Finance
PH.D. Program
The University of Tennessee’s Finance Ph.D. program is designed for ambitious scholars seeking to make a profound impact in academia, industry, and policy. With a focus on rigorous training in financial theory, quantitative methods, and cutting-edge research, our program prepares students to tackle complex global challenges. Join a community of dedicated faculty and peers committed to advancing financial knowledge and shaping the future.
The Haslam College of Business’ Ph.D. in Finance is a STEM-designated degree that equips students to conduct original, cutting-edge research in financial markets and corporate finance. The full-time, four- to five-year program combines academic rigor and hands-on mentoring. Students gain exposure to the profession by networking with world-class scholars at our annual “Smokey” Mountain Finance Conference, engaging in department research seminars and Neel Corporate Governance Center workshops, and presenting work at national and international conferences.
Our goal is to place graduates in tenure-track, academic positions. Toward that end, our faculty members mentor doctoral students as junior colleagues from day one. We typically admit two new students each academic year and maintain a research faculty to student ratio near one-to-one. The small program size facilitates close interaction with our faculty and fellow students, often leading to coauthored publications and ongoing relationships well beyond graduation.
In addition to taking five finance seminars, each doctoral student completes a set of economics and research methods courses. Students also have opportunities to take courses in complementary areas depending on their research interests.
Finance PHD
Requirements
Candidates for Haslam’s Ph.D. in finance apply directly through the UT Graduate School. There is no separate department application process. The program generally enrolls two students per year.
- Mean GPA: 3.5 undergraduate, 3.8 graduate (graduate degree not required) Mean GMAT/GRE: 85th percentile English Language Proficiency: Applicants whose native language is not English must take the TOEFL/IELTS.
- TOEFL: 100 or higher
- IELTS: 7 or higher
The TOEFL or IELTS is required for non-native English speakers, except students who have earned a degree from a U.S. institution within two years prior to enrollment.
Finance PHD
Financial Aid
Students accepted into the program are granted assistantships with an annual stipend that has averaged approximately $31,522 in recent years. All admitted students receive a tuition waiver and health insurance benefits.
Finance PHD
Key Dates
- Priority Deadline: January 15 (applications considered until class is filled)
Finance PHD
Academic Information
The Ph.D. in finance is a four- to five-year program. During the first two years, students take courses that equip them to conduct impactful research. Around the summer following the second year, students must present a second-year research paper and pass comprehensive examinations. Students spend the remainder of the program completing a dissertation and developing their own research pipelines.
Coursework
The Ph.D. in finance requires 48 credit hours of coursework, excluding dissertation hours.
Required Courses
- FINC 601 – Database & Research Methods
A database and research methods bootcamp course taken by incoming students. Designed to introduce new students to common databases and statistical programs used in finance research. Examples of topics covered with these databases include stock returns, financial statement information, institutional ownership, boards of directors, analyst forecasts, corporate loans, and mergers and acquisitions. Data management and analyses are conducted using SAS and STATA. Examples of specific research applications covered include calculating abnormal portfolio returns, conducting event studies, and estimating determinants of firm value, optimal capital structure, and investment regressions. - FINC 641 – Seminar in Finance
Foundation course in finance that introduces students broadly to theoretical and empirical research in finance, with an emphasis on corporate finance. Topics include capital structure choices, payout policy, securities offerings, executive compensation, corporate governance, and behavioral corporate finance. - FINC 651 – Seminar in Corporate Finance
Course that goes deeper into the theories and empirical findings of corporate finance research. Topics include liquidity management, capital structure, financial constraints, mergers and acquisitions, takeover defenses, the role of boards of directors, and product market competition. - FINC 652 – Seminar in Asset Pricing and Markets
Course that covers foundational theoretical models for asset pricing and market microstructure and introduces empirical asset pricing research. Topics include various versions of the Capital Asset Pricing Model, market efficiency, asymmetric information, stock market anomalies, and delegated portfolio management. - FINC 654 – Seminar in Corporate Finance (Special Topics)
Course that is a collection of various topics related to corporate finance, with an emphasis on more recent research. Previously covered topics include innovation, hedge fund activism, machine learning, behavioral corporate finance, effects of uncertainty, household finance, the role of labor markets in finance, and climate finance. - FINC 654 – Seminar in Asset Pricing and Markets (Special Topics)
Course that is a collection of various topics related to asset pricing and market microstructure, with an emphasis on more recent research. Previously covered topics include short selling, retail vs. institutional investors, algorithmic trading, information networks, and agency costs in mutual funds.
Primary Econometric Courses
- ECON 582 – Elements of Econometrics I
- ECON 583 – Elements of Econometrics II
- ECON 682 – Advanced Topics in Cross-Section Econometrics
Other Courses
- ECON 581 – Mathematical Methods in Economics
- ECON 511 – Microeconomic Theory
- BAUD 610 – Teaching Preparation Seminar
Finance PHD
Alumni Placement
Recent Placements
- Dipesh Bhattarai, Western Kentucky University, 2024
- Samuel Adams, Loyola University Maryland, 2024
- Connor Kasten, East Carolina University, 2023
- Jack (Guanhuan) Wang, Citi Bank, 2022
- Miaoyin (Alexandra) Zhang – Central University of Finance and Economics, 2022
- Amanda Olsen – Wofford College, 2022
- Asa Lambert – Mercer University, 2020
- Corbin Fox – James Madison University, 2019
- Ryan Farley – University of Tennessee, 2019
- Haosi (Chelsea) Chen – Ohio University, 2018
- Peter Dixon – Securities and Exchange Commission, 2018
- Brian Blank – Mississippi State University, 2016
- Syed Kamal – University of Central Oklahoma, 2016
- Dallin Alldredge – Washington State University, Currently at Florida International University, 2015
- Brandy Hadley – California State University San Bernardino, Currently at Appalachian State University, 2015
- Lee Biggerstaff – Miami University, 2014
- Mia Rivolta – Babson College, Currently at Xavier University, 2014
- Michael McDonald – Fairfield University, 2014
- Zhongdong (Ronnie) Chen – Carson-Newman University, Currently at University of Northern Iowa, 2013
- Karen Craig – Eastern Michigan University, 2012
- Alireza Ebrahim – Office of the Comptroller of Currency, 2012
- Kathryn Schumann-Foster – James Madison University, Currently at Securities and Exchange Commission, 2012
- Joshua White – Securities and Exchange Commission, University of Georgia, Currently at Vanderbilt University, 2012
- Laura Cole – University of Tennessee, 2011
- Yu Zhang – Eastern Michigan University, 2010
Finance PHD
Student Research
Research is the centerpiece of the Ph.D. program. Students are expected to conduct their own independent projects, but they are also encouraged to work jointly with faculty members and fellow doctoral students. Learn more about our doctoral student research work.