During the first two years of the program, students take courses in finance and in related disciplines such as economics and statistics. At the end of the first year, the Finance Preliminary Examination is administered to confirm a mastery of the topics in finance. Students are required during their second year to write a paper containing original research in an area of interest to the student. This paper, written under the guidance of two faculty advisers, is presented at a workshop. During the third year, students make the transition from coursework to full-time dissertation research. A dissertation proposal is submitted late in the third year or early in the fourth year, and the dissertation is completed during the fourth year.
The PhD in Finance requires a minimum of 20 graduate-level courses, of which eight at most can be transferred from relevant graduate courses at other schools or universities. Of the 20 courses, 11 are required as follows:
| Economics | |
|---|---|
| One of the following: | |
| ECON 681 | Microeconomic Theory |
| ECON 701 | Microeconomic Theory I |
| And (Required) | |
| ECON 898 | Elementary Mathematics for Economists |
| A one-year graduate level graduate level sequence in statistics or in probability and statistics is required. Finance PhD students are encouraged to take either STAT 520 and 521 or ECON 705 and 706. Students may, with prior approval of the PhD coordinator in Finance, satisfy the statistics requirement with STAT 520 and 512 or, STAT 510 and 520 or, STAT 550 and 551. In extraordinary cases, and with prior approval of the PhD coordinator in Finance, a student may satisfy the statistics requirement with other course sequences. | |
| Econometrics or Statistics (2 courses) | |
| STAT 520 | Applied Econometrics I |
| STAT 521 | Applied Econometrics II |
| OR | |
| ECON 705 | Econometrics I: Fundamentals |
| ECON 706 | Econometrics II: Methods and Models |
| OR | |
| STAT 520 | Applied Econometrics I |
| STAT 512 | Mathematical Statistics |
| OR | |
| STAT 510 | Probability |
| STAT 520 | Applied Econometrics I |
| OR | STAT 550 | Mathematical Statistics |
| STAT 551 | Introduction to Linear Statistical Models |
| Students must pass both courses in the sequence chosen with a grade of B- or better. Alternatively, for any of these courses, the student may pass a waiver or preliminary examination administered by the department in which the course is taught and then substitute higher-level courses in the same area. | |
| Finance Core (6 courses) | |
| FNCE 911 | Financial Economics |
| FNCE 912 | Financial Institutions |
| FNCE 921 | Introduction to Empirical Methods |
| FNCE 922 | Continuous-Time Financial Economics |
| FNCE 924 | Intertemporal Macroeconomics and Finance |
| FNCE 934 | Empirical Research in Finance |
| Finance Electives (1 course) | |
| Each student is expected to develop proficiency in specialized areas in preparation for dissertation and research work. To this end, one or more finance electives are required from among the following courses: | |
| FNCE 923 | Financial Economics under Imperfect Information |
| FNCE 932 | Corporate Finance |
| FNCE 950 | Empirical Research in Finance |
Up to four courses per semester may be counted toward the overall coursework requirement. The eight courses taken in the first year usually consist of the four required economics and statistics courses as well as the first four finance core courses. The remaining two finance core courses are usually taken in the fall semester of the second year. In general, students complete all courses by the end of the third year.
Student Involvement in the Department
The Finance Department sponsors a variety of weekly seminars for the presentation and
discussion of current research in finance. Speakers include faculty and doctoral
students from Wharton, the Department of Economics, and other universities. These
seminars comprise an essential element of the PhD program in Finance, and students
at all stages of the program are encouraged to participate.
Sample Program Sequence
- Year 1 Pre-Fall
ECON 897 or waiver - Year 1 Fall
ECON 681, ECON 898, FNCE 911, ECON 705 - Year 1 Spring
FNCE 912, FNCE 921, FNCE 924, ECON 706, Finance Preliminary Exam in early summer - Year 2 Fall
FNCE 922, FNCE 934, one related field or tool course, and one finance elective course - Year 2 Spring
Finance elective and related field and tool courses - Year 3
Presentation of Second-Year Research Paper in September, Admission to Candidacy, Dissertation Proposal - Year 4
Dissertation Workshop, Dissertation Defense