48 months
Tuition fee
Apply date
Start date


The doctoral programme in Finance at the Aalto University School of Business is a four-year programme. Approximately one and a half years at the beginning of the studies are devoted mostly to intensive course work that is followed by research for the PhD dissertation.


The curriculum of the degree in Finance at the Aalto University School of Business includes doctoral courses in Finance and related disciplines, active participation in research seminars, and a doctoral dissertation.

Doctoral students in Finance at the Aalto University School of Business follow the course curriculum of the Graduate School of Finance (GSF). The GSF is a national doctoral programme of Finance and it is hosted by Aalto University and located at the Department of Finance.

In 2020-22, GSF offers yearly 5-7 PhD courses in Finance. These courses are mandatory for doctoral students in Finance. In addition, the GSF organizes two research workshops a year, where doctoral students are expected to present their research and receive comments and feedback from senior researchers. Managing Doctoral Studies in Finance event is organized for the first year doctoral students at the beginning of their studies. All teaching is in English. Further information on the activities can be found on the website gsf.aalto.fi

Finance PhD courses organized by the GSF are also open for PhD students in economics, PhD students coming from foreign universities and PhD students in related fields given that the students have sufficient background knowledge in finance and that there is space in the course. The prerequisites vary across the individual GSF courses.


The purpose of the Aalto Doctoral Programme in Business, Economics and Finance is to equip its graduates for successful international careers in the world of higher education and academic research.

The programme is designed to provide doctoral students with the knowledge, skills, and capabilities to succeed in demanding, high-level positions in universities, research institutions, think tanks, and other research organizations at regional, national, and supra-national (e.g. the EU, OECD, World Bank) levels. The graduates of the doctoral programme will demonstrate:

  • competence to carry out independent and original academic research
  • deep and broad discipline-specific knowledge of their field of research
  • mastery of the scientific research methods in their respective fields of research
  • deep understanding of research ethics
  • good project management skills
  • enhanced pedagogical and academic leadership skills, and
  • strong communication and interpersonal skills.

Programme Structure

Courses include:

  • Microeconomics
  • Theoretical Asset Pricing
  • Empirical Asset Pricing
  • Theoretical Corporate Finance
  • Empirical Corporate Finance
  • Special Course in Finance

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

  • A master’s degree (MSc, MBA, MA) or its equivalent.
  • Students holding a degree earned abroad are eligible for doctoral studies provided their degree gives them  eligibility for corresponding higher education in the awarding country.
  • Copies of academic degrees: Scanned color copy of the original degree certificate, official transcript of study records, authorised translations, 
  • GMAT or GRE score
  • language test report 
  • CV
  • A statement of purpose in English of 1000 words or less
  • One selected academic work
  • Two (2) letters of recommendation
  • Copy of a valid passport

Tuition Fee

There is no tuition fee in the School of Business Doctoral Programme

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.

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