Home ยป PhD in Finance – Eligibility, Admission, Syllabus, Institutes, Scope

PhD in Finance – Eligibility, Admission, Syllabus, Institutes, Scope

A PhD in Finance is a doctorate course offered by a number of top Indian institutes and universities. It is a research-oriented course that provides candidates with a deeper understanding of financial concepts as well as the ability to conduct research in relevant fields. The course must be completed within three years, but it can be extended up to but not exceeding five years.

The advanced study of share valuation, privatization and globalization, the meaning and definition of “business environment,” cost and management accounting, industrial growth and structural changes, and other topics are covered in the PhD Finance syllabus. Candidates must have completed a postgraduate course in finance or have a bachelor’s degree in finance from a recognized university to be eligible for the course.

The Finance course focuses on the valuation of financial instruments, international finance topics, economic uncertainty, and trading mechanics in general. Students who want to conduct financial research and have logical, analytical, and organizational skills should take this course.

PhD in Finance: An Overview

The following is a list of course highlights that aspirants should keep in mind when considering pursuing a PhD in Finance.

Level of CourseDoctorate
Also referred asDoctor of Philosophy in Finance
Duration of Course3 years
Eligibility CriteriaCompleted post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks.
Education ModeRegular 
Process of Admission Entrance test 
Fee for the CourseINR 5,000- INR 5,00,000
Average Annual SalaryINR 3 LPA – INR 8 LPA
Positions of JobStatistician, CFA, Credit Control Manager,Stockbroker, Finance Manager, Corporate Banking Executive, etc.
Top EmployersTATA Consultancy, Accenture, Genpact, Vodafone, HCL, Oracle, Accenture, Reliance, Bajaj, Airtel, etc.

PhD in Finance Eligibility

Candidates for a PhD in Finance must meet the following eligibility requirements:

  • Students must obtain a post-graduate degree from a recognized university in courses such as accounting, economics, or mathematics. Candidates who have completed the MBA Finance Stream are also eligible to apply for the PhD in Finance program.
  • In addition, the student must have a minimum grade of 55 percent in their post-graduate course. Candidates who are SC/ST/OBC/PWD are given a 5% mark reduction.
  • Application to the PhD program has no upper age limit.

PhD in Finance Curriculum or Syllabus

The course prepares students for the challenges that multinational and small- and medium-sized businesses face. The following is a unit-by-unit breakdown of the course structure:

First Unit: Business Environment

  • Planning Policy
  • Liberalization
  • Competition Policy
  • Industrial Growth and Structural Changes
  • Industrial Policy
  • Consumer Protection
  • The Legal Environment of Business in India
  • Economic Policy
  • Meaning and definition of “business environment”
  • Second Generation Reforms
  • Environment protection
  • Privatization and globalization

Second Unit: Financial and Management Accounting

  • Partnership Accounts
  • Financial Statements
  • Basic Accounting Concepts
  • Ratio Analysis
  • Responsibility Accounting
  • Valuation of shares
  • Liquidation
  • Cost and Management Accounting.
  • capital and revenue.
  • Advanced Company Accounts

Third Unit: Business Economics

  • The Laws of Variable Proportion
  • Sample Errors
  • The Concept of Profit and Wealth Maximization
  • The Nature and Uses of Business Economics
  • Price determination in different market situations
  • The Laws of Returns
  • The Elasticity of Demand
  • Demand Analysis
  • Utility analysis

Fourth Unit: Business Statistics and Data Processing

  • Data Collection and Analysis
  • Data types
  • Analysis and interpretation of data
  • Correlation and Regression
  • Data Processing
  • Computer Application to Functional Area

Fifth Unit: Business Management

  • The Principles of Management
  • Organizational Culture and Structure
  • Decision Making
  • Planning Process
  • Business Ethics and Corporate Governance
  • Leadership and control
  • staffing
  • Organizing

Sixth Unit: Marketing Management

  • Marketing Environment
  • Marketing Planning
  • The Evolution of Marketing
  • Product decision
  • Pricing, distribution, and promotion
  • Marketing Mix
  • Concepts of Marketing

Seventh Unit: Financial Management

  • Cost of capital; Capital Budgeting
  • Dividend Policy
  • Working Capital Management
  • Financial and Operating Leverage
  • Capital Structure

Eighth Unit: Human Resource Management

  • Succession Planning
  • HRM Role and Functions
  • Industrial Relations
  • HR Planning
  • Training and Development
  • Compensation
  • Performance Appraisal
  • Recruitment and Selection

Ninth Unit: Banking and Financial Institutions

  • The Development of Banking
  • Banking Sector Reforms in India
  • E-banking
  • NABARD and Rural Banking
  • The Reserve Bank of India
  • Types of Banks
  • Importance of Banking to Business

PhD in Finance Admission Procedure

Students are admitted to the PhD in Finance program based on their performance on the entrance exam and in the personal interview. Although each university’s admissions process for a PhD in Finance is unique, candidates are expected to participate in the admissions process, which includes a Written Entrance Exam and a Personal Interview.

  • Step 1: Candidates must go to the entrance examination authorities’ website and register with an email address or a phone number, as well as create a login ID.
  • Step 2: Complete the application form. Students must complete the application forms for the various institutes where they wish to pursue their PhD in Finance. The application forms are available to be filled out online. Candidates must provide information about their preferred entrance exam cities as well as their academic qualifications.
  • Step 3: Upload the various documents. Candidates must upload the various documents in the size and format that they prefer. After that, the candidates must pay the application fees and obtain a receipt for future reference.
  • Step 4: Take the entrance examination. Candidates must take the entrance examination. Various universities have their own admissions exams. Students are invited to an interview based on their performance on the entrance exam.
  • Step 5: Attend the Interview. After the entrance exam results are announced, the selected students are contacted for an interview. There may be several rounds to the interview. Candidates must give a presentation of their thesis as well as the areas in which they will work during their PhD studies.
  • Step 6: Admission to the College: Students who pass the interview will be called for a second round of admissions and will be able to enroll in the university of their choice.

PhD in Finance: Focus Areas

  • A PhD in Finance is a research-based program that prepares students for advanced academic and research careers in finance and economics.
  • Applicants must have analytical, logical, managerial, and leadership skills in order to be considered for admission to the program. Counting, economics, financial management, and other related fields are all covered under the umbrella of finance.
  • Students pursuing a PhD in finance are educated in areas such as statistics, investments, economics, and corporate finance theory.
  • In addition, as part of their course curriculum, students will be exposed to a variety of markets and financial products.
  • A PhD in Finance is a research-oriented program designed for those who want to pursue a career in academia or research.
  • While most institutes require candidates to have a Master’s degree in business administration, some admit students to PhD programs in finance after they have completed their bachelor’s degree.

PhD in Finance: Important Documents Required

  • Research Proposal
  • Mark-list of the last qualifying degree examination
  • A character certificate (from the head of the institute from which the student has obtained his qualifying degree).
  • Gap certificate (if applicable)
  • No objection certificate from the employer (if employed)
  • Migration Certificate (No objection certificate from the university last attended)
  • passing/degree certificate of the last qualifying degree examination.
  • Documentary proof of the date of birth

Students should be aware that if the aforementioned certificates are not attached to their application, their application will not be taken into account for admission.

PhD in Finance: Important Entrance Exams

In India, most universities that offer PhD finance courses require students to take an entrance exam before being admitted to the program. Only those who pass the entrance examination are invited to an interview.

Although a large number of Indian institutions offer admission to PhD programs through their own selection tests, most universities accept students through the GATE Entrance Examination and the UGC NET. The following are a few popular entrance exams for the PhD in Finance program:

UGC NET Exam: The National Eligibility Test (NET) is held twice a year by the University of Georgia. There are 84 subjects covered in the exam. Due to the COVID-19 pandemic, the entrance examination has been postponed.

RMAT: The Research Management Aptitude Test (RMAT) is used by AIMA and Aligarh Muslim University to admit PhD students (RMAT). The exam will be held in June this year, according to the AIMA.

The Symbiosis International University PET Exam is required for admission to Symbiosis International University’s PhD programs. The exam will take place in June.

The JNU PhD Entrance Exam: PhD students are accepted at Jawaharlal Nehru University on the basis of their entrance exam scores. In the month of June, the examination is held.

The Gujarat Technological University (GTU) holds an entrance exam for PhD applicants. The application forms are available to fill out until July, and the exam is held in August.

PhD in Finance: Suitable Candidates

  • Those interested in pursuing a career in finance can enroll in a PhD in Finance program.
  • Candidates interested in pursuing a career as a professor should enroll in the program.
  • Candidates who have completed PG courses in finance-related fields such as MBA Finance or M.Com Finance can pursue a PhD in finance to advance their careers.
  • Working professionals can enroll in this course to improve their career prospects. Candidates must, however, possess the necessary qualifications.
  • The course is also open to candidates who want to work as an associate professor or lecturer.
  • The PhD in Finance program is for candidates who want to pursue a research-based degree.

PhD in Finance: Preparation Plan

A candidate must prepare appropriately for the entrance exam in order to do well on it. Because a PhD is the highest degree of acknowledgment, applicants may require additional educational training to pass the exam.Here are a few things to keep in mind as you study for the exam.

  • Go over the entire syllabus, including all of the major topics.
  • Determine the relative importance of the various subjects and create a timetable based on that information.
  • Give the tougher chapters more attention, and try to review all of the topics covered during the week on Sunday.
  • Once you’ve completed the syllabus, don’t forget to practice a lot of questions.
  • Attempt to rehearse the questions from previous years.
  • Participate in the online mock tests. Try to learn about various shortcut methods on the internet so that you can save time on the entrance exam.
  • Those who want to ace the test should also have a thorough understanding of finance and accounting topics.
  • You should have a good postgraduate degree score. It’s expected that you’ll get a minimum of 55%.
  • If your college has an interview round, you should be well prepared.
  • You should be well-versed in the types of interview questions that are commonly asked.
  • A high entrance test score will improve your chances of being accepted into a good college.

PhD in Finance: Important Skills Required

Those interested in pursuing a PhD in finance should have a diverse skill set in order to comprehend theories and improve their academic experience. These skills are also necessary for a successful career and future job. Individuals can broaden their knowledge and abilities by earning a PhD in Finance.

Communication skillsCritical thinking
Organising skillsLeadership
Decision-making skillsPatience
Attention to detailNumerical ability
Active learning

PhD in Finance: Top Institutes

For those interested in pursuing a PhD in finance, the Indian School of Business, like the IIMs, offers an FPM course. For your convenience, some of India’s top PhD in Finance institutes are listed below:

Institute NamePlaceTotal Fee in AverageAverage Annual Salary
Shailesh J. Mehta School of ManagementMumbaiINR 24,000INR 25 LPA
Department of Management Studies-IIT MadrasChennaiINR 33,600INR 14 LPA
Amity UniversityNoidaINR 3,00,000INR 4.5
Indian Institute of Foreign TradeNew DelhiINR 4,05,000INR 18 LPA
Kalinga Institute of TechnologyBhubaneshwarINR 2,25,000INR 6 LPA
National Institute of TechnologySilcharINR 1,05,600INR 5.5 LPA
Ahmedabad UniversityAhmedabadINR 1,50,00INR 4.65 LPA
Gitam University of ManagementVisakhapatnamINR 2,20,000INR 9 LPA
Sharda UniversityGreater NoidaINR 63,333INR 6 LPA
Alliance School of BusinessBangaloreINR 4,50,000INR 10.5 LPA

PhD in Finance: Top Foreign Institutes

The location of the institution has a significant impact on the PhD program’s orientation, as well as the career outlook and future prospects. Consider the following list of universities that offer PhD programs in finance and related fields before making your decision.

Name of the InstituteLocation
Courses Offered
Stanford UniversityUSA2ndPhD in Finance
Massachusetts Institute of
USA5thPhD in Economics, Finance & Accounting
PhD in Business-Finance
University of ChicagoUSA10thPhD in Business-Finance
Joint PhD in Financial Economics
University of PennsylvaniaUSA13thPhD Finance
University of California,
USA7thPhD in Business Administration-
Columbia UniversityUSA17thPhD in Finance & Economics
University of TorontoCanada18thPhD in Management -Finance
Duke UniversityUSA=20thPhD in Business Administration-
The University of MelbourneAustralia31stPhD in Actuarial Studies
PhD in Decision, Risk and
Financial Sciences 
PhD in Finance
University of British
Canada34thPhD Business Administration-

PhD in Finance and PhD in Accountancy: Key Differences

The Doctor of Philosophy in Finance has a wide range of applications and intersects with many aspects of business, such as debt, expansion, and supply chain management. While the need for theoretical knowledge and research in a PhD in Accounting may be limited, a detailed comparison of the two courses is provided in the table below.

Basis of ComparisonPhD in FinancePhD in Accountancy
Also referred asDoctor of Philosophy in FinanceDoctor of Philosophy in Accountancy
Course HighlightDeals with the study of Accounting, Economics, Financial Management.It mainly comprises aspects like operations in Accountancy and its related domains.
Eligibility CriteriaPost-graduation in courses like Accountancy, Economics or MathematicsM.Com. in Accountancy or M.Phil. in any such related disciplines
Process of Admission Entrance TestsEntrance Tests
Average Annual FeeINR 2,000- INR 5,00,000INR 16,679 to INR 1,55,000
Average Annual SalaryINR 4 LPA- 8 LPAINR 7 LPA- 16 LPA
Areas of JobFinance and Banking sectors, consultancies, colleges, universities, etc.Banking and Finance sectors, academic sectors, management sectors, etc.
Top Profiles of JobStockbroker, Statistician, CFA, CA, Corporate Banking Corporate Analyst, Financial Analyst, Investment Banker, Money Manager, etc. 

PhD in Finance: Areas of Specialization

You can choose from a variety of specializations in the field of finance for your PhD. Here’s a rundown of them, along with a brief description of each:

  • PhD in Financial Management:The study of taxation, macroeconomics, risk attitudes, and the impact of information is all part of a PhD in financial economics. Finance, economics, and quantitative learning are among the skills taught to students.
  • PhD Quantitative Finance: This branch of finance is concerned with the use of mathematics and statistics to create and disrupt financial practices. This field focuses on increasing market returns while lowering market risks.
  • PhD in Accounting and Finance: The PhD in Finance and Accounting focuses on the foundations of finance and accounting. It improves your financial management skills and your understanding of a country’s monetary affairs.
  • PhD Computational Finance: A PhD in computational finance focuses on financial market modelling and the application of computational intelligence to financial decision-making. You can work as a portfolio manager, quantitative analyst, and other positions in this field.
  • PhD Financial Economics: The program is about economics and how it affects finance. Asset pricing, metrics, macroeconomics, and banking are all covered by the joint curriculum created by the specialization areas.
  • PhD in Banking and Finance: The major focus of a PhD in banking and finance is to understand the major sections of the domestic and international banking sector from the perspective of finance and economics.
  • PhD in Accounting and Financial Management: PhD in Accounting and Financial Management is typically included in a PhD in Business Administration program. It is typically used for analytical, logical, and time management tasks. Business Environment, Business Finances, Financial Management, and other topics are covered.
  • PhD Financial Engineering: The course is built on a solid foundation of financial science in a logically consistent environment. A master’s degree in science or a master’s degree in financial engineering (MFE) will prepare you for new quantitative roles such as risk model delivery and direct trading, library control, model validation, risk management, and programming.

PhD in Finance: A Comparison among Institutes

The table below compares and contrasts the top PhD in Finance colleges in India.

Institute NameShailesh J. Mehta School of Management, MumbaiDepartment of Management Studies-IIT MadrasIndian Institute of Foreign Trade, New Delhi
HighlightSJMSOM is a part of IIT Mumbai and offers executive MBA, management development, and PhD programs, among other management courses.It is one of the best institutes in the country and is part of IIT Madras. Apart from a PhD, DMS also offers UG and PG courses.Another popular educational institute in India is the Indian Institute of Foreign Trade, which offers a wide range of courses.
PlaceMumbaiChennaiNew Delhi
Annual Fees
INR 24,000INR 33,600INR 4,05,000
Eligibility CriteriaMinimum 55% in post-graduationMinimum 55% in post-graduationMinimum 55% in post-graduation
Process of Admission Entrance TestEntrance TestEntrance Test
Top Hiring FirmAmazon, IBM, Flipkart, Accenture, WiproHDFC Bank, Bank of America, Standard Chartered Bank, etc.Amazon, Cognizant, SAP, HDFC Bank.

PhD in Finance: Top Private Institutes

In India, a number of private colleges offer PhD in Finance programs. The cost of attending a private college is considerably higher than that of a public university. The following are a few private universities that offer a PhD in Finance:

Institutes Structure of Fee
MJ College of Commerce, Bhavnagar
Amity College of Commerce and Finance, NoidaRs. 3,00,000
Glocal School of Business and Commerce, Saharanpur
Gian Jyoti Institute of Management and Technology, Mohali
Amrita School of Business, Coimbatore
Indian Institute of Finance, Greater Noida

PhD in Finance: Important Book Recommendations

Author’s NameBook Name
Vaidya Nathan K.Credit Risk Management for Indian Banks
John H. CochraneFinancial Markets and the Real Economy
Robert MacintoshResearch Methods:Accounting & Finance
John C. HullOptions, Future & Other Derivatives
Robert MckinleyManaging Credit
Andrew W. LoThe Econometrics of Financial Markets

PhD in Finance: Top Job Profiles

Most finance PhD students are business-oriented and seek a more professional position. This can include positions in a variety of financial institutions. A statistician, stockbroker, finance manager, and other popular job profiles are just a few examples. The average annual salary ranges from INR 4 to INR 8 lakh per annum.

Profile of Job Description of JobAverage Salary
Assistant ProfessorTeaching Finance courses to junior-level (UG, PG, MBA) students.INR 5,75,000
ProfessorResearching a society’s “financial aspects” and teaching students are typical tasks.INR 11,88,000
StockbrokerBuying stocks and selling them on the stock exchange to a variety of retail and institutional customers.INR 3,25,000
StatisticianDeals with theoretical and applied statistics. INR 3,68,671 
Relationship ManagerA Relationship Manager’s job is to keep good relations with competitors and customers.INR 5,95,478
CFAA CFA analyzes investments, stocks or companies.INR 1,157,000
Financial ManagersMaintains the financial health of the businesses for which they work and prepares financial reports and plans.INR 9,56,578

PhD in Finance: Benefits and Scope

A PhD in Finance course can open up a variety of career options for you and lead to a bright and prosperous future. This degree is required for those who want to work in academia (for example, as a lecturer or research fellow in a business school).

The following are some of the most compelling reasons to pursue a PhD in finance:

  • A PhD in Finance graduate’s average salary ranges from INR 4 LPA to INR 8 LPA. This salary rises as you gain more experience. According to the website Pay Scale, a PhD in Finance graduate can expect to earn around INR 12,50,000 per annum. Aside from that, the aspirants are given perks and other benefits like DA, provident funds, travel expenses, and medical insurance.
  • Alternatives to a Career: After completing the course, students have the option of pursuing an academic or industrial career. Both career paths are equally lucrative. They have the option of becoming a professor, lecturer, or associate professor during their academic career. They can work as market research analysts, investment bankers, and in other jobs in the industrial sector.
  • Job Security: The majority of PhD finance graduates work in academia, where they have tenure and job security. In the case of industrial jobs, they are primarily hired in top-level positions, primarily as consultants, which are thought to be more stable and have a lower attrition rate.
  • Financial Management: It assists students in learning about a variety of important financial topics. A part of the course curriculum is learning techniques for the complete organization of money in businesses and banks.
  • Those who pursue a PhD in finance or economics are more likely to recognize and help solve today’s global financial problems.
  • Candidates with a PhD in Finance who want to start their own business have the option to do so. Part-time professorships are available at a number of government and private colleges. They can also start their own company and provide consulting services to a variety of people and businesses.
  • Students with a PhD in finance can work as researchers or full-time employees in the public and private sectors, as well as global organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization, because finance is such a diverse field. The PhD in Finance degree will cover microeconomics, statistics, corporate finance, finance theory, and econometric methodologies.


Is a PhD in Economics and Finance worthwhile?

PhD is considered to be the pinnacle of the Indian academic curriculum. A PhD in Finance or Economics is highly recommended for anyone interested in pursuing a career in academia or research.

Which university is the best for a PhD in Finance?

The following are some of India’s best finance universities:
Department of Management Studies, IIT Madras, Chennai,
New Delhi’s Indian Institute of Foreign Trade
Bangalore’s Alliance School of Business

What are the employment prospects for Finance PhDs?

In India, a PhD in Finance has both academic and industrial job prospects. You can work in colleges and universities as an academic professional. You can also look for work in financial institutions such as banks and finance companies.

What are the best universities in the world for a PhD in Finance?

MIT, Stanford, Chicago, Berkeley, and many other top universities are among the best.

What is the most common entrance exam for a PhD in Finance?

The UGC NET is the most widely used entrance exam for the course. Some universities have their own admissions tests.

What are the eligibility requirements for PhD funding?

To pursue the course, you must have at least a 55 percent average in post-graduate courses such as accounting, economics, or mathematics.

Which is more beneficial: a PhD in Finance or a PhD in Economics?

Both courses have completely different course curriculums, and if you perform well in both, you will be successful in both.

What are some of the most common job roles for PhD finance students?

Assistant Professor, Stockbroker, Statistician, Relationship Manager, CFA, and Financial Manager are all popular job profiles for PhD Finance students.

In India, what is the average cost of a PhD in Finance?

Tuition fees range from INR 2,000 to INR 5,00,000 on average.

What is the duration of a PhD in Finance program?

A doctorate in finance can take anywhere from three to seven years to complete. Theoretical knowledge is provided in the early years through a variety of subjects. During your final years, you will work on industrial projects.

Is it possible to get a PhD after getting a finance MBA?

Yes, after earning an MBA in Finance, you can pursue a PhD. It is a fantastic option, particularly for those who want to pursue a career in research or delve deeper into a specific area of finance.

What does PhD stand for in full?

Doctor of Philosophy is abbreviated as PhD. This is an academic or professional degree that qualifies the holder to teach their chosen subject at the university level or work in a specialized position in their chosen field in most countries.

Who is eligible for a PhD program?

A two-year Master’s OR M. Phil degree in the relevant field from an accredited Indian or foreign university is usually the minimum requirement for admission to a PhD program. She or he must have received a Master’s or M.Phil. degree with a minimum of 55 percent or equivalent grade.

What does UGC stand for?

The University Grants Commission (UGC) was established on December 28, 1953, and by an Act of Parliament in 1956, it became a statutory organisation of the Government of India for the coordination, determination, and maintenance of standards of teaching, examination, and research in university education.

Is the UGC NET exam difficult?

Yes, the exam is difficult; however, many candidates (who have studied diligently) pass the UGC NET cutoff. Paper I and Paper II make up the UGC NET exam. Paper I is a General Ability Test that assesses candidates’ teaching and research abilities while Paper 2 is subject specific.

Is UGC Net a good investment?

Absolutely. The UGC NET exam is used to choose candidates for fellowships and lectureships. You cannot apply for the fellowship if you are over the age of 28.

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