• PhD in Finance

    A program grounded in research methods and strategies, with a mentorship model, that gives students an esteemed personal foundation.

  • Overview

  • DESIGNED FOR SUCCESS

    At Katz, we prepare our students to become productive and discerning research-oriented faculty members. See our sample schedule below.

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    Term 1

    Fall Term

    12

    Credits

    An exploration of critical thinking.

    Sample Courses

    • BFIN 3001 Finance Fundamentals

      1.5 CREDITS

      BFIN 3001 Finance Fundamentals

      Course Description

      This doctoral seminar provides the theoretical foundation for the fundamental paradigms in finance.  The topics covered include certainty and uncertainty models of choice, portfolio theory, asset pricing models, and efficient capital markets.  The course format is lecture and discussion.

    • BFIN 3031 Corporate Finance Theory Methods

      1.5 CREDITS

      BFIN 3031 Corporate Finance Theory Methods

      Course Description

      This course develops some of the classic theory underlying corporate finance.  This includes financing and payout policies in perfect markets, as well as the consideration of market imprefections such as asymmetric information, agency theory, and contracting solutions.  The course closes with an introducton to important empirical methods that are commonly employed in empirical corporate finance research. 

    • ECON 2001 Introduction to Mathematical Methods

      3 CREDITS

      ECON 2001 Introduction to Mathematical Methods

      Course Description

      Intensive mathematics preparation for first year Ph.D. students.

    • ECON 2010 Mathematical Methods Economic Analysis

      3 CREDITS

      ECON 2010 Mathematical Methods Economic Analysis

      Course Description

      A survey of differential and integral calculus with application to economic analysis.

    • ECON 2020 Intro to Econometric Theory

      3 CREDITS

      ECON 2020 Intro to Econometric Theory

      Course Description

      This course covers elements of inferential statistics necessary for the study of econometric theory.  It emphasizes estimation theory and its applications. Illustrations are drawn from several areas of economics. Students are expected to understand the theory of statistical inference mathematically as well as intuitively when applied to economic problems.

    • ECON 2100 Advanced Microeconomic Theory 1

      3 CREDITS

      ECON 2100 Advanced Microeconomic Theory 1

      Course Description

      Theories of consumer behavior, producer behavior, market equilibrium, industry structure.

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    Spring Term

    A thorough examination of research methods.

    Sample Courses

    • BFIN 3032 Corporate Finance Seminar 1

      1.5 CREDITS

      BFIN 3032 Corporate Finance Seminar 1

      Course Description

      This doctoral seminar covers empirical research in corporate finance.  The topics covered include agency theory, corporate governance, ownership structure, and mergers and acquisitions.  Topics of related interest may also be covered.

    • BFIN 3033 Corporate Finance Seminar 2

      1.5 CREDITS

      BFIN 3033 Corporate Finance Seminar 2

      Course Description

      This doctoral seminar covers empirical research in corporate finance.  The topics covered include capital structure, payout policy, and capital market imperfections.  Topics of related interest may also be covered

    • BFIN 3034 Corporate Finance Seminar 3

      1.5 CREDITS

      BFIN 3034 Corporate Finance Seminar 3

      Course Description

      This doctoral seminar provides exposure to an area of research that encompasses elements of both industrial organization (IO) and corporate finance. Most of the papers discussed examine the interaction between a firm's real decisions (historically the purview of IO) and its financial decisions (historically the purview of financial economists).  Topics of related interest may also be covered.

    • ECON 2120 Advanced Microecnomic Theory 2

      3 CREDITS

      ECON 2120 Advanced Microecnomic Theory 2

      Course Description

      This course will present the Arrow-Debreu-McKenzie Theory of competitive equilibrium, the theory of imperfect competition, and economics of uncertainty.  The presentation will be self-contained, including a discussion of the mathematical techniques used.  As time permits, special topics will be discussed.

    • CMU 0721 Seminar in Finance

      2 CREDITS

      CMU 0721 Seminar in Finance

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    Summer Term

    3

    Credits

    Research paper with faculty guidance.

    Sample Courses

    • BFIN 3039 Summer Research Paper

      BFIN 3039 Summer Research Paper

      Course Description

      Students work independently and with their assistantship advisors on research in their area of specialization. 

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    Term 2

    Fall Term

    A continued study in critical thinking and research methods.

    Sample Courses

    • BFIN 3035 Financial Empirical Methods

      1.5 CREDITS

      BFIN 3035 Financial Empirical Methods

      Course Description

      This doctoral seminar covers the empirical techniques used most often in the analysis of financial markets and their application to actual market data. Topics covered include the statistical properties of asset returns and the efficient markets hypothesis, empirical tests of asset pricing models (CAPM, APT, Intertemporal CAPM, Consumption CAPM), and tests of conditional asset pricing models.  Topics of related interest may also be covered.

    • CMU 0723 Seminar in Finance 3

      2 CREDITS

      CMU 0723 Seminar in Finance 3

      Course Description

      This course will focus on trading and market structure issues, and also attention to credit rating agencies, arbitrage and taxes

    • CMU 0724 Seminar in Finance 4

      2 CREDITS

      CMU 0724 Seminar in Finance 4

    • ECON 2260 Advanced Econometrics 1

      3 CREDITS

      ECON 2260 Advanced Econometrics 1

      Course Description

      Covers, with rigor commensurable to the current professional standard, the basis results of statistical inference in the classical linear regression model and their extension; asymptotic theory and its application to extremum estimators including the lEast squares estimator and the maximum likelihood estimator; asymptotic tests and related topics; generalized lEast squares theory; and linear and nonlinear simultaneous equation models.

    • MATH 3225 Mathematics of Finance

      3 CREDITS

      MATH 3225 Mathematics of Finance

      Course Description

      A mathematical introduction to the pricing of options and other derivative securities, portfolio theory and risk management

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    Spring Term

    A further dive into major concentrations, critical thinking, and research methods.

    Sample Courses

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    Summer Term

    A comprehensive independent study.

    Sample Courses

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    Term 3

    Fall, Spring & Summer

    Fully concentrated work on dissertation and service as teaching assistant.

    Sample Courses

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    Terms 4 & 5

    All Terms

    Teach and enter the job market to defend your dissertation.

    Sample Courses

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  • 2

    Academics

  • STUDENTS

    Our mission is to produce internationally renowned experts in the business disciplines and place our graduates at leading research universities worldwide.

    See Students 

  • 3

    Students

  • RESEARCH

    By reading highlights of their research you will see why Katz faculty is internationally recognized as experts in their fields and have published in prestigious academic journals such as Accounting Review and the Review of Financial Economics.

    See Research 

  • 4

    Research

  • TAKE THE FIRST STEP

    We are here to offer you support through the admissions process. Below, find all of the information, requirements, and key dates you’ll need to submit your application.

    The Application

    Getting Started

    Required Components

    • Online Application

      Create your personal application account where you can start and save your work as needed. You will also submit the following:

    • Application Fee

    • Three Recommendations

    • Unofficial Transcripts

      Official transcripts will only be needed if the doctoral committee is interested in admitting you.

    • Official GMAT or GRE and TOEFL scores

    • Official TOEFL or IELTS scores

      The school codes you must provide are DPZ-M5-90 for the GMAT and 2998-(major code) for the GRE. If the TOEFL applies to you, please provide the code 2998-02.

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    Interview Process

    Evaluative Interview

    Meeting with the committee

    Interviews are conducted on campus, off campus, or via Skype if is not possible to meet in person. We regret that we cannot conduct telephone interviews.

    Applicants may be asked to participate in our evaluative interview process upon initial review by the MBA admissions committee. A requirement for all Full-Time MBA admitted applicants, evaluative interviews are conducted by a variety of Katz personnel from our local MBA Admissions office in Pittsburgh, Pennsylvania.

     

    Details are provided in the interview invitation.

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    Additional Information

    Need To Know

    Frequently Asked Questions

     

    • What are the major areas of study offered through the Katz PhD Program at the University of Pittsburgh?
      Learn more about the seven areas of study.
    • How long will it take to complete the PhD program?
      Most students complete the program in four years. It typically takes two years to complete course work and comprehensive examinations followed by dissertation research, overview, and defense.
    • How should I choose an area of study? A PhD Program?
      We recommend you do two things:

      Examine the descriptive information under "Areas of Study" and browse to see if it interests you in general.

      Browse the faculty and research pages using the small "Faculty & Research" link at the very top of this page, just to the right of the Katz logo. Examine the titles of the papers of the faculty in the areas that you think are interesting. You might even look up some of the papers on Google Scholar and see if you can retrieve them through your school library. If you do not have access to an academic library, you might be able to obtain copies of some papers directly from the faculty members themselves. Read the papers and imagine yourself being involved in similar work. A scholarly career in research is full of rewarding and engaging work, but there should be a good fit between your interests and the specialties of the faculty in the program and university you are considering.

    • What is the financial aid package offered by the Katz PhD Program?
      The Katz Doctoral Program provides a five-year financial aid package to admitted doctoral students. The stipend is currently $26,900 annually. Katz also provides full tuition remission for five years and comprehensive health insurance for their students, both domestic and international.
    • I will be taking the GMAT/TOEFL Test in January. Should I submit the application to the University of Pittsburgh PhD Program without these scores?
      Yes, please submit as much of the application as possible before the January 1 deadline. It is best to submit your application with all official documentation. However, you may indicate that the GMAT/TOEFL score will be forwarded to the University of Pittsburgh (DPZ-M5-90 for GMAT and 2998-02 for GRE and TOEFL) and indicate the date you are taking the exam. We can begin to process the application if necessary without all of the information. However, please note that no official action can be taken on an incomplete application. If you have a copy of a score that you want to submit while waiting for an official score to arrive, please feel free to do so. Again, remember that no final action can be taken on your application until official documents are received.
    • What are the GMAT, GRE, and TOEFL Institution Reporting Codes for the University of Pittsburgh PhD Program in Business?
      Our GMAT reporting code is DPZ-M5-90 and the GRE and TOEFL reporting code is 2998-02. Please be sure to use the University of Pittsburgh PhD code and not the Master's program codes you might find elsewhere.
    • I have not received all letters of recommendation back from recommenders. Should I send my application without a complete set?
      Yes, it is important to get your application into the University of Pittsburgh Doctoral Program by January 1. If you are waiting for another letter of recommendation, please submit your application with a note informing us of the approximate date we will receive it.
    • It is a financial hardship for me to pay the application fee. Can the University of Pittsburgh waive the fee?
      We know the importance of applying to a doctoral program for our applicants and wish that we could help with this burden. Unfortunately, it is a University policy that an application fee must be charged. We have made every effort to keep the fee as low as possible and will continue to be sensitive to this need in the future.
    • When will I know the result of the application process?
      We know the importance of applying to a doctoral program for our applicants and wish that we could help with this burden. Unfortunately, it is a University policy that an application fee must be charged. We have made every effort to keep the fee as low as possible and will continue to be sensitive to this need in the future.
    • When will I know the result of the application process?
      Typically, the Katz Doctoral Committee will review applications during January and make initial offers in February and March. Depending on where a student may be as a backup, it is possible for a student to hear of a positive admission decision as late as the third week of April. The Doctoral Office will attempt to telephone and email accepted applicants as soon as a decision is made.
    • Where do you place your graduates?
      The purpose of the Katz Doctoral Program is to develop professional scholars who will excel in research and teaching for placement at leading business schools. The Katz School has an outstanding placement record with graduates.
    • What are the requirements for the PhD at Katz Graduate School?

      Visit the requirements section to learn more.

    • What is the minimum GMAT/TOEFL score accepted by the University of Pittsburgh Katz PhD Program?
      The University of Pittsburgh Katz Doctoral Program does not publish a minimum score. However, it may be helpful for you to know that the average GMAT score of admitted students each year is between 720 and 730. Few admitted applicants report TOEFL scores below 100.
    • Can I ask for a waiver of the TOEFL test?
      The Test of English as a Foreign Language (TOEFL) is required if the applicant's native language is not English. Exemption for this test may be permitted when an applicant has attended a college or university in the United States for a minimum of four years as a full-time student and has earned at least a Bachelor's degree, or when an applicant has earned a Master's degree from a college or university in a country that considers its native language to be English (the USA, UK, Australia, and Canada are examples). Even if English is the medium of instruction, the school needs to be in a country with English as its native language.
    • How do I arrange to take the GMAT/GRE/TOEFL tests?
      The GMAT test is administered by the Graduate Admission Council.
      The GRE and TOEFL tests are administered by the Educational Testing Service, Princeton, New Jersey, 08541, USA. Further information may also be obtained from the nearest United States Embassy, Consulate, or Information Service.
      GMAT - See www.mba.com/the-gmat.aspx
      GRE - See www.ets.org/gre
      TOEFL - See www.ets.org/toefl
    • How do I arrange a visit to the Katz Graduate School?
      We are happy to arrange visits for prospective students to meet the Katz faculty, staff, and students. If your schedule permits arranging a visit during the fall term (October through December), please contact the Katz Doctoral Office.
    • What is the size of the Katz PhD Program?
      There are currently 47 doctoral students, from 9 different countries, across 7 different majors. This number includes students at the course work, comprehensive exam, and dissertation stages of the program.
    • What is the application deadline?
      The deadline for applying for September is January 1. However, it is advantageous to have your completed application submitted earlier to facilitate the review process.
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    APPLICATION DEADLINES

    The deadline for applying for September is January 1. However, it is advantageous to have your completed application submitted earlier to facilitate the review process.

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  • 5

    Admissions

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