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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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PhD Program in Finance

2023-24 curriculum outline.

The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation. Attendance at the weekly Finance Seminar is mandatory in the second year and beyond and is encouraged in the first year.  During the first two years, students are engaged primarily in coursework, taking both required and elective courses in preparation for their general examination at the end of the second year.  Students are required to complete a research paper by the end of their fifth semester, present it in front of the faculty committee and receive a passing grade.  After that, students are required to find a formal thesis advisor and form a thesis committee by the end of their eighth semester. The Thesis Committee should consist of at least one tenured faculty from the MIT Sloan Finance Group.

Required Courses

The following set of required courses is designed to furnish each student with a sound and well-rounded understanding of the theoretical and empirical foundations of finance, as well as the tools necessary to make original contributions in each of these areas. Finance PhD courses (15.470, 15.471, 15.472, 15.473, 15.474) in which the student does not receive a grade of B or higher must be retaken.

First Year - Summer

Math Camp begins on the second Monday in August. 

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

14.451/14.452 Macro Theory I/II ( strongly recommended)

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

14.453/14.454 Macro Theory III/IV (strongly recommended)

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

  14.384 — Time-Series Analysis or  14.385 — Nonlinear Econometric Analysis  (Enrolled students receive a one-semester waiver from attending the Finance Seminar due to a scheduling conflict)

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

 15.474 — Current Topics in Finance (strongly encouraged to take multiple times)

15.475 — Current Research in Financial Economics

Recommended Elective Courses

Beyond these required courses, students are expected to enroll in elective courses determined by their primary area of interest. There are two informal “tracks” in Financial Economics: Corporate Finance and Asset Pricing. Recommended electives are designed to deepen the student's grasp of material that will be central to the writing of his/her dissertation. Students also have the opportunity to take courses at Harvard University. There is no formal requirement to select one track or another, and students are free to take any of the electives.

• Doctoral Programs

Financial economics encompasses a broad area of topics and issues, including corporate investments and financing policy, security valuation, portfolio management, the behavior of prices in speculative markets, financial institutions, and intermediation.

The PhD specialization in finance is designed to give the student a strong background for study and research in both theoretical and empirical work in finance and related areas. Emphasis is placed on understanding the important concepts and models. Students normally take several graduate courses in the Department of Economics, particularly in microeconomics and macroeconomic theory, the economics of uncertainty, and econometrics.

The program offers two courses specifically in financial theory and its applications. In addition, the faculty and doctoral students attend a seminar that features speakers from around the country. However, the specialization is built primarily around individual study and research under the guidance of the faculty.

Examples of potential areas of research for the financial economics dissertation:

• Principal-agent relationships
• Financial intermediation
• Efficiency of markets
• Portfolio selection

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PhD in Finance

• PhD in Management Science and Operations Management
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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

Associate Professor of Finance and MV Advisors Faculty Fellow

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

Associate 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 Associate 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

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship 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.

Initiative on Global Markets Enhancing the understanding of business and financial market globalization, the IGM 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 Agustin Hurtado Young Soo Jang Piotr Langer 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 Program at 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!

About / Departments

Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

Download the Finance PhD poster (PDF)

Explore Stern PhD

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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

For information on courses and sample plan of study, please visit the University Graduate Catalog .

Get the Details.

Visit the Finance website for details on program requirements and courses. Read faculty and student research and bios to see what you can do with a Finance PhD.

Finance Doctoral Coordinator Prof. Luke Taylor John B. Neff Associate Professor in Finance, Professor of Finance Co-Director, Rodney L. White Center for Financial Research Email: [email protected] Phone: (215) 898-4802

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Finance, PhD

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, have 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

For more information: https://fnce.wharton.upenn.edu/programs/phd/

View the University’s Academic Rules for PhD Programs .

Required Courses

The course of study for the Ph.D. in Finance requires the completion of 18 graduate course units.

Students can satisfy these additional course credits in the following ways. 1. Transfer Credits 2. Electives from Other Departments: Economics, Statistics, Accounting, Mathematics, etc. 3. Seminar Courses: Students should limit seminar courses (FNCE 9500s) to a maximum of three (3). These credits require students to attend weekly seminars and write referee reports. A permit is required. The PhD Program Coordinator must approve before a permit is issued.

The degree and major requirements displayed are intended as a guide for students entering in the Fall of 2023 and later. Students should consult with their academic program regarding final certifications and requirements for graduation.

Sample Plan of Study

Usually given in June after the student's first year in the program.  If the student fails, he/she can take the following June.  If the students fails the exam twice, the student will not normally be allowed to stay in the program.

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The Financial Economics PhD program is a joint degree offered through the Finance Department at the Kellogg School of Management and the Economics Department at the Weinberg College of Arts and Sciences. 

Students within Financial Economics will have access to a broad array of faculty across a variety of disciplines within economics, tapping into the interdisciplinary strengths found within our Finance-Economics curriculum. Additionally, this program benefits by location – our Economics department, PhD students, and research faculty are conveniently located within our new building, the Global Hub, just one floor down from the Finance department.

Some of the most active areas of current research are at the intersection of economics and finance. The aim of the Financial Economics program is to leverage the close ties and common research interests of the Economics Department and the Finance Department at Northwestern to train PhD students interested in these interdisciplinary areas. Students are required to do coursework in multiple fields in economics and finance, and are exposed to the most up-to-date models and methods in these fields. Faculty members from both departments supervise students as they develop their own research projects. PhD students also benefit from close collaborations with students in both departments, and participate in weekly seminar series that draw faculty and PhD students together for scholarly discussions across common research areas, including finance, macroeconomics, industrial organization, development economics, economic theory, and more. The program aims to produce scholars who can be successful in both economics and finance departments. 

Active Research Areas : The study of finance aligns with numerous areas within economics: macroeconomics, public finance, econometrics, household finance, economic development and economic history. This is why broad training in economics is essential for those who wish to do innovative work that straddles both finance and economics. Some examples include the financing and investment decisions of firms, households and governments; the interplay between asset prices, capital markets and the macro-economy; and the role and limitations of financial institutions in facilitating access to credit.  

Financial Economics PhD students will collaborate with world-renown scholars within our Finance and Economics departments. They include elected fellows of the American Academy of Arts and Sciences, the Econometric Society, the Society for Financial Econometrics, and the National Bureau of Economic Research. They serve/served as directors of the American Finance Association and past-presidents of the Econometric Society and Western Finance Association. Several faculty serve/served in editorial positions at leading journals, such as the American Economic Review , Econometrica , Journal of Economic Theory , Journal of Finance and RAND Journal of Economics . Recent publications within top economics and finance journals include American Economic Review , Econometrica , Journal of Finance , Journal of Financial Economics, Journal of Political Economy, Review of Economic Studies, and Quarterly Journal of Economics.

What We Are Looking for in Applicants

We seek students with strong training in mathematics and statistics and a solid background in economics, either through prior study or through work and research experience. Recommended coursework at an advanced level includes calculus, linear algebra, optimization, probability and statistics . Prior research experience is not required.

There are two points of entry into the Financial Economics program: as a new graduate student to Northwestern or as a transfer student from either the Economics or Finance PhD programs.

• New Graduate Student to Northwestern – Applicants submit one application to the Financial Economics PhD Program that is reviewed by both Finance and Economics faculty, who then render a joint admission decision. Students enter the program as a first-year PhD student. 
• Transfer Student – Economics or Finance PhD students who are completing their first year of study and have satisfied all the requirements within Economics may apply for a transfer by contacting the Director of Graduate Study in the program they are currently enrolled in. Applications must be approved by both the Economics and the Finance admissions committees. If the application is approved, the student will initiate a degree transfer request to The Graduate School.

Program Requirements

Coursework In years one and two, students take three or four courses each quarter (fall, winter, spring). The first-year students complete the three core sequences in Microeconomics, Macroeconomics and Econometrics. In year two, students enroll in a minimum of nine approved courses including at least two courses from the sequence in asset pricing, at least two course in corporate finance, two economics field sequence of at least two quarters each, and at least one course in economic history. Students must maintain a minimum 3.0 grade point average (GPA).

Qualifying Exam At the end of year one, students are required to establish competence in the three cores areas of study: Microeconomics, Macroeconomics, and Econometrics. This competence is satisfied by achieving a 3.0 GPA in each of the three-courses sequences.

During the summer following the student’s second year of study, students must pass a comprehensive qualifying exam designed to measure competence in both asset pricing and corporate finance or they demonstrate competence by maintaining a 3.6 GPA average across both course sequences.

Candidacy As students transition from coursework to research, they are required to write an original research paper in the summer of their second year supervised by a faculty advisor. Students present their completed research project to the faculty of the joint program in September following the summer quarter of their second year. At that time, their performance is reviewed by the faculty of the joint program, and upon successfully completing their coursework, passing of their qualifying exam and second-year paper, students are admitted to candidacy.

Third-Year Paper A second paper is typically completed by winter quarter of the third year and presented during the Economics 501 seminar of spring quarter of the third year. The research paper has to be sufficiently advanced to be part of the student's dissertation.

Research, Proposal & Dissertation The main activity in years three and four is research toward a thesis of publishable quality, under the direction of one or more faculty advisors.  A thesis proposal must be presented to the faculty committee no later than the end of the fall quarter of their fourth year of study. In their final year in the program, each candidate must complete a dissertation demonstrating original and significant research and must pass a final oral examination (“defense”) on the dissertation.

Teaching Requirement To promote engagement with faculty and integration with the intellectual life of the department, students serve as research assistants and teaching assistants during years two, three, and four. Research assistantships (RAs) are an excellent lead-in to research; teaching assistantships (TAs) prepare students for teaching after obtaining the PhD.

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UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)  Application deadline:  31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 may still be considered, see details below) Entry:  Applicants must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ‘ Level 2 ’ (IELTS and TOEFL are the preferred test, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the  UCL English Language Requirements  page.

The MRes and PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.

The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics. 

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

PhD Structure

• The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.
• Superior performance is required for automatic progression from MRes to MPhil. In particular, students should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element.
• Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our faculty members throughout their doctoral study. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules.
• We expect our PhD graduates to have as their goal an academic career as a faculty member in a top business school or Economics department or in the research group of an international institution or a central bank.

Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules. 

All modules in the MRes year are core modules, there are no optional modules. 

• ECON0107 - Macroeconomics, 15 credits  
• ECON0106 - Microeconomics, 15 credits  
• ECON0108 - Econometrics, 15 credits  
• ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
• MSIN0234 - Topics in Financial Economics, 30 credits  
• MSIN0135 - MRes Financial Economics Research Project, 105 credits  

The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations. 

Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.  

Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken.

Why choose us

What makes us different:.

Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in Bloomsbury, London’s historical intellectual centre.

If you want to become an academic economist conducting research in finance, this programme is for you.  

UCL School of Management and the Department of Economics  

Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship. 

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF . 

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career. 

As a research student you will join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

Applications

Applying for our mres/phd programme.

Entry requirements and admissions criteria:

Applicants to the MRes+PhD programme must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications. 

We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application by 31 January 2024 will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability, or will come with their own funding.

In your personal statement you are expected to suggest one or more faculty members as potential supervisors. On the application form you may see that it states that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.

We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to:

IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests.

TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests. 

Application Deadline

The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.

Application Procedure

Apply via UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents:

• Official Transcripts of Grades / Course marks
• A 1 page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD.
• Your  GRE  score report, if you took the test.
• Your IELTS/TOEFL score report, if English is not your first language.

Funding/Scholarships

We offer fully funded five year scholarships to all admitted students who apply before the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free. 

Successful candidates who have submitted their application after 31 January 2024 may receive a scholarship subject to availability or will come with their own funding.

Additional Costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying.  Students may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy. 

Further Information and Contact Details

The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.

How to Apply

For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .

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Programme Information

Application process, admissions requirements.

Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.

Further Information

If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team ( [email protected] )

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PhD Course Descriptions

Fnce9110 - financial economics (course syllabus).

The objective of this course is to undertake a rigorous study of the theoretical foundations of modern financial economics. The course will cover the central themes of modern finance including individual investment decisions under uncertainty, stochastic dominance, mean variance theory, capital market equilibrium and asset valuation, arbitrage pricing theory, option pricing, and incomplete markets, and the potential application of these themes. Upon completion of this course, students should acquire a clear understanding of the major theoretical results concerning individuals' consumption and portfolio decisions under uncertainty and their implications for the valuation of securities.

Prerequisites: ECON 6100 OR ECON 7100

FNCE9120 - Corp Fnce and Fin Instit (Course Syllabus)

This course provides students with an overview of the basic contributions in the modern theory of corporate finance and financial institutions. The course is methodology oriented in that students are required to master necessary technical tools for each topic. The topics covered may include capital structure, distribution policy, financial intermediation, incomplete financial contracting, initial and seasoned public offerings, market for corporate control, product market corporate finance interactions, corporate reorganization and bankruptcy, financing in imperfect markets, security design under adverse selection and moral hazard, and some selected topics.

FNCE9210 - Intro Empir Methods Fin (Course Syllabus)

This course is an introduction to empirical methods commonly employed in finance. It provides the background for FNCE 934, Empirical Research in Finance. The course is organized around empirical papers with an emphasis on econometric methods. A heavy reliance will be placed on analysis of financial data.

Prerequisites: FNCE 9110 AND STAT 5100 AND STAT 5110

FNCE9220 - Continuous-Time Fin Econ (Course Syllabus)

This course covers some advanced material on the theory of financial markets developed over the last two decades. The emphasis is on dynamic asset pricing and consumption choices in a continuous time setting. The articles discussed include many classical papers in the field as well as some of the most recent developments. The lectures will emphasize the concepts and technical tools needed to understand the articles.

Prerequisites: FNCE 9110 AND ECON 7100 AND 7110

FNCE9230 - Fin Econ Under Imp Info (Course Syllabus)

This course covers general equilibrium and rational expectations, foundations of the theory of information; learning from prices in rational expectations equilibrium models, moral hazard, adverse selection, and signaling bidding theories.

Prerequisites: FNCE 9220

FNCE9240 - Intertemporal Macro Fin (Course Syllabus)

This is a doctoral level course on macroeconomics, with special emphasis on intertemporal choice under uncertainty and topics related to finance. Topics include: optimal consumption and saving, the stochastic growth model, q-theory of investment, (incomplete) risk sharing and asset pricing. The course will cover and apply techniques, including dynamic programming, to solve dynamic optimization problems under uncertainty. Numerical solution methods are also discussed.

FNCE9250 - Topics in Asset Pricing (Course Syllabus)

This course exposes student to recent development in the asset pricing literature. The starting point for the course is the standard neo-classical rational expectations framework. We will then investigate where this frameworkhas succeeded and where it has not. Recently documented deviations from the framework in the literature are discussed and placed in context. The course will also focus on hypothesis development, recent research methods, and research writing. The ultimate objective is for students to develop their own hyoptheses and research ideas, resulting in a paper.

FNCE9260 - Empirical Meth Corp Fn (Course Syllabus)

The course will cover a variety of micro-econometric models and methods including panel data models, program evaluation methods e.g. difference in differences, matching techniques, regression discontinuity design, instrumental variables, duration models, structural estimation, simulated methods of moments. The structure of the course consists of lectures, student presentations, and empirical exercises. Published studies will be utilized in a variety of fields such as corporate finance, labor economics, and industrial organization to illustrate the various techniques. The goal of the course is to provide students with a working knowledge of various econometric techniques that they can apply in their own research. As such, the emphasis of the course is on applications, not theory. Students are required to have taken a graduate sequence in Econometrics, you should be comfortable with econometrics at the level of William Green's "Econometric Analysis of Cross-Section and Panel Data".

Prerequisites: STAT 5210

FNCE9320 - Topics in Corp Finance (Course Syllabus)

This course covers advanced theory and empirical investigations; financial decisions of the firm, dividends, capital structure, mergers, and takeovers.

FNCE9330 - International Finance (Course Syllabus)

To provide an understanding of selected topics of current academic research in the areas of international finance and its intersection with international macroeconomics; to teach interested students the tools for conducting research in this field. Each topic will be developed beginning with early classic papers and then updated through the current status of the profession. The typical target audience comprises students in their second year or later. Prerequisite: Completion of first year course requirements

FNCE9340 - Empirical Meth in Asset (Course Syllabus)

This course has three main objectives: The first object is to introduce students to the fundamental works and the frontier of research in dynamic asset pricing. We will cover recent models that have been proposed to shed light on intreguing and important empirical patterns in the cross section and in the time series. Topics include non-separable utilities, market incompleteness, learning, uncertainty, differences of opionions, ex-ante and ex-post asymmetric information, ambiguity and Knightian uncertainty. The second objective is to teach students how to think of asset pricing research under a bigger or richer framework. We shall focus on the interactions between asset pricing and other fields such as macroeconomics, corporate finance, financial institutions, and international finance. The goal of inventigating the joint dynamics is not only to better understand how asset prices are determined, but also (maybe more importantly) how would asset pricing dynamics affect other important economic vaiables such as investment, corporate payout and financing, unemployment, risk sharing, and international capital flows. Students will learn production-based asset pricing models, particularly the asset pricing models with investment-specific technology shocks, risk shocks, financial friction, searching frictions and information frictions. Of course, the advanced solution methods will focus too. The third objective is to introduce advanced empirical methods to analyze the data and the quantitative dynamic models. It includes how to estimate structural dynamic models, how evaluate structural models beyond goodness-of-fit tests, how confront the models predictions with empirical data by simulation and re-sampling techniques, and how to efficiently test models and explore new patterns using asset pricing and macro data.

Prerequisites: FNCE 9110 AND FNCE 9210

FNCE9360 - Household Finance (Course Syllabus)

The primary goal of this 0.5cu course is to introduce students to the main areas of research in household finance. The emphasis will be on discussing papers on the research frontier on topics such as consumption, portfolio choices, housing, inequality and entrepreneurship. This course complements REAL 9480, Advanced Topics in Urban Economics: Household Real Estate Decisions-Making. Students are encouraged to take REAL 9480 in the first half of the spring semester and FNCE 9360 in the second half of that semester.

FNCE9370 - Topics in Macro Finance (Course Syllabus)

This is an advanced course in quantitative theory applied to macro and finance models. It is intended for doctoral students in finance, economics and related fields. The course focuses on four broad theoretical literatures: (i) firm investment and growth; (ii) corporate, household and sovereign debt; (iii) asset pricing in general equilibrium; and (iv) equilibrium macro models with a financial sector. My approach is to develop and discuss in detail a unified framework that is suited to address most topics, usually covering a few central topics and the core papers. We then discuss the more recent literature, highlighting how authors combine and expand upon the core ideas. This part of the course usually relies on regular student presentations.

Prerequisites: FNCE 9110

FNCE9500 - Research Seminar in Fin (Course Syllabus)

This course may be offered (and taken by a student) several times a year with varying topics.

PhD Program

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Finance PhD Curriculum

The Finance Department at the Eller College of Management comprises world-class researchers, scholars and teachers in all areas of finance.

The doctoral program in finance prepares its graduates primarily for careers as university professors, with research agendas in corporate finance, financial institutions and market microstructure and the pricing of financial securities. The faculty members , with degrees from internationally recognized universities, conduct research in these areas.

The following is an outline of the coursework students can expect to complete during the first year of the Finance PhD program. The coursework is subject to change due to the availability of classes.

Prior to the Start of the Program

Three weeks prior to the first semester of study (generally starting late July), entering Finance PhD students will be required to take Economics 519, Math for Economists, a boot camp designed to help prepare students for the mathematical rigors of the program. This course will continue through the fall semester.

Prior to the start of the Math for Economists course, generally in mid-July, students will also be required to complete two SAS workshops hosted by the Accounting and Finance Departments and designed to demonstrate the use of SAS in financial research. 

The First Year focus is on developing a foundation in economics and on acquiring the necessary skills to be a first-rate scholar in finance.

First Semester

Courses students take in the first semester (fall) include:

• Economics 501A, Microeconomic Theory I. A PhD level microeconomics course focusing on individual and firm-level optimization.
• Economics 501B, Microeconomic Theory II. An economics course focusing on general equilibrium and competitive analysis as well as market failure. These subjects are becoming increasingly important in the study of finance.
• Economics 519, Mathematical Economics. Introduction to the theory and methods of mathematical economics and its applications. Designed primarily for entering graduate students majoring in economics.
• Economics 520, Theory of Quantitative Methods in Economics. A statistics course designed to prepare students to study econometrics.

To do well in Economics 501A, 519 and 520, students should be very comfortable with calculus and the principles of optimization, as well as know some linear algebra and analysis. Students with below this level of mathematics background are strongly encouraged to plan to attend courses at The University of Arizona in the summer prior to their enrollment to cover the necessary mathematics topics.

Second Semester

Courses the second semester (spring) will include:

• Finance 601, Financial Decision Making. Theoretical and applied financial economics relating to uncertainty in markets, information and choice.
• Finance 695A, Investments. The exchange of scholarly information and/or secondary research, usually in a small group setting. Instruction often includes lectures by several different persons. Research projects may or may not be required of course registrants.
• Economics 522A, Econometrics I. The first course in the econometrics sequence studying the theory of econometric estimation of single and simultaneous equation models. 

Finance 525, Empirical Methods in Finance : This course familiarizes students with the database and various statistical methods needed to undertake research in finance using Python. Students use Python programming to work with data sets, produce statistics and perform tests on data.

Other classes might include:

• Finance 542, Fixed Income. To introduce students to fixed income portfolio management. The course objective is to provide students with a set of tools to analyze fixed income markets.
• Math 522, Advanced Applied Analysis. Review of multivariable calculus, series solutions of differential equations, Laplace transforms, Fourier series, introduction to partial differential equations.
• Accounting 696A, Taxation. The development and exchange of scholarly information related to accounting theory, usually in a small group setting.
• Accounting 696D, Accounting Theory. The development and exchange of scholarly information related to accounting theory, usually in a small group setting.
• Available Economics, Finance or Accounting seminars (695, 696 and 697 courses).

Required Economics Minor

Each student is required to meet the requirements of a minor in Economics, which includes the required first year coursework in economics as listed above (ECON501A, ECON501B, ECON520, ECON522A) and passing the first year written qualifying examination administered by the Economics Department faculty in May/June following the first year of study.

Qualifying Examination

The Qualifying Examination is taken by PhD students at the end of the first year in the program, typically in early June. It is a written examination in either theory or quantitative methods and is based on the material taught in the Economics courses taken during the first year of the program. The theory examination covers the material in the microeconomic core courses (ECON 501A and 501B). The quantitative examination covers the material in the statistics and econometrics courses (ECON 520 and 522A). Copies of the questions on earlier preliminary exams can be obtained from the Economics Department Graduate Coordinator.

The goal of the exam is to ensure that students have developed an appreciation for how all of the material fits together in a broader framework of economic reasoning. In addition, the exam will help students solidify their knowledge about the core of economics. The qualifying examination is a requirement for continuation in the program.

If the student does not pass the exam at the end of the first year of the program, the department may elect to dismiss the student from the PhD program, withdraw financial assistance awarded in prior semesters or allow the student to retake the exam in August (around the start of Fall semester of the second year of study, per the Economics Department schedule) at which time the first year qualifying examination must be completed with a passing grade.

Major Advisor

In the student’s first year, the Faculty PhD Advisor serves as student's advisor. By the summer after their first year, the student will arrange for another faculty member to serve as “major professor” and provide advice and guidance on the second year paper. The Faculty PhD Advisor and major professor are jointly responsible for approving the student’s Plan of Study (to be submitted to the Graduate College no later than the third semester). Eventually, the student will arrange for a tenure-track faculty member to serve as dissertation supervisor. The student and dissertation supervisor work together to form a dissertation or examining committee, which provides timely input to the student and ultimately is responsible for approving the dissertation. The dissertation committee should be formed no later than the end of the third year.

Second Year

The following is an outline of the coursework students can expect to complete during the second year of the Finance PhD program. The coursework is subject to change due to the availability of classes.

During the second year of the program, courses tend to be more specialized and are designed to introduce students to a number of different areas in which they potentially could do research. In the second year, courses could include:

• Economics 522B, Econometrics II. The second course in the econometrics sequence studying the theory of econometric estimation of single and simultaneous equation models.
• Economics 597C, Teaching Methods in Economics (required). The purpose of this workshop is to familiarize graduate students with the key skills and understandings that are important in being an effective teacher.
• Finance 602, Dynamic Assets Pricing.  Financial models and empirical tests: asset pricing models, financial behavior; corporate financial decisions.
• Finance 620A, Finance Markets and Corporate Finance. Financial models and empirical tests: asset pricing models, financial behavior; corporate financial decisions.

Other courses could include:

• Economics 549/AREC 549, Applied Econometric Analysis. A course designed to provide students with hands on experience in econometric modeling (using SAS).
• Economics 696A, Experimental Economics. The development and exchange of scholarly information, usually in a small group setting.
• Economics 696E, Econometric Modeling I. The development and exchange of scholarly information, usually in a small group setting.
• Economics 696F, Econometric Modeling II. The development and exchange of scholarly information, usually in a small group setting.
• Economics 696I, Labor Economics II. The development and exchange of scholarly information, usually in a small group setting.
• Economics 696P, Industrial Organization and Regulation I. The development and exchange of scholarly information, usually in a small group setting.
• Economics 696Q, Industrial Organization and Regulation II. The development and exchange of scholarly information, usually in a small group setting.
• Economics 696W, Environmental and Energy Economics-Empirical. The development and exchange of scholarly information, usually in a small group setting.
• Economics 697B, Applied Economic Analysis. The practical application of theoretical learning within a group setting and involving an exchange of ideas and practical methods, skills and principles.
• Math 522, Advanced Applied Analysis. Review of multivariable calculus, series solutions of differential equations, Laplace transforms, Fourier series, introduction to partial differential equations. 
• Available 500-level Mathematics courses.

Second Year Paper

In addition to completing their coursework and qualifying examinations, all students must submit a second-year paper in order to continue in the program. This second year paper could be an extension of a paper discussed in FIN 601, FIN 695A or ACCT 682, a seminar paper presented during the first year, or a faculty member’s current research. The topic must be approved by the PhD Faculty Advisor and the student’s “major professor” by the end of the summer after the first year. Approval will require that the student submit a literature review and hypotheses, and that these be deemed acceptable.

The preliminary second year paper must be presented to the faculty in February of the second year. Satisfactory progress on the second year paper is required in order for a student to take their written comprehensive exam. The completed paper must be presented to the faculty in the summer following their second year.

Summer Funding

Additional summer funding may be available to PhD students and, if available, will be awarded on a competitive basis. This may take the form of summer teaching opportunities, guidance of MSF projects or competitive research grants.

Plan of Study

"In conjunction with his/her major professor or advisor, each student is responsible for developing a Plan of Study during their first year in residence, to be filed with the Graduate College no later than the student's third semester in residence.

"The Plan of Study identifies (1) courses the student intends to transfer from other institutions; (2) courses already completed at The University of Arizona which the student intends to apply toward the graduate degree; and (3) additional course work to be completed in order to fulfill degree requirements. The Plan of Study must have the approval of the student's major professor and department head (or Director of Graduate Studies) before it is submitted to the Graduate College."

(For more information, review the UA Graduate College catalog .

To access the Doctoral Plan of Study form, log in to UAccessStudent with a student UA Net ID and click on "GradPath." Note that dissertation hours are not included on the form as coursework. 

Comprehensive Written Examination

In the beginning of the summer following the second year (usually in early June, shortly after classes end), students will take the comprehensive written examination covering the entire field of finance. Students are expected to be able to answer questions from all areas of finance, although the emphasis will be on topics discussed in the finance courses the students have taken during the first two years of the program and department seminars the students have attended during the same time. 

Students who do not pass the comprehensive examination may, at the discretion of the faculty, be given a second chance to pass the exam prior to the start of the following fall semester, be awarded an MS degree if they have satisfied the Master's requirements and/or be dismissed from the PhD program.

The Graduate Council and the Faculty Senate require that students must complete their degree within five years of passing the Comprehensive Examination. Should a student not finish within that time period, he or she may be allowed to re-take the Comprehensive Examination with permission of the program. 

Master of Science

Students in the doctoral program will not be awarded a master's degree in finance for coursework completed toward the PhD program requirements. However, if a student does not pass the finance comprehensive written examination after the second year of study, the Finance Department Head and/or PhD Faculty Advisor may elect to offer an alternative course of action and plan of study for the student to complete and earn an MSF degree.

Third and Fourth Years

The following is an outline of the requirements students can expect to complete during the third and fourth years of the Finance PhD program.

Credit Requirements

During the third and fourth years of the PhD program, students will complete the required coursework for the degree, including 18 units of dissertation as required by The UA Graduate College. The PhD in Management with a major in Finance will require not less than 66 total credit hours, including at least 36 hours in the major, 12 hours in the minor and 18 hours of dissertation credit.

Dissertation Proposal

No later than the September following the third year, students are required to successfully complete the dissertation proposal and comprehensive oral examination on related topics.

The typical dissertation proposal and oral exam starts with extensive questioning on the student's dissertation proposal and related research and then expands over time into the fundamentals of finance and economics that the student must know to complete their research and also to be considered a good finance researcher. In addition, the comprehensive oral examination will test a student's ability to understand at a deeper level the state of the knowledge on a particular topic and his/her ability to formulate and defend a research proposal on this topic. 

Under the supervision of one or more Finance faculty members (dissertation chair(s)), students are expected to prepare and submit a research proposal at least one month prior to the date of the dissertation proposal for review by the Finance faculty members.

After consulting with the PhD Faculty Advisor and the dissertation chair(s), the student chooses a dissertation committee. The dissertation committee typically consists of three members of the Finance faculty and one member from the department of the student's minor field. The examining committee members are appointed by the Dean of the Graduate College upon the recommendation of the heads of the academic departments involved. 

The dissertation research proposal should demonstrate an understanding of the literature in an area of the student's choosing and should contain a research strategy that has the potential to advance knowledge in the area. This document should contain:

• An introduction, overview and outline of the entire dissertation;
• A relatively polished chapter with results; and,
• A second chapter in-process and demonstrating that the student is relatively far along in the research.

Once the student and dissertation committee members have agreed on a date and time for the dissertation proposal presentation and oral comprehensive examination, the "Comprehensive Examination Committee Appointment" form must be completed in UAccessStudent, GradApp.  Following the committee form, the "Application for Oral Comprehensive Examination for Doctoral Candidate" must also be completed and routed for approval.

Oral Examination

The oral examination typically starts with a 10 to 15 minute presentation and overview of the dissertation proposal that briefly touches on all aspects of the thesis, including overheads for key tables as appropriate. The focus during the examination will be on the student answering the committee's questions, first concentrating on the student's dissertation proposal and the financial and economic issues related to the proposal.

Students will also be asked about the value of such a strategy, as well as its feasibility and limitations. The questioning will expand to address the fundamental knowledge that the student must have mastered to complete their research in the field and the general knowledge that professional researchers in finance should know. This is the occasion when faculty committee members have both the opportunity and obligation to require the student to display a broad knowledge of the chosen field of study and sufficient depth of understanding in areas of specialization. The examining committee must attest that the student has demonstrated the professional level of knowledge expected of a junior academic colleague.

At least three members of the faculty dissertation committee must be in attendance for the entire exam, which should be at least one hour in length, but not exceed three hours. Students should expect the typical length to be roughly an hour and a half to two hours.

If a student fails the oral exam on the first try, a reexamination may be given in certain circumstances. However, any reexamination must be recommended by the examining committee, endorsed by the major department, and approved by the Graduate College. Four months must elapse between the first and second attempt. The Graduate College allows no more than one retake of the oral exam.

Additionally, if the student does not pass the comprehensive oral examination by the start of the fourth year of the program, the department may elect to dismiss the student from the Ph.D. program, withdraw financial assistance awarded in prior semesters and/or set a date (before the end of the Fall semester of the fourth year of study) by which time the comprehensive oral examination must be completed with a passing grade.

If a student does not take the comprehensive oral examination before the Fall semester of the fourth year, the Department may elect to dismiss the student from the PhD program, withdraw financial assistance awarded in prior semesters and/or set a date (before the end of the Fall semester of the fourth year of study) by which time the comprehensive oral examination must be completed and passed.

Advancement to Candidacy

Satisfaction of the course requirements and passing all examinations advances the student to the candidacy for the PhD degree.

"When the student has an approved doctoral Plan of Study on file, has satisfied all course work, language and residence requirements and passed the written and oral portions of the Comprehensive Examination, he or she will be Advanced to Candidacy.

Dissertation of Defense

The PhD degree is awarded upon satisfactory completion of the dissertation. An acceptable dissertation is one that the faculty judges to make sufficient contribution to financial knowledge that, with minor revisions, will be publishable in a top academic journal. 

A Final Oral Defense examination of the dissertation (dissertation of defense) in both the major and minor subjects is scheduled upon completion. Faculty committee members will require the student to display a broad knowledge of the chosen field of study and sufficient depth of understanding in areas of specialization. The examining committee must attest that the student has demonstrated the professional level of knowledge expected of a junior academic colleague.

To notify the Graduate College of your scheduled final oral defense examination, complete the "Announcement of Final Oral Examination" form in UAccessStudent, GradPath. The form will be routed for approval through both the Finance and minor departments.

"The exact time and place of this examination must be scheduled with the Graduate Degree Certification Office at least three weeks in advance and announced publicly in Lo Que Pasa at least one week in advance. The dissertation director presides over the examination. The examination is closed to the public, except for an initial seminar portion during which the student presents the dissertation and entertains questions."

(For more information, read the  UA Graduate College catalog. )

The dissertation director presides over the examination. The initial seminar portion during which the student presents the dissertation and entertains questions is open to the public.  The committee's deliberation is closed to the public.

There is no minimum time limit for the Final Oral Examination, but the entire proceedings may not exceed three hours. Members of the committee must be present for the entire examination. More instructions and links to forms are available on the Graduate College website . 

A Ph.D. dissertation represents the student, the department, and The University of Arizona in the international scholarly community. This work is important and worthy of professional presentation. Therefore, The  UA Graduate College website  has resources detailing the required dissertation format to ensure it meets these high standards. Please refer to this page for specifications on the type, title page, table of contents, references and more. A few sample pages (including doctoral approval page and title page) are also available on the UA Graduate College website .

At your final dissertation defense, provide an Approval Page Form to the dissertation committee members to sign. This will be inserted as the second page of your submitted dissertation. Also, please ensure that a Change of Grade form is available to provide to your major advisor. The Change of Grade form indicating your grade (Superior/Pass/Fail) for the dissertation as determined by your committee must be submitted to the Graduate College immediately upon completion of your final defense.

When you have reached this point, the degree requirements have been completed and hearty congratulations are given and well deserved.

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Finance Requirements

I. preparation.

The study of financial economics requires a grasp of several types of basic mathematics. Students must enter with or very quickly acquire knowledge of the concepts and techniques of:

It is strongly advised that students without a strong and recent background in calculus, linear algebra, or statistics come to Stanford in June to take courses to strengthen any weak areas.

Computer programming skills are necessary in coursework (as early as the first quarter of the first year) and in research. If students do not have adequate computer programming skills, they may wish to take a computer programming course before they arrive at Stanford, or take an appropriate Stanford computer science course while here.

II. Course Requirements

All required courses must be taken for a grade (not pass/fail or credit/no credit). Exceptions are made if the required course is offered pass/fail or credit/no credit only. Each course must be passed with a grade of P or B- or better. Substitutions of required courses require approval from the faculty liaison. Waiving a course requirement based on similar doctoral level course completed elsewhere requires the approval of the course instructor, faculty liaison, and the PhD Program Office.

III. Practicum

Students are required to sign up for either a research or teaching practicum each quarter of enrollment. Below is a description of the practicum requirements for Finance students.

During the student’s first year, the student will be assigned each quarter to work with a different faculty member. This assignment will involve mentoring and advising from the faculty member and RA work from the student. The purpose of new assignments each quarter is to give the student exposure to a number of different faculty members.

In subsequent years, the practicum will take the form of a research or teaching mentorship, where the student is expected to provide research or teaching support under the guidance and advice of a faculty member. Faculty assignments here will be made through informal discussions between faculty and students, and may be quarterly, or for the entire year.

For students of all years, one requirement to satisfy the practicum is that students regularly attend the Finance seminar. The only exception to this will be if there is a direct and unavoidable conflict between the seminar and necessary coursework.

IV. Summer Research Papers

All students in all years are expected to complete a research paper over the summer, and present this paper in the Fall quarter. A draft of this research paper should be submitted by the end of September to the field liaison. Students can continue to work on and improve their paper up to their presentation.

For students completing their first year, the summer paper should demonstrate the mastery of a specific area in the literature together with the early development of a research idea in this area. The student will be expected to present this paper to a gathering of three Finance faculty members of the student’s choosing in October.

In all years after the first year, the summer research paper should be a well-developed research paper. (Well-developed does not mean completed – research is always presented as work in progress. Rather, it means that the work shows enough progress and development to merit a seminar presentation.) Students will then present their papers to the overall Finance faculty and PhD student body in scheduled talks over the Fall quarter. Student presentations will typically be 45 minutes, save for job market paper presentations, which will be a full hour and a half.

A passing grade on the paper at the end of the second year is one requirement for admission to candidacy. More generally, these presentations throughout all years will be a primary manner that faculty who are not advising the student become familiar with the student’s work, and will play a crucial role in the assessment of the student’s academic progress.

V. Field Exam

Students take the field exam in the summer after the first year. Material from the field exam will be based on required first year coursework. This includes required finance courses, as well as the required microeconomic and econometric classes. The primary purpose of the exam is to ascertain that students have learned the introductory material that is a necessary foundation for understanding and undertaking research in the field. Additionally, studying for the field exam will give students the opportunity to review and synthesize material across all their different first year courses. Students may be asked to leave the program if they fail the field exam, or may be allowed to retake the exam at the Faculty’s discretion. Students who fail the field exam two times will be required to leave the program.

VI. Teaching Requirement

One quarter of course assistantship or teaching practicum. This requirement must be completed prior to graduation.

VII. Finance Oral Exam

The finance oral exam takes place at the end of the spring quarter of the second year, in early June.

At the beginning of the spring quarter of the second year, the student meets with the liaison to determine three finance faculty members who will administer the exam. The student then meets with the selected faculty examiners to discuss a set of topics that will be covered in the finance oral exam. These topics will generally be chosen from coverage in the Finance PhD classes. An important component of the exam involves the student identifying a particular research area to discuss at the exam. The student will be expected to discuss major results in the literature related to this area and to identify important unresolved questions that need to be addressed. In addition the student will be expected to discuss how one or more of these questions might be addressed either theoretically or empirically. This discussion can be viewed as a preliminary step towards identifying the research project of the second year paper. The results from the finance oral exam plus the result from the second-year summer research paper (presented in the fall of 3rd year) and overall performance in the program are weighed in the decision to admit to candidacy.

VIII. Candidacy

Admission to candidacy for the doctoral degree is a judgment by the faculty of the student’s potential to successfully complete the requirements of the degree program. Students are required to advance to candidacy by September 1 before the start of their fourth year in the program.

IX. University Oral Exam

The university oral examination is a defense of the dissertation work in progress. The student orally presents and defends the thesis work in progress at a stage when it is one-half to two-thirds complete. The oral examination committee tests the student on the theory and methodology underlying the research, the areas of application and portions of the major field to which the research is relevant, and the significance of the dissertation research. Students are required to successfully complete the oral exams by September 1 before the start of their fifth year in the program.

X. Doctoral Dissertation

The doctoral dissertation is expected to be an original contribution to scholarship or scientific knowledge, to exemplify the highest standards of the discipline, and to be of lasting value to the intellectual community. The Finance faculty defer to the student’s Dissertation Reading Committee to provide general guidelines (e.g., number of chapters, length of dissertation) on the dissertation.

Typical Timeline

Years one & two.

• Field Requirements
• Directed Reading & Research
• Advancement to Candidacy
• Formulation of Research Topic
• Annual Evaluation
• Continued Research

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DEPARTMENT OF ECONOMICS

• Degree Requirements & Goals
• Financial Economics

Financial Economics Ph.D.

Kellogg Program Description

Finance Department Website

The Department of Economics and the Finance Department in the Kellogg School of Management have a joint Ph.D. degree in Financial Economics.

The following requirements are in addition to, or further elaborate upon,  general degree requirements  and the policies on  Satisfactory Progress, Probation and Exclusion  of The Graduate School, and additional requirements for Satisfactory Academic Progress of the Department of Economics and the Finance Department.

Coursework Requirements

Total Required Units:  18

Other Ph.D. Degree Requirements

Examinations: satisfactory grades in each of the three core areas (microeconomics, macroeconomics, and econometrics); oral examination for approval of dissertation prospectus

  Research/Projects:  two research papers presented in the student seminar (ECON 501) or equivalent. Out of these, one paper is the second-year summer paper detailed below

  Finance Comprehensive Exam : Students must pass a Finance Competence Requirement. This can be done by achieving a 3.6 GPA across the six finance doctoral courses (FINC 585-1,2,3 and FINC 586-1,2,3), or by passing a comprehensive Finance exam. The Exam takes place at the beginning of the summer quarter of the second year, typically in June.

  Second-year Research Paper and Advisors: Students need to complete a research project to be presented to the department in the first week of September at the end of the summer quarter of the second year. The research project must be supervised by an individual faculty advisor (who can be the same as, or distinct from, the Academic Advisor) selected by the end of the winter quarter. The second-year advisor need not be the same person as the eventual main dissertation advisor.

  Ph.D. Dissertation:  original, independent research

  Final Evaluations:  oral dissertation defense

  Supervised Teaching Experience:  All doctoral students are required to act as a teaching assistant for at least one quarter. As part of these duties, the student must lead a weekly discussion section. Teaching experience is an essential part of graduate training. Foreign students must demonstrate acceptable English proficiency as prescribed by The Graduate School. Evaluations are made and kept as part of the students' record.

 There are two points of entry into the joint graduate program in Financial Economics.

• The first is a direct application when applying to graduate school at Northwestern. Admission requires approved by both the Economics and the Finance admissions committees.
• The second is for students initially enrolled in the Economics Ph.D. program to apply for entry after achieving candidacy. (Students initially enrolled in the Finance Ph.D. program can do the same.) Economics students should initiate the process by contacting the Economics Director of Graduate Studies immediately after candidacy. Applications must be approved by both the Economics and the Finance admissions committees. If the application is approved, the student initiates a degree transfer request to The Graduate School.

PhD in Financial Technology (FinTech)

Drive Innovation at the Intersection of Finance and Technology

The future of finance is here and it’s unfolding at an unprecedented pace. In an era marked by rapid technological advancements, the finance industry is undergoing a transformative shift, necessitating a new breed of professionals. Our program is dedicated to cultivating leaders who will pioneer the next wave of innovation in the financial sector.

Value Proposition Description

Why FinTech?  

The fusion of finance and technology, known as FinTech, represents one of the fastest-growing industry sectors globally. With a market capitalization exceeding $550 billion and more than 272 fintech unicorns, the potential for groundbreaking work in this field is vast. The rise of digital payments, mobile banking, cryptocurrencies, and beyond has reshaped the landscape of financial services, making FinTech an essential area of study and innovation.  

A Multidisciplinary Approach  

WPI’s FinTech PhD program is uniquely positioned to offer a comprehensive, multidisciplinary education that bridges finance, technology, computer science, and ethics. Leveraging the expertise of our distinguished faculty and the resources of our state-of-the-art FinTech Innovation Hub, students engage in cutting-edge research and practical applications of their studies.  

Curriculum for PhD in Financial Technology (FinTech)  

The FinTech PhD program offers a rigorous curriculum designed to equip students with an in-depth understanding of both the technological and financial aspects of this evolving field. Our program emphasizes:  

Covering blockchain technology, Asset Pricing, Price Theory, Econometrics, Macroeconomics, digital payments, AI, and machine learning, our courses are tailored to meet the demands of the FinTech industry.

By working closely with regional FinTech firms and departments across the university, students gain a well-rounded perspective on the technical, regulatory, and business dimensions of FinTech. The collaboration with Worcester Polytechnic Institute's (WPI) world-renowned faculty presents a unique and invaluable opportunity for scholars to engage in cutting-edge research in the field of finance. WPI's faculty are leaders in their disciplines, known for their innovative approaches and contributions to technology and finance.  

Collaborating with world-renowned faculty at Worcester Polytechnic Institute (WPI) significantly benefits students, especially in refining their research for publication in top finance journals. Working alongside leading academics offers students unparalleled access to advanced methodologies and insights into the finance field. This mentorship helps students navigate the complexities of research and publication, ensuring their work meets the high standards of prestigious journals. Such collaboration not only boosts students' academic profiles but also contributes valuable insights to the finance community.  

The benefits of this scholarly collaboration extend beyond individual achievements, contributing to the broader academic and professional communities by setting new benchmarks in finance research.

Our curriculum incorporates discussions on ethics, data privacy, and financial inclusion to prepare students for the ethical challenges they may face in their careers.

Graduates of our program are poised to make significant contributions to the FinTech sector, whether in academia, industry research, or leading their own innovative startups. Our alumni network spans the globe, with members holding pivotal positions in major financial hubs and pioneering the development of new technologies and business models.

Important Dates

Next Start: August 22, 2024  

Application Deadline: Apply by May 1st

FinTech Education at WPI: An Interdisciplinary Approach

Dean Debora Jackson and Professors Kwamie Dunbar, Joseph Sarkis, and Robert Sarnie of the WPI Business School discuss how the university’s cross-disciplinary experiential learning and collaboration make it the ideal place to study FinTech.

FinTech for Inclusivity, Growth, and the Future

In partnership with Flame University, Boston Blockchain Association (BBA), and the Massachusetts High Technology Council, the WPI Business School and the Future Finance and Economics Association (FFEA) hosted their inaugural conference in October 2023—the first such FFEA event in the United States.

WPI & Flame University FinTech Lab

In partnership with Flame University, WPI’s FinTech Lab recognizes the critical role of adept individuals in driving this transformation. By fostering interdisciplinary collaboration, it cultivates a dynamic environment where experts from finance, technology, data science, and entrepreneurship converge to develop cutting-edge solutions.

Similar Majors

Dr. Dunbar is currently a tenured Associate Professor of Finance at WPI. In addition to his extensive experience in teaching and research, he has a wealth of industry experience working with several fortune 500 companies in various capacities.

Professor Dunbar's research has appeared in leading economics and finance journals such as Quantitative Finance, Economic Modeling, International Review of Financial Analysis, and Research in International Business and Finance, amongst others. His [...]

Joseph Sarkis is a Professor of Management within Worcester Polytechnic Institute's Business School. He previously served as a faculty member at Clark University and the University of Texas at Arlington. His teaching and research interests are in the fields of environmental sustainability, operations and supply chain management. He is the author or co-author of over 600 publications. His research is widely cited and earned the designation of highly cited researcher for eight years from&n [...]

Rob joins WPI from Fidelity Investments, where he spent 23 years in the finance industry, holding multiple executive leadership positions including VP of Strategy and Planning, VP Human Resource Systems, and VP Finance, Procurement, and Accounting Systems. Rob also previously held positions in both the public and private sectors for companies in the manufacturing and nonprofit industries.

At Fidelity, Rob exercised his passion for coaching and mentoring by leading multiple mentoring pro [...]

Take the First Step Today

Prepare to be a research or industry leader in the rapidly growing world of FinTech.

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PhD Finance Syllabus and Subjects

Updated on - Jan 4, 2023

PhD Finance is a three to five years doctoral program that focuses on familiarizing students with the research involved in finding solutions to financial problems. They prioritize practical experience and skills. The PhD Finance syllabus teaches students about Finance Analysis, Finding Statics, Research Methodology, Data and Dynamics, and many more.

PhD Finance Semester Wise Syllabus

The PhD Finance course syllabus is designed to provide students with an understanding of finance advances in research and training over nine semesters. The PhD Finance course curriculum is intended to provide an in-depth examination of finance patterns in a variety of career opportunities such as Accounting, Banking, Commerce, Data Interpretation, and so on.

The PhD Finance syllabus is intended to provide students with all of the information they require to meet the demands of the industry. The PhD Finance subject list syllabus is divided below into semesters: 

PhD Finance First Year Syllabus

Phd finance second year syllabus, phd finance third year syllabus, phd finance fourth year syllabus, phd fifth first year syllabus, phd finance subjects.

The PhD Finance course is a three-year study period on the student's chosen specialization in finance. The following are the subjects in PhD Finance:

• Financial Management
• Quantitative Finance
• Accounting Finance
• Computational Finance
• Financial Economics
• Banking and Finance
• Accounting and Financial Management
• Financial Engineering

PhD Finance Course Structure

The PhD Finance course subject and syllabus cover seven topics and eight specializations. The theoretical component of the course focuses on the principles and values of financial patterns, as well as specializations in the field of finance. The course structure initially focuses on familiarizing students with advanced Finance as well as training them on the fundamentals of problem-solving patterns. The following topics are covered in the PhD Finance course:

• Three to five years
• Seven topics and Eight specializations
• Projects and Dissertation
• Research Methodology

PhD Finance Teaching Methodology and Techniques

The PhD Finance course subjects and syllabus course's theoretical component focuses on the principles and values of financial patterns, as well as specialization in the field of finance. The course structure is designed to familiarize students with the fundamentals of finance patterns through hands-on experience. 

• Case Studies
• Paper Presentation 
• Internships

PhD Finance Project

The PhD Finance programme combines theory with project work. The goal of the project is to ensure that students are familiar with finding, reasoning, and obtaining solutions to existing financial problems. Some of the PhD Finance Project topics are as follows:

• Corporate finance
• Behavioural Finance
• Financial Markets
• Determinants of Credit risk in Banks

PhD Finance Reference Books

There are various books that touch on different topics in PhD Finance. These books provide guidelines and basic information on finance and research techniques.

Listed below are some PhD Finance books for reference:

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50 Best Colleges for Finance – 2024

April 17, 2024

Finance majors emerge from their undergraduate studies as budding experts in areas such as stocks, bonds, wealth management, financial planning, investment banking, and venture capitalism. Future Wall Street wolves are made at colleges and universities that serve as direct pipelines into major financial firms such as Goldman Sachs, Morgan Stanley, JPMorgan Chase, or BlackRock would do well to explore the institutions listed below. The geographically diverse schools that we selected for our list of the Best Colleges for Finance Majors all have excellent reputations with the world’s most powerful investment banks as well as at the premier graduate programs, for those who wish to continue on to an MBA or other advanced business degree.

Finally, note that although some of the colleges featured below do not offer a formal major in finance, their undergraduate offerings in this subject area are so strong that they warrant inclusion on our list.

You may also be interested in our Top Feeders to Wall Street .

Methodology 

Click here to read our methodology for the Best Colleges for Finance Majors.

Salary Information

Want to know how much money graduates of the best finance colleges make when they begin their careers? For each college listed (and hundreds of additional schools), you can view the starting salaries for finance majors .

Best Colleges for Finance Majors

Here’s a quick preview of the first ten finance institutions that made our list. Detailed profiles and stats can be found when you scroll below.

1) University of Pennsylvania

2) New York University

3) Cornell University

4) University of Michigan

5) Georgetown University

6) Carnegie Mellon University

7) University of California, Berkeley

8) University of Virginia

9) University of Notre Dame

10) Emory University

All of the schools profiled below have stellar reputations in the field of finance and commit substantial resources to undergraduate education. For each of the best colleges for finance, College Transitions will provide you with—when available—each school’s:

• Cost of Attendance
• Acceptance Rate
• Median  SAT
• Median  ACT
• Retention Rate
• Graduation Rate

We will also include a longer write-up of each college’s:

• Academic Highlights – Includes facts like student-to-faculty ratio, average class size, number of majors offered, and most popular majors.
• Professional Outcomes – Includes info on the rate of positive outcomes, companies employing alumni, and graduate school acceptances.

University of Pennsylvania

• Philadelphia, PA

Academic Highlights : 90 distinct degrees are available across four schools: the College of Arts & Sciences, the College of Applied Science and Engineering, the College of Nursing, and the world-renowned Wharton School. The greatest number of students pursue degrees in business (19%), social sciences (14%), biology (11%), health sciences (9%), engineering (9%), and computer science (9%). The university boasts an exceptional 26% of courses with an enrollment under ten and 59% with an enrollment under twenty as well as multiple ways for undergrads to conduct research.

Professional Outcomes: 75% of Class of 2022 grads were employed within six months of graduating, and 18% were in graduate school. Finance attracted the highest percentage of grads (30%) followed by consulting (20%), technology (15%), and healthcare (10%). Employers hiring the greatest number of 2022 grads included JPMorgan, Boston Consulting Group, McKinsey, Bain & Company, Meta, and Goldman Sachs. The median starting salary for all graduates is $80,000. For those continuing their educational journeys, the most popular move is to remain at Penn, followed by Columbia and Harvard.

• Enrollment: 9,760 (undergraduate); 13,614 (graduate)
• Cost of Attendance: $89,028
• Median SAT: 1540
• Median ACT: 35
• Acceptance Rate: 7%
• Retention Rate: 98%
• Graduation Rate: 96%

New York University

• New York, NY

Academic Highlights: NYU is divided into a number of smaller (but still quite large) colleges organized by discipline; in sum, there are 230 areas of undergraduate study across nine schools and colleges. For its size, a commendable 58% of classes have an enrollment under 20 students. While all schools within NYU have solid reputations, Stern holds the distinction as one of the top undergraduate business programs in the country. For those entering film, dance, drama, or other performing arts, Tisch is as prestigious a place as you can find to study.

Professional Outcomes: Within six months of exiting, 94% of Class of 2022 grads had landed at their next destination, with 78% employed and 21% in graduate school. The top industries for employment were healthcare (11%), internet and software (9%), finance (8%), and entertainment (8%). Large numbers of alumni can be found at Google, Deloitte, Morgan Stanley, Goldman Sachs, IBM, JP Morgan Chase, Citi, and Amazon. The mean starting salary is $75,336. In 2022, business, arts and sciences, and law school were the most popular grad school destinations.

• Enrollment: 29,401 (undergraduate); 29,711 (graduate)
• Cost of Attendance: $90,222-$96,172
• Median SAT: 1520
• Median ACT: 34
• Acceptance Rate: 12%
• Retention Rate: 95%
• Graduation Rate: 87%

Cornell University

Academic Highlights: A diverse array of academic programs includes 80 majors and 120 minors spread across the university’s seven schools/colleges. Classes are a bit larger at Cornell than at many other elite institutions. Still, 55% of sections have fewer than 20 students. Most degrees conferred in 2022 were in computer science (17%), engineering (13%), business (13%), and biology (13%). The SC Johnson College of Business houses two undergraduate schools, both of which have phenomenal reputations.

Professional Outcomes: Breaking down the graduates of the College of Arts and Sciences, the largest school at Cornell, 68% entered the workforce, 28% entered graduate school, 1% pursued other endeavors such as travel or volunteer work, and the remaining 3% were still seeking employment six months after receiving their diplomas. The top sectors attracting campus-wide graduateswere financial services (18%), technology (17%), consulting (15%), and education (10%). Of the students from A&S going on to graduate school, 15% were pursuing JDs, 5% MDs, and 22% PhDs.

• Enrollment: 15,735
• Cost of Attendance: $88,150
• Retention Rate: 97%
• Graduation Rate: 95%

University of Michigan

• Ann Arbor, MI

Academic Highlights: There are 280+ undergraduate degree programs across fourteen schools and colleges, and the College of Literature, Science, and the Arts (LSA) enrolls the majority of students. The Ross School of Business offers highly rated programs in entrepreneurship, management, accounting, and finance. The College of Engineering is also one of the best in the country. By degrees conferred, engineering (15%), computer science (14%), and the social sciences (11%) are most popular. A solid 56% of classes have fewer than 20 students.

Professional Outcomes: Within three months of graduating, 89% of LSA grads are employed full-time or in graduate school, with healthcare, education, law, banking, research, nonprofit work, and consulting being the most popular sectors. Within three months, 99% of Ross grads are employed with a median salary of $90k. Top employers include Goldman Sachs, Deutsche Bank, EY, Morgan Stanley, PwC, Deloitte, and Amazon.  Within six months, 96% of engineering grads are employed (average salary of $84k) or in grad school. General Motors, Ford, Google, Microsoft, Apple, and Meta employ the greatest number of alumni.

• Enrollment: 32,695 (undergraduate); 18,530 (graduate)
• Cost of Attendance: $35,450 (in-state); $76,294 (out-of-state)
• Median SAT: 1470
• Median ACT: 33
• Acceptance Rate: 18%
• Graduation Rate: 93%

Georgetown University

• Washington, D.C.

Academic Highlights: The student-faculty ratio is 11:1, and 60% of classes enroll fewer than 20 students. While some classes are a bit larger, only 7% cross the 50-student threshold. Those desiring to join the world of politics or diplomacy are in the right place. The Government and International Affairs programs are among the best in the country. The greatest number of degrees are conferred in the social sciences (38%) followed by business (20%), interdisciplinary studies (8%), and biology (7%).

Professional Outcomes: Within six months of graduating, 75% of members of the Class of 2022 entered the workforce, 19% went directly into a graduate or professional program of study, and 3% were still seeking employment. The Class of 2022 sent massive numbers of graduates to a number of major corporations including JPMorgan Chase (22), Citi (21), BOA (18), Morgan Stanley (16), and EY (10). Those attending grad school stay at Georgetown or flock to other elite schools like Columbia and Harvard.

• Enrollment: 7,900
• Cost of Attendance: $85,000
• Median SAT: 1500

Carnegie Mellon University

• Pittsburgh, PA

Academic Highlights: There are a combined 80+ undergraduate majors and 90 minors available across the six schools. Impressively, particularly for a school with more graduate students than undergrads, CMU boasts a 6:1 student-to-faculty ratio and small class sizes, with 36% containing single digits. In a given school year, 800+ undergraduates conduct research through the University Research Office. The most commonly conferred degrees are in engineering (21%), computer science (16%), mathematics (12%), business (10%), and visual and performing arts (9%).

Professional Outcomes: By the end of the calendar year in which they received their diplomas, 66% of 2022 grads were employed, and 28% were continuing to graduate school. The companies that have routinely scooped up CMU grads include Google, Meta, Microsoft, Apple, Accenture, McKinsey, and Deloitte. With an average starting salary of $105,194, CMU grads outpace the average starting salary for a college grad nationally. Of those pursuing graduate education, around 20% typically enroll immediately in PhD programs.

• Enrollment: 7,509
• Cost of Attendance: $84,412
• Acceptance Rate: 11%
• Graduation Rate: 92%

University of California, Berkeley

• Berkeley, CA

Academic Highlights: More than 150 undergraduate majors and minors are available across six schools: the College of Letters and Science, the College of Chemistry, the College of Engineering, the College of Environmental Design, the College of Natural Resources, and the Haas School of Business. Many departments have top international reputations including computer science, engineering, chemistry, English, psychology, and economics. 22% of sections contain nine or fewer students, and over 55% of students assist faculty with a research project or complete a research methods course.

Professional Outcomes: Upon graduating, 49% of Cal’s Class of 2022 had already secured employment, and 20% were headed to graduate school. Business is the most popular sector, attracting 62% of employed grads; next up are industrial (17%), education (8%), and nonprofit work (7%). The median starting salary was $86,459 across all majors. Thousands of alumni can be found in the offices of Google, Apple, and Meta, and 500+ Golden Bears are currently employed by Oracle, Amazon, and Microsoft. The school is the number one all-time producer of Peace Corps volunteers.

• Enrollment: 32,831 (undergraduate); 12,914 (graduate)
• Cost of Attendance: $48,574 (in-state); $82,774 (out-of-state)
• Median SAT: Test Blind
• Median ACT: Test Blind
• Retention Rate: 96%
• Graduation Rate: 94%

University of Virginia

• Charlottesville, VA

Academic Highlights: Undergrads can study within one of seven colleges/schools, which all offer many small classes; 15% boast single-digit enrollment and 48% contain 19 or fewer students. The McIntire School of Commerce and the School of Engineering and Applied Science have glowing reputations. Other notable strengths include computer science, economics, and political philosophy, policy, and law. The most popular degree areas are liberal arts/general studies (22%), the social sciences (14%), engineering (11%), business/marketing (8%), and biology (7%).

Professional Outcomes:  Upon receiving their degree, 95% of the Class of 2022 immediately joined the workforce–with an average starting salary of $90k–or headed directly to graduate school. The most popular industries were internet & software, higher education, and management consulting. Capital One (85), Deloitte (46), Amazon (38), and Bain & Co. (26) scooped up the greatest number of 2022 grads. UVA itself was the most popular grad school destination followed by Columbia, Virginia Commonwealth University, and Johns Hopkins.

• Enrollment: 17,496 (undergraduate); 8,653 (graduate)
• Cost of Attendance: $39,494-49,874 (in-state); $78,214-90,378 (out-of-state)
• Acceptance Rate: 19%

University of Notre Dame

• Notre Dame, IN

Academic Highlights: 75 majors are offered across six undergraduate colleges: the School of Architecture, the College of Arts and Letters, the Mendoza School of Business (one of the country’s best business schools), the College of Engineering, the Keough School of Global Affairs, and the College of Science. In 2022, the most degrees were conferred in business (20%), the social sciences (18%), engineering (12%), and biology (8%). A solid 60% of courses enroll fewer than 20 students, and 15% have single-digit numbers. 75% of Notre Dame undergrads study abroad.

Professional Outcomes: 69% of 2022 grads directly entered the world of employment, with the most common industries being financial services (21%), consulting (17%), technology (12%), and health services (9%). Massive numbers of alumni can be found at Deloitte, EY, PwC, IBM, Accenture, Booz Allen Hamilton, Google, Microsoft, Amazon, Goldman Sachs, JPMorgan, and McKinsey & Co. The median early-career salary was $76,000. Of the 20% of grads who went directly into their graduate/professional studies, 18% were pursuing medical degrees and 9% were studying law.

• Enrollment: 8,971 (undergraduate); 4,134 (graduate)
• Cost of Attendance: $86,125
• Acceptance Rate: 13%

Emory University

• Atlanta, GA

Academic Highlights: This midsize university offers a diverse array of majors (80+) and minors (60+), and 30% of Emory students pursue more than one area of study. Over half of Emory’s student body works directly with a faculty member on academic research and 58% of courses have class sizes of under twenty students. Ultimately, the greatest number of students go on to earn degrees in the social sciences (15%), biology (14%), business (14%), health professions (12%), and mathematics (9%).

Professional Outcomes: Shortly after graduation, 66% of 2022 grads were already employed, and 96% had arrived at their next destination. The top employers of recent Emory grads include Deloitte, Epic, ScribeAmerica, Meta, Morgan Stanley, and Cloudmed. Graduates of the Goizueta Business School found strong starting salaries with an average of $81k.  In the last few years, multiple Emory grads/alums received acceptance letters from the following top law schools like Columbia, Berkeley, and Georgetown. Med school acceptances included Duke, Johns Hopkins, and Vanderbilt.

• Enrollment: 7,101
• Cost of Attendance: $83,702
• Graduation Rate: 90%

Boston College

• Chestnut Hill, MA

Academic Highlights: The college offers roughly 60 majors across four schools that award undergraduate degrees. Approximately half of the college’s sections contain nineteen or fewer students. 95% of graduates reported learning how to think critically at BC, and 93% said they learned how to write clearly and effectively. BC offers highly respected programs in communications, psychology, and business through the renowned Carroll School of Management. Other popular and well-regarded majors include economics, biology, and chemistry.

Professional Outcomes: Within six months of graduation, 96% of the Class of 2022 had landed at their next destination. The most favored industries were financial services and real estate (26%), health care/science (20%), and business/consulting (16%). The median starting salary for a 2022 BC grad was $67,000. Eighteen percent of the Class of 2022 entered graduate schools including Brown, Columbia, the University of Chicago, and Yale. Examining the Class of 2022 data, 16% entered law school, and 14% pursued some other type of doctoral degree.

• Enrollment: 9,484
• Cost of Attendance: $86,155
• Average SAT: 1482
• Average ACT: 34
• Acceptance Rate: 17%

Wake Forest University

• Winston-Salem, NC

Academic Highlights: All freshmen enter the Undergraduate College, which offers 45 majors and 60 minors. Sporting a student-to-faculty ratio of 10:1, classes are kept on the small side with 59% of sections enrolling fewer than 20 students. 60% of students engage in hands-on research for academic credit. Wake Forest is strong across myriad disciplines, most notably chemistry, communication, accounting, finance, and international affairs. The most frequently conferred degrees are in business (22%), the social sciences (20%), journalism (8%), and biology (8%).

Professional Outcomes: Within six months of graduation, 97% of the Class of 2022 had found their next destination, with 71% starting their first professional job and 26% matriculating into a graduate program. Management/consulting, investment banking, and healthcare were the top three industries. Employers landing the highest numbers of alumni included national and multinational corporations IBM, Siemens, Volvo, Goldman Sachs, Disney, Deloitte, Dell, Gucci, PepsiCo, EY, and Nike. By the start of mid-career, Wake Forest alumni earn the second-highest median salary of any school in North Carolina.

• Enrollment: 5,447 (undergraduate); 3,516 (graduate)
• Cost of Attendance: $87,622
• Median SAT: 1450
• Acceptance Rate: 21%
• Retention Rate: 94%

Washington University in St. Louis

• St. Louis, MO

Academic Highlights : WashU admits students into five schools, many of which offer nationally recognized programs: Arts & Sciences, the Olin School of Business, the School of Engineering & Applied Sciences, and the Art of Architecture programs housed within the Sam Fox School of Design and Visual Arts. The most commonly conferred degrees are in engineering (13%), social sciences (13%), business (13%), biology (11%), and psychology (10%). 66% of classes have fewer than 20 students, and over one-quarter have single-digit enrollments. 65% double major or pursue a minor.

Professional Outcomes: The Class of 2022 sent 52% of grads into the workforce and 28% into graduate and professional schools. Companies employing the highest number of WashU grads feature sought-after employers such as Amazon, Bain, Boeing, Deloitte, Google, IBM, Goldman Sachs, and Microsoft. Of the employed members of the Class of 2022 who reported their starting salaries, 79% made more than $60k. The universities welcoming the largest number of Bears included the prestigious institutions of Caltech, Columbia, Harvard, Penn, Princeton, and Stanford.

• Enrollment: 8,132 (undergraduate); 8,880 (graduate)
• Cost of Attendance: $83,760
• Median SAT: 1530

The University of Texas at Austin

Academic Highlights: UT Austin offers over 150 majors, including those at the Cockrell School of Engineering, one of the most heralded undergraduate engineering schools around, and The McCombs School of Business, which dominates in the specialty areas of accounting and marketing. The computer science department is also top-ranked. In terms of degrees conferred, engineering is tied with biology (12%) followed by communication (11%), business (11%), and the social sciences (8%). The elite Plan II Honors Program is one of the best in the country.

Professional Outcomes: Within the College of Liberal Arts, six months after graduating, 68% of Longhorns are employed and 24% have entered graduate school. The for-profit sector attracts 65% of those employed while 19% enter public sector employment and 16% pursue jobs at a nonprofit. Major corporations that employ more than 500 UT Austin grads include Google, Meta, Oracle, Microsoft, IBM, and Apple. Engineering majors took home a median income of $79k and business majors took home $70k.

• Enrollment: 41,309 (undergraduate); 11,075 (graduate)
• Cost of Attendance: $30,752-$34,174 (in-state); $61,180-$69,310 (out-of-state)
• Median SAT: 1430
• Median ACT: 32
• Acceptance Rate: 31%
• Graduation Rate: 88%

University of North Carolina at Chapel Hill

• Chapel Hill, NC

Academic Highlights: Undergraduates can choose from 74 bachelor’s degree programs in a number of schools and colleges, the largest of which is the College of Arts & Sciences. 44% of classes have a student enrollment under 20. The social sciences (15%), biology (12%), media/journalism (9%), computer science (8%), and business (6%) are the areas in which the most degrees are conferred. The Kenan-Flager Business School is internationally renowned and requires separate admission. Other strong programs include those in chemistry, journalism, psychology, and political science.

Professional Outcomes: Six months after leaving Chapel Hill, 97% of 2022 grads had entered employment, military service, or graduate school. Among the for-profit companies that hire the most graduates are Wells Fargo, IBM, Cisco, Deloitte, EY, Google, Microsoft, Amazon, Oracle, McKinsey & Company, and Goldman Sachs. In the nonprofit sector, a large number of alumni are employed by AmeriCorps, NIH, Teach for America, and the Peace Corps. The average starting salary is $70,619. 18% of 2022 grads enrolled directly in graduate/professional school.

• Enrollment: 20,210 (undergraduate); 11,739 (graduate)
• Cost of Attendance: $27,036 (in-state); $60,040 (out-of-state)
• Graduation Rate: 91%

Indiana University

• Bloomington, IL

Academic Highlights: IU offers 200+ majors. The university’s 18:1 student-to-faculty ratio is not bad for a school of Indiana’s size, and it does make an effort to keep undergraduate classes on the small side. While there are a number of introductory courses that transpire in giant lecture halls, 37% of all sections contain no more than 19 students. Business/marketing is the most popular major accounting for 30% of the total degrees conferred and biology is second at 9%. IU’s computer science degree program is the school’s third most frequently conferred degree at 8%.

Professional Outcomes: Class of 2022 grads reached their next employment or graduate school destination at a 94% rate within six months of receiving their degrees. The median starting salary for A&S grads was $41,000. In the Kelley School of Business, 97% were placed successfully within six months, and the median starting salary was $67,000. Among the most frequently attended graduate schools by recent grads are Indiana Bloomington (including its own law and medical schools), Purdue, Loyola Chicago, Northwestern, and Columbia.

• Enrollment: 35,660
• Cost of Attendance: $25,170 (In-State); $53,860 (Out-of-State)
• Median SAT: 1280
• Median ACT: 30
• Acceptance Rate: 82%
• Retention Rate: 91%
• Graduation Rate: 81%

Babson College

• Babson Park, MA

Academic Highlights: Babson is regularly ranked at the top of any list of best colleges for entrepreneurship and business. While a fair number of courses are large—87% seat between 20 and 49 students—the nature of the instruction is highly interactive with professors and with peers. One of the many unique experiences at Babson is Foundations of Management and Entrepreneurship, a freshman requirement. Teams of students are loaned up to $9,000 in start-up money to launch and run an actual business

Professional Outcomes: Within six months of graduation, 98.7% of the Class of 2022 were already employed or in graduate school. Starting salaries averaged $71,385 for the Class of 2022. the highest concentration of recent graduates ending up at EY, PwC, Dell, and Wayfair. Many alumni also work at Fidelity Investment, IBM, Deloitte, Google, Amazon, Siemens, and Accenture. While many pursue MBAs down the road, only 10-15% enter a grad program right out of undergrad.

• Enrollment: 2,761
• Cost of Attendance: $80,242
• Median ACT: 31
• Acceptance Rate: 22%

Southern Methodist University

Academic Highlights: In total, SMU offers 100+ majors and 85 minors. Thanks in part to an 11:1 student-to-faculty ratio, 56% of classes enroll fewer than 20 students. This career-minded student body gravitates toward pre-professional degrees, particularly in business (27%) and engineering (6%). SMU’s Cox School of Business is top-ranked and has especially strong ties to Wall Street. Programs in engineering, sports management, and the performing arts are also very well-regarded.

Professional Highlights: On graduation day, over 66% of recent grads already had their first jobs or graduate school destinations in hand. Six months later, that figure was in the mid-90s. Major corporations employing the greatest number of Mustangs are Lockheed Martin, AT&T, EY, IBM, JPMorgan Chase, Microsoft, Deloitte, American Airlines, Accenture, Oracle, Amazon, and Goldman Sachs. In 2022, the average starting salary was $55k across all majors ($77k for Cox School of Business grads). In a typical year, 25% of seniors elect to immediately pursue an advanced degree.

• Enrollment: 7,115 (undergraduate); 4,727 (graduate)
• Cost of Attendance: $89,676
• Median SAT: 1405
• Acceptance Rate: 61%
• Retention Rate: 90%
• Graduation Rate: 83%

Villanova University

• Villanova, PA

Academic Highlights: Students can choose one of 55+ programs within four schools: the College of Liberal Arts & Sciences, the Villanova School of Business, the College of Engineering, and the College of Nursing. The university sports a 10:1 student-to-faculty ratio and offers average undergraduate classes of twenty-three students. Business is the most popular major (30%) followed by the social sciences (13%), engineering (12%), and nursing (10%). Villanova’s business, accounting, and engineering programs are among the school’s top-rated programs.

Professional Outcomes: Within six months of graduating, Class of 2022 graduates had a placement rate of 99% with 74% entering the workforce and 21% matriculating into graduate or professional school. The most popular employers are Vanguard, Verizon, PwC, JPMorgan Chase, Merck, Comcast, EY, Deloitte, and Morgan Stanley. The average starting salary was $71,363. Recent grads went on to study at graduate institutions like Dartmouth, Stanford, Notre Dame, Harvard, Tufts, Columbia, and Penn.

• Enrollment: 6,989 (undergraduate); 3,394 (graduate)
• Cost of Attendance: $85,316
• Median SAT: 1440
• Acceptance Rate: 23%

Providence College

• Providence, RI

Academic Highlights: At PC, there are 50 majors on tap. The most popular offerings are all within the School of Business, which confers a stunning 39% of degrees. The next most common majors are the social sciences (14%), biology (9%), psychology (9%), and health-related professions (6%). The student-to-faculty ratio of 11:1 is low enough to make individual connections possible, including undergraduate research experiences that 36% of recent grads reported having the chance to engage in. 95% of classes enroll 29 students or fewer; the average class size is 19.

Professional Outcomes: 96% of Class of 2022 graduates were employed or in graduate school within six months of graduating. Among the employed, 94% were working in their field of interest, and the mean starting salary was $58,009. Most students enter the financial management/consulting/sales sector followed by marketing, healthcare, and engineering & scientific research. More than 50 alumni are presently employed by Fidelity Investments, PwC, Morgan Stanley, EY, IBM, Citi, and Dell Technologies. 18% of graduates immediately enroll in full-time graduate or professional degree programs.

• Enrollment: 4,279 (undergraduate); 477 (graduate)
• Cost of Attendance: $77,860
• Median SAT: 1230
• Median ACT: 28
• Acceptance Rate: 53%
• Graduation Rate: 86%

University of Wisconsin – Madison

• Madison, WI

Academic Highlights: There are 230+ undergraduate majors offered across eight schools and colleges, including the top-ranked School of Business and College of Engineering as well as the College of Letters and Science, the College of Agricultural and Life Sciences, and the Schools of Nursing, Education, Pharmacy, and Human Ecology. Undergrads can expect a mix of large and small classes, with 44% of sections enrolling fewer than 20 students. Business (18%), biology (12%), the social sciences (11%), and engineering (10%) are most popular.

Professional Outcomes: In a recent year, 46% of job-seeking grads graduated with an offer.  Top employers included UW-Madison, Epic, Kohl’s, Oracle, Deloitte, and UW Health. Across all graduating years, companies employing 250+ alumni include Google, Target, Microsoft, Amazon, Apple, PwC, Accenture, and Meta. 28% of recent grads enrolled directly in graduate/professional school; the majority stayed at UW–Madison while others headed to Columbia, Northwestern, and Carnegie Mellon. The university is the top producer of Peace Corps volunteers.

• Enrollment: 37,230 (undergraduate); 12,656 (graduate)
• Cost of Attendance: $28,916 (in-state); $58,912 (out-of-state)
• Acceptance Rate: 49%
• Graduation Rate: 89%

The Ohio State University — Columbus

• Columbus, OH

Academic Highlights: There are 200+ undergraduate majors and 18 schools and colleges housed within OSU. Business sees the greatest percentage of degrees conferred at 18% followed by engineering (15%), health professions (10%), and the social sciences (9%). It makes sense that so many flock to the business and engineering schools as they are among the highest-rated undergraduate programs in their respective disciplines. 40% of sections enroll fewer than 20 students, and approximately 20% of students gain research experience.

Professional Outcomes: Upon receiving their diplomas, 56% of Class of 2022 graduates were entering the world of employment while 17% were already accepted into graduate or professional school.  Hordes of Buckeyes can be found at many of the nation’s leading companies. More than 2,000 alumni work for JPMorgan Chase, more than 1,000 are employed by Amazon, and more than 600 work for Google and Microsoft. Of the grads who directly matriculate into graduate or professional school, many continue in one of OSU’s own programs.

• Enrollment: 45,728 (undergraduate); 14,318 (graduate)
• Cost of Attendance: $27,241 (in-state); $52,747 (out-of-state)
• Median SAT: 1340-1450
• Median ACT: 29-32

University of Illinois at Urbana-Champaign

• Champaign-Urbana, IL

Academic Highlights: Eight of UIUC’s fifteen schools cater to undergraduate students. There are 150 academic programs offered, including those at the acclaimed Grainger College of Engineering and Gies College of Business. In sheer volume of degrees conferred, engineering and business/marketing are tied at 19%, followed by the social sciences (9%) and psychology (6%). 39% of sections are capped at 19 students. 29% of undergraduates work with a faculty member on a research project; another 22% have some type of fieldwork, practicum, or clinical experience.

Professional Outcomes: 95% of the members of the Class of 2022 landed at their next destination within six months of graduation, with 38% matriculating directly into an advanced degree program. 57% were employed full-time; the most popular sectors were finance, consulting, healthcare, electronics, and education. Corporations landing the most recent Illini grads were KPMG, Deloitte, Epic Systems, EY, PwC, and Amazon. The average salary across all Class of 2022 majors was an extremely solid $75,000.

• Enrollment: 35,120 (undergraduate); 21,796 (graduate)
• Cost of Attendance: $35,926-$41,190 (in-state); $55,386-$63,290 (out-of-state)
• Acceptance Rate: 79%
• Retention Rate: 93%
• Graduation Rate: 85%

Lehigh University

• Bethlehem, PA

Academic Highlights: Lehigh has a 10:1 student-to-faculty ratio, but classes aren’t as tiny as one might expect with such favorable staffing numbers. The average class size is 26 but, on the plus side, 45% of courses have enrollments of 19 or fewer. Undergraduate research is commonplace. With a highly ranked engineering school, it’s easy to view Lehigh as primarily a techie haven. Surprisingly, the majority of students pursue other programs, with Lehigh’s well-regarded business school drawing the most majors (29%); 22% graduate with a degree in engineering and 12% study CS.

Professional Outcomes: Recent grads quickly found its way toward the next productive step in their lives with 97% landing jobs or grad school placements within six months of leaving Lehigh. Among graduates of the School of Business and Economics, the top industries entered were financial services, accounting, consulting, and computer software. The average starting salary for a recent grad is $67,000. Among recent diploma-earners heading straight to graduate school, roughly 30% were studying engineering, one-quarter were pursuing business degrees, 10% were training for health professions.

• Enrollment: 5,624
• Cost of Attendance: $72,000
• Median SAT: 1410
• Acceptance Rate: 37%

Baruch College

Academic Highlights: With a 19:1 student-to-faculty ratio and more part-time than full-time faculty, one-on-one bonding time with your professors is at a premium. Single-digit classes are a rarity, and only 21% of courses have 19 or fewer enrolled students. Popular majors within the well-respected Zicklin School of Business include accounting, finance, marketing, and business communication. Overall, the Zicklin School of Business attracts a mind-boggling three-quarters of the student population.

Professional Outcomes: Within six months of graduation, 96% of the Class of 2022 were already employed or in full-time graduate programs. The average salary for Arts & Sciences grads was $53,000 while Zicklin School of Business grads earned $61,000. The top employers of 2022 grads were KPMG (22), Morgan Stanley (17), JP Morgan (16 grads), Accenture (12), and Bank of America (11).  Graduate studies are not usually the immediate step after receiving one’s diploma from Baruch and only 5% go right to graduate school.

• Enrollment: 15,896
• Cost of Attendance: $29,249 (in-state); $40,919 (out-of-state)
• Average SAT: 1186
• Average ACT: N/A
• Acceptance Rate: 50%
• Retention Rate: 87%
• Graduation Rate: 74%

Santa Clara University

• Santa Clara, CA

Academic Highlights: Students can pursue 50 degrees offered by three undergraduate colleges: the College of Arts & Sciences, the highly respected School of Engineering, and the Leavey School of Business, which offers top-rated management information systems, accounting, and entrepreneurship degree programs. 44% of course sections contain fewer than 20 students, and undergraduate research is built into many academic programs. The most commonly conferred degrees are in business (31%), engineering (15%), and the social sciences (13%).

Professional Outcomes: Within six months of receiving their degrees, 91% of Broncos have landed jobs, started graduate school, or committed to a full-time service program. Of those employed, the most commonly entered industries are business development, engineering, education, entrepreneurship, and sales. The companies presently employing the greatest number of alumni are all tech giants including Cisco, Apple, Google, Oracle, Meta, and Adobe. The median starting salary is $67,000 with engineering majors enjoying the highest compensation ($83k).

• Enrollment: 6,115 (undergraduate); 3,063 (graduate)
• Cost of Attendance: $82,125
• Median SAT: 1390
• Acceptance Rate: 52%
• Retention Rate: 92%

Tulane University

• New Orleans, LA

Academic Highlights: Tulane offers 75 majors within five colleges, with the A.B. Freeman School of Business and programs in architecture, biology, and neuroscience enjoying strong national reputations. The most degrees are conferred in business/marketing (22%), the social sciences (20%), psychology (9%), biology (8%), and health professions (8%). The average class size is 21 students and a solid 21% of courses have single-digit enrollments, providing a seminar-style environment. The majority of undergraduate courses are taught by full-time professors.

Professional Outcomes: Over three-fifths of Tulane grads find employment within six months of graduation. The most popular occupations were financial analyst, management analyst, marketing specialist, and postsecondary teacher. Significant numbers of alumni can be found working in the Louisiana-based Ochsner Health System or at corporations such as Shell, EY, Google, PwC, IBM, Morgan Stanley, Deloitte, and Accenture. 35% of grads eventually enroll in graduate or professional school—the most common destinations are Tulane itself, Louisiana State University, Boston University, and Johns Hopkins University.

• Enrollment: 7,295 (undergraduate); 4,990 (graduate)
• Cost of Attendance: $86,000
• Acceptance Rate: 15%

University of Maryland, College Park

• College Park, MD

Academic Highlights: Undergraduates can select from 100+ majors across twelve colleges. 18% of degrees are conferred in computer science, followed by the social sciences (13%), with  criminology, government and politics, and economics being the most popular majors.  Engineering (13%), business (11%), and biology (8%) are next in line. The School of Business, the School of Engineering, and the College of Journalism are all top-ranked, as are programs in computer science and criminology. 46% of sections enroll fewer than twenty students.

Professional Outcomes: Within six months of graduating, 96% of Class of 2022 grads had positive outcomes. 67% found employment; the companies/organizations that hired the greatest number of grads included Northrop Grumman, Deloitte, Amazon, and EY. Meta, Apple, and Google employ more than 200 alumni each.  The mid-50% salary range for 2022 grads was $55k-$83k. 21% of the Class of 2022 headed directly to graduate and professional school; 11% entered doctoral programs, 5% entered medical school, and 5% entered law school.

• Enrollment: 30,353 (undergraduate); 10,439 (graduate)
• Cost of Attendance: $31,540 (in-state); $60,918 (out-of-state)
• Acceptance Rate: 84%

George Washington University

Academic Highlights: GW undergraduates choose from 75+ majors spread across nine colleges. The school’s 12:1 student-to-faculty ratio translates to a mix of small, medium, and large undergraduate sections. Twelve percent of courses have single-digit enrollments, 10% have over 50 students, and the majority fall in the 10 to 29 range. The social sciences (31%) are the area in which the greatest number of degrees are awarded followed by health professions (17%), business (15%), biology (5%), and computer science (5%).

Professional Outcomes: Within six months of leaving GW, 96% of the Class of 2022 had found their way to gainful employment or graduate school while 4% were still job hunting. Of the 68% of grads already in the workplace, 68% were in a for-profit industry, 25% had entered a nonprofit position, and 8% were working in government. A healthy 27% of those earning their diplomas in 2022 immediately turned their attention to earning an advanced degree. Among that group were 76% seeking master’s degrees, 11% entering law school, 5% pursuing a medical degree, and 3% entering a doctoral program.

• Enrollment: 11,482
• Cost of Attendance: $85,740

Boston University

Academic Highlights: In total, the university offers more than 300 programs of study, 100+ of which are distinct undergraduate degrees spread across ten schools/colleges. Many classes at BU are reasonably small—60% contain fewer than twenty students; only 19% contain more than forty. The student-to-faculty ratio is 11:1. The greatest number of degrees are conferred in social sciences (16%), business/marketing (15%), communications and journalism (15%), biology (11%), engineering (9%), and health professions/related sciences (7%).

Professional Outcomes: Six months after graduation, 90% of BU grads have found their way into the world of employment or full-time graduate study. Across all graduating years, companies employing more than 350 BU alums include Google, Oracle, Accenture, IBM, and Amazon Web Services. Of the one-quarter of grads who move directly into graduate school, many are welcomed onto the campuses of elite graduate programs. For example, engineering students found new academic homes at MIT, Stanford, Carnegie Mellon, and Columbia.

• Enrollment: 18,459
• Cost of Attendance: $86,363
• Acceptance Rate: 14%

University of Miami

• Coral Gables, FL

Academic Highlights : Over 100 undergrad programs are offered across nine schools, with the greatest number of degrees conferred in business/marketing (21%), health professions (13%), biology (11%), the social sciences (9%), communication (9%), and engineering (8%). The Miami Business School and the College of Engineering enjoy solid national reputations, and programs in music, marine science, communications, and architecture are also highly ranked. 52% of all course sections contain fewer than 20 students.

Professional Outcomes: Within six months of graduating, 98% of the Class of 2022 had positive outcomes, with 64% employed full-time and 34% in graduate school. Companies employing 2022 grads included Deloitte, Citrix, NBCUniversal, Bank of America, JPMorgan Chase, Citi, and Morgan Stanley. Across all majors, the median starting salary was an impressive $63k. 100+ Canes also can be found in the offices of Google, IBM, PwC, Apple, and Microsoft. The most frequently attended graduate school is typically Miami itself.

• Enrollment: 12,883 (undergraduate); 6,710 (graduate)
• Cost of Attendance: $93,146
• Graduation Rate: 84%

University of Georgia

Academic Highlights: UGA boasts seventeen distinct colleges and schools that offer 125+ majors. Business is the most commonly conferred undergrad degree, accounting for 29% of diplomas earned. It is followed by biology (10%), social sciences (8%), communication & journalism (8%), and psychology (7%). Top-ranked programs include animal science, business, communications, and public and international affairs. 49% of sections enroll fewer than 20 students, and no matter your major, UGA encourages you to conduct research with a member of the school’s faculty.

Professional Outcomes: 96% of the Class of 2022 was employed or continuing their education six months after graduation. Popular employers include Accenture, PricewaterhouseCoopers, the Walt Disney Company, and Deloitte. Salaries vary between colleges; engineering grads had a median starting salary of $65k while journalism and communication grads reported a $50k median. In 2022, 24% of graduates enrolled directly into a graduate/professional degree program, with the most commonly attended schools including Columbia, Duke, Emory, Georgia Tech, Penn, and UVA.

• Enrollment: 30,714 (undergraduate); 9,893 (graduate)
• Cost of Attendance: $28,142 (in-state); $48,538 (out-of-state)
• Median SAT: 1310
• Median ACT: 29
• Acceptance Rate: 43%

Case Western Reserve University

• Cleveland, OH

Academic Highlights: Sporting a 9:1 faculty-to-student ratio, the university does a nice job keeping classes on the small side, with 50% of course sections capped at nineteen and only 13% of courses having fifty students or more. The Weatherhead School of Management and the Case School of Engineering have stellar reputations within the worlds of employment and academia. Engineering is the most commonly conferred undergraduate degree at 27% followed by biology (15%), computer science (10%), and health professions (8%).

Professional Outcomes: Fifty-six percent of 2022 CWRU graduates head into the world of professional employment upon receiving their diplomas; only 3% were still looking for work six months after leaving the university. More than half of the Class of 2022 enjoyed a starting salary of at least $65,000. The employers of the greatest number of graduates included Accenture, Microsoft, Deloitte, and Google. In 2022, four or more grads were accepted to continue their studies at the likes of NYU, Columbia University, Johns Hopkins University, WashU, and the University of Michigan.

• Enrollment: 6,017
• Cost of Attendance: $88,516
• Median SAT: 1480
• Acceptance Rate: 27%

Bentley University

• Waltham, MA

Academic Highlights: Of the 29 majors and 35+ minors to choose from, a handful are non-business concentrations. The average undergraduate class is comprised of 26 students, and academics are intense. Roughly 20% of the student body is double majoring. The most popular majors are all within the business domain and include finance, business, management, marketing, accounting,

Professional Outcomes: A superb 99% of 2022 Bentley grads were employed or in graduate school six months after receiving their diplomas. The financial services and technology sectors each account for almost one-quarter of new hires. A hub of entrepreneurship, the school typically sees 5-10% of its graduating class start their own businesses right out of college. Bentley does not see a high number of graduates directly entering graduate school—roughly 10% in any given year. However, many pursue MBAs or other advanced business degrees later in their careers,

• Enrollment: 4,131
• Cost of Attendance: $80,670
• Median SAT: 1340
• Acceptance Rate: 58%

Fairfield University

• Fairfield, CT

Academic Highlights: A 12:1 student-to-faculty ratio is fully felt in the classroom as courses average only 20 students per section. While 41% come in under that marker and only a smattering of sections contain 40+ students, the greatest number of courses have enrollments in the 20-29 range. A whopping 42% of degrees conferred are from the highly respected Dolan School of Business. Next in popularity are majors within the health professions (18%) and the social sciences (8%)—both areas also receive high marks at Fairfield.

Professional Outcomes: Fairfield’s Class of 2022 found its next destination within six months of graduating at a hard-to-beat 98% clip. Major employers include PwC, Deloitte, Morgan Stanley, JP Morgan Chase & Co., EY, UBS, and Merrill Lynch all employ one hundred or more Stags, and Fairfield grads also have strong representation at IBM, Goldman Sachs, Citi, and Prudential. Thus, it’s no wonder that the average starting salary is a healthy $67,054. Thirty percent of 2022 grads enrolled directly in graduate or professional school.

• Enrollment: 4,757
• Cost of Attendance: $77,440

Fordham University

Academic Highlights: The university offers more than seventy majors, minors, and pre-professional programs. Fordham’s 14:1 student-to-faculty ratio leads to an average class size of 23 students. Some classes will be on the smaller side as 52% of sections contain nineteen or fewer students. Gabelli is a top-rated business program with standout programs in international business and finance and serves as a pipeline to many large firms. Other popular areas of study include communications (10%), visual and performing arts (7%), psychology (6%), and biology (5%).

Professional Outcomes: Class of 2022 graduates found employment, graduate school, or other meaningful activities at a 96% clip within six months of receiving their degrees. Nearly two-thirds of this group landed employment and enjoyed an average salary of $70,000. Significant numbers of 2022 grads found homes at major companies including PwC (36), Ernst & Young (29), KMPG (24), Morgan Stanley (22), and Deloitte (21). The greatest number of recent graduates pursuing an advanced degree landed at Fordham, NYU, and Columbia.

• Enrollment: 10,098
• Cost of Attendance: $85,067
• Median SAT: 1400
• Acceptance Rate: 54%
• Retention Rate: 88%

University of Florida

• Gainesville, FL

Academic Highlights: With 16 colleges and 100 undergraduate majors to choose from, educational experiences are exceptionally diverse. The Warrington College of Business and the Wertheim College of Engineering are highly respected, so it’s no surprise that those two programs confer the greatest percentage of degrees—12% and 14%, respectively. Biology (11%), the social sciences (11%), and health professions (8%) are next in popularity. 53% of sections enroll fewer than 20 students, and 33% of students partake in an undergraduate research experience.

Professional Outcomes: By graduation day, 66% of the Class of 2022 had already procured a first job. The top occupational areas were engineering (13%), health care (13%), computer science (5%), and marketing (4%). 200+ Gator alumni can be found at top corporations like Google, EY, Raymond James, Deloitte, Apple, Amazon, Microsoft, Oracle, and PwC. The average salary for all 2022 grads was $69k, with a high of $100k for computer science majors. Of those pursuing advanced degrees, a master’s degree was the most popular pursuit (63%) followed by law school (11%).

• Enrollment: 34,552 (undergraduate); 20,659 (graduate)
• Cost of Attendance: $23,530 (in-state); $45,808 (out-of-state)

Florida State University

• Tallahassee, FL

Academic Highlights: A wide range of baccalaureate degrees—103 to be precise—are available at FSU. The student-to-faculty is a 17:1, which translates into somewhat larger class sizes. Ten percent of sections contain more than fifty students, and 4% have more than 100. However, that is balanced by the 66% of sections that contain fewer than twenty students. Twenty-three percent of degrees conferred fall under the business umbrella. The social sciences (15%), psychology (8%), biology (8%), and homeland security (6%) are next in popularity.

Professional Outcomes: Eighty-three percent of job-seeking Seminole grads receive at least one offer of employment within three months of graduation. The top five sectors employing 2022 grads are (in order) finance, technology, marketing, health, and engineering. Roughly one-third of 2022 Florida State grads elected to immediately pursue admission into an advanced degree program; 75% of those who apply receive at least one acceptance. A typical graduating class sees over 100 students accepted into medical schools and over 200 accepted into law schools.

• Enrollment: 32,936
• Cost of Attendance: $25,762 (In-State); $39,692 (Out-of-State)
• Median SAT: 1300
• Acceptance Rate: 25%

University of Washington – Seattle

• Seattle, WA

Academic Highlights: 180+ undergraduate majors are offered across thirteen colleges/schools. Personal connections with professors abound as 55% of grads complete a faculty-mentored research project. The College of Engineering, which includes the College of Computer Science & Engineering, is one of the best in the nation; UW also boasts strong programs in everything from business to social work to environmental science. The most popular degrees are the social sciences (13%), biology (12%), computer science (11%), and business (8%).

Professional Outcomes: Within months of graduation, 73% of Class of 2022 grads were employed and 17% were continuing their education. The most popular employers of the Class of 2022 included Google, Amazon, Microsoft, Boeing, and KPMG. Across all living alumni, 6,000+ work for Microsoft, and 4000+ work for each of Boeing and Amazon. Of those headed to graduate/professional school, just over half remain in state, mostly at UW itself. Large numbers of 2022 grads also headed to Columbia, Johns Hopkins, and USC.

• Enrollment: 36,872 (undergraduate); 16,211 (graduate)
• Cost of Attendance: $34,554 (in-state); $63,906 (out-of-state)
• Median SAT: 1420
• Acceptance Rate: 48%

Rutgers University — New Brunswick

• New Brunswick, NJ

Academic Highlights: Rutgers is divided into 17 schools and colleges, collectively offering 100+ undergraduate majors. 41% of class sections have an enrollment of nineteen or fewer students. The greatest number of degrees are conferred in business (20%), computer science (12%), engineering (10%), health professions (10%), biology (9%), and social sciences (7%). Rutgers Business School sends many majors to top Wall Street investment banks, and programs in computer science, public health, and criminal justice have a terrific national reputation.

Professional Outcomes: Upon graduation, 82% of Class of 2022 grads had secured a first job or were heading to an advanced degree program. 67% headed directly to the world of employment, where the companies hiring the largest number of grads included Amazon, Johnson & Johnson, L’Oréal, and JP Morgan Chase. Investment banks like Goldman Sachs and Citi also employ hundreds of alumni, as do companies like Verizon, Bristol-Meyers Squibb, Novartis, Pfizer, and Google. The median starting salary across all majors was $70,000.

• Enrollment: 36,344 (undergraduate); 14,293 (graduate)
• Cost of Attendance: $37,849 (in-state); $57,138 (out-of-state)
• Median SAT: 1370
• Acceptance Rate: 66%

Purdue University — West Lafayette

• West Lafayette, IN

Academic Highlights: Purdue offers over 200 majors at ten discipline-specific colleges, and 38% of course sections have an enrollment of 19 or fewer. Engineering and engineering technologies majors earn 34% of the degrees conferred by the university; the College of Engineering cracks the top ten on almost every list of best engineering schools. The Krannert School of Management is also well-regarded by employers; 11% of degrees conferred are in business. Other popular majors include computer science (10%) and agriculture (5%)—both are incredibly strong.

Professional Outcomes: Shortly after receiving their diplomas, 70% of 2022 grads headed to the world of employment while 24% headed to graduate/professional school. The top industries entered by grads in recent years are (1) health care, pharmaceuticals, and medical devices; (2) finance, insurance, and consulting; (3) manufacturing and machinery; (4) airline, aviation, and aerospace. Companies employing the greatest number of recent alumni were Amazon, Deloitte, PepsiCo, Labcorp, Lockheed Martin, and Microsoft. The average starting salary was $68k across all degree programs.

• Enrollment: 37,949 (undergraduate); 12,935 (graduate)
• Cost of Attendance: $22,812 (in-state); $41,614 (out-of-state)
• Median SAT: 1330

University of Minnesota–Twin Cities

• Minneapolis, MN

Academic Highlights: There are 150 majors available across eight freshman-admitting undergraduate colleges. 65% of class sections enroll 29 or fewer students. The most commonly conferred degrees are in biology (13%), business & marketing (11%), engineering (10%), the social sciences (10%), computer science (9%), and psychology (8%). The College of Science and Engineering and the Carlson School of Management have strong national reputations, and the chemistry, economics, psychology, and political science departments are also well-regarded.

Professional Outcomes: The top seven companies snatching up the largest number of recent grads are all companies headquartered in the state of Minnesota: Medtronic, Target, 3M, United Health Group, US Bank, and Cargill. Google, Apple, and Meta all employ hundreds of Twin Cities alumni. The mean starting salary for recent grads was $50k. With 130 graduate programs in science, art, engineering, agriculture, medicine, and the humanities, the University of Minnesota retains many of its graduates as they pursue their next degrees.

• Enrollment: 39,248 (undergraduate); 15,707 (graduate)
• Cost of Attendance: $33,032-$35,632 (in-state); $54,446-$57,046
• Acceptance Rate: 75%

Pennsylvania State University — University Park

• State College, PA

Academic Highlights: Penn State offers 275 majors and a number of top-ranked programs in a host of disciplines. The College of Engineering is rated exceptionally well on a national scale and is also the most popular field of study, accounting for 15% of the degrees conferred. The Smeal College of Business is equally well-regarded, earning high rankings in everything from supply chain management to accounting to marketing. It attracts 15% of total degree-seekers. 61% of classes have an enrollment below thirty students.

Professional Outcomes: By graduation, 70% of Nittany Lions have found their next employment or graduate school home. 98% of College of Business grads are successful within three months of exiting, flocking in large numbers to stellar finance, accounting, consulting, and technology firms. Hundreds of alumni work at Citi, Salesforce, and Meta, and more than 500 currently work at each of IBM, Deloitte, PwC, Amazon, EY, JPMorgan Chase, Microsoft, Google, and Oracle. 75% of 2022 grads employed full-time earned starting salaries greater than $50k.

• Enrollment: 41,745 (undergraduate); 7,020 (graduate)
• Cost of Attendance: $32,656 (in-state); $52,610 (out-of-state)
• Acceptance Rate: 55%

Bryant University

• Smithfield, RI

Academic Highlights: Bryant offers nearly 2o undergraduate majors across three schools/colleges: the College of Arts and Sciences, the College of Business, and the School of Health and Behavioral Sciences. Programs in international business and accounting are particularly strong. Popularity-wise, the overwhelming majority of degrees are conferred in business/management/marketing (82%), followed by communication/journalism (4%), social sciences (4%), and mathematics (4%). 26% of classes enroll fewer than 20 students.

Professional Outcomes: Within six months of graduation, 99% of the Class of 2022 were either employed or pursuing graduate studies. The median salary was $66k. Top employers included Aetna, Ameriprise, Bank of America, Dell, EY, Fidelity, Goldman Sachs, Liberty Mutual, PwC, Raytheon, and Target. Those who continued in graduate/professional school did so at a wide range of top institutions such as Auburn, Babson, Boston College, BU, Dartmouth, Fordham, Northeastern, Northwestern, UMass, UConn, and UVA.

• Enrollment: 3,153 (undergraduate); 333 (graduate)
• Cost of Attendance: $73,155
• Median SAT: 1240
• Acceptance Rate: 69%

University of Pittsburgh

Academic Highlights: Pitt admits freshmen to the Dietrich School of Arts & Sciences, the College of Business Administration, the Swanson School of Engineering, and the School of Nursing. Pitt’s engineering and business schools are top-rated and among the most commonly chosen fields of study. Premed offerings are also top-notch, with majors in the health professions (12%), biology (11%), psychology (9%), and computer science (9%) rounding out the list of most popular majors. Pitt has a strong 13:1 student-to-faculty ratio; 42% of sections have an enrollment of under twenty students.

Professional Outcomes: Within a few months of graduating, 94% of 2022 grads entered full-time employment or full-time graduate or professional school. Engineering, nursing, business, and information sciences majors had 73-86% employment rates while other majors tended to flock to graduate school in large numbers. Employers scooping up the highest number of grads in one recent year included the University of Pittsburgh Medical Center (170), PNC (57), BNY Mellon (36), and Deloitte (19). Median starting salaries fluctuated between $37k-65k depending on major.

• Enrollment: 20,220 (undergraduate); 9,268 (graduate)
• Cost of Attendance: $38,034-$43,254 (in-state); $56,400-$66,840 (out-of-state)
• Median SAT: 1360

University of San Diego

• San Diego, CA

Academic Highlights: Undergraduates can choose from a variety of majors and minors across four schools: the College of Arts and Sciences, the Knauss School of Business, the School of Leadership and Education Sciences, and the Shiley-Marcos School of Engineering. Business and accounting receive the most acclaim at USD; 38% of degrees conferred fall under the business umbrella. The next most popular fields are biology (13%), social sciences (10%), engineering (10%), and psychology (8%). 99% of courses at USD contain 39 or fewer students, and 43% enroll fewer than 20 students.

Professional Outcomes: Six months after being handed their diplomas, 90% of recent USD graduates had found their next destination. 65% were employed at a diverse range of employers such as PwC, The Walt Disney Company, the San Diego Padres, NBC Universal, and Tesla. Nearly 25% entered the world of sales, marketing, finance, or accounting. The median starting salary was a healthy $65k. Of the 23% of recent grads who immediately pursued an advanced degree, 36% were studying business, 16% were in engineering programs, and another 17% were in health programs.

• Enrollment: 5,669 (undergraduate); 3,146 (graduate)
• Cost of Attendance: $80,632

Syracuse University

• Syracuse, NY

Academic Highlights: In total, 200+ majors and 100+ minors are spread across ten undergraduate schools/colleges. The School of Architecture, the Maxwell School of Citizenship and Public Affairs, and the Newhouse School of Public Communication are all revered names that carry a good deal of weight in their respective fields. The most popular majors include communication/journalism (15%), the social sciences (14%), and business (12%). Despite Syracuse’s size, class sizes are kept reasonably low; 63% contain 20 students or fewer.

Professional Outcomes: Six months after exiting the Carrier Dome for the final time in 2022, 59% of Orangemen and women found employment (92% related to their career goals) and 21% continued to graduate school. The companies employing the most ‘Cuse grads include major media/entertainment management companies like Conde Nast, Bloomberg, and Creative Artists Agency as well as big-name corporations like GE, KPMG, EY, Lockheed Martin, and Morgan Stanley. The average starting salary for 2022 grads was a solid $63k.

• Enrollment: 15,739 (undergraduate); 7,209 (graduate)
• Cost of Attendance: $85,214

University of Delaware

Academic Highlights: The University of Delaware offers 150 bachelor’s degree programs. Nearly one-third of students pursue a degree in either business (21%) or engineering (9%), two of the school’s highest-ranked departments. Nursing is popular, with 11% of degrees conferred being in the health professions. Other frequently pursued majors include the social sciences (10%), biology (7%), and education (5%). 62% of courses enroll fewer than 30 students. The university also has the oldest study abroad program in the nation, with 30% of undergrads participating.

Professional Outcomes: 94% of Class of 2022 grads quickly found their next destination. 66% were employed, with 74% taking jobs at for-profit companies, 16% at nonprofits, 7% in K-12 education, and 4% with a government entity. The greatest number of newly minted alums were hired by JPMorgan Chase & Co., KPMG, EY, ChristianaCare, and Deloitte. The median starting salary for this cohort was $62,000. 28% immediately pursued an advanced degree, with 62% entering master’s programs, 20% entering a professional program, and 9% beginning a PhD.

• Enrollment: 18,066 (undergraduate); 4,557 (graduate)
• Cost of Attendance: $33,718 (undergraduate); $57,358 (graduate)
• Acceptance Rate: 72%
• Graduation Rate: 82%

University of Connecticut

Academic Highlights: UConn is home to fourteen schools and colleges as well as 115+ undergraduate majors. The four most commonly conferred undergraduate degrees are in business (15%), engineering (12%), the social sciences (12%), and health professions/nursing (12%). In terms of prestige and national reputation, programs in business, pharmacy, and nursing carry a good deal of weight. The school also does a nice job of creating a balance of classroom experiences—53% of sections enroll fewer than 20 students and only 18% contain more than fifty.

Professional Outcomes: 90% of the Class of 2022 experienced a positive outcome (job, grad school, military, volunteer position) within six months of earning their degrees. Among the 59% who found employment, the largest numbers landed at Aetna, Cigna, PwC, The Hartford, Travelers, and Raytheon Technologies; the median starting salary was $62,400. Massive numbers of alumni are employed by Pratt & Whitney, Pfizer, IBM, and Deloitte. 30% of 2022 graduates immediately entered a graduate or professional program, with many choosing to stay at UConn.

• Enrollment: 18,983 (undergraduate); 8,020 (graduate)
• Cost of Attendance: $41,606 (in-state); $64,478 (out-of-state)

University of Denver

Academic Highlights : There are 200 total degree programs at the University of Denver, with small class sizes being the norm as 55% of sections contain no more than 19 students, and 80% enroll a maximum of 29 individuals. The Daniels College of Business is highly respected by employers and attracts the greatest number of undergraduates. 32% of the degrees conferred in 2022 were in business/marketing, 16% were in the social sciences, 9% in biology, 9% in psychology, 8% in communication/journalism, and 7% in the visual and performing arts.

Professional Outcomes: 90% of 2022 Pioneer grads successfully entered the world of employment or graduate school within six months of earning their bachelor’s degree. 59% were employed full-time with a mean starting salary of $62k. Top employers included KPMG, Brown Brothers Harriman, Lockheed Martin, Epic, and Oracle. Other corporations employing 70 or more DU alums include CenturyLink, Charles Schwab, Comcast, Deloitte, Amazon, Google, and Microsoft. 27% of 2022 graduates elected to continue their education in a graduate program.

• Enrollment: 6,160 (undergraduate); 7,583 (graduate)
• Cost of Attendance: $80,614
• Acceptance Rate: 78%
• Graduation Rate: 77%

We hope you have found our list of the Best Colleges for Finance to be useful and informative as you continue your college search process. We also invite you to check out some of our other resources and tools including:

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Andrew Belasco

A licensed counselor and published researcher, Andrew's experience in the field of college admissions and transition spans two decades. He has previously served as a high school counselor, consultant and author for Kaplan Test Prep, and advisor to U.S. Congress, reporting on issues related to college admissions and financial aid.

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Lomonosov Moscow State University

Preparatory course (pre-university programme).

• Duration of study: March 2024 – July 2025.
• Holidays: July – August 2024.
• Start date: 1 March – 30 March 2024.
• Exams: June 2025.
• Tuition: $8900.
• The level of Russian: Beginner.
• Duration of study: September/October 2024 – July 2025.
• Start date: September – October.
• Tuition: $7000.
• The level of Russian: All levels.

• 1 BUSINESS SCHOOL
• 2 FACULTY OF BIOENGINEERING AND BIOINFORMATICS
• 3 FACULTY OF BIOLOGY
• 4 FACULTY OF BIOTECHNOLOGY
• 5 FACULTY OF CHEMISTRY
• 6 FACULTY OF COMPUTATIONAL MATHEMATICS AND CYBERNETICS
• 7 FACULTY OF EDUCATIONAL STUDIES
• 8 FACULTY OF ECONOMICS
• 9 FACULTY OF FOREIGN LANGUAGES
• 10 FACULTY OF FINE AND PERFORMING ARTS
• 11 FACULTY OF FUNDAMENTAL MEDICINE
• 12 FACULTY OF FUNDAMENTAL PHYSICAL-CHEMICAL ENGENEERING
• 13 FACULTY OF GEOLOGY
• 14 FACULTY OF GEOGRAPHY
• 15 FACULTY OF HISTORY
• 16 FACULTY OF JOURNALISM
• 17 FACULTY OF LAW
• 18 FACULTY OF MATERIALS SCIENCE
• 19 FACULTY OF MECHANICS AND MATHEMATICS
• 20 FACULTY OF PHYSICS
• 21 FACULTY OF PHILOLOGY
• 22 FACULTY OF PHILOSOPHY
• 23 FACULTY OF PUBLIC ADMINISTRATION
• 24 FACULTY OF SOCIOLOGY
• 25 FACULTY OF WORLD POLITICS
• 26 GRADUATE SCHOOL OF INNOVATIVE BUSINESS
• 27 GRADUATE SCHOOL OF MANAGEMENT AND INNOVATION
• 28 GRADUATE SCHOOL OF PUBLIC ADMINIASTRATION
• 29 HIGHER SCHOOL OF MODERN SOCIAL SCIENCES
• 30 HIGHER SCHOOL OF POLICY IN CULTURE AND ADMINISTRATION IN HUMANITIES
• 31 HIGHER SCHOOL OF STATE AUDIT
• 32 HIGHER SCHOOL OF TRANSLATION/INTERPRETING
• 33 HIGHER SCHOOL OF TELEVISION STUDIES
• 34 INSTITUTE OF ASIAN AND AFRICAN STUDIES
• 35 MOSCOW SCHOOL OF ECONOMICS
• 36 SOIL SCIENCE FACULTY
• Admission procedure

McKelvey Engineering offers graduate certificate in financial engineering

Graduate students in the McKelvey School of Engineering at Washington University in St. Louis now can earn a graduate certificate in financial engineering. While a second major in financial engineering already was offered for undergraduate students, this is WashU’s first graduate certificate in the specialty.

A collaboration between the McKelvey School of Engineering and Olin Business School, the certificate program is administered by the Preston M. Green Department of Electrical & Systems Engineering and led by Vladimir Kurenok, director of the second major in financial engineering program. Faculty from a variety of McKelvey Engineering programs along with Olin finance faculty will teach the courses.

Financial engineering combines applied math, statistics, computer science, financial theory and economics to analyze financial markets.

“We already have a second major in financial engineering that was established in 2017,” Kurenok said. “The wish has been to expand this successful program to graduate students because many of them have expressed interest in having such a program.”

Read more on the McKelvey Engineering website.

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Editorial: Financial literacy is important for teens to learn along with math and science

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Adulting is hard, and it’s gotten much harder even for mature adults. That’s especially true when it comes to personal finances.

We are subjected to more sophisticated and sometimes downright insidious online marketing that often uses influencers instead of ads. The investing world has grown more complicated, with investment apps, digital brokers and cryptocurrency. Hard-to-spot scams come to us every day via social media, emails and text.

We buy more of our goods online, sight unseen, and take the risk that our personal data might be compromised. Fewer employers provide traditional pensions; instead, it’s up to employees to figure out how much to put away for retirement, where the money should be stowed and how it should be managed.

Editorial: Early decision admissions for college unfairly favor wealthy students

Legacy admission is on the wane but colleges are doubling down on early decision, another admissions practice that favor the wealthy.

Jan. 4, 2024

Many colleges are downright unaffordable , but the financial aid process makes doing taxes seem easy by comparison, and lenders beckon with federally guaranteed loans that have put far too many young Americans into serious debt. As the gig economy becomes a bigger slice of the employment picture, it shifts the burden of healthcare and calculating tax deductions on to workers, and makes getting a mortgage, buying a home and creating stability more difficult.

Clearly, young adults need to be better equipped to tangle with the modern world of money.

That’s why there’s been growing interest in teaching financial literacy in high school, the point at which students are old enough to understand the topic and find it relevant as they apply to college and prepare to enter the working world.

Opinion: How to skip the college admissions rat race and still get a degree

You might think getting into, say, Oxford University would be about as difficult and expensive as getting into Harvard or Stanford. You’d be wrong.

March 22, 2024

According to Next Gen Personal Finance, a nonprofit that promotes financial literacy instruction and provides free curriculum and teacher training, half of all states have passed a requirement for a one-semester course. And more states require financial education to be taught as part of other courses, such as math or economics.

California isn’t among the states that require teens to take a designated financial literacy course, at least not yet. A bill before the Legislature this year would mandate a course for public schools. Silicon Valley businessman Tim Ranzetta, co-founder of Next Gen Personal Finance, has gathered signatures for a ballot measure to do the same; he says he would withdraw the measure if the bill becomes law.

The concept is great. But turning it into reality isn’t as simple as proponents would have us think.

Opinion: I was homeless in college. California can do more for students who sleep in their cars

An estimated 1 in 5 of the state’s 2 million community college students are unhoused.

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David Tokofsky, a former member of the Los Angeles school board, told The Times that if the state is going to add new high school requirements, it also has to take some things out. Otherwise, there will be practically no time for high school students to pursue electives that most interest them. It’s a good point. The state recently added a one-semester ethnic studies course to its requirements. How many more courses can be fit into the school day?

Adding new coursework should be undertaken only with a more comprehensive look at California’s curriculum standards, with the involvement of teachers and administrators. Educators should look for possible areas of overlap and repetition. That might make room for a couple of high school courses to be moved to eighth grade, though it would require the involvement of the University of California to ensure those courses would be accepted as part of the A-G curriculum.

The worst scenario would be a ballot initiative, no matter how well-intentioned. There is too little flexibility in such initiatives to meet changing needs of students and schools.

Mandates from Sacramento have generally not proved to be the best way to improve education, unless they are undertaken with the involvement of the people who have to carry them out. Let’s teach our high school students the complications of personal finance, but let’s do it thoughtfully, with the bigger picture in mind.

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March 25, 2024

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Communication Sciences and Disorders

Recent MA-SLP graduate makes advocacy global

By Julie Ostrem

It’s not atypical for a speech-language pathologist to strongly advocate for clients. After all, the profession tends to attract those who genuinely wish to make people’s lives better.

Charlotte Hilker (MA 2023), however, is extending her activism far beyond clinic walls with current efforts to improve speech therapy services within the small, eastern European nation of Kosovo.

“Most children here never have access to a speech therapist, which can take a toll on their well-being and educational outcomes,” she said. “Speech therapy is not publicly available in Kosovo like it is in the U.S.”

Since September, Hilker has been collaborating with the staff at The Kosovo Institute of Speech Therapy (Instituti Kosovar për Logopedi) to increase services to improve the lives of those with communication disorders. She produced a video and launched a  fundraising campaign to support the institute's work with children.

“This organization provides crucial free therapy services to kids in need," Hilker said. "But it also improves accessibility -- putting up picture communication boards in schools and on public playgrounds for children who don’t communicate verbally. The institute also hosts educational events for speech therapists in Kosovo to improve their practice.”

Hilker broadened her work to include a research project, partnering with Philip Combiths , PhD, CSD Assistant Professor and Director of Iowa’s Clinical Linguistics and Disparities Lab . They seek to better understand unique school-age language norms in this small nation, roughly the same size as Connecticut. 

When Hilker, a Des Moines, IA, native, made the decision to serve abroad, she knew she would need an understanding of the history and culture of this tiny nation to make impactful and long-lasting changes. 

“The Serbian occupation in the 1990s created barriers to education for ethnic Albanians, leading to illiteracy or low literacy in Kosovo, especially for women," she explained. "That has had downstream effects for Kosovo’s children today, and for their educational outcomes.” 

Although Kosovo gained independence in 2008, some nations do not recognize the country due to geopolitical tensions in the Balkan region, she added. This makes it difficult to attain financial support for social service providers such as The Kosovo Institute of Speech Therapy.

Insights into Kosovo’s history and culture -- along with Albanian language courses -- are valuable pieces of knowledge. But Hilker says she leans just as heavily on the skillset she built during her master’s degree program at Iowa.

“Iowa’s CSD program teaches you to reframe issues and find creative solutions to any problem you may face. Those skills have been crucial during my Fulbright year,” she explains.

Coursework in CSD at Iowa includes discussions about collaborating with immigrant and refugee families and working with non-English or multi-language speakers. Professors urge CSD students to think broadly; for example, students should not assume that all cultures, communities and countries prioritize book-reading as American parents tend to do. 

Happily, the mentoring at Iowa didn’t stop at graduation, she says.

“When I first got to Prishtina, (Kosovo’s capital and sister city to Des Moines), I quickly realized how new this all was and that I may not have every answer, so I reached out for help,” she said.

“I’m so grateful for the Zoom conversations with for my former mentors Philip Combiths and Clinical Professor Anu Subramanian ,” she said. “They helped me think through what differences I can make and how to make lasting and meaningful change.” 

NOTICE: The University of Iowa Center for Advancement is an operational name for the State University of Iowa Foundation, an independent, Iowa nonprofit corporation organized as a 501(c)(3) tax-exempt, publicly supported charitable entity working to advance the University of Iowa. Please review its full disclosure statement.

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