Program Overview
Ph.D. in Finance Program
The Ph.D. in Finance program at Boston College's Carroll School of Management is designed to provide students with a rigorous education in finance, preparing them for careers in academia and industry. The program is highly selective, with a small class size and a faculty of renowned experts in the field.
Program Overview
The program begins with systematic, rigorous training in quantitative methods, economics, and finance. Students complete a major research project, serve as research and teaching assistants, and write a doctoral dissertation. The program is designed to be completed in five years, with students receiving financial support in the form of a stipend and tuition remission.
Coursework
Students must complete a program of study that leads to competency in three areas: quantitative methods, economics, and finance. The requirements of the program of study are typically satisfied by completing 14 courses in the first two years in the program. In some cases, course work prior to entering the program or successful performance on waiver examinations may be substituted for required courses.
Comprehensive Examination
Satisfactory performance on a comprehensive examination marks the student's transition from course work to full-time thesis research. The examination is intended to allow the student to demonstrate substantial knowledge of the literature and theory of finance and economics and competence in the area of quantitative methods.
Research
Doctoral students are expected to engage early in research. The culmination of the program is the doctoral dissertation, a substantial, significant, and original contribution to the field that is prepared under the guidance of a thesis committee of three or more faculty members.
Research and Teaching Assistant Requirement
Doctoral students at the Carroll School are expected to serve as research assistants, teaching assistants, and/or instructors throughout their studies. Students work for a set number of hours per week, throughout the duration of their Ph.D. programs.
Sample Course Sequence
The following is a sample course sequence for the Ph.D. in Finance program:
- Year 1 - Fall: Microeconomic Theory I, Statistics, Ph.D. Seminar: Advanced Topics in Capital Markets
- Year 1 - Spring: Microeconomic Theory II, Econometric Methods, Macroeconomic Theory II, Ph.D. Seminar: Corporate Finance
- Year 2 - Fall: Ph.D. Seminar: Asset Pricing, Ph.D. Seminar: Advanced Topics in Corporate Finance, Ph.D. Seminar: Topics in Empirical Corporate Finance
- Year 2 - Spring: Ph.D. Seminar: Advanced Topics in Asset Pricing, Ph.D. Seminar: Research Topics in Finance, Ph.D. Seminar: Research Topics in Behavioral Finance
Class Profile
The Ph.D. in Finance program at Boston College attracts applicants from all over the world and from a wide array of backgrounds. The class profile for the entering classes of 2021-2025 is as follows:
- Class size: 4 students per year
- Overall selectivity: 7%
- Average age: 30
- Age range: 23-39
- Women: 37%
- International students: 74%
- Average GMAT score: 740
- Average GRE score: 327
- Average undergraduate GPA: 3.60
- Average full-time work experience: 3.2 years
- Students holding master's degree: 79%
Career Placement
Graduates of the Ph.D. in Finance program at Boston College have gone on to work at top universities and institutions around the world, including:
- American University
- Arizona State University
- Baruch College (City University of New York)
- Bocconi University
- DePaul University
- Fordham University
- George Washington University
- Indiana University
- INSEAD
- Lehigh University
- Louisiana State University
- Michigan State University
- National University of Singapore
- Texas A&M University
- The College of William and Mary
- University of Alberta
- University of Arizona
- University of Georgia
- University of Minnesota
- University of New South Wales
- University of Notre Dame
- University of Pennsylvania (Wharton)
- University of Virginia (Darden School)
- University of Hong Kong
- Villanova University
- Virginia Tech University
Faculty
The finance faculty at Boston College's Carroll School of Management are experts in their disciplines and globally acclaimed for their scholarship, research, and mentorship. The faculty includes:
- Rui Albuquerque
- Michele Andreolli
- Pierluigi Balduzzi
- Simcha Barkai
- Michael Barry
- Vincent Bogousslavsky
- Thomas J. Chemmanur
- Nathan Dong
- Ran Duchin
- Vyacheslav (Slava) Fos
- Arup Ganguly
- Samuel Hartzmark
- Mathias Hasler
- Drew Hession-Kunz
- Edith Hotchkiss
- Robert F. James
- Cheng (Jason) Jiang
- Bozidar Jovanovic
- Darren Kisgen
- Manuel Lancastre
- Matteo Leombroni
- Angela Ma
- Andrey Malenko
- Nadya Malenko
- Alan Marcus
- Alicia Munnell
- Jeffrey Pontiff
- Jonathan Reuter
- Paul M. Romer
- Ronnie Sadka
- Paul Schmelzing
- Aimee Hoffmann Smith
- David Solomon
- Philip Strahan
- Hassan Tehranian
- Tuomas Tomunen
- Stefan Walz
- Nancy Xu
- Hanyi (Livia) Yi
Admission Requirements
To be considered for admission to the Ph.D. in Finance program at Boston College, applicants must submit the following:
- A current curriculum vitae
- Transcripts from all institutions attended
- GMAT or GRE scores
- English language proficiency exam scores (if applicable)
- Recommendations from two individuals
- A required essay discussing research interests and career objectives
- An optional essay addressing aspects of the applicant's candidacy not covered in other parts of the application
Financial Support
The Carroll School of Management provides financial support to doctoral students in the form of a stipend and tuition remission. The financial support for doctoral students is $43,000 per year, with students receiving support for a maximum of five years. In return for this support, students serve as research and/or teaching assistants throughout the duration of their Ph.D. programs.