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.

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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 Course	Doctorate
Also referred as	Doctor of Philosophy in Finance
Duration of Course	3 years
Eligibility Criteria	Completed post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks.
Education Mode	Regular
Process of Admission	Entrance test
Fee for the Course	INR 5,000- INR 5,00,000
Average Annual Salary	INR 3 LPA – INR 8 LPA
Positions of Job	Statistician, CFA, Credit Control Manager,Stockbroker, Finance Manager, Corporate Banking Executive, etc.
Top Employers	TATA Consultancy, Accenture, Genpact, Vodafone, HCL, Oracle, Accenture, Reliance, Bajaj, Airtel, etc.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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 skills	Critical thinking
Organising skills	Leadership
Decision-making skills	Patience
Attention to detail	Numerical ability
Active learning	–

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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 Name	Place	Total Fee in Average	Average Annual Salary
Shailesh J. Mehta School of Management	Mumbai	INR 24,000	INR 25 LPA
Department of Management Studies-IIT Madras	Chennai	INR 33,600	INR 14 LPA
Amity University	Noida	INR 3,00,000	INR 4.5
Indian Institute of Foreign Trade	New Delhi	INR 4,05,000	INR 18 LPA
Kalinga Institute of Technology	Bhubaneshwar	INR 2,25,000	INR 6 LPA
National Institute of Technology	Silchar	INR 1,05,600	INR 5.5 LPA
Ahmedabad University	Ahmedabad	INR 1,50,00	INR 4.65 LPA
Gitam University of Management	Visakhapatnam	INR 2,20,000	INR 9 LPA
Sharda University	Greater Noida	INR 63,333	INR 6 LPA
Alliance School of Business	Bangalore	INR 4,50,000	INR 10.5 LPA

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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 Institute	Location	Institute Rankings	Courses Offered
Stanford University	USA	2nd	PhD in Finance
Massachusetts Institute of Technology	USA	5th	PhD in Economics, Finance & Accounting PhD in Business-Finance
University of Chicago	USA	10th	PhD in Business-Finance Joint PhD in Financial Economics
University of Pennsylvania	USA	13th	PhD Finance
University of California, Berkeley	USA	7th	PhD in Business Administration- Finance
Columbia University	USA	17th	PhD in Finance & Economics
University of Toronto	Canada	18th	PhD in Management -Finance
Duke University	USA	=20th	PhD in Business Administration- Finance
The University of Melbourne	Australia	31st	PhD in Actuarial Studies PhD in Decision, Risk and Financial Sciences  PhD in Finance
University of British Columbia	Canada	34th	PhD Business Administration- Finance

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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 Comparison	PhD in Finance	PhD in Accountancy
Also referred as	Doctor of Philosophy in Finance	Doctor of Philosophy in Accountancy
Course Highlight	Deals with the study of Accounting, Economics, Financial Management.	It mainly comprises aspects like operations in Accountancy and its related domains.
Eligibility Criteria	Post-graduation in courses like Accountancy, Economics or Mathematics	M.Com. in Accountancy or M.Phil. in any such related disciplines
Process of Admission	Entrance Tests	Entrance Tests
Average Annual Fee	INR 2,000- INR 5,00,000	INR 16,679 to INR 1,55,000
Average Annual Salary	INR 4 LPA- 8 LPA	INR 7 LPA- 16 LPA
Areas of Job	Finance and Banking sectors, consultancies, colleges, universities, etc.	Banking and Finance sectors, academic sectors, management sectors, etc.
Top Profiles of Job	Stockbroker, Statistician, CFA, CA, Corporate Banking	Corporate Analyst, Financial Analyst, Investment Banker, Money Manager, etc.

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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.

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PhD in Finance: A Comparison among Institutes

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

Institute Name	Shailesh J. Mehta School of Management, Mumbai	Department of Management Studies-IIT Madras	Indian Institute of Foreign Trade, New Delhi
Highlight	SJMSOM 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.
Place	Mumbai	Chennai	New Delhi
Average Annual Fees	INR 24,000	INR 33,600	INR 4,05,000
Eligibility Criteria	Minimum 55% in post-graduation	Minimum 55% in post-graduation	Minimum 55% in post-graduation
Process of Admission	Entrance Test	Entrance Test	Entrance Test
Average CTC	INR 25 LPA	INR 14 LPA	INR 18 LPA
Top Hiring Firm	Amazon, IBM, Flipkart, Accenture, Wipro	HDFC Bank, Bank of America, Standard Chartered Bank, etc.	Amazon, Cognizant, SAP, HDFC Bank.

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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, Noida	Rs. 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	–

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PhD in Finance: Important Book Recommendations

Author’s Name	Book Name
Vaidya Nathan K.	Credit Risk Management for Indian Banks
John H. Cochrane	Financial Markets and the Real Economy
Robert Macintosh	Research Methods:Accounting & Finance
John C. Hull	Options, Future & Other Derivatives
Robert Mckinley	Managing Credit
Andrew W. Lo	The Econometrics of Financial Markets

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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 Job	Average Salary (Annually)
Assistant Professor	Teaching Finance courses to junior-level (UG, PG, MBA) students.	INR 5,75,000
Professor	Researching a society’s “financial aspects” and teaching students are typical tasks.	INR 11,88,000
Stockbroker	Buying stocks and selling them on the stock exchange to a variety of retail and institutional customers.	INR 3,25,000
Statistician	Deals with theoretical and applied statistics.	INR 3,68,671
Relationship Manager	A Relationship Manager’s job is to keep good relations with competitors and customers.	INR 5,95,478
CFA	A CFA analyzes investments, stocks or companies.	INR 1,157,000
Financial Managers	Maintains the financial health of the businesses for which they work and prepares financial reports and plans.	INR 9,56,578

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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.

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