PhD in Finance | Lundquist College of Business

Program Structure

While the Ph.D. program is rigorous and challenging, it is also small and collegial. Typically, two new students enter the program each year and work closely with their fellow Ph.D. students in finance and accounting. Students develop valuable working relationships with one another and faculty that continue long after completion of the program.

The program's faculty are productive scholars and enthusiastic mentors. They are readily accessible in offices near those of the Ph.D. students. Ph.D. students actively and regularly participate in informal research discussions and present their own work. Ph.D. students also take part in research seminars given by the school's faculty and by invited faculty from other universities. Faculty members are active researchers who publish regularly in scholarly finance journals. Many have served in editorial positions with prominent journals and are widely recognized for their empirical research in the areas of corporate finance and investments.

The Ph.D. program requirements include courses and a qualifying examination in the major area of finance; courses in economics and statistics; two research papers; and a thesis. Prior to the first term in the program, most students take a short course on the mathematical tools of economic analysis.

Major area requirements

Students are required to take at least two Ph.D. seminars in each of the first two years. In preparation for the Ph.D. seminars, they are also are encouraged to take upper level finance courses in the M.B.A. program, such as Concepts of Investments and Advanced Financial Management. In addition to courses offered in the finance department, students also take courses and seminars in economics, statistics, econometrics, and accounting. Individual programs of study are tailored to students' interests and prior coursework.

The qualifying examination in finance, given in two four-hour sessions over two consecutive days, is taken during the summer following the second year of the Ph.D. program. Students who fail the first time have an opportunity to re-take the qualifying exam.

Courses in Economics and Statistics

Students must complete three courses in economics and five courses in statistics or econometrics. Typically, students take a sequence of statistics and econometric courses and a sequence of microeconomics courses offered by the economics department. Statistics, decision sciences and accounting departments also offer courses on empirical methods.

First-year research paper

The first-year research paper is due at the beginning of the fall term of the second year in the program. This paper gives students the opportunity to do independent research at the beginning of the doctoral program. In addition, the paper helps students identify specialized interests, develop writing and research skills and offers them the chance to interact with faculty. The student submits a short proposal spring quarter and a faculty advisor is assigned at that time. Most of the work on this project is completed during the summer following the first year. Students present the results of their research early in the second year of the program.

Second research paper

The second research paper is due six months after passing the qualifying examination in finance. This paper maintains the student's involvement in independent research and generally leads to the research topic for the doctoral thesis. Students work with two faculty advisors on this research.

The Thesis

The thesis is an original project that adheres to high standards of exposition, contributes to knowledge in the field of financial economics and demonstrates an ability to conduct independent research. Students are responsible for identifying their area of research and work informally with faculty in developing their topic and project. When the project is well-defined, the student forms a thesis committee that typically consists of a faculty advisor, two other faculty from the Lundquist College and one faculty from another department within the university. The student presents a thesis proposal to the faculty and other Ph.D. students after the thesis committee agrees that a suitable topic has been chosen and substantial progress has been made toward completion of the project. Ideally, the thesis proposal is defended by the beginning of the fourth year of the program.

A successful defense of the thesis proposal results in a written agreement between the student and the committee that acknowledges the project can be successfully completed. A defense of the thesis is presented when the student and the thesis committee agree that the thesis is essentially completed. A student making steady progress should complete all of the degree requirements within four years of entering the program.

Finance Ph.D. Seminars

Formal Ph.D. coursework in finance takes place in the Ph.D. seminars. The objective of the seminars is to teach students the fundamental theories, analytical techniques, and empirical methods that are employed in finance research. The seminars typically involve lively discussions and debate, and are designed to enhance the students' ability to critically evaluate others' research and to develop their own research projects.

Given the small number of faculty in the finance department, it is not possible to cover in-depth all the subfields of finance. The goal of the seminars is to provide sufficient depth in training in a few areas such that students develop the facility to study and master other fields independently.

Currently, faculty expertise resides in empirical research within the areas of corporate finance and investments.

Finance Ph.D. seminars cover the core topics of: fundamentals of valuation, utility and portfolio theory, asset pricing, options and futures, capital structure, and empirical methods. The seminars also cover such topics as corporate governance, dividends and repurchases, term structure of interest rates, fixed income securities, and financial institutions.

Training in Effective Teaching

Developing effective teaching skills is a significant part of the Ph.D. program and increasingly important in attracting offers in the academic job market. Students participate in teacher training activities conducted by the Lundquist College and by the University's Teaching Effectiveness Program. In addition, students are encouraged to observe classes taught by faculty, to serve as teaching assistants, and to use the resources available in the University's Teaching Effectiveness Program. Students typically teach four quarter-length undergraduate courses during the second through fourth years of the program.

Recent Placements

Hai Tran (2015, Loyola Marymount University)
Andrea Anthony (2014, Oregon State University)
Jason Turkiela (2014, Washington State University)
Egemen Genc (2012, Erasmus University, Netherlands)
Nguyen Tu (2011, La Trobe University, Australia)
Chung-Shin Liu (2011, Southwest University of Finance & Economics, China)
Chanyoung Eom (2011, Hanyang University, Korea)
Aziz Alimov (2007, California State University - Fullerton)
Laura Liu (2006, California State University - Fullerton)
Liwei Shan (2006, Southwestern University of Finance and Economics - China)
Susan Elkinawy (2003, Loyola Marymount University)
John Blease (2002, University of New Hampshire)
Sandy Klasa (2002, University of Arizona)

Finance PhD Program