Ph.D. On Campus


Aalto University

48 months
Tuition fee
Apply date
Start date


The Doctoral Program in Finance at Aalto University is a four-year US-style programme. The curriculum includes doctoral courses in Finance and related disciplines, active participation in research seminars, and a doctoral dissertation.


The Doctoral Program in Finance at Aalto University is intended for candidates of excellent academic background motivated in pursuing a full-time doctoral programme and producing research of the highest international level.

The ultimate test of any PhD programme is its placement record. Here the track record of Aalto Finance PhDs is excellent. Our academic placements include ESCP Paris, Ohio State University, Erasmus University Rotterdam, Hong Kong University of Science and Technology, University of Miami, Imperial College Business School, Luxembourg School of Finance, Catholic University of Lisbon and London Business School. The Aalto Finance PhD programme provides a solid basis for starting an international academic career.

The School commits to providing funding for at least the first two years for accepted Doctoral Candidates who proceed successfully with their doctoral studies and research. From year three onwards the studies are funded by research projects, grants from foundations, the finance department or a combination of these. All Finance PhD students have received funding throughout their studies, subject to performance.

Key facts:

The Finance Department is strongly dedicated to research, as shown by a stream of research published in top Finance and Economics journals. The Department runs an excellent seminar series and is equipped with all major Finance databases. Many faculty members also have access to unique registry-based data sets from Finland. 

Close contact and interaction with the Aalto Finance Faculty ensure high-quality PhD supervision in the several expertise areas of the faculty members. Being a PhD student at Aalto gives access to the very latest developments in international finance research via weekly meetings of the Helsinki Finance Seminar. Aalto provides students with an exciting and international research environment as well as interaction with seminar speakers and other visitors.

Aalto University School of Business is one of the leading business schools in Europe. The School of Business is an innovative and lively community of about 3 500 students and 400 members of faculty and staff.

Finland offers a great setting for students and is consistently ranked high in quality-of-life studies. It is the best country to live in the world according to Newsweek 2010 study and was ranked by The World Economic Forum as the world’s safest country in 2015. The annual Global Happiness Report has named Finland as the happiest country in the world three years in a row since 2018 and the 2019 Work-Life Balance Index listed Helsinki as the best city for work-life balance.

Programme Structure


  • The first one and a half years or so at the beginning of the studies are devoted to intensive coursework. Doctoral students in Finance follow the course curriculum of the Graduate School of Finance (GSF), the national PhD programme hosted by Aalto University. 
  • The local courses are complemented by intensive Finance PhD courses organized within the Nordic Finance Network (NFN), which is a collaborative network for research and doctoral training among the Finance departments in the Nordic Countries.

Key information


  • Full-time
    • 48 months

Start dates & application deadlines


240 ECTS


On Campus

Academic requirements

GRE admission requirements GRE®
GMAT admission requirements GMAT

Other requirements

General requirements

(1) Copies of academic degrees earned with supplements and a certified transcript of courses taken (with English translations);

(2) A student copy of a GMAT or GRE score from a test taken within the past 5 years and no later than January 15, 2021. If the applicant’s score can be found in the test owner’s database before the closing of the application time, no student copy is required. Successful applicants typically have a GMAT score well above 600;

(3) CV;

(4) A statement of purpose in English of 1000 words or less describing your motivation for PhD studies and your career objectives;

(5) One selected academic work: either a copy of your master’s thesis, or another independent research output that you consider best representative of your work (in English or another language agreed with the School of Business admissions);

(6) Two (2) letters of recommendation, which the referee must send directly by email.

Tuition Fee

Living costs for Helsinki

975 - 1584 EUR /month
Living costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.


Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

Fresh content

Updated in the last year

Check the official programme website for potential updates.

Our partners

Aalto University


Go to your profile page to get personalised recommendations!

Tuition fee settings