phd in financial engineering canada

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Addressing current issues confronting organizations and investors operating in today’s rapidly changing financial environment.

The PhD specialization in Finance at McGill prepares students for research-oriented academic careers. While students from all backgrounds are encouraged to apply, the typical student holds an undergraduate or a master's degree in economics, finance, mathematics, statistics, computer science, engineering or physics.

The program is normally completed in five years. The first two years in the program are devoted primarily to taking courses in finance, as well as supporting disciplines (economics, mathematics and econometrics/statistics). After the first two years, students enter the dissertation phase of the program. For details on the Finance Area, research domains, publications and working papers, visit the Desmarais Global Finance Research Centre website.

Numerous required and elective doctoral courses are offered by the McGill Finance Faculty, including:

• Financial Economics
• Corporate Finance
• Empirical Methods in Finance
• Continuous-Time Finance
• International Finance
• Fixed Income Securities Theory
• Corporate Governance

Faculty and Research

The McGill Finance area includes fourteen faculty members who regularly publish in the top finance journals. The moderate size of the program (currently we have 13 Ph.D. students in residence) make it possible for the students to closely interact with the faculty and to benefit from personalized attention and support. Because the faculty's interests span a wide spectrum of specialized fields in finance, students enjoy a lot of freedom in the choice of their dissertation topic.

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PhD programs

Take a deep dive into the topic you love with a phd, at the university of ottawa, you can:.

• Join a select community of researchers and work in state-of-the-art labs – uOttawa is ranked among the top 10 research universities in Canada.
• Study in the heart of the nation’s capital, a bilingual and multicultural setting where networks of senior stakeholders take action on major issues and influence decisions.
• Receive considerable financial support.

“One of the reasons I chose the University of Ottawa is for its multidisciplinary or multi-university thesis committees available to students in their first year of doctoral studies.”

Valérie Costanzo, LL.B., LL.M., lawyer, PhD candidate

Explore ways to finance your doctoral studies

The University of Ottawa has many scholarships or financial support options available to you. As a doctoral candidate, there is also the option to earn money while gaining valuable experience through teaching and research assistantships.

“Supervising doctoral students is a privilege: it allows for the discovery of new research challenges and for the development of sustainable relationships.”

Emmanuelle Bernheim, LL.D., PhD, Full professor, Faculty of Law, Civil Law Section

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Doctorat en sciences de l'administration - finance et assurance (Ph. D.)

Philosophiæ doctor (Ph. D.) Third Cycle

This program aims to train high-level, independent researchers in finance, insurance and real estate. It will allow you to delve deeper into specific problems and provide you with the means to pursue careers in research and teaching.

Any questions about this program?

• De 4 à 5 years Estimated duration of full-time studies
• Admission Semesters Winter Fall

Corporate finance and financial analysis; portfolio management and market finance; risk management and insurance; personal financial planning; financial engineering; and urban and real estate management are all fields of research in finance, insurance and real estate.

Your doctoral pathway consists of two major phases divided into stages: 21 course credits; the doctoral examination (9 credits); the thesis project (3 credits); and the thesis (63 credits).

• Research supervisor : The Program Directorate can help you find a professor with the expertise to supervise you in your project. Please note, however, that the offer of admission to the program is conditional on the acceptance of your project by a professor as research supervisor.
• Full-time studies : You must enrol in the program on a full-time basis for the coursework period, which is equivalent to the first four consecutive semesters. Full-time enrolment means you can normally complete this program in four to five years. 

The doctoral (PhD) program provides an opportunity to specialize in a field of research in business administration. Students are provided with training in high-level academic research and thus contribute to the advancement of knowledge in the domain and intervene in various research environments around the world (universities, institutes, organizations, administrations, etc.).

For Whom Is This Program Intended?

This program is intended for individuals who have a master’s degree with dissertation, or a degree deemed equivalent, in business administration or a related domain.

Have you studied outside Canada? Find out about the admission requirements based on your country of origin.

Your Future

After completing your training, you will be able to create knowledge and contribute to the scientific advancement of your domain by conducting research and teaching. You will be qualified to work in a variety of research environments around the world and publish your work in recognized academic journals.

Financial Aspects

Scholarships and financial aid.

At the Bureau des bourses et de l'aide financière , you will find all the information you need about the possible sources of funding for your studies, including the various government financial aid programs and the admission, excellence and mobility scholarship programs.

Every year, FSA ULaval and its investors award numerous scholarships averaging $10,000 to the best students enrolled in a doctoral (PhD) program. Several scholarships of up to $20,000 are also offered to those who distinguish themselves by their academic results, their leadership and their social and professional involvement during their PhD studies.

FSA ULaval Scholarship and Funding Program

Success Scholarships

Every year, Université Laval dedicates $4.6 million to the success of its students enrolled in a master’s or doctoral program. The Faculty of Graduate and Postdoctoral Studies Student Success Scholarships reward the completion of the various steps in your program, from admission to graduation.

Success scholarships of up to $59,000 are available at the doctoral level.

Program Length and Organization

Students must enrol in the program on a full-time basis for the coursework period, which is equivalent to the first four consecutive semesters.

Full-time enrolment means the program can normally be completed in four to five years. The program of study cannot exceed seven calendar years as of the first semester of enrolment.

Notes Concerning the Courses

Doctoral Examination

After earning at least 18 of the 21 course credits in the program, students may register for the doctoral examination. Students must pass this exam before they have accumulated more than 63 credits in the program (including courses and research activities but excluding preparatory coursework).

The doctoral examination is carried out over one semester and is worth 9 credits. It consists of three components:

• The retrospective component, which is a synthesis activity (closed-book exam, open-book exam, or essay, at the discretion of the examination committee) that tests the student's expertise regarding some of the key studies in the field of research and the student's ability to critically review and synthesize these studies.
• The prospective component, which consists of drafting a preliminary research problem. The purpose of this component is to test the student's ability, on the one hand, to formulate a research question or objective that could lead to original research in the chosen field of research and, on the other hand, to indicate the selected pathway to answer this question or achieve this objective.
• Successful completion of the written components is followed by an oral examination that covers both of these documents. The 9 credits for the doctoral examination are awarded when the student successfully completes the oral exam.

Failing this examination results in exclusion from the program. Université Laval’s academic regulations (in French only) stipulate that, with the unanimous agreement of the jury, a student may be granted a retake of one or both components (prospective and/or retrospective).

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Quebec student

Degree and Discipline

Applicants hold a master’s degree with dissertation, or a degree deemed equivalent, in business administration or a related domain.

A master’s degree that includes a 12-credit essay may constitute a satisfactory basis for admission where the other elements of an applicant’s record are particularly strong.

Cumulative Average

Applicants have achieved a program or graduation average of at least 3.67 out of 4.33 for all master’s studies or equivalent.

Applicants whose average is slightly lower are encouraged to submit an application by pointing out the strengths of their record that would support their admission, despite not having achieved the required results.

Other Prior Education

Based on their prior education, applicants may be required to complete preparatory coursework in the program discipline and research methodology on a priority basis at the beginning of their pathway.

Language Requirements

French-language proficiency

In order to be eligible, non-Francophone students (who did not complete their elementary and high school education in French) must demonstrate, when submitting their application, a minimum level of French-language proficiency by successfully completing:

• the  Test de connaissance du français tout public  with:
• a score of at least 600 out of 699 on the compulsory tests (TCF-TP)
• a score of at least 14 out of 20 on the written expression test (TCF-TP/EÉ)
• the course titled FRN-3003 Français avancé : grammaire et rédaction II (or a course deemed equivalent) with a grade of at least C

Applicants who meet any of the following conditions are not required to provide proof of French-language proficiency:

• They have completed their elementary and high school education in French.
• They have received a diplôme d'études collégiales (DEC) in French in Québec and passed the uniform test in French.
• They have received a university degree from a French-language institution.

If in doubt, the Program Directorate may require that the student successfully complete a French proficiency test.

To the extent they include a writing component, results from other tests may be considered.

In all cases, the test must have been successfully completed within the previous two years and the result must be provided along with the admission application.

English-language proficiency

Although English proficiency is not an admission requirement, success in this program is dependent on the students’ ability to read and understand English texts. Given the extensive body of literature in this language, students who do not have sufficient proficiency in English may experience difficulties in their studies. Students must therefore ensure that they have a good understanding of English from the beginning of their program.

This program also has English-language requirements that must be met to graduate. For more details, refer to the section titled  Compétences linguistiques à atteindre  in the section  Renseignements et directives  under the tab  Cheminement  (in French only).

Other Requirements

Applicants must have the qualities required of a future high-level researcher: intellectual curiosity marked by a strong interest in research; a high level of autonomy; the capacity for reflection; critical thinking skills; as well as outstanding analytical, synthesis and communication skills and, lastly, unwavering integrity.

Documents to be submitted in the admission application in addition to those required by the Registrar’s Office :

• cover letter explaining the applicant’s reasons for wishing to undertake this program (approximately two pages)
• supplemental questionnaire (in French only) (scholarships, awards, honours, training and research experience, research project, etc.), including the description of a research project of approximately 500 words
• three Reports on the Candidate completed by individuals who are qualified to judge the applicant’s ability to successfully complete doctoral studies

GMAT, TAGE MAGE and GRE test scores provide additional information that can be useful in the interpretation of academic results, in particular for applicants who did not complete their studies in North America. These are not an admission requirement.

In order to render a decision concerning an application, the Program Directorate may rely on the judgment of several professors who have examined the record. However, it reserves the right to make the final assessment of the application. The following elements are taken into consideration:

• quality of the academic record
• aptitude for intellectual work
• structure, quality of the argumentation and coherence of the presentation of the thesis topic (supplemental questionnaire)
• preparation for research
• relevance of the academic preparation
• relevance and quality of professional experience, if any
• quality of the project and consistency with prior preparation
• care taken in preparing the application

After completing its analysis, the Program Directorate may issue a definitive or conditional offer of admission, or deny the application. In the latter case, it informs the applicant of the reasons the application was denied. The Registrar’s Office sends the official response.

A favourable assessment of an applicant’s record does not guarantee an offer of admission, as such an offer is dependent upon the program’s admission capacity. Admission capacity refers to the agreement and availability of at least one professor attached to the Faculty of Business Administration to supervise the student in his or her program of study.

Having found a research supervisor is not a guarantee of admission. The applicant must satisfy all requirements, and the final decision regarding admission is made by the Program Directorate.

International student

French language proficiency.

Université Laval is an institution of French expression and culture. Courses are taught in French; assignments and exams are also written in that language. Proficiency in both spoken and written French is therefore essential. For more details, refer to the policy on the use of French and the provisions regarding the application of the policy on the use of French (both documents available in French only).

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Graduate Admissions

Financial engineering.

This program is of interest to students with strong quantitative backgrounds in economics, mathematics, statistics, computer science, science and engineering.

The Financial Engineering Program established by Faculty of Arts' Department of Mathematics.

Concurrent diploma – Department of Mathematics & Statistics

The Financial Engineering diploma (concurrent), is offered by the Department of Mathematics and Statistics. Students must first apply and be accepted to the regular Master of Arts or Doctoral program in Mathematics and Statistics. After being accepted to the program, students submit a separate application for the diploma.

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Financial Engineering (Concurrent Diploma Only)

Programs & Courses › Specializations

The concurrent Graduate Diploma in Financial Engineering is offered by the Schulich School of Business in collaboration with the Department of Mathematics and Statistics. It provides a rigorous education in financial theory, methods of engineering, tools of mathematics and practice of programming.

This highly technical program is well suited for individuals with strong quantitative backgrounds in economics, mathematics, statistics, computer science, science and engineering. Graduates will be equipped with the skills to develop and value new financial instruments and implement risk management schemes.

Diploma Details by Category

Eligibility & application.

MBA students will be invited to apply for this diploma in the Winter term. Contact your Student Success Coordinator for questions regarding the application process and your study timeline.

• undergraduate degree
• Calculus 1 and 2 – single and several variables
• Linear Algebra
• Foundations of Computer Science
• Statistics and Probability
• Microeconomics

Graduate Diploma in Financial Engineering Requirements

Must be taken concurrently with a Schulich MBA*

• The Graduate Diploma must be completed within one term of completing all MBA program requirements
• 21.00 credits of required courses below
• An internship in a financial institution or an additional research paper
• Enrolment in Financial Engineering courses is with the permission of the director
• Students working towards the Diploma in Financial Engineering may take a maximum of 9.00 credits outside Schulich

* Students must satisfy both Graduate Diploma and MBA requirements.

View MBA Program details

Required courses.

Probability models and discrete time stochastic processes; Brownian motion; Filtrations, conditional expectations, martingales; Stochastic integrals, Ito's formula; Stochastic differential equations; Diffusions, Kolmogorov equation; Girsanov Formula; Black Scholes.

This introductory course on machine learning is aimed at graduate students who are going to work with data scientists in the finance industry. The course explains the most popular machine learning algorithms used by data scientists, which enables the students to assess their strength and weakness for a particular application and work productively with data scientists. Algorithms are illustrated with different data sets from the finance industry and others in EXCEL and Python.

The course begins with an overview of the investment environment in developed markets, followed by a more in-depth analysis of key investment topics. These topics include modern portfolio theory, asset pricing models, term structure of interest rates, stock and bond portfolio management, evaluation of portfolio performance, and behavioural finance. This course serves as a useful introduction to the Chartered Financial Analyst (CFA) curriculum. Prerequisite: FINE 5200 3.00

This course explains the way in which derivative securities such as options, futures contracts, forward contracts, swaps and interest rate caps can be valued. It discusses arbitrage relationships, risk neutral valuation, the creation of options synthetically, numerical procedures and the evaluation of credit risk.

Prerequisite: MFIN 5600 3.00 (MF students) Co-requisite: FINE 6200 3.00 (MBA and IMBA students) Course credit exclusion: SB/FNEN 6810.030 (either SB/FINE 6800 3.00 or SB/FNEN 6810 3.00, but not both, may be taken for credit)

This course covers a list of advanced topics in derivative securities with a focus on pricing and hedging. Students are assumed to have taken an introductory course in derivatives. The objective of this course is to develop modelling skills needed to value the full range of derivative securities: from exchange-traded options to over-the-counter products including exotic options, embedded options and credit derivatives. The fundamental theory is the Equivalent Martingale Pricing Principle or the Risk-neutral valuation by no-arbitrage. Analytical models and various numerical methods will be discussed in detail. It is assumed that students are familiar with the Black-Scholes and binomial pricing models.

This course provides a comprehensive introduction to the discipline of financial risk management. It covers the market and regulatory trends that have motivated the need for financial institutions and corporations to evolve from traditional desk level risk management to an enterprise-wide function spanning all sources of risk in a consistent manner. Students will learn the basic fundamentals required to support a general risk management process in addition to gaining an understanding of industry best-practice methodologies. The course will cover in depth the analytics of standard risk assessment techniques for market risk, credit risk and operational risk as well as introducing the leading edge tools used to manage the overall business process. MFIN Prerequisite: MFIN 5600 MFIN Corequisite: FINE 6800 3.00

Provides an opportunity to learn the various features and unique characteristics of fixed income securities and markets, analyze and evaluate fixed income securities, and develop tools for managing interest rate risk and other applications. Computer assisted (e.g., Excel and VBA) applications are used throughout the course to enhance student learning experience, with both hands-on in-class exercises and assigned homework problems.

MFIN Prerequisite: SB/MFIN 5600, MFIN Corequisite: SB/FINE 6800 3.00. Former prerequisite: SB/FNEN 6810 3.00.

Career Opportunities

After completing the program, students will be equipped with the theoretical knowledge and specialized skills to develop and value new financial instruments and implement risk management schemes. Possible career paths include:

• derivatives trading and valuation
• risk management
• investment banking
• financial analysis in brokerage houses, financial institutions and consulting firms

Students also have access to the Career Development Centre (CDC). As Schulich’s in-house team of certified Career Coaches and Industry Advisors, the CDC offers a wealth of innovative programs, resources and individualized mentoring and coaching to help you launch your career. Meet alumni, recruiters and industry leaders at corporate information sessions and other CDC events, and receive online access to the very best career tools available.

“The Schulich MBA takes you beyond the comfort of a traditional classroom with innovative, real-world learning.” Chance Moran (MBA '11) Director, Equity Derivatives Trading CIBC Capital Markets Inc.

The Schulich Centre for Career Design

Your career is top priority at Schulich. To make career decisions that are right for you, the CCD will help you identify strengths, determine career objectives, develop career plans, hone skills for career management and put your professional development plan into action.

- Our highly experienced CCD Advisors bring a unique combination of first-hand knowledge, experience and diverse perspectives in a wide variety of businesses and industry sectors.

- Take advantage of a series of proven career-building modules, including up-to-date Job Search Techniques, Self-Assessment, Resume and Cover Letter Writing, and Interview Skills to help you stand out from the competition.

- Corporate Information Sessions offer you an opportunity to meet top level recruiters, alumni and executives.

The teaching, research and consulting activities of faculty members cover the fields of investments, financial engineering, financial services and corporate finance.

The work of the faculty brings theoretical rigour to practical applications. For example, faculty members have developed a unique approach to personal investment management over the human lifecycle. Our faculty have won numerous awards for their work and are in high demand by practitioners and the media. They interact with the private sector as consultants and Board members, amongst other roles.

Other research areas include investor biases, investor mood and the markets, the effect of thin trading on stock prices, the management of financial institutions, financial innovation and international financial management.

Selected faculty members

Professor of Finance

University Professor Emeritus of Operations Management and Information Systems; Gordon Charlton Shaw Professor of Management Science

Program Partners

The increasing globalization and application of high technology in the financial sector have created the need for recognized qualifications for finance professionals. The Schulich master’s degree in finance is a “must-have” degree for people pursuing a career in asset management, capital markets and risk management. It not only provides the intensive industry grounding, but also offers curriculum for the accelerated CFA and FRM pathway to launch a successful career in modern financial industry.

Contact Financial Engineering (Concurrent Diploma Only)

Graduate Admissions

Financial engineering.

This program is of interest to students with strong quantitative backgrounds in economics, mathematics, statistics, computer science, science and engineering.

The Financial Engineering Program established by Faculty of Arts' Department of Mathematics.

Concurrent diploma – Department of Mathematics & Statistics

The Financial Engineering diploma (concurrent), is offered by the Department of Mathematics and Statistics. Students must first apply and be accepted to the regular Master of Arts or Doctoral program in Mathematics and Statistics. After being accepted to the program, students submit a separate application for the diploma.

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Ways to connect with the Faculty of Graduate Studies and Program Supports

Have a program-related question.

Contact the graduate program assistant: yorku.ca/gradstudies/program-contacts/

Have an admission related question? Contact the Graduate Admissions Team

By phone: 416-872-9675

By email:   [email protected]

Upcoming graduate webinars/in-person events for Future Students: futurestudents.yorku.ca/events/graduate

York University Office of Admissions Bennett Centre for Student Services 99 Ian Macdonald Blvd Toronto, ON M3J 1P3 CANADA 

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Main Content

FinTech and Financial Engineering

Futures, options, and disruptive innovation.

The demand for professionals who have both quantitative skills and an understanding of the risk management environment in which decisions are made has never been higher. Get access to a wealth of career opportunities in this exciting field.

The global financial system is evolving. Develop your understanding of derivatives markets, emerging financial technologies, and how instruments such as futures and options can be used for risk management.

Topics covered

Learn about risk management from the perspective of a) a corporate treasurer who is interested in hedging his or her exposure to interest rates, exchange rates, commodity prices, and so on, b) a fund manager who wants to change the nature of his or her exposure to financial markets, and c) a financial institution that trades derivatives and is faced with an increasingly complex regulatory environment. 

You will also learn how to price a wide range of derivatives instruments and explore the tools needed to successfully understand financial markets, evaluate new ideas, and assess conjectures about the future of finance.

"Stocks that enjoy big unexplained jumps in value do considerably worse in the long term."

- Hai Lu , an associate professor of accounting at Rotman, in an online article

Courses that support studies in FinTech and Financial Engineering

It is recommended that students choose electives that are broadly relevant to FinTech and Financial Engineering from the following courses:

• Risk Modelling & Financial Trading Strategies
• Options and Futures Markets
• Advanced Derivatives
• Financial Risk Management
• Machine Learning and Financial Innovation
• Security Analysis & Portfolio Management
• Financial Institutions and Capital Markets
• Analysis & Management of Fixed Income Securities
• How Banks Work: Management in a New Technological Age 

For detailed information on each elective course, please see our  MBA electives guide .

Career paths for FinTech and Financial Engineering

Many banks have recruited large numbers of "quants" in recent years, but have not developed the managerial infrastructure to use those quants effectively. A deep understanding of FinTech and Financial Engineering will prepare you well to excel in this role. It will also give you the tools necessary to join groups concerned with structuring complex products that meet the needs of particular clients.  Opportunities for MBA graduates are being created to become involved in the sales and trading of derivatives products in new financial markets. Regulators are requiring banks to use increasingly complex models to evaluate market risk, credit risk and operational risk. , necessitating key roles for understanding inthe development of a bank’s strategy for minimizing its regulatory capital requirements.  More generally, it is true that derivatives markets (particularly the over-the-counter derivatives markets) are becoming increasingly important to everyone who works in finance. Even if you do not plan to work in a risk management or derivatives function, you will find the courses recommended in this pathway useful.

Example roles in FinTech and Financial Engineering

• Analyst, Capital Markets Risk Management
• Content Development Specialist
• Quantitative Risk Manager
• Credit Risk Analyst
• Financial Engineer
• Research Associate
• Regulatory Operations Analyst
• Corporate Investment Bank Advisor  

Back to previous page →

Read a thought piece on risk management and financial engineering  →

Explore other career directions learn more ».

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PhD in Finance in Canada: Best Doctorate Degrees & Top Universities

• Updated On December 19, 2022
• Published In Courses 📖 , Study in Canada 🇨🇦

Finance is the base on which the business world rests. Pursuing a PhD in finance not only helps you study the subject in-depth, but it also enables you to teach finance as a professor in renowned universities all over the world. This blog will help you understand what pursuing a PhD in finance in Canada entails, which universities you can apply to and what is the growth prospect. You can also read about doctorates in other fields related to business such as management and administration among many others on our website.

Table of Contents

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What is PhD in Finance?

A PhD in finance is a doctorate that can be pursued after completing your postgraduate studies and occasionally right after your undergraduate. PhD in finance aims at creating strong researchers who are capable of teaching the subject at various universities and solve larger economic problems of the countries. The program is generally four years long and includes 2 years of comprehensive studies followed by working under a supervisor to develop researching capabilities and preparing a thesis.

A doctorate in finance can be achieved through a PhD in finance as well as a DBA in finance. Both of these degrees provide students with theoretical as well as empirical knowledge about modern finance and global economics. 

PhD in Finance vs DBA in Finance

If you are looking to acquire a doctorate in finance, a PhD in finance and a DBA in finance are the most ideal options. Both of the degrees are similar in their coursework and structure. Both of them include exams and a doctoral dissertation. The span of both courses is between 4 to 5 years. However, the approach and objectives between the two differ from each other. 

Doctor of Philosophy in Finance or PhD in Finance is an academic degree and follows a theoretical approach. Along with increasing your knowledge about business, a PhD in finance paves the way for you to be an academic researcher and university professor. If you pursue PhD in finance, you can also take up roles in organizations that require specialization.

A Doctorate of Business Administration or DBA in Finance is a professional degree that focuses on applying financial knowledge to real-world business problems. Rather than going for an academic approach, a DBA degree emphasizes using theory and research in solving business issues. This degree will enable you to take up a role in corporate leadership and management as the coursework of this degree is based around it.

It goes without saying that you should choose between these two courses based on your interest, career vision and future prospects.

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Why pursue a PhD in Finance in Canada?

The decision of doing a PhD in Finance program will help you gain in-depth knowledge about statistics, financial markets and corporate finance. Being a program focused on empirical research, a PhD in finance polishes you as a researcher and makes you capable of conducting independent studies and writing research papers.

A doctorate from Canada has perks of its own. The country being an attractive destination for international students, studying a PhD in finance in Canada gives you the following advantages over studying in other countries:

• Financial aid : Universities in Canada offer a multitude of financial aid to students pursuing doctoral degrees. A high number of scholarships within the universities as well as from organisations outside the university make Canada an ideal destination for international students.
• Working while studying : Students enrolled in Canadian universities can work on campus for unlimited hours. In the case of off-campus work, students are allowed to work for up to 20 hours a week. This system can help you create an extra source of income and manage your expenses.
• World-Class Universities and Faculty : With universities like McGill University and the University of Toronto , among many others, Canada houses some of the highest-ranking business schools in the world that provide top-notch education to their students.
• Affordable tuition fees – Doctoral programs from Canadian Universities are available to students at very affordable fees and reasonable pricing. Along with an affordable fees structure, students get other benefits such as merit-based scholarships, teaching assistantships, and research assistantships which can further help reduce the financial burden.

PhD Program Requirements

The following eligibility criteria need to be fulfilled for successful admission into a PhD in finance degree in Canada:

• A postgraduate degree in finance, economics, engineering, physics, mathematics or a similar field of study with solid grades and research experience. Some universities also offer admission based on an excellent undergraduate degree.
• Two or more letters of recommendation.
• A research proposal.
• IELTS or TOEFL test scores for students belonging to non-English speaking countries. This exam acts as a measure of your proficiency in the English language. 
• GRE or GMAT test scores.
• After passing the required eligibility criteria, universities might invite you for a personal interview as a final round for selection.

Documents Required

The documents required for applying to a PhD in Finance are similar to the ones required for applying to PhD courses in other fields. They are as follows:

• Online application form and fees : Forms have to be filled out online by students through the university’s official website. Fees for the form needs to be paid accordingly.
• CV/Resume : Creating an impressive CV can increase your chances of selection. Make sure the CV includes all your achievements and work experience in the field of finance.
• Academic or Professional References : References can go a long way in making your application gain more credibility. An academic or professional reference is a prerequisite for applying to PhD programs.
• Personal Statement : A personal statement is a brief overview of yourself. It explains to the committee what your strengths, achievements and level of education is.
• Transcripts : Transcripts of your mark sheets and competitive exams need to be submitted to the university. In some cases, the university might ask you to submit transcripts certified by the institute you completed your previous education from.
• Statement of Intent : A statement of intent is an essay that aligns you with the degree you are applying for. It explains to the committee why you are applying for the program and what ambitions you aim to achieve through the program.

Colleges in Canada that offer PhD in Finance

A PhD in Finance is a wide umbrella that includes many doctoral programs based around finance. The following universities offer degrees in fields related to finance:

University of Toronto (Rank 18)

• Fields of Specialization : Finance theory, economics and empirical methods
• Eligibility Criteria : A master’s degree or equivalent from a recognized university with excellent marks; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding : Year 1 – $32,000 plus the tuition fee, Years 2-5 – $32,000 plus the tuition fee, Ontario Graduate Scholarship Program (OGS), University of Toronto Fellowship (UTF)

The University of British Columbia (Rank 37)

• Fields of Specialization : Theory of Finance, Theoretical Asset Pricing, Empirical Asset Pricing, Empirical Corporate Finance, Accounting, Management Science, Economics, and Mathematics
• Eligibility Criteria : Completion of a Bachelor’s degree + Master’s degree or M.Phil. Degree with First Class/Division 1 (65%) or Very Good (8 on a 10-point scale); English proficiency test scores; GMAT or GRE Scores
• Funding : Killam Doctoral Scholarships, SERB-UBC Scholarship, Vanier Scholarship, International Tuition Award, President’s Academic Excellence Initiative PhD Award, PhD Minimum Funding

McGill University (Rank 40)

• Fields of Specialization : Financial Economics, Corporate Finance, Empirical Methods in Finance, Continuous-Time Finance, International Finance, Fixed Income Securities Theory, Corporate Governance
• Eligibility Criteria : Master’s-level degree, with a strong academic record; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding : Guaranteed funding will be $32,622 per year for the first four years, Fifth-year funding will be $20,000+, Doctoral Fellowships, Ontario Trillium Scholarship program

University of Alberta (Rank 131)

• Fields of Specialization : Corporate finance, corporate control, asset pricing, portfolio theory, derivatives, market microstructure, behavioural finance, financial institutions, international finance, and valuation
• Eligibility Criteria : Grade point average (GPA) of 3 on most 4-point grading systems or B on most letter grading systems, based on your most recent two years of full-time study; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding : Vanier Canada Graduate Scholarship, Izaak Walton Killam Memorial Scholarship, Andrew Stewart Prize

University of Calgary (Rank 200)

• Fields of Specialization : Corporate finance, asset pricing, behavioural finance, valuation, derivatives, corporate governance, financial economics
• Eligibility Criteria : First Class Division, or 8/10 (or 7.5/10 for IIT’s only); GMAT or GRE Scores; IELTS/ TOEFL Scores
• Funding : Full tuition for all admitted students for the first four years. Funding comes in the form of Graduate Assistantships, Alberta Innovates Graduate Student Scholarships program, Alberta Graduate Excellence Scholarship (AGES), Delta Kappa Gama, Entrance Awards, Graduate Award Competition, International Graduate Tuition Award, Mackenzie King, Mitacs, Vanier Canada Graduate Scholarships (CGS)

University of Waterloo (Rank 201)

• Fields of Specialization : Actuarial Science, Biostatistics, Data Science, Quantitative Finance, Statistics, & Statistics-Computing
• Eligibility Criteria : A Master’s degree in statistics or actuarial science with marks equivalent to 78% in Canadian Universities; IELTS 7.0/TOEFL 90; GMAT or GRE Scores
• Funding : Statistics & Actuarial Science Doctoral Entrance Award,  University of Waterloo President’s Graduate Scholarship, President’s Graduate Scholarship (PGS), Fraser Award

Queen’s University (Rank 251)

• Fields of Specialization : Asset pricing, corporate finance, corporate governance market microstructure, financial technologies and innovation and sustainable finance
• Eligibility Criteria : A B+ (77%) average grade for the last 2 years of study; TOEFL 100/ IELTS 7.5; GMAT or GRE Scores
• Funding : Annual funding of $34,000, conditional on satisfactory performance in the program, $6,500 to assist with research expenses and support conference travel, McCall MacBain Sustainable Finance Fellow

University of Manitoba (Rank 351)

• Fields of Specialization : Corporate Finance, International Finance, Investments 
• Eligibility Criteria : An earned Master’s degree from a recognized institution in a management or business discipline with a minimum 3.0 GPA; English proficiency test scores; GMAT 600 or GRE equivalent
• Funding : University of Manitoba Graduate Fellowship Program and the Social Sciences and Humanities Research Council (SSHRC), Banting Fellows and Vanier Scholarship, Pierre Elliott Trudeau Foundation Scholarship, University of Manitoba Graduate Fellowships (UMGF)

Concordia University (Rank 601)

• Fields of Specialization : Corporate finance, investments, derivatives, risk management, international finance, portfolio management, real estate finance, banking, and family firms
• Eligibility Criteria : Master’s degree in any discipline, with minimum cumulative GPA of 3.5 out of 4.3; GMAT 640 or GRE equivalent; IELTS 7.0/TOEFL 95
• Funding : A guaranteed funding of $ 100,000 for 5 years, Out of Province Award, Concordia University Doctoral Graduate Fellowships, Concordia International Tuition Award of Excellence, Concordia Merit Scholarship

How to Apply?

To apply for a PhD program in Finance in Canada, the following steps have to be taken:

• Research about the university that suits your needs.
• Prepare the required documents before applying.
• Apply for the program of the specific university through their online portal from their official website.
• Apply and pay the application fees.
• After successful submission of application and admission into the university, apply for the student visa.

Job Prospects

Doctorate programs generally focus on creating academically sound students with excellent research capabilities. These skills open up new avenues in career paths based around finance. The average salary of a PhD in Finance graduate from a Canadian university can grab the following roles as their career choice:

• Senior Economist
• Business Analyst
• Financial Analyst
• Hedging and Risk Management
• Portfolio Management
• Fixed Income Analysis
• Head of Research
• Economic Staff
• Strategic ICT Specialist

Finance is an ever-growing aspect in the field of business. The requirement of graduates in finance is constant and is bound to increase in the upcoming years. Completing a doctoral degree in finance is the highest academic degree you can achieve in the field. It can help you understand the field better as well as help you grab job opportunities that can only be given to specialists.

Frequently Asked Questions

What fields are explored and studied in a phd in finance degree.

A PhD in Finance explores the following aspects of finance and teaches you about them:

Asset pricing Market microstructure Business analytics Econometrics Capital markets Corporate governance

What is the academic structure of a PhD in Finance degree in Canada?

The span of a doctoral degree in finance in Canada is around 4 to 5 years. The general structure of it is as follows:

1. In the first 1 or 2 years, you will be prepared and taught various specializations in Finance. 2. After this, a comprehensive examination will be done to examine your academic skills. 3. Post-completion of exams, you will be required to work under a supervisor. 4. During this period, you will be asked to prepare research papers, deliver seminars, and write dissertations.

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Master of Quantitative Finance (MQF)

Based in the Department of Statistics and Actuarial Science, this program is built upon the Finance program established in 1995 by founding director, renowned researcher Phelim P. Boyle.

The Master of Quantitative Finance (MQF) program focuses on the fundamental disciplines of mathematics, statistics, econometrics, machine learning, computer science and finance. It provides the analytical tools to solve practical problems in the complex and rapidly evolving world of today's financial industry.

Graduates from the Master of Quantitative Finance are equipped for positions with financial institutions, corporations and government regulatory organizations.

Careers include:

• Financial Engineers in model vetting and risk compliance
• Analysts in portfolio credit risk, market risk, investment banking and auditing
• Asset Managers and Portfolio Managers
• a range of positions requiring advanced skills in quantitative finance

Important dates 

Application deadline for September 2024 admission:  January 15 2024 .

Program Coordinator

Program director.

Alexander Schied

Related Links

A graduate of Waterloo’s undergraduate mathematical finance program, Tianyi was a natural fit for the Master of Quantitative Finance program. He knew many of his professors, and appreciated the computing facilities and the support of his department.

Tianyi found that more was expected of him as a graduate student. “As an undergrad, you take courses. You are just expected to know the stuff. But as a graduate student, it’s quite different. You need to know the ins and outs of things, and they test you quite rigorously in exams, and you’re expected to do research. It’s much more difficult, but much more rewarding, I would say.”

Numeric Computation for Financial Modelling  was Tianyi’s favourite MQF course because it was useful preparation for his work in the industry. “It took the theory and grouped it with programming and all sorts of complexity analysis and asks you to get your hands dirty and do all these things.”

Tianyi appreciated the industry knowledge gained during his internship. He now has a better understanding of what’s popular in the field and the work people are actually doing. He also saw first-hand just how small the finance world is, and learned the importance of making personal connections to open doors.

The internship experience even helped Tianyi with his course work during the final term of his MQF program. “It’s really nice exposure to do an internship while you’re still at school, and come back and reflect on it.”

The MQF students are interviewing for full-time jobs as they wrap up their studies. Some have accepted offers to stay with their internship group, while others are exploring different opportunities in quantitative finance. Tianyi believes they’re ready. “MQF gave me excellent preparation; knowledge-wise and skill-wise.”

• U of T Home

Engineering Science

Engineering Mathematics, Statistics and Finance

The EngSci Mathematics, Statistics and Finance major teaches students the theory behind the financial instruments and markets that impact our global economy.

Financial markets affect everyone from companies raising capital, to pensions generating income for millions of retirees, insurance companies managing risks, and individuals investing their savings. In recent years, advanced financial technologies , such as "robo-advisors", have significantly changed the landscape merging data science and financial mathematics.

Launched in 2010, the Major was the first undergraduate program of its kind in Canada .

Modern financial theory is highly mathematical and statistical in nature. Students gain a strong background in these disciplines and learn how to apply them in quantitative finance through engineering tools such as optimization. Courses explore central finance issues like pricing of options and construction of financial portfolios, and teach students how to use engineering mathematics to tackle financial problems in any domain.

Courses are taught by professors in U of T's Departments of Mechanical & Industrial Engineering and Chemical Engineering & Applied Chemistry, in cooperation with the Department of Statistics, the Department of Mathematics and the Rotman School of Management. The program's location in downtown Toronto, close to Canada's financial heart , gives students access to professionals and companies in this vibrant sector.

Course themes include mathematics and statistics (includes probability, stochastic processes, statistical computation, econometrics), finance and financial engineering (includes economics, option pricing, portfolio optimization, real options), and computation (includes numerical methods, optimization, Monte Carlo methods, and partial differential equations).

Students gain the background in mathematical sciences needed for industries such as consulting engineering, the public sector, energy, mining, insurance, banking, aerospace, and manufacturing. They are also well-equipped for graduate studies at top graduate programs in finance, operations research, business management, data science, machine learning, applied mathematics, or statistics.

It is much more than a financial engineering major. You will be exposed to broad areas of applied mathematics, operations research and statistics. Exposure to these topics is excellent preparation for further study in the mathematical and statistical sciences, or employment in many areas including finance, data science, supply chain management, and logistics.

This major is also good preparation for business school after a few years of work experience.

Over half of students in the Engineering Mathematics, Statistics and Finance major have participated in the PEY Co-op Program in the past few years at companies like RBC, RIM, Unilever, Hatch, Deloitte Consulting, TD Asset Management, and more.

This major enables access to the more quantitatively-oriented finance jobs like quantitative asset management and risk management.

Did you know...?

Students can further their knowledge in student clubs like UTEFA .

Find more student clubs here.

Sample Courses

Learn the fundamentals of financial engineering, including concepts from financial economics. Topics include interest rate theory, fixed income securities, bond portfolio construction, term structure of interest rates, mean-variance optimization theory, the capital asset pricing model (CAPM), arbitrage pricing theory (APT), forwards and futures, and introduction to option pricing and structured finance.

This course deals with the formulation of optimization models for the design and operation of systems that produce goods and services, and the solution of such problems with mathematical programming methods. These include linear programming with the simplex method, sensitivity analysis, duality, the revised simplex, column generation, Dantzig-Wolfe decomposition and linear programming with recourse; minimum cost network flows; dynamic programming; integer programming; and non-linear programming models.

Students learn how to create optimization models for the design and selection of an optimal investment portfolio. Topics include risk management, mean variance analysis, models for fixed income, scenario optimization, dynamic portfolio optimization with stochastic programming, index funds, designing financial products, and scenario generation. These concepts are also applied to international asset allocation, corporate bond portfolios and insurance policies with guarantees.

This course covers mathematical theory of financial derivatives, discrete and continuous option pricing models, hedging strategies and exotic option valuation.

This course discusses economic evaluation and justification of engineering projects and investment proposals. Cost estimation; financial and cost accounting; depreciation; inflation; equity, bond and loan financing; after tax cash flow; measures of economic merit in the private and public sectors; sensitivity and risk analysis; single and multi-attribute decisions are covered. It also introduces micro-economics.

This course has three modules: 1) managerial accounting, 2) corporate finance and 3) macro economics. The first module introduces financial statements and double entry record keeping, and deeper aspects of revenue, expenses, assets, debt and equity. The second module introduces the concept of risk and return, the Capital Asset Pricing Model, capital budgeting, corporate financing, financial statement analysis and financial valuation. The third module covers global aspects of business, including economic, political, societal and technological, and discusses factors such as GDP, inflation, unemployment, interest rates, foreign exchange rates, fiscal debt/surplus and balance of payments, and their impact on the financials of a given country.

Students gain a deeper understanding of standard machine learning methods through development of machine learning from an optimization perspective.  They apply these methods to problems in finance and marketing, such as stock return forecasting, credit risk scoring, portfolio management, fraud detection, and customer segmentation.

Where this major can take you

Our graduates work in a wide range of industry and research.  Meet some of our alumni.

Employers for our recent graduates include BCG, BMO Investment Banking, Goldman Sachs, IBM Consulting, JP Morgan, McKinsey & Co., Total Portfolio Management division of CPP, Yahoo.com, and others.

Recent graduates have attended graduate school at U of T, Columbia, Cornell, MIT, Stanford, University of Michigan, and more.

Chair of the Engineering Mathematics, Statistics and Finance major

Professor roy kwon (mie).

Professor Kwon works on mathematical optimization for supply-chain management, financial engineering, and smart material design.

[email protected]

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• THE World Ranking: 21
• Masters Degree
• Toronto, Canada
• Next intake: 10.05.2024
• Entry Score: IELTS 7.0
• CAD60350 (2024)
• THE World Ranking: 351
• Next intake: 03.09.2024
• Entry Score: IELTS 7.5
• CAD70710 (2024)
• Graduate Diploma
• Next intake: 06.05.2024
• CAD20824 (2024)
• THE World Ranking: 0
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• CAD14600 (2024)
• Next intake: 09.09.2024
• Entry Score: IELTS 6.5
• CAD12900 (2024)
• Surrey, Canada
• CAD19663 (2024)
• CAD117850 (2024)
• THE World Ranking: 177
• Ottawa, Canada
• Entry Score: IELTS 6.0
• CAD35556 (2024)
• Next intake: 16.09.2024
• THE World Ranking: 201
• Calgary, Canada
• CAD36622 (2024)
• THE World Ranking: 251
• Kingston, Canada
• Next intake: 05.01.2025
• CAD104000 (2024)
• THE World Ranking: 501
• Windsor, Canada
• Next intake: 05.09.2024
• CAD32250 (2024)

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PhD Finance

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Entry requirements

Fees and funding.

• What's next?

Global financial markets are facing an era of unprecedented upheaval. Just 10 years ago the world was beginning to recover from the financial crash of 2008, but now world markets must recover from a health pandemic that has driven national economies to the brink of collapse. Now more than ever, the finance sector needs decisive leadership and fresh thinking to navigate the crisis and the “new normal” that will emerge in the post-pandemic era.

Our PhD Finance gives you the opportunity to specialise in a wide range of areas such as:

• financial econometrics
• behavioural finance
• corporate finance
• international finance
• portfolio and risk management
• commodity markets
• asset pricing
• financing of Small and Medium Sized Enterprises (SMEs)

You study at Essex Business School (EBS) at our Colchester Campus . We are the largest department at the University of Essex and one of the most respected finance groups in the UK. We are a business school with an international outlook and our doctoral students join us from all over the world.

The University of Essex is home to a number of cutting-edge financial research centres and institutes, where academics across disciplines and departments come together to collaborate around a common theme, often engaging with external partners at a national and international level. The Essex Finance Centre (EFiC) works with leading financial services firms and public sector organisations, governments and policy institutions to produce work that makes real-world impact across the globe. The Essex Centre for Macro and Financial Econometrics brings together academic and industry expertise from inside and outside the University of Essex to research and help solve important issues in financial markets.

In addition within Essex Business School our Finance Group is one of the largest groups of finance researchers in the UK. Their research has been cited in the Bank of England, the European Central Bank and the Federal Reserve and is relevant to real people's lives. Members join the group from all over the world, including Greece, Italy, Spain, China, India and Mauritius and bring with them a wealth of knowledge and expertise.

Professor Neil Kellard , Dean of Essex Business School and member of the Finance Group, carries out research which supports developing countries through forecasting commodity prices. By modelling the effects of different causes, such as natural disasters, his research helps to find solutions to ease the impact of price changes for commodities such as energy and food. Professor Jerry Coakley is an active researcher and teaches as part of the group. His research is extremely topical as he studies the rise in crowdfunding and its impact on the way new and fledgling SMEs finance themselves. Many entrepreneurs may find the big banks turn them away or simply charge too much, leading them to turn to the public to help them crowdfund their way to business success.

Once a year, our doctoral students have the opportunity to present their work at our PhD conference.

You can choose to study on a full-time or part-time basis. You may also be eligible for a PhD scholarship .

If you would like to undertake a doctoral degree in finance but do not have a Masters, you may want to look at our integrated PhD Finance .

• We’re in the top 200 globally for accounting and finance in the QS World University Rankings by Subject 2024.
• Our Finance Group is one of the largest groups of finance researchers in the UK
• Our research has been cited in the Bank of England, the European Central Bank and the Federal Reserve

Our expert staff

At Essex Business School, you benefit from world-class supervision and research training conducted by our senior academic staff such as Professor Claudia Girardone . Claudia is a Professor of Banking and Finance at Essex Business School and is also the Director of the Essex Finance Centre (EFiC) and the School's Director of Research. Professor Girardone has published over 50 articles on various aspects of banking and finance in books and peer-reviewed international journals and is currently on the editorial board of several journals. Her research focuses on banking sector performance and stability, bank corporate governance, the industrial structure of banking and access to finance.

Our department boasts eight research centres across our two campuses. Dr Louise Nash and Director of Postgraduate Research at Essex Business School oversees and leads the provision of our graduate research programmes and ensures that we create an environment where our doctoral students can flourish as researchers in a thriving and mutually supportive PhD community.

Louise is a lecturer in Management and Marketing and completed her PhD Management at Essex. She has extensive management and marketing experience which has influenced her research interests – these focus on interpretative, qualitative studies of the lived experience of work, including: the spatial and temporal rhythms of everyday life; the culture, aesthetics and symbolism of organisational life; gender in the workplace and exploring and developing sensory and embodied methods for researching organisations.

You work with two supervisors during your studies. They provide guidance and support to help you achieve your individual research goals, develop your research topic and create a personalised training plan. You meet with your supervisors at least once a month and are usually required to submit work before for feedback. Twice a year, you have a supervisory board meeting to discuss your progress and agree your plans for the next six months.

As well as supporting you to complete your thesis, your supervisors can help you to plan your career development. Our academics often co-author publications with doctoral students and can help you to develop the transferable skills needed for the jobs market.

Take a look at our staff pages to find out more about our areas of supervision.

Specialist facilities

PhD Finance is based at our Colchester Campus , in the UK's first zero-carbon business school building, reflecting our commitment to sustainability and business ethics; we are a signatory of the UN Principles for Responsible Management Education (PRME).

You have access to excellent research facilities , such as:

• a Bloomberg virtual trading floor
• access to databases such as Bloomberg, Compustat, Passport GMID, Bankscope and Datastream
• e-book finance and business packages to support part-time and distance learning (including Ebrary, NetLibrary, Oxford Scholarship Online, Palgrave Connect and SpringerLink)
• PC access and a quiet place for conducting research in our PhD study area
• space to meet with students for our Graduate Teaching Assistant (GTA) in our GTA pods
• final year students receive office space to encourage successful thesis completion
• group-working space in our stunning winter garden
• Bonds café with adjacent sun terrace
• study skills support for postgraduate students

Our Bloomberg virtual trading floor facility features 12 Bloomberg Terminals with access to the Bloomberg financial and real-time data feed. This state-of-the-art, hands-on facility is particularly useful to finance students. It gives you the opportunity to learn essential portfolio management skills using the same tools used by traders and business analysts worldwide and also helps you to learn how to model financial data in a practical setting based on the live financial markets.

Our Colchester building is less than a ten- minute walk from the University library and the Silberrad Student Centre.

Across the road from our building, buses take you to Colchester town centre and train station, where you can take trains directly to London. London Stansted airport is just over an hour away, providing connections to mainland Europe.

Your future

Our PhD programmes are designed to foster the business leaders and researchers of the future who use creativity, innovation and ethical awareness to meet the many challenges facing the international business world.

Our doctoral graduates have secured roles in academia at some of the best international universities, as well as organisations in the public and private sectors. Recent examples include careers with:

• Bristol University
• University of Southampton
• University of St Andrews
• Xiamen University
• South China University

Our University Student Development Careers Services are on hand to provide careers advice and help you make the most of your Essex experience. You will also have access to CV workshops, one-to-one advice and career resources.

“My PhD has helped me to develop both academic and practical business skills through an internship at asset management company Invesco. The University’s library provides instant access to databases and journals and my supervisors are knowledgeable and supportive. Whenever I’ve had a question, I’ve found the School’s Student Services Team friendly and helpful.” Nima Zarrabi, PhD in Finance

UK entry requirements

International & eu entry requirements.

We accept a wide range of qualifications from applicants studying in the EU and other countries. Get in touch with any questions you may have about the qualifications we accept. Remember to tell us about the qualifications you have already completed or are currently taking.

Sorry, the entry requirements for the country that you have selected are not available here. Please select your country page where you'll find this information.

English language requirements

Course structure.

A research degree doesn't have a taught structure, giving you the chance to investigate your chosen topic in real depth and reach a profound understanding. In communicating that understanding, through a thesis or other means, you have a rare opportunity to generate knowledge. A research degree allows you to develop new high-level skills, enhance your professional development and build new networks. It can open doors to many careers.

We understand that deciding where and what to study is a very important decision for you. We'll make all reasonable efforts to provide you with the courses, services and facilities as described on our website and in line with your contract with us. However, if we need to make material changes, for example due to significant disruption, we'll let our applicants and students know as soon as possible.

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose.

Each component has a status and carries a certain number of credits towards your qualification.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits.

In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available.

Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code . For example, the module code HR100-4-FY means:

COMPONENT 01: COMPULSORY

Research skills are critical to a postgraduate research degree, regardless of the topic you are exploring. This module will reinforce the research methods and skills developed through your previous study and will address philosophical issues underlying management and business research and explain how to select research strategies and designs. It will offer a comprehensive view of methods of data collection and analysis to support the quality and value of research outcomes.

View Essex Business School - Research on our Module Directory

COMPONENT 02: COMPULSORY

This module aims to give first year PhD students an up-to-date and thorough introduction to a range of state-of-the-art methods used in published financial econometrics literature. You’ll also gain an understanding of core methodology and empirical practice of modern financial econometrics, using statistics, mathematical skills, and real-life data.

View Research Methods in Financial Econometrics on our Module Directory

PhD Finance follows a 'three paper' thesis, where you produce three research articles, framed by an introduction and conclusion. Your supervisors will support you to submit these papers to conferences and for publication in international journals, so you can begin to build your international research portfolio well before graduation. You benefit from strong industry links with organisations such as Invesco Perpetual and HSBC. Many of our students have gained internships with international banking institutions and have collaborated with local organisations as part of their PhD.

You begin your studies by meeting with your supervisors and undertaking an intensive induction programme. You attend advanced research methods training and undertake compulsory modules tailored to your individual research needs.

Throughout your PhD, you have regular meetings with your supervisors. You are often asked to write up your ideas or reading notes to help establish good writing practices. By the end of your first year of research, you should have a solid understanding of the key debates in your field and have defined your research questions, outlining your original contribution to knowledge. Our finance students are also expected to have made substantial progress on their first research paper. Those studying via the integrated PhD route (or 1+3) will have completed an additional year to obtain a Masters before beginning their research.

In your second year, you are likely to finalise the design of your own research project and either collect primary data, or access and analyse large scale datasets. You may also make progress on your second research paper. You receive regular feedback on your ideas and findings from your supervisors and are encouraged to develop your own research ideas independently during this year. If you are undertaking fieldwork in another location, your supervisors will still be in touch via email or Skype.

In your final year, you continue to analyse your own research data and further refine your original contribution to knowledge. You will collate your work into a approximately 50-80k words thesis. Our finance students are also expected to make substantial progress on their third research paper.

You may attend a number of conferences in your final year to test out your research findings and thesis on an international stage. Your attendance may be funded by Essex Business School. As well as advising on how to prepare your thesis for examination, your supervisors can advise on future career plans in academia or industry.

Dissertation

Creating a 50-80k word thesis is a significant task. To help you finalise your PhD and produce high quality doctoral research, we have a number of support mechanisms.

You undertake a progress board every six months, where you, your supervisors and an independent chair mark your progress and set objectives for the next period. You are also encouraged to take part in peer group debates and discussions.

Our full-time doctorates are 36 month programmes. At the end of this time, you may be allowed up to 12 months to finish writing up your PhD.

Once you have submitted your thesis, you will be asked to attend a viva voce examination with examiners from within and outside of the University. A viva voce examination usually takes place within three months of submission of thesis.

Home/UK fee

£4,786 per year

International fee

£18,750 per year

Fees will increase for each academic year of study.

Masters fees and funding information

Research (e.g. PhD) fees and funding information

What's next

We hold Open Days for all our applicants throughout the year. Our Colchester Campus events are a great way to find out more about studying at Essex, and give you the chance to:

• tour our campus and accommodation
• find out answers to your questions about our courses, graduate employability, student support and more
• talk to our Fees and Funding team about scholarship opportunities
• meet our students and staff

If the dates of our organised events aren’t suitable for you, feel free to get in touch by emailing [email protected] and we’ll arrange an individual campus tour for you.

2024 Open Days (Colchester Campus)

• Saturday 15 June 2024 - June Open Day
• Saturday 21 September 2024 - September Open Day
• Saturday 26 October 2024 - October Open Day

You can apply for this postgraduate course online . Before you apply, please check our information about necessary documents that we'll ask you to provide as part of your application.

We encourage you to make a preliminary enquiry directly to a potential supervisor or the Graduate Administrator within your chosen Department or School. We encourage the consideration of a brief research proposal prior to the submission of a full application.

We aim to respond to applications within four weeks. If we are able to offer you a place, you will be contacted via email.

For information on our deadline to apply for this course, please see our ‘ how to apply ' information.

Visit Colchester Campus

Set within 200 acres of  award-winning  parkland - Wivenhoe Park  and located two miles from the  historic city centre of Colchester – England's oldest recorded development. Our Colchester Campus is also easily reached from London and Stansted Airport in under one hour.

Virtual tours

If you live too far away to come to Essex (or have a busy lifestyle), no problem. Our 360 degree virtual tour allows you to explore the Colchester Campus from the comfort of your home. Check out our accommodation options, facilities and social spaces.

At Essex we pride ourselves on being a welcoming and inclusive student community. We offer a wide range of support to individuals and groups of student members who may have specific requirements, interests or responsibilities.

The University makes every effort to ensure that this information on its programme specification is accurate and up-to-date. Exceptionally it can be necessary to make changes, for example to courses, facilities or fees. Examples of such reasons might include, but are not limited to: strikes, other industrial action, staff illness, severe weather, fire, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack (whether declared or not), natural disaster, restrictions imposed by government or public authorities, epidemic or pandemic disease, failure of public utilities or transport systems or the withdrawal/reduction of funding. Changes to courses may for example consist of variations to the content and method of delivery of programmes, courses and other services, to discontinue programmes, courses and other services and to merge or combine programmes or courses. The University will endeavour to keep such changes to a minimum, and will also keep students informed appropriately by updating our programme specifications . The University would inform and engage with you if your course was to be discontinued, and would provide you with options, where appropriate, in line with our Compensation and Refund Policy.

The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and Ordinances and in the University Regulations, Policy and Procedures.

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Financement

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In-program funding

During the first four years of studies, you receive funding of at least $30,000 per year.

This amount may include various sources of funding (scholarships, remuneration for teaching contracts, research activities).

Financial support from the Research and Knowledge Transfer Office

In accordance with the available funding, the Research and Knowledge Transfer Office can grant funding of up to $5,000 over the duration of studies to support your research and scientific publishing efforts, and to assist you in your job search. Find out more about funded activities .

Tuition fees (tuition + institutional fees)

You benefit from a tuition waiver for the first four years of studies. During this period, you must pay institutional fees and health insurance fees , if applicable. You can find more details, according to your status, on the tuition page or in the tables below.

Estimated costs and resources for a Canadian, French or French Belgian student

Fees are subject to change without notice.

Estimated costs and resources for an international student

Definition of student status.

Tuition fees depend on your student status.  

Quebec students

• Canadian citizen or Aboriginal born in Québec
• Permanent resident deemed Quebec resident
• Recipient of a scholarship covering differential tuition fees, from your government

Canadian students, non-residents of Quebec

• Canadian citizen or Aboriginal born in Canada, but not in Québec
• Canadian citizen or Aboriginal born outsite of Canada
• Permanent resident deemed “non-Quebec resident” 1

1 If you believe you qualify as a “Quebec resident”:

• Complete the Attestation of Quebec resident status .
• Attach the documents required by the MES, depending on your situation.
• Submit the documents through HEC en ligne > Documents > Documents Upload.

The change in status applies only to the current term.

French and French belgian students

Under the agreements concerning university student mobility between the Government of Québec and the Government of the French Republic and the Government of Québec and the French community of Belgium, your tuition fees depend on your status. Your bill is subject to change without notice.

Undergraduate programs

• If you are enrolled in an undergraduate program or in an independent studies program , you will be charged the same tuition fees as Canadian non-Quebec resident students.
• If you are a French student who has resided permanently for over five years in Saint-Pierre-et-Miquelon , you will be charged the same tuition fees as Quebec students.

Graduate programs

• If you are enrolled in a graduate program , you will be charged the same tuition fees as Quebec students.
• If you are enrolled in an independent studies program or taking a course that does not belong to your program structure , you will be charged the same tuition fees as Canadian non-Quebec resident students.

International students

The tuition fees required by the Ministère de l'Enseignement supérieur (MES) for international students are the same as the tuition fees paid by Quebec students, along with a variable lump-sum differential fee.

The tuition fees will remain the same for the duration of your program of studies as long as you are registered or you do not change program.

You will be charged the same tuition fees as Quebec students if you hold a scholarship for differential fees granted under fee remission agreements between the Quebec government and foreign governments.

To estimate your essential expenditures, please refer to our  sample budget .

Additional financial resources

HEC Montréal encourages students to apply for scholarships from Quebec and other Canadian granting agencies (annual competitions). The Student Services provides support for the preparation of students' grant applications.

Fonds de recherche du Québec – Société et culture (FRQSC)

Fonds de recherche du Québec – Nature et technologies (FRQNT)

Fonds de recherche du Québec – Santé (FRQS)

Conseil de recherche en sciences humaines du Canada (CRSH)

Conseil de recherche en sciences naturelles et génie du Canada (CRSNG)

Instituts de recherche en santé du Canada (IRSC)

Funding my studies – Workshops and information sessions

Questions? Contact  [email protected] .

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