Finance

The Ph.D. program in finance prepares students for careers as researchers and teachers in finance and provides training in related academic areas. KU faculty members have scholarly expertise in areas such as corporate finance, investments, financial institutions, derivatives, risk management, corporate governance, international finance, market microstructure, and entrepreneurial finance. Faculty members are widely published in prestigious academic journals including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial & Quantitative Analysis, Journal of Business, and Financial Management. Several faculty members serve on the editorial boards of such journals.

Students attend core doctoral seminars on corporate finance, investments, financial institutions, and other topics in finance. Student-to-faculty ratios in such seminars are typically 4-to-1. Students also complete graduate coursework in statistics, economics, econometrics, and research in financial accounting. Students enjoy access to a variety of statistical packages and research databases, including the Wharton Research Database Services (WRDS) interface for accessing data from the University of Chicago’s Center for Research in Security Prices (CRSP) and from Standard & Poor’s Compustat database.

Students in finance receive up to five years of financial support contingent on satisfactory progress toward degree requirements. Support includes appointment as a research or teaching assistant, paid tuition, an annual stipend of at least $25,000, and a portion of subsidized student health insurance.

Careers in Academics and Industry

Academic Opportunities

Nature and Emphasis of the Program: Small but intensive program; Goal is to admit 2-4 students every other year. Opportunity to work closely with faculty. Emphasis on rigorous economic theory and research methodology. Encourages collaborative and interdisciplinary research.
Responsibilities include Research, Teaching, and Service to the University, Profession, and Community of Scholars.

Industry Opportunities:

• Market Research
• Security Valuation
• Risk Management
• Derivatives Modeling and Valuation
• Arbitrage

Program Requirements

Ph.D. Curriculum includes

• Core Courses in Economics, Statistics, and Organizational Behavior
• Seminars in the Theory of Finance: Corporate Finance, Investments

Advanced Electives

• Applied Portfolio Management
• Capital Budgeting
• International Finance
• Investments
• Mergers and Acquisitions
• Risk Management
• Valuation
• Research Methodology
• Directed Research

Area of Concentration

Most students admitted in finance typically will select that area as their concentration. However, an aspirant, with the assistance of his or her faculty advisor and the area faculty, may propose an interdisciplinary area of concentration that is a combination of the traditional business disciplines of decision sciences, accounting, information systems, marketing, human resource management, decision sciences, organizational behavior, and strategic management. An aspirant may also propose an interdisciplinary area of concentration that includes emphases such as international business, law, and economics. The aspirant must take at least five advanced courses in the area of concentration. These courses may include those offered outside the School of Business.

Supporting Areas

Coursework in the area of concentration is supplemented and strengthened by study in one or two supporting areas. A supporting area is one that supplements and complements the area of concentration. The aspirant will satisfy the supporting area requirement by taking at least four advanced courses in the supporting areas (at least two courses in each of two supporting areas, or at least four courses in one supporting area). Courses recommended for preparation for the qualifiers may not be included in satisfying the supporting area requirement.

Research Methodology

For successful qualifier assessment, the student's program of study should include adequate preparation in research methodology.

Qualifier Assessment

Sometime during the third semester (excluding summers) of the aspirant's program, the Qualifier assessment Team (QAT) will meet and determine whether the aspirant should continue in the doctoral program. The QAT will do so holistically after taking into account the performance of the aspirant in courses taken, and the research and teaching skills of the aspirant.

Comprehensive Exam

As an aspirant for the Ph.D. in Business Administration, the student must successfully pass a comprehensive written-oral examination in the area of concentration.

Dissertation Proposal Defense

The aspirant shall prepare and successfully defend a research proposal at an oral examination before the Dissertation Committee. The objective of the oral examination is (a) the evaluation of the potential contribution of the proposed research, (b) the adequacy and appropriateness of the proposed research methodology, and (c) the aspirant's ability to successfully complete the proposed research. Copies of the dissertation proposal will be delivered to members of the dissertation committee, and also made available to other interested faculty members and Ph.D. students, at least one week prior to the date of the oral examination. It is strongly recommended that the candidate present the proposed dissertation research topic in BUS 901 prior to scheduling the oral examination.

Dissertation Defense

The committee for the final examination shall consist of at least five members (the members of the Dissertation Committee plus other members of the graduate faculty recommended by the chair of the Dissertation Committee and approved by the Research/Ph.D. Team). At least one of the members must be from a department other than the aspirant's major department; this member represents the Graduate School and must be a regular member of the graduate faculty. After the final oral examination has been successfully completed, the Dissertation Committee shall grade the written dissertation “Honors” or "Satisfactory." If the candidate fails the final oral examination, he or she may be allowed to repeat the examination upon the recommendation of the Dissertation Committee and the Research/Ph.D. Team.

Proposed Timeline

• Year 1-2: Coursework & Comprehensive Exams
• Year 3: Dissertation Proposal
• Year 4: Dissertation Defense

Placements

Over the past few years, KU Ph.D. graduates have been placed at schools such as the University of Missouri--Kansas City, Villanova University, University of New Mexico, East Carolina University, and Missouri State University. For Complete listing, see the Finance Alumni Page.