phd quantitative finance usa

Finance (Ph.D.)

Develop sophisticated quantitative skills and expertise in finance for research-based careers in financial institutions, academia, and government.

Academic Programs

The Ph.D. in Finance program at Stuart School of Business is both practice and research oriented, preparing you to initiate advanced techniques and research to solve problems in investment and corporate finance, to address regulatory issues in risk management and market functions, and to take on roles in finance in both industry and academia.

You will be immersed in industry-leading techniques and applications of financial technology, financial economics, quantitative finance, business finance, and applied statistics. The curriculum emphasizes mastery of both applied research methods and strategies needed for high-level research positions in industry, as well as the advanced techniques and statistical tools required for high-caliber research in a variety of jobs.

This program is selective and small, offering a high degree of mentorship and interaction between faculty and students, with ample opportunities to conduct cutting-edge research alongside faculty experts.

After completing all the required courses and the Ph.D. qualifying and comprehensive exams, students often gain practical experience through internships, which creates new opportunities to analyze data, and case studies that are potentially useful for pursuing a doctoral dissertation. Students are also encouraged to serve in teaching and research assistant positions.

Our doctoral students gain relevant, cross-disciplinary experience that prepares them to be business innovators and leaders in academia, industry, government, and consulting. Students benefit from a legacy of curricular innovation at Stuart and Illinois Tech, spanning more than 125 years of economics and business education, including offering the world’s first postgraduate program in quantitative finance and establishing the academic discipline.

STEM-Designated Program

This is a STEM-designated program, and international graduates of the program are eligible to apply for an extension for Optional Practical Training, which allows selected students to stay and work in the United States for up to three years after graduation.

Program Overview

Stuart’s Ph.D. in Finance program focuses on applying cutting-edge practice and techniques in financial technology, financial economics, quantitative finance, business finance, and applied statistics to solve problems in investing, corporate finance, risk management, and regulation. Our graduates are prepared for a wide range of careers in industry, research, academia, and government.

Career Opportunities

Graduates of the Ph.D. in Finance program have a wide choice of careers.

For those seeking a career in industry , this program can lead to senior research positions and other roles in investment management, risk management, trading, corporate finance, commercial banking, think tanks, and government policy and regulation.
For those interested in a traditional academic career focused on teaching and research, the program can lead to tenure-track positions.

The program’s learning content is designed to fulfill expectations of potential employers worldwide in all of these sectors. Stuart doctoral graduates hold positions at companies and universities such as:

Carnegie Mellon University
City University of New York
Discover Financial Services
East China Normal University
Beijing Normal University
Envestnet Asset Management, Inc.
Federal Home Loan Bank
Industrial and Commercial Bank of China (ICBC)
Kean University (New Jersey)
St. Mary’s University (Texas)
Morningstar
Morgan Stanley
State Street Global Advisors
Toronto Stock Exchange
Union Bank of Switzerland
Wells Fargo
Zacks Investment Research

Stuart faculty developed the Ph.D. in Finance curriculum in collaboration with the program’s advisory council, who are practitioners and major employers in the financial services industry. Building on the curriculum of the M.S. in Financial Economics degree, the doctoral program provides significant tools and theory beyond the master’s degree and adds the component of an original research-based dissertation.

The Ph.D. program requires successful completion of at least 72 credit hours. Students who enter with a completed master’s degree from Illinois Tech or elsewhere may apply to have their course requirements reduced by up to 12 credit hours.

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Admission Requirements

Completed online application
Official transcript submission with a minimum cumulative grade-point average of 3.0 on a 4.0 scale
GMAT or GRE scores are required
A one-page statement of purpose, with goals and objectives
Three to four letters of recommendation from professors or employers
English proficiency exam, if required

Fall Semester Admission Only Given the prescribed sequence of required courses, new students are only admitted to this program in the fall semester of each year.

Claire Johnson, Stuart School of Business

Have Questions? Connect with Us

For any questions about Stuart School of Business degree programs or the application and enrollment process, contact our Director of Student Recruitment Claire Johnson .

Scholarships

The Stuart Doctoral Scholarship is available for select students pursuing a Ph.D. in Management Science and Analytics. Scholarship values vary; in academic year 2024–25 the maximum award is $25,500 ($425 per credit hour, with a maximum of 60 credit hours of coverage) and the Doctoral Scholarship may only be applied toward Stuart tuition charges. Read more about Stuart scholarship opportunities and tuition and fees:

Stuart Scholarships Tuition and Fees

Mentors and Colleagues in Research

Stuart School of Business faculty are not just research mentors for doctoral students. Frequently they are colleagues with their students and recent graduates on research papers published in top scholarly journals. See a list of recent research collaborations and use the link below to learn more about the vibrant research community at Stuart.

Experiences to Build Your Career Path

Assistantships with Stuart faculty members provide opportunities for Ph.D. students to take on roles in the classroom, research, or academic program administration.
Program Director Ricky Cooper works closely with doctoral students interested in academic careers to arrange adjunct teaching positions at universities and colleges in the Chicago area.
For students looking toward careers in industry, nonprofit organizations, and government, Illinois Tech’s unique Elevate program guarantees opportunities for internships and other hands-on experiences.

Featured Faculty

Ricky “Rick” Cooper

Haizhi Wang

Benjamin E. Van Vliet

Sang Baum “Solomon” Kang

Priyanka Sharma

Siva K. Balasubramanian

Flexibility to pursue a master’s or doctorate.

Students’ career objectives can change while they are in graduate school and Stuart School of Business has designed the Ph.D. in Finance program to be a stackable degree on top of the Master of Science in Financial Economics degree in order to provide flexibility for students.

A Ph.D. in Finance student who has completed the 33 graduate credit hours in the program that comprise the M.S. in Financial Economics degree may choose to graduate with that degree instead of completing the Ph.D. in Finance.
Students who are currently enrolled in the Stuart M.S. in Financial Economics, M.S. in Finance, or M.S. in Management Science and Analytics programs may apply to transfer into the Ph.D. in Finance program provided they meet certain criteria.

Stuart Stands Out

Career placement rate.

—Stuart School of Business 2022 master’s and Ph.D. graduates reporting

Stuart is AACSB Accredited. Only 6% of Business Schools Globally Are.

—Association to Advance Collegiate Schools of Business International

Your Choice: Complete Your Ph.D. Full-time or Part-time

Move your career forward.

Alumni Connections

A global network of accomplished Illinois Tech alumni is available to engage with and support our students.

Career Development

Stuart’s Career Management Center offers individualized career counseling, resources for job and internship search, and opportunities to network with industry professionals.

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About / Departments

Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator