Department Website
Program Description
Stern’s PhD program in finance trains scholars to conduct research at the leading edge of financial economics. The faculty represents one of the largest finance research groups in the world that has been ranked consistently as the leading publisher of academic research in top finance journals. Comprised of more than 40 researchers, including a Nobel-prize-winning economist, our faculty are active in all areas of finance—asset pricing, corporate finance, derivatives, market microstructure, and behavioral finance—with both theoretical and empirical focus, and with emerging specialization in the areas of financial intermediation, crises, and macro-finance. As a result of this unusual breadth, students have access to expertise in almost any topic that they might wish to explore.
Admissions
All applicants to the NYU Stern School of Business PhD Program are required to submit a complete application for admission. A complete application includes the online application, statement of purpose, optional essay, educational history and resume or CV, letters of recommendation, test scores, academic transcripts, and an application fee.
See How to Apply for admission requirements and instructions specific to this program.
Program Requirements
The program requires the completion of at least 49-54 credits, comprised of the following:
Curriculum Details
Although every doctoral student must satisfy general requirements, each student designs and completes an individual program of study.
Each new doctoral student begins a program of study, which requires approval from the Area Coordinator and the Doctoral Office. Any unusual features or revisions of an approved program of study requires permission from both the department Area Coordinator and the Doctoral Office. Unless specifically approved in advance by the Area Coordinator and the Doctoral Office, MBA courses will not be eligible for tuition remission.
The general PhD degree requirement for students entering the program with a Master’s degree or equivalent is to successfully complete a minimum of 36 credits. The requirement for students entering the program with only a Bachelor’s degree is to successfully complete a minimum of 54 credits. If the Doctoral Office and the department Area Coordinator approve, a program of study may include previous graduate work at NYU or other universities. In all cases, students must complete at least 33 credits of coursework at NYU.
An approved program of study becomes part of the student’s permanent academic file and represents a formal commitment by both the student and the school. Any approved program can be modified as appropriate.
A complete program of study must include:
- Prerequisites: Every student must satisfy the prerequisites in calculus, linear algebra, basic probability and statistics, and economics before starting doctoral study. This can be accomplished by taking courses in these subjects for a grade.
- Basic Research Skills Methodology Courses: Every student must complete four research methodology courses, including three courses in probability and statistics, and one course in microeconomics.
- Major Specialization & Elective Courses: Every student must complete the prescribed program of courses in their major specialization, as well as elective courses.
Additional Program Requirements
Program of Study
Successfully complete a program of study, including completion of prerequisite coursework, basic research skills methodology courses, and major field of study and elective courses.
Comprehensive Examination
Successfully pass the comprehensive examination(s) required in the student’s area of study.
Teaching Workshop
Attend the Teaching Workshop and receive certification to teach an undergraduate course.
Teaching Preparations
Successful completion of the teaching practica as described in the PhD Handbook.
Teach an Undergraduate Course
Teach one undergraduate course or the equivalent during the 4th year of study.
Dissertation Proposal
Initiate a major piece of original research and present it for faculty approval.
Dissertation Defense
Complete a satisfactory dissertation and defend it successfully at the defense presentation. The research is the extension and completion of the research presented at the dissertation proposal.
Learning Outcomes
Upon successful completion of the program, graduates will:
- Learn basic economics tools and frameworks for sound foundations in financial economics.
- Learn tools and frameworks specific to financial economics research; learn how to develop a research project from concept to final product.
- Learn effective research communication skills.
- Identify a broad and novel research area and develop ideas for a set of research papers constituting a dissertation.
- Learn to develop and teach a course independently.
- Learn to establish and maintain productive working relationships with faculty.
- Learn how to transition from coursework to independent research.
- Obtain feedback on job market paper from faculty (in addition to feeback from committee).
- Learn to conduct independent researche under the guidance of a faculty member.
- Learn basic economics tools and frameworks for sound foundations in financial economics.
- Learn tools and frameworks specific to financial economics research; learn how to develop a research project from concept to final product.
- Learn effective research communication skills.
Policies
NYU Policies
University-wide policies can be found on the New York University Policy pages.
Stern Policies
Additional academic policies can be found on the Stern Graduate Academic Policies page.