Boston College Carroll School of Management, Doctoral Program in Finance

Doctoral Program in Finance

The program begins with two years of systematic, rigorous training in the theory of quantitative methods, economics, and finance. In the third year, students complete a major research project designed to develop their ability to do original research. Through hands-on experience as teaching and research assistants, students gain important pedagogical experience. Finally, each student completes a doctoral dissertation that contributes substantial, original work to the field of finance. Doctoral students at the Carroll School work with exceptional faculty who are experts in their disciplines and globally acclaimed for their scholarship, research, and mentorship. In our collegial environment, students typically collaborate with one another and with faculty to produce groundbreaking research.

Caitlin Dillon Dannhauser, Ph.D. ’15

The Michelle and Sean Traynor ʼ91 Assistant Professor, Finance & Real Estate, Villanova University

“After working for five years on Wall Street, I was looking for a career change and decided to pursue a Ph.D. My doctoral studies at Boston College provided an unmatched depth of understanding of the markets and corporations that I worked with on Wall Street. They also allowed me to contribute to society’s knowledge through original research. My research focuses on investments, notably corporate bond ETFs and modern asset management. The BC faculty fostered my research abilities by providing unmatched training in the empirical techniques and theoretical foundations of my research area, while also encouraging the academic freedom to generate my own questions in an emerging field. Beyond training, BC provided access to preeminent scholars through seminars and professional networks.

Simply put, obtaining a Ph.D. from Boston College has been the foundation of my academic career. In addition to formal training, the mentorship by BC faculty and fellow alumni has been critical to my success.”

The Ph.D. in Finance program at Boston College is internationally known for its rigorous curriculum that combines theory with applied research and pedagogy. Graduates of the program are leaders in the field of finance who have the knowledge and analytical skills they need to conduct research and teach at the highest level.

Ph.D. in Finance Program Requirements

Doctoral students in finance complete a five-year program of study that leads to competency in three areas: quantitative methods, economics, and finance. The requirements of the program of study are typically satisfied by completing 15 courses in the first two years of the program. In some cases, coursework completed prior to entering the program may be substituted for required courses. However, each student must complete a minimum of 12 courses while in the program.

c omprehensive e xamination

Satisfactory performance on a comprehensive examination marks the student’s transition from coursework to full-time thesis research. The examination

c urriculum and c ourse s equence

is intended to allow the student to demonstrate substantial knowledge of the literature and theory of finance and economics and competence in the area of quantitative methods.

r esearch paper and d issertation

Doctoral students are expected to engage early in research. The culmination of the program is the doctoral dissertation, a substantial, significant, and original contribution to the field that is prepared under the guidance of a thesis committee of three or more faculty members. When the research is complete, students present a thesis-defense seminar that is open to the Boston College community.

The Carroll School provides financial support for doctoral students in the form of a stipend and tuition remission. Students in good standing may receive this support for up to five years. In return, students serve as research or teaching assistants throughout their time in the program. p

h. d . placement

The Finance Department takes an active role in placing students in attractive academic positions. Recent placements have included:

American University

Arizona State University

Baruch College (City

University of New York)

Bocconi University (Italy)

DePaul University

Fordham University

George Washington University

Indiana University

INSEAD (France)

Lehigh University

Louisiana State University

Michigan State University

National University of Singapore

Texas A&M University

The College of William and Mary

University of Alberta (Canada)

University of Arizona

University of Delaware

University of Georgia

University of Hong Kong

University of Iowa

University of Minnesota

University of New South Wales (Australia)

University of Notre Dame

University of Pennsylvania

University of Texas at Dallas

University of Virginia

Villanova University

Virginia Tech

Our students and recent graduates also have been successful in terms of scholarly output. Their papers have appeared in top economic and finance journals, such as the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Journal of Banking and Finance, and Review of Financial Studies.

Erik Gilje, Ph.D. ’14 Assistant Professor of Finance, Wharton School of the University of Pennsylvania

“I chose to pursue my Ph.D. in Finance at Boston College due to the faculty mentorship of Ph.D. students it offered, the broad finance knowledge of the faculty in the department, and the documented track record of faculty publishing in top finance research journals.

For me, mentorship by faculty was key. The faculty at BC have a wide set of expertise and the research culture is such that faculty are very generous with time and resources with regard to Ph.D. students. BC gives you all the tools and training necessary to write topquality research papers and get into top conferences.

My advice to future Ph.D. in Finance candidates is to find a faculty member and mentor that you can connect with. Set goals for yourself in terms of where you want to be by the end of the program, then work backward to make sure you are hitting the benchmarks you need to be successful. Don’t be a stranger to faculty. Every single faculty member I ever emailed at BC for their time always responded and met with me. It is a fantastic culture for the mentorship and development of Ph.D. students.”

Faculty

Rui Albuquerque Professor; Ph.D., University of Rochester

Michele Andreolli

Assistant Professor; Ph.D., London Business School

Pierluigi Balduzzi

Professor; Ph.D., University of California, Los Angeles

Simcha Barkai

Assistant Professor; Ph.D., University of Chicago

Michael Barry

Associate Professor of the Practice; Ph.D., Boston College

Vincent Bogousslavsky Assistant Professor; Ph.D., Swiss Finance Institute, EPFL

Thomas J. Chemmanur

Professor; Ph.D., New York University

Nathan Dong

Assistant Professor of the Practice; Ph.D., Rutgers University

Ran Duchin

Professor and David J. Mastrocola Faculty Fellow; Ph.D., University of Southern California

Vyacheslav (Slava) Fos

Professor, Hillenbrand Family Faculty Fellow, and Ph.D. Program Coordinator; Ph.D., Columbia University

Samuel Hartzmark

Professor and Hillenbrand Family Faculty Fellow; Ph.D., University of Southern California

Drew Hession-Kunz

Lecturer; MSF, Boston College

Clifford Holderness Professor; M.Sc., London School of Economics; JD, Stanford University

Edith Hotchkiss

Professor and Hillenbrand Family Faculty Fellow; Ph.D., New York University

Robert F. James Senior Lecturer; MSF, Boston College

Cheng (Jason) Jiang Assistant Professor of the Practice; Ph.D., University of California, Riverside

Adam Jørring Assistant Professor; Ph.D., University of Chicago

Darren Kisgen Associate Professor; Ph.D., University of Washington

Matteo Leombroni Assistant Professor; Ph.D., Stanford University

Andrey Malenko Professor; Ph.D., Stanford University

Nadya Malenko Professor; Ph.D., Stanford University

Alan Marcus

Mario J. Gabelli Professor; Ph.D., Massachusetts Institute of Technology

Jeffrey Pontiff Professor and James F. Cleary Chair in Finance; Ph.D., University of Rochester

Jonathan Reuter

Associate Professor; Ph.D., Massachusetts Institute of Technology

Paul Romer

Seidner University Professor; Ph.D., University of Chicago

Ronnie Sadka

Senior Associate Dean for Faculty, Chairperson, and the Haub Family Professor of Finance; Ph.D., Northwestern University

Paul Schmelzing Assistant Professor; Ph.D., Harvard University

Aimee Hoffmann Smith

Assistant Professor of the Practice; Ph.D., Florida State University

Elliott Smith

Senior Lecturer; MSF, Boston College

David Solomon

Professor and Giuriceo Family Faculty Fellow; Ph.D., University of Chicago

Philip E. Strahan

Professor and John L. Collins, SJ, Chair in Finance; Ph.D., University of Chicago

Hassan Tehranian

Professor and Griffith Family Millennium Chair; Ph.D., University of Alabama

Tuomas Tomunen Assistant Professor; Ph.D., Columbia University

Milena Wittwer Assistant Professor; Ph.D., Stanford University

Nancy Xu

Assistant Professor; Ph.D., Columbia University

Hanyi (Livia) Yi Assistant Professor; Ph.D., Rice University

Admission

The Boston College Ph.D. in Finance program seeks students with outstanding potential for leadership and academic excellence. While notable for the diversity of their individual achievements, our students all present a consistent record of taking initiative, leading change, and demonstrating a desire to make an impact in the world.

how to apply

Each candidate must complete an application for admission, which includes transcripts of all academic work, essays, and two letters of recommendation. Prior academic and work experience are significant criteria in the admissions process.

All applicants are required to take the Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE).

Applicants whose native language is not English must take the Test of English as a Foreign Language (TOEFL), the Pearson Test of English (PTE), or the International English Language Testing System (IELTS). All candidates must be graduates of accredited colleges or universities.

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