Finance

About the Program

The Wisconsin PhD Program in finance prepares individuals for careers in research and teaching at the university level.

The program is highly quantitative, providing a strong foundation in financial and economic theory, as well as in mathematical statistical techniques. Through a program of elective courses and dissertation research, students specialize in particular areas of finance.

Core Areas of Research

Student research is supported by faculty in five core areas:

Asset pricing

Corporate finance

Market microstructure

Banking

Finance theory

Our faculty members contribute to significant advancements in the theory and practice of finance, as evidenced by our recently published journal articles.

Academic Requirements

All students must meet the general PhD requirements of both the UW–Madison Graduate School and the Wisconsin School of Business. Applicants should have the following background:

Completed and performed well in basic undergraduate economics or finance courses
Completed and performed well in mathematics, calculus, and linear algebra, including statistics and real analysis

Learn about the admissions process

Program Coursework

Theory of Finance

Investments

Corporate Finance

Economic Statistics and Econometrics I & II

Economic Theory–Microeconomics Sequence I & II

Economic Theory–Macroeconomics Sequence I or II

Real Analysis (may be waived if an equivalent was completed prior to admission)

At the beginning of the second year, each student proposes a set of three advanced courses that form a coherent package and enhance the student’s research skills. Students are free to choose elective courses offered by the economics, mathematics, or statistics departments. If applicable, students should work with their advisor to determine if courses in other areas are appropriate.

Students attend the weekly finance workshop and are strongly encouraged to attend the weekly brown bag seminar. Each PhD student makes a presentation in either the workshop or the brown bag seminar of either a thesis proposal or a literature survey. In addition, each student gives a workshop presentation of their dissertation research.

During the first summer, each student completes a literature review paper. During the second summer, each student completes a research paper on a finance topic. The topic may be either theoretical or empirical, and should contain elements of original research that extend the existing literature. Finance faculty members may provide guidance during the paper’s development. Each student makes an oral presentation of the paper to the finance faculty.

See Guide for all course requirements