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As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.
Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.
The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.
Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.
Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow
Professor of Finance and Entrepreneurship
Leo Melamed Professor of Finance
Merton H. Miller Distinguished Service Professor of Finance
Robert R. McCormick Distinguished Service Professor of Finance
Neubauer Family Associate Professor of Finance and Fama Faculty Fellow
David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business
Joseph L. Gidwitz Professor of Finance
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation
Stevens Distinguished Service Professor of Economics and Finance
AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow
Professor of Finance and Fama Faculty Fellow
Fama Family Distinguished Service Professor of Finance
Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar
Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar
Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow
Katherine Dusak Miller Distinguished Service Professor of Finance
Bruce Lindsay Distinguished Service Professor of Economics and Public Policy
Assistant Professor of Finance and Fama Faculty Fellow
Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance
Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center
Associate Professor of Finance
Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance
Professor of Economics and Finance
Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.
Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.
Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.
The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.
Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.
It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.
It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.
While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).
Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.
Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.
Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.
Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.
George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.
Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.
For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.
Video Transcript
Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.
Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.
PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.
Current Students
Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi Huan (Bianca) He Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue
Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .
The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.
Download the 2023-2024 Guidebook!
“Welcome to UCLA Anderson’s Finance area, long recognized as one of the world’s top programs. Our Ph.D. students work with renowned faculty whose expertise covers corporate finance, macroeconomics, asset pricing, derivatives, investments and behavioral finance. The UCLA Anderson Doctoral Program is highly selective. We expect you to develop a passion and tenacity for excellent research in finance and, through mentorship and collaboration, we prepare you for a distinguished academic career. We look forward to receiving your application.”
Barney Hartman-Glaser Professor of Finance
Recent publications.
Risk and Return in Segmented Markets with Expertise Andrea Eisfeldt
Complex assets appear to earn persistent high average returns, and to display high Sharpe ratios – but investor participation is very limited. Eisfeldt, along with co-authors Hanno Lustig and Lei Zhang, provides an explanation for these facts using a model of the pricing of complex securities by risk-averse investors who are subject to asset-specific risk in a dynamic model of industry equilibrium.
Read Publication
Learning Millennial Style Bruce Carlin
The growing use of online educational content and related video services has changed the way people access education, share knowledge, and possibly make life decisions. Here, Carlin – with co-authors Li Jiang and Stephen A. Spiller – characterizes how video content affects individual decision-making and willingness to share in the context of a personal financial decision.
Volatility Managed Portfolios Tyler Muir
Managed portfolios that take less risk when volatility is high produce large, positive alphas and increase factor Sharpe ratios by substantial amounts. Muir, together with co-author Alan Moreira, documents a profitable trading strategy that increases stock market exposure in low volatility episodes and reduces exposure in high volatility times.
First academic placement: NYU Stern
In 2016, Robert Richmond earned the Conference on International Finance Best Paper Award (2016), the Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research and the Xavier Drèze award for most outstanding Ph.D. research paper. His current research uncovers an economic source of exposure to global risk that drives international asset prices.
First academic placement: UT Austin
Mindy Zhang is recipient of the 2014 Trefftzs Award for Best Student Paper, WFA; and the 2014 Yihong Xia Best Paper Award, CICF. She conducts research on macro finance, equilibrium asset pricing, dynamic contracting, dynamic corporate theory, labor and finance.
First academic placement: University of Chicago Booth School of Business
Recipient of numerous honors and awards, Tobias "Toby" Moskowitz is one of UCLA Anderson's Inspirational 100 alumni. Moskowitz was named the inaugural Dean Takahashi '80 B.A., '83 M.P.P.M. Professor of Finance at Yale School of Management in 2016. He was previously the Fama Family Professor of Finance at the University of Chicago Booth School of Business, where he had taught since 1998. In 2011, he co-authored the best-selling book Scorecasting , which uses economic principles to explain the hidden side of sports.
First academic placement: University of Michigan Business School
Joshua Coval's current research investigates the structured finance market and how investor reliance on ratings and unsound pricing models led to the spectacular rise and collapse thereof. His research awards include the 2000 and 2005 Smith-Breeden Prize for the best paper in the Journal of Finance . His research has been featured in The Economist, the Wall Street Journal, the New York Times, the Chicago Tribune, Time, Money Magazine and Financial Times .
Winner of the 1990 Nobel Prize in Economic Science, William Sharpe was mentored at UCLA by the late Professor J. Fred Weston. Sharpe was one of the originators of the Capital Asset Pricing Model and developed the Sharpe Ratio for investment performance analysis. He co-founded the independent investment advisory firm Financial Engines.
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Finance Doctoral students are trained in major areas in finance and economics, including, asset pricing, corporate finance, continuous-time models in finance, information economics, international finance, market micro-structure, and banking. The program prepares students for careers in scholarly research, and graduates take jobs primarily in academic or research institutions, while some students opt to work in industry. Details about the coursework and research students conduct on their way to earning their doctorate can be found on the Academics page.
The Finance Division at Columbia Business school has a track record of training scholars who go on to become academics at Universities, including many of the world’s most prestigious institutions. Our placement success is due in part to the close working relationship that students develop with the faculty in the division. The School intentionally keeps the PhD program small making it easier for students to find faculty collaborators and thrive. See our Placement page for more information.
The Columbia Business School doctoral community consists of 125 students across six programs. The program attracts exceptional students from all over the world who are looking to develop research skills under the tutelage of faculty experts. Students come to the School for the exceptional training but also because they value the diversity, creativity, entrepreneurship and social tolerance that NYC offers. See here for more about student life.
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The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.
Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.
Faculty research, both empirical and theoretical, includes such areas as:
For information on courses and sample plan of study, please visit the University Graduate Catalog .
Visit the Finance website for details on program requirements and courses. Read faculty and student research and bios to see what you can do with a Finance PhD.
Finance Doctoral Coordinator Prof. Luke Taylor John B. Neff Associate Professor in Finance, Professor of Finance Co-Director, Rodney L. White Center for Financial Research Email: [email protected] Phone: (215) 898-4802
Students in our PhD programs are encouraged from day one to think of this experience as their first job in business academia—a training ground for a challenging and rewarding career generating rigorous, relevant research that influences practice.
Our doctoral students work with faculty and access resources throughout HBS and Harvard University. The PhD program curriculum requires coursework at HBS and other Harvard discipline departments, and with HBS and Harvard faculty on advisory committees. Faculty throughout Harvard guide the programs through their participation on advisory committees.
There are many paths, but we are one HBS. Our PhD students draw on diverse personal and professional backgrounds to pursue an ever-expanding range of research topics. Explore more here about each program’s requirements & curriculum, read student profiles for each discipline as well as student research , and placement information.
The PhD in Business Administration grounds students in the disciplinary theories and research methods that form the foundation of an academic career. Jointly administered by HBS and GSAS, the program has five areas of study: Accounting and Management , Management , Marketing , Strategy , and Technology and Operations Management . All areas of study involve roughly two years of coursework culminating in a field exam. The remaining years of the program are spent conducting independent research, working on co-authored publications, and writing the dissertation. Students join these programs from a wide range of backgrounds, from consulting to engineering. Many applicants possess liberal arts degrees, as there is not a requirement to possess a business degree before joining the program
The PhD in Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard Business School. Throughout the program, coursework includes exploration of microeconomic theory, macroeconomic theory, probability and statistics, and econometrics. While some students join the Business Economics program directly from undergraduate or masters programs, others have worked in economic consulting firms or as research assistants at universities or intergovernmental organizations.
The PhD program in Health Policy (Management) is rooted in data-driven research on the managerial, operational, and strategic issues facing a wide range of organizations. Coursework includes the study of microeconomic theory, management, research methods, and statistics. The backgrounds of students in this program are quite varied, with some coming from public health or the healthcare industry, while others arrive at the program with a background in disciplinary research
The PhD program in Organizational Behavior offers two tracks: either a micro or macro approach. In the micro track, students focus on the study of interpersonal relationships within organizations and the effects that groups have on individuals. Students in the macro track use sociological methods to examine organizations, groups, and markets as a whole, including topics such as the influence of individuals on organizational change, or the relationship between social missions and financial objectives. Jointly administered by HBS and GSAS, the program includes core disciplinary training in sociology or psychology, as well as additional coursework in organizational behavior.
Business economics , health policy (management) , marketing , organizational behavior , strategy , technology & operations management .
Join top minds in finance.
Applications are no longer being accepted for Fall 2024
Your Future in Finance
The application deadline for the Finance Doctoral Program is December 15.
***Applications will be accepted until February 15, but cannot guarantee applications submitted/completed after the December 15 deadline will still be considered for admissions.***
Our faculty are not only intellectual leaders, they are also highly devoted to our PhD students. Faculty frequently co-author with current and former students teaching them the skills to successfully publish and helping jump-start their publishing careers. We hold a weekly PhD research seminar for PhD students where students present their ongoing work to faculty and we discuss prominent avenues for research. We have a strong collaboration with the Economics Department and our program of work has a strong economics foundation.
Gregory Weitzner, Ph.D. Alumnus
"UT Austin is a fantastic place to do a PhD in Finance. The faculty are extremely nurturing and genuinely care about the PhD program. They challenge you and yet are always approachable. With such a large department, you can find anyone working on something related to what you are interested in. Finally, you can't beat living in Austin."
Kevin Mei, Current Ph.D. Student
"The UT Finance PhD program has been a tremendous launchpad for my academic career. Among its many strengths, the department is especially oriented towards fostering genuine relationships between faculty and students. All faculty, from junior to senior, seem interested in my success. This tight-knit atmosphere makes it easy for PhD students to approach world-class researchers and has helped launch papers for almost all of my cohort. The steady stream of great seminars and conferences has also been an invaluable opportunity for me to connect with many giants of our profession in a warm environment. The combination of this exposure and strong foundational training has made UT an ideal place to start my academic career."
Eric Vance, Current Ph.D. Student
"The faculty put so much time and effort into the students. They want to see us succeed and have fostered an environment where they are readily available and frequently provide feedback. Their advice made the transition to research easier, and my own work has improved greatly from insights I gathered discussing with them."
PREPARATION AND QUALIFICATIONS
The Texas McCombs Finance doctoral program assumes that students have taken advanced courses to establish a reasonable mathematical, statistics, and economics background. Adequate computer programming skills are necessary for coursework.
Prospective applicants are required to hold a four-year bachelor's degree (does not need to be a degree in finance) or equivalent before starting the program.
Please also see our FAQ page for more information.
We have some of the most influential faculty in the profession with important leadership and editorial positions:
Dr. Sheridan Titman
Editor, Review of Financial Studies: 1996-1998 Editor, International Review of Finance: 1999 ± 2004 Editor, Foundations and Trends in Finance: 2013- present Associate Editor, Real Estate Economics: 1986-present Associate Editor, Journal of Real Estate Finance and Economics: 1987-present Associate Editor, Review of Financial Studies: 1987-1990 Associate Editor, Journal of Finance: 1990-2000 Associate Editor, Journal of Housing Economics: 1991-present Associate Editor, Journal of Financial and Quantitative Analysis: 1991-1995 Associate Editor, Pacific Basin Finance Journal: 1991-present Associate Editor, Review of Financial and Quantitative Analysis: 1994-present Associate Editor, Journal of Financial Research: 1996-2000
Officer Positions: Vice President: Western Finance Association: 2004-2005 Program Chair: Western Finance Association: 2005-2006 President: Western Finance Association: 2006-2007 Vice President: American Finance Association 2010 President Elect: American Finance Association 2011 President: American Finance Association 2012 Vice President and Program Chair: American Real Estate and Urban Economics Association 2016 President: American Real Estate and Urban Economics Association 2018
Dr. Laura Starks
Editorial: Editor, Review of Financial Studies (2008-2014) Editor,FMA Survey and Synthesis Series (2016-present) Advisory Editor, Financial Analysts Journal (2016-present) Advisory Editor, Financial Management (2016-present)
Officer Positions: President: AFA (American Finance Association), present President: Society of Financial Studies (2017-2020) Vice-President: Society of Financial Studies (2014-2017) President: Western Finance Association (2015-2016) President-elect and Program Chair: Western Finance Association (2014-2016) Vice-President: Western Finance Association (2013-2014) President: Financial Management Association (1999-2000)
Dr. John Griffin
Editorial: Associate Editor, Review of Financial Studies, June 2012-May 2015
Officer Positions: President, Western Finance Association, 2022. Vice President, President-Elect, Western Finance Association, 2020, 2021. Chair, Society of Financial Studies (SFS) Cavalcade, 2013. Vice-Chair, Society of Financial Studies (SFS) Cavalcade, 2012
Dr. Clemens Sialm
Editorial: Review of Financial Studies, Editor, 2023-present Journal of Finance, Associate Editor, 2022-2023 Review of Asset Pricing Studies, Editor, 2022-2023 Journal of Pension Economics and Finance, Editor, 2016-2023 Financial Management, Associate Editor, 2016-2023 Journal of Financial Markets, Associate Editor, 2016-2023 International Review of Finance, Associate Editor, 2014-2023 Review of Financial Studies, Associate Editor, 2010-2013 Management Science, Associate Editor, 2009-2019 Review of Asset Pricing Studies, Associate Editor, 2017-2021
Officer Positions: Chief Executive Officer, Texas McCombs Investment Advisors, 2017-present Vice President, Midwest Finance Association, 2022-present
Dr. William Fuchs
Editorial: Associate Editor for the American Economic Review 2012 -2014 Associate Editor for the Journal of Mathematical Economics 2019 Associate Editor for the Journal of Economic Theory 2019-current
Officer Positions: President, Finance Theory Group
Dr. Robert Parrino
Editorial: Associate Editor, Journal of Corporate Finance, 2001-18 Associate Editor, Journal of Financial Research, 2006-11
Officer Positions: President Elect, Financial Management Association International, effective October 2020 Immediate Past Vice President-Program, Financial Management Association International, 2019-20 Vice President-Program, Financial Management Association International, 2018-19 Vice President-Program Elect, Financial Management Association International, 2017-18
Yingfan linda du, mahyar sefidgaran, recent graduate placements.
Alex Priest - 2023 - University of Rochester
Iman Dolatabadi - 2022 - Cornerstone Research
Tim Park - 2022 - Analysis Group
Jonathan Serrano - 2022 - Brex
David Xiaoyu Xu - 2022 - Southern Methodist University
Lee Seltzer - 2021 - The New York Fed
Jangwoo Lee - 2021 - Chinese University of Hong Kong
Gregory Weitzner - 2020 - McGill University
Xuewei (Erica) Jiang - 2020 - University of Southern California
Garrett Schaller - 2020 - Colorado State University
Shuo Liu - 2019 - City University of Hong Kong
Amin Shams Moorkani - 2019 - Ohio State University
Avishai Schiff - 2019 - Cornerstone Research
Jacelly Cespedes - 2018 - University of Minnesota
Qifei Zhu - 2018 - Nanyang Technological University
Zach Liu - 2017 - University of Houston
Adam Winegar - 2017 - Norwegian Business School
Vladimir belykh, tommy brown, lydia zijin fu, john garrett, haojing han, jaeyong lee, seung chul (eric) lee, prateek mahajan, changyong song, steven urry, xinran zhang, yiyuan zhang, william t. zheng, are you ready to change the world.
The Texas McCombs Doctoral Program is seeking individuals who are interested in transforming the global marketplace. Are you one of these future thought leaders?
The Department of Finance, Real Estate, and Insurance and Risk Management at the Carl H. Lindner College of Business offers a rigorous, systematic, and highly structured doctoral program that develops quantitative, analytical, and teaching skills required for a successful career as a financial economist or as a faculty member. Our primary objective is to train scholars who will join top academic and research institutions or enter the field of financial economics.
The department has experienced phenomenal growth in the past few years, with exceptionally talented and highly energetic fresh PhDs from Columbia University, Indiana University, London Business School, and the University of Michigan joining our internationally renowned faculty. We work with a select number of PhD candidates each year on a wide range of empirical and theoretical research topics in finance.
Real Estate
Insurance and Risk Management
Our faculty publications appear in journals such as Geneva Risk, Insurance Review, Journal of Risk and Insurance, Journal of Risk and Uncertainty, Journal of Finance , Journal of Financial Research , Financial Review , Journal of Real Estate Finance & Economics , Quarter Journal of Business and Economics , Journal of International Business Studies , and the Pacific-Basin Finance Journal .
Lindner doctoral students receive excellent research support. Our seminar series features prominent researchers. Our department has subscriptions to all major finance and accounting databases through WRDS, and funding is available to doctoral students for travel to conferences. Our top-ranked Carl H. Lindner III Center for Insurance and Risk Management and the UC Real Estate Center provide a great opportunity for doctoral students to interact with practitioners.
A collegial environment has long been a hallmark of Lindner PhD programs. Students frequently collaborate with one another and with faculty to produce original research. We strongly encourage these collaborations and place a high priority on students pursuing their own research agendas as quickly as possible. The finance program is highly selective, allowing faculty to work closely with each doctoral student to customize a program of study that meets his or her interests and needs. The goal of this interaction is for you to develop the ability to conduct original research that will become the cornerstone of your dissertation.
In order to enhance our students' teaching abilities, Lindner offers teaching workshops to develop their classroom skills. In our program, students are mentored by department faculty while in various teaching assistant roles and they are given hands-on teaching experience in the classroom to complete their teacher training.
The program begins with a thorough grounding in quantitative methods and economic and financial theory and is complemented by a sequence of seminars covering all the major areas of financial economics. Through work on an independent research paper, students develop the skills and ability necessary to conduct original research. Satisfactory performance on a written comprehensive examination marks the transition from coursework to full-time thesis research. A brief list of the research topics students may choose to pursue as a dissertation topic include theoretical, experimental, or empirical aspects of asset pricing, corporate finance, financial institutions, market microstructure, or real estate.
The program offers a thorough grounding in the basic tools of economics, statistics, and mathematics through a series of introductory courses followed by a series of well-defined seminars that cover the major areas of financial economics.
In addition to gaining basic analytical tools, candidates learn to develop economic intuition into financial problems and acquire the necessary mind-set to teach and conduct independent research as a university professor.
The curriculum consists of four components: required courses, an independent research paper, a comprehensive exam and a dissertation.
Students complete a 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 18 courses in the first two and a half years of the program. Required courses include seven courses in quantitative methods and economics, six in finance, and several electives. In some cases coursework prior to entering the Program may be substituted for required courses.
Students are expected to engage in research early in the program. All students work at least part-time as research assistants during the first two years of the program. By the end of their second year, students are required to submit a research paper as part of the FIN 9025 Research Colloquium. A more detailed description of the research paper and the standards and criteria used to evaluate it is available from (and maintained and updated by) the PhD Committee.
Satisfactory performance on a written 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 finance, economics and quantitative methods.
The candidate will have completed most course work, including all finance coursework, and submitted a satisfactory research paper prior to taking the comprehensive examination.
The doctoral dissertation is expected to be a substantial, significant and original contribution to knowledge. It is prepared under the guidance of a thesis committee of three or more faculty members (including one from outside the Finance department) selected by the candidate in consultation with his or her thesis advisor. Early in the process, the candidate submits a thesis proposal. The proposal is presented in a seminar to which the finance faculty and doctoral students are invited. The purpose of the presentation is to give the student an opportunity to hear the suggestions and comments of members of the UC finance community while the research plan is still fluid.
A thesis-defense seminar, open to the entire University of Cincinnati academic community, is held when the research is completed.
The finance PhD program requires the following coursework:
The department offers the following seminars. The final seminar, FIN 9025 Research Colloquium: Special Topics in Finance, does not meet as a regular course. It is the course credit associated with the second-year paper.
FIN 9011: Foundations of Finance
FIN 9012: Corporate Finance Theory
FIN 9013: Empiracal Studies in Corporate Finance
FIN 9014: Asset Pricing Theory
FIN 9015: Empiracal Studies in Asset Pricing and Investments
FIN 9020: Advanced Topics in Finance
FIN 9025: Research Colloquium: Current Topics in Finance
Recent graduates of Lindner's Finance PhD concentration have accepted positions at:
Bond, Shaun, Pai, Yu-Jou , Wang, Peng, and Suyan Zheng (2019), “The Impact of Dividend Reinvestment Plans on Firm Payout Choices -Evidence from Real Estate Investment Trusts”, Real Estate Economics , 47(1), 178-213.
Suyan Zheng, “Why Do Multinational Firms Hold So Much Cash? Further Evidence on the Precautionary Motive,” Journal of Accounting and Finance , forthcoming
Suyan Zheng (2017), “Can Corporate Diversification Induce More Tax Avoidance Practices?”, Journal of Multinational Financial Management , 41, 47-60.
Doina C. Chichernea , Anthony D. Holder, and Alex Petkevich. "Does return dispersion explain the accrual and investment anomalies?" Journal of Accounting and Economics .
Doina C. Chichernea , Michael F. Ferguson, and Haimanot Kassa, "Idiosyncratic Risk, Investor Base and Returns," Financial Management .
Hui Guo and Buhui Qiu , "A Better Measure of Institutional Informed Trading," Contemporary Accounting Research .
Kee H. Chung and Sean Yang. "Reverse Stock Splits, Institutional Holdings, and Share Value" , Financial Management .
Kee H. Chung and Chairat Chuwonganant. "Uncertainty, Market Structure, and Liquidity" . Journal of Financial Economics 113 (September 2014), 476-499.
Guo, Hui, Michael F. Ferguson, and Haimanot (Haim) Kassa , "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns," Journal of Financial and Quantitative Analysis 49(1) (2014), 271-296.
Guo, Hui, and Buhui Qiu . "Options-implied variance and future stock returns." Journal of Banking & Finance 44 (2014): 93-113.
Glascock, John, and Ran Lu-Andrews . "An examination of macroeconomic effects on the liquidity of REITs." The Journal of Real Estate Finance and Economics 49.1 (2014): 23-46.
Qiu, Buhui , Svetoslav Trapkov, and Fadi Yakoub. "Do target CEOs trade premiums for personal benefits?" Journal of Banking & Finance 42 (2014): 23-41.
Kee H. Chung and Hao Zhang. "A Simple Approximation of Intraday Spreads with Daily Data." Journal of Financial Markets 17 (January 2014), 94-120.
The finance Ph.D. program is designed to prepare students for academic careers in financial economics. Financial economics is the study of how individuals and firms raise and invest resources, and how financial assets are priced. Specific topics in asset pricing include the determinants of asset returns, pricing of risk, behavior of investors, and trading mechanisms. Specific topics in corporate finance include capital structure, payout policy, financial intermediation, internal capital markets, venture capital, mergers and acquisitions, and corporate governance.
Sample Schedule
Students are assigned a faculty mentor upon entering the program. The faculty mentor advises the student on course selection and as appropriate involves the student in a research project. During the first summer, each student conducts a supervised reading of the literature and prepares a research proposal or study.
Students spend much of the second year developing and producing an independent study. The study is submitted to the program at the end of the summer, and serves as the qualifying exam for the second year.
The program maintains a supportive and collegial environment that fosters collaboration between faculty members and PhD students. All students are assigned one or more faculty mentors for the duration of their studies, and faculty members are actively engaged in supervision of student research.
Robin y. lee.
Robin Lee is a 5th year Ph.D. candidate in Finance at the Marshall School of Business. Her research interests encompass social and behavioral finance, asset management, and empirical corporate finance. Before joining USC, she earned a B.B.A. in Business Administration and a B.A. in Economics from Yonsei University, and an M.A. in Statistics from Columbia University.
Applying to the phd program, dates + deadlines.
December 15, 2023: Application Deadline - Accounting, Data Sciences & Operations, and Management & Organization*
January 15, 2024: Application Deadline - Finance & Business Economics and Marketing
The link to the PhD Program application is available on the Admissions page and the next opportunity to apply is for Fall 2024 admission. Late applications may or may not be considered at the discretion of the admissions committee.
Admissions decisions are made from mid-February to mid-April. You will be notified by email when a decision has been made.
Ph.D. Program USC Marshall School of Business 3670 Trousdale Parkway, BRI 306 Los Angeles, California 90089-0809 EMAIL
Program information.
At the University of Kansas, finance doctoral students are trained to teach at the university level, to do research that is publishable in top academic journals, and to analyze questions that are important to government agencies and the private sector. Successful students develop close working relationships with the KU finance faculty, both in the classroom and on co-authored research. Many of our students publish their first research study before finishing the program, and most students accept jobs at universities rated “high” or “very high” in research activity by the Carnegie Foundation.
We emphasize rigorous training and hands-on experience. Five semesters of coursework include a firm grounding in economic theory, thorough training in statistics and econometrics, and an immersion in the most important research studies in corporate finance, investments and financial institutions.
Priority: December 15
Final: January 10
Students begin their own research during the first year of the program and present their first research seminar early in the second year of the program. Many of our students publish their first research study before finishing the program, and most students accept jobs at universities rated “high” or “very high” in research activity by the Carnegie Foundation.
We emphasize rigorous training and hands-on experience. Successful students develop close working relationships with the KU finance faculty, both in the classroom and on co-authored research. Students typically teach three undergraduate finance classes before graduating.
Core courses, statistical methods.
BSAN 920: Probability for Business Research OR MATH 727: Probability Theory
BSAN 921: Statistics for Business Research OR MATH 728: Statistical Theory
BSAN 922: Advanced Regression
ECON 800: Optimization Techniques I
ECON 801: Microeconomics I
ECON 802: Microeconomics II
BE 917: Advanced Managerial Economics
FIN 901: Current Research in Finance
FIN 937: Seminar in Business Finance
FIN 938: Seminar in Investments
FIN 939: Seminar in Financial Institutions
ECON 817: Econometrics I
ECON 818: Econometrics II
One of the three sequences below
ECON 715: Elementary Econometrics
Advanced elective research methods course
ACCT 928: Introduction to Accounting Research
ACCT 932: Seminar in Financial Accounting Research I
ECON 770: Economics of the Labor Market
ECON 870: Applied Microeconomics
For more information, view a detailed list of courses in the academic catalog.
A course that is not being offered within a reasonable timeframe, or a course in which a student can demonstrate competence my be, with the approval of the area group and the Ph.D. Team, replaced with another course.
Area-specific core requirements may by changed subject to the approval of the area group and the Ph.D. Team.
A minimum of 15 courses, plus BUS 902 and BUS 903 are required for completion of the degree.
Courses recommended for preparation for the qualifier assessment may not be included in the concentration or minor areas.
General information.
Finance is the study of investment and financing decisions by firms, the portfolio decisions of individual investors, and the implications of those decisions for the pricing of capital assets. Finance includes the study of corporate financial decisions, corporate control, the role and management of financial institutions, new venture financing, mutual funds and other investment vehicles, market microstructure, asset pricing and portfolio choice, international finance, and the behavior of interest rates and foreign exchange rates.
The Finance department at the Foster School has a long and distinguished record of excellence. It is the birthplace of the Capital Asset Pricing Model (CAPM), the Western Finance Association (WFA), and the Journal of Financial and Quantitative Analysis (JFQA) . The finance department is the longtime home of the JFQA, widely regarded as one of the four leading journals in Finance. Our faculty serve as editors and associate editors at all four of the top journals in finance – at the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis – and at other leading finance journals.
The main objective of the finance PhD program is to produce outstanding researchers who can be placed in the world’s top academic finance departments. Our faculty are open to a large variety of research styles and methods. At the same time, we have a strong department identity, which stresses the joint application of equilibrium reasoning and empirical analysis to understanding financial economics. We have a very active seminar and summer visitor program which attracts leading academics to Seattle and provides many opportunities for interaction. Our heavy representation at top journals ensures that PhD students will be exposed to cutting edge research and will have the opportunity to learn first-hand how leading journals evaluate papers submitted for publication.
Course work in the area of finance covers the basic tools, theory, and empirical evidence necessary to give students a solid foundation upon which to generate and disseminate new knowledge throughout their careers. Students regularly enter into research projects jointly with faculty in addition to the dissertation requirement. Students also obtain valuable teaching experience during their Ph.D. program of studies at the University of Washington.
Course requirements for finance major.
The following courses are required for all finance majors. The number of credits for each course is indicated in parentheses after the course number.
FIN 580 (4) | Corporate Finance I |
FIN 585 (4) | Empirical Methods in Finance |
FIN 589 (4) | Advanced Topics in Finance |
FIN 590 (4) | Asset Pricing I |
FIN 591 (4) | Corporate Finance II |
FIN 592 (4) | Asset Pricing II |
Finance majors are also expected to register for and attend the Finance Research Workshop (FIN 599) each quarter of the regular academic year in which they are enrolled in residence.
Research Methods Minor Area Requirements
Finance students are strongly encouraged to take Econometrics as their research methods minor. An Econometrics minor consists of the following courses at a minimum:
Econometrics
ECON 580 (4) | Applied Econometrics I |
ECON 581 (4) | Applied Econometrics II |
ECON 582 (4) | Applied Econometrics III |
Other Minor Area Requirements
In addition to the finance area, all students majoring in finance are required to choose three support areas. Both research methods and microeconomics are required minor areas for finance majors. The third minor area depends upon the student’s interest. However, students are strongly recommended to take macroeconomics their third minor area of study. Other popular minor areas include, accounting, math, statistics, psychology, and computer science.
The microeconomics minor area must include the following three course sequence:
ECON 500 (4) | Microeconomic Analysis I |
ECON 501 (4) | Microeconomic Analysis II |
ECON 508 (4) | Microeconomic Analysis III |
The macroeconomics minor area must include the following three course sequence:
ECON 502 (4) | Macroeconomic Analysis I |
ECON 503 (4) | Macroeconomic Analysis II |
ECON 509 (4) | Macroeconomic Analysis III |
ECON 500 Microeconomic Analysis I | ECON 501 Microeconomic Analysis I | ECON 508 Microeconomic Analysis III | FIN 600 Independent Study |
FIN 590 Asset Pricing I | FIN 580 Corporate Finance I | FIN 585 Empirical Methods in Finance | Tools Examination |
ECON 580 Econometrics I | ECON 581 Econometrics II | ECON 582 Econometrics III | 1 year Summer Paper and Presentation |
FIN 599 Doctoral Seminar | FIN 599 Doctoral Seminar | FIN 599 Doctoral Seminar | FIN 599 Doctoral Seminar |
Teaching Effectiveness Seminar |
Second Year
FIN 591 Corporate Finance II | FIN 592 Asset Pricing II | FIN 589 Advanced Topics in Finance | FIN 600 Independent Study |
Elective | Elective | Elective | 2nd Year Summer paper and Presentation |
Elective | Elective | Elective | Area Examination |
FIN 599 Doctoral Seminar | FIN 599 Doctoral Seminar | FIN 599 Doctoral Seminar |
All finance students are encouraged to take the year-long macroeconomics sequence from the economics department if it fits with their research interests.
First-Year Paper Students create and present a research paper during their first summer under the guidance of their advisor. The paper may be an original idea or an extension of existing work, recognizing that original ideas are more likely to subsequently become working papers or dissertations, while extensions allow those struggling to find executable ideas a way to build their toolbox in a structured manner. This paper will be due for a last set of comments at the end of August and presented in mid-September.
Basic Tools Exam The basic tools exam for finance majors is administered near the end of the Summer Quarter at the end of the first year of study. The exam is designed primarily to test the student’s understanding of microeconomic analysis, as covered in the economics core sequence ECON 500, 501, and 508. It is administered by the Economics department. Previous examples of the Tools Examination can be obtained in the School’s Doctoral Program Office.
Major Area Examination The finance major area exam is administered near the beginning of a student’s second Summer Quarter. The exam tests a student’s understanding and knowledge of the entire field of finance. Previous examples of the Area Examination can be obtained in the School’s Doctoral Program Office.
Summer Research Project After completing the Major Area Examination, students complete an original research paper under the guidance of a faculty advisor. This project is to be independent research on a topic and issue selected by the student. Students present their work in a workshop setting in Fall Quarter.
General Examination After successfully completing the previous exams and research papers, the student will propose a dissertation. The proposal should demonstrate through existing work that a student has the capacity to complete a thesis. Members of the Supervisory Committee, a representative of the Graduate School, and any other interested faculty attend the proposal.
Dissertation and Final Examination After passing the general exam, students complete the proposed research and write the dissertation guided by a reading committee. The reading committee may consist entirely of members of the supervisory committee or may include one or more members not previously on the supervisory committee. The supervisory committee administers the final defense of the dissertation.
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Finance is the study of markets for real and financial assets. The practical implications of modern financial theory are widely recognized and implemented by Wall Street and corporations. The PhD program provides students with an understanding of the theory on which the field is based and the tools they need to conduct theoretical and applied research.
Once required coursework in microeconomics and macroeconomics theory is completed, students are free to develop their programs of study and research with the guidance of faculty members. Often, faculty offer students an opportunity to participate in and expand on faculty research interests. Finance Faculty
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Comparing school costs with and without aid, employer assistance and fellowships, federal student aid, private student loans, other options, how to pay for grad school: funding strategies & options.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews.
You may be considering graduate school to further your education. But the high costs to attend grad school might make you think twice about committing to more classes.
The good news is that grad students have plenty of options to cover those costs. However, the best options are funds you don't have to repay.
Grants, scholarships, and fellowships are all forms of gift aid — meaning they allow you to fund grad school without having to pay the money back.
In general, students who qualify for state or federal grants will access the funds by filling out the Free Application for Federal Student Aid (FAFSA). In contrast, scholarships are often targeted at specific groups, like athletes or women in STEM. Most scholarships require you to submit a unique application to share your qualifications for the award.
Finally, fellowships are typically awarded by schools and other organizations to students on a merit basis. Many fellowships go beyond covering your tuition to provide a stipend for living expenses.
"Utilizing grants, scholarships, and fellowships as financial aid options enables students to substantially minimize or even completely eradicate the necessity for student loans," says Trinity Owen, NFEC Certified Financial Education Instructor and owner of The Pay at Home Parent .
As a graduate student, relying on grants, scholarships, and fellowships is better than taking out loans to pay for school. When you graduate from your program, repaying your student loans can have a substantial negative impact on your financial situation. Graduating without any debt — or with a smaller debt burden — can lead to a more comfortable life after graduation.
The first step is to fill out the FAFSA. Depending on your financial situation, you may qualify for need-based financial aid. Even if you didn't qualify for this type of aid as an undergraduate, a change to your dependency status or a lower income could have a big impact on your access to gift aid.
Merit-based scholarships are often awarded for academic or other achievements, often pertaining to the field you're going into.
Subject-specific fellowships are usually merit-based opportunities to study a particular subject. The length of a fellowship might range from a few months to several years. Typically, you'll get a stipend for living expenses on top of your tuition costs.
Paying for graduate school is often not as simple as finding a single grant to cover the entire cost. Instead, you might piece together smaller grants and scholarships to make your graduate school experience financially feasible.
The reality is that any free money you obtain will have a positive impact on your financial future. Below we will explore how much you stand to save if your entire graduate education costs $50,000:
With no grants or scholarships | With $5,000 in grants or scholarships | With $10,000 in grants or scholarships | With $30,000 in grants or scholarships | With $50,000 in grants or scholarships | |
| $50,000 | $45,000 | $40,000 | $20,000 | $0 |
| $581 | $522 | $464 | $232 | $0 |
| $69,665 | $62,699 | $55,732 | $27,866 |
Many large companies offer educational assistance to their employees. While you might have to go to school at a different pace, getting through school debt-free might be worth it.
Many graduate programs offer assistantships to their students. In exchange for teaching classes or conducting research, the school may waive your tuition and possibly provide a living stipend. You can find out more about these opportunities directly from the administrator of your program.
Fellowships are usually merit-based opportunities to study a particular subject. The length of a fellowship might range from a few months to several years. Typically, you'll get a stipend for living expenses on top of your tuition costs.
File the Free Application for Federal Student Aid, or FAFSA, to determine eligibility for federal loans and work-study. The FAFSA is a form that determines what types of student aid you qualify for. You'll need to provide various documents to determine how much financial aid you'll receive.
Direct unsubsidized loans: With direct unsubsidized loans , you are responsible for the interest that accrues during all periods.
Direct PLUS loans (for graduate or professional students): A Direct PLUS Loan is the federal option for parent loans. PLUS stands for Parent Loan for Undergraduate Students. You can use them to pay for expenses not covered by other financial aid offered by your child's school.
You can find scholarships available through countless organizations targeted to specific groups. Consider using a scholarship search engine, like Big Future by College Board , to find opportunities.
Before committing to a loan, shop around for the best rates and repayment options — not all private loans are created equal. For borrowers with limited credit history or lower credit scores, consider having a cosigner on your loan .
If you are planning to pursue a career in teaching, you can tap into up to $4,000 per year in grants. At the end of your education, you must teach in a high-need field as a full-time teacher at a school that serves low-income students for at least four years. If you don't meet the service obligation, the grant will be converted into a loan.
Fulbright grants allow U.S. citizens to pursue graduate school abroad.
Many states offer grants to students based on financial need or to those pursuing education in a specific field. Your school's financial aid office can highlight any state-sponsored grants you may qualify for.
Many organizations offer grants to their members. If you or your family is part of an organization, find out if they have grants available for graduate students.
If you can't afford grad school, don't give up! Explore all options, consider part-time programs, or research schools with lower tuition.
Make sure you remain cautious of taking on too much debt. Borrow only what you need and research affordable programs.
Yes, there are some student loan forgiveness programs for graduate school, such as Public Service Loan Forgiveness (PSLF) and certain state-based programs.
Paying for graduate school requires careful planning and research. By exploring multiple funding options, prioritizing free money and lower-cost loans, and managing your finances wisely, you can reduce your debt burden and focus on your academic goals.
By Miami Law Blog Contributor 07-25-2024
Working in nearly any aspect of banking, finance, or brokerage requires an understanding of regulatory compliance laws, including those in place to protect consumers and markets.
With a better understanding of what an M.L.S. program entails, plus the specific areas of regulatory compliance covered in an M.L.S. program for finance professionals, you can be prepared for career advancement.
So, what is regulatory compliance in financial services exactly? In finance, regulatory compliance refers to an important process that all banking and financial institutions must take to follow regulations, laws, and other guidelines set by regulatory authorities within the industry. While most industries have their own set of regulations in place, those specifically related to banking and finance often have to do with data protection, record-keeping, and transparency.
The Importance of Regulatory Compliance in Banking and Finance
Regulatory compliance in finance is crucial for a number of reasons. It beings with the fact that following industry regulations helps keep consumers' personal information, including sensitive data and financial information, safe and secure. This builds a greater sense of integrity for businesses in the financial industry while mitigating risks related to data breaches and other security issues.
Following regulatory compliance standards in banking and finance also helps banks and other institutions avoid costly fines, penalties, and lawsuits.
How Financial Regulations Protect Consumers and Markets
Financial regulations are specifically designed to protect both consumers and markets with strict laws and guidelines. For example, data protection laws prevent consumers' personal information from being sold to third parties, whereas anti-money laundering standards protect the market as a whole.
There are several major financial regulatory bodies , each of them influencing compliance in the finance and banking industry in unique ways.
Federal Reserve System (FRS) and Its Influence on Banking Practices
Perhaps the most widely known regulatory body in finance is the Federal Reserve System (FRS), which is the central bank of the United States and regulates many of the country's largest banks.
Securities and Exchange Commission (SEC): Ensuring Market Integrity
Meanwhile, the Securities and Exchange Commission (SEC) is responsible for regulating the United States stock market. Established in 1934, the SEC aims to protect investors while maintaining fair markets.
Understanding the ins and outs of compliance in the banking and finance industries requires a great deal of focus and experience, which is why professionals invest in a Master of Legal Studies degree . These programs typically cover everything from legal frameworks for regulations to compliance risks, ethical principles, and best practices for compliance.
Plus, some M.L.S. degree programs are offered with specific tracks in finance, banking, or similar fields.
Understanding the Legal Framework of Financial Regulations
An M.L.S. program will cover the legal framework of financial regulations in-depth, helping professionals in the financial services industry better understand how these regulations came to be and who they are designed to protect. All of this provides an essential foundational understanding for other topics.
Identifying Potential Compliance Risks and Violations
An M.L.S. program in finance will also help professionals better identify potential compliance risks and violations within their own organizations or businesses. This can help them take measures to mitigate risk and potentially protect their institutions from costly non-compliance fines, penalties, and legal issues down the road.
Using Ethical and Legal Principles to Guide Decision-Making in Compliance Matters
Making compliance decisions is not always as simple and straight-forward as it seems, and finance professionals must often follow ethical and legal principles to make the right choices. A comprehensive M.L.S. program will cover these guiding principles, helping finance professionals become more confident and capable decision-makers.
Implementing Effective Compliance Strategies and Procedures
Ultimately, those who complete M.L.S. degree programs often go on to become the professionals responsible for designing and implementing compliance strategies and procedures within their own institutions. These strategies are then relied upon to stay within compliance standards, maintain transparency, and build a stronger reputation among consumers and investors.
There are several key financial regulations that M.L.S. students will learn about in their programs, but perhaps two of the most critical are the Dodd-Frank Act and the Sarbanes-Oxley Act.
Dodd-Frank Act: Response to the Financial Crisis
The Dodd-Frank Act , which was enacted in 2010 in the aftermath of the 2008 financial crisis, refers to a series of regulations designed to reduce systemic risk by enforcing consistent and clear rules within the market. This act is important to understand because it comes with several laws and nuances that institutions must follow to mitigate risk and maintain high standards.
Sarbanes-Oxley Act (SOX): Corporate Accountability on Another Level
The Sarbanes-Oxley Act (SOX) refers specifically to two regulations that were passed in 2002 as a means of improving transparency and overall accountability within the financial sector. These laws were passed in response to financial scandals in the United States and relate specifically to such issues as whistleblower protections, auditing, executive responsibility, and financial reporting.
While nothing is a replacement for genuine knowledge and understanding of compliance laws and regulations within the finance sector, there are numerous technological innovations making it easier for finance professionals to follow and leverage compliance efficiency within their own institutions.
Leveraging FinTech for Compliance Efficiency
Using financial services technology, it is possible to follow compliance regulations while streamlining operations and saving time more readily. For instance, fintech software can be used to generate risk assessments, pinpoint potential compliance issues, and even automate some compliance procedures. This allows finance professionals to focus on other paramount areas of their work while enjoying added peace of mind.
The Role of Artificial Intelligence in Predictive Compliance
Artificial intelligence (AI) is making its way into every imaginable industry, and the finance/banking sector is no exception. AI and machine learning software is now being used to automatically detect potential compliance issues and resolve them before they turn into more serious problems. This sense of predictive compliance can help banks and other financial institutions mitigate risks while optimizing consumer protection.
Although regulatory compliance and understanding it has come a long way, challenges can still occur. That said, it is important for professionals in this field to remain aware of these challenges to be proactive in the future.
Navigating Global Compliance Requirements
While most countries have their own specific laws and regulations regarding financial compliance, things get a little more complicated when it comes to global finance and banking. In an increasingly connected world and market, global compliance requirements must be navigated with special care. These include laws related to equal opportunity, financial reporting requirements, and more.
Specifically, finance professionals must be knowledgeable of these global compliance requirements and how to follow them. Generally, this means following the specific rules and laws for the country in which you are doing business.
Addressing the Complexity of Multiple Regulatory Bodies
Within the United States alone, there are several regulatory bodies that can pass and enforce finance and banking regulations. This can also get complicated, as each regulatory body will have its own way of doing things. Meanwhile, these regulatory bodies may handle different areas of finance, such as the stock market or the Federal Reserve, so knowing which regulatory body controls which area is critical.
Fortunately, professionals in an M.L.S. degree program with a focus on finance/banking will have the opportunity to learn about the main regulatory bodies in-depth, gaining a solid understanding of the differences between each and their overall role within the system.
Ultimately, there are some best practices that finance professionals can follow for effective compliance management. The right M.L.S. program will help professionals learn how to implement these within their own roles and institutions.
Developing a Culture of Compliance within Organizations
Perhaps the best way to avoid regulatory compliance issues is to simply make compliance a part of the culture at your bank or financial institution. When following compliance laws is a primary focus and consideration in every decision your employees make, you are more likely to stay in compliance and avoid risk. To add, when your employees see first-hand that you are putting compliance first, they are more likely to do the same in their own work.
Continuous Education and Training for Compliance Teams
In the interim, employees within financial services businesses should be provided with ongoing education and training. Because financial laws and regulations can change on a regular basis, these employees need to be kept up to date to avoid potential compliance issues. This means setting aside the appropriate time needed to train and educate compliance teams as soon as changes occur.
When these team members can stay on top of changes and receive training on how to follow industry best practices, you can improve compliance within your own institution while mitigating risk, increasing transparency, and improving your reputation with the public.
Whether you currently find yourself in corporate finance, banking compliance, risk management, or any other area of the industry, an M.L.S. degree can be the next logical step toward improved career prospects.
The University of Miami School of Law offers an online Master of Legal Studies program in a dedicated Finance track that is specifically designed to help students better understand the nuances of banking and financial service regulatory compliance. Plus, because this program is offered entirely online, it is versatile enough to work around your busy schedule.
Reach out to learn more about our online Master of Legal Studies curriculum or any of the other offerings available at the University of Miami School of Law. You can also get started with your online application with just a few clicks.
https://admissions.law.miami.edu/academics/mls/
https://admissions.law.miami.edu/academics/mls/curriculum/
https://admissions.law.miami.edu/apply/mls/
www.investopedia.com/ask/answers/063015/what-are-some-major-regulatory-agencies-responsible-overseeing-financial-institutions-us.asp
https://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm
www.findlaw.com/consumer/securities-law/what-is-the-sarbanes-oxley-act.html
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These programs typically cover everything from legal frameworks for regulations to compliance risks, ethical principles, and best practices for compliance. Plus, some M.L.S. degree programs are offered with specific tracks in finance, banking, or similar fields. Understanding the Legal Framework of Financial Regulations
Dzerzhinsk. Dzerzhinsk is a city in Nizhny Novgorod Oblast, Russia, located along the Oka River, about 370 kilometers east of Moscow and 35 kilometers west of Nizhny Novgorod. Photo: Pavel.repkin, CC BY-SA 4.0. Ukraine is facing shortages in its brave fight to survive.