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A PhD in Finance is a doctorate course offered by a number of top Indian institutes and universities. It is a research-oriented course that provides candidates with a deeper understanding of financial concepts as well as the ability to conduct research in relevant fields. The course must be completed within three years, but it can be extended up to but not exceeding five years.
The advanced study of share valuation, privatization and globalization, the meaning and definition of “business environment,” cost and management accounting, industrial growth and structural changes, and other topics are covered in the PhD Finance syllabus. Candidates must have completed a postgraduate course in finance or have a bachelor’s degree in finance from a recognized university to be eligible for the course.
The Finance course focuses on the valuation of financial instruments, international finance topics, economic uncertainty, and trading mechanics in general. Students who want to conduct financial research and have logical, analytical, and organizational skills should take this course.
The following is a list of course highlights that aspirants should keep in mind when considering pursuing a PhD in Finance.
Level of Course | Doctorate |
Also referred as | Doctor of Philosophy in Finance |
Duration of Course | 3 years |
Eligibility Criteria | Completed post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks. |
Education Mode | Regular |
Process of Admission | Entrance test |
Fee for the Course | INR 5,000- INR 5,00,000 |
Average Annual Salary | INR 3 LPA – INR 8 LPA |
Positions of Job | Statistician, CFA, Credit Control Manager,Stockbroker, Finance Manager, Corporate Banking Executive, etc. |
Top Employers | TATA Consultancy, Accenture, Genpact, Vodafone, HCL, Oracle, Accenture, Reliance, Bajaj, Airtel, etc. |
Candidates for a PhD in Finance must meet the following eligibility requirements:
The course prepares students for the challenges that multinational and small- and medium-sized businesses face. The following is a unit-by-unit breakdown of the course structure:
Relevant Links | ||
---|---|---|
Ph.D. (management Studies) | Ph.D. (marketing) | Ph.D. (operation Management) |
Ph.D. (medicinal Chemistry) | Ph.D. (pharmaceutical Sciences) | Ph.D. (human Resource Management) |
Students are admitted to the PhD in Finance program based on their performance on the entrance exam and in the personal interview. Although each university’s admissions process for a PhD in Finance is unique, candidates are expected to participate in the admissions process, which includes a Written Entrance Exam and a Personal Interview.
Students should be aware that if the aforementioned certificates are not attached to their application, their application will not be taken into account for admission.
In India, most universities that offer PhD finance courses require students to take an entrance exam before being admitted to the program. Only those who pass the entrance examination are invited to an interview.
Although a large number of Indian institutions offer admission to PhD programs through their own selection tests, most universities accept students through the GATE Entrance Examination and the UGC NET. The following are a few popular entrance exams for the PhD in Finance program:
UGC NET Exam: The National Eligibility Test (NET) is held twice a year by the University of Georgia. There are 84 subjects covered in the exam. Due to the COVID-19 pandemic, the entrance examination has been postponed.
RMAT: The Research Management Aptitude Test (RMAT) is used by AIMA and Aligarh Muslim University to admit PhD students (RMAT). The exam will be held in June this year, according to the AIMA.
The Symbiosis International University PET Exam is required for admission to Symbiosis International University’s PhD programs. The exam will take place in June.
The JNU PhD Entrance Exam: PhD students are accepted at Jawaharlal Nehru University on the basis of their entrance exam scores. In the month of June, the examination is held.
The Gujarat Technological University (GTU) holds an entrance exam for PhD applicants. The application forms are available to fill out until July, and the exam is held in August.
A candidate must prepare appropriately for the entrance exam in order to do well on it. Because a PhD is the highest degree of acknowledgment, applicants may require additional educational training to pass the exam.Here are a few things to keep in mind as you study for the exam.
Those interested in pursuing a PhD in finance should have a diverse skill set in order to comprehend theories and improve their academic experience. These skills are also necessary for a successful career and future job. Individuals can broaden their knowledge and abilities by earning a PhD in Finance.
Communication skills | Critical thinking |
Organising skills | Leadership |
Decision-making skills | Patience |
Attention to detail | Numerical ability |
Active learning | – |
For those interested in pursuing a PhD in finance, the Indian School of Business, like the IIMs, offers an FPM course. For your convenience, some of India’s top PhD in Finance institutes are listed below:
Institute Name | Place | Total Fee in Average | Average Annual Salary |
---|---|---|---|
Shailesh J. Mehta School of Management | Mumbai | INR 24,000 | INR 25 LPA |
Department of Management Studies-IIT Madras | Chennai | INR 33,600 | INR 14 LPA |
Amity University | Noida | INR 3,00,000 | INR 4.5 |
Indian Institute of Foreign Trade | New Delhi | INR 4,05,000 | INR 18 LPA |
Kalinga Institute of Technology | Bhubaneshwar | INR 2,25,000 | INR 6 LPA |
National Institute of Technology | Silchar | INR 1,05,600 | INR 5.5 LPA |
Ahmedabad University | Ahmedabad | INR 1,50,00 | INR 4.65 LPA |
Gitam University of Management | Visakhapatnam | INR 2,20,000 | INR 9 LPA |
Sharda University | Greater Noida | INR 63,333 | INR 6 LPA |
Alliance School of Business | Bangalore | INR 4,50,000 | INR 10.5 LPA |
The location of the institution has a significant impact on the PhD program’s orientation, as well as the career outlook and future prospects. Consider the following list of universities that offer PhD programs in finance and related fields before making your decision.
Name of the Institute | Location | Institute Rankings | Courses Offered |
Stanford University | USA | 2nd | PhD in Finance |
Massachusetts Institute of Technology | USA | 5th | PhD in Economics, Finance & Accounting PhD in Business-Finance |
University of Chicago | USA | 10th | PhD in Business-Finance Joint PhD in Financial Economics |
University of Pennsylvania | USA | 13th | PhD Finance |
University of California, Berkeley | USA | 7th | PhD in Business Administration- Finance |
Columbia University | USA | 17th | PhD in Finance & Economics |
University of Toronto | Canada | 18th | PhD in Management -Finance |
Duke University | USA | =20th | PhD in Business Administration- Finance |
The University of Melbourne | Australia | 31st | PhD in Actuarial Studies PhD in Decision, Risk and Financial Sciences PhD in Finance |
University of British Columbia | Canada | 34th | PhD Business Administration- Finance |
The Doctor of Philosophy in Finance has a wide range of applications and intersects with many aspects of business, such as debt, expansion, and supply chain management. While the need for theoretical knowledge and research in a PhD in Accounting may be limited, a detailed comparison of the two courses is provided in the table below.
Basis of Comparison | PhD in Finance | PhD in Accountancy |
---|---|---|
Also referred as | Doctor of Philosophy in Finance | Doctor of Philosophy in Accountancy |
Course Highlight | Deals with the study of Accounting, Economics, Financial Management. | It mainly comprises aspects like operations in Accountancy and its related domains. |
Eligibility Criteria | Post-graduation in courses like Accountancy, Economics or Mathematics | M.Com. in Accountancy or M.Phil. in any such related disciplines |
Process of Admission | Entrance Tests | Entrance Tests |
Average Annual Fee | INR 2,000- INR 5,00,000 | INR 16,679 to INR 1,55,000 |
Average Annual Salary | INR 4 LPA- 8 LPA | INR 7 LPA- 16 LPA |
Areas of Job | Finance and Banking sectors, consultancies, colleges, universities, etc. | Banking and Finance sectors, academic sectors, management sectors, etc. |
Top Profiles of Job | Stockbroker, Statistician, CFA, CA, Corporate Banking | Corporate Analyst, Financial Analyst, Investment Banker, Money Manager, etc. |
You can choose from a variety of specializations in the field of finance for your PhD. Here’s a rundown of them, along with a brief description of each:
The table below compares and contrasts the top PhD in Finance colleges in India.
Institute Name | Shailesh J. Mehta School of Management, Mumbai | Department of Management Studies-IIT Madras | Indian Institute of Foreign Trade, New Delhi |
---|---|---|---|
Highlight | SJMSOM is a part of IIT Mumbai and offers executive MBA, management development, and PhD programs, among other management courses. | It is one of the best institutes in the country and is part of IIT Madras. Apart from a PhD, DMS also offers UG and PG courses. | Another popular educational institute in India is the Indian Institute of Foreign Trade, which offers a wide range of courses. |
Place | Mumbai | Chennai | New Delhi |
Average Annual Fees | INR 24,000 | INR 33,600 | INR 4,05,000 |
Eligibility Criteria | Minimum 55% in post-graduation | Minimum 55% in post-graduation | Minimum 55% in post-graduation |
Process of Admission | Entrance Test | Entrance Test | Entrance Test |
Average CTC | INR 25 LPA | INR 14 LPA | INR 18 LPA |
Top Hiring Firm | Amazon, IBM, Flipkart, Accenture, Wipro | HDFC Bank, Bank of America, Standard Chartered Bank, etc. | Amazon, Cognizant, SAP, HDFC Bank. |
In India, a number of private colleges offer PhD in Finance programs. The cost of attending a private college is considerably higher than that of a public university. The following are a few private universities that offer a PhD in Finance:
Institutes | Structure of Fee |
MJ College of Commerce, Bhavnagar | |
Amity College of Commerce and Finance, Noida | Rs. 3,00,000 |
Glocal School of Business and Commerce, Saharanpur | – |
Gian Jyoti Institute of Management and Technology, Mohali | – |
Amrita School of Business, Coimbatore | – |
Indian Institute of Finance, Greater Noida | – |
Author’s Name | Book Name |
---|---|
Vaidya Nathan K. | Credit Risk Management for Indian Banks |
John H. Cochrane | Financial Markets and the Real Economy |
Robert Macintosh | Research Methods:Accounting & Finance |
John C. Hull | Options, Future & Other Derivatives |
Robert Mckinley | Managing Credit |
Andrew W. Lo | The Econometrics of Financial Markets |
Most finance PhD students are business-oriented and seek a more professional position. This can include positions in a variety of financial institutions. A statistician, stockbroker, finance manager, and other popular job profiles are just a few examples. The average annual salary ranges from INR 4 to INR 8 lakh per annum.
Profile of Job | Description of Job | Average Salary (Annually) |
---|---|---|
Assistant Professor | Teaching Finance courses to junior-level (UG, PG, MBA) students. | INR 5,75,000 |
Professor | Researching a society’s “financial aspects” and teaching students are typical tasks. | INR 11,88,000 |
Stockbroker | Buying stocks and selling them on the stock exchange to a variety of retail and institutional customers. | INR 3,25,000 |
Statistician | Deals with theoretical and applied statistics. | INR 3,68,671 |
Relationship Manager | A Relationship Manager’s job is to keep good relations with competitors and customers. | INR 5,95,478 |
CFA | A CFA analyzes investments, stocks or companies. | INR 1,157,000 |
Financial Managers | Maintains the financial health of the businesses for which they work and prepares financial reports and plans. | INR 9,56,578 |
A PhD in Finance course can open up a variety of career options for you and lead to a bright and prosperous future. This degree is required for those who want to work in academia (for example, as a lecturer or research fellow in a business school).
The following are some of the most compelling reasons to pursue a PhD in finance:
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