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Sharper financial insights, smarter financial thinking.

Experience cutting-edge financial insight and exceptional teaching expertise.

• Unsurpassed research excellence
• Prepare for the future of finance

Are you an academic set on furthering your research? An alumni member seeking to reconnect with the latest frameworks? Or a potential student looking to enhance your skills?

Our Finance Faculty produce cutting-edge research and conduct analysis on finance industry topics – from fintech disruption to Eurozone insights.

We are a world-class research facility. Our faculty conduct globally recognised research, leading the following research centres and institutes:

The AQR Asset Management Institute

The Centre for Corporate Governance

The Institute of Entrepreneurship and Private Capital

Your company’s ability to thrive depends on strategy, execution and financial intelligence.

• Master diverse financial tools and fill crucial gaps in your knowledge
• Learn from world-class finance faculty and top practitioners
• Be challenged by unparalleled thinking. Solve real-world problems through a dynamic blend of finance expertise, strategic thinking and a highly practical approach
• Study in London, one of the world’s great financial capitals. Our location and expertise helps you stay ahead in a rapidly-changing world.

Core faculty

Our finance faculty are world-renowned leaders in their field.

Maxime Bonelli

Assistant Professor of Finance

Multi-award winning academic, Maxime Bonelli, is an Assistant Professor of Finance at London Business School. His research primarily focuses on furthering society’s understanding of the factors behind the organisation of the financial sector and the resulting effects on the real economy.

Maxime completed his first PhD in Mathematics in 2016 at the prestigious National Institute for Research in Digital Science and Technology (Inria). He subsequently worked as a quantitative researcher in the asset management industry for several years, before returning to academia to complete his second PhD in Finance from HEC, Paris.

Maxime was a finalist in the BlackRock’s Applied Research Award, and the recipient of the European Finance Association Doctoral Best Paper Prize and the SUERF/UniCredit Foundation Research Prize. Alongside featuring in the Financial Times, Maxime has also written a number of papers, both individually and in collaboration with other noted academics.

Suleyman Basak

Professor of Finance

Professor Suleyman Basak is recognised as one of the world’s leading experts on asset pricing and risk management. His influential and prize-winning research focuses on financial innovation, asset allocation, and market imperfections. It addresses issues related to portfolio insurance, Value at Risk-based risk management, credit risk, tax arbitrage, incentive problems plaguing institutional asset management, mispricing, arbitrageurs, and monopoly power in financial markets.

He has won a number of awards for his teaching. He received the General Excellence Teaching Award, Best Teacher Masters in Finance and Best Teacher Masters in Financial Analysis Awards at London Business School. He was previously at Wharton (University of Pennsylvania) where he won the David Hauck Teaching Award, and the Wharton Graduate and Undergraduate Divisions Excellence in Teaching Awards.

Previously, he was at the Wharton School of the University of Pennsylvania, held a visiting position at the Graduate School of Business at the University of Chicago, and acted as a consultant to Goldman Sachs.

Svetlana Bryzgalova

Dr Svetlana Bryzgalova research interests cover empirical asset pricing, financial econometrics and macrofinance. She was previously an Assistant Professor of Finance at Stanford Graduate School of Business. Dr Bryzgalova has a PhD in Economics from London School of Economics and Political Science (LSE) and an MRes in Economics, also from LSE.

João Cocco

João Cocco is a Professor of Finance at London Business School, a Research Fellow of the Centre for Economic Policy Research, a Fellow of the Centre for Financial Studies, and a Founding Member of the CEPR Network on Household Finance. 

He holds an MA and a PhD degree in economics from Harvard University. 

João  has carried out research on a wide range of topics, including household finance, banking, corporate governance, asset allocation, real estate finance, and pensions. His research has appeared in top finance and economics journals including the Journal of Finance , Journal of Financial Economics , Review of Financial Studies , Quarterly Journal of Economics , Journal of Monetary Economics , among others. His work has also been featured in leading newspapers and magazines, including Financial Times , The Times , The Actuary , and Pensions Week , among others. João is an accomplished teacher, who has won a number of teaching awards. He currently teaches Corporate Finance and Real Estate Finance at London Business School. João has held several consulting posts. He is Editorial Board Member of Economic Policy, of The Review of Financial Studies, and of the Journal of Pension Economics and Finance .

Ian Cooper is Professor of Finance. He currently teaches corporate finance and valuation. He has also held visiting positions at the University of Chicago and Australian Graduate School of Management. Ian carries out research on corporate finance, valuation, and international finance. His research has appeared in top academic journals such as the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He disseminates the practical implications of his work through publications in leading practitioner journals such as Journal of Applied Corporate Finance and Oxford Review of Economic Policy, and in published consulting reports. He has taught across the MBA, EMBA, and Masters in Finance programs, as well as Executive Education. For many years he directed and taught the Corporate Finance Evening and Modular Programs. The quality of his teaching has been recognised by multiple teaching prizes. Ian has more than 40 years of international consulting experience on valuation, corporate finance, and cost of capital. He has advised companies, financial institutions, regulators, and governments around the world. He has appeared as an expert witness in international tribunals and high courts.

Rebecca DeSimone

Dr De Simone’s research focuses on the intersection of corporate governance and public finance and on small business and household finance, especially in emerging markets. She was recently awarded the AQR Asset Management Institute Fellowship for Academic and Research Excellence for a study using data from Ecuador to show that government tax audits can improve firm value, ultimately reducing the cost of borrowing for audited firms and stimulating firm investment.

Rebecca's research is featured in the Wheeler Institute for Business and Development brochure .

Professor James Dow’s main research interests are the effect of limited arbitrage capital on stock price dynamics, financial fire sales, and bubbles. He has also worked on executive compensation and the role of financial markets on corporate resource allocation decisions. He has served as Editor of the Review of Economic Studies.

He held positions at the University of Pennsylvania and the European University Institute in Florence.

Professor Dow has published in the Journal of Political Economy , The Review of Economic Studies , Econometrica , The Journal of Finance , and The Review of Financial Studies .

His consulting experience includes advice on valuation, the cost of capital, and corporate governance, and expert testimony.

Alex Edmans

Alex Edmans is Professor of Finance at London Business School. Alex graduated from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York). After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton in 2007 and was tenured in 2013 shortly before moving to LBS.

Alex’s research interests are in corporate finance, responsible business and behavioural finance. He is a Director of the American Finance Association and a Fellow of the Financial Management Association. From 2017-2022 he was Managing Editor of the Review of Finance, the leading academic finance journal in Europe. Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, presented to the World Bank Board of Directors as part of the Distinguished Speaker Series, and given the TED talk What to Trust in a Post-Truth World and the TEDx talks The Pie-Growing Mindset and The Social Responsibility of Business with a combined 2.7 million views. He has written for the Wall Street Journal, Financial Times, Harvard Business Review and World Economic Forum and been interviewed by Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports.

Alex serves as a Non-Executive Director of The Investor Forum, which promotes collaborative engagement between investors and companies, on Royal London Asset Management’s Responsible Investment Advisory Committee, and on the Steering Group of The Purposeful Company, a UK consortium of leaders in responsible business. The UK government appointed him (jointly with PwC) to study the alleged misuse of share buybacks and the link between executive pay and investment. Alex previously served as Mercers’ School Memorial Professor of Business at Gresham College, giving a four-year programme of lectures to the public. His series are on The Principles of Finance (2021/2), The Psychology of Finance (2020/1), Business Skills for the 21st Century (2019/20) and How Business Can Better Serve Society (2018/9).

Alex’s book, Grow the Pie: How Great Companies Deliver Both Purpose and Profit, was featured in the Financial Times Best Business Books of 2020 and won the Financial Times award for Excellence in Sustainable Finance Education; it has been or is being translated into Arabic, Chinese, French, Japanese, Korean, Portuguese, Russian, and Turkish. He is a co-author of the 14th edition of Principles of Corporate Finance (with Brealey, Myers, and Allen).

Alex was named Professor of the Year by Poets & Quants in 2021. He has won 24 teaching awards at Wharton and LBS, won the Finance for the Future award for Driving Change in the finance community, and featured in Thinkers50 Radar.

Julian Franks

Professor of Finance; Alexander M. Knaster Chair;Fellow of the British Academy

Julian Franks is Professor of Finance at London Business School, and former Academic Director of London Business School’s Centre for Corporate Governance. An expert in corporate finance, his research focuses on bankruptcy and financial distress, corporate ownership and control, shareholder activism by both hedge funds and active asset managers, cost of capital and regulation. His work on ownership and control (with Colin Mayer and Stefano Rossi) has won two international prizes. Two of his other papers have won best paper awards by the Journal of Financial Intermediation . He has been an editor of the Journal of Law, Finance and Accounting, and an associate editor of various other finance journals. He has served as a member of the DTI–Treasury committee reviewing the UK’s insolvency code, as a member of the Company Law Review’s committees on corporate governance, and as a member of the Breedon committee on non-bank sources of finance. He has also been Visiting Professor at the University of California at both Berkeley and Los Angeles, and at the University of North Carolina at Chapel Hill.

Julian is currently an advisor to the Competition Market Authority. He has been an adviser to the Water Industry Commission for Scotland, a past member of the advisory board of ORR (the regulator for Network Rail), and was a member of an appeals panel for the New Zealand Commerce Commission. He has advised (with Professor Brealey) the Office of Constitutional Affairs on the issue of outside equity for law firms, and provided advice to a Treasury committee chaired by Paul Myners on a review of the governance of mutuals. He was an adviser to Ofcom for more than 15 years, and acted as an expert for them in three appeals to the Competition Authority. Julian is a partner at the consulting firm OXERA.

Francisco Gomes

Professor of Finance; Chair, Finance Faculty

Professor Francisco Gomes’ areas of expertise include capital markets, asset allocation, household finance, and macroeconomics. His research has been published in leading journals, such as The Journal of Finance , The Review of Financial Studies , the Journal of Financial Economics and The American Economic Review . He has given numerous seminars worldwide and he has been covered by The Financial Times , BBC and Bloomberg , among others.

Professor Gomes joined London Business School, in 2000, as an Assistant Professor of Finance – following receipt of his PhD from Harvard University. After earning his BA from the New University of Lisbon (Universidade Nova de Lisboa), he worked at the Bank of Portugal in its research department.

Professor Gomes is a Research Affiliate of the Centre for Economic Policy Research and one of the founding members of the CEPR Network on Household Finance.

Roberto Gomez Cram

Assistant Professor of Finance (on leave from London Business School)

Dr Roberto Gomez-Cram’s research interests include asset pricing, applied time series econometrics and investments.  Dr Roberto p reviously worked as an Assistant Economist at the Central Bank of Mexico. He holds a PhD in Finance from the Wharton School at the University of Pennsylvania.

Marco Grotteria

Dr Marco Grotteria holds a PhD in Finance from the Wharton School at the University of Pennsylvania. With research interests spanning the likes of asset pricing, macroeconomics, finance and politics – his work has been published in journals including the likes of the Review of Financial Studies, the Journal of Financial Economics and Review of Economic Studies.

Christopher Hennessy

Professor Christopher Hennessy's research focuses on information economics, moral hazard and debt, debt restructuring, tax planning, financing dynamics and credit risk. His work has been published in the Journal of Finance, Journal of Financial Economics and the Review of Financial Studies. He is a three-time winner of the Brattle Prize for outstanding corporate finance research and was named one of four rising stars in financial economics for 2010. He is a Professor of Finance at London Business School and formerly Associate Professor and Finance Area Chair at the Walter A Haas School of Business at University of California, Berkeley. He holds a Master of Public Affairs degree and a PhD in Economics from Princeton University. Professor Hennessy is currently editor of the Review of Corporate Finance Studies and associate editor of the Review of Finance, Finance Research Letters, and Management Science. He is also a research fellow at the Centre for Economic Policy Research in London and the European Corporate Governance Institute. He is a regular visitor at the Vienna Graduate School of Finance and University of Paris-Dauphine. Formerly a senior associate at KPMG Peat Marwick and research analyst at the United States Treasury Office of Tax Analysis, Professor Hennessy has chaired the academic advisory board at Acumen Global Partners – a London-based derivatives advisory boutique – and served on the academic advisory panel of Benchmark Metrics. He recently received a grant from the European Research Council to study the affect of tax changes on corporate financing decisions.

Howard Kung

Associate Professor of Finance

Dr Howard Kung joined the School in August 2014, after two years at the University of British Columbia, Sauder School of Business. He completed his PhD in Finance at Duke University and prior to his doctorate, he studied Mathematics and Economics at the University of Virginia. Howard’s research focuses on macro-finance and asset pricing. It encompasses monetary/fiscal policy, industrial organisation, and its interaction with asset pricing and firms’ investment. He has published his research in top journals such as the Review of Financial Studies, the Journal of Financial Economics, the Journal of Finance, and the Journal of Monetary Economics. His research has been covered in major media outlets such as the Wall Street Journal, CNBC, Reuters, Forbes, and Bloomberg. Howard teaches in the MBA and PhD programmes.

Kung's research is featured in the Wheeler Institute for Business and Development brochure .

Lakshmi Naaraayanan

Assistant Professor of Finance, London Business School

Joining LBS after completing a PhD in Finance at the Hong Kong University of Science and Technology, Dr Naaraayanan’s research interests lie in the area of empirical corporate finance – including corporate governance, entrepreneurship, financial intermediation, and law and finance. His research has won several awards including the USC Marshall School of Business Trefftzs Award at the Western Finance Association Meetings. His work has been featuring in numerous publications such as the Financial Express, Forbes, Oxford Business and Law, and the World Bank. Lakshmi's research is featured in the Wheeler Institute for Business and Development brochure .

Narayan Naik

Professor of Finance (on leave from London Business School)

Professor Narayan Naik is recognized as one of the leading experts on hedge fund investing. Over the last decade he has authored a significant body of work in hedge funds benchmarking, performance evaluation of long-only managers, tail-risk hedging, life settlements-longevity risk and market microstructure. His work has appeared in the top finance journals, leading practitioner journals and financial press. Professor Naik’s teaching includes the following subjects: Strategic Investment Management, Equity Investment Management and Hedge Funds.

Since joining London Business School (LBS) in 1991, Professor Naik has played a key role in the development of the finance group at LBS, most notably in the role of Director of the PhD Programme in Finance, Director of the School’s Investment Management Programme, Director of the Hedge Fund Research Centre and more recently, one of the Academic Directors of the AQR Asset Management Institute at LBS.

Professor Naik has designed, and taught tailor-made courses in corporate finance, investment management, Islamic Finance and hedge funds for investment banks and financial institutions. His most recent innovation has been the creation of FinTech and the Financial Services Industry Transformation elective. This course examines innovative technology-driven transformation of old business models in the financial services sector. Professor Naik’s research interests also lie within this field, exploring how Financial Technology is breaking the financial services value chain through more efficient provisioning of Payments, Deposits and Lending, Capital Raising, Wealth Management, Insurance, Market Data Analytics, as well as the impact on businesses on by the BlockChain and Cryptocurrency technology.

Professor Naik has appeared many times on CNN, CNBC, Bloomberg, the BBC, ITV and other news channels as an expert finance academic. He has consulted widely during his career for the World Bank, sovereign wealth funds in the Middle East, and private corporations in the UK, USA, Middle East and Far East.

Anna Pavlova

Professor of Finance; Academic Director, AQR Asset Management Institute

Anna is also an Editor of the Review of Financial Studies and the Programme Director of the Asset Pricing Programme at the Centre for Economic Policy Research (CEPR). She serves on the European Economic Association Council and the SFI Scientific Council. Formerly, she was a Director of the American Finance Association and a Director of the European Finance Association. 

Prior to joining LBS, she was on the faculty at MIT Sloan School of Management. She holds a PhD in Economics from the University of Pennsylvania.

She has published in top journals such as American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies and Review of Economic Studies. Her recent research focuses on the impact of institutional investors on asset prices, ESG investing, retail trading in options, the financialisaton of commodities and frictions in international financial markets. Her work has been cited in a large number of international newspapers, including the Economist , Financial Times and Wall Street Journal .

Anna has been awarded an ERC Starting Grant and has received a number of other prestigious awards for her research and teaching.

Stephen Schaefer

Professor Stephen Schaefer has published widely on fixed income markets, risk management, credit risk and financial regulation. His research includes a study on corporate debt default in the US over the past 150 years, which was awarded first prize in the 2011 Fama/DFA Award for the Best Paper Published in the Journal of Financial Economics in the areas of capital markets and asset pricing. He also received the 2015 Jack Treynor Prize from the Q Group, which recognises academic working papers with potential applications in the fields of investment management and financial markets.

Professor Schaefer was formerly a faculty member of the Graduate School of Business at Stanford University. He has also been a visiting professor at the Universities of British Columbia, California (Berkeley), Cape Town, Chicago and Venice, where he was recently awarded an Honorary Fellowship. Today, he is the lead Academic Director for the London Business School’s AQR Asset Management Institute.

Outside academic life, he has consulted widely for a variety of financial institutions and is a co-author of two major reports for the Norwegian Ministry of Finance on the management of the Norwegian Government Pension Fund (the ‘Oil Fund’).

He has also been an independent board member of the Securities and Futures Authority; a senior research advisor to Moody’s KMV; a non-executive director of Leo Fund Management; a trustee-director of Smith Breeden Mutual Funds and a member of Moody’s Academic Research and Advisory Committee.

Henri Servaes

Richard Brealey Professor of Corporate Governance; Professor of Finance

Professor Servaes is also a Research Fellow of the Centre for Economic Policy Research and a Research Associate of the European Corporate Governance Institute. His areas of interest include corporate finance, corporate governance, corporate social responsibility, and mutual funds. He has published articles in all the leading finance journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has won prizes for several of his articles, including the Journal of Financial Economics All Star Paper and the Journal of Finance Distinguished Paper Brattle Prize. In August of 2005, he was featured in the Financial Times series on Gurus of the Future. His work has been presented at all major international finance conferences and at more than 100 universities worldwide. He has had previous appointments at the University of Chicago, the Katholieke Universiteit Leuven (Belgium), Duke University, and the University of North Carolina at Chapel Hill. Henri has been involved in consulting and executive education for Anglo American, Barclays, Bertelsmann, BG Group, Continental, Deutsche Bank, E ON, The Financial Times (Lex Team), Freshfields, Mars, PwC, and Suez, among others. His work has been cited in a large number of international newspapers, including the Financial Times, The Wall Street Journal, and The Economist. At London Business School, he teaches corporate finance, corporate governance, and mergers & acquisitions.

Personal website

Adjunct Professor of Finance

Mr. Avner joined Bain Capital Credit in 2006. He has been the Head of Bain Capital Credit Europe since 2009, is a Partner in Distressed and Special Situations and a Credit and Risk Committees member. Between 2006 and 2009, Mr. Avner was responsible for Bain Capital Credit's European Telecom and Media investments. Previously, Mr. Avner was a Manager at Bain & Company where he focused on private equity as well as the media and telecoms sectors. In addition, he spent six years in operations and marketing roles at Comverse Technology and Creo/Scitex.

Stan Beckers

Executive Fellow of Finance

Stan Beckers is Executive Fellow and Chair of the AQR Asset Management Institute at London Business School and Non-Executive Director and Chair of the Risk Committee at Rothesay Life in London. He was until April 2017 member of the Management Board of NN Group and CEO of NN Investment Partners (previously known as ING Investment Management). He has more than 30 years of professional and leadership experience in global finance and asset management with organizations such as BlackRock, Barclays Global Investors, Kedge Capital and WestAM. Stan was also one of the early partners at BARRA (now MSCI BARRA) where he started and ran the non-US operations for 20 years.

Over the years, Stan Beckers has served as a member of the investment committee of several pension funds and on the supervisory boards of KAS Bank and Robeco in the Netherlands. He has taught at various Universities such as UC Berkeley, VU Amsterdam, Cass Business School, London School of Economics and KULeuven. Stan has published over 50 papers in various academic journals such as The Journal of Finance, JFQA, The Financial Analysts Journal and The Journal of Portfolio Management.

Richard Brealey

Emeritus Professor of Finance

Professor Richard Brealey’s research interests include corporate finance, investment management, international finance, capital markets and intermediation.  

His publications include: Principles of Corporate Finance and Fundamentals of Corporate Finance and his recent research has appeared in journals such as the Review of Financial Studies and Journal of Applied Corporate Finance .

In addition to being Emeritus Professor of Finance at London Business School, he is director of the Swiss Helvetia Fund. He is also Associate Editor of the Journal of Applied Corporate Finance, advisory editor of Economic Notes and a member of the Advisory Board of International Finance.

He was formerly a special adviser to the Governor of the Bank of England and Tokai Bank Professor of Finance at London Business School. He has held visiting appointments at the University of California (Berkeley), the University of British Columbia, the University of Hawaii and the Australian Graduate School of Management.

Elroy Dimson

Elroy Dimson is Professor of Finance and Research Director at Cambridge Judge Business School, and Bye-Fellow of Gonville and Caius College, Cambridge. He is Emeritus Professor of Finance at London Business School.

His research focuses on responsible investment and long-horizon investing, and he and his co-authors have become well known for their studies of the investment performance since 1900 of financial assets in 90 countries and real assets such as wine, stamps, art, and collectibles.

His publications, with several colleagues, on financial market history, endowment asset management, and responsible investing have been recognised by several awards. His books include the Global Investment Returns Yearbook (with Paul Marsh and Mike Staunton), Financial Market History (with David Chambers), Endowment Asset Management (with Shanta Acharya), and Triumph of the Optimists (with Paul Marsh and Mike Staunton). His articles are on active ownership (Review of Financial Studies), real assets (Journal of Financial Economics), financial history (Journal of Financial and Quantitative Analysis), investing in art (Review of Asset Pricing Studies), endowment strategy (Financial Analysts Journal), and ESG investing Journal of Portfolio Management). His case studies are on fossil fuel divestment, manager selection, real estate, and stocks for the long run.

Dr Dimson serves on the Review Board of the CFA Institute Research Foundation, and the Supervisory Council of the Geneva Finance Research Institute. He was formerly Chairman of the Strategy Council for Norway’s sovereign wealth fund and Chairman of the Policy and Advisory Boards of FTSE Russell. Before going to Cambridge was a Professor and Governor at London Business School. He is a Fellow of CFA UK, the Institute and Faculty of Actuaries, and the Royal Historical Society. His PhD is from London Business School.

Tom Gosling

Tom Gosling is an Executive Fellow in the Department of Finance at LBS where he contributes to the evidence-based practice of responsible business by connecting academic research, public policy, and corporate action. He also works with the Leadership Institute at LBS.

Tom has 20+ years of experience as a board adviser and is a leading independent authority on corporate governance and responsible business. Most recently he was a senior Partner at PwC where he established and led the firm’s executive pay practice, advising a number of the largest FTSE-100 and equivalent private and European companies on corporate governance and executive pay.

Prior to joining PwC, Tom was a Research Fellow in the Department of Applied Mathematics and Theoretical Physics at Cambridge University. He has a PhD in Applied Mathematics and is a Fellow of the Institute of Actuaries.

Tom is also the inaugural Executive Fellow at the European Corporate Governance Institute and sits on the ESG Advisory Board of the Financial Conduct Authority. He is on the Advisory Panel and on the Stakeholder Insights Group at the Financial Reporting Council. He also consults private as part of the HR advisory firm 3XO.

As part of his role, Tom engages extensively with regulators such as BEIS, the FRC and the FCA on remuneration, corporate governance, stewardship and ESG policy matters. He participated in a joint PwC and London Business School team commissioned by BEIS to fulfil the Government’s manifesto commitment to study the  impact of share buybacks on executive pay and investment and represented London Business School on the FCA’s Purpose Working Group, contributing to the Discussion Paper on  Transforming culture in financial services – driving purposeful cultures .  Tom has given evidence to the BEIS Select Committee and the Parliamentary Commission on Banking Standards.

Tom is a regular commentator in print, broadcast, and social media. He presents the  Grow the Pie podcast series , the Responsible Business podcast , and the European Corporate Governance Institute Conversations series . Tom is regularly quoted in the quality press, and has appeared on The Today Programme, Radio 5 Live, BBC News, and Sky News.

Professor Paul Marsh’s main areas of expertise and interest are long-run investment returns, global equity markets, smaller companies’ investment, asset management and corporate finance.

He has published articles in the Journal of Business, Journal of Finance, Journal of Financial Economics, Journal of Portfolio Management, Harvard Business Review and many other journals.

Together with Elroy Dimson and Mike Staunton, he wrote the influential investment book Triumph of the Optimists , published by Princeton University Press. Since 2000, they have also produced the annual Global Investment Returns Yearbook , which documents global asset returns since 1900.

Paul is currently Emeritus Professor of Finance at London Business School and has been Chair of the Finance subject area, Deputy Principal, Faculty Dean, an elected Governor and Dean of the Finance Programmes (including the Masters in Finance).

Paul has been a non-executive director of M&G Group, Majedie Investments and Aberforth Smaller Companies Trust, where he was also Chairman. He has acted as a consultant to a wide range of financial institutions and companies.

Paul was part of the team that designed the FTSE 100 Share Index, and with Elroy Dimson , he co-designed the Numis Smaller Companies Index, and the Risk Measurement Service , which London Business School has published since 1979.

Explore our exciting programme of Finance events, including our annual Finance Symposium.

Academic research

Our academic excellence is grounded in rigorous research.

Interested in joining our world-leading faculty as a research leader and lecturer?

Finance programmes for every career stage

Are you an experienced professional looking to fast-track your career with a technical Masters degree? An executive seeking a wide range of complex financial solutions for your toolkit? Looking for a better understanding of financial information to improve your decision making? Or just starting out in your finance career? Study at a global centre of finance and drive your career forward with the latest financial thinking.

Finance PhD Programme

Find out more about our Finance PhD programme

Masters Degrees core courses

A key part of our Masters programmes curriculum.

Advanced Investments:We begin by considering how to allocate wealth into different asset classes and investment strategies. A particular emphasis is alternative assets and on long-term investing with a coherent modeling of assets and liabilities. We then discuss performance evaluation and attribution. We cover common investment strategies based on value, profitability, investment, momentum, carry, beta, and volatility. We also cover recent developments of more complex investment products, and compare and contrast them with traditional fund structures. We finally discuss limits to arbitrage and the costs of implementing actual trading strategies

PROGRAMMES WITH THIS CORE COURSE

• Masters in Financial Analysis

CORE COURSE CURRENTLY TAUGHT BY

This course will give students a hands-on, operational, quantitative understanding of corporate financial decisions-how to make them and how to implement them. Consistent with the mission of the MFA degree, it is assumed students either have a familiarity with the basic theory, or that they will be able to pick up the basic theory on the go.

Analyse the two key goals of the financial function: to invest wisely and to finance a company effectively. Examine the investment decisions companies make and financial market decisions such as capital structure.

• Executive MBA London
• LBS Sloan Masters in Leadership and Strategy
• EMBA-Global
• Executive MBA Dubai

Why do companies make the investment and financial decisions they do? Understand the principles of project appraisal and firm valuation, financial structure and pay-out policy, using real-life case studies. Assess the merits of real investments; Compute corporate and project-level costs of capital ;Value corporate targets using discounted cash-flow and multiples-based methods ;Analyse financial structure decisions and credit risk at a quantitative level ;Understand the incentive effects of leverage decisions and the role of information in financial decisions ; Analyse corporate payout policy.

• Masters in Finance Full-time
• Masters in Finance Part-time

Analytics is now revolutionising the finance industry and central to most finance activities. Learn the concepts and tools needed to be at the forefront of this change. Consider how lenders can use Big Data to make faster, better credit decisions and examine how traders can use data analytics to maximise portfolio returns.

• Masters in Analytics and Management

Learn how to manage your company’s finances and develop a framework to help you make the right financial decisions.

• Masters in Management

Explore capital structure choice studying the seminal Miller and Modigliani (MM) Theorem, which provides the conditions under which project choice and financing choice can be separated. Then, focus on the concept of optionality and how to apply it to both financial assets. Cover standard options, apply these insights to risk management and discuss corporate risk management, with a focus on the strategic decision of whether a firm should hedge its risk exposures. Develop your own view on the optimal capital structure for a corporation Understand the importance of asymmetric information and signalling in capital markets and financing; Understand the ideas underlying option pricing ; Apply option pricing to financial and real options

Financial Economics I/Asset Pricing

Financial Institutions

This is a rigorous foundations course in investment analysis covering the basics of fixed income, equity and derivative securities as well as modern portfolio theory (how to invest across different securities/assets or asset classes). The focus is on understanding how to value securities, how to measure/manage the risk of these securities, the relationship between risk and return and the practical application of these concepts. Asset Management: Consider how to allocate wealth into different asset classes and investment strategies. You’ll explore the contribution of fixed income in equity portfolios and the role of alternative investments. Focus on long-term investing with a coherent modelling of assets and liabilities, and performance evaluation; look into recent development of more complex investment products; and compare and contrast them with traditional fund structures. This will include the limits to arbitrage and the costs of implementing actual trading

Learn the frameworks for financial decision-making through a robust understanding of the principles and practice of financial management. Explore advanced theories in the valuation of investments, management of portfolios and risk management strategies: Articulate the principle of “no-arbitrage” and why this is an important concept for valuing financial assets ;Calculate the value of risk-free and riskless cash flow streams, inc those accruing to real investment projects and financial assets ;Hedge an asset or liability’s exposure to changes in interest rates; Understand why the term structure of interest rates is important; Explain the theoretical basis for modern portfolio theory including its implementation and limitations ;Model and evaluate portfolio risk using factor models ;Value forward and futures contracts using the principle of no-arbitrage ;Value options using replicating portfolios, binomial option pricing, and the Black-Scholes model.

Managerial Finance

" This course will examine mergers and acquisitions. It will also examine conglomerates, focusing on unlocking the conglomerate discount, as well as examining alternatives to the traditional markets for corporate control, including private equity and shareholder activism. Private equity usually involves the acquisition of (or part of) a listed company or a private company. Activism involves the acquisition, usually, of a minority stake with the intention of changing the strategy of a company. Those strategic changes will often include, putting a company 'into play', restructuring the company, or spinning off some assets.

Personal Finance covers the financial decision-making of individuals/households as opposed to those of Corporations or Institutional Investors. More specifically, it will focus on the savings, investment and borrowing decisions. The course is therefore particularly relevant for those interested in the areas of wealth management, asset management, consumer finance, financial regulation and policy making.

The course provides an introduction to the fundamentals of private equity, including the main concepts, techniques, institutions, and dynamics of the sector. Specific themes include: deal sourcing, due diligence, valuation, financing and value creation, across both buyout and venture capital strategies. The course also covers the fund model and reviews the industry from the perspective of private equity firms themselves as well as their institutional investors.

Masters Degrees electives

Optional courses providing a deep dive into specialist areas.

Through in-depth cases and discussion of topical issues, discover the multitude of ways that corporate finance theory can be applied to practical problems, with all the complexities that the real world entails. Cover advanced topics in valuation and financing

PROGRAMMES WITH THIS ELECTIVE

Elective currently taught by.

Over the last 15 years markets experienced exponential growth in sub-investment grade (credit) investing with funds replace banks as a major source of capital. Leveraged Loans, High Yield Bonds, Private credit / Direct Lending, Distressed and Special Situations have come to dominate credit markets supporting the overall growth of the Alternative Investments space.The course will teach investment principles across the different strategies, best practices in the field, practical examples as well as market developments. The course will draw from the experience of industry professionals and in particular, from Alon Avner who has been managing Bain Capital Credit's European business for c.15 years. In the current turbulent market environment, and with the continuous growth in the alternative investments markets, the course is more relevant than ever for students looking for roles at investment funds and banks (Buyside and Sell side).

In the past, the field of finance developed a successful paradigm based on the assumption that investors and managers are rational and that the market is efficient. Anecdotal evidence and research means we now know that this paradigm is insufficient to describe real financial markets. This course adds institutional, social, cognitive, and emotional biases into an analysis of financial market phenomena

Together with the Finance Core Course, a two-course sequence covering corporate finance and investments. While not a core course, CFCM covers key areas of finance with which all graduates should be familiar.

The objective of this course is to enable you to value businesses. This involves the application of ideas that you already know: DCF, cost of capital, M&M, etc. It involves deepening and extending your knowledge of how to apply these methods in the specific context of valuing businesses, as well as providing you with other financial tools that are useful in that context.

Become a sophisticated and informed user of derivative instruments such as futures, swaps and options. Develop a sound understanding of the real-world details of the products and the models used to analyse them, as well as their limitations

Understand this innovative and influential area of corporate finance and private equity activity globally. Assess best practices in the field with reference to case studies, practical examples and lessons learnt. The course draws from The course draws from the experience of senior investment professionals and distressed fund advisors.

The Equity Investment Management course covers Strategic and Tactical asset allocation, Portfolio Optimization, Risk Measurement, Factor models of returns, Active-Passive management, Long-Short investing, Behavioural Finance, Style Analysis and Performance Measurement. It highlights some recent developments and how they are having an impact on all aspects of investment management

Multiple new technologies are finding their way into financial services, including artificial intelligence, machine learning, distributed ledger technology, cryptography, digital identity, SaaS platforms, chatbots, robotic process automation, and augmented reality. This has triggered the opportunity to fundamentally morph the business model of practically every financial services vertical - including payments, deposits & retail banking, lending, capital raising, wealth management, insurance, financial infrastructure, and regulation.

The climate change crisis and its effect on the environment, households, and capital markets are spurring a worldwide coordinated response by governments, which has the potential to accelerate the transition to a low-carbon inclusive economy.Against this backdrop, this course introduces sustainability challenges from different perspectives and discusses the role of finance in impacting and addressing them.It is designed around a combination of cases and financial tools to reach course objectives and will end with an individual exam. We will ground our discussions in rigorous state-of-the-art academic research and apply evidence from research to real-world problems through case discussions and recent developments. We will cover diverse aspects such as ESG measurement, investment management, socially responsible and impact investing, role of shareholder engagement, integrated reporting, risk management, and the use of capital markets to create market-based emissions trading systems.

Gain the skills to value, hedge and manage the risk of a wide variety of derivatives and structured products.

Undertake a rigorous study of fixed income securities on this quantitative course.

Learn about the hedge fund industry, which has grown rapidly over the last decade and is gaining recognition as an alternative to the traditional mutual fund investment. Examine the reasons for this, the modus operandi of hedge funds, their legal, organisational and operational structures, their risk-return characteristics, their model of aligning the interests of investors and managers and the likelihood of their success in the future

Examine corporate re-organisations, including mergers and acquisitions, re-organisation through workouts and bankruptcy, divisional spin-offs and divestitures, and leveraged buyouts

The Project and Infrastructure Finance course focuses on the application of techniques and principles to structure, value and finance large-scale infrastructure and industrial projects. The course describes the many ways in which project finance techniques can be used to redistribute and mitigate the risks typically found in these complex projects. Students will work through a series of case studies to apply project finance techniques to real-life projects such as Public-Private Partnership (PPP) infrastructure concessions and commodity development opportunities

Students will learn Python coding and will apply the skills in a variety of financial problems, such as devising and evaluating trading strategies, portfolio construction, and risk assessment, among others. Students are expected to have basic level of coding experience in any other language and a good technical background (namely should be familiar with linear regression and basic linear algebra).

Gain the concepts and tools you need to understand real estate markets and manage real estate assets with a focus on value creation. Most of the course will focus on commercial real estate. Topics covered include valuation and investment analysis, financing, economic, legal, political and taxation issues and recent trends and challenges

There are some $90 trillion dollars of professionally managed assets globally. Where does the money come from? Where does it go? What factors shape how it is managed? Together we take a tour of the world of investment management. We look at the investment challenge through the eyes of the principal actors on the global money management stage - and the current trends shaping the industry in which they work. After 5 days you will be better prepared for a career in investment or one in which investors are your clients. Please note: this course is not a masterclass in how to invest; it is a unique look at how and why investors invest the way they do and the investment industry in which they operate. The block week runs dawn to dusk. It features a parade of practitioners. The level of assignments is not particularly difficult - but the pace and continuous participation required is demanding. Do not take this course unless you can devote the entire week to it

Value Investing course is intended to teach students the principle of value investing as developed by Graham and Dodd and as practiced by prominent buy-side investment professionals. Students would be taught fundamentals of long/short equity investing. This would be done through a combination of formal lectures, speaker sessions and in-class discussion on real world ideas. The emphasis would be on real world Investing decisions with a goal to provide students theory and practice of investing and help students develop business acumen and industry experience

The course aims to help you recognise and navigate with confidence a broad range of conventional wealth management concepts, tools, and structures.

PhD courses

The first step to academic excellence.

Econometrics I

PhD Seminar in Financial Economics 2

Continuous Time Finance

Financial Economics III / Corporate Finance

Short programmes offering academic excellence, global focus and exceptional diversity of perspective.

"Attending the Accelerated Development Programme is a unique opportunity for participants to learn not only from our world-class faculty but from their fellow participants. Consequently, the way the programme is designed encourages you to get to know as many people as possible and to form a life-long network of culturally diverse peers".

• Accelerated Development Programme

FACULTY IN THIS SUBJECT AREA

• Masterclass in Private Equity

"Thinking strategically, developing leadership skills and managing globally are the keys to achieving and maintaining competitive advantage in a rapidly evolving marketplace".

• Senior Executive Programme
• Strategic Investment Management
• The Chief Financial Officer Programme

Finance articles

Think at London Business School

The business of succession

Family Offices have grown over the last decades and today represent an important priority of many business families – we take a closer look.

By Jonathan Braude

Find out more

Keeping an eye on private equity and ESG

Do private equity firms merely make ESG claims, or do claims translate into better portfolio company performance?

'LBS helped me overcome imposter syndrome'

Busie Dhlodhlo MFA2022 relates the “unbelievable” journey that culminated in a full scholarship

By Aine Doris

Want to know more about Finance at London Business School? We’d love to hear from you.

Katty Paredes

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• Undergraduate
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MRes/PhD Finance

• Graduate research
• Department of Finance
• Application code N4ZC
• Starting 2024
• Home full-time: Open
• Overseas full-time: Open
• Location: Houghton Street, London

This programme offers the chance to undertake a substantial piece of work that is worthy of publication and which makes an original contribution to the field of finance. You will begin on the MRes, and will need to meet certain requirements to progress to the PhD.

Our programme is unique in its integration of finance and economics. During the first year, you will take microeconomics, macroeconomics, and econometrics courses alongside PhD students in Economics. However, in the second year you will differentiate by taking advanced courses in asset pricing and corporate finance. You will leave with a broad understanding of finance and its relations to other fields in economics.

As one of the largest finance departments in the world, we are able to offer opportunities for research in virtually any field in finance. We have strengths in theory and empirics, asset pricing and corporate finance, as well as financial econometrics, behavioural finance, macro-finance, and microeconomic analysis of financial markets and institutions.

You are expected to participate in the regular departmental seminars (weekly), as well as occasional workshops and conferences given by internationally renowned speakers. This is viewed as an important part of the learning process on the MRes/PhD in Finance.

Programme details

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Entry requirements

Minimum entry requirements for mres/phd finance.

Merit in a taught master's degree in finance, economics or another subject with a strong quantitative component.

Competition for places at the School is high. This means that even if you meet our minimum entry requirement, this does not guarantee you an offer of admission. 

If you have studied or are studying outside of the UK then have a look at our  Information for International Students  to find out the entry requirements that apply to you.

GRE/GMAT requirement

GRE or GMAT is required from all applicants (GRE is preferred)

Find out more about GRE/GMAT

Assessing your application

We welcome applications for research programmes that complement the academic interests of members of staff at the School, and we recommend that you investigate  staff research interests  before applying. However, please do not get in touch with faculty at this stage, 

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

• academic achievement (including existing and pending qualifications)
• statement of academic purpose 
• outline research proposal
• sample of written work.

See further information on supporting documents

You may also have to provide evidence of your English proficiency. You do not need to provide this at the time of your application to LSE, but we recommend that you do.  See our English language requirements .

When to apply

The application deadline for this programme is 25 April 2024 . However, to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.

Statement of Academic Purpose

Your Statement of Academic Purpose should clearly explain the below:

• Why you want to do research in finance
• How your studies and experience make you suitable to do research in finance

Research interests

Your Research Interests should be submitted in place of the Outline Research Proposal, along with your application form and other required supporting documents, via the LSE online application system.

• Which aspect of the PhD do you think you will like the most? Which will you dislike the most? Why? (max. 200 words)
• Tell us about your favourite paper in financial economics. What do you like about it? How would you improve it? (max. 400 words)
• Write a comment for a general audience on a topic/question that interests you in finance: (max. 400 words).
• Is CEO compensation excessive?
• Markets function well as information is aggregated efficiently through prices.
• What are the benefits of shareholder activism?

Fees and funding

Fees and funding.

Every research student is charged a fee in line with the fee structure for their programme.  The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2024/25 for MRes/PhD in Finance

Home students: £4,829 for the first year (provisional) Overseas students: £22,632 for the first year

The fee is likely to rise over subsequent years of the programme. The School charges home research students in line with the level of fee that the Research Councils recommend. The fees for overseas students are likely to rise in line with the assumed percentage increase in pay costs (ie, 4 per cent per annum).

The Table of Fees shows the latest tuition amounts for all programmes offered by the School.

The amount of tuition fees you will need to pay, and any financial support you are eligible for, will depend on whether you are classified as a home or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Further information about fee status classification.

Scholarships and other funding

The School recognises that the  cost of living in London  may be higher than in your home town or country, and we provide generous scholarships each year to home and overseas students.

This programme is eligible for  LSE PhD Studentships , and  Economic and Social Research Council (ESRC) funding . Selection for the PhD Studentships and ESRC funding is based on receipt of an application for a place – including all ancillary documents, before the funding deadline.  

Funding deadline for LSE PhD Studentships and ESRC funding: 15 January 2024 Second funding deadline for LSE PhD Studentships: 25 April 2024

The Finance Department may also offer departmental scholarships.

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas.  Find out more about financial support.

External funding 

There may be other funding opportunities available through other organisations or governments and we recommend you investigate these options as well.

Further information

Fees and funding opportunities

Information for international students

LSE is an international community, with over 140 nationalities represented amongst its student body. We celebrate this diversity through everything we do.  

If you are applying to LSE from outside of the UK then take a look at our Information for International students . 

1) Take a note of the UK qualifications we require for your programme of interest (found in the ‘Entry requirements’ section of this page). 

2) Go to the International Students section of our website. 

3) Select your country. 

4) Select ‘Graduate entry requirements’ and scroll until you arrive at the information about your local/national qualification. Compare the stated UK entry requirements listed on this page with the local/national entry requirement listed on your country specific page.

Programme structure and courses

Programme structure and courses.

A PhD in Finance from LSE consists of six coursework units, completed over two years, followed by a thesis which is usually expected to take a further three or four years.

We encourage our research students to participate fully in the intellectual life of the Department, and in the research seminar and workshop programmes of the Department and related research centres such as the Financial Markets Group (FMG). The weekly Capital Markets Workshops provide exposure to the work of leading academics from the UK and overseas. In addition, the FMG hosts a number of conferences each year with leading researchers and practitioners.

Students will normally commence in late August, by attending an introductory course before the start of the academic year.

Introductory Course in Mathematics and Statistics Provides students with the essential mathematical, statistical, economic and econometric background for the core Economics courses of these programmes.

During their first year, students take courses in Advanced Microeconomics, Advanced Macroeconomics and Advanced Financial Econometrics to build their core knowledge in these areas. They will also take two transferable skills courses which are not examined.

There is also the option to attend non-examined research workshops or seminars in finance given by faculty and internationally renowned scholars. Students also attend a PhD seminar in Finance throughout their MRes/PhD studies.

Microeconomics for MRes Students Introduces the basic analytical tools that are necessary to conduct research in any field in economics.

Macroeconomics for MRes Students Covers topics in advanced macroeconomics with emphasis on fundamentals and applications to recent theoretical advances.

Econometrics for MRes students Covers probability, mathematical statistics, and asymptotic theory, and theory and application of regression analysis. Provides a survey of the theory and application of time series methods in econometrics.

Financial Economics This non-examined course provides an in-depth introduction to the theories of asset pricing and corporate finance.

Capital Markets Workshop   

Second year

Students take courses in Corporate Finance and Asset Pricing, in addition to completing a research paper. They are also expected to attend research workshops or seminars in finance given by faculty and internationally renowned scholars.

Corporate Finance for Research Students The first half of this course focuses on the theory of corporate finance. The second half of the course will consider empirical research in corporate finance.  

Asset Pricing for Research Students Covers asset pricing theory, empirical asset pricing, as well as empirical evaluation of asset-pricing models.

Research Paper in Finance A research paper of between 6,000 and 8,000 words, related to your designated major field, to be submitted at the end of August of the second year.

PhD Seminar in Finance A seminar course for PhD students in the early stages of their research to present their work in progress.

Capital Markets Workshop

PhD programme

After meeting the progression requirements, students progress to PhD registration and begin to work on their thesis

For the most up-to-date list of optional courses please visit the relevant   School Calendar page. 

You must note, however, that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises. 

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s  Calendar , or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the  updated graduate course and programme information  page.

Supervision, progression and assessment

Supervision.

You will be assigned a lead supervisor (and a second supervisor/adviser) who is a specialist in your chosen research field, though not necessarily in your topic. Lead supervisors guide you through your studies.

Progression and assessment

To progress at the end of each year, students must pass their examined courses at grades specified by the Department and make satisfactory progress in their research. Progress is regularly monitored by the Department's Postgraduate Assessment Review Panel.

You will also need to meet certain criteria to progress to PhD registration, such as achieving certain grades in your coursework, and earning a minimum mark on your research paper.

Your final award will be determined by the completion of an original research thesis and a viva oral examination.

More about progression requirements.  

Student support and resources

We’re here to help and support you throughout your time at LSE, whether you need help with your academic studies, support with your welfare and wellbeing or simply to develop on a personal and professional level.

Whatever your query, big or small, there are a range of people you can speak to who will be happy to help.  

Department librarians   – they will be able to help you navigate the library and maximise its resources during your studies. 

Accommodation service  – they can offer advice on living in halls and offer guidance on private accommodation related queries.

Class teachers and seminar leaders  – they will be able to assist with queries relating to specific courses. 

Disability and Wellbeing Service  – they are experts in long-term health conditions, sensory impairments, mental health and specific learning difficulties. They offer confidential and free services such as  student counselling,  a  peer support scheme  and arranging  exam adjustments.  They run groups and workshops.  

IT help  – support is available 24 hours a day to assist with all your technology queries.   

LSE Faith Centre  – this is home to LSE's diverse religious activities and transformational interfaith leadership programmes, as well as a space for worship, prayer and quiet reflection. It includes Islamic prayer rooms and a main space for worship. It is also a space for wellbeing classes on campus and is open to all students and staff from all faiths and none.   

Language Centre  – the Centre specialises in offering language courses targeted to the needs of students and practitioners in the social sciences. We offer pre-course English for Academic Purposes programmes; English language support during your studies; modern language courses in nine languages; proofreading, translation and document authentication; and language learning community activities.

LSE Careers  ­ – with the help of LSE Careers, you can make the most of the opportunities that London has to offer. Whatever your career plans, LSE Careers will work with you, connecting you to opportunities and experiences from internships and volunteering to networking events and employer and alumni insights. 

LSE Library   –   founded in 1896, the British Library of Political and Economic Science is the major international library of the social sciences. It stays open late, has lots of excellent resources and is a great place to study. As an LSE student, you’ll have access to a number of other academic libraries in Greater London and nationwide. 

LSE LIFE  – this is where you should go to develop skills you’ll use as a student and beyond. The centre runs talks and workshops on skills you’ll find useful in the classroom; offers one-to-one sessions with study advisers who can help you with reading, making notes, writing, research and exam revision; and provides drop-in sessions for academic and personal support. (See ‘Teaching and assessment’). 

LSE Students’ Union (LSESU)  – they offer academic, personal and financial advice and funding.  

PhD Academy   – this is available for PhD students, wherever they are, to take part in interdisciplinary events and other professional development activities and access all the services related to their registration. 

Sardinia House Dental Practice   – this   offers discounted private dental services to LSE students.  

St Philips Medical Centre  – based in Pethwick-Lawrence House, the Centre provides NHS Primary Care services to registered patients.

Student Services Centre  – our staff here can answer general queries and can point you in the direction of other LSE services.  

Student advisers   – we have a  Deputy Head of Student Services (Advice and Policy)  and an  Adviser to Women Students  who can help with academic and pastoral matters.

Student life

As a student at LSE you’ll be based at our central London campus. Find out what our campus and London have to offer you on academic, social and career perspective. 

Student societies and activities

Your time at LSE is not just about studying, there are plenty of ways to get involved in  extracurricular activities . From joining one of over 200 societies, or starting your own society, to volunteering for a local charity, or attending a public lecture by a world-leading figure, there is a lot to choose from. 

The campus 

LSE is based on one  campus  in the centre of London. Despite the busy feel of the surrounding area, many of the streets around campus are pedestrianised, meaning the campus feels like a real community. 

Life in London 

London is an exciting, vibrant and colourful city. It's also an academic city, with more than 400,000 university students. Whatever your interests or appetite you will find something to suit your palate and pocket in this truly international capital. Make the most of career opportunities and social activities, theatre, museums, music and more. 

Want to find out more? Read why we think  London is a fantastic student city , find out about  key sights, places and experiences for new Londoners . Don't fear, London doesn't have to be super expensive: hear about  London on a budget . 

The programme is aimed at training students to become an academic. Students who successfully complete the programme often embark on a career in academic institutions, or international organisations such as central banks or the IMF. See a list of past placements.

Further information on graduate destinations for this programme

Support for your career

LSE Careers has a wide range of resources available to assist students in their job search. Find out more about the  support available to students through LSE Careers .

Find out more about LSE

Discover more about being an LSE student - meet us in a city near you, visit our campus or experience LSE from home. 

Experience LSE from home

Webinars, videos, student blogs and student video diaries will help you gain an insight into what it's like to study at LSE for those that aren't able to make it to our campus.  Experience LSE from home . 

Come on a guided campus tour, attend an undergraduate open day, drop into our office or go on a self-guided tour.  Find out about opportunities to visit LSE . 

LSE visits you

Student Marketing, Recruitment and Study Abroad travels throughout the UK and around the world to meet with prospective students. We visit schools, attend education fairs and also hold Destination LSE events: pre-departure events for offer holders.  Find details on LSE's upcoming visits . 

How to apply

Virtual Graduate Open Day

Register your interest

Related programmes, mres/phd economics.

Code(s) L1U4

MSc Finance and Economics

Code(s) LN43

MPhil/PhD Statistics

Code(s) G4ZS

MRes/PhD Accounting (Accounting, Organisations and Institutions)

Code(s) N2ZD (AOI track)

MPhil/PhD Social Research Methods

Code(s) L9ZM

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UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)  Application deadline:  31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 may still be considered, see details below) Entry:  Applicants must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ‘ Level 2 ’ (IELTS and TOEFL are the preferred test, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the  UCL English Language Requirements  page.

The MRes and PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.

The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics. 

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

PhD Structure

• The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.
• Superior performance is required for automatic progression from MRes to MPhil. In particular, students should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element.
• Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our faculty members throughout their doctoral study. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules.
• We expect our PhD graduates to have as their goal an academic career as a faculty member in a top business school or Economics department or in the research group of an international institution or a central bank.

Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules. 

All modules in the MRes year are core modules, there are no optional modules. 

• ECON0107 - Macroeconomics, 15 credits  
• ECON0106 - Microeconomics, 15 credits  
• ECON0108 - Econometrics, 15 credits  
• ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
• MSIN0234 - Topics in Financial Economics, 30 credits  
• MSIN0135 - MRes Financial Economics Research Project, 105 credits  

The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations. 

Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.  

Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken.

Why choose us

What makes us different:.

Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in Bloomsbury, London’s historical intellectual centre.

If you want to become an academic economist conducting research in finance, this programme is for you.  

UCL School of Management and the Department of Economics  

Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship. 

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF . 

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career. 

As a research student you will join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

Applications

Applying for our mres/phd programme.

Entry requirements and admissions criteria:

Applicants to the MRes+PhD programme must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications. 

We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application by 31 January 2024 will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability, or will come with their own funding.

In your personal statement you are expected to suggest one or more faculty members as potential supervisors. On the application form you may see that it states that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.

We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to:

IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests.

TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests. 

Application Deadline

The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.

Application Procedure

Apply via UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents:

• Official Transcripts of Grades / Course marks
• A 1 page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD.
• Your  GRE  score report, if you took the test.
• Your IELTS/TOEFL score report, if English is not your first language.

Funding/Scholarships

We offer fully funded five year scholarships to all admitted students who apply before the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free. 

Successful candidates who have submitted their application after 31 January 2024 may receive a scholarship subject to availability or will come with their own funding.

Additional Costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying.  Students may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy. 

Further Information and Contact Details

The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.

How to Apply

For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .

Video Library

Frequently Asked Questions about the UCL School of Management MRes/PhD Programme

Programme Information

Application process, admissions requirements.

Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.

Further Information

If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team ( [email protected] )

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Qualification, university name, phd finance in london.

9 degrees at 9 universities in London.

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PhD Finance and Management

Soas university of london.

• 3 years Full time degree: £4,860 per year (UK)
• 6 years Part time degree: £2,430 per year (UK)

PhD in Finance

Bayes business school (formerly cass business school), city, university of london.

• 4 years Full time degree: £4,880 per year (UK)

Economics and Finance PhD

Brunel university london.

• 3 years Full time degree: £4,712 per year (UK)
• 6 years Part time degree: £2,356 per year (UK)

PhD Accounting and Finance

London south bank university.

• 6 years Distance without attendance degree: £4,820 per year (UK)
• 3 years Full time degree: £4,820 per year (UK)
• 5 years Part time degree: £2,892 per year (UK)

Queen Mary University of London

Mres/phd finance, london school of economics and political science, university of london.

• 5 years Full time degree: £4,829 per year (UK)
• Macroeconomics for MRes Students- Core
• Microeconomics for MRes Students- Core
• Financial Economics- Core
• Financial Econometrics for Research Students- Core
• PhD Seminar in Finance- Core
• View all modules

Doctoral programme: Finance

Imperial college business school.

• 5 years Full time degree

Finance and Accounting PhD (London campus)

Newcastle university london.

• 36 months Full time degree
• 72 months Part time degree

EDHEC Phd in Finance

Edhec business school, london.

• 3 years Part time degree: €35,000 per year (UK)
• Discrete-Time Financial Economics- Core
• Empirical Asset Pricing- Core
• Empirical Methods in Finance- Core
• Continuous-Time Financial Economics- Core
• Advanced Corporate Finance- Core

Course type:

• Distance learning PhD
• Full time PhD
• Part time PhD

Qualification:

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PhD Programme

Become a research expert at king’s.

A PhD from King’s Business School aims to be more than just a qualification. It provides you with the opportunity to become an expert in your chosen field of research. By the end of the programme, you will have developed the skills necessary to analyse complex organisational problems in order to make a difference in business and society.

If that’s you, then King’s Business School provides an ideal home for you to pursue PhD research. It is one of the leading research-intensive business schools in the UK and features world-class research academics in all of our departments:

• Accounting & Financial Management
• Banking & Finance
• Human Resource Management & Employment Relations
• Public Services Management & Organisation
• Strategy, International Management & Entrepreneurship

Many of our graduates continue onto academic careers after completing their PhD. Some take on research, analysis or leadership roles in major corporations and public bodies. Others use their expertise to start up their own research consultancy. It’s entirely up to you to decide what King’s means for your future. However, we know that PhD research will be right for you if you are motivated to interrogate academic puzzles; committed to developing high-level analytical skills; and dedicated to advancing knowledge in your research area.

Upcoming deadlines October 2024 entry

Round 1 - Now closed. 

Round 2 - Application deadline for all applicants: 1 June 2024

Please note, any application received after 15 December 2023 will automatically be considered for the second round entry.

Application and admissions guide

Our application guide outlines everything you need to know about applying to the programme and for our King’s Business School studentships.

Find out how to apply for our PhD programme

Our full-time PhD programme usually takes three to four years, while the part-time programme will last six to sevent years. As a full-time student, you will spend most of your time in the iconic Bush House where we have dedicated spaces for our PhD researchers. And with central London on your doorstep, you’ll be surrounded by major business, government and cultural institutions. While completing a PhD is probably the toughest academic challenge you’ll ever take on, we’re here to support you throughout your time at King’s (and beyond).

Find out more about life at King's Business School

Skills & Training

The King’s Business School PhD programme is designed to support you in preparing the strongest thesis that you can, which will place you in the best position to move on to the job that you want. We will support you in developing advanced academic skills, but also skills relevant for wider impact in business and on society – for instance, skills in critical and analytical thinking, communication and networking.

Find out more about how we train our PhD students

Read more about the PhD journey

Roadmap of the full-time PhD programme

Doctoral Research Studentships

King's Business School invites applications for funded, full-time PhD studentships to start in the…

PhD Studentships

Please see other available King's Business School PhD Studentships

Student Experiences

Current and former students share their experiences of being a PhD student at King's Business School

8 January 2021

Chiamaka Nwosu

Chiamaka Nwosu is a current PhD student at King's Business School.

7 January 2021

Felix Kempf

Felix Kempf is a current PhD student at King's Business School.

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Masters in Finance Full-time

Your questions answered

View more dates

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Dates August 2024

Duration 10 - 16 Months

Location In person – London

• Go to Programme content
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• Go to Who attends
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Didn't find what you were looking for? Visit the programme's overview page:

The Masters in Finance gives you a thorough and focused training in finance. Choose the Masters in Finance if you're interested in:

• Advancing your career in finance;
• changing your role within the finance area, or;
• deepening your existing financial knowledge.

The MBA gives you thorough training in general management. Choose the MBA if you're interested in:

• building a career in general management;
• studying specialist subjects like organisational behaviour, operations management and marketing;
• studying finance as part of a broader degree.

This is not a common route for our MiF graduates, as the course is applied and practical - and aimed at finance practitioners. However we have known candidates that have followed a career in academic research.

Programme content and learning experience

Didn't find what you were looking for? Visit our pages:

No, you can do a general Masters in Finance and tailor the programme to your interests and goals through selecting electives of your choice. Concentrations allow you to focus your academic and practical learning in a specific area, helping you to progress as a specialist in that area.

Yes, Finance@Work is available to everyone. It is designed for you to gain practical knowledge and experience from companies in London that you otherwise may not have exposure to, so that you can understand real life issues facing companies and how they deal with those issues.

To conclude your programme at the 10-month exit point, you must have successfully completed all the necessary courses and requirements, achieving the minimum number of required credits to be eligible for the award of degree.

• International Exchange: We are currently finalising the schools which will be taking part and will inform you once these contracts have been agreed. You will be able to do the exchange in Term 4 and take up to three electives at the institution.
• Project: You will be able to complete a project (ideally company sponsored) in Term 4. You will start this project at the end of your summer term (Term 3) and complete it in the additional term (Autumn Term 4).
• Additional Electives: You can take additional electives - up to a maximum of 10 in total across your programme.
• Internship: You will be able to use the additional term to take an internship across the summer break, if you have secured one.

Students who are qualified accountants or who hold a professional certification in accounting (e.g. CPA) can waive out of the preparatory accounting course.

Students who are confident of their statistics knowledge and pass a test can waive out of the Data Analytics for Finance introductory course.

Class profile and career impact

LBS Careers provides support in 4 ways:

• Career Development – you will develop the skills necessary to manage your individual career strategy; whether that is conducting an effective job search, accelerating in your organisation or setting up your own entrepreneurial venture.
• Career Coaching – one-to-one tailored support to give you a better understanding of who you are, what you have to offer and what is right for you.
• Career and Networking Opportunities – you will have the opportunity to explore and examine different sectors, companies and roles through meeting practitioners and professionals.
• Career Insights – you will build on your own research by accessing up to date information on employment trends, hiring practices, as well as geographic, sector and company insights.

The programme prepares you for a financial career in any professional organisation. It's of particular relevance to those working in:

• investment management, security analysis and broking
• capital markets, trading and risk management
• venture capital or private equity
• hedge funds
• retail and commercial banking
• regulatory roles and central banking
• supranational banks, such as the World Banks
• corporate finance and restructuring
• corporate planning and consultancy
• investment banking
• specialist advisory and/consulting
• finance in public-sector organisations, the finance function, controller's department or treasury operations of industrial, commercial, and service organisations

Yes. We have relationships with a wide range of top-tier financial institutions and corporates who are looking for finance talent from LBS. Many firms will conduct recruitment activities via presentations or networking events to engage with MBA and Masters in Finance students. You can find details on the employers who hired MiF students in the past in the Employment Reports section.

Whether for internships or full time jobs, there are typically two different paths MiFs follow in recruitment - structured recruitment and direct hire recruitment. Companies who want an ongoing, existing pipeline of mid-career students have structured “Associate / Finance Leadership Programmes.” Because they can plan ahead for their business needs, these roles tend to be more visible and competitive. The route to getting a structured internship is more predictable but the timing is less flexible.

Student may also pursue direct hire recruitment. These are roles offered throughout the year when a business need arises. Some are advertised and in addition there are many “hidden” or unadvertised opportunities. They are driven by your networking efforts, offer flexibility and recruitment happens closer to the actual start date.

London Business School's prepares you for a global career. You will be able to make use of the School's global network of more than 46,000 alumni wherever you seek work. The Career Centre also collaborate with the Student clubs to organise annual sector specific Career Treks in international locations (e.g. New York, Silicon Valley, Hong Kong, Germany, Ireland) to help you gain international career insights and connect with local alumni. We also have a wide range of online resources, job boards and insights to support your international job search.

As a member of our alumni community we hope that you continue to engage with us for your career development needs.

We run an annual programme of webinars, events and workshops to support you in your career and professional development. These cover a range of topics, from developing your personal brand to becoming a Non-Executive Director.

We provide access to a range of resources and also offer alumni the opportunity to work with a career coach.

We don't normally consider applicants with fewer than two years' relevant work experience. This is because: you will get a great deal more out of the programme if you come to London Business School with prior relevant work experience. Candidates with past experience in finance enrich the programme for the other participants. If you are a new graduate you may wish to consider our Masters in Financial Analysis.

Work experience should be in finance or a closely related field (such as corporate law, finance journalism or IT in a financial institution). Candidates will need to have experienced enough financial transactions to be able to contribute to cases discussed in class.

Applicants working in IT will need to show significant exposure to finance-related products. The programme is not designed for people without prior finance experience who are planning to effect a career change into finance (for this, a general management programme like our MBA is more appropriate course of study).

It is an excellent choice for people who want to switch areas within finance or generally expand and deepen their finance knowledge. We are looking for individuals for whom the programme is a good “career fit”, and who have the potential to have successful future careers.

Admissions and application process

Didn't find what you were looking for? Visit our page:

We can only process one application for one programme per candidate at any one time. If you apply for two programmes you will be asked which one you prefer. The preferred application will proceed and your second choice will be placed on hold. If your preferred application is unsuccessful, your second choice application will be reactivated. If you are shortlisted for interview the interviewer will be happy to discuss your programme choices.

We look carefully for: academic record; work experience and track record; application and personal statement; reference, GMAT/GRE score; interview performance.

The admissions committee makes a careful, balanced judgement based on all these criteria, both on absolute grounds and also relative to the other candidates being considered.

No. Your application is very important, and only the best applicants will be invited for interview. No one is offered a place without a personal interview.

Yes. If you are shortlisted for a place on the programme, we can arrange for you to talk to one of our alumni and hear about their experiences of the programme.

Please see  visa requirements  for more information.

We aim to treat all applications to our programmes fairly and equally, in accordance with our published application policies and procedures. Competition for places on our programmes is very intense and the quality of the applicant pool is extremely high. Consequently, we are not able to offer places to a large number of qualified candidates.

In the great majority of cases we are unable to give individual detailed feedback as the decision is the result of the high degree of competition. Our initial review of each application checks that the candidate has met our basic admissions criteria. All candidates are reviewed. In some exceptional cases we actively encourage applicants to improve their application and reapply with some feedback on how to enhance their competitiveness as a candidate.

The School does not have any arrangements for students to transfer between its programmes or to/from a programme at another institution.

If there is new information that adds significant weight to your reapplication, the Admissions Committee will consider this. Examples include an increased level of responsibilities, a new role, a new qualification or a substantially improved GMAT or English test score. If there is no new information, no purpose can be served by reapplying. We will need a formal request (by letter or e-mail) for us to reconsider your application. This should also detail the new information that you wish the Admissions Committee to consider. If after a reject decision you reapply for entry more than one year after your original application, then a new application will be required.

Appeals will only be considered against an admissions decision on the following grounds:

• There is substantive evidence of bias or prejudice against the applicant
• There is substantive evidence that the Admissions Committee have departed from published policies and procedures.

In the first instance appeals should be made in writing to the admissions team. The admissions team will acknowledge the appeal within 5 working days and respond fully within 20 working days. If, following this step, the applicant is dissatisfied with the outcome they may petition the Executive Director of the programme to review their case. This decision will be final.

We offer waivers for GMAT/GRE to a very small number of applicants. To qualify, candidates will need to exhibit previous academic excellence. GMAT/GRE waiver decisions are made at the discretion of the MiF Admissions Committee. When the Admissions Committee are considering whether or not to grant a waiver, they will be looking for strong grades in previous university studies, especially in quantitative subjects, and outstanding professional experience in finance. In addition, professional qualifications will add weight to the case for a test waiver. Holding CFA II or above gives you an automatic GMAT waiver. If you are a non-native English speaker, we will also be seeking to establish that you are fluent in English. It is important to note that having insufficient time to prepare for GMAT/GRE (for example, due to work commitments) is not one of the grounds on which a waiver will be granted.

You are welcome to submit your application without a test score. After reviewing your complete application we will advise you that:

• 1 - we have decided to waive the GMAT/GRE requirement OR
• 2 - we have decided to move forward to interview, but our offer may still be conditional on a strong GMAT/GRE score OR
• 3 - we have decided to wait for a test score before making a decision to call you for interview OR
• 4 - we have decided not to consider you for this intake.

In all cases the Admissions Committee reserves the right to require a strong score in GMAT or GRE before confirming a place on the programme.

The earlier you apply, the more time we will be able to give you to take the test, if we make a conditional offer. Conversely, if you apply very late in the cycle, you will have a shorter time frame to meet the test requirement of a conditional offer, and it will be unlikely that you will be given the option to resit if your first test siting does not go well.

Practice the GMAT test with London Business School's GMAT simulator and prepare yourself for the test.

As a first step, you should submit your CV for review. If we believe the programme is a good fit for you, we may then give our view on your test options, however in most cases we will need to assess a full application before making a decision on whether to grant you a GMAT/GRE waiver.

All applications submitted without a GMAT/GRE score will be automatically considered for a waiver.

If you are offered a GMAT/GRE waiver you may still wish to take the test in order to make your application more competitive to the Admissions Committee. We receive a large number of applications for the programme and it is a highly competitive selection process. A high test score is important to some recruiters, so you should be prepared to take it to maximise your future employment potential.

Fees, financing and scholarships

Most students on the programme are self-financing, but about 25% are sponsored by their employers. Many companies recognise the benefits of an employee attending the programme. For example, for their project many Masters in Finance participants carry out research and analysis into a particular area of interest to their sponsoring company. See our Fees and Financing page for information on creating a business case for company sponsorship.

There may be opportunities to earn as a full-time student through securing an internship or a company sponsored project. If you are fully sponsored by your employer they may continue to pay your salary during the course. If you choose the part-time format, we expect that you will remain in your job and continue to receive your normal salary.

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Choose start date: Start date: September 2024 Duration: Five to six years Deadline: Applications are now closed Fee: Fully funded Location: London, UK Admissions Funding and scholarships

A fully-funded PhD for aspiring scholars seeking an academic career 

We believe that rigorous academic analysis can provide practical solutions to complex problems in society. Our fully-funded PhD programme provides students with the opportunity to conduct their own research in a world-leading university, finding solutions to key challenges in modern business. As a Business School, we rank first in the UK for research environment and second for management and business students, while Imperial College London ranks first in the UK overall for research (REF 2021). 

Starting with a one or two-year Master’s in Research (MRes), depending on your chosen research area, you will gain a strong theoretical grounding and thorough research training to prepare you for the PhD. As a doctoral student you will have the benefit of supervision from leading world scholars. You will develop the expertise and research skills necessary to pursue a career in academia with previous Imperial doctoral graduates finding success in other leading universities such as Copenhagen Business School, Tsinghua University, University of Amsterdam, University College London, and The Wharton School of the University of Pennsylvania.

97% world-leading or internationally excellent research (REF 2021) #1 in the UK for research (Imperial College London, REF 2021) 1% top one per cent of business schools worldwide to have achieved triple accreditation 6 research areas Explore the programme

Advance your academic success at a world class research institution

3rd in Europe (Imperial College London, Times Higher Education World University Rankings 2024)

6th in the world (Imperial College London, QS World University Rankings 2024)

#1 city for students (London, QS Best Student City Rankings 2024)

Build your career with our global reputation

With particular expertise in finance, entrepreneurship, health, and sustainable business, the Business School is recognised as leading the field. Benefit from strong industry partnerships and a diverse alumni network. 

A fully-funded programme

Every student on our Doctoral programme is offered full funding, including a full tuition fee waiver (Home/EU or Overseas fees) plus a living stipend for up to five years. Funding for a 6th year can be considered on a case-by-case basis, with the potential to undertake a teaching or research assistant studentship with one of the Business Schools research centres.  

World-class faculty

Our internationally admired faculty are leaders in their respective fields, bringing a wealth of experience and academic distinction. They are deeply invested in developing the research interests of our PhD students, fostering an environment of intellectual growth and innovation. 

Impact on industry

Working closely with businesses and governments, we drive policy and practice through inspiring collaboration and research excellence, giving you the opportunity to observe the impact of research on business and society. 

Inspiring intellectual community

Engage with a diverse cohort of fellow PhD students and researchers, creating an inspiring and collaborative environment that encourages intellectual development and professional connections. 

Programme content

The Business School Master’s in Research (MRes) is an integral part of the PhD, introducing theory and research methods in Finance, Economics and Management, providing you with a solid foundation for your doctoral studies. Depending on the research area you choose to specialise in, you will embark on a one or two-year MRes programme as shown below. 

*Please note programme content is subject to change. The modules mentioned below are just a sample of what is available in the programme.

Data Analysis Tools

This course provides students with a basic foundation in mathematics and statistics required to undertake further quantitative research methods courses. This course consists of two parts, statistics and mathematics. Topics covered include: matrix algebra; optimization; differential equations; random variables and probability distributions; moments of a random variable; probability distributions; joint, marginal and conditional distributions; functions and transformation of a random variable; hypothesis testing; univariate regression.

Systematic Reviews

When starting new research, the first step is usually a literature review: scanning what is already known about a given topic and figuring out where the gaps are. However, novice researchers tend to be anything but systematic in their literature review: they have no method for scanning the literature, and they usually have little idea of what is relevant and what is not. The Systematic Review method opens a way to create research syntheses that add real value and novel insight – in a way that is potentially publishable in its own right.

Specialist Modules

Optimisation

Stochastic Processes - This module introduces you to basic tools for modelling stochastic phenomena. The focus of the module is the theory of stochastic processes, but applications will be drawn from operations research, analytics / ML, and finance to illustrate the usage of the models for studying real-world business problems

Machine Learning for Analytics - This module gives you an overview of machine learning methods for analytics. Applications in the module will be drawn from various sources including medical applications (e.g. patient discharge from hospitals), recommender systems and the Netflix prize, advertising and marketing, estimating scofflaw rates, reputations systems and Google's PageRank algorithm, filtering, text mining, sports analytics etc.

Decision Making Under Uncertainty - This module gives you an overview of different paradigms of decision making in dynamic uncertain environments, including dynamic programming, stochastic optimisation and robust optimisation. Along with theory, applications in operations management and analytics will be introduced, with the aim of preparing you for research in these areas.

Industrial Organisation

Sustainable Behaviour - This module aims to provide you with an in-depth exposure to the emerging academic field of sustainable behaviour. You will be presented with the main methodological tool used in behavioural research (lab and field experiments) as well with the multiple articles and journals which have published cutting-edge experimental research on sustainable behaviour across a wide variety of contexts.

Consumer Behaviour - This module aims to give you a robust foundation in consumer behaviour and how it relates to marketing. The module covers topics such as how consumers process marketing communications, how consumer involvement affects decision making, and how external factors impact consumer behaviour.

Microeconomics 1

Microeconomics 2

Research methods modules

Applied Microeconometrics

Applied Microeconometrics 2

Econometrics 1

Econometrics 2

Qualitative Methods 1

Qualitative Methods 2

Quantitative Methods 2

Other elective modules

You can choose from a range of elective modules relevant to your pathway.

Asset Pricing Theory 

Corporate Finance

Consumer Behaviour

Empirical Asset Pricing

Entrepreneurship 

Financial Economics of Climate Sustainability

Machine Learning for Analytics

Machine Learning for Economic Analysis

Macroeconomics

Macro-Finance

Micro Development Economics

Organisational Behaviour

Organisation Theory 

Topics in Empirical Banking 

Topics in Environmental Resource Economics 

Topics in Health Economics

Topics in Household Finance 

Business Models and Intellectual Property*

Contemporary Topics in Health Policy*

Digital Marketing Analytics*

Healthcare and Medical Analytics*

Logistics and Supply Chain Analytics*

Optimisation and Decision Models*

Retail and Marketing Analysis*

Workforce Analytics*

*These modules are available subject to capacity and timetabling constraints in other faculties and are differently weighted to the MRes Business electives

Year one compulsory modules for Economics and Public Policy pathway

Applied Microeconometrics I  - This module will provide an introduction to the practice of applied microeconometrics. Students will learn the standard empirical methods in current use by applied researchers and be exposed to a handful of frontier approaches. The focus will be on implementation beyond simply estimating a parameter of interest: getting the standard errors right, validation and conducting appropriate robustness exercises, and adapting methods to fit new contexts.

Applied Microeconometrics II  - This module will be an introduction to some of the most important themes for students wishing to conduct their own research in Empirical Corporate Finance. For other students, this module will help students gain a better understanding of research related to your own field. Topics covered include: regression refresher, causality and randomized experiments, instrumental variables, difference-in-difference, regression discontinuity, standard errors, event studies, discrete response models, matching methods, and non-parametric methods

Econometrics I  - The module has the objective to provide the students with econometric tools necessary to conduct their empirical research and discuss fundamentals of econometric theory behind them. Students will learn how to conduct - and how to critique - empirical studies in finance, economics and related fields.

Macroeconomics  - This course covers research issues that arise in the intersection of macroeconomics and finance. Topics include portfolio choice, general equilibrium models with heterogeneous agents and dynamic asset pricing models.

Microeconomics I  - The module covers the main tools of microeconomic theory and focuses on preferences, consumer theory, choice under uncertainty, producer theory, and game theory. Time permitting, it introduces general equilibrium in competitive markets. The emphasis is on economic intuition as well as techniques. The fundamental concepts of microeconomic theory are discussed.

Microeconomics II  -   This module covers competitive equilibrium, markets with imperfect, competition and asymmetric information, general equilibrium, Social choice and mechanism design

Research Experience  – This module is intended to give students practical experience of research preparation for their dissertation the following year.  They will undertake research tasks under the supervision of a faculty member on a topic chosen by the faculty member.  Students can select those projects that fit their research interests.

Year one compulsory modules for Finance pathway

Empirical Corporate Finance  - This module will provide an introduction to the practice of applied microeconometrics. Students will learn the standard empirical methods in current use by applied researchers and be exposed to a handful of frontier approaches. The focus will be on implementation beyond simply estimating a parameter of interest: getting the standard errors right, validation and conducting appropriate robustness exercises, and adapting methods to fit new contexts.

Econometrics II    - This module will be an introduction to some of the most important themes for students wishing to conduct their own research in Empirical Corporate Finance. For other students, this module will help students gain a better understanding of research related to your own field. Topics covered include: regression refresher, causality and randomized experiments, instrumental variables, difference-in-difference, regression discontinuity, standard errors, event studies, discrete response models, matching methods, and non-parametric methods. 

Econometrics I  - The module has the objective to provide the students with econometric tools necessary to conduct their empirical research and discuss fundamentals of econometric theory behind them. Students will learn how to conduct - and how to critique - empirical studies in finance, economics and related fields.

Microeconomics I  - The module covers the main tools of microeconomic theory and focuses on preferences, consumer theory, choice under uncertainty, producer theory, and game theory. Time permitting, it introduces general equilibrium in competitive markets. The emphasis is on economic intuition as well as techniques. The fundamental concepts of microeconomic theory are discussed.

Corporate Finance  - This module is taught in two parts, starting with a historical background, and then considering the theory of investment decisions, capital structure, financial innovation, and corporate governance.

Asset Pricing Theory  - The first part of this module deals with representative investors, portfolio choice and dynamic securities markets in discrete time before covering portfolio choice in continuous time and option pricing. The second part starts from the asset pricing implications of a general equilibrium Lucas-tree economy. Then, it discusses the main asset pricing puzzles implied by these economies. Finally, we will explore optimal portfolio choice, multiple trees economies and some of the latest attempts in the asset pricing literature to solve some of these puzzles.

Empirical Asset Pricing  -   The module is intended for students with a prior knowledge of asset pricing theory, capital markets and econometrics, and will concentrate on discrete-time methods and use a variety of econometric techniques. The module will cover these econometric tools in order to empirically address meaningful economic questions.

Research Experience  - This module is intended to give students practical experience of research preparation for their dissertation the following year.  They will undertake research tasks under the supervision of a faculty member on a topic chosen by the faculty member.  Students can select those projects that fit their research interests.

Year one compulsory modules for Innovation and Entrepreneurship pathway

Introduction to the Practice of Research  - This module will introduce you to the craft of research. You will develop the skills and knowledge you need to effectively produce research questions and hypotheses, ensuring consistency between theory, research design, methods and measures, and developing a clear and compelling argument.

Qualitative Methods I  - This module covers research methods required in qualitative research. You will develop skills in all aspects of the research process, including research design, data collection, data analysis, theory building, writing up as well as reviewing papers and responding to referees. The module is essential for those who wish to author qualitative research but will also be useful for quantitative researchers.

Quantitative Methods I  - This module provides an overview of the primary quantitative methods employed in management research. It will enable you to develop the ability to interpret the results of your own research as well as to critically assess the findings presented in other studies. The emphasis will be on the practical application of different estimation models using STATA rather than on the econometrics and mathematical specification.

Organisational Behaviour  - In this module you will be introduced to a selection of most seminal papers in organisational behaviour with a particular focus on classic and contemporary theories, ongoing controversies, and ground-breaking empirical studies. The emphasis is on providing a foundational overview of the field.

Organisational Theory  - This module will expose you to the major theoretical perspectives and issues studied in organisation theory research. You will also be exposed to a set of approaches to understanding how and why organisations form, survive and grow.

Strategy  - In this module you will develop the fundamentals of strategy including the theories of competitive advantage, industry analysis, understanding of resource based view/knowledge based view, and corporate strategy.

Innovation Management  - This module will offer a thorough theoretical understanding of the key themes of innovation research, combined with practical insights into the challenges of innovation management in organisations. You will address topics ranging from technological change, creativity, the role of networks in innovation, and appropriability/value capture from innovation.

Entrepreneurship  - This module introduces students to the major theoretical threads and debates in the field of entrepreneurship. Students will learn to make connections between theory and empirical research, practice critiquing and identifying insight in research, engage with fundamental debates in the field and formulate directions how the field may be further advanced.

Year one compulsory modules for Strategy and Organisational Behaviour pathway

Elective modules for economics and public policy pathway.

Asset Pricing Theory

Decision Making Under Certainty

Econometrics I

Econometrics II 

Financial Economics of Climate and Sustainability

Machine Learning for Economics Analysis

Macroeconomics 

Microeconomics I

Microeconomics II 

Sustainable Behaviour

Topics in Empirical Banking

Topics in Environmental Resource Economics

Topics in Household Finance

Elective modules for Finance pathway

Advanced Financial Statistics

Asset Allocation and Investment Strategies

Big Data in Finance I

Big Data in Finance II

Decision Making Under Uncertainty

Econometrics II

Financial Economics for Climate Sustainability

Microeconomics II

Elective modules for Innovation and Entrepreneurship pathway

Advanced Topics in Organisational Behaviour

Corporate Sustainability

Interdisciplinary Research

Qualitative Methods II

Readings in Digital Business

Readings in Social Networks/Social Capital

Social Network Analysis

Social Data Science

Special Topics in Organisational Theory/Strategy

Elective modules for Strategy and Organisational behaviour pathway

Advanced Topics in Organisational Behaviour 

Social Network Analysis 

Research Project

During the second year, students work on their MRes project which is formally assessed and counts towards the overall MRes mark. Students are expected to approach potential supervisors from within the department’s academic staff. Students submit their proposed research project title and a brief outline by the end of September of Year two. Students submit a Progress Report in February, outlining their progress to date with the thesis. During the Summer Term, students will submit their MRes dissertation. This will be followed by an oral exam

Research plan 

When you progress from the MRes to the PhD, you will work with your supervisors, chosen based on your research interests. Your supervisors will help you develop your research question, identify research and teaching opportunities and support you through your studies and the academic job application process.  

Seminars and conferences

Being part of the School’s inspirational research community is a crucial aspect of the doctoral experience – as is gaining familiarity with cutting edge research from world-leading academics. Each department runs seminars where internal and external academics discuss their latest work.  

As well as providing insight into yet-to-be-published research, the seminars offer networking opportunities and visiting academics often lead special topic workshops for research students. The Doctoral programme also supports the participation of research students in international conferences where you can present your own research and participate in doctoral consortia. 

Early Stage Assessment 

The Early Stage Assessment (ESA) takes place in the summer of year one of the PhD and is assessed by a panel of faculty. The ESA outlines the research question, the work you have done to date and the future research activities to be carried out to complete the project. 

It consists of a written report and presentation to which all PhD students and research department faculty are invited. The purpose of the ESA is not only to assess your personal progress but it also gives you the opportunity to discuss your work at its early stages and get feedback and ideas from faculty to improve your research. 

Armed with feedback from the Early Stage Assessment, you will work intensely on your thesis, focusing on the collection and analysis of empirical data and developing theoretical frameworks. Under the guidance of your supervisors, the thesis gives you the opportunity to conduct a substantial piece of original research. 

Late stage review

The Late Stage Review (LSR) takes place in the summer of year two of the PhD and follows the same principle as the Early Stage Assessment, in that its purpose is to assess your progress and provide you with feedback and advice on the direction and scope of your research. 

Our research areas

What our students say

“The programme structure is different from many other business schools because during the first year at Imperial we study the Master’s of Research (MRes), which is focused on developing strong foundations before continuing to the PhD programme. This also gives us additional time to discover opportunities and find the right paths for our research.”

Class profile 2022

20 new students per year

51% female students

20 nationalities represented

Funding and scholarships

Request a brochure, career impact.

In recent years, our PhD students have joined leading universities, research centres and institutions such as Tsinghua University, University College London, Copenhagen Business School, the Bank of England, the University of Bath, King’s College London, National Chengchi University, the University of Sussex and Renmin University in China. Others have sought top positions in industry or founded successful start-ups.

The doctoral programme has been re-structured in recent years to focus more on academic development and it is anticipated that over the coming years placements will focus more on academia than industry.

Find out more about career outcomes

Meet your faculty

Our PhD programme provides close collaboration between leading Analytics & Operations faculty and doctoral students, developing your research interests and providing continuous support and guidance throughout the programme.  

Alexander Michaelides

Kalyan Talluri

Wolfram Wiesemann

Edward Anderson

Martin Haugh

Xiaocheng Li

Reza Skandari

Jiankun Sun

Carol Propper

Franco Sassi

Jonathan Haskel

Marisa Miraldo

Richard Green

Pedro Rosa Dias

Esther Bøler

Franklin Allen

Patrick Bolton

Ramana Nanda

Lara Cathcart

Enrico Biffis

Christopher Hansman

Clara Martinez-Toledano

Alan Hughes

Celia Moore

Markus Perkmann

Christopher Tucci

James Barlow

Ileana Stigliani

Mark Kennedy

James Eteen

Eduardo B. Andrade

Andreas Eisingerich

Rajesh Bhargave

Sven Mikolon

Michelle Rogan

Frequently asked questions, how long does it take to complete the doctoral programme.

The Doctoral programme is structured to take between four to six years full-time. In the first year, all students undertake a one or two year MRes programme depending on their chosen research area specialism. Subject to satisfactory academic progress, students then progress to the PhD which takes between 3-4 years.

When does the academic year start?

The Doctoral programme has one intake each year in September and is spread over four to six years.

Do you offer any distance learning or part-time research programmes?

It is not possible to enrol on the Doctoral programme on a part-time or distance learning basis. Students must be in attendance throughout the full period of study.

Can I transfer from my current Doctoral programme to Imperial College Business School's Doctoral programme?

It is not usually possible to transfer onto the Doctoral programme as it is unlikely that previous studies would perfectly overlap with the School’s expertise.

Can I come to Imperial College Business School as a visiting student?

Please visit Imperial College London's visiting students page .

Can I have a part-time job whilst enrolled in the programme?

The Doctoral programme is full time. Students are able to undertake part-time work if this does not break any relevant visa and/or scholarship conditions, however the programme offers a living stipend to support students during their studies.

How many students do you accept onto the Doctoral programme every year?

Admission onto the Doctoral programme is highly competitive as we accept around 15 students each year, from a total of approximately 200 applications.

Is there a workspace assigned to Doctoral students?

There is a designated workspace which includes a computer and relevant software assigned to all enrolled Doctoral students. You will share working space with other PhD students in your cohort.

How do I apply and what documents do I need to submit with my application?

All applications to the Doctoral programme are made via our online platform. You will either need to select 'Business (MRes 1YFT)' or 'Business (MRes 2YFT)' based on your research area of interest. Further information can be found on our  Doctoral programme page.

Please refer to the  How to apply page  to see application deadlines, what documents you are required to submit with your application and to view the selection process.

When is the application deadline?

To find out more about application deadlines for our Doctoral programme please  visit the How to apply page .

What do I need to include in my statement of purpose?

One of the most important parts of our application form is the ‘statement of purpose’ section. It should be no more than one or two A4 pages and should cover the following points:

Your motivation for undertaking the programme

A discussion of possible research areas that you might pursue and how these are a good fit for Imperial College Business School

What interests you most about your chosen field of study

Relevant past study, industry, or research projects

Long-term career goals

I haven't decided what area I want to specialise in for my PhD, what should I do?

You should browse the description of the different research groups in the Business School and the webpages of faculty members. This will give an overview of their research interests and current projects. The MRes gives you an opportunity to pursue potential interests through courses and a project prior to committing to the PhD

Do I need a willing supervisor prior to application?

No, although in your application you should list a member of  faculty  you have identified as a potential supervisor. You can demonstrate in your statement of purpose how your research interests are aligned to a potential supervisor and the Business School.

Checking the research profiles of faculty members and Business School projects will give you an indication of whether the Business School is a good fit for you. If no faculty are working in your area of interest it is unlikely that you would be shortlisted, as we may not be able to provide supervisory support during your PhD.

During the MRes year, you will become part of the research community at Imperial College Business School and interact with faculty and other PhD students during taught courses and at seminars, which we hope will influence and help shape your research ideas for the PhD.

Are all applicants interviewed?

Not all applications progress to the interview stage of the selection process, however we interview all shortlisted candidates before making an offer. In the case of overseas candidates we will arrange an interview by telephone or via Skype.

Is GMAT/GRE a compulsory requirement?

Yes. A GMAT/GRE score must be submitted before we will consider an application. Any applications submitted without a GMAT/GRE score will be considered incomplete until we receive a score. Please note that we do not make offers on the condition that a candidate achieves a satisfactory GMAT/GRE score. To see the GMAT/GRE scores we look for, please refer to the  Entry Requirements page .

Do you offer Doctoral funding and stipend?

We offer a fully funded Doctoral programme at Imperial College Business School – this includes a tuition fee waiver and a stipend for up to five years. The 2024-25 rate of the Graduate Teaching Assistant scholarship stipend is £25,000. Rates are reviewed annually and are expected to increase for 2025-26 in line with Research Council UK rates. Stipends are tax-free and the continuation of the stipend will depend on your satisfactory progress on the programme.

What living costs should I allow for in London?

Living costs vary considerably depending on the area of London you choose to live in and your choice of accommodation.

Read more about  estimated London living costs  and  accommodation for postgraduates .

Do you offer Doctoral scholarships?

Within Imperial, we also have funding opportunities from various external studentships, including EPSRC, ESRC, and the Imperial College President’s PhD Scholarships .

Students who are eligible for other PhD  funding opportunities  that may be available to them are expected to apply for them.

Explore more

Sign up to our newsletter.

Keep up to date about news, events, and application deadlines for our PhD programme by joining our mailing list.

Attend an event

Wherever you are in the world, our Recruitment team holds events where you can meet staff and students, and get your questions answered. 

Start your journey

Study your doctoral programme at a global top 10 university offering world-class faculty, leadership coaching, global business experience, industry connections, specialist careers support and an exciting London location. 

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London Business School’s MFA: #6 in FT 2023

London Business School (LBS) has once again proven its commitment to excellence in finance education with its Master’s in Financial Analysis (MFA) programme ranking sixth globally in the Financial Times’ prestigious 2023 Masters in Finance pre-experience ranking.

This achievement marks a significant improvement of three positions in just one year and represents the MFA programme’s best performance since its inclusion in the rankings three years ago. With an outstanding track record in international mobility and the effectiveness of its alumni network, the MFA programme at LBS continues to attract talented individuals seeking unparalleled career opportunities in the financial world.

Impressive rankings and progress

Securing the sixth position globally, LBS’ MFA programme has demonstrated its dedication to providing a top-tier finance education. Notably, this year’s ranking reflects a substantial improvement, advancing three places compared to the previous year’s results. This progress is a testament to the continuous efforts made by LBS to enhance the programme’s curriculum, faculty, and student experience.

Exceptional international mobility

One key driver of interest in Masters programme’s is the prospect of international mobility. LBS’ MFA programme has excelled in this area, achieving the first rank for international mobility among all participating schools. The programme’s commitment to offering opportunities for global exposure and the development of a truly international perspective is highly valued by students. The recognition by the FT further solidifies the MFA programme’s reputation as a global leader in finance education.

A strong alumni network

The effectiveness of an alumni network is crucial in determining the long-term success and impact of a programme. The MFA has achieved a commendable third position for the effectiveness of its alumni network, showcasing the value that alumni derive from their connections and their ability to leverage those connections for professional growth and opportunities. This achievement is a testament to the strong bonds formed during the MFA journey and the ongoing support provided by the LBS community.

High alumni achievement and student satisfaction

An outstanding 93% of surveyed MFA alumni reported achieving their aims in pursuing a Masters, indicating the programme’s effectiveness in preparing graduates for successful careers in finance. This percentage represents a steady increase from 86% in 2021 and 89% in 2022, highlighting the MFA programme’s continuous improvement in delivering its educational objectives.

Additionally, the MFA has seen a significant rise in international student enrolment, reaching an impressive 99% in 2023. This increase demonstrates the programme’s appeal and ability to attract talent from around the world, creating a diverse and dynamic learning environment that enriches the educational experience for all participants. A good example of this is here in a blog written by   Joao Miguel Rodrigues Pereira  MFA 2023 .

Looking ahead

As LBS continues to build on the success of the MFA programme, it will undoubtedly solidify its position as a global leader in finance education, attracting ambitious individuals from around the world who aspire to make a significant impact in the financial industry.

As LBS maintains its position as the only UK school in the top ten, the MFA programme continues to establish itself as a leading choice for individuals seeking a comprehensive finance education. With a commitment to continuous improvement and a powerful network, LBS is poised to shape the future of finance education and produce the next generation of finance leaders

The full FT ranking here .

Written by Jasmine Archibong , Recruitment and Admissions Associate, MFA

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MBA Scholarships That Help Pay for School

There are many opportunities for scholarships, fellowships and other sources of money that you don't have to repay.

MBA Scholarships

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Most universities with business schools offer in-house scholarships; some also provide a list of external sources of aid to pay for school.

Multiple scholarships, fellowships and grants are available for students enrolling in a Master of Business Administration program. Since these funds do not need to be repaid, they are basically free money to help pay for your degree.

Some awards are national while others are college-specific. Some are merit-based, often depending on GMAT scores , while others are for minorities. The amounts vary, and some even offer a stipend.

Sam Weeks, an MBA admissions consultant, says that although lenders tend to be happy to finance MBAs, “a scholarship allows you to be more flexible because you don’t have that debt to pay back.”

Without an MBA scholarship, business majors whose hearts were leading them toward social impact or entrepreneurship may get forced into careers like management consulting or investment banking, Weeks says, adding that "you can’t go out and start your own business if you are $200,000 in debt. The scholarship enables them to follow more interesting post-MBA career paths.”

Here are some sources of scholarships and other funding for an MBA that don't have to be repaid.

National Sources

Military mba merit scholarship.

Veterans and active members of the military who are U.S. residents may apply for the Military MBA Merit Scholarship . The scholarship is offered to attend one of 27 partner schools throughout the U.S., and award amounts vary.

A bachelor’s degree and a record of military service are required, along with other application materials, and demonstrated leadership is a plus. Applicants cannot be already in an MBA program or a graduate of one.

Goldman Sachs MBA Fellowships

First-year MBA students seeking a summer associate position at the multinational investment bank can apply for the Goldman Sachs MBA Fellowship . The program is geared toward students interested in investment banking or private wealth management at Goldman.

Recipients receive $35,000 plus a summer associate salary. Upon successful completion of that summer internship and acceptance of a full-time offer at Goldman, fellows receive an additional $40,000 and possibly a full-time associate signing bonus.

Knight-Hennessy Scholars

This program fully funds up to three years of graduate study at Stanford University in California. To qualify, applicants must complete the MBA application for Stanford's Graduate School of Business and file a separate Knight-Hennessy Scholarship application. Instructions for the scholarship application are on the program's website .

National Black MBA Association

This professional organization, which has a membership level for undergraduate and grad students, offers MBA scholarships to qualifying members who are U.S. citizens. Recipients attend a partner university, and additional award criteria, deadlines and amounts may vary.

College-Specific MBA Scholarships

Most universities with business schools offer in-house scholarships; some also provide a list of external sources of aid to pay for school, experts note.

For example, the University of Minnesota Carlson School of Management and the University of North Carolina—Chapel Hill Kenan-Flagler Business School are among schools that offer scholarships, fellowships and stipends in varying amounts for academic achievement, including to specific populations such as university alumni, women, state residents, veterans and international students.

Weeks advises applicants from traditional backgrounds to aim for a GMAT score above the class average. “All schools publish their class averages. When you apply to business school you submit your application, and you receive your scholarship offers either immediately or within a few weeks if your profile is strong."

However, what applicants tend to not know is that "there is a chance you can go back to the school and negotiate a scholarship,” Weeks says, giving the following scenario: “If you receive offers from two great schools, one of them with a nice scholarship and one with no scholarship, we work with our clients to tell the school with no scholarship, ‘Hey, I have an offer from another top school with a scholarship, but I’d like to join you guys. Are there any other scholarships that I’m eligible for to help close that difference in cost?’”

Applicants are often reluctant to do this because they don’t want to seem pushy, he says. But remember that you are applying to business school, and "good negotiations are part of the process,” he says, stressing that politeness is key.

Weeks also says a one-time scholarship given at the start of your program is not always the end, since sometimes you can apply for scholarships during your first year of school to cover your second year.

Smaller MBA Scholarships

Experts also encourage prospective MBA students to go for smaller scholarships, which can add up. They sometimes are offered by departments within a business school.

“As part of your MBA application, most schools will consider you for a host of merit scholarships or fellowships,” says Candy Lee LaBalle, an MBA application consultant and owner of LaBalle Admissions. “Often all you need to do to be considered is click a box that says, ‘I would like to be considered.’”

A merit scholarship is "based on the strength, or merit, of your application," LaBalle explains. "So, the stronger your profile, the higher your chances to secure one of these. This is one reason to push as hard as you can for a top test score, either GMAT or GRE . It is a nice surprise when you get an admit from a school that includes a hefty scholarship award.”

Some schools consider applicants for scholarships if they write an additional essay as part of the application process.

“Definitely write these essays and give them as much care and consideration as you do to your general application essays,” LaBalle advises.

She says there are also many private scholarships available, although they can be difficult to track down because many are offered by small organizations and target specific demographic groups. She says one comprehensive listing of outside funding is curated by UCLA's Anderson School of Management .

"Don’t limit yourself to just one scholarship," she says. "Apply for as many relevant scholarships as possible. Remember that even smaller scholarships can add up and contribute to your overall funding.”

Some countries offer scholarships for their citizens that will cover full tuition, LaBalle adds, such as Spain's La Caixa and Indonesia’s Endowment Fund for Education.

More Tips For MBA Scholarship Seekers

Experts suggest paying careful attention to rules when applying for scholarships.

“Some scholarships, such as those from Fulbright , must be applied for well before you apply to an MBA," LaBalle says. "Others, you apply after you are admitted. Websites like Scholarships 360 and GoGrad provide comprehensive lists of MBA scholarships along with application details."

Keep track of application deadlines, required documents and follow-up steps so that your scholarship applications are complete and submitted before deadlines, LaBalle suggests.

Weeks, who says he helped clients win more than $2.5 million in scholarships in 2023, cautions that a scholarship from the school is seldom awarded based just on the application essay.

“Your whole application has to be good,” he says. “If you have a good profile overall – good GMAT score, good undergrad GPA, good work experience – you are more likely to get a scholarship on the basis that the school wants you to join.”

How to Find Money to Pay for an MBA

Tags: MBAs , business school , graduate schools , scholarships , education , students

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Predictive S&P500 index removals thesis wins the Worshipful Company of International Bankers 2023 Lombard Prize

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MSc Finance graduate, Avery Aylsworth has been awarded the Lombard Prize for Best Dissertation 2023 at the prestigious Worshipful Company of International Bankers (WCIB) Annual Banquet held in the Lord Mayor of London’s Mansion House.

The Lombard Prize for Best Dissertation

Originally from San Jose, California, Avery began his MSc Finance and Investment degree at Durham in 2022. He submitted his dissertation, 'Machine Learning Methodologies for the Systematic Prediction of S&P 500 Index Deletions’ to the Worshipful Company of International Bankers as part of their annual competition open to all universities affiliated with the Company – the Lombard Prize.

All entrants submit a 700-word executive summary of their work and an oral presentation recording in response to two questions set by the WCIB. The Lombard Prize dates to the early 1990s and winners receive a solid silver Armada dish inscribed with the Company and winner’s names, along with a cash prize of £1,500 and a certificate of merit. The winner is also offered Honorary Membership of the Company for one year and is be invited to the prestigious WCIB Annual Banquet to receive the Prize. 

An outstanding dissertation

Dr Kumushoy Abduraimova, Assistant Professor in Finance and Avery’s dissertation supervisor commented, “… This is an excellent academic work that at the same time offers valuable insights for practitioners. The significance of the paper goes beyond a prediction exercise. The existence of risk premia in index removals prediction and demonstrated ability to extract it have important implications for market efficiency argument.”.  

Reflecting on the annual banquet that he attended, Avery said, “[There were] so many interesting people from so many different backgrounds all gathered in one place, it was truly a wonderful evening. Being surrounded by such incredibly accomplished people was great and I am very excited to get more integrated into the Company and represent Durham well”. 

Professor Julian Williams, Head of the Finance Department was delighted with Avery’s success. “Avery came from a previous degree at Loyola University, Chicago and did his degree with us, has an excellent job in London and has now also been proclaimed best overall MSc Business/Finance student in the UK. This is the second year in a row and 3rd in 5 years for us to win the overall Lombard Prize for best UK dissertation. A fantastic achievement for the Department and the School. It highlights the calibre of graduate that our globally ranking Master’s in Finance attracts ”.

More information

• Find out more about our MSc Finance programmes
• Learn more about our Department of Finance
• Find out more about the Worshipful Company of International Bankers

MSc Finance and Investment graduate, Avery Aylesworth with WCIB Lombard Prize award

Avery Aylesworth being presented with WCIB Lombard Prize award

The WCIB annual banquet in the Mansion House, London

Red Hawk Student Investment Fund Shines at Global Finance Conference: Garnering Recognition Among 120+ Universities

Posted in: Accounting & Finance , Feliciano School of Business

Students from our Red Hawk Student Managed Investment Fund along with faculty members  Michael Radin, CFA  and  Duygu Zirek  joined undergraduate and graduate students from more than 120 universities including Yale, Temple, Washington University at St. Louis, University of Miami, Pace, and Fairleigh Dickinson at Quinnipiac University’s Global Asset Management Education (GAME) Forum, the world’s largest student-run financial conference.

The conference included keynote speakers and sessions tailored to enhance the skills of these students and professors as fund managers. Teams were ranked and recognized in various categories based upon calculated Sharpe Ratios of brokerage account activities. Our students also competed in the Poster Session.

Lindner College of Business » Programs » Graduate Programs & Certificates

Graduate Programs & Certificates

Learning is a lifelong pursuit. Whether you are seeking to level up your skills, pick up a credential or pivot into a new industry, our offerings can help you achieve your goals.

Lindner's diverse portfolio of graduate degrees help students expand their knowledge, hone their expertise and cultivate their network.

Our engaged, expert faculty craft courses that connect advanced business concepts to the applicable skills top employers demand.

Master's degree options

• Master of Business Administration (MBA)
• Master of Science in Accounting
• Master of Science in Applied Economics
• Master of Science in Business Analytics
• Master of Science in Finance
• Master of Arts in Human Resources
• Master of Science in Information Systems
• Master of Science in Marketing
• Master of Science in Taxation

Graduate certificates

Fast, focused and relevant, our graduate certificates help students gain specialized knowledge of a business function or cross-disciplinary domain in as little as eight months.

Graduate certificates can be completed as standalone programs or in conjunction with the Lindner MBA or master's program.

• As a standalone option , graduate certificates help students effectively weave new skills into their existing knowledge, without the commitment of a degree.
• Graduate certificates can also serve as the preliminary step to starting a master's degree program. All credits taken as part of a graduate certificate may be subsequently applied towards an MBA or relevant MS degree.
• Finally, students can add even more value to their degree * by layering a graduate certificate into their current MBA or MS studies.

Certificate programs are not eligible for federal financial aid and the unversity will not issue an 1-20 for international applicants pursuing a standalone certificate.

Certificate options

• Business Foundations
• Data Analytics
• Data Science
• Enterprise Resource Planning
• Finance (Investment Management)
• Health Care Administration
• Health Care Finance
• Health Care Operations
• Health Care Policy and Regulation
• Human Resources
• Leadership and Management
• Digital Marketing
• Marketing Research
• Professional Selling and Sales Management
• Public Economics
• Real Estate
• Corporate Taxation
• Individual Taxation
• Entrepreneurship
• International Business

*Degree-seeking students must still apply for admission to the desired graduate certificate program. Please contact your academic advisor to apply.

Doctoral programs

For those who are attracted to research or mastering  how to teach business, Lindner's apprentice-style PhD programs consistently help place emerging thought leaders in public and private business schools around the world.

PhD concentrations

• Operations, Business Analytics, and Information Systems (OBAIS)

Jeffrey Franke

Assistant Dean , Graduate Programs

1318 Carl H. Lindner Hall

Next MBA application deadline, May 1. You belong here.

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