PhD in Finance

Program Overview

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Finance PhD Programme

Introduction

The PhD programme in Finance provides an opportunity to undertake original research into a wide variety of areas. The department has a lively team of academic staff, with their own individual research topic areas. Our research aims to improve the understanding of today’s business and policy implications.

Study Information

At a Glance

• Degree Qualification: PhD

Research Areas

The Finance group research themes focus on:

• Financial economics, corporate finance & corporate governance
• Asset pricing & applied financial econometrics
• Banking & financial institutions
• Financial technology & applied mathematics

Research Interests

Corporate Finance & Financial Economics

• To explore capital structure decisions under capital market imperfections.
• Specifically, issues related to capital structure and firm behaviour.
• The examination of dividend policy, corporate governance, financial development, financial distress and bankruptcy.

Asset Pricing, Capital Markets and applied financial econometrics

• To undertake research in empirical testing of asset pricing models.
• This could cover topics such as time-series properties of asset returns (i.e. predictability, volatility), cross-sectional properties of asset returns (i.e. CAPM, factor models) and the pricing of equity index derivative securities financial frictions on asset markets.

Banking and financial services

• To explore research in the area of banking and financial markets, specifically on topics related to bank efficiency, financial stability, credit markets, investment efficiency.

Financial technology and applied mathematics

• To conduct research on cryptocurrencies/FinTech related subjects.
• Specifically, the links between cryptocurrency and international investment markets, market efficiency of cryptocurrencies, the price/volatility relationship among cryptocurrencies.

Our Experts

• Director: Fotios Papadimitriou
• PhD Coordinator: Filipa Alexandra da Silva Fernandes

Entry Requirements

• PhD Programme: Applicants for this programme must have a good honours degree in finance or a related subject.
• Research Proposal: Applicants must provide a detailed research proposal.
• Academic References: Applicants must provide two academic references from their most recent academic institution.

Fees and Funding

• Tuition Fee Rates: View the tuition fee rates
• Aberdeen Global Scholarship: Eligible self-funded international Postgraduate Research Masters' students starting in September 2025 will receive the Aberdeen Global Scholarship.

Careers

• PhD graduates in Finance can work in government departments, central banks, a variety of financial institutions and multinational corporations.
• At the Business school many of our PhD graduates also go on to forge successful academic careers in other top Universities.

World Class Facilities

• The University of Aberdeen, established in 1495, is Scotland’s third oldest and the UK’s fifth oldest University.
• The university’s ancient campus reflects its long-standing academic tradition, with historic buildings such as King's College, which dates back to the 15th century.
• The Sir Duncan Rice Library is listed in the “Top 20 spellbinding University libraries in the World”.

Program Outline

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Degree Overview:

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Overview:

The PhD program in Finance at the University of Aberdeen specializes in applied finance, particularly corporate finance and governance. It also offers expertise in asset pricing, financial economics, and banking. The program aims to provide students with a strong foundation in financial research and analysis, enabling them to conduct high-quality research and contribute to the field.

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Objectives:

• Equip students with advanced knowledge and skills in financial research methods and analysis.
• Encourage students to develop their own research projects and contribute to the advancement of financial knowledge.
• Prepare students for careers in academia, research institutions, or financial industry roles requiring advanced analytical and research skills.

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Program Description:

The program is designed to provide students with a comprehensive understanding of financial theory and practice. It offers a blend of coursework and independent research opportunities, allowing students to tailor their studies to their specific interests and career goals.

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Outline:

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Program Content:

• Financial Economics and Corporate Governance: This area focuses on capital structure decisions, dividend policy, corporate governance, financial development, financial distress, and bankruptcy.
• Asset Pricing and Applied Financial Econometrics: This area covers empirical testing of asset pricing models, including topics such as asset return predictability, volatility, and the pricing of derivative securities.
• Banking and Financial Institutions: This area explores research on bank efficiency, financial stability, credit markets, and investment efficiency.
• Financial Technology and Applied Mathematics: This area focuses on research related to FinTech and cryptocurrencies, including market efficiency, price-volatility relationships, and international investment links.

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Structure:

• The program typically takes 3-4 years to complete.
• Students are required to take a combination of core and elective courses, depending on their area of specialization.
• Students are also required to complete a research thesis, which is a significant piece of independent research on a chosen topic.

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Course Schedule:

The program offers a variety of courses, including:

• Corporate Finance and Governance
• Financial Econometrics
• Asset Pricing
• Financial Institutions and Markets
• Financial Technology

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Assessment:

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Assessment Methods:

• Coursework assignments
• Examinations
• Research thesis

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Assessment Criteria:

• Knowledge and understanding of financial theory and practice
• Analytical and research skills
• Ability to communicate research findings effectively

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Teaching:

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Teaching Methods:

• Lectures
• Seminars
• Workshops
• Individual supervision

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Faculty:

The program is taught by a team of experienced academics with expertise in various areas of finance.

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Unique Approaches:

• The program emphasizes a research-led approach to learning.
• Students have access to a variety of research resources, including databases and software.
• The program encourages students to collaborate with faculty and other researchers on ongoing projects.

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Careers:

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Potential Career Paths:

• Academia
• Research institutions
• Financial institutions
• Multinational corporations

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Career Opportunities:

• Financial analysts
• Portfolio managers
• Risk managers
• Consultants
• Researchers

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Career Outcomes:

• Graduates of the program have gone on to successful careers in a variety of sectors, including academia, finance, and consulting.
• The program provides students with the skills and knowledge required to succeed in competitive job markets.

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Other:

• The program is open to students with a strong background in finance or a related field.
• The program is offered on a full-time basis.
• The program has a strong international focus, attracting students from around the world.