Program Overview

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Introduction to the Ph.D. in Business with a Major Concentration in Finance

The Ph.D. in Business with a Major Concentration in Finance at Rice University is designed to prepare doctoral graduates to be superior classroom instructors and research scholars in financial economics upon graduation. The program emphasizes research productivity, collaboration, and collegiality, reflected in the students' high completion rate and the faculty's commitment to the success of their students.

Program Overview

The finance faculty at Rice University believes in an open-door policy and a collegial atmosphere during the program and after graduation. The essence of the finance doctoral program is the opportunity to learn from and work with top-quality faculty members on a broad range of topics in modern finance.

Financial Support

Full financial assistance will be offered to each admitted student in the Ph.D. in Finance program in the form of a research assistantship. The financial assistance is merit-based and is contingent on continued satisfactory progress.

Tuition Grants

Full tuition support is available for each year of full-time study, conditional on satisfactory progress in the doctoral program.

Stipends

Admitted students will be offered stipend support of $43,000 per fiscal year. This stipend is available for each year of full-time study, conditional on satisfactory progress in the doctoral program.

Research and Academic Support

Each student will be provided with a workspace, a personal computer with office software, including all necessary statistical packages and access to the Rice University network, library access, online academic journals access, and e-mail. Each student will also have available $1,000 per year for miscellaneous research and academic expenses.

Program Requirements

Most coursework is completed in the first three years of the Ph.D. program. Students are expected to be in residence throughout the calendar year. Exceptions to this requirement must be approved by the student's dissertation chairperson, area advisor, and the director of the Ph.D. program.

Academic Timeline

• Year One: Complete course work during fall and spring semesters, begin working on research with area faculty.
• Year Two: Complete course work during fall and spring semesters, continue working on research with area faculty, take comprehensive exam.
• Year Three: Take specialized courses as needed, produce working paper(s) on research with area faculty, work on dissertation research.
• Year Four and beyond: Finish work on dissertation research, successfully pass dissertation research proposal by the end of the fourth year, defend dissertation.

Requirements

1. Course, Research Work, and Dissertation Advisor: The student's course work must be approved by the area faculty advisor. Students are expected to attend all research seminars organized in the finance area during their tenure in the Ph.D. program.
2. Exam Requirements: Students must successfully pass a comprehensive exam administered by the finance faculty at the end of the fall semester of the second year.
3. Third-Year Research Paper: Each student must write and present a sole-authored original research paper during their third year in the program.

Sample Course Sequence

The course curriculum is designed around a challenging course of study in both the theory of financial economics and in cutting-edge empirical work. A sample course sequence includes:

• Year 1 - Summer: Math Camp and Stat Camp
• Year 1 - Fall: ECON 501 - Microeconomic Theory I, ECON 502 - Macroeconomics I, MATH 321 - Introduction to Analysis I, ECON 510 - Econometrics I
• Year 1 - Spring: ECON 508 - Microeconomic Theory II, ECON 511 - Econometrics II, BUSI 521 - Asset Pricing Theory
• Year 2 - Fall: BUSI 524 or BUSI 525, BUSI 523 - Empirical Methods in Finance, BUSI 522 - Corporate Finance
• Year 2 - Spring: BUSI 526 or BUSI 527
• Year 3 - Fall and Spring: BUSI 524, 525, 526, or 527 - Advanced Topics in Finance

Course Descriptions

• BUSI 521: Asset Pricing Theory: Introduction to portfolio choice and asset pricing theory.
• BUSI 522: Corporate Finance: Background for understanding the major research directions in corporate finance.
• BUSI 523: Empirical Methods in Finance: Introduction to empirical research in finance, covering techniques most often used in the analysis and testing of financial economic theory.

Candidacy

Certification of Candidacy indicates that a student has reached the advanced stage of the Ph.D. Program, permitting them to devote full time to writing a dissertation. Requirements for candidacy include successful completion of the course work requirements and examination requirements.

Placements

Recent placements of Ph.D. graduates in finance include positions at prestigious universities such as Carnegie Mellon University, Louisiana State University, and the University of Rochester.

Admissions

Successful applicants have diverse backgrounds, including music, engineering, economics, and finance. Although a strong background in mathematics, economics, and statistics is preferred, all applicants are given due consideration. The application process includes submitting a completed online Ph.D. application, statement of purpose, CV/résumé, three confidential recommendations, electronic copies of transcripts, official GMAT or GRE score reports, and TOEFL scores for international applicants.

Application Requirements

• Completed online Ph.D. application
• Statement of Purpose
• CV/Résumé
• Three confidential recommendations
• Electronic copies of transcript(s)
• Official GMAT or GRE score report
• TOEFL score report for international applicants
• Non-refundable application fee of $40

Finance Area Advisor

The Finance Area Advisor is Kerry Back, J. Howard Creekmore Professor of Finance and Professor of Economics, who serves as the Ph.D. Area Advisor for Finance.