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Doctor of Philosophy (PhD) in Finance Admission, Top Colleges, Syllabus, Scope and Salary 2023

Doctor of Philosophy (PhD) in Finance Admission, Top Colleges, Syllabus, Scope and Salary 2023

Doctor of Philosophy (PhD) in Finance Admission, Top Colleges, Syllabus, Scope and Salary 2023

Begin your academic path with a Doctorate in Philosophy in Finance, also known as a PhD in Finance. This research-intensive programme is extended by prestigious institutions and universities across India, diving deeply into financial concepts and empowering candidates to investigate and contribute to relevant research fields.

The programme lasts a minimum of three years and can be extended up to a maximum of five years to accommodate different academic trajectories.

To be admitted to a PhD in Finance programme, candidates must first pass national and university-level admission exams, followed by rounds of interviews. Candidates must also have a master's degree in the relevant discipline and a remarkable aggregate score of 55% or better. Among the most prestigious entry exams for PhD in Finance programmes include the UGC NET, GATE, and NMIMS. Tuition fees often range between INR 2000 and INR 5,000.

A PhD in Finance programme includes a thorough examination of advanced themes such as share valuation, privatisation and globalisation, the essence and definition of the business environment, cost and management accounting, industrial growth and structural changes, and more.

Among the prestigious institutes that offer PhD in Finance programmes are IIT Madras and the Indian Institute of Foreign Trade in New Delhi, among many more. The Fellow Programme in Management (FPM) is the name given by IIMs to its prestigious PhD programmes.

This intellectual quest takes on an interesting flair with the use of contractions, idiomatic expressions, transitional phrases, interjections, and colloquialisms. The narrative rhythm incorporates a variety of sentence patterns and lengths, resulting in an enthralling ebb and flow that captivates with both intricacy and vibrancy.

PhD In Finance: Course Highlights

The following is a list of course highlights that candidates should consider before pursuing a PhD in Finance.

Course Level Doctorate
Full-form Doctor of Philosophy in Finance
Duration 3 years
Eligibility Completed post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks.
Mode(s) of Education Regular 
Admission Process Entrance test 
Course Fee INR 5,000- INR 5,00,000
Average Salary INR 3 LPA - INR 8 LPA
Job Positions Stockbroker, Statistician, CFA, Credit Control Manager, Finance Manager, Corporate Banking Executive, etc.
Top Recruiters HCL, TATA Consultancy, Accenture, Genpact, Vodafone, Oracle, Accenture, Reliance, Bajaj, Airtel, etc.

Ph.D. in Finance: What is it about?

  • A PhD in Finance is a research-based programme that leads to a high-level academic and research career in finance and economics.
  • Those seeking admission to the programme must have analytical, logical, managerial, and leadership abilities.
  • Accounting, Economics, Financial Management, and other related topics are all studied in finance.
  • PhD students in finance are educated in areas such as statistics, investments, economics, and corporate finance theory.
  • In addition, as part of their course curriculum, students will learn about numerous markets and financial products.
  • PhD in Finance is a research-related education designed specifically for a research-based or academic job.
  • While most universities require candidates to have a Master's degree in Business Administration, others admit students to PhD programmes in Finance right after earning their bachelor's degree.

Why study PhD Finance?

A PhD in Finance programme can provide you with numerous professional options and lead you to a lucrative future. Those who want to work in academia (as a professor or research fellow in a business school) must have this degree.

The following are some of the primary reasons why one should seek a PhD in Finance:

  • High Salary -A PhD in Finance graduate's average income ranges between INR 4 LPA and INR 8 LPA. This compensation rises with experience; according to the website Pay Scale, the average salary of a PhD in Finance graduate is roughly INR 12,50,000 per annum. Aside from these, candidates are provided with bonuses and other incentives such as DA, Provident Funds, Travel Expenses, and Medical Insurance.
  • Career Options -After completing the course, students may pursue either an academic or an industry career. Both professional paths are equally rewarding. They have the choice of pursuing a career as a professor, lecturer, or associate professor in their academic career. In the industrial sector, they can work as market research analysts, investment bankers, and so on.
  • Financial Management -It teaches the student about numerous vital financial concepts. The course curriculum includes learning procedures for the comprehensive organisation of money in enterprises and banks.
  • Job Security -The majority of PhD Finance graduates work in academia, which gives tenure and employment stability. In the case of industrial occupations, they are primarily hired in top-level roles because consultants are thought to be more stable and have a lower attrition rate.
  • Financial Understanding -Those who pursue a PhD in Finance or Economics are more likely to recognise today's global financial issues and contribute to their resolution.
  • Opportunity to Turn Entrepreneur-Candidates with a PhD in Finance have the possibility to become entrepreneurs. Candidates can work as part-time professors in a variety of government and private colleges. They might also start their own firm and offer counsel to other individuals or businesses.

Who Should Study PhD in Finance?

  • Those interested in a career in finance can enrol in a PhD in Finance programme.
  • Candidates who aspire to become professors should take the course.
  • Candidates who have finished their PG degrees in elevant streams such as MBA Finance and MCom Finance might pursue a PhD in finance to advance their careers.
  • Candidates who are currently employed might enrol in this course to advance their careers. Candidates must, however, have the necessary qualifications.
  • Candidates who desire to work as an associate professor or lecturer can also enrol in the programme.
  • Candidates interested in pursuing a research-based degree should choose the PhD in Finance programme.

List of Top 10 Phd In Finance Colleges

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23 March, 2023

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23 Jul, 2023

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23 March, 2023

A Better Alternative To Grading Student Writing

  • 9.00 AM
  • Dhaka, Bangladesh

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17 Apr, 2023

12 Things Successful Mompreneurs

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  • Dhaka, Bangladesh

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07 Oct, 2023

Ethics in Al Live Event Machines Judging.

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  • Dhaka, Bangladesh

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23 Jul, 2023

The Importance Of Intrinsic Motivation.

  • 1.00 AM
  • Dhaka, Bangladesh

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23 Jul, 2023

The Importance Of Intrinsic Motivation.

  • 1.00 AM
  • Dhaka, Bangladesh

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23 Jul, 2023

The Importance Of Intrinsic Motivation.

  • 1.00 AM
  • Dhaka, Bangladesh

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Eligibility for Ph.D. in Finance

Candidates for the PhD in Finance must meet the following qualifying requirements:

  • Students must have a post-graduate degree in a field such as accounting, economics, or mathematics from a recognised university. MBA Finance Stream candidates are also eligible to apply for the PhD in Finance Course.
  • In addition, the student must have a minimum of 55% in their post-graduate course. SC/ ST/ OBC/ PwD applicants receive a 5% grade reduction.
  • There is no age limit for applying to the PhD programme.

How To Get Admission In PhD Finance

Students are admitted to PhD programmes in finance based on their achievement in the admission exam and in the personal interview. Although the admission process for PhD in Finance varies per university, candidates are expected to participate in the admission process, which includes a Written Entrance Exam and a Personal Interview.

Let us go over the admissions process in further depth so that you have a thorough understanding of it.

Getting into a good institution is not easy, and students must prepare well in advance in order to be chosen. So, here are a few things to keep in mind if you want to get into a good college:

  • You must have a reasonably decent postgraduate degree score. A minimum of 55% is projected.
  • If your college holds an interview round, you must be well prepared.
  • You should be familiar with the types of questions that are typically asked in interviews.
  • A high score on the entrance exam increases your chances of being admitted to a good college.

In addition, interested candidates should be aware of the placement scenario and the services provided by the college to students.

How to Prepare for the Finance Entrance Exam?

A applicant must prepare well for the entrance exam in order to perform well on it. Because a PhD is regarded the highest degree attestation, applicants may require additional educational instruction to pass the exam.

Here are a few things you should bear in mind while you study for the exam.

  • Examine all of the important subjects covered in the syllabus.
  • Determine the weightage of the various subjects and create a timetable appropriately.
  • Give more time to the more difficult chapters and try to review all of the topics taught over the week on Sunday.
  • Don't forget to practise a lot of questions once you've finished the syllabus.
  • Try to rehearse the previous year's questions.
  • Take the online Mock exams. Use the internet to learn about various shortcut strategies to save time during the entrance exams.

Those who want to ace the test should also be well-versed in Finance and Accounting disciplines.

PhD in Finance Admission Process

  • Step 1:Registration- Candidates must go to the entrance examination authorities' website and register with an email or phone number, as well as create a login ID.
  • Step 2:Fill out the application form - Students must complete the application forms for the individual institutes where they wish to pursue their PhD in Finance. Online application forms are available. Candidates must provide information about their selected admission exam cities as well as the appropriate academic information.
  • Step 3:Upload numerous documents- Candidates must upload various documents in their desired size and format. Candidates must then pay the application fees and obtain a receipt for future reference.
  • Step 4:Attend the admission examination – Candidates must take the entrance examination. Each university has its unique admissions process. The students are invited to the interview based on their performance in the entrance exam.
  • Step 5:Attend the interview - Following the announcement of the admission test results, the selected students are invited to an interview. The interview may be conducted in rounds. Candidates must present their thesis and the topics in which they want to work throughout their PhD studies.
  • Step 6:Admission to the college - Students who pass the interview will be invited for additional admission procedures and will be allowed to enrol in that university.

Note: Applicants are recommended to monitor institution websites and newspapers for the most recent admissions announcements.

PhD Fiance Entrance Exams

Most universities offering PhD Finance in India, conduct an entrance test for admitting students to the course. Only those who successfully clear the entrance examination are later asked to appear for an interview.

Although a huge number of institutions in India offer admission into PhD through their own selection tests, most universities offer acceptance into the program through the GATE Entrance assessment and UGC NET. A few popular entrance tests for the PhD in Finance course are as follows:

  • UGC NET Exam:The NET (National Eligibility Test) is given twice a year. The exam is divided into 84 subjects. The entrance exam has been rescheduled owing to the Covid 19 epidemic.
  • RMAT:PhD students are admitted to AIMA and Aligarh Muslim University based on their achievement in the Research Management Aptitude Test (RMAT). The AIMA has chosen to hold the exam in June of this year.
  • SIU PET Exam:Symbiosis International University PET Exam is held for admission to Symbiosis International University's PhD programmes. The exam takes place in June.
  • JNU PhD Entrance Exam:Jawaharlal Nehru University accepts PhD students based on their performance in the entrance exam. The examination takes place in the month of June.
  • GTU PhD Entrance Exam:Gujarat Technological University (GTU) holds an entrance exam for PhD students. The application forms are available through July, and the exam is held in August.
Exam Name Registration Date  Exam Date
UGC NET 

April 30 – May 30, 2022

July 9-12, 2022 and August 12-14, 2022
RMAT  March 12, 2022  March 19, 2022 
SIU PET  To be Announced To be Announced
JNUEE  To be Announced     To be Announced

PhD in Finance Syllabus

The course educates students for the issues that multinational and small and medium-sized enterprises encounter. The course structure is broken down into units, which are listed below :

Unit 1 – Business Environment

  • Second Generation reforms
  • Privatization and Globalization
  • Planning Policy
  • Meaning and Definition of Business Environment
  • Liberalization
  • Legal Environment of Business in India
  • Industrial Policy
  • Industrial Growth and Structural Changes
  • Environment protection
  • Economic Policy
  • Consumer Protection
  • Competition Policy

Unit II – Financial and Management Accounting

  • Valuation of Shares
  • Responsibility Accounting
  • Ratio Analysis
  • Partnership Accounts
  • Liquidation
  • Financial Statements
  • Cost and Management Accounting
  • Capital and Revenue
  • Basic Accounting Concept
  • Advanced Company Accounts

Unit III – Business Economics

  • Sampling Errors
  • Utility analysis
  • Price determination in different Market Situations
  • Nature and Uses of Business Economics
  • Laws of Variable Proportion
  • Laws of Returns
  • Elasticity of Demand
  • Demand Analysis
  • Concept of Profit and Wealth Maximization

Unit IV– Business Statistics and Data Processing

  • Data types
  • Data Processing
  • Data Collection and Analysis
  • Correlation and Regression
  • Computer Application to Functional Area
  • Analysis and Interpretation of data

Unit V– Business Management

  • Staffing
  • Principles of Management
  • Planning Process
  • Organizational Culture and Structure
  • Organizing
  • Leadership and Control
  • Decision Making
  • Business Ethics and Corporate Governance

Unit VI– Marketing Management

  • Product decision
  • Pricing, Distribution and Promotion
  • Marketing Planning
  • Marketing Mix
  • Marketing Environment
  • Evolution of Marketing
  • Concepts of Marketing

Unit VII– Financial Management

  • Working Capital Management
  • Financial and Operating Leverage
  • Dividend Policy
  • Cost of capital; Capital Budgeting
  • Capital Structure

Unit VIII– Human Resource Management

  • Training and Development
  • Succession Planning
  • Role and Functions of HRM
  • Recruitment and Selection
  • Performance Appraisal
  • Industrial Relations
  • HR Planning
  • Compensation

Unit IX – Banking and Financial Institution

  • Reserve Bank of India
  • NABARD and Rural Banking
  • Importance of Banking to Business
  • Types of Banks
  • E-Banking
  • Development of Banking
  • Banking Sector Reforms in India

As a result, it is clear that the course syllabus covers topics that need the student to have a strong quantitative foundation, as well as critical thinking, problem solving, and communication skills. The table below highlights the key books that cover advanced PhD in Finance themes -

Name of the Author Book
Vaidya Nathan K. Credit Risk Management for Indian Banks
John H. Cochrane Financial Markets and the Real Economy
Robert Macintosh Research Methods: Accounting & Finance
John C. Hull Options, Future & Other Derivatives
Robert Mckinley Managing Credit
Andrew W. Lo The Econometrics of Financial Markets

Ph.D. in Finance: Job Prospects and Career Options

Finance PhD candidates are business-oriented and seek a more professional job. Jobs at numerous finance firms are also possible. Popular job titles include statistician, stockbroker, finance manager, and so on. The average yearly salaries range between INR 4 LPA and INR 8 LPA.

Job Profile  Job Description Average Annual Salary
Assistant Professor Teaching Finance courses to junior-level (UG, PG, MBA) students. INR 5,75,000
Professor Usual work includes researching on ‘financial aspects’ of a society and teaching students. INR 11,88,000
Stockbroker Purchasing stocks and offering them to various retails and institutional customers by means of the stock exchange. INR 3,25,000
Statistician Deals with theoretical and applied statistics.  INR 3,68,671 
Relationship Manager A Relationship Manager works to maintain a good relationship with other competitors and clients. INR 5,95,478
CFA A CFA analyzes investments, stocks or companies. INR 1,157,000
Financial Managers Takes care of the financial health of the companies they work for and creates financial reports and plans. INR 9,56,578

PhD in Finance Scope

Students pursuing a Ph.D. in Finance may seek employment in both the private and public sectors, including accounting firms and banks. After completing the PhD in Finance programme, students may pursue research, work in various research labs, or teach at various colleges and universities. Among the most popular divisions are:

  • Government and private sectors.
  • Corporations and consultancies.
  • Markets research.
  • Public accounting firms.
  • Budget planning.

PhD in Finance graduates have a bright future, and while their starting salaries may be low, their earnings will rise as they gain experience. Students may also conduct additional research in their chosen fields.