2026-2027 Course Catalog

Source: https://catalog.illinois.edu/graduate/bus/finance-phd/ Parent: https://catalog.illinois.edu/graduate/

for the Doctor of Philosophy in Finance

The first stage toward the degree of Doctor of Philosophy ends when the candidate completes certain minimum coursework, fulfillment of other departmental requirements, and successful passing of a qualifying examination. The second stage requires successful completion and presentation of an initial research paper. The third stage includes research and preparation of the dissertation. Completion of this stage requires an oral preliminary thesis proposal defense and an oral final dissertation defense.

The minimum number of graduate hours required for all stages combined is 64. A student plans courses and research with his or her advisor. Consideration is given to previous academic training, career objective and the general requirements of the Graduate College and the Department. The student should become familiar with these requirements and satisfy them as soon as possible.

The Doctor of Philosophy is primarily a research degree, and the candidate must demonstrate the capacity for independent research by producing an original thesis on a topic within his or her major field of study. The subject of the thesis must be reported to the doctoral committee and to the Graduate College at the time of the preliminary examination (proposal defense). The candidate is admitted to the final oral examination by the dean of the Graduate College upon completion of the dissertation and the recommendation of the department.

The doctoral program generally begins in the fall semester. The application period typically runs October 1 through February 15.

Additional details on the program may be found on the PhD in Finance Admissions page.

Admission

The minimum required grade point average for admission is 3.0 (A = 4.0).  All applicants are required to submit Graduate Management Admission Test (GMAT) or GRE scores. Most international applicants are also required to submit Test of English as a Foreign Language (TOEFL) IELTS or iBT scores. The test scores will be used by the Admissions Committee, along with other information, in evaluating the applicant’s qualifications for graduate study.

for the Doctor of Philosophy in Finance

For additional details and requirements refer to the department's graduate programs and the Graduate College Handbook.

Course List

 | Code | Title | Hours |

| --- | --- | --- | | Economic Foundations | | 0 to 12 | | Students without appropriate graduate-level work in economics should take the following courses. | | | | ECON 532 | Econometric Analysis I | | | ECON 535 | Econometric Analysis II | | | FIN 597 | Microeconomic Analysis | | | Core Finance Courses | | | | FIN 591 | Theory of Finance | 4 | | FIN 592 | Empirical Analysis in Finance | 4 | | FIN 593 | Seminar in Investments | 4 | | FIN 594 | Seminar in Corporate Finance | 4 | | FIN 595 | Empirical Corporate Finance | 4 | | FIN 599 | Thesis Research (min/max applied to the degree) | 32 to 48 | | Additional graduate-level coursework in finance and related fields | | 16 to 44 | | Total Hours | | 96 |

Other Requirement

Grad Other Degree Requirements

for the Doctor of Philosophy in Finance

Learning Outcomes

Learning Outcome #1: Foundational Knowledge in Financial Economics

Students should possess advanced knowledge of microeconomic theory, probability, statistics, and econometrics as they apply to financial research. This includes mastery of theoretical frameworks, empirical methodologies, and analytical tools essential for rigorous inquiry in finance.

Learning Outcome #2: Specialized Expertise in Finance Subfields

Students should demonstrate deep understanding of investments and corporate finance, including both theoretical foundations and empirical applications. This encompasses critical analysis of relevant literature, evaluation of methodologies, and synthesis of research findings in these domains.

Learning Outcome #3: Research Design and Scholarly Communication

Students should be capable of producing original, high-quality research that contributes to the finance discipline. This includes formulating research questions, selecting appropriate methodologies, analyzing data, and effectively presenting findings through written work and professional presentations.

Learning Outcome #4: Teaching Competence in Finance

Students should develop the knowledge and skills necessary to teach finance effectively at the undergraduate level. This involves designing course materials, delivering engaging instruction, creating meaningful assessments, and fostering student learning in both theoretical and applied finance topics.

for the Doctor of Philosophy in Finance

Graduate Degree Programs in Finance

• Majors
• Finance, MS
  • optional concentrations for the Finance, MS:
  • Accountancy
  • Corporate Governance & International Business
  • Data Analytics in Finance
  • Information Technology & Control
• Financial Engineering, MS (administered by Finance and Industrial & Enterprise Systems Engineering)
  • optional concentration for the Financial Engineering, MS:
  • Data Analytics in Finance
• Finance, PhD
• Minors
• Finance
• Concentrations
• Data Analytics in Finance
• Finance
• Real Estate

for the Doctor of Philosophy in Finance

Department of Finance

Chair of Department: Louis Chan\ Director of Graduate Studies: Martin Widdicks (MSF); George Pennacchi (PhD)\ Finance Department website\ 340 Wohlers Hall, 1206 S. Sixth Street, Champaign, IL 61820\ (217) 244-2239\ phdfinance@business.illinois.edu

Gies College of Business

Gies College of Business website

Admissions

Graduate College Admissions & Requirements