About the Finance Area Program
The main objective of the program is to produce well-trained researchers
who can be placed in the top academic finance departments in the country.
Doctoral students in finance at the Stephen M. Ross School of Business
have access to a large, active and collegial finance faculty with diverse
research interests. The faculty devotes significant resources to the Ph.D.
program, recognizing that having a top Ph.D. program is critical to maintain
an outstanding research environment. The relatively small number of students
ensures quality interaction with the faculty. Faculty research interests
include the advantages of floor trading versus electronic trading; innovation
and divestment; financial intermediation systems in emerging economies;
the organization of mutual funds; and the role systematic irrationality
plays in the behavior of financial markets, a new area of exploration
Students complete most of the course work for the Ph.D. during the first
two years of the program. Because doctoral-level classes in micro-economic
theory, mathematical economics, statistics and finance are among the first-year
requirements, strong prior preparation is essential.
Courses during the second year comprise at least six electives (typically
in math, economics and econometrics) in addition to two Ph.D.-level finance
courses, one each semester. Students take two more doctoral seminars in
finance during the third year. For the remainder of the program, they
typically take one course per term in an area related to their research.
finance department sponsors two seminars per
week, and Ph.D. students are active participants in both seminars. To
become proficient in the art of research, students produce a literature
review during their first summer and a research paper during their second
summer. They present their work in departmental seminars during the academic
year. Students are also assigned to work for faculty members as research
Preliminary Examination and Candidacy
Exams covering finance and related areas typically take place at the
end of the second year. Students advance to candidacy by passing the exams
and completing the two research papers. The remainder of the program is
devoted to the dissertation.
Current PhD Students
Dear Prospective Ph.D. Student,
Welcome to the finance area at the Ross
School of Business. The interests of our faculty span most areas of
finance and have helped shape a dynamic Ph.D. program.
A highlight of our program is close
mentoring by faculty and a tight-knit peer group of students, as evidenced
by the numerous joint papers written over the years by faculty with students
and by student with each other. Many of our students have, during
their PhDs, written papers that subsequently were published in the best
journals in finance, including the Journal of Finance and the Review of
Our placement record over the last several
years has been very strong, with students being placed at institutions such
as the University of Chicago, the University of British Columbia, the
University of Texas, and Washington University.
We look forward to receiving your
application. We consider seriously all parts of the application,
including your previous academic record, your test scores, your
recommendations, and your essays.
if you have any questions about our program.
Associate Professor of Finance
Coordinator, Finance Area
Stephen M. Ross School of Business
University of Michigan
Arbor, MI 48109-1234