Speak with our Experts
Sign up

Get tailored study abroad advice.


Sign in for exclusive content!

Planning to study abroad?


Build your target shortlist and see your odds of getting into top schools with Ambitio's AI shortlist builder!

close Find your dream school

Heading Out Already?


Our Ivy League mentors and top admission experts can help with personalized tips to get you into your dream school

Speak with our Experts

15 October 2023

7 minutes read

Best Universities for PhD in Finance in USA: Navigating the Academic Landscape

If you’re considering pursuing a Ph.D. in Finance in the USA, you’re undoubtedly aiming for excellence in your academic and professional journey.

The field of finance offers a wealth of opportunities for those seeking to delve deep into financial markets, asset pricing, corporate finance, and more.

To help you embark on this exciting path, we’ve compiled a comprehensive guide to the best universities for a Ph.D. in Finance in the USA for 2023.

Worried about the cost of Studying Abroad?

Sign up to access 25 game-changing scholarships that could cover your costs.


The Top Universities for Ph.D. Programs in Finance

Stanford University

Stanford University consistently ranks among the top universities for finance programs. Their Ph.D. program in finance is known for its rigorous coursework and cutting-edge research opportunities.

Graduates from Stanford often find themselves well-prepared to tackle the complex world of finance. Stanford’s Ph.D. program in finance combines a strong foundation in financial theory with the practical skills required for success in the finance industry.

The coursework covers topics such as financial modeling, econometrics, and empirical finance. Students also have the opportunity to work closely with faculty members on research projects, gaining valuable experience in conducting independent research.

In addition to its academic excellence, Stanford University offers various resources to support finance Ph.D. students. The university’s proximity to Silicon Valley provides access to a vibrant ecosystem of financial institutions and technology companies, creating networking opportunities and potential collaborations.

University of Pennsylvania – Wharton School of Business

The University of Pennsylvania’s Wharton School of Business is renowned for its finance programs. With a strong emphasis on research and teaching, Wharton offers Ph.D. students a solid foundation in financial economics and management.

Wharton’s Ph.D. program in finance is highly competitive and attracts top talent from around the world. Students benefit from a rigorous curriculum that covers both theoretical and practical aspects of finance.

The faculty at Wharton includes leading experts in various areas of finance, providing students with the opportunity to learn from the best in the field.

One unique feature of Wharton’s Ph.D. program is its integration with the financial industry. Students have access to real-world data and industry insights, allowing them to apply their knowledge to solve practical financial problems. This connection to the industry also enhances job placement prospects for graduates.

University of California, Berkeley – Haas School of Business

UC Berkeley’s Haas School of Business is another prestigious institution offering a Ph.D. in Finance program. Here, students have the chance to explore fields like financial engineering, asset pricing, and theoretical and empirical tools.

Berkeley’s Ph.D. program in finance is known for its rigorous quantitative training. Students acquire a deep understanding of financial markets and instruments, making them well-equipped for careers in academia and the financial industry. The program also emphasizes research, with students expected to produce high-quality dissertations.

The Haas School of Business fosters a collaborative and innovative learning environment. Students often work together on research projects and have access to a wide range of resources, including the Berkeley Finance Group, which organizes seminars and conferences on finance-related topics.

University of Illinois at Urbana-Champaign

The University of Illinois at Urbana-Champaign is known for its comprehensive finance program. Students at this institution benefit from a diverse range of courses, mentorship opportunities, and research in financial management and valuation.

Illinois’s Ph.D. program in finance offers a well-rounded education in finance theory and practice. Students take courses in areas such as financial modeling, corporate finance, and risk management.

The program also places a strong emphasis on research, with faculty members actively involved in various research projects.

One of the notable aspects of the University of Illinois’s program is its focus on quantitative methods in finance. Students receive training in advanced statistical and econometric techniques, which are invaluable for conducting cutting-edge research in finance.

Stuck on How to Pick Your Ideal College?

Sign up to access your tailored shortlist and simplify finding your ideal college.


Admission Process and Scholarships

When applying for a Ph.D. program in finance, it’s crucial to understand the admission process. Typically, this involves submitting GRE/GMAT scores, academic transcripts, recommendation letters, and a statement of purpose. Additionally, you’ll need to demonstrate your research interests and capabilities.

Many universities offer scholarships and stipends to Ph.D. students, making the financial burden more manageable. It’s advisable to check each university’s financial aid options and deadlines.

Ph.D. in Finance Admission Requirements

Admission to Ph.D. programs in finance is highly competitive. Here are the common admission requirements:

  1. Educational Background: Most programs require a bachelor’s or master’s degree in a related field, such as finance, economics, or mathematics. Some programs may have specific course prerequisites.
  2. Standardized Tests: Applicants are typically required to submit GRE (Graduate Record Examination) or GMAT (Graduate Management Admission Test) scores. These tests assess your readiness for graduate-level studies.
  3. Academic Transcripts: You’ll need to provide transcripts from all your previous academic institutions to demonstrate your academic qualifications.
  4. Letters of Recommendation: Most universities require letters of recommendation from professors or professionals who can vouch for your academic abilities and potential.
  5. Statement of Purpose: A well-crafted statement of purpose (SOP) is essential. It should outline your research interests, career goals, and why you’re interested in the specific Ph.D. program.
  6. Resume/CV: Include your academic and professional background, research experience, and any relevant extracurricular activities or achievements.
  7. TOEFL/IELTS Scores: International students may need to submit English language proficiency test scores if English is not their native language.

Scholarships and Financial Aid

Financing a Ph.D. program can be a concern for many students. Fortunately, several financial aid options are available:

  1. University Scholarships: Many universities offer scholarships and fellowships specifically for Ph.D. students. These awards may cover tuition, provide a stipend for living expenses, or both.
  2. Teaching Assistantships (TA): TAs assist professors in teaching undergraduate courses. In exchange, they receive a stipend and often have their tuition waived.
  3. Research Assistantships (RA): RAs work on research projects with faculty members. This can be an excellent way to gain research experience while receiving financial support.
  4. External Scholarships: Some organizations and foundations offer scholarships for graduate students pursuing degrees in finance or related fields.
  5. Fellowships: Fellowships are typically merit-based awards that provide financial support for graduate students. They may be offered by universities, government agencies, or private organizations.
  6. Loans: While not ideal, student loans can help cover educational expenses. Be sure to explore federal and private loan options and consider the terms and interest rates carefully.

See how Successful Applications Look Like!

Access 350K+ profiles of students who got in. See what you can improve in your own application!


Career Opportunities After a Ph.D. in Finance

Once you’ve successfully completed your Ph.D. in Finance, a world of exciting career opportunities awaits. Graduates with a Ph.D. in Finance are in high demand, both in academia and the corporate world.

Academic Careers

  1. Professorship: Many finance Ph.D. graduates choose to become professors. They teach finance courses, conduct research, and publish academic papers.
  2. Researcher: Some graduates opt for research positions in academic institutions, think tanks, or research organizations. They contribute to the advancement of financial knowledge through their research efforts.
  3. Consulting: Academic consultants provide expertise to government agencies, businesses, and international organizations. They offer valuable insights into financial policies, regulations, and practices.

Corporate Careers

  1. Chief Financial Officer (CFO): Finance Ph.D. graduates often find themselves in top leadership roles within corporations. They oversee financial strategies, manage risk, and make critical financial decisions.
  2. Quantitative Analyst (Quant): Quants use their advanced mathematical and statistical skills to develop models for pricing and risk management in financial markets.
  3. Investment Banking: Ph.D. graduates with expertise in finance are highly sought after by investment banks. They work on complex financial transactions, mergers, and acquisitions.
  4. Asset Management: Asset managers use their knowledge of finance to make investment decisions on behalf of clients. They manage investment portfolios and aim to maximize returns.
  5. Risk Management: Risk managers assess and mitigate financial risks within organizations. They play a crucial role in safeguarding a company’s financial stability.
  6. Financial Planning and Analysis: These professionals provide financial guidance to businesses, helping them make informed decisions and achieve their financial goals.
  7. Data Science and Analytics: With the increasing importance of data in finance, Ph.D. graduates are well-equipped to work in data science and analytics roles within financial institutions.

Start Your University Applications with Ambitio Pro!

Get Ambitio Pro!

Begin your journey to top universities with Ambitio Pro. Our premium platform offers you tools and support needed to craft standout applications.

Unlock Advanced Features for a More Comprehensive Application Experience!


Start your Journey today


Start your Journey today

Research and Publications

During your Ph.D. program, you’ll have the opportunity to engage in research that contributes to the field of finance. Publishing your research in reputable journals is a significant accomplishment and can enhance your academic and professional reputation.

Key Research Areas in Finance

  1. Financial Markets: Investigate the behavior of financial markets, including stock markets, bond markets, and commodities markets. Analyze market efficiency, volatility, and trading strategies.
  2. Asset Pricing: Explore theories and models for determining the prices of financial assets. This area delves into the factors that drive asset prices and returns.
  3. Corporate Finance: Examine the financial decisions made by corporations, such as capital structure, dividend policy, and investment choices.
  4. Risk Management: Focus on strategies and tools for managing financial risk, including market risk, credit risk, and operational risk.
  5. Behavioral Finance: Study the psychological factors that influence financial decision-making and market behavior. This field combines psychology and economics.
  6. International Finance: Investigate the global aspects of finance, including exchange rates, international investment, and trade finance.
  7. Financial Regulation: Analyze the regulatory frameworks that govern the financial industry. Explore the impact of regulations on financial institutions and markets.
  8. Financial Econometrics: Apply statistical and econometric techniques to analyze financial data and model financial relationships.

Publishing Your Research

Publishing your research is a crucial step in establishing yourself as an expert in the field. Here are some tips for getting your research published:

  1. Choose the Right Journals: Select journals that are well-regarded in your research area. Review their submission guidelines and target journals that align with your research.
  2. Collaborate: Collaborating with experienced researchers can increase the likelihood of your work being accepted for publication. Seek mentorship and co-authorship opportunities.
  3. Peer Review: Be prepared for the peer review process. Address reviewers’ comments and revise your work accordingly.
  4. Conference Presentations: Presenting your research at conferences can help you receive valuable feedback and connect with other researchers in your field.
  5. Networking: Build a network of colleagues and mentors who can support your research efforts and provide guidance on the publication process.

Stuck on How to Pick Your Ideal College?

Sign up to access your tailored shortlist and simplify finding your ideal college.



In 2023, the best universities for a Ph.D. in Finance in the USA continue to provide exceptional programs and resources for aspiring finance professionals.

Remember to thoroughly research each institution, consider your career goals, and prepare a strong application to embark on your finance journey successfully.

A Ph.D. in Finance opens doors to a wide range of exciting career opportunities, whether you choose to pursue an academic path or thrive in the corporate world.

Your research contributions can also shape the future of finance and lead to meaningful advancements in the field. Embrace this academic journey with enthusiasm and dedication, and you’ll find that the pursuit of knowledge in finance is both rewarding and fulfilling.


Q1: What are the prerequisites for a Ph.D. in Finance program?

Prerequisites may vary by university, but they often include a bachelor’s or master’s degree in a related field, GRE/GMAT scores, academic transcripts, and recommendation letters.

Q2: How long does it take to complete a Ph.D. in Finance?

Typically, it takes around 4-5 years to complete a Ph.D. in Finance, including coursework and research for your dissertation.

Q3: Are there scholarships available for Ph.D. in Finance students?

Yes, many universities offer scholarships and stipends to Ph.D. in Finance students. Be sure to research each university’s financial aid options.

Q4: What career opportunities are available after completing a Ph.D. in Finance?

Graduates with a Ph.D. in Finance often pursue careers in academia, research, financial consulting, or high-level positions in the financial sector.

Build your profile to get into top colleges


Almost there!

Just enter your OTP, and your planner will be on its way!

Code sent on

Resend OTP (30s)

Resend OTP

Your Handbook Is Waiting on WhatsApp!

Please have a look, and always feel free to reach out for any detailed guidance



Click here to download

Meanwhile check out your dashboard to access various tools to help you in your study abroad journey


Get Ambitio Pro!

Unlock Advanced Features for a More Comprehensive Application Experience!


Start your Journey today

Find your Dream school now⭐️


Welcome! Let's Land Your Dream Admit.


Almost there!

Just enter your OTP, and your planner will be on its way!

Code sent on

Resend OTP (30s)

Resend OTP
Scroll to Top