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Doctor of Philosophy in Economics

Department of Economics

Program Requirements

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The PDF includes all information on this page and its related tabs. Subject (course) information includes any changes approved for the current academic year.

Financial Support

Mit scholarships.

Incoming students who wish to be considered for financial aid from MIT should indicate this when completing the online application form . These awards are made by April 15 and typically cover the first two years of study.

Department funding

For years one and two, all students admitted to our PhD program are offered (either directly by the department, or as a supplement to other funds) fellowship support equivalent to: full tuition for the academic year, twelve-month individual health insurance, and a stipend for the nine-month academic year.

In years three through six, all students are offered full-time teaching or research assistantships that provide full tuition, a nine-month stipend, and health insurance. This support is contingent on satisfactory academic progress.

The department also offers paid summer research assistantships and summer fellowships as a supplement to academic-year stipends.

Institute rules require every holder of a graduate scholarship or fellowship to pursue a full-time program of graduate study.

Dissertation fellowships

The department is currently able to offer a limited number of competitive dissertation fellowships that allow PhD students in years four or five to have a year free from TA and RA duties.

Outside funding

Incoming students are encouraged to apply for external sources of funding, such as NSF graduate fellowships , UniCredit Foundation Scholarships , SSHRC Doctoral Fellowships , and JASSO scholarships .

For years three through six, the department is able in some cases to provide supplementary funding for students with partial outside fellowships, thereby allowing them to reduce their TA and RA work requirements. Such supplements are provided to all students with active NSF fellowships, and supplements to other fellowships are considered on a case-by-case basis.

Health insurance

Your mandatory health insurance fee is covered by your award (and is not taken out of your stipend) and includes accident and hospitalization insurance. You will receive this insurance unless you can demonstrate that you have equivalent coverage through another source and complete a waiver with MIT Medical .

For more detailed information regarding the cost of attendance, including specific costs for tuition and fees, books and supplies, housing and food as well as transportation, please  visit MIT's Student Financial Services website .

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• Universities /

PhD in Finance from MIT: Admission Requirements, Application, and Acceptance Rate

• Updated on  
• Feb 29, 2024

Finance graduates enjoy a high salary and immense career growth across the world. Moreover, pursuing a PhD in the field gives you an even greater boost. If you want to pursue a PhD in finance , then the Massachusetts Institute of Technology’s Sloan School of Management is ideal for you. Located in Cambridge, Massachusetts, United States, it is recognised as one of the most prestigious institutes in the world. Keep reading if you want to learn in detail about the pursuit of MIT PhD finance. You will learn about the program’s details, tuition fees, admission requirements, and more. So, let’s dive right into our discussion without wasting a second. 

Why Pursue PhD Finance from MIT?

Let’s understand why you should pursue the MIT PhD Finance before learning about the various aspects of the program. So, here are the main reasons why you should go for this doctoral degree at MIT:

Acquire the Needed Knowledge: The program offers you an understanding of modern financial theory, whose practical implications are widely recognised and applied by Wall Street and corporations. You will be taught everything you need to conduct theoretical and applied research in the course. 

World-Renowned Faculty: You will benefit from world-renowned faculty and hands-on learning experiences, allowing you to receive the best education possible. 

Global Hub for Innovation: MIT is a renowned global hub of innovation in finance, management, entrepreneurship, analytics, and technology. Moreover, the degree earned from the institute will give you an edge over other professionals. 

Also Read: PhD in Chemistry at Edinburgh University: Entry Requirements, Cost, Application Process

Program Details

The MIT Sloan Finance Group provides a PhD in Finance, catering to students aspiring to make a research career in academic finance. Students are engaged primarily in coursework during the initial two years, taking both required and elective courses in preparation for their general exam towards the end of the second year. 

Students have to complete a research paper by the fifth semester’s end, present it to the faculty committee, and obtain a passing grade in the MIT PhD finance program. After this, they need to find a formal thesis advisor and create a thesis committee by the eighth semester’s end. The Thesis Committee must comprise at least one tenured faculty from the MIT Sloan Finance Group.

Tuition Fees

An MIT Sloan PhD Program charges an annual tuition fee of $57,575.98 . Moreover, the average monthly cost of living for an individual is $3,794 (with rent) in Cambridge, MA. So, keep these costs in mind to properly plan your educational budget. 

Now that you have learnt about the details and tuition fees of MIT PhD finance, let’s look at the rankings of MIT. The institute receives a top rank every year in the global rankings, reaffirming its excellence. 

See below the popular rankings of MIT:

MIT PhD Finance: Acceptance Rate

The acceptance rate for the MIT Sloan School of Management is 13-15%, making it a very competitive school to get into. However, don’t let the low acceptance rate discourage you from applying for admission. Pursuing a degree from here is very rewarding as far as your career is concerned, making all your efforts worthwhile. 

MIT PhD Finance: Admission Requirements

Before applying for the MIT PhD finance program, make sure you meet its eligibility criteria. So, here are the admission requirements for the MIT Sloan PhD Program:

• You must have a bachelor’s degree or equivalent. 
• Moreover, you are required to have a strong quantitative background.
• You also have to submit the following documents during your admission process:
• GMAT/GRE Scores
• Statement of Purpose
• Transcripts
• TOEFL/IELTS Scores
• Letters of Recommendation
• Video Essay
• Writing Sample(s)
• Valid Passport Copy (For International Students)
• Student Visa (For International Students)

Also Read: PhD at Columbia University: Courses Overview, Tuition Fees and Duration  

MIT PhD Finance: Application Process

The application process for the MIT PhD finance can become daunting. Luckily, we can help you with your application and make the whole process easier for you. 

Here is how we can help you in your application:

• You can use our Ai course finder to select the course you want to attend. 
• Then Leverage Edu’s experts will commence your application on your behalf for your chosen institute and program. 
• Your application must have some necessary documents like IELTS, TOEFL, LORs, SOPs, and essays. 
• So, please prepare all the mandatory documents for your application beforehand. 
• Our team will begin your application for housing, student loans, and scholarships once you have finished all the needed paperwork. 
• Now, relax and wait for your offer letter, which you are usually granted within 4-6 weeks.

Relevant Reads:

Answer: Yes, students obtain full academic year tuition along with a monthly fellowship stipend (current rate $4,497 per month) and/or TA/RA salary for each of 12 months a year.

Answer: Yes, MIT is renowned and recognised for its finance degrees across the world. 

Answer: The duration of a PhD course at MIT is 5-6 years. 

So, this was all about the MIT PhD finance Many Indian students dream of pursuing education in foreign nations due to the exposure and career growth they offer. Consider joining a free counselling session with Leverage Edu if you plan to study abroad .

Abhishek Kumar Jha

Abhishek Kumar Jha is a professional content writer and marketer, having extensive experience in delivering content in journalism and marketing. He has written news content related to education for prominent media outlets, garnering expansive knowledge of the Indian education landscape throughout his experience. Moreover, he is a skilled content marketer, with experience in writing SEO-friendly blogs. His educational background includes a Postgraduate Diploma in English Journalism from the prestigious Indian Institute of Mass Communication (IIMC), Dhenkanal. By receiving an education from a top journalism school and working in the corporate world with complete devotion, he has honed the essential skills needed to excel in content writing.

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Financial Support for Graduate Students

Types of financial support.

PhD students in Physics are fully funded in each year they are in the program and remain in good standing. Financial support provides for full tuition, a monthly living stipend, and 12 months of health insurance.

Note: For more detailed information regarding the cost of attendance, including specific costs for tuition and fees, books and supplies, housing and food as well as transportation, please visit the Student Financial Services (SFS) website .

There are three sources of financial support:

• Fellowships (internal and external)
• Research Assistantships
• Teaching Assistantships

General Information:

Full-time registration for all PhD students, whether funded by fellowship or by a research or teaching assistantship, is 36 academic units. The normal course load for students with a full-time RA or TA who have not yet completed their qualifying exams is two academic subjects; students supported by a fellowship in the first year, before joining a research group, sometimes enroll in three subjects.

Students with an RA or TA are expected to spend full time on education and assigned duties, and may not engage in any other activity for compensation without the specific approval of the Department Head.

Annual and monthly stipend rates for RAs and TAs are determined each spring, and students are informed of the next year’s rates by the Academic Programs Office. While there are varying levels of stipend funding allowed by MIT, it is the policy of the Physics Department that all our students are provided the same stipend in any individual academic year.

If a student loses RA support because of termination of a research contract, the Department will provide support for one additional term (in the form of a TA) and will make every effort to help the student identify a new source of support.

The periods for graduate appointments are as follows:

• Fellows : Fall: 9/1 to 1/15; Spring: 1/16 to 5/31; Summer: 6/1 to 8/31
• RAs : Fall: 9/1 to 1/15; Spring: 1/16 to 5/31; Summer: 6/1 to 8/31
• TAs : Fall: 9/1 to 1/15; Spring: 1/16 to 5/31

Fellowships

The Physics Department provides internal fellowship funding to a number of the students admitted each year. The majority of these internal, donor-funded fellowships are for the first year in the program, covering twelve months; a small number of three- and five-year fellowships are also awarded. There is no application process for departmental fellowships; all admitted candidates are considered for them.

A student beginning PhD study with a fellowship has a great deal of flexibility in planning his or her graduate program and in seeking out a research group. Each fellowship recipient is responsible for finding a research group that will provide funding once the fellowship support has been used; students with multi-year fellowships are expected to have joined a research group by the beginning of the second year. Additional information on fellowships for graduate students in physics is available through the Office for Graduate Education .

Research Assistantships (RAs)

Research assistants receive full tuition, living stipend, and health insurance in exchange for conducting research on behalf of a faculty member. This faculty member also serves as the supervisor of the student’s individual research project that will become the PhD thesis.

RA work generally covers the full academic year, including summer. The amount of time spent on RA duties depends on the time needed for required course work as well as the requirements of the research group. For new graduate students taking classes and preparing for the general examination, research duties normally require 20 hours per week or less. After two to three years, research usually becomes full-time.

In addition to courses, students conducting research register each term for a research subject, providing academic credit for research work. The number of units varies from 12 to 36 according to the approximate time spent weekly on research. Research subjects include:

• Pre-Thesis Research (8.391, fall; 8.392, spring and summer): students who have not yet completed the General Examinations
• Thesis Research (8.THG); all students after passing the Oral Exam

Teaching Assistantships (TAs)

Teaching assistants receive full tuition, living stipend, and health insurance in exchange for supporting the Department’s teaching program. TA responsibilities can include grading homework and exams, tutoring, conducting office hours, or, less often, teaching sections of a course. TA work requires up to 20 hours per week in addition to research or class work the student is engaged in. TAs register for 12 units of Physics Teaching (8.399), which provides academic credit for their work.

Having a TA appointment can serve a variety of purposes:

• support departmental teaching needs
• encourage students who wish to hone their teaching skills
• help alleviate funding pressures on the faculty
• facilitate a student’s transition to a different research group

TA assignment process:

Students may request nomination as a TA, or they may be assigned a term as a TA by their research supervisor.

Each of the four divisions in the department has a standard guaranteed number of TA positions per term. Research supervisors submit names of students to be considered for TAs to the Division Head, who compiles the division’s list and provides it to the Academic Programs Office.

Students on the department’s TA list are asked to select their top choices among the subjects offered in the upcoming term, and every effort is made by the TA Faculty Coordinator to match student requests when possible. Teaching faculty may also request a specific student to be assigned to their course.

While TA appointments are typically made only after the first year, very occasionally a first-year graduate student will be supported by a nine-month (fall and spring) TA appointment. Students with a first-year TA normally join a research group and are supported by an RA beginning in their first summer.

Switching Research Groups

While many students continue from their first RA to a thesis in the same group, others elect to change research groups, for a variety of reasons. An RA who wishes to change groups or research direction should feel comfortable reaching out to talk to other professors about different opportunities.

However, students are responsible for notifying their current supervisor of their intention to leave a group, and they are expected to continue working in the research group as long as it is providing funding.

To facilitate a transition between research groups, each student is guaranteed one semester of transitional funding in the form of a TA.

Students who wish to discuss their interest in changing their research group are welcome to talk with Academic Administrator Shannon Larkin or with Graduate Student Advocate Claude Canizares at any time.

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Finance Group

Finance is the study of markets for real and financial assets. The practical implications of modern financial theory are widely recognized and implemented by Wall Street and corporations. The PhD program provides students with an understanding of the theory on which the field is based and the tools they need to conduct theoretical and applied research.

Once required coursework in microeconomics and macroeconomics theory is completed, students are free to develop their programs of study and research with the guidance of faculty members. Often, faculty offer students an opportunity to participate in and expand on faculty research interests. Finance Faculty

More Information

Finance Graduates

Example Thesis Topics

Loans: Graduate loans

We assist you with applying for graduate student loans from federal and private sources.

Most forms of financial support for graduate students are granted by individual academic departments. Graduate students who are U.S. citizens and permanent residents are eligible for all federal and private loan programs.

International students may borrow from private sources, but not from U.S. federal programs.

How to apply

• All students who wish to take out an education loan need to complete the Graduate Information Finance Form and submit their Graduate Department Offer Letter via the MIT Online Financial Aid System .
• To apply for federal loans, you will need to fill out the FAFSA (Free Application for Federal Student Aid). The 2024–2025 FAFSA is now available . Students applying for federal loans should submit it as soon as they are able.

Federal loans

Direct unsubsidized loan (u.s. graduate students).

A federal loan available to graduate and professional students. You must be enrolled at least half time to be eligible. The federally-set limit for this unsubsidized loan is $20,500 per year. Visit the Federal Student Aid site for detailed information about interest rates.

Direct Grad PLUS Loan (U.S. graduate students)

A federal loan available to graduate and professional students. You must be enrolled at least half time, pass a standard credit check, and may not be in default on a prior education loan to be eligible. The maximum annual loan limit is the cost of attendance minus any other financial assistance you receive. Visit the Federal Student Aid site for detailed information about interest rates or to apply .

Private loans

These are student and parent loans from third-party lenders. Only consider a private education loan if your federal eligibility is exhausted. The terms and conditions of private loans, including interest rates, are often less favorable. We have put together a short guide with basic information that may be helpful as you consider whether private loans are right for you.

Contact us if you have questions. Before certifying any private loan that you may take out, our loan counselors will connect with you directly to discuss the implications and terms of the loan.

Computer purchases

When you take out a loan for your educational expenses, the amount you can borrow is based on the cost of attendance . For first year graduate students, MIT includes a $2,300 allowance for a computer. This allows you to take out a bit more in order to purchase a computer if you need one.

If taking out a loan creates a credit on your student account, you may request a refund and put it towards your computer.

Loaner laptops

If you need to borrow a laptop while your computer order is being processed/shipped, please visit the IS&T website to request a short-term loaner laptop .

Master of Finance

For the degree of Master of Finance, the student must have completed satisfactorily a minimum of 66 units of graduate subject credit from within a program of study that includes a slate of required courses, restricted and general electives, and a proseminar. The candidate must also have been in residence as a graduate student for at least two consecutive academic terms (fall and spring). In most cases, a summer term is also required.

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Former MIT researcher sentenced to 35 years in prison in killing of Yale graduate student in 2021

In a series of photos shown in a New Haven courtroom on Tuesday afternoon, graduate student Kevin Jiang posed proudly outside Yale University, beaming toward the camera against the backdrop of the historic buildings on campus not far from where he would be gunned down in 2021 by Qinxuan Pan.

Pan, an MIT researcher, was sentenced Tuesday to 35 years in prison for Jiang’s slaying after pleading guilty in February as part of a plea agreement.

On Feb. 6, 2021, Jiang had just dropped his fiancé Zion Perry off at her home in New Haven when gunshots rang out. Jiang was found lying on Lawrence Street with multiple close-range gunshot wounds to his face, a prosecutor said in court Tuesday.

He died from his wounds and his death was ruled a homicide.

After a three-month nationwide manhunt that involved the FBI, United States Marshals and police officers from several states from New York to North Carolina, Pan was arrested in an Alabama apartment on May 14, 2021, and charged with Jiang’s murder.

Investigators learned that he had known Perry at MIT, though the two had not remained in contact other than on social media. Prosecutors said Tuesday that forensic evidence linked Pan to the murder, including Jiang’s DNA on his winter hat.

The killing, loved ones said at the sentencing, was a hateful plot motivated by jealousy.

Not far from the grounds of the university where Jiang was a graduate student at the Yale School of the Environment, his loved ones filled the courtroom at Pan’s sentencing, watching a montage of photos play out, showing Jiang’s bright, wide smile.

Nearly 50 people packed into the courtroom, including Perry, her parents, and Jiang’s parents, as many quietly wiped tears from their eyes. Pan looked at the screen or his feet showing no emotion.

One after the other, nearly a dozen people stepped forward to express their devastation, grief, sorrow and fear in the wake of Jiang’s murder. They shared memories of Jiang, some speaking through sobs as they begged the judge for a harsher sentence, others addressing Pan directly and offering forgiveness.

Jiang, a Chicago native, was a United States Army veteran and National Guard reservist. He was described by his parents, fiance, friends, professors and military comrades as a joyful friend, a faith-filled Christian, a brilliant student and a brave soldier.

Cellphone data, surveillance cameras helped detectives zero in on Yale grad student Kevin Jiang’s killer; Qinxuan Pan was friends with Jiang’s fiancée at MIT

The 26-year-old had plans to head to law school to study environmental law and had grand ambitions to use his skills and knowledge to help protect the planet.

But his “beautiful and joyful life was shattered,” his mother Linda Liu told the judge.

Liu said Pan “killed my dear and only son Kevin out of fear and hatred.”

Perry also spoke, reading biblical scripture and offering Pan the hope of justice mixed with mercy.

Pastor Greg Hendrickson, who led the New Haven church that Jiang attended, said that just before Jiang’s murder, he received a call with the news that Jiang and Perry were engaged. He asked his pastor to officiate his wedding.

A week later, he got another call informing him that Jiang was dead.

Hendrickson said Jiang exemplified honor and devotion to his parents and had a bright future awaiting him.

That future, and the support he provided his family — emotionally, spiritually, and financially — “was snatched away.”

Liu also spoke of the moment she received the call that her only son had died.

“It was like a thunderbolt striking me,” she said who a friend who read her statement for her. “In an instant, I felt dizzy and fell to the ground.”

After immigrating to the United States and raising Jiang as a single mother, her life revolved around him. Her son had moved her to Connecticut, where the two spent their time attending weekly church services and gardening.

Now, Liu said, she is afraid nearly every waking moment. She is depressed, paranoid and cannot sleep.

“Murderer Qinxuan Pan is responsible for all of the damage I suffer,” she said. “I was dreaming that Kevin would have a few beautiful children after he got married.” But instead, “I am left alone by myself. In this world, I will never see Kevin smile again.”

One family friend who also spoke described Liu as a humble woman who only wished for the simple pleasures of watching her child graduate, marry and have grandchildren she could help raise.

He, too, spoke of his friend’s caring character.

“His heart was so pure and he dedicated his life to protecting the environment. But all of that was shattered,” he said.

A professor from Yale and instructors from other schools Jiang attended also made statements and read messages from other teachers who taught Jiang over the years.

They all said he excelled in academics and described him as an extraordinary and enthusiastic student with a “megawatt smile.”

A National Guard captain who served with him described him as strong, smart and well-trained, but said “More than that, he was a good man.” He said Jiang’s expertise in environmental science would have continued to save lives and protect members of the military.

“Those opportunities were severed forever when he was murdered in cold blood,” he said.

In stark contrast to the way her son was described, Liu described Pan as a “cunning, insidious and vicious person.”

She and prosecutor Stacey Miranda made mention of the intentional, pre-planned nature of Jiang’s killing.

Jiang’s father Mingchen Jiang said that he failed to find the words to describe the grief he felt when he thought of the way his son died.

“We’re grieving not only the loss of a beloved son but with the cruel manner in which he was taken from us,” he said. “He had a bright future, one that promised to spread god’s love far and wide, yet his life was cruelly cut short by a deliberate and calculated act.”

Pan spoke briefly, saying, “I feel sorry for what my actions caused. I feel very bad for what happened. It was very horrible.”

Judge Gerald R. Harmon, in handing down his sentencing, urged Pan to use his time in prison to realize the magnitude of his actions and the never-ending grief they caused. He called Jiang a “bright light.”

“I know this is a very sorrowful moment for everyone here, but what I’ve heard today is that Kevin is such a bright light,” he said. “There’s nothing that could have been done to extinguish that light in any manner and that light is going to continue to shine.”

Harmon said that Pan would not be eligible for parole or probation and instituted a 60-year protective order between Pan, Perry and Jiang’s parents, who he encouraged to live as Jiang did — in service to his country, to the earth and to those he loved.

“In terms of everyone here today, I ask that they all carry Kevin’s light forward,” he said. “Kevin is not going to be forgotten. And no matter what actions the defendant has done, none of that will extinguish Kevin’s life.”

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