PhD in Finance: Course Fees, Admission 2025, Syllabus, Top Colleges, Career Scope

The duration of PhD in Finance is the same as other PhD courses, i.e. three years and an extension of up to two years is given to candidates by most of the universities. Candidates can complete the course within five years. The course can either be pursued in full-time or part-time mode but by no means can be pursued in distance mode. PhD is a professional degree that requires investment of time for primary and secondary research activities.

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PhD Courses

Yes, pursuing a PhD can be quite stressful. The stress can come from several sources:

• Workload: There can be an excessive amount of writing, research and coursework required.
• Pressure to Publish: There is frequently a lot of focus placed on disseminating research findings, which can be stressful particularly if the work is moving slowly.
• Finances and Funding Issues: Finding and keeping money can be a big source of stress.
• Isolation: Due to the solitary nature of study, emotions of loneliness or isolation are occasionally experienced.
• Work-Life Balance: Balancing the demands of a PhD with personal life can be very challenging.
• Uncertainty about the Future: Uncertainty about career prospects and the next steps after graduation can be a major source for stressing.

Despite these challenges, many find the experience rewarding and fulfilling. Developing good time management skills, seeking support from peers and mentors and maintaining a healthy work-life balance can help manage the stress.

Pursuing a PhD in Finance in India can be beneficial depending on your career goals and interests. The Indian financial sector is growing rapidly with expanding opportunities in high-level consulting roles in academia, research institutes and the corporate world.

Pursuing a PhD will help you gain admission to prestigious colleges and research centers where you can work in academia and advance the field of finance. It can also improve your qualifications for high-level positions in analysis, policy-making, and financial consulting.

The worth of a PhD in finance, however, also depends on the industry you want to work in and how much demand there is for experts in your field of study. It's essential to weigh the potential career benefits against the time and effort required for the programme and to consider whether the academic and research opportunities align with your long-term professional objectives.

PhD which is also known as Doctor of Philosophy is a research degree pursued in furtherance of academic or research pursuits. PhD in Finance Course can be pursued in full-time or part-time modes, but it is not offered in distance mode. PhD in Finance is a professional degree that requires investment of time for primary and secondary research activities. Therefore before pursuing PhD in Finance, one must understand the demands of the course.

On completion of PhD Finance, one can switch to better-paying career options such as academics or research activities. Universities such as IGNOU and Delhi University (DU) also offer fellowships to students pursuing full-time PhD courses with them.

Following is the list of key reason why to study Ph.D in Finance:

• Allows Research: PhD in Finance allows candidates to conduct rigorous academic research that can increase financial understanding by pursuing a Ph.D. in Finance.

• Academics: Many people who pursue a PhD in Finance do so to become a part of the academics. A PhD is frequently a requirement if you want to work as a Professor or Researcher at a university or research facility. 

• Gives Specialisation: A student can narrow his financial specialisation with a PhD. The PhD in Finance gives knowledge and experience to excel as a thought leader in the sector of your choice, whether it be asset pricing, corporate finance, risk management, behavioral finance, or another area of study.

After one has completed a PG degree, they can pursue PhD in Finance. This programme provides an in-depth and advanced knowledge in the field of Finance. It is a research-based Doctoral course.

It is the highest degree being offered in the Finance studies and are mostly opted by candidates who want to expand their horizon in academics and get into professor roles.

PhD is a course that demands great commitment and dedication. Students who meet the below points can enroll in PhD in Finance:

• Any candidate who has a postgraduate degree from a recognised university in Finance and has an interest in teaching research work can pursue PhD in Finance.
• Those who are interested in a career in finance might enroll in a PhD in Finance program. For enhanced employment possibilities, those who have acquired PG degrees in lucrative fields like MBA Finance or MCom Finance can choose to pursue a PhD in finance. 
• Candidates should enroll in the course if they aspire to become Professors. The course is also an option for those who desire to work as Associate Professors or Lecturers.
• Candidates should choose the PhD in Finance programme if they desire to pursue a research-based degree.

The minimum eligibility criteria for PhD in Finance is postgraduation in Finance or related subjects with 55-60 percent aggregate (varies from college to college), or equivalent from a recognised university. It is the highest level of academic achievement in finance and is designed for candidates who are immensely interested in contributing to the theoretical understanding and practical applications of finance. PhD is becoming a very popular academic programme especially for those candidates who wish to become experts in a particular area of research.

Yes, you can pursue a PhD after an MBA. Many individuals choose to pursue a PhD in business or management after completing an MBA to deepen their knowledge in a particular field, conduct research and potentially pursue a career in academia or advanced positions in industry.
It's crucial to remember, that getting into a PhD programme usually involves more than just having an MBA. PhD programs frequently have prerequisites including records of excellent academic standing, research experience, letters of recommendation and occasionally results on standardized tests.

While work experience is not always mandatory, having experience in a finance-related field (e.g., investment banking, corporate finance, or financial consulting) can strengthen your application, especially in practical research areas. It may also help you demonstrate real-world application of finance theories.

On average, a PhD in Finance takes 5–6 years to complete. The first 2-3 years are spent completing coursework and exams, while the remaining years focus on research and writing the dissertation.

 PhD in Finance admission is based on the entrance exam score. Some universities accept candidates on the basis of their scores in a national-level entrance exam or conduct their own written tests to shortlist students. The candidates have to appear for a personal interview round for final selection. Candidates need to check the selection criteria for PhD course of their target institute before applying for admission. The candidate will require 6 to 12 months to prepare for the entrance test.

Steps of PhD in Finance Admission Process:

1. Select a college

2. Go through PhD in Finance admission criteria

3. Prepare for the entrance exam and interview

4. Clear the entrance test

5. Fill out the PhD admission form

6. Appear for interview

7. Confirm admission upon selection

Read More: How to write a statement of purpose for PhD?

In India, there isn't a universal age limit for pursuing a PhD in Finance as policies can vary by institution and specific program. Universities typically have their own policies for the maximum age at which PhD candidates may apply.
For example, certain universities may have a maximum age limit for PhD candidates which is often between 35 and 40 years old. However, this may be negotiable based on the experience and qualifications of the candidate. Additionally, there might be relaxations for certain categories, such as SC/ST/OBC candidates or those with prior professional experience.
It’s important to review the specific admission guidelines of the universities or institutions you are interested in as they will provide the most accurate and relevant information regarding age limits and other eligibility criteria.

In most cases, there is no maximum age for PhD programs in management. However, some organizations could have certain policies or preferences regarding the age of candidates. Checking the precise criteria of the school and programme you are interested in applying to is therefore recommended. In addition, while considering PhD applications, variables like age are frequently taken into account in addition to professional experience, research background, and career objectives.

Yes, candidates have to appear in entrance exams to pursue PhD in Finance. Some of the popular entrance exams are CAT, XAT, GMAT, UGC-NET and CSIR-NET. Many institutes and universities conduct their own written test. Some universities also conduct interviews before finalizing candidates and granting them admission to the course.

The coursework of PhD in Finance is similar to other PhD courses. It includes research, seminars, presentations, etc. that a student works on during the course. The coursework is prescribed by the university and is to be completed within the first two semesters. Post the completion of PhD in Finance coursework, students have to submit their Research Proposal along with their Research Topic. Given below is the process that follows thereafter:

• Students are allocated a research supervisor/ guide.

• During research work, they are supposed to submit progress reports, attend seminars, presentations and one research paper in a peer-reviewed/refereed Journal before submitting their PhD thesis.

• The supervisor will review and suggest changes in the thesis. Students will have to submit a summary of the thesis after incorporating changes about 45 days before final thesis submission.

• Experts will examine the thesis. If the experts suggest modifications to the thesis, students will have to make the changes and re-submit their thesis.

• Next, students will have to clear a viva voce round where they will have to present their thesis before a panel of experts. Upon successful presentation, the student will be awarded a PhD degree.

Pursuing a PhD in finance can be very difficult due to it's rigorous academic requirements and competitive nature of the field. For this course, a solid understanding of econometrics, quantitative methods and complicated financial theories is essentially required. Admission to top colleges are highly competitive which often require a strong academic records, high scores in standardized tests like the GRE or GMAT and relevant research experience. After the admission, students have to complete demanding courses, succeed on thorough tests and produce original research works that makes a substantial contribution to the subject. In addition to academic ability, the process also requires persistence, patience and a love of financial research. Therefore, obtaining a PhD in Finance is beneficial for the individuals who are dedicated to furthering their knowledge of the field and obtaining academic or highly analytical employment, even though it is undoubtedly demanding.

There is a possibility that a student can finish his/her PhD in four years, but that completely depends on the chosen research topic and institute. Some fields, like engineering,  may have a more defined path and resources, making it easier to finish in four years. Others, like humanities, can be more flexible and research-driven, potentially taking longer.

Students can get fellowships by attempting and qualifying for entrance exams such as UGC-NET, GATE and more. Fellowships are provided through UGC or CSIR or through institutions which provide financial support to research scholars. 

You need to complete Master’s in order to pursue Ph.D. If you are very much interested in the subject and want deep knowledge and looking for some research based work then Ph.D is a good option. Mainly, teaching and research work profiles are suited after Ph.D.

Candidates interested to appear for DUET Ph.D. exam can check the admission process as mentioned below:

The admission process includes Entrance Examination and Interview. M.Phil or Ph.D. candidates will be admitted in a two-stage process through: (I) An Entrance Test to be held once a year. In Departments or Centres offering both the programmes, this entrance test for M.Phil. And Ph.D. programme will be a common one. (ii) an interview (one or more if required for Ph.D. in a year)

No, along with government universities, private universities, private MBA/Finance colleges and B-schools also offer PhD in Finance courses. Government universities are not the only ones that provide Ph.D. programs in finance; private universities and even some foreign colleges do as well.

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Government Universities Offering PhD in Finance

Private Universities Offering PhD in Finance

IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow and IIM Kozhikode offer PhD in Finance. The IIMs shortlist candidates for this course on the basis of CAT score or written test and interview. Students are required to refer to the official websites of the respective IIMs for more information about the PhD programs, admission process, registration dates and areas of research specialization.

Apart from the IIMs, the top colleges in India that provide PhD in Finance include:

The top colleges for phd finance in india are:

• Loyola Institute of Business Administration
• Savitribai Phule Pune University
• Birla Institute of Technology and Science
• Sir Padampat Singhania University
• University of Delhi
• Veer Bahadur Singh Purvanchal University

After completing PhD in Finance, one can get employed as a professor/lecturer at a university or finance institute. One can also, go for research work in the field of finance. Another career option is joining a business organisation or a corporate house at a senior level in the finance department.

• Professor/Associate Professor: After completing PhD and possessing teaching experience of 5-10 years, one can work as an Assistant/Associate Professor across various universities. 

• Consultant: Candidates who have completed PhD can work as consultants across various fields such as Business Management, Investment, Banking, Finance, Business Strategy, Product Development etc.

• Research Associate: Many professionals who possess PhD and relevant years of experience are hired as Research Associates across various government and not-for-profit research organizations. 

• Drug Developer: Drug Development or Industrial Research organizations also attract professionals who have completed PhD in their relevant field of study. 

After obtaining an MBA, the annual salary of a PhD graduate in Finance in India can vary depending on several criteria, including the industry, sector, experience level, employer and their negotiating ability.
A general estimate of the pay range for a PhD in finance in India, depending on varying degrees of expertise, is shown below:
Entry-Level: INR 8 LPA - 15 LPA
Mid-Level: INR 15 - 30 LPA
Senior-Level: 30 - 60 LPA

Of course, it is possible for you to pursue a PhD in Finance after completing an MBA in India. Many universities in India offer PhD programs in Finance or related fields such as Economics, Business Management with a focus on Finance.
Generally, you would need to fulfill specific prerequisites stated by the university offering a PhD in Finance in order to pursue a PhD in Finance after earning an MBA. Strong academic credentials, appropriate professional experience, passing the necessary entry examinations and the ability to demonstrate research aptitude or potential through an interview or written research proposal are some examples of these requirements. I hope you find this helpful!

PhD in most of institutes in India is minimum two year duration course. PhD is awarded in your area of subject based on research. Some students are able to complete PhD is two year but majority take 3 to 4 years to complete PhD.

Getting a Ph.D. in Finance and Accounts can be a challenging and rewarding experience. If you are interested in pursuing a Ph.D. in this field, here are some steps you can follow to get started:

• Research your options: Start by researching different universities and programs that offer a Ph.D. in Finance and Accounts. Consider factors such as location, cost, reputation, and the research interests of faculty members.
• Build your qualifications: A strong background in finance and accounting, as well as a solid foundation in mathematics and Statistics will be essential for success in a Ph.D. programme. Consider obtaining a master's degree in finance or accounting, or taking additional courses to build your knowledge and skills.
• Prepare for standardized tests: Most Ph.D. programs in finance and accounting require standardized tests such as the GRE or GMAT. Start preparing for these exams well in advance to give yourself plenty of time to improve your scores.
• Seek out mentorship and support: Network with professionals in the field, attend conferences and seminars, and seek out mentorship from experienced academics. These connections can help you build your knowledge, refine your research interests, and gain valuable insights into the Ph.D. process.
• Choose a research topic: A Ph.D. in finance and accounting requires original research, so you will need to choose a topic that is both relevant and innovative. Consider your interests, strengths, and the current state of the field to identify a topic that is both feasible and meaningful.
•  Apply to programs: Once you have identified your target programs, start preparing your applications. Gather letters of recommendation, write a strong personal statement, and be prepared to demonstrate your qualifications and passion for finance and accounting research.

I hope these steps will help you get started on your journey to a Ph.D.

A PhD in Finance offers a deep and specialised understanding of financial theories, methodologies and research techniques. A PhD in Finance can lead to academic careers as professors or researchers as well as opportunities in research institutions, think tanks or policy-making organizations. It can also open doors to high-level positions in various industries.
A finance MBA covers a wide range of topics, such as corporate finance, investment analysis, financial markets and strategic management. For positions requiring a blend of managerial and financial ability, an MBA in finance is very beneficial.
The decision of pursuing an MBA in Finance or a PhD in Finance ultimately depends on your preferences, career goals and the specific knowledge and skills you wish to acquire.

Yes, you can pursue a PhD after an MBA. Many individuals choose to pursue a PhD in business or management after completing an MBA to deepen their knowledge in a particular field, conduct research and potentially pursue a career in academia or advanced positions in industry.
It's crucial to remember, that getting into a PhD programme usually involves more than just having an MBA. PhD programs frequently have prerequisites including records of excellent academic standing, research experience, letters of recommendation and occasionally results on standardized tests.

The Ph.D. in Finance is a research-led study programme leading to graduate-level academic and research careers. PhD Graduates often go on to consultancy work, undertake other research, or teach in university finance departments. The programme typically lasts four to five years, including two to three years for original research and writing a dissertation. To enter a programme, students must have acceptable GMAT scores and a college-level background in math, including calculus and Algebra and economics. Some programs may also require that they already have an MBA.

Here are some of the top reasons for pursuing Finance related courses:

• Learn skills that will help you succeed in your future employment.
• Create a foundation for obtaining professional credentials.
• Prepare for a financially rewarding career where graduates can earn a starting salary ranging between INR 5 Lacs to INR 6 Lakh.
• Open doors to several industries including banking, insurance, investment, and real estate.
• Improve your interactions with your company's finance department.