Doctorate in Philosophy in Finance or simply PhD in Finance is a doctorate course that is offered by several top institutes or Universities in India .It is a research-oriented course that offers the candidates deeper insight to the concepts of finance and also enables them to undertake research in relevant fields.
The minimum time frame to complete the course is 3 years which can be extended up to and not more than 5 years.
In order to pursue a PhD in Finance, one must clear either of the entrance examinations held at the national and university level followed by several rounds of interviews. The candidates also need to pass their relevant masters degree with a minimum aggregate score of 55% or more. Some of the popular entrance tests for admission into PhD in Finance programs are UGC NET, GATE, NMIMS etc. The average course fee ranges between INR 2000 -INR 5,00,000
PhD Finance syllabus deals with the advanced study of Valuation of Shares, Privatization and Globalization, Meaning and definition of Business Environment, Cost and Management Accounting, Industrial Growth and Structural Changes, etc
Some of the top PhD Finance Colleges are IIT Madras,Indian Institute of Foreign Trade, New Delhi, and many more. IIMs offer doctoral programs under the name of Fellow Program in Management or commonly referred to as the FPM.
PhD in Finance: Course Highlights
The following are the list of course highlights that the aspirants must keep in mind about opting for PhD in Finance
| Course Level | Doctorate |
| Full-form | Doctor of Philosophy in Finance |
| Duration | 3 years |
| Eligibility | Completed post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks. |
| Mode(s) of Education | Regular |
| Admission Process | Entrance test |
| Course Fee | INR 5,000- INR 5,00,000 |
| Average Salary | INR 3 LPA - INR 8 LPA |
| Job Positions | Stockbroker, Statistician, CFA, Credit Control Manager, Finance Manager, Corporate Banking Executive, etc. |
| Top Recruiters | HCL, TATA Consultancy, Accenture, Genpact, Vodafone, Oracle, Accenture, Reliance, Bajaj, Airtel, etc. |
PhD in Finance: What is it About?
- A PhD in Finance is a research-driven course which leads to an advanced-level academic and research career in Finance and economic studies.
- Those who wish to seek admission to the course must possess skills like - analytical, logical, managerial and leadership skills.
- Finance is basically the study of Accounting, Economics, Financial Management and any such related fields.
- PhD in Finance students are trained in topics like Statistics, Investments, Economics and Corporate Finance Theory.
- The students also get to explore various markets and financial products in their course curriculum.
- PhD in Finance is a research-related course that is especially meant for a research-based career or an academic career
- While most institutes require the candidates to already have a Master's in Business Administration, some of them admit students to PhD in Finance directly after completing their bachelor’s. .
Why Study a PhD in Finance?
A PhD in Finance course can give you multiple career opportunities and will lead you to a bright and prosperous future. Those who wish to seek a job in the academic sector (i.e. lecturer or research fellow in b-school) absolutely need this degree.
Some of the main reasons as to why one should choose to pursue a PhD in Finance are as follows :
- High Salary - The average salary earned by a PhD in Finance graduate ranges between INR 4 LPA- INR 8 LPA. This salary increases on the basis of experience, according to the website Pay Scale the average salary of a PhD in Finance graduate is around INR 12,50,000 PA. Apart from these the aspirants are offered perks and other benefits such as DA, Provident Funds, Travelling expenses and medical insurance.
- Career Options - The students may pursue either an academic or an industrial career upon completion of the course. Both the career options are equally prosperous. In the academic career they have the option to pursue the career option as that of a professor, lecturer or associate professors. In the industrial sector they have the option to pursue a career as a Market research analyst, Investment bankers, etc.
- Job Security - Most of the PhD Finance graduates tend to work in academia that provides tenure and job stability. In the case of industrial jobs they are mainly hired in top level positions mainly as consultants are considered to be stable and have lower attrition rate.
- Financial Management - It helps the student to know about various important topics related to Finance. Learning techniques regarding the complete organization of money in businesses and banks is a part of the course curriculum.
- Financial Understanding - Those who pursue a PhD in Finance or Economics tend to clearly see today’s global financial problems and help to rectify the flaws.
- Opportunity to Turn Entrepreneur- Candidates who have completed their PhD in Finance have the opportunity to turn entrepreneur. Candidates can pursue a career as a part time professor in several government and private colleges. Also they can set up their own business and provide consultations to the various individuals or companies.
Who Should Study PhD in Finance?
- Aspirants who want to pursue a career in finance, can pursue a PhD in Finance course
- Candidates who want to pursue a career as a professor should pursue the course.
- Candidates who have completed their PG courses in elevant streams such as MBA Finance, MCom Finance can opt for the PhD in finance for better career prospects.
- Candidates who are working professionals can opt for this course for better career options. However, the candidates must have the relevant qualifications.
- Candidates who want to pursue a career as an associate professor or lecturer can also opt for the course.
- Candidates who want to pursue a research based degree should opt for the PhD in Finance course.
PhD in Finance Admission Process
Students are admitted to PhD in Finance on the basis of entrance test score and their performance in the personal interview. Although the admission process for PhD in Finance is different for most of the universities, the candidates are expected to appear for the admission process which comprises Written Entrance Exam and Personal Interview.
Let us discuss the admission process in much more detail so that you can have a clear idea about the admission process.
PhD in Finance Eligibility
The PhD in Finance candidates will have to fulfil the following eligibility criteria:
- The students must complete his/her post-graduation in courses like Accountancy, Economics or Mathematics from a recognized university. Candidates from the MBA Finance Stream are also eligible for the application to the PhD in Finance Course.
- The student must also have a minimum of 55% marks in their post-graduation course. A relaxation of 5% marks is given to the SC/ ST/ OBC/ PwD candidates.
- There is no upper age limit for application to the PhD course.
PhD in Finance Admission
- Step 1: Registration- The candidates are required to visit the entrance examination authorities website and register themselves with a email or phone number and develop a login ID
- Step 2: Fill the application form - The students will have to fill up the application forms of the respective institutes from where they would like to pursue their PhD in Finance. The application forms can be filled up online. The candidates are required to provide the detail of their preferred entrance exam cities and also provide the necessary academic details
- Step 3: Upload the various documents- The candidates are required to upload the various documents in preferred size and format. The candidates are then required to pay the application fees and take out a receipt for future reference.
- Step 4: Appear for the entrance test - Candidates required to appear for the entrance examination.. Different Universities conduct their own admission tests. Based on their performance in the entrance test, the students are called for the interview.
- Step 5: Appear for the interview - After the results of the entrance test are declared, the selected students are called for an interview. The interview may take place in multiple rounds. The candidates are required to provide a presentation of their thesis and the areas where they will work during their PhD study.
- Step 6: Admission to the college - The students who clear the interview will be called for further admission procedure and they will be allowed to take admission to that respective university.
Note: applicants are advised to keep a tab on the university websites and newspapers for all the latest updates regarding admission.
PhD in Finance Entrance Exam
Most universities offering PhD Finance in India, conduct an entrance test for admitting students to the course. Only those who successfully clear the entrance examination are later asked to appear for an interview.
Although a huge number of institutions in India offer admission into PhD through their own selection tests, most universities offer acceptance into the program through the GATE Entrance assessment and UGC NET. A few popular entrance tests for the PhD in Finance course are as follows:
UGC NET Exam : The National Eligibility Test (NET) is conducted twice a year. The examination is conducted in 84 subjects.
RMAT : AIMA and Aligarh Muslim University admit PhD students based on their performance in Research Management Aptitude Test (RMAT). AIMA has decided to conduct the exam in June end of this year.
SIU PET Exam : Symbiosis International University PET Exam is conducted for admission into the PhD programs offered by Symbiosis International University. The examination is held in June.
JNU PhD Entrance Exam : Jawaharlal Nehru University accepts the PhD students on the basis of the marks acquired by them in the entrance test. The examination is conducted in the month of June.
GTU PhD Entrance Exam : Gujarat Technological University (GTU) conducts an entrance test for admitting the PhD students. The application forms can be filled until July and the examination is held in August.
| Exam Name | Registration Date | Exam Date |
|---|---|---|
| UGC NET (December Session) |
September , 2024 – October , 2024 |
December , 2024 |
| RMAT | To be Announced | To be Announced |
| SIU PET | To be Announced | To be Announced |
| JNUEE | To be Announced | To be Announced |
How to Prepare for the entrance test?
In order to score well in the entrance test, a candidate must prepare accordingly for the examination. Since a PhD is considered as the highest degree attestation, the applicants may need special educational training to crack the exam.
Here are a few points that you must keep in mind while you are preparing for the test.
- Go through all the major topics that are included in the syllabus.
- Try to find the weightage of the different subjects and prepare a time table accordingly.
- Donate more time to the tougher chapters and try to revise all the topic covered during the week on Sunday
- Don’t forget to practise loads of questions once you are done with the syllabus.
- Try to practice the questions from the previous years.
- Appear for the online Mock tests. Try to use the internet to learn about the various shortcut methods so that you can save time in the entrance examination.
Furthermore, those who wish to ace the test, must possess an in-depth knowledge of Finance and Accounting subjects.
How to get admission in a good college?
Getting admission to a very good college isn’t a cakewalk and students must prepare well in advance in order to be selected. So, here are a few things that you must remember if you wish to get admitted to a good college -
- You must possess a reasonably good score in their postgraduate degree. A minimum 55% score is expected.
- If your college conducts an interview round, then you must be well prepared for it.
- You must be well aware of the type of questions that are frequently asked in an interview.
- A very good score in the entrance test will increase your chances of getting admitted to a good college.
Also, interested candidates must have an idea about the placement scenario and the facilities offered by the college to the students.
PhD in Finance Syllabus
The course prepares its students about the challenges faced in multinational and MSME companies. A unit-wise breakdown of the course structure is mentioned below -
Unit 1 – Business Environment
- Second Generation reforms
- Privatization and Globalization
- Planning Policy
- Meaning and definition of Business Environment
- Liberalization
- Legal Environment of Business in India
- Industrial Policy
- Industrial Growth and Structural Changes
- Environment protection
- Economic Policy
- Consumer Protection
- Competition Policy
Unit II – Financial and Management Accounting
- Valuation of Shares
- Responsibility Accounting
- Ratio Analysis
- Partnership Accounts
- Liquidation
- Financial Statements
- Cost and Management Accounting
- Capital and Revenue
- Basic Accounting Concept
- Advanced Company Accounts
Unit III – Business Economics
- Sampling Errors
- Utility analysis
- Price determination in different Market Situations
- Nature and Uses of Business Economics
- Laws of Variable Proportion
- Laws of Returns
- Elasticity of Demand
- Demand Analysis
- Concept of Profit and Wealth Maximization
Unit IV– Business Statistics and Data Processing
- Data types
- Data Processing
- Data Collection and Analysis
- Correlation and Regression
- Computer Application to Functional Area
- Analysis and Interpretation of data
Unit V– Business Management
- Staffing
- Principles of Management
- Planning Process
- Organizational Culture and Structure
- Organizing
- Leadership and Control
- Decision Making
- Business Ethics and Corporate Governance
Unit VI– Marketing Management
- Product decision
- Pricing, Distribution and Promotion
- Marketing Planning
- Marketing Mix
- Marketing Environment
- Evolution of Marketing
- Concepts of Marketing
Unit VII– Financial Management
- Working Capital Management
- Financial and Operating Leverage
- Dividend Policy
- Cost of capital; Capital Budgeting
- Capital Structure
Unit VIII– Human Resource Management
- Training and Development
- Succession Planning
- Role and Functions of HRM
- Recruitment and Selection
- Performance Appraisal
- Industrial Relations
- HR Planning
- Compensation
Unit IX – Banking and Financial Institution
- Reserve Bank of India
- NABARD and Rural Banking
- Importance of Banking to Business
- Types of Banks
- E-Banking
- Development of Banking
- Banking Sector Reforms in India
Thus, it's visible that the syllabus for the course includes topics that require the student to have a solid quantitative foundation, along with critical thinking, problem solving and communication abilities. The below-mentioned table lists the important books that cover advanced PhD in Finance topics -
| Name of the Author | Book |
|---|---|
| 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 |
PhD in Finance Top Colleges
ISB(Indian School of Business), just like the IIMs, offers an FPM course for those who wish to pursue PhD in Finance. Some of the top PhD in Finance institutes of India are mentioned below for your reference :
| College Name | City | Average Total Fee |
|---|---|---|
| Shailesh J. Mehta School of Management | Mumbai | INR 24,000 |
| Department of Management Studies-IIT Madras | Chennai | INR 33,600 |
| Amity University | Noida | INR 3,00,000 |
| Indian Institute of Foreign Trade | New Delhi | INR 4,05,000 |
| Kalinga Institute of Technology | Bhubaneshwar | INR 2,25,000 |
| National Institute of Technology | Silchar | INR 1,05,600 |
| Ahmedabad University | Ahmedabad | INR 1,50,00 |
| Gitam University of Management | Visakhapatnam | INR 2,20,000 |
| Sharda University | Greater Noida | INR 63,333 |
| Alliance School of Business | Bangalore | INR 4,50,000 |
PhD in Finance College Comparison
The following are the table of comparison between the top PhD in Finance Colleges in India
| College/ University Name | Shailesh J. Mehta School of Management, Mumbai | Department of Management Studies-IIT Madras | Indian Institute of Foreign Trade, New Delhi |
|---|---|---|---|
| Overview | SJMSOM is a part of IIT Mumbai and offers various management courses like Executive MBA, Management Development and PhD programs. | Known as one of the finest institutes in the country, it functions under IIT Madras. Apart from a PhD, DMS offers UG, PG as courses as well. | Indian Institute of Foreign Trade is another extremely popular educational institute of India and offers a huge variety of courses. |
| Location | Mumbai | Chennai | New Delhi |
| Collegedunia Ranking | 1 | 2 | 3 |
| Average Fees | INR 24,000 | INR 33,600 | INR 4,05,000 |
| Eligibility | Minimum 55% in post-graduation | Minimum 55% in post-graduation | Minimum 55% in post-graduation |
| Admission Process | Entrance Test | Entrance Test | Entrance Test |
| Average CTC | INR 25 LPA | INR 14 LPA | INR 18 LPA |
| Top Recruiting Company | Amazon, IBM, Flipkart, Accenture, Wipro | HDFC Bank, Bank of America, Standard Chartered Bank, etc. | Amazon, Cognizant, SAP, HDFC Bank. |
PhD in Finance Course Comparison
Doctor of Philosophy in Finance has a variety of applications and converges with many areas of business like debt, expansion and supply chain. Whereas the need for a theoretical understanding and research in PhD in Accounting might be limited. A detailed analysis of the two courses is mentioned below in a tabulated format -
| Parameters | PhD in Finance | PhD in Accountancy |
|---|---|---|
| Abbreviation | Doctor of Philosophy in Finance | Doctor of Philosophy in Accountancy |
| Course Overview | Deals with the study of Accounting, Economics, Financial Management. | It mainly comprises aspects like operations in Accountancy and its related domains. |
| Eligibility | Post-graduation in courses like Accountancy, Economics or Mathematics | M.Com. in Accountancy or M.Phil. in any such related disciplines |
| Admission Process | Entrance Tests | Entrance Tests |
| Average Fee | INR 2,000- INR 5,00,000 | INR 16,679 to INR 1,55,000 |
| Average Salary | INR 4 LPA- 8 LPA | INR 7 LPA- 16 LPA |
| Job Areas | Finance and Banking sectors, consultancies, colleges, universities, etc. | Banking and Finance sectors, academic sectors, management sectors, etc. |
| Top Job Profiles | Stockbroker, Statistician, CFA, CA, Corporate Banking | Corporate Analyst, Financial Analyst, Investment Banker, Money Manager, etc. |
PhD in Finance Job Prospects and Career Options
Finance PhD students are business minded and generally look for a more professional career. This can also include jobs in various finance companies. Some of the popular job profiles include Statistician, Stockbroker, Finance Manager, etc. The average annual salaries to which are somewhere between INR 4 LPA to INR 8 LPA.
| Job Profile | Job Description | Average Annual Salary |
|---|---|---|
| Assistant Professor | Teaching Finance courses to junior-level (UG, PG, MBA) students. | INR 5,75,000 |
| Professor | Usual work includes researching on ‘financial aspects’ of a society and teaching students. | INR 11,88,000 |
| Stockbroker | Purchasing stocks and offering them to various retails and institutional customers by means of the stock exchange. | INR 3,25,000 |
| Statistician | Deals with theoretical and applied statistics. | INR 3,68,671 |
| Relationship Manager | A Relationship Manager works to maintain a good relationship with other competitors and clients. | INR 5,95,478 |
| CFA | A CFA analyzes investments, stocks or companies. | INR 1,157,000 |
| Financial Managers | Takes care of the financial health of the companies they work for and creates financial reports and plans. | INR 9,56,578 |
Salary Trends: Minimum vs. Maximum Salary
PhD in Finance Future Scope
Ph.D in Finance students may look for jobs in both the private and public sectors including accountancy firms and banking sectors as well. After completion of the PhD in Finance course, the students may go for research work or take up jobs in various research labs or may teach at several colleges and universities. Few popular divisions include:
- Government and private sectors.
- Corporations and consultancies.
- Markets research.
- Public accounting firms.
- Budget planning.
PhD in Finance grads have quite a prosperous future and although the initial salary of the candidates may seem less, their income will increase with experience. The students may also carry out further research in their respective fields.
PhD in Finance FAQs
Ques. Is an Economics & Finance PhD worth it?
Ans. PhD is considered as the final milestone in the Indian academic curriculum. In case someone wishes to pursue a career in academics or research, then a PhD in Finance or Economics is definitely worth it.
Ques. Which is the best university for a PhD in Finance?
Ans. Some of the best universities for Finance in India are:
- Department of Management Studies-IIT Madras, Chennai
- Indian Institute of Foreign Trade, New Delhi
- Alliance School of Business, Bangalore
Ques. How are job prospects for Finance PhDs?
Ans. PhD in Finance has both academic as well as industrial job prospects in India. As an academic professional, you can seek jobs in colleges and universities. You can also look for jobs in finance companies and banks.
Ques. What are the best universities for a PhD in Finance abroad?
Ans. Some of the top universities include MIT, Stanford, Chicago, Berkeley, and many more.
Ques. What is the most popular entrance test for a PhD Finance course?
Ans. UGC NET is considered as the most popular entrance test for the course. Some Universities have their own entrance tests as well.
Que. What should be the average annual salary for a PhD in Finance student?
Ans. The average salary is anything between 4 LPA- 8 LPA
Ques. What is the eligibility criteria for PhD Finance?
Ans. The minimum eligibility criteria to pursue the course require at least 55% marks in post-graduation in courses like Accountancy, Economics or Mathematics.
Ques. Which course is better: PhD in Finance or PhD in Economics?
Ans. Both the courses have completely different course curriculum and if you perform well, then both the courses can be equally prosperous for you.
Ques. What is the average tuition fee for a PhD Finance in India?
Ans. The average tuition fee is between INR 2,000 to INR 5,00,000
Ques. Is there any scope of Government jobs for the PhD in Finance students?
Ans. Yes, you can look for jobs in various government sectors. Government banks also employ a PhD in Finance students.
Ques. What are the popular job profiles for PhD in Finance students?
Ans. Popular job profiles for PhD Finance students include - Assistant Professor, Stockbroker, Statistician, Relationship Manager, CFA, Financial Manager.
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