The Ph.D. Program in Finance at GSEFM is designed to ensure that students acquire a thorough knowledge of the theory of finance, of econometric and computational methods, as well as the structure of modern financial markets, before beginning their own research under faculty supervision.
In the first year of the program, students attend core courses in financial economics, econometrics, and mathematical methods. Furthermore, students attend courses in microeconomic or macroeconomic theory. At the end of the first year of studies, students must pass qualifying examinations in finance, econometrics, and microeconomics or macroeconomics. In the second year of the program students complete field courses in two to three fields of their choosing and begin to work on their own research. All students are required to have a faculty advisor by the end of their second year in the program. The role of the faculty advisor is to help the student to make the transition from coursework to research and to identify suitable dissertation topics. By the end of their third year in the program students will need to have completed their first research paper. The dissertation is completed in the fourth year of the program. The dissertation must be a major piece of research, and its chapters must have the potential for publication in an international scientific journal.
First-year students in the Master Program in Quantitative Finance at GSEFM enroll in the same set of courses as the first-year Ph.D. Program in Finance students. If completing their first year of studies with strong success, the Master Program in Quantitative Finance students are then eligible and strongly encouraged to join the Ph.D. Program in Finance from their second year of studies onwards. Other students in the Master Program in Quantitative Finance in their second year of studies have the option to enroll in concentration courses with an emphasis on policy issues and/or on issues of implementation. The Master Program in Quantitative Finance is completed with a Master thesis written in the final months of the second year of studies.