research School of Finance, Actuarial Studies and Statistics (RSFAS) equips graduates with the necessary skills to conduct research in the field of finance. The program will challenge PhD candidates to identify and solve important questions in the finance world, and will help them to develop a keen analytical mind essential for navigating the fast-changing financial marketplace and corporate sector.

While the program is focused on developing candidates for an academic career, many of the skills it provides are readily transferable to various positions in government and industry. Some examples are researchers or associates within the banking and financial sector, including investment banking, in roles such as investment or quantitative analysis, mergers and acquisitions analysis and business analysis; and researchers and policy advisers at institutions including central banks, bank regulators, international organisations such as the World Bank, IMF, OECD and ADB, and government departments such as Treasury and Finance.

CRICOS #: 048345A

Duration: 2 to 4 years full time (4 to 8 years part time)

Before you submit an application for entry to the program, you should:

• ensure you meet the admission requirements outlined below
• identify potential supervisors – that is, one or two finance academics at ANU who conduct research in your area of interest.

You can find information on researchers and their research areas in the  ANU researchers database  and on the  RSFAS Finance faculty  page.

While other ANU schools may recommend contacting potential supervisors before submitting an application,  this is not required  for entry into RSFAS’s PhD programs. Instead, you only need to list the name(s) of potential supervisors in your online application form.

Potential supervisors cannot guarantee entry into the PhD program. Admission will depend on the strength of your application relative to others in the pool.

After you’ve completed the steps above, you can proceed with an  online application .

Application deadlines

The first semester of the ANU academic year starts in February, and the second semester starts in July. While all applications for first semester entry must be submitted  before 31 October,  international applicants wishing to be considered for an  ANU scholarship  should submit their applications  before   31 August .

To be considered for a scholarship, your application must be accompanied by all the supporting documents listed below, including the referee reports. Request for referee reports are triggered and sent to your nominated referees at the time of submission of program application. It is thus important that you submit your application in advance (2-3 weeks) to allow time for your referees to provide their reports prior to the scholarship deadline.

If you’re currently completing an academic degree and haven’t yet received your final results and transcript, you should still submit all available documents before the deadline, and forward remaining results once you receive them. We won’t make a final decision on your application until we’ve received all the required documents.

The admission requirements for the PhD program in Finance reflect the advanced knowledge that candidates will need to undertake the coursework component of the degree, and the research experience and skills needed to successfully undertake and complete the research thesis.

The minimum qualification requirement for admission to the PhD program in Finance is:

• an Australian Bachelor degree (or equivalent) with First Class Honours or Second Class Honours Division A in finance, actuarial studies, economics, business, commerce, or a subject area with a substantial quantitative content, or
• another qualification (e.g. a Master degree) with a substantial research thesis component that the RSFAS HDR (higher degree by research) committee is satisfied is equivalent or superior to a degree mentioned in (a), or
• a combination of qualifications and professional experience that the RSFAS HDR committee is satisfied is equivalent or superior to a degree mentioned in (a).

Admission to the PhD program in Finance is competitive and we can only admit a limited number of applicants each year. Meeting the minimum entry requirements does not guarantee you a place in the program.

If you don’t have sufficient research experience for entry into the PhD program, you might consider applying to the MPhil program . If you’d like to consider this pathway, contact the RSFAS HDR convenor for more information.

English language requirements

All applicants must satisfy the University’s  English language admission requirements . An international applicant who is not a native English speaker may satisfy these requirements by submitting evidence of an  IELTS  overall score of at least 6.5, and with no component less than 6.0, or a paper-based  TOEFL  score of at least 570, with at least 4.5 in the essay component.

Application and supporting documentation

You must submit your application online via the  ANU Application Manager .

In addition to the standard information required in the online application, you must submit the following supporting documents as part of your application:

• a one-page statement of purpose outlining your motivation to undertake a PhD in Finance at ANU
• a research proposal – see details below, as well as these guidelines on how to  prepare a persuasive research proposal
• copies of written research work, e.g. honours or Master thesis, research project, or published works
• either  GRE General Test  or  GMAT  results completed within the last five years – some applicants are exempted from this requirement (see below for further information)
• official  TOEFL  or  IELTS  results (where applicable) to demonstrate that you satisfy the University’s  English language requirements .

Research proposal

The online application requires you to submit a research proposal. The proposal should set out an original research idea, provide an introduction or background to your research idea, clearly set out the research objectives, and explain why the research is important and the contribution it will make to the finance discipline. Among other things, you will need to demonstrate an understanding of the key literature in your chosen topic area. As a guide, you should aim for between 1,500 and 2,000 words, including a list of key references.

If you don’t have a prior degree in finance, your research proposal should present a puzzling and interesting real-world phenomenon in finance that could lead to an important research topic. You should aim to convince the RSFAS HDR committee that your proposal is relevant and interesting.

The RSFAS HDR committee uses the research proposal as an indicator to assess the quality and originality of your ideas and your skills in critical thinking. Note that the research proposal does not restrict you to this field of study should you be admitted to the PhD program.

GRE or GMAT requirement

You must submit either your  GRE General Test  or  GMAT  results as part of your application. You’re exempt from this requirement if you’ve already completed an ANU Master of Finance or ANU degree with honours in Finance. You’re also exempt if you’ve completed a Finance degree with honours from another Australian university, but we encourage you to provide GRE or GMAT results to improve your chances of admission and scholarship support.

Offers of admission

The RSFAS HDR committee will review all complete applications submitted by the relevant deadline.

If your application is short-listed, you may be required to attend an interview (face to face or online).

We may send you an offer of admission if you satisfy the eligibility criteria and your area of interest matches those of RSFAS academics with supervisory capacity. However, since admission is competitive and supervisory capacity is limited, we won’t send any offers of admission until  after the relevant application deadline , irrespective of the date when you submit your application.

The PhD in program in Finance consists of two components –  coursework  and  research .

Candidates undertake the research component after successfully completing the required coursework.

Assumed knowledge and pre-PhD preparation

While not a formal requirement for entry, you should be aware that the PhD coursework requirements outlined below assume knowledge equivalent to later-year undergraduate and graduate diploma–level studies in economics, finance and quantitative methods. The following is an indicative list of ANU subjects that make up the basic assumed knowledge:

• ECON8025  Advanced Microeconomic Analysis
• ECON8026  Advanced Macroeconomic Analysis
• EMET8005  Economic Models and Introductory Econometrics
• FINM8006  Advanced Investments
• FINM8004  Advanced Corporate Finance

PhD coursework component

In the coursework component, PhD candidates undertake a comprehensive set of courses designed to provide training in the theory and methods necessary to conduct high-quality finance research. These courses are academically rigorous and will be examined. Candidates take up to 18 months to complete the coursework (10 subjects plus a pre-PhD mathematics refresher course, if required). Upon successful completion of the coursework, PhD candidates will progress to the research component. The standard coursework structure for the PhD is as follows:

Pre-PhD summer course (if required):

• ECON8007 Mathematical Techniques for Advanced Economic Analysis

Year 1, Semester 1:

• ECON8011  Microeconomic Theory
• ECON8022  Macroeconomic Theory
• EMET8014  Advanced Econometrics I

Year 1, Semester 2:

• FINM8018  Doctoral Studies in Asset Pricing
• FINM8019  Doctoral Studies in Corporate Finance – Theory

Year 2, Semester 1:

• FINM8020  Doctoral Studies in Asset Pricing 2
• FINM8021  Doctoral Studies in Corporate Finance – Empirical

Three electives taken in the first year, consisting of:

• EMET8008  Advanced Econometrics II
• EMET8001  Applied Micro-Econometrics
• STAT8002  Applied Time Series Analysis or  EMET8010  Applied Macro and Financial Econometrics
• ECON8021  Topics in Microeconomic Theory
• ECON8001  Topics in Macroeconomics
• FINM7003  Continuous Time Finance
• ECON8013  Optimisation for Economics and Financial Economics
• ECON8014  Computational Methods in Economics
• ECON8038  Industrial Organisation
• ECON8053  Game Theory
• ECON8076  Topics in Game Theory
• ECON8080  Advanced Behavioral Economics

Other electives may be possible beyond those listed above. Note that not all courses are offered in all years.

In Semester 1 of the second year, PhD candidates are also required to attend Special Topics in Finance seminars. This is an advanced reading seminar series led by faculty and senior PhD candidates aimed at providing candidates with exposure to up-to-date research. This seminar series culminates in a draft proposal that will form the basis of the candidate’s thesis proposal review (see below).

PhD research component

Following the successful completion of coursework, PhD candidates undertake specialised research training and independent research. Research training begins in the second year with advanced-level seminars, where participants delve deeply into key current research papers. At the same time, PhD candidates will commence research in their chosen topic. The year culminates with the defence of the first research proposal or paper, known as the thesis proposal review (see below).

Research supervisory panel

When a PhD candidate is admitted to the program, a provisional supervisor is appointed. The provisional supervisor has the responsibility of overseeing the candidate’s progress until a supervisory panel is chosen.

The Special Topics in Finance seminar series held during Semester 1 of the second year of candidature will help facilitate the finalisation of PhD supervisory panels. The role of the supervisory panel is to assist, advise, and provide support and encouragement to the candidate for a timely and successful completion of the research thesis.

RSFAS finance seminar program

The RSFAS finance seminar program consists of regular seminars presented by national and international researchers. PhD candidates are expected to attend and actively participate in the seminars throughout their candidature.

Research integrity training

Within three to six months of enrolment, all PhD candidates must complete the  Research Integrity Training  and pass the exam. Completion of this course and exam is a compulsory milestone for all PhD candidates.

Thesis proposal review

The thesis proposal review is a major milestone towards the end of the second year. The purpose of the review is to assess the originality, significance, adequacy and achievability of the candidate’s thesis plan.

PhD candidates are required to submit a draft thesis proposal following completion of the Special Topics in Finance seminar series towards the end of Semester 1 in the second year of their candidature. The proposal includes a description of the research to be undertaken in the thesis, and a summary of the thesis structure and time plan. Candidates are required to give a presentation to the RSFAS faculty and submit a paper to their supervisory panel.

Successful completion of the thesis proposal review (as determined by the Delegated Authority following consultation with the HDR convenor and supervisory panel) is required to continue in the PhD program.

Annual progress reviews

It is University policy that each candidate’s progress be reviewed periodically. In each year of their program, PhD candidates are required to submit an  annual plan and report  as a basis for periodic progress review. This document provides details on work completed by the candidate since the previous review, current progress, and any problems that may impact their research. It also outlines the coursework and research the candidate intends to undertake in the following 12 months.

Oral presentation

In their final year, candidates are required to give a final  oral presentation  on their research, usually three months before submitting their thesis.

Read more about  research candidate milestones .

Thesis submission and examination

The culmination of the PhD in Finance is a written thesis which, upon completion, is submitted for examination. The thesis is assessed by examiners who are experts in the relevant field.

For more information on the process, visit our page on  submitting a thesis .

For information about scholarships available to HDR candidates, visit our page on  scholarships and fees .

Read details of some of our alumni’s recent  job placements .

See our list of current  Finance PhD students .

PhD Handbook

PhD in Finance in USA: Best Universities for PhD in Finance in USA

USA happens to be one of the most sought after destinations for a PhD. The program structure here allows you to get a lot of training alongside research which is not common in the European countries or UK is what makes it desirable. Usually, master of finance graduates plan to get a PhD but it is also a good option for MBA in USA graduates to advance their careers. After a PhD in finance in USA, you can either go on the path to become a professor or take the road to work with global companies.

We have prepared a guide including best universities for PhD in finance in USA, eligibility criteria, admission process, cost of studying, scholarships, future opportunities and a lot more to help you grab the best opportunities to pursue PhD in finance from USA.

Why Study PhD in Finance in USA?

• US universities dominate almost all major rankings. If we talk about the QS World University Rankings by Subject for Accounting and Finance, 73 universities are included in the list of top universities.
• USA spends enormous amounts on research and development and is said to be ahead of several other countries in terms of innovation.
• The rigor of curriculum offered at US universities is much higher in standard than research programs at other institutions.
• US universities offer state-of-art research infrastructure which attracts aspirants from all around the world.

Best Universities for PhD in Finance in USA

A PhD is a long duration course so be assured that you choose your university wisely considering accreditation, co-curricular factors, facilities, faculty, location, etc. Here is a list of the 5 best universities for PhD in finance in USA:

• Massachusetts Institute of Technology
• University of Chicago
• Stanford University
• University of California, Berkeley

University of Pennsylvania

Discussed below are the insights of these 5 universities including ranking, specializations and tuition fees can be seen below:

1.  Massachusetts Institute of Technology

PhD in finance at Massachusetts Institute of Technology is offered under the MIT finance group. The program duration can be categorized into coursework, seminar, general examination, research paper and dissertation.

2.  University of Chicago

For pursuing PhD in finance at University of Chicago , you will get full tuition support for 5-6 years of your full-time study. Additionally, the university gives you the opportunity to work as a teaching assistant in the third and fourth year.

3.  Stanford University

At Stanford University , your PhD program will come with a five year funding guarantee which includes tuition, assistantship salary and fellowship stipend. Phd programs have been a constant preference for most international students to pursue here.

4.  University of California, Berkeley

The Haas School of Business at University of California, Berkeley offers a five year, fully funded PhD in finance program that aims to integrate modern developments in the field of finance. The course expects the student to have a strong background in mathematics and statistics.

5.  University of Pennsylvania

The finance faculty at the Wharton School of Business is one of the most renowned faculties of University of Pennsylvania . The ideal candidate for a PhD at Wharton should have a background in economics, mathematics, statistics, engineering and other quantitative disciplines.

Course Curriculum for PhD in Finance in USA

Although a US PhD degree is longer than a UK degree, it has its own benefits and gives candidates the time to get a better hold and develop expertise in the subject area. Discuss in the table below the course curriculum for PhD in finance in USA:

Eligibility Criteria for PhD in Finance from USA

The PhD in finance in USA requirements may vary from one university to another. Before looking at the cost of studying PhD in USA, let us understand the basic eligibility criteria for the same:

• Completed master’s degree
• English language proficiency requirements
• Entrance test scores

Take a look at the detailed discussion on eligibility criteria to study PhD in finance in US:

1.  Completed master’s degree

To pursue PhD in finance in USA, you must have a master’s degree in finance from a recognized institution equivalent to a US master’s degree. A minimum GPA of 3.0 or above is required.

MS in finance in USA

2.  English language proficiency requirements

As international students, you will have to provide proof of English language proficiency if your native language is not English. IELTS and TOEFL are among the most widely accepted test scores. A minimum IELTS score of 6.5 or a TOEFL-iBT score of 90 or above is recommended.

3.  Entrance test scores

Before enrolling for a PhD in finance in USA, you may be asked for your GMAT or GRE scores. You may not have to take the test again as you must have already taken it before applying for your master’s degree.

Documents Required to Study PhD in Finance from USA

It is crucial to understand the PhD in finance in USA requirements to complete the application process hassle-free. Listed below are the documents that most institutions will ask you to submit:

• Transcripts of academic records from all previous post-secondary institutions
• Test scores of GMAT/ GRE
• English language proficiency test scores
• Research proposal
• Writing sample
• Letters of recommendation
• Personal statement
• Copy of passport
• Proof of finances

Admission Process for PhD in Finance in USA

Here is the step-by-step process to apply for PhD in finance in US:

• Check the eligibility criteria for your chosen institution before applying.
• Visit the official university website and look for the upcoming intake and application deadlines.
• Complete the online application for admission and pay the necessary application fee, which usually ranges between 100 USD-150 USD.
• Gather all documents to be submitted along with the application.
• Once you complete the application and submit all relevant documents, keep an eye on the university website to get updates on your application.
• You may be called for an interview and be asked about your research proposal before getting the acceptance letter.
• If you are accepted, fulfill the enrollment requirements and apply for a visa to study in USA.

USA student visa guide

How Much Does it Cost to Study for a PhD in Finance in USA?

Getting a PhD in USA requires a huge sum of investment. The cost of studying for a PhD in finance in USA can be categorized into tuition fees and cost of living. Let us consider the costs for each of these components.

Tuition Fees

The tuition fees for PhD in finance in USA ranges between 35,000 USD - 70,000 USD per year. You can find programs with lower tuition fees at public universities.

Phd in USA cost for Indian students

Cost of Living

An international student’s cost of living in USA is estimated at around 12,000 USD-18,000 USD per year i.e. 1000 USD-1,500 USD per month, varying according to the student’s budget. It is true that the living expenses in USA are higher compared to many other study abroad destinations. However, affordable options are available to choose from, such as various accommodation options, public transport, personal expenses, etc.

Scholarships for PhD in Finance in USA

You will find multiple funding options for pursuing research in USA. Most US universities offer fully funded PhD programs , so you do not have to fret about the huge tuition fees. Take a look at the table below to learn about the various university-provided scholarships for international students:

Career Opportunities After PhD in Finance in US

Accounting and finance professionals in USA earn 97,600 USD per year on average. With a PhD in finance from USA, you can expect 23% higher salaries than a master’s degree. New York, Houston, Los Angeles, Philadelphia are some of the states offering the highest salaries compared to other cities in USA.

Take a look at the popular job titles and average salaries for PhD in finance from USA:

How to find jobs in USA?

A PhD in finance in USA is worth considering to advance your career and boost your earning potential. Get in touch with our Yocket counsellors today and get answers to all your questions related to PhD in finance in USA and a roadmap to secure a seat in one of the best universities for a PhD in finance in USA.

Frequently Asked Questions about PhD in Finance in USA

How many years is a PhD in finance in USA?

A PhD in finance in USA takes 4 to 6 years depending on the candidate’s knowledge level. Generally, an individual spends around 2-4 years in the coursework and another 2-4 years on the dissertation.

How much does it cost to do a PhD in finance in USA?

The annual fees for PhD in finance in USA is somewhere between 30,000 USD-55,000 USD per year which may vary across universities.

Can Indian students get a scholarship to pursue PhD in finance in USA?

Yes, there are several scholarships for Indian students to pursue PhD in finance in USA, such as Fulbright Scholarship, Knight-Hennessy Scholars program, Aga Khan Foundation International Scholarship program and several other university-specific scholarships.

Can I apply for PhD in finance with an MBA in finance?

Yes, you can apply for a PhD in finance with an MBA in finance.

Is it better to do PhD in finance in USA from a private or public university?

Both types of universities have equally good options to pursue PhD in finance in USA. If you wish to apply to public universities in USA some of the best options are University of California - Berkeley, Georgia Institute of Technology, University of Illinois - Urbana, etc. Top private universities include Stanford University, Massachusetts Institute of Technology, Yale University, among others.

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How Much Does a PhD Cost?

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Obtaining a PhD is a great way to open up your career options and fulfill personal goals. If you’re deciding whether to go back to your school for a doctorate degree, make sure to get a picture of what it will cost you beforehand so you can make an educated financial choice. In this article, we take a deep dive into how much a PhD costs, including non-tuition expenses and hidden costs. We also list the pros and cons of earning a PhD, as well as ways to fund your degree if it is the right choice for you. Let’s get started! 

What is a PhD? 

“PhD” is the abbreviated title for “Doctor of Philosophy.”  A PhD is an academic degree that qualifies the degree holder to teach at the university level or work in specialized positions in certain fields. PhDs generally focus on STEM research and teaching fields. 

Keep reading : Everything you need to know about a doctorate degree

How much does a PhD cost? 

It usually takes around eight years to earn a PhD at an average tuition cost of 81,000 . 

The true cost of a PhD is very dependent on the following factors: 

• Choice of school
• Field of study
• Type of PhD 
• Location of school
• Dollar amount of student loans

Also see: What is the average amount of graduate school debt?

Other costs associated with receiving a PhD

Living expenses .

In addition to the cost of tuition involved in earning a PhD, there are numerous outside factors that add to the total spent. These predominantly include living expenses such as housing, food, insurance, and transportation. The cost of these necessities will vary depending on the state, city of residence, and number of years it takes to earn a PhD. Therefore, it is important to consider all these factors when planning to earn a PhD. 

Hidden costs of a PhD

Besides just the monetary cost of a PhD, receiving this degree has some hidden costs that can affect whether a PhD is truly worth it. Let’s look at some of the most important hidden costs.

Receiving a PhD takes a long time! If you want to earn a PhD, it will take up to eight years to do so. 

Delayed opportunities

Because receiving a PhD takes time, this means there may be work and life opportunities and experiences you miss out on or have to delay.

Lost income

While focusing on earning a PhD, you will need to focus on your education rather than maintaining a steady flow of income from a job. You will most likely not be able to hold down a full-time job while completing your PhD schooling. 

The chance of not finishing

Unfortunately, it is quite common to start but not earn a PhD. There are a lot of factors that hinder students from receiving their PhD, including the following: 

• Realization they do not want a PhD
• Lack of ability to pay for a PhD
• Inability to maintain a school work balance

Ways to fund your PhD 

Luckily, prospective PhD candidates have numerous options to help them fund their education. Typically, PhD students turn to a variety of funding sources, including scholarships, grants, studentships, loans, and employer sponsorships. 

PhD Scholarships

There are a variety of scholarships out there intended for PhD students to help them on their academic journey. These funds can typically be used for tuition, books, and other educational expenses. Try checking out our very own Gutsy Graduate Scholarship to get started!

Grants are very similar to scholarships. They provide money for students for tuition and other academic expenses.

Studentships

A “studentship” is a name that is most often used for PhD scholarships. Studentships are an opportunity for PhD students to receive funding in order to ease financial pressures. Traditionally, studentships are awarded based on merit and achievement. 

Loans are a common way of funding PhD students. The US Department of Education offers Direct PLUS loans as well as Direct Unsubsidized Loans to graduate and professional students. 

Assistantships

Graduate assistantships are opportunities to earn money while taking on a position that allows you to make connections and obtain skills in your field. There are various types of assistantships such as teaching and research assistants. Depending on your institution and professor, your role may vary widely depending on what your professor is working on. So, it is important to do your research before accepting an assistantship to determine if it is the right role for you. An assistantship typically functions as a job where you serve a certain number of hours and will be paid for your labor. 

Fellowships

Fellowships can vary widely depending on the institution; however it is essentially funding granted to students to help lower the cost of education. A fellowship is typically a merit-based scholarship for advanced study of an academic subject and is granted to the top candidates in their class. Graduate fellowships typically will cover the cost of tuition as well as a stipend to be used to cover the cost of living which makes graduate studies affordable for academically-driven students. 

Further reading : Assistantships vs. fellowships: What’s the difference? 

Employer sponsorships

In some cases, you may be eligible to receive employer sponsored funding to earn a PhD. In order to do this, you will usually need to demonstrate to your employer that receiving a PhD will also benefit the company as a whole. 

Also see: Top graduate school scholarships

Is a PhD worth it? 

The answer depends on the individual student’s goals and financial situation. There are many pros and cons associated with receiving a PhD. We include a few of the most common reasons below. 

• Access to more prestigious and high-paying jobs
• Development of skills
• Networking opportunities 
• Can make significant contributions to your field of study 
• Financial costs/debt
• Isolating and lonely experience for some
• Stress associated with academic rigor
• Limited job openings after graduation 
• Loss of valuable job experience and opportunities
• Length of time to earn a PhD

Some questions to ask yourself before pursuing a PhD

• Why do I want a PhD? 
• Am I financially prepared to fund a PhD?
• What jobs will be available to me after receiving a PhD?
• Do I have the prerequisites and experience to move forward to a PhD program? 

Related: What is a research university?

Overall cost of PhD

In total, earning a PhD involves a considerable investment of time and money. It can also put you in touch with incredible peer support, mentors, and resources, and be incredibly rewarding and help you start down the path towards your dream career. Be sure you are confident in your decision before starting your PhD journey, and best of luck to you! 

Also see: Grad school financing options

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Frequently asked questions about the cost of a PhD

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PhD in Finance

Creating real financial impact, influencing practice through theory, finance curriculum timeline.

Faculty and Published Work

Finance faculty.

Tetyana Balyuk

Jeffrey Busse

Tarun Chordia

Rohan Ganduri

T. Clifton Green

Narasimhan Jegadeesh

William Mann

Gonzalo Maturana

Shehzad L. Mian

Jeffrey Rosensweig

Jay Shanken

Finance phd students.

Zhishuo Han

Jianzhang Lin

Dmitry Malakhov

Avinash Kumar Pandey

Recent News

“How Stocks Became the Game That Record Numbers of Americans Are Playing,” Bloomberg

“What causes bond prices to rise and fall?,” Marketplace

“Disney, Bob Iger Defeat Activist Nelson Peltz in Shareholder Vote,” The Wall Street Journal

How One Master of Analytical Finance Student Plans to Do Good With Her Degree 

Go from Beginner to Analytical Finance Expert

“50 Best Undergraduate Business Professors of 2023,” Yahoo! Finance

“Dump your bonds, this new research says,” Morningstar

“Dump your bonds, this new research says,” MarketWatch

“Why bitcoin ETFs launch won’t be a ‘buy the rumor, sell the news’ event,” Morningstar

“All memes aside, crypto buyers aren’t any different from stock investors,” MarketWatch

Ray Hill Bids Farewell to Goizueta

“Does winning the lottery actually ruin your life?” Financial Times

Pursuing a phd in finance.

• Tuition, Funding, & Living Costs
• PhD/Master's Application Process

All PhD students at Yale are fully funded. On average, doctoral students at Yale receive more than $500,000 in tuition fellowships, stipends, and health care benefits over the course of their enrollment. Some terminal Master's degree students also receive funding.

Tuition for full-time study at the Graduate School of Arts and Sciences in the academic year 2024-2025 is $49,500.

More information on Tuition & Fees is available in our Programs & Policies handbook. Please note that we do not charge many of the fees common to other schools (e.g., technology fee, library fee, gym fee, student activities fee).

See Student Accounts for billing and payment inquiries.

For PhD Degree Applicants

All PhD students at Yale receive the following financial award, typically for a minimum of five years:

• a fellowship that covers the full cost of tuition ($49,500 for 2024-2025)
• a 12-month stipend (minimum of $49,538 for 2024-2025)
• comprehensive health insurance, including hospitalization coverage and specialty care for students, their legal spouse, and their children
• a family support subsidy for graduate students with children under the age of 18

Additionally, a Dean's Emergency Fund is available to help students with eligible, unanticipated emergency expenses. In some cases, the Continuing Registration Fee for advanced PhD students is also covered by the Graduate School.

Most PhD students complete their degrees without incurring debt.

For Master's Degree Applicants

Most students pursuing Master's degrees do not receive financial support from the Graduate School and are responsible for paying tuition, but some programs offer limited funding. Please check with the program that interests you for more information.

All Master's students registered at least half time receive Student Basic Coverage at Yale Health. You are also eligible to purchase Hospitalization and Specialty Care coverage at a group rate through the university.

Other Sources of Funding

Many of our students win external fellowships and grants. See our External Fellowships & Awards page for more information on how an external award will affect your Yale funding.

Some students choose to take loans, participate in work-study programs, or engage in part-time employment to supplement their funding while in Graduate School. More information is available on Other Means of Financing Graduate Education .

Living Cost Estimates

To ensure that our financial aid package provides enough support to enable you to live in New Haven and study full time, we developed a cost-of-living guide (see below). The Office of Financial Aid also uses these calculations to determine financial need as required by certain funding sources and for immigration processes.

Estimated average living expenses include housing and food, transportation, personal and academic expenses (excluding tuition), and hospitalization coverage and specialty care. Expenses for doctoral students may actually be less than the estimate below, since PhD financial packages cover the full cost of single-student hospitalization and specialty care coverage in the Yale Health Plan, as well as half the cost of two-person coverage (for spouses and partners), and the full cost to cover children.

2024-2025 Academic Year Living Cost Estimate:

9-MONTH LIVING COST (Master's Students):

• Single Student: $30,875

12-MONTH LIVING COST (PhD Students):

• Single Student: $39,651  

Graduate Financial Aid

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PhD Program Costs

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Costs listed below reflect the 2024-2025 academic year.

Most of our PhD programs are fully funded, meaning that for 4-5 years, the program will pay for your tuition and fees, as well as provide you with a stipend. In 2024-25, the University minimum stipend is $39,425; some PhD programs provide more. After your guaranteed funding period, you may be responsible for paying reduced tuition and fees. These details can be explained by the PhD program to which you are applying. Living expenses and the cost of books should also be considered as you plan your budget for the academic year. 

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How Can I Get A PhD In Finance Online | Schools, Requirements, Cost

Online PhD in finance programs has enabled educators to bridge distances with traditional students in an unprecedented way especially when it comes to cost and convenience.

Table of Contents

To this end, renowned institutions and state universities currently offer an online doctoral degree in finance.

A doctorate in finance can be your ticket to the career you’ve always wanted. With this online finance degree, you are well suited for a leadership role or teaching in accounting, banking, wealth management, or finance.

In this article, we shall discuss on how you can get a PhD in finance Online; Schools that offer the course, Requirements, and Cost.

Why Should I Pursue An Online PhD in Finance?

1. university of dallas, 2. city university of seattle, seattle, washington, 3. capella university, minneapolis, minnesota, 4. walden university, minneapolis, minnesota, 5. university of south carolina, columbia, south carolina, 6. northcentral university, san diego, california, 7. university of maryland, college park, maryland, 8. kansas state university, manhattan, kansas, 9. trident university, cypress, california, what are the career options for an online doctorate in finance degree, what is the average salary for a doctorate in finance, is an online degree the same as a traditional degree, editor’s recommendations.

A PhD Finance online program can be a positive step toward a rewarding career in academia or the finance industry.

Online programs are earning popularity as they allow students the flexibility to balance work, education, and family in order to earn their degree. Through video conferences, online courses, chat rooms, discussion boards, and email, students can earn their PhD Finance online degree and advance their careers.

PhD Finance online programs examine all aspects of finance such as the behavior of financial markets, pricing and valuation, and financial decisions in businesses and corporations.

Programs also equip students with the tools and skills necessary to conduct original research resulting in a dissertation, which must provide a significant contribution to the field of study.

Graduates of PhD Finance online programs have specialized knowledge in finance, a deep understanding of theory and application of theory, and the competence to conduct independent research in the field.

Take a look through the PhD Finance online programs below and you may find the program you have been searching for!

Want to be rich as a student? some habits are required. Click the link below to explore the  Personal Finance Habits: 11Things Students must do to be rich

Which schools offer Finance PhD Online?

Here’s a list of schools that offer an online PhD in finance.

Studying at the University of Dallas gives you an opportunity to earn your DBA through a mix of online classes and time on the school campus in Texas.

This program is aimed at people who already hold management positions in the business world and want to develop further. Because of its flexibility, professionals can earn their doctorate while keeping their current job.

This general program includes courses such as Agile Organizations and Emerging Technologies. If you choose this university, you will take part in a colloquium, defend a dissertation and have the opportunity to do a teaching internship.

Average Graduate Tuition: $37,230

VISIT SCHOOL

The City University of Seattle offers an online option for completing the DBA or Doctor of Business Administration. This degree was created for graduates who are interested in becoming leaders in companies or working as management consultants.

It takes three to four years to complete the degree and there are no residence requirements for the online option. Students who go online will find that their education is supported by new technologies that allow professors to chat live with them during lectures and online office hours.

The degree requires 91 credit hours of coursework and a dissertation for the degree. The sample courses include industry analysis and market innovation, financial decision-making, and theories and trends in organizational development.

Average Graduate Tuition: $16,748 per year

Capella University offers two PhD programs in finance. The first is a doctor of business administration, which is an academic degree where students focus on research and business theories from a concentrated point of view within the industry.

This is perfect for students who are interested in becoming academics and enjoying research.

The second is PhD in Business Management which focuses on educating a student on the pragmatic aspects of the business world.

This degree is perfect for students who want to enter the business after graduation. Both degrees can be acquired online.

Average Graduate Tuition: $14,365

Walden University is a well-known online university that has made a name for itself with its business degrees. The school’s hybrid program allows students to learn from home, with only a few trips required for intensive stays throughout the study plan.

This degree requires 60 semester credit hours of coursework, a dissertation, and a few trips to the school campus where students get to carry out some practicals.

In this online program, you’ll find courses like tax management in a global environment, organizational management, and a seminar in international finance.

Average Graduate Tuition: $12,075

The University of South Carolina offers a hybrid doctor of business administration with a focus on finance. This degree was designed specifically for students interested in a career in government or teaching. It is not a practical degree for finance professionals.

Research also makes up a large part of the course. Many students build an academic portfolio based on the research projects they are conducting at USC.

While the place of residence has to be determined at the beginning of the course, almost all courses for this degree can be purchased online.

Average Graduate Tuition: $11,454

Northcentral University offers a PhD in finance online with no residency requirements, making it an ideal option for any student looking for an online doctorate in finance.

The DBA requires 54 credit hours of coursework and can be completed in just 39 months with no residence requirement. Students benefit from the learning of a group of experienced professors.

Average Graduate Tuition: $10,368

The University of Maryland awards an online PhD in finance to students. The degree offers students the opportunity to accept research projects and work on dissertations from the comfort of their own homes.

The courses are usually offered in an asynchronous format and research projects are monitored via online office hours and phone calls to the school. This degree consists of 36 credit hours of coursework, a dissertation, and at least one research project of the student’s choice.

Sample courses include finance theory, international finance topics, and empirical studies of industrial organizations.

Average Graduate Tuition: $10,181

Kansas State University offers an incredible opportunity to students interested in doing a PhD. in personal financial planning. This cohort program allows students to do most of their coursework at home.

This program format gives students the feeling that they actually know their classmates and professors, and at the same time enables them to continue their careers and training.

This degree requires 90 credit hours of coursework in four different areas of competence: research, profession, support, and electives.

Sample courses include income tax, money and relationships, and an introduction to financial therapy.

Average Graduate Tuition: $9,874

Trident University offers a doctorate in business administration that is awarded entirely online. This program is designed for scholars and professors of tomorrow.

With five options, this degree opens up opportunities for academic research, especially in the financial sector. The degree requires 45 credit hours of coursework, a research project supervised by the department, an aptitude test, and a dissertation.

Sample courses include auditing, financial management, and economic growth and development.

Average Graduate Tuition: $9,000

Earning an online doctorate in finance prepares an individual to work either in the finance industry or somewhere outside where your financial competence will be required.

Finance graduates possess analytical skills and advanced knowledge of financial principles that allow them to hold high-level positions in major companies, in the government, or in academia.

Let’s look at the following career which you can feature in with a PhD in finance online

1. University Professor

The first and most common career option is that of a university professor. They work in colleges and universities, developing course syllabi and content, teaching students, and completing original, scholarly research for inclusion in journals or books.

Nearly all college professor jobs require candidates to hold a doctoral degree in the field in which they aspire to teach.

Median Annual Salary: $76,000

2. Financial Manager

The responsibility for the financial health of an organization or business falls to the financial manager, who monitors and reviews activity, supervises others in the finance department, forecasts future data, analyses trends, and helps executives make final decisions regarding expenses and profits.

Median Annual Salary: $125,080

3. Personal Financial Advisor

Personal financial advisors work one-on-one with clients, assessing their needs and advising them on topics like investments, savings, taxes, or insurance. Clients may specialize in a single area, like retirement planning, portfolio building, or risk management, or they may handle a variety of cases from day to day.

Median Annual Salary: $90,640

4. Researcher

Another academic-related option is that of a researcher. While many professors do research while teaching, and indeed this is common, there are some think tanks and firms that hire researchers who work solely in the field of finance.

This enables the researchers to work on their projects without being distracted by school requirements.

Median Annual Salary: $45,640

The average salary for a doctorate degree holder varies according to career choice.

Most academicians with a PhD in finance earn average salaries ranging from $59,000 to $100,000. The discrepancy can be explained by the different levels of the professors; There are assistants, employees, and permanent professors.

For professional positions holders such as a financial or investment analyst, the salary can also vary by $75,000, and some additional benefits and bonuses.

When it comes to online or traditional financial doctoral programs, the main difference is the mode of delivery. The content remains the same, and so does the accuracy of the program. You can choose an online program, an on-campus program, or a hybrid mix.

Nowadays, most doctoral programs do not distinguish between paths to the same degree. This means that the school does not distinguish which degrees were awarded online and which were awarded in the traditional format.

It is believed that for a student who has earned his doctorate in finance, it shouldn’t matter whether he did it traditionally or used online options.

Is Accreditation Important for Online Ph.D. In Finance ?

With regional accreditation bodies covering the entire United States, there is no excuse for a college not to be accredited.

The three main accreditation bodies you should look out for when looking for an online financial PhD program:

• AACSB – The Association for the Promotion of Collegiate Schools of Business International
• ACBSP – Accreditation Council for Business Schools and Programs
• IACBE – International Assembly for College Business Education

An online PhD in finance doesn’t only offer students the flexibility of study, it offers the student access to the required knowledge for a career upscale. Therefore, do well to make the best out of this opportunity.

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PhD Programs

• Accounting & Management
• Business Economics
• Health Policy (Management)
• Organizational Behavior
• Technology & Operations Management

Students in our PhD programs are encouraged from day one to think of this experience as their first job in business academia—a training ground for a challenging and rewarding career generating rigorous, relevant research that influences practice.

Our doctoral students work with faculty and access resources throughout HBS and Harvard University. The PhD program curriculum requires coursework at HBS and other Harvard discipline departments, and with HBS and Harvard faculty on advisory committees. Faculty throughout Harvard guide the programs through their participation on advisory committees.

How do I know which program is right for me?

There are many paths, but we are one HBS. Our PhD students draw on diverse personal and professional backgrounds to pursue an ever-expanding range of research topics. Explore more here about each program’s requirements & curriculum, read student profiles for each discipline as well as student research , and placement information.

The PhD in Business Administration grounds students in the disciplinary theories and research methods that form the foundation of an academic career. Jointly administered by HBS and GSAS, the program has five areas of study: Accounting and Management , Management , Marketing , Strategy , and Technology and Operations Management . All areas of study involve roughly two years of coursework culminating in a field exam. The remaining years of the program are spent conducting independent research, working on co-authored publications, and writing the dissertation. Students join these programs from a wide range of backgrounds, from consulting to engineering. Many applicants possess liberal arts degrees, as there is not a requirement to possess a business degree before joining the program

The PhD in Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard Business School. Throughout the program, coursework includes exploration of microeconomic theory, macroeconomic theory, probability and statistics, and econometrics. While some students join the Business Economics program directly from undergraduate or masters programs, others have worked in economic consulting firms or as research assistants at universities or intergovernmental organizations.

The PhD program in Health Policy (Management) is rooted in data-driven research on the managerial, operational, and strategic issues facing a wide range of organizations. Coursework includes the study of microeconomic theory, management, research methods, and statistics. The backgrounds of students in this program are quite varied, with some coming from public health or the healthcare industry, while others arrive at the program with a background in disciplinary research

The PhD program in Organizational Behavior offers two tracks: either a micro or macro approach. In the micro track, students focus on the study of interpersonal relationships within organizations and the effects that groups have on individuals. Students in the macro track use sociological methods to examine organizations, groups, and markets as a whole, including topics such as the influence of individuals on organizational change, or the relationship between social missions and financial objectives. Jointly administered by HBS and GSAS, the program includes core disciplinary training in sociology or psychology, as well as additional coursework in organizational behavior.

Accounting & Management  

Business economics  , health policy (management)  , marketing  , organizational behavior  , strategy  , technology & operations management  .

• Best Online Master's In Management

Best Online Master’s In Management Of 2024

Published: Aug 5, 2024, 10:47am

If you are a working business professional and feel like you’ve hit a wall or ceiling in your career and aren’t sure how to advance any further, an online master’s in management program might be a good option to get untracked. Largely built for working business professionals, these programs provide students with leadership training and practical skills in budgeting, forecasting and human resources, helping graduates advance to leadership and supervisory roles.

Since management is such a broad field, it can be difficult to differentiate between programs. That’s why we’ve researched and ranked the 10 best programs in the field. Read on to learn more about the best online master’s in management programs and find the best option for you.

Why You Can Trust Forbes Advisor Education

Forbes Advisor’s education editors are committed to producing unbiased rankings and informative articles covering online colleges, tech bootcamps and career paths. Our ranking methodologies use data from the National Center for Education Statistics , education providers, and reputable educational and professional organizations. An advisory board of educators and other subject matter experts reviews and verifies our content to bring you trustworthy, up-to-date information. Advertisers do not influence our rankings or editorial content.

• 6,290 accredited, nonprofit colleges and universities analyzed nationwide
• 52 reputable tech bootcamp providers evaluated for our rankings
• All content is fact-checked and updated on an annual basis
• Rankings undergo five rounds of fact-checking
• Only 7.12% of all colleges, universities and bootcamp providers we consider are awarded

Our Methodology

We ranked 384 accredited, nonprofit colleges offering online master’s degree programs in the U.S. using 15 data points in the categories of student outcomes, affordability, student experience, credibility and application process. We pulled data for these categories from reliable resources such as the Integrated Postsecondary Education Data System ; private, third-party data sources; and individual school and program websites. Data is accurate as of February 2024.

We scored schools based on the following metrics.

Student Outcomes:

• Overall graduation rate
• Median earnings 10 years after graduation

Affordability:

• In-state graduate student tuition and fees
• Alternative tuition plans offered
• Median federal student loan debt
• Student loan default rate

Student Experience:

• Student-to-faculty ratio
• Socioeconomic diversity
• Availability of online coursework
• Total number of graduate assistants
• Proportion of graduate students enrolled in at least some distance education

Credibility:

• Fully accredited
• Programmatic accreditation status
• Nonprofit status

Application Process:

• Acceptance rate

We chose the 10 best schools to display based on those receiving a curved final score of 93% or higher.

Find our full list of methodologies here .

• Best Online Accounting Degrees
• Best MBA In Finance Online
• Best Online Finance Degrees
• Best Online Master’s In Accounting Degrees
• Best Online Master’s In Finance

Degree Finder

Key takeaways, best online master’s degree in management options, should you enroll in an online master’s in management program, accreditation for online master’s in management, how to find the right online master’s in management program for you, frequently asked questions (faqs) about online master’s degrees in management.

• Since they are largely designed for working business professionals, many online master’s programs in management do not include field experience requirements.
• A master’s in management is considered by some experts to be more practical than an M.B.A.
• While a master’s in management is a general degree, some schools offer specialized concentrations in fields such as supply chain management, nonprofit management and human resource management.

University of Illinois Urbana-Champaign

University of florida, north carolina state university, university of the cumberlands, union college, lasell university, university of st. francis, mount vernon nazarene university, norwich university, indiana wesleyan university, featured online schools.

Learn about start dates, transferring credits, availability of financial credit and much more by clicking 'Visit Site'

Program Tuition Rate

$332/credit

Percentage of Grad Students Enrolled in Distance Education

Overall Graduation Rate

Located in the Champaign-Urbana metropolitan area, the University of Illinois (U of I) offers an online Master of Science in management program that distance learners can complete in 12 to 24 months. The program’s 36-credit curriculum includes required coursework in areas such as managerial accounting, project management , global marketing, and leadership and teams.

The program includes synchronous, live online sessions; however, students who miss these sessions can watch recorded versions at their convenience. Students take either one or two courses at a time and should expect to spend 10 to 15 hours per week on each course.

• Our Flexibility Rating: Learn on your schedule
• School Type: Public
• Application Fee: $70
• Degree Credit Requirements: 36 credits
• Program Enrollment Options: Full time, part time
• Example Major-Specific Courses: Managerial accounting; leadership and teams
• Concentrations Available: N/A
• In-Person Requirements: No

$531/credit (in-state)

Located in Gainesville, the University of Florida (UF) offers an online Master of Science in management that offers both full-time (three-semester) and part-time (six-semester) tracks. The 32-credit curriculum includes coursework in managerial accounting, managerial economics, international business law and global strategic management.

Distance learners in the program should expect to spend approximately six to 10 hours on their studies per course each week. Fall and spring courses last eight weeks, while summer courses take six weeks to complete.

• Application Fee: $30
• Degree Credit Requirements: 32 credits
• Example Major-Specific Courses: Managerial accounting, international business law

$42,974 total (in-state)

Located in the capital city of Raleigh, North Carolina State University (NCSU) offers a part-time online Master of Management program with two concentration options: marketing analytics and risk and analytics. The 30-credit curriculum includes core courses in critical thinking for managers, leading people, strategic risk analysis using Excel, and sustainability and business.

The university delivers the majority of its online coursework asynchronously, but some courses may include synchronous elements. Prospective students do not need to submit GMAT or GRE scores, but they can if they think test scores will enhance their applications.

• Application Fee: $75
• Degree Credit Requirements: 30 credits
• Program Enrollment Options: Part time
• Example Major-Specific Courses: Critical thinking for managers, leading people
• Concentrations Available: Marketing analytics, risk and analytics

$355/credit

Located in Williamsburg, Kentucky, Cumberlands is a private, Christian-affiliated university that offers a Master of Science program in strategic management. The 31-credit curriculum includes courses in areas such as strategic organizational design, management consulting, managing in a global environment, and mergers and acquisitions. All students must also complete a capstone course that involves a comprehensive written examination.

Cumberlands delivers most of its online coursework asynchronously. The program is designed for working professionals with an undergraduate business background.

• School Type: Private
• Degree Credit Requirements: 31 credits
• Program Enrollment Options: Full time
• Example Major-Specific Courses: Strategic organizational design, management consulting

$370/credit

Located in Barbourville, Kentucky, Union maintains an affiliation with the United Methodist Church. The college’s online Master of Science in management program requires 30 credits and includes courses such as management information systems, marketing for results, organizational behavior and teamwork, and leadership and human resources.

Incoming students must have earned a minimum 2.5 undergraduate GPA. Transfer students can earn up to six credits for prior coursework. Union delivers online coursework asynchronously and in eight-week terms.

• Application Fee: Free
• Example Major-Specific Courses: Management information systems, marketing for results

$675/credit

Located in Newton, Massachusetts, Lasell offers an online Master of Science in management program that requires 30 credits. The curriculum delves into topics including global leadership, financial management, strategic marketing, and ethical theory and management. Students can complete the program online or enroll in a blended/hybrid format with some on-campus coursework.

Lasell delivers most of its online coursework asynchronously for maximum flexibility. Students in the management program can choose between a research project and an in-person internship as a capstone experience.

• Our Flexibility Rating: Learn around your 9-to-5
• Example Major-Specific Courses: Global leadership, financial management
• In-Person Requirements: Yes, internship

$775/credit

Located in Joliet, Illinois, the University of St. Francis (USF) offers an online Master of Science in management program with eight concentration options, including data science in healthcare, human resource management, and management of training and development. In addition to nine credits of concentration courses, students complete a 15-credit core that includes courses in developing personal leadership and leading continuous improvement.

All students complete a management practicum experience in the field. The fastest completion timeline for this degree is 15 months.

• Example Major-Specific Courses: Developing personal leadership, leading continuous improvement
• Concentrations Available: Data science in healthcare; health administration; human resource management; instructional design in online learning; management of training and development; performance improvement; quality improvement in healthcare; supply chain management
• In-Person Requirements: Yes, practicum

$498/credit

Located in Mount Vernon, Ohio, Mount Vernon Nazarene University (MVNU) offers an online Master of Science in management program with four concentration options: logistics management, organizational management, human resource management , and human and social services leadership. Students complete nine credits in their concentration, in addition to core coursework in areas including strategic management, organizational behavior, global business and ethical leadership.

The typical student completes this degree in 16 months. The 30-credit curriculum does not include any in-person requirements.

• Our Flexibility Rating: N/A
• Example Major-Specific Courses: Organizational behavior, strategic management
• Concentrations Available: Logistics management; organizational management; human resource management; human and social services leadership

$698/credit

Located in Northfield, Vermont, Norwich is the oldest private military college in the nation. The university has recently expanded into distance learning and now offers a Master of Science program in management with 13 concentration options, including supply chain management , project management, fiscal management, organizational leadership management and nonprofit management.

The typical student completes this program in 18 months, and each online course lasts for 11 weeks.

• Application Fee: $150
• Example Major-Specific Courses: Leadership fundamentals, strategic management
• Concentrations Available: General; construction management; critical infrastructure protection and cyber crime; cyber law and international perspectives on cyberspace; cybersecurity; public sector leadership and crisis management; human resources leadership management; nonprofit management; organizational leadership management; fiscal management; technology management; project management; supply chain management

$499/credit

Headquartered in Marion, Indiana, Indiana Wesleyan University (IWU) reaches students around the world through its online National and Global campus. The university’s online Master of Science program in management includes four concentration options: data analytics, information technology management, healthcare administration, and policy and organizational change.

No matter their chosen concentration, all of the program’s students complete courses in areas such as foundations of graduate business and ethical and legal aspects of management. The program’s curriculum consists of 30 total credits. The university delivers all online coursework asynchronously.

• Example Major-Specific Courses: Foundations of graduate business; ethical and legal aspects of management
• Concentrations Available: Data analytics; information technology management; policy and organizational change

These days, an online degree might seem like the obvious choice. However, distance learning is only the right fit for a specific type of student . To determine if that’s you, ask yourself a few key questions:

• What’s your budget? Distance learning is a solid option for students looking to save money, as online students generally avoid paying campus-related costs such as housing and transportation. Additionally, some public universities allow students who exclusively enroll in online courses to pay in-state or otherwise discounted tuition rates.
• What are your other obligations? Online learning is often the right choice for parents and students who plan to work full or part time while enrolled. Many of the ranked programs in our guide were built for business professionals who want to complete their master’s degrees around their jobs.
• What’s your learning style? This is possibly the biggest question when determining whether or not online learning is right for you. If you are disciplined, organized and self-motivated, you can likely succeed in a less structured distance learning environment. If you crave regular interactions with a peer group or professor or prefer the structure of a physical classroom, campus-based learning might be a better choice.

There are two important types of accreditation: institutional and programmatic.

Institutional accreditation is the more important of the two. The U.S. Department of Education (ED) and Council for Higher Education Accreditation (CHEA) oversee the agencies that manage the institutional accreditation process. These agencies are each responsible for the schools within a group of states, vetting these schools for the quality of their academics, faculty and finances, among other areas.

You should only enroll at institutionally accredited schools, as this is the only way to qualify for federal financial aid. You can check a prospective school’s accreditation by visiting the accreditation page on its website or checking the directory on CHEA’s website.

Programmatic accreditation provides a similar vetting service in specific fields and disciplines. Its importance varies by field; however, programmatic accreditation is relatively important in business and management.

With master’s in management programs, keep an eye out for accreditation from three organizations: the Association to Advance Collegiate Schools of Business, the International Accreditation Council for Business Education, or the Accreditation Council for Business Schools and Programs.

Consider Your Future Goals

An online master’s in management program is generally a good option for an early career business professional who aspires to managerial and supervisory roles in their field. Some people claim that a master’s in management is a more practical degree than an M.B.A. , focused more on minutiae and data such as budgeting and forecasting.

As such, many schools build their programs with working business professionals in mind. To that end, many online master’s in management programs do not include field experience or practicum experiences or internships. If you want your program to include this opportunity, you’ll have to research more carefully on the front end.

Since management is a general field, some online programs in the field offer more specific concentrations in areas such as nonprofit management, human resource management or supply chain management. If you know you want to enter one of these subfields, make sure to apply to a program with the right concentration option.

Understand Your Expenses and Financing Options

Per-credit tuition rates for the 10 ranked programs in our guide ranged from $347 to $775. Over the course of a typical 30- to 36-credit master’s in management program, these rates translate to approximately $10,000 to $28,000 in total tuition.

As of the 2021–2022 academic year, the National Center for Education Statistics found that the average college charged $20,513 in annual tuition. For a one- or two-year master’s program, this translates to roughly $20,000 to $40,000 in total tuition.

Make sure to fill out the FAFSA to finance your master’s program. The FAFSA can lead to loans, scholarships and grants. You can pursue similar opportunities through nonprofit organizations and schools. You can also seek out graduate assistantships through your school, but these opportunities are often reserved for on-campus students.

Is a master’s in management worth it?

It depends on your goals and circumstances. However, if you hope to advance to a managerial role in a business field, a master’s in management is often worth it, equipping you with qualifications and skills necessary to advance your career.

Is a master’s in management the same as an M.B.A.?

No, they are two separate degrees. Some would say that a master’s in management is a more practical degree, focused on budgeting and forecasting as opposed to big-picture thinking. A master’s in management is often built for early career business professionals, while an M.B.A. targets career changers and accelerators.

How long does a master’s in management take?

The programs in our guide generally take between 12 and 24 months to complete depending on how many courses you take per term.

Mikeie Reiland is a writer who has written features for Oxford American, Bitter Southerner, Gravy, and SB Nation, among other publications. He received a James Beard nomination for a feature he wrote in 2023.

• VILLANOVA SCHOOL OF BUSINESS /
• Academic Programs /
• Graduate Programs /
• Master of Science in Finance

MASTER OF SCIENCE IN FINANCE

The world of finance has undergone a significant transformation in recent years, thanks to the rise of technology, data and quantitative analysis. For those pursuing a career in corporate finance, trading, portfolio management or elsewhere, success depends on not only a deep knowledge of finance but also on the ability to think more broadly.     

The Villanova Master of Science in Finance (MSF) offers a curriculum that combines a solid foundation in finance with exposure to the areas reshaping finance today. Over the span of 11 months, you will take an intensive course load of financial theory and principles, followed by an opportunity to explore a variety of electives in statistics, analytics, quantitative finance, investment management, real estate, machine learning, coding and more.

The MSF program ties in the latest technology with VSB’s Gmelich Lab for Financial Markets , along with the experience of VSB’s world-class faculty and noteworthy industry executives. With an emphasis on hands-on learning, you will put theory into practice with every class, giving you the confidence to think and respond on a professional level.  

• PROFESSIONAL DEVELOPMENT

Designed for recent graduates and those with a few years of work experience, the MSF program at VSB also incorporates a strong professional development component with resources and support to help you achieve your short-and long-term career objectives. Research fellowships are also available, enabling students to engage in innovative research with VSB faculty.

The MSF program at VSB has been accepted into the Chartered Financial Analyst (CFA) Institute University Affiliation Program. This status is granted to institutions whose degree program(s) incorporate at least 70% of the CFA Program Candidate Body of Knowledge (CBOK), which provides students with a solid grounding in the CBOK and positions them well to sit for the CFA exams.

STEM-DESIGNATED

The Villanova MSF program is STEM-designated, meeting governmental criteria as an approved field of study in science, technology, engineering or mathematics. International students who complete the MSF and are working in their direct field of study are eligible to apply for a potential STEM OPT visa extension to gain up to an additional 24 months of work experience. Visit the Department of Homeland Security website for additional details.

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“When I joined the MSF program, I expected to only learn technical skills. I discovered that this program goes beyond teaching technical finance skills to teach you how to excel as a professional through networking, emotional intelligence, negotiation and soft-skill development.” MORE...

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“The MSF Program at Villanova University prepared me for my career by providing an extensive and supportive alumni network to help strengthen my professional network and serve as mentors upon leaving school. It also prepared me by providing in-depth instruction and curriculum that translated to practical application outside the classroom.” MORE...

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Your Guide to Graduate School Loans

Financing grad school can seem daunting. See how to cover the cost of your tuition and other expenses with graduate student loans (federal and private).

This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.

At-A-Glance

Federal student loans and private student loans can help you pay for graduate school by spreading out the cost.

As you compare loans for your graduate degree, consider factors like interest rates, repayment plans, fees, and potential benefits.

In addition to loans, you may also be able to cover the cost of your education with scholarships, grants, work-study programs, income-based assistance, and part-time jobs.

Graduate school can be a good long-term investment in your future. However, it can be difficult to cover the high cost. According to the National Center for Education Statistics, graduate students at public universities pay an average of over $11,000 per year, just for tuition and related fees. 1

Taking advantage of graduate student loans could be a good solution to help spread the costs of graduate school and make your education more affordable. Before you start applying, here’s a closer look at the various student loan options that may be available to you as a current or future grad student.

Types of Federal Graduate School Student Loans

Just like undergraduates, graduate students can also obtain federal student loans.

There are a few different types of federal student loans, including:

• Direct Unsubsidized Loan You can take out a Direct Unsubsidized Loan, even if you don’t show financial need. These loans are available for both undergraduate and graduate students. With a Direct Unsubsidized Loan, interest will start to accumulate on the date you receive the funds from your school. 2
• Direct Subsidized Loans Direct Subsidized Loans are available for undergraduate students with financial need. They cover all accrued interest while you’re in school, as well as during deferment and grace periods. 3
• Direct PLUS Loans Direct PLUS Loans are specifically created for graduate students as well as eligible parents who want to finance their children’s education. 4 These loans are unsubsidized and have a fixed interest rate, meaning that interest will accrue while the student is in school. Keep in mind that there are two types of Direct PLUS Loans: the Grad PLUS loan and the Parent PLUS loan. 5

The repayment plans for these loans include the Standard Repayment Plan, the Graduated Repayment Plan, and the Extended Repayment Plan. When you graduate, you will automatically be enrolled in the Standard Repayment Plan, unless you opt for a different plan. If you’d like to be placed on a different plan, you’ll need to contact your loan servicer. 6

How to Apply for Federal Graduate School Student Loans

If you’re interested in federal graduate student loans, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). Be prepared to share your Social Security number, federal income tax returns, and bank statements (if applicable). 7

Your college or university will use your FAFSA information to determine your financial aid eligibility. Then, they’ll send you an award letter that explains how much aid you qualify for. You can work with your school’s financial aid office to claim the aid if you’d like. 8

Types of Private Student Loans

Unlike federal student loans which are funded through the federal government, private student loans are offered by private lenders. These loans may use your credit score to determine eligibility. In general, private student loans come from state-based and nonprofit lenders or for-profit lenders. 9  

• State-Based Student Loans Depending on where you live or attend graduate school, you may qualify for state-based student loans. State-based student loans are typically private loans offered by state agencies and non-profit organizations. These loans are considered private student loans, which means they don’t qualify for federal benefits. However, they can provide better terms than other private lenders. 10
• For-Profit Lenders For-profit lenders who offer graduate student loans include banks, credit unions, and lenders. These loans may have higher borrowing limits than federal student loans do. They may have higher interest rates as well. They also may focus on your credit score to determine eligibility, so if you don’t have strong credit, then you may want to consider applying for them with a cosigner, a close friend, or a family member with strong credit. 11

How to Apply for Private Graduate School Student Loans

When applying for private graduate student loans, it’s a good idea to shop around. Fortunately, many private lenders will let you prequalify online and check potential rates and terms without any impact to your credit.

You can compare your options and zero in on the ideal loans for your unique situation. Once you find a loan you’d like to pursue, you may fill out a formal application online or in person at a local branch. 12

Comparing Loan Options

As you compare student loans for graduate school, keep the following in mind: 13  

• Interest Rates Ideally, you’d choose the loan with the lowest interest rate. The less you spend on interest, the more money you’ll save on your graduate education. A better rate can lead to thousands of dollars in savings.
• Repayment Plans Repayment plans for graduate student loans can vary greatly. Your interest charges and monthly payments may be spread out equally over the life of your loan. In some cases, you might start off with lower monthly payments that go up over time. You might also find repayment plans that are tied to your monthly income and require you to pay a percentage of your earnings each month.
• Fees Some loans come with fees, such as origination fees, application fees, and disbursement fees. Since fees can increase your overall cost of borrowing, it’s important that you understand what they are and determine how much you’ll pay for them in the long run.
• Benefits Federal loans usually offer additional benefits, such as student loan debt forgiveness programs and income-based repayment plans.

It’s important to choose carefully when contemplating federal and private student loans, since each loan has different interest rates, repayment terms, and fees. 14

Alternatives to Graduate School Student Loans

When it comes to graduate school student loans (or any student loans), it’s always worth looking into alternative options that can help you to pay for your education, helping you to keep your student loan debt down. 15  

• Grants Grants are typically awarded based on financial need. Once you receive a grant, there’s a good chance you won’t have to repay it. They’re often offered by state or federal financial aid that is given to a specific college or university.
• Scholarships Graduate scholarships can be need-based or merit-based. As with grants, they don’t require repayment. You might be able to secure a scholarship by earning a high GPA, for example.
• Work-Study Programs The federal work-study program is offered to undergraduates and graduates who demonstrate financial need. If you qualify for work-study, you may be able to work a job while you study and use your earnings to help cover your education.
• Part-Time Job Depending on the nature of your graduate program, you may be able to get a part-time job while you’re in school. A part-time job, such as tutoring or food delivery may offset some of your expenses and make your degree more affordable.
• Savings If you build up savings, you can apply some of it toward graduate school. The earlier you start saving, the more money you’ll have available to you and the less you’ll have to borrow. It may be a good idea to consider putting your savings in an account that will generate interest. A high-yield savings account (HYSA) is one account you’ll want to consider. A HYSA will typically offer a much higher return on your savings compared to a traditional savings account.

• Income-Share Agreements With an income share agreement (ISA), you can receive funds for your education while you’re in grad school and repay it via a fixed percentage of your income once you graduate. The percentage and repayment term will be determined after you commit to the agreement. 16
• Employer-Paid Tuition Some employers will cover a portion of or all of your graduate education. Do your research and try to find a job with a company that offers tuition reimbursement. This is a perk that certain companies may offer as part of their employee benefits package.

Did you know?

Before you move forward with a graduate degree, you’ll want to make sure it’s the right move for your particular field. Do research to understand what type of salary you can expect in your particular field with a postgraduate degree. 17

Frequently Asked Questions

Does the fafsa apply to graduate students.

The FAFSA is for undergraduate and graduate students who are interested in federal student loans. It’s important to complete it as soon as you decide to pursue a graduate education. 18

Are graduate students eligible for Pell Grants?

The Pell Grant is not for graduate students. It’s geared toward undergraduates who show financial need. 19

Is there a maximum financial aid limit for graduate students?

There is no limit to the number of grants, scholarships, and other types of financial aid you can apply for. However, there is a limit with federal student loans, and may include loans received for undergraduate study. 20

The Takeaway

Graduate school can be an expensive endeavor. By understanding the types of federal student loans and private student loans available to you, you’ll find it easier to cover its cost. You should also explore alternative funding options, such as scholarships, grants, work-study programs, and part-time jobs.

Show Article Sources

1  “ Trend Generator ,” National Center for Education Statistics

2,3,4,14  “ Federal vs. private student loans: What's the difference? ,” Bankrate

5  “ What is a Direct PLUS loan? ,” Consumer Financial Protection Bureau

6  “ Federal Student Loan Repayment Plans ,” Federal Student Aid, an Office of the U.S. Department of Education

7  “ What information will I need to fill out a FAFSA form? ,” Federal Student Aid, an Office of the U.S. Department of Education

8  “ How Financial Aid Works ,” Federal Student Aid, an Office of the U.S. Department of Education

9,11,12,19,20  “ Financial Aid Guide for Graduate Students ,” BestColleges

10  “ State Student Loans ,” LendEDU

13  “ Things To Compare / Contrast While Researching Student Loan Options ,” CollegeRaptor

15,17,18  “ How to Pay for Grad School ,” Forbes

16  “ Income share agreements: Everything you need to know ,” Bankrate

Anna Baluch  is a personal finance writer from Cleveland, OH. She enjoys helping people from all walks of life make smart financial decisions. Her work can be seen on Credit Karma, Forbes, LendingTree, Insurify, and many other publications. Connect with Anna on LinkedIn .

All Credit Intel  content is written by freelance authors and commissioned and paid for by American Express. 

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Financing Your MBA: Planning and Budgeting Tips

Use these tips for financing your MBA and choosing an MBA that meets your career and financial goals.

Earning an MBA gives you the skills and network to lead with impact. As you explore your options for pursuing an MBA, it’s crucial to understand all the options for financial aid. Let’s take a deep dive into financing your MBA at the Foster School of Business .

Financial aid encompasses various forms of assistance, including scholarships, grants, loans, and work-study programs. The Foster School of Business has simplified each step of the financial aid process, empowering you to make informed decisions.

Please note that this information is for students who are U.S. citizens or permanent residents.

Financing your MBA: Overview

Financial aid is any resource you do not withdraw from your bank account or other assets. When considering financial aid, it’s essential to understand the concept of financial need , which is determined by factors such as the cost of the MBA program and the expected family contribution (EFC).  This is determined by subtracting the expected family contribution from the total cost of the MBA program. The expected family contribution is calculated based on the financial resources of the student and the student’s family, minus related expenses. Financial aid is evaluated and processed yearly, and the expected family contribution may change between enrollment years.

When budgeting for an MBA program, it’s crucial to establish a framework that suits individual preferences and needs. Consider creating a spreadsheet or using other methods to monitor expenses and deadlines. Understanding the program’s start date and duration is crucial, especially considering how the academic calendar spans multiple years, potentially impacting financing options such as employer tuition reimbursement or tax deductions.

Identifying payment due dates throughout the program is also essential. By overlaying these dates with estimated costs and funding sources, you can ensure you stay on track with your financial obligations.

It’s also essential to understand the specifics of MBA expenses. Foster MBA programs operate on an all-inclusive model , encompassing tuition, materials, and other associated costs within the program fee. Students don’t have to worry about additional expenses such as textbooks or campus parking fees. The all-inclusive model makes it easier to budget for financing your MBA.

Find your best fit: Full-Time MBA Calculator

The Foster School of Business developed a free Full-Time MBA rankings calculator to help you find your best fit and identify the most cost-effective program. (The calculator only offers insights into two-year, in-person, full-time programs.) Use the calculator to match your priorities using business school rankings data from Poets & Quants , Businessweek , Financial Times , Forbes , and the U.S. Department of Education. The MBA calculator’s metrics include average student debt upon graduation and return on investment.

Exploring MBA funding sources

Students usually fund MBAs with several sources, including:

• Personal Earnings and Savings
• Employer Support: Some companies offer tuition reimbursement programs for employees pursuing higher education. Check with your employer to see if you qualify.
• Scholarships: Scholarships provide merit-based or need-based financial assistance. Multiple avenues exist to secure a scholarship, including fastweb.com , a free service that provides personalized scholarship recommendations. Students from traditionally underrepresented communities may also qualify for specialized scholarships.
• Federal Student Loans: Federal student loans offer funding options for MBA students.

Grants: Grants are similar to scholarships but are typically awarded for specific purposes, such as research or study abroad.

MBA student loan options

The most commonly used resource for financing an MBA is the Free Application for Federal Student Aid (FAFSA). Prospective Foster MBA students should include the school code 003798 on the form.

Upon completing the FAFSA, the student and the educational institution receive a copy of the Student Aid Report. This document outlines the applicant’s financial standing and eligibility for aid.

Foster uses the information from the FAFSA to generate award letters detailing the financial aid packages available to accepted students. These letters serve as a guide to evaluate and accept or decline various forms of financial assistance.

Types of student loans

Understanding the types of student loans available is crucial in making informed decisions about financing your MBA. There are two categories of Federal student loans: the federal direct Unsubsidized Graduate Stafford Loan program and the Federal Direct Graduate Plus loan.

The Stafford Loan program enables students to borrow up to $25,000 unless the borrower had previously defaulted on a prior student loan.

The Federal Direct Graduate Plus loan (GPLUS), which is based on creditworthiness, allows you to borrow up to the full remaining cost of the program minus any other aid awarded.

Students can qualify for both programs, which, when combined, can potentially fund the entire cost of an MBA (without using personal savings).

Pay careful attention when completing the student loan application process, and provide any additional documentation required for loan disbursement. The financial aid cycle operates annually, so you must complete the FAFSA each academic year.

Education Benefits for Veterans and Military

Veterans or military personnel may qualify for additional exclusive means to finance their educations based on their service level and transition status. Timing is crucial, particularly for those transitioning out of the military, as there should be a clean break between service end and filing for VA (Department of Veterans Affairs) benefits.

Funding for qualified veterans through the VA typically encompasses tuition, book stipends, and a monthly housing allowance. (Active-duty members will not receive the same benefits.)

Among the programs used by incoming students, Chapter 33 (Post-9/11 GI Bill) is the most common. In contrast, Chapter 31 (Vocational Rehab) and Chapter 30 (Montgomery GI Bill) are less common due to changes in eligibility and benefits over time but might be applicable depending on your circumstances.

As part of your research, verify whether your program is part-time or full-time. For example, Foster’s Executive MBA program is considered full-time, generally defined as taking at least ten credits per quarter, which impacts the amount of financial aid available vs. part-time programs.

If you’re the child of a veteran or active-duty military personnel, you may qualify for other funding. For example, your parent may have transferred education benefits to you upon their retirement. Be sure to explore all your options.

To learn more, students can contact the University of Washington’s Veterans Benefits Office or the VA advisor for Foster Executive MBA students. 

Financial aid office

The University of Washington’s Student Financial Aid Office is a crucial student resource. This office is central to generating award offers and helping students who need to change their financial situations. Don’t hesitate to reach out.

Personalized support

For personalized assistance and guidance for financing your MBA, contact our Foster MBA teams for support.

The Foster School of Business offers hands-on programs for future leaders who want to accelerate their impact, build meaningful connections, and grow in the innovation epicenter of the Pacific Northwest.

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Adults returning to college for a graduate degree: What to know

After a health scare, Kim Posillico returned to school for a long-delayed master's degree. Credit: Morgan Campbell

After graduating from college in 2006, Kim Posillico planned to continue her studies — but life got in the way.

While pursuing her master’s degree part time, Posillico, 49, of Oakdale, said she was also juggling being a mother and working as a middle school English teacher.

“It was a lot,” she recalled.

Posillico wound up leaving graduate school. But after suffering two strokes in February 2021, she said she was inspired to try again. In May, she finally got her master’s degree from Stony Brook University.

“It’s a lot harder to do things when you’re older. I don’t have the same experiences as most of the other people in our classes,” she said. But, she noted, “I also had other opportunities to include things I have learned in my 49 years that they did not know. It’s very good because we can bounce off one another.”

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According to the National Center for Education Statistics, 31% of full-time and 62% of part-time graduate students were over 30 as of fall 2021.

“There are plenty of people who might have started school or are working in the field and they realized, ‘Maybe this isn’t what I want to do with my life full time,’ ” said Frederick Koromi, director of graduate admissions at Stony Brook University.

Ephraim Hathaway had just such an epiphany in 2020.

After graduating from Carnegie Mellon University in Pittsburgh, Hathaway, 34, of Manhattan, said he worked for eight years at Shell as an on-site representative and drilling engineer. As he traveled across the country for his job, he found that he liked talking to people about their well-being. When work briefly shut down during the pandemic, Hathaway said he began to reevaluate his career choice.

“I just had the time to reflect on . . . what was most important to me, and that was those conversations I’ve had with people about what they want to do to be healthy,” he said.

After attending postbaccalaureate programs to fulfill his prerequisites and working with patients, Hathaway said he was accepted into Hofstra University’s medical school and started studying to become a doctor in the summer of 2023.

Of the gap between undergraduate and medical school, he said, “I needed that time . . . to be more sure of who I was.”

MOTIVATING FACTORS

According to Frederick Koromi, director of graduate admissions at Stony Brook University, there are many reasons someone may return to school later in life, including changing careers; needing to obtain further certification in their field; or taking time off to start a family before pursuing an advanced degree. 

The average annual cost of a two-year master's degree program is $20,000-$25,000 at a public university or college, and $50,000 or more at a private institution, according to Koromi.

FINANCIAL ASSISTANCE  

Looking to finance your academic dreams? Experts offer the following suggestions:

• Fill out the Free Application for Federal Student Aid (FAFSA) form to determine your eligibility for federal grants, work-study funds and loans.
• Search for scholarship opportunities at  bit.ly/46yEKbr .
• Consider private student loans.
• Check whether your employer offers tuition assistance or reimbursement programs.

HOW TO PREPARE

Those who are uncertain they want to go to graduate school can try non-degree study courses, which offer an opportunity to gauge their interest without committing to a degree program.  Postbaccalaureate courses, taken after completion of an undergraduate degree, can help an individual transitioning to a different career or professional school who need to meet certain prerequisites.

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