PhD Program in Finance
The internationally well-recognized faculty members of the University of Miami’s Department of Finance, as well as the university’s many research centers and programs, establish an environment conducive to the goal of educating PhD students to develop new knowledge and disseminate it among the academic community and into business practice.
The PhD program in finance is primarily concerned with such research areas as: (i) the behavior of asset prices, e.g., stocks, bonds, options, and real estate, (ii) the financing of corporations, including the choice of investments and sources of funds, (iii) household finance and individual investor behavior, (iv) corporate governance and incentives of corporate executives and employees, and (v) the management and regulation of banks and other financial intermediaries.
All potential applicants should note that “graduate study” in the PhD program in finance at the University of Miami implies an integrated program of advanced study and research, based on an adequate academic background, presupposing personal maturity, and making much more than an average demand on the initiative as well as the scholarship of the student. Being a student in the finance PhD program means a commitment to full-time and in-residence study.
The finance faculty members that PhD students will work with in the program are frequently publishing their research in top academic journals such as the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Journal of Financial and Quantitative Analysis. They are also active on several journal editorial board, serving as Editors, Associate Editors, Advisory Editors, and Editorial Board Members. In addition, the finance faculty members have served on the boards of several prominent professional associations, including the Financial Management Association and the American Real Estate and Urban Economics Association.
The goals of the PhD program in finance at the University of Miami are to:
- Admit high-potential PhD students, with strong academic backgrounds, who have an interest in a research career.
- Provide a rigorous education related to finance research.
- Foster a stimulating research environment, mentorship, and a strong collaborative culture between students and between faculty and students.
- Place graduating PhD students from the program at research universities and top institutions for public policy making.
- Create long-lasting mentorship and research collaboration between PhD students and faculty.
During the first year of the PhD program, students are required to take courses from the University of Miami’s Department of Economics and Department of Finance as part of their PhD core course education. During the first year, there is limited flexibility in the course selection to assure that each student has a critical knowledge base in the areas of economics, econometrics, and finance.
During the second year, students continue to take courses in the business school but also from other schools and departments at the University of Miami (e.g., Law, Psychology, Neuroscience) as part of their continued PhD course education, and depending on interests and specialization. The goal is to (i) broaden a student’s knowledge beyond the core courses, and (ii) deepen a student’s base knowledge and introduce the student to the current research frontier.
After successfully completing a qualifying finance exam in the first year, and an individual finance research paper in the second year, a PhD student is admitted into candidacy. At this stage of the PhD program, the student works full-time on a job market paper, which will showcase the student’s knowledge and skills related to finance scholarship, as well as the rest of the dissertation. This research is conducted under the supervision of an experienced advisor from the finance faculty. Co-authorship with faculty members and other students in the PhD program is common and strongly encouraged to build up a PhD student’s portfolio of research papers.
In recent years, the finance faculty at the University of Miami has created a strong profile in the area of “behavioral finance,” which emphasizes inter-disciplinary scholarship, e.g., finance combined with psychology research. It is an important goal of the PhD program to train PhD students interested in this emerging research area. The department of finance organizes the Miami Behavioral Finance Conference each year, which attracts finance researchers from all around the world to present and discuss research in this area. The finance faculty also organizes a weekly Finance Seminar Series with invited speakers from top research universities in the U.S. and around the world. In addition, the department organizes a Finance Brown Bag Seminar Series as a forum for presentations by its own faculty and PhD students.
The PhD program in finance at the University of Miami is small, with an average of only 2-3 admitted students per year, to assure selectivity and the ability of the finance faculty to closely advise and mentor each of the students in the program on an individual basis. Admission to the PhD program is normally accompanied with financial assistance to cover tuition, a stipend to cover living expenses, and some support for travel, data, or human subjects research.
For more information about the PhD program, please contact Henrik Cronqvist, Professor of Finance and Coordinator of the PhD Program in Finance.
Download “Policies and Procedures” for the PhD program in finance at the University of Miami.