Finance, PhD
The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.
Wharton’s Finance faculty, widely recognized as the finest in the world, have been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.
Faculty research, both empirical and theoretical, includes such areas as:
- Structure of financial markets
- Formation and behavior of financial asset prices
- Banking and monetary systems
- Corporate control and capital structure
- Saving and capital formation
- International financial markets
For more information: https://fnce.wharton.upenn.edu/programs/phd/
View the University’s Academic Rules for PhD Programs.
Required Courses
The course of study for the Ph.D. in Finance requires the completion of 18 graduate course units.
| Code | Title | Course Units |
|---|---|---|
| Core Requirements | ||
| Complete the following: | 8 | |
| Economics | ||
| Microeconomic Theory I | ||
| Microeconomic Theory II | ||
| Econometrics or Statistics | ||
| Select one of the following sequences: | ||
| Econometrics I: Fundamentals and Econometrics II: Methods & Models | ||
| Applied Econometrics I and Applied Econometrics II | ||
| Finance Core | ||
| Financial Economics | ||
| Corporate Finance and Financial Institutions | ||
| Introduction to Empirical Methods in Finance | ||
| Intertemporal Macroeconomics and Finance | ||
| Finance Electives | ||
| Select four of the following: | 4 | |
| Continuous-Time Financial Economics | ||
| Financial Economics Under Imperfect Information | ||
| Topics in Asset Pricing | ||
| Empirical Methods in Corporate Finance | ||
| Topics in Corporate Finance | ||
| International Finance | ||
| Empirical Methods In Asset Pricing | ||
| Topics in Macro Finance | ||
| Additional Coursework | ||
| Select six additional courses 1 | 6 | |
| Total Course Units | 18 | |
- 1
Students can satisfy these additional course credits in the following ways.
1. Transfer Credits
2. Electives from Other Departments: Economics, Statistics, Accounting, Mathematics, etc.
3. Seminar Courses: Students should limit seminar courses (FNCE 9500s) to a maximum of three (3). These credits require students to attend weekly seminars and write referee reports. A permit is required. The PhD Program Coordinator must approve before a permit is issued.
The degree and major requirements displayed are intended as a guide for students entering in the Fall of 2023 and later. Students should consult with their academic program regarding final certifications and requirements for graduation.
Sample Plan of Study
| Code | Title | Course Units |
|---|---|---|
| First Year | ||
| Fall | ||
| Microeconomic Theory I | ||
| Financial Economics | ||
| Intertemporal Macroeconomics and Finance | ||
| Econometrics I: Fundamentals and Applied Econometrics I | ||
| Spring | ||
| Microeconomic Theory II | ||
| Corporate Finance and Financial Institutions | ||
| Introduction to Empirical Methods in Finance | ||
| Econometrics II: Methods & Models and Applied Econometrics II | ||
| Summer | ||
First-Year Paper Due in September | ||
Preliminary Exam 1 | ||
- 1
Usually given in June after the student's first year in the program. If the student fails, he/she can take the following June. If the students fails the exam twice, the student will not normally be allowed to stay in the program.