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Finance, Ph.D.

  • Application Deadline
  • 60 months
    Duration
University rank #15 (QS) , PA,
Wharton’s PhD program in Finance at the University of Pennsylvania provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

About

The Finance at the University of Pennsylvania 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, has 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

Detailed Programme Facts

  • Programme intensity Full-time
    • Full-time duration 60 months
  • Languages
    • English
  • Delivery mode
    On Campus

Programme Structure

Courses include:
  • Financial Economics
  • Corporate Finance & Financial Institutions
  • Introduction to Empirical Methods
  • Intertemporal Macroeconomics and Finance
  • Methods in Finance Theory
  • 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
  • Applied Quantitative Methods in Finance
  • Behavioral Finance

English Language Requirements

  • Minimum required score:

    7.5

    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

    Schedule IELTS
  • Minimum required score:

    100

    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120. Read more about TOEFL iBT ®.

    Schedule TOEFL®
  • Minimum required score:

    600

    The TOEFL®PBT is administered in a paper format and measures your ability to use and understand English in a classroom setting at the college or university level. It accurately measures how well you can listen, read and write in English while performing academic tasks. Read more about TOEFL®PBT.

    Schedule TOEFL®

General Requirements

  • Letters of recommendation 
  • Transcripts
  • Academic history
  • Essay

Tuition Fee

  • International

    39470 USD/year
    Tuition Fee
    Based on the original amount of 39470 USD per year and a duration of 60 months.
  • National

    39470 USD/year
    Tuition Fee
    Based on the original amount of 39470 USD per year and a duration of 60 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

Living costs for Philadelphia

  • 1313 - 2290 USD/month
    Living Costs

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

Funding

All admitted Wharton doctoral students receive a fellowship that covers the cost of tuition and health insurance, and provides a stipend. It is expected that a similar level of financial aid may be awarded for up to 5 years. All financial aid awards are contingent upon a student's satisfactory academic progress.

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.

The Global Study Awards: get funded with up to £10,000 to study abroad

Together with the ISIC Association and British Council IELTS, Studyportals offers you the chance to receive up to £10000 to expand your horizon and study abroad. We want to ultimately encourage you to study abroad in order to experience and explore new countries, cultures and languages.

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