Doctoral Program in Finance
The Ph.D. in Finance program at Boston College is internationally known for its rigorous curriculum that combines theory with applied research and pedagogy. Graduates of the program are leaders in the field of finance who have the knowledge and analytical skills they need to conduct research and teach at the highest level. The program begins with two years of systematic, rigorous training in the theory of quantitative methods, economics, and finance. In the third year, students complete a major research project designed to develop their ability to do original research. Through hands-on experience as teaching and research assistants, students gain important pedagogical experience. Finally, each student completes a doctoral dissertation that contributes substantial, original work to the field of finance. Doctoral students at the Carroll School work with exceptional faculty who are experts in their disciplines and globally acclaimed for their scholarship, research, and mentorship. In our collegial environment, students typically collaborate with one another and with faculty to produce groundbreaking research.
Caitlin Dillon Dannhauser, Ph.D. ’15
Associate Professor, Finance & Real Estate, Villanova University
“After working for five years on Wall Street, I was looking for a career change and decided to pursue a Ph.D. My doctoral studies at Boston College provided an unmatched depth of understanding of the markets and corporations that I worked with on Wall Street. They also allowed me to contribute to society’s knowledge through original research.
My research focuses on investments, notably corporate bond ETFs and modern asset management. The BC faculty fostered my research abilities by providing unmatched training in the empirical techniques and theoretical foundations of my research area, while also encouraging the academic freedom to generate my own questions in an emerging field. Beyond training, BC provided access to preeminent scholars through seminars and professional networks.
Simply put, obtaining a Ph.D. from Boston College has been the foundation of my academic career. In addition to formal training, the mentorship by BC faculty and fellow alumni has been critical to my success.”
Ph.D. in Finance Program Requirements
Doctoral students in finance complete a five-year program of study that leads to competency in three areas: quantitative methods, economics, and finance.
The requirements of the program of study are typically satisfied by completing 15 courses in the first two years of the program. In some cases, coursework completed prior to entering the program may be substituted for required courses. However, each student must complete a minimum of 12 courses while in the program.
c omprehensive e xamination
Satisfactory performance on a comprehensive examination marks the student’s transition from coursework to full-time thesis research. The examination
is intended to allow the student to demonstrate substantial knowledge of the literature and theory of finance and economics and competence in the area of quantitative methods.
r esearch paper and d issertation
Doctoral students are expected to engage early in research. The culmination of the program is the doctoral dissertation, a substantial, significant, and original contribution to the field that is prepared under the guidance of a thesis committee of three or more faculty members. When the research is complete, students present a thesis-defense seminar that is open to the Boston College community.
f inancial s upport
The Carroll School provides financial support for doctoral students in the form of a stipend and tuition remission. Students in good standing may receive this support for up to five years. In return, students serve as research or teaching assistants throughout their time in the program.
p h. d . placement
The Finance Department takes an active role in placing students in attractive academic positions. Recent placements have included:
American University
Arizona State University
Baruch College (City University of New York)
Bocconi University (Italy)
DePaul University
Fordham University
George Washington University
Indiana University
INSEAD (France)
Lehigh University
Louisiana State University
Michigan State University
National University of Singapore
Texas A&M University
The College of William and Mary University of Alberta (Canada)
University of Arizona
University of Delaware
University of Georgia
University of Hong Kong
University of Iowa
University of Minnesota University of New South Wales (Australia)
University of Notre Dame
University of Pennsylvania
University of Texas at Dallas
University of Virginia
Villanova University
Virginia Tech
Our students and recent graduates also have been successful in terms of scholarly output. Their papers have appeared in top economic and finance journals, such as the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Journal of Banking and Finance, and Review of Financial Studies.
Erik Gilje, Ph.D. ’14
Assistant Professor of Finance, Wharton School of the University of Pennsylvania
“I chose to pursue my Ph.D. in Finance at Boston College due to the faculty mentorship of Ph.D. students it offered, the broad finance knowledge of the faculty in the department, and the documented track record of faculty publishing in top finance research journals.
For me, mentorship by faculty was key. The faculty at BC have a wide set of expertise and the research culture is such that faculty are very generous with time and resources with regard to Ph.D. students. BC gives you all the tools and training necessary to write topquality research papers and get into top conferences.
My advice to future Ph.D. in Finance candidates is to find a faculty member and mentor that you can connect with. Set goals for yourself in terms of where you want to be by the end of the program, then work backward to make sure you are hitting the benchmarks you need to be successful. Don’t be a stranger to faculty. Every single faculty member I ever emailed at BC for their time always responded and met with me. It is a fantastic culture for the mentorship and development of Ph.D. students.”
Faculty
Rui Albuquerque
Professor; Ph.D., University of Rochester
Michele Andreolli
Visiting Assistant Professor; Ph.D., London
Business School
Pierluigi Balduzzi
Professor; Ph.D., University of California, Los Angeles
Simcha Barkai
Assistant Professor; Ph.D., University of Chicago
Michael Barry Professor of the Practice; Ph.D., Boston College
Vincent Bogousslavsky
Associate Professor; Ph.D., Swiss Finance Institute, EPFL
Thomas J. Chemmanur
Professor; Ph.D., New York University
Nathan Dong
Assistant Professor of the Practice; Ph.D., Rutgers University
Ran Duchin
Professor and David J. Mastrocola Faculty Fellow; Ph.D., University of Southern California
Vyacheslav (Slava) Fos
Professor and Hillenbrand Family Faculty Fellow; Ph.D., Columbia University
Arup Ganguly
Assistant Professor of the Practice; Ph.D., University of Pittsburgh
Samuel Hartzmark
Professor and Hillenbrand Family Faculty Fellow; Ph.D., University of Southern California
Mathias Hasler
Assistant Professor of the Practice; Ph.D., Boston College
Drew Hession-Kunz
Senior Lecturer; MSF, Boston College
Edith Hotchkiss
Professor and Hillenbrand Family Faculty Fellow; Ph.D., New York University
Robert F. James
Senior Lecturer; MSF, Boston College
Cheng (Jason) Jiang
Assistant Professor of the Practice; Ph.D., University of California, Riverside
Bozidar Jovanovic
Assistant Professor of the Practice; Ph.D., Boston University
Darren Kisgen
Associate Professor; Ph.D., University of Washington
Manuel Lancastre
Associate Professor of the Practice; Ph.D., Nova SBE
Matteo Leombroni
Assistant Professor; Ph.D., Stanford University
Angela Ma
Assistant Professor; Ph.D., Harvard University
Andrey Malenko
Professor, Hillenbrand Family Faculty Fellow, and Ph.D. Program Coordinator; Ph.D., Stanford University
Nadya Malenko
Professor and Hillenbrand Family Faculty Fellow; Ph.D., Stanford University
Alan Marcus
Mario J. Gabelli Professor; Ph.D., Massachusetts Institute of Technology
Jeffrey Pontiff
Professor and James F. Cleary Chair in Finance; Ph.D., University of Rochester
Jonathan Reuter
Associate Professor; Ph.D., Massachusetts Institute of Technology
Paul Romer
Seidner University Professor; Ph.D., University of Chicago
Ronnie Sadka
Senior Associate Dean for Faculty, Chairperson, and the Haub Family Professor of Finance; Ph.D., Northwestern University
Paul Schmelzing
Assistant Professor; Ph.D., Harvard University
Aimee Hoffmann Smith
Assistant Professor of the Practice; Ph.D., Florida State University
David Solomon
Professor and Giuriceo Family Faculty Fellow; Ph.D., University of Chicago
Philip E. Strahan
Professor and John L. Collins, S.J. Chair in Finance; Ph.D., University of Chicago
Hassan Tehranian
Professor and Griffith Family Millennium Chair; Ph.D., University of Alabama
Tuomas Tomunen
Assistant Professor; Ph.D., Columbia University
Milena Wittwer
Assistant Professor; Ph.D., Stanford University
Nancy Xu
Assistant Professor; Ph.D., Columbia University
Hanyi (Livia) Yi
Assistant Professor; Ph.D., Rice University
Admission
The Boston College Ph.D. in Finance program seeks students with outstanding potential for leadership and academic excellence. While notable for the diversity of their individual achievements, our students all present a consistent record of taking initiative, leading change, and demonstrating a desire to make an impact in the world.
how to apply
Each candidate must complete an application for admission, which includes transcripts of all academic work, essays, and two letters of recommendation. Prior academic and work experience are significant criteria in the admissions process.
All applicants are required to take the Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE).
Applicants whose native language is not English must take the Test of English as a Foreign Language (TOEFL), the Pearson Test of English (PTE), or the International English Language Testing System (IELTS). All candidates must be graduates of accredited colleges or universities.
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