Finance

Students in the winter garden talking near the stairs

PhD in Finance

As a finance PhD student at Michigan Ross, you will gain a solid foundation in economics and finance on your path to a tenure-track position at a leading university. Using the concepts of microeconomic theory, mathematical economics, and statistics, you’ll learn to ask — and answer — pressing questions facing the world of finance. Active discussions and interactions with renowned faculty foster a collaborative environment for you to pursue your scholarly research interests.

I cannot imagine a place where students can have better access to faculty or more opportunities to talk about research than at Ross. My experience was fantastic and the program was challenging from the first courses I took to my final dissertation defense. These challenges prepared me well for the job market. The prior placements of the program spoke for themselves, but as an incoming PhD student, it’s difficult to have a sense of your potential. The fact that Ross had routinely placed students at top research schools sent a clear message that if I worked hard enough and wrote good enough papers, all schools would take me seriously on the job market.

Taylor Begley, PhD '14, Assistant Professor of Finance, Washington University Olin Business School

Finance Program Structure

Finance at Michigan Ross covers a broad range of topics — from social capital to asset pricing to the causes of the financial crisis. To complement your courses at Ross, you’ll study across the University of Michigan’s top-ranked economics, engineering, and mathematics programs. Within Ross, participation in two weekly finance seminars expose you to the ideas of scholars from all over the world, and allow you to present your research.

You will complete most coursework during the first two years of the program, including microeconomic theory, mathematical economics, statistics, and finance. Courses during the second year comprise at least six electives (typically in math, economics, and econometrics) in addition to two finance courses. You will take two more seminars in finance during your third year. For the remainder of the program, you will typically take at least one course per term in an area related to your research.

To become proficient in the art of research, you will produce a research paper in the summer of each of the first two years under faculty guidance. You will present your work in departmental seminars during the academic year. The Mitsui Life Financial Research Center awards $2,000 for best performance in the first year of the program and $3,000 for the best dissertation proposal in any given year.

Exams, covering finance and related areas, typically take place at the end of the second year. You will advance to candidacy by passing the exams and completing two research papers. The remainder of the program is devoted to the dissertation.

Finance PhD Faculty

The finance faculty at Michigan Ross are impactful researchers and experts in the issues of modern business — from social capital and fintech to corporate decision making and financial crises. Ross faculty recognize that having a top PhD program is crucial to maintain an outstanding research environment.