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YOUR PH.D. IN FINANCE

The doctoral program in finance at the Pamplin College of Business is a research-oriented program designed to prepare students for successful academic careers in research and teaching. Graduates have secured tenure-track positions at well-known universities, reflecting the program’s commitment to academic excellence.

See our list of graduates

TOP 75

RANKED AMONG THE TOP
75 FINANCE DEPARTMENTS IN THE U.S.

#1

SCHOOL FOR FINANCE & FINANCIAL
MANAGEMENT IN VIRGINIA

Virginia Tech’s Ph.D. in Finance program prepares students to conduct cutting-edge research in financial economics, equipping them with the skills to publish in top academic journals and pursue careers in academia and research-intensive institutions.

This curriculum combines rigorous finance coursework with supporting studies in economics and research methods, fostering a strong analytical foundation. But our program’s strength lies in our distinguished faculty, who are recognized for high-quality research in premier finance and economics journals. Faculty members provide personalized mentorship, working closely with students on research projects and publications. 

Doctoral students are assessed through coursework, a second-year research paper, and a dissertation, ensuring a comprehensive evaluation of their academic and research progress. This structured approach positions graduates for success in academia and beyond.

PROGRAM COMMITTEE

CAREER PATHWAYS

In our Ph.D. program, the ultimate goal is to secure a tenure-track academic position or a research-oriented role in the government or private sector. Our faculty and Ph.D committee members can help you succeed.

SUCCESS IN THE JOB MARKET

Success in the job market hinges on three key factors:

1

Dissertation Progress: Likelihood of completing the dissertation before starting the job.

2

Publication Potential: Prospects for publishing high-quality articles from the dissertation.

3

Teaching Readiness: Ability to deliver effective classroom instruction.

An essential first step in entering the job market is the dissertation proposal defense, signaling to institutions that the student is on track to complete their dissertation soon.

The finance academic hiring process typically follows these steps:

  1. Job Postings: Institutions advertise available positions in academic forums, usually several months before interviews.
  2. Application Submission: Candidates submit applications online, including:
    • Curriculum vitae
    • Designated “job market paper”
    • Research and teaching statements
    • Letters of recommendation from the dissertation chair, committee members, and faculty

The process is highly competitive, with many positions receiving over 100 applications. After initial screening, a select group advances to first-round interviews.

Historically, first-round interviews occurred at two major conferences:

  • Financial Management Association (FMA): October annual meeting
  • American Finance Association (AFA): January annual meeting

Recently, virtual interviews have become more common, typically held around these conferences. These 30-45 minute interviews focus on discussing the candidate's job market paper.

Candidates advancing beyond first-round interviews are invited for on-campus visits, usually during:

  • October-November: For schools hiring around the FMA meetings.
  • January-February: For schools hiring around the AFA meetings.

The highlight of the campus visit is the 90-minute seminar, where the candidate presents their job market paper to departmental faculty. Expect extensive questions during the presentation. Candidates also meet one-on-one with faculty and key administrators, such as the Dean or Associate Dean of Research.

Following campus visits, schools make hiring decisions and communicate offers to selected candidates. For further insights, consult published guides like this article.

PH.D. IN FINANCE PROGRAM OVERVIEW

FINANCE

Students must complete 4 finance seminars (2 in corporate finance and 2 in investments), offered in alternate academic years. 

Each seminar includes professor-led classes, student presentations of published research, a student-prepared paper (proposal, literature review, or complete paper), and a final exam (in-class or out-of-class). Students also take Doctoral Development coursework each fall throughout their matriculation.

ECONOMICS AND RESEARCH METHODS

Finance Ph.D. students must complete 2 semesters of microeconomics, a mathematical economics course, and 2 research methods courses offered by the Pamplin College, typically taken in the first two years. Students will also select additional courses from economics, agricultural economics, statistics, math, accounting, or related fields, in consultation with the Ph.D. director.

First Year

Fall

Spring
ECON 5005 (Prices and Markets I) ECON 5006 (Prices and Markets II)
ECON 5124
(Mathematical Economics)		 MKTG 6244 (Advanced Quantitative Research)
FIN 6104 (Financial Research Methods) FIN 6116/6126 (Corporate/Investments)
FIN 6115/6125 (Corporate/Investments) FIN 7994
(Research and Dissertation)
FIN 6004 (Doctoral Development)  

Second Year

Fall

Spring
ECON 5945
(Econometrics Theory and Practice)		 ECON 6024 (Adv. Econometrics)
FIN 6115/6125 (Corporate/Investments) FIN 6116/6126 (Corporate/Investments)
Elective Elective
FIN 7994
(Research and Dissertation)		 FIN 7994
(Research and Dissertation)
FIN 6004 (Doctoral Development)  

Students must submit a Plan of Study to the Graduate School by the end of their third semester with guidance from the Graduate Coordinator. 

This plan outlines all coursework for the Finance Ph.D. program, identifies the Dissertation Committee (minimum of four members, including one Chair), and includes details on fulfilling graduation requirements, such as the university's ethics requirement.

Finance Ph.D. students must complete first and second year papers as part of their academic preparation.

The first year paper focuses on research development, including identifying a question, planning a project, collecting data or constructing a sample, devising tests, and presenting preliminary results. Emphasis is on learning the research process rather than output. Presentation occurs around September 15th of the third semester (fall of the second year).

The second year paper emphasizes output, requiring a quality project draft. Successful completion and presentation, typically around September 15th of the fifth semester (fall of the third year), serve as a qualifying event, along with the dissertation proposal.

Students may pursue empirical or theoretical projects, working under faculty advisors chosen in consultation with the Ph.D. director. Students are responsible for all aspects of their projects. Presentation dates may be adjusted based on the academic calendar.

Timeline for first year paper:

  • May 31: Submit topic proposal to Ph.D. director.
  • September 8: Submit draft to Ph.D. director for faculty distribution.
  • September 15: Present paper to faculty.

Timeline for second year paper:

  • May 31: Submit draft for Ph.D. committee review and feedback.
  • September 8: Submit revised draft to Ph.D. director and schedule Preliminary Exam in ESS.
  • September 15: Present paper to faculty, demonstrating understanding of project details and its connection to existing research

Ph.D. students are evaluated through three key stages during their first 2.5 years.

  1. The Ph.D. director conducts a semesterly review, focusing primarily on coursework performance and feedback regarding the student's role as a graduate assistant.
  2. The department's Ph.D. committee reviews each student’s progress twice: after the first year (2 semesters of coursework) and again after the second year (4 semesters). This evaluation includes course grades, finance seminar exams, course papers, and first- and second-year papers, as applicable.
  3. The first and second year papers are evaluated based on both draft quality and presentation.

The second-year paper and presentation serve as a qualifying exam. Students who fail this exam will be asked to leave the program by the end of the fall semester. The committee’s evaluation focuses on the student's potential to successfully complete a Ph.D.

After the second-year paper, evaluations continue through an annual review by the Ph.D. director and progress on the dissertation, which involves two formal defenses:

  • The proposal defense, which is typically held after the 4th year, when the dissertation is about 50% complete, this defense allows students to present their evolving research and findings.
  • The final defense, which is conducted at the end of the 5th year, determines the acceptability of the completed dissertation.

Following each review, the Ph.D. director meets with students to discuss results and provide guidance. In some cases, students may be encouraged to leave the program based on their progress.

The dissertation committee makes the final decision regarding the acceptability of the dissertation research.

APPLICATION REQUIREMENTS

Applications for the fall semester must be submitted to the Graduate School by January 15. The program committee begins reviewing applications after this date, with admission decisions typically made by mid-March.

GMAT/GRE and GPA

  • The GMAT is preferred, but the GRE is accepted if GMAT scores are unavailable.
  • Applicants are strongly encouraged to take the GMAT, as most current students have done so, allowing for better comparisons.
  • Recently admitted students average a GMAT score over 700, a master's GPA above 3.5, and an average age of 27.
  • Strong quantitative training is essential. Current students average the 94th percentile on the quantitative section of the GMAT or GRE.

TOEFL Requirement (for Non-Native English Speakers)

  • A TOEFL iBT score of 100 is required. This score ensures eligibility, but does not guarantee admission.
  • A degree from an English-language university may substitute for the TOEFL but does not guarantee language proficiency will not affect the admission decision.
  • Interviews (including phone interviews) may be conducted to assess English proficiency.
  • All scores must be sent directly from the testing service to Virginia Tech using Institutional Code: 5859. Copies are not accepted unless specifically requested.

Recommendation Letters

  • Letters from individuals with a strong publication record are highly recommended.

Statement of Purpose

  • Applicants should submit a clear, compelling statement explaining their motivation for pursuing a Ph.D., including specific research interests and questions. This helps the committee assess potential alignment with the program.

Apply to the Virginia Tech Ph.D. in Finance program today.

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