Michigan State University

What you'll study

The programme combines core theoretical training, advanced empirical methods and sustained original research. In the early years students complete coursework in microeconomic theory, asset pricing, corporate finance, banking and financial institutions, and advanced econometrics and statistics. Typical modules and seminar subjects include:

• Microeconomic foundations for finance (asset-pricing theory, general equilibrium foundations)
• Corporate finance theory (capital structure, payout policy, governance)
• Asset pricing and portfolio theory (market efficiency, factor models, behavioural perspectives)
• Financial intermediation and banking (bank risk, regulation, fintech impacts)
• Advanced econometrics for finance (time series, panel methods, high-frequency and microstructure techniques)
• Empirical methods and computational tools (causal inference, machine learning applications, programming for data analysis)
• Doctoral research seminars and reading courses focused on current literature

After completing required coursework and passing qualifying or comprehensive examinations, students propose and carry out an original dissertation under the supervision of faculty advisors. Regular participation in department seminars and conferences, presenting work-in-progress, and serving as a teaching or research assistant are integral to the training.

Entry requirements

Successful applicants normally demonstrate strong quantitative and analytical preparation. Typical expectations include:

• A relevant bachelor’s or master’s degree in finance, economics, mathematics, statistics, engineering or a closely related field. Many applicants hold a master’s degree, but exceptionally strong candidates with a first degree may be considered.
• A strong background in calculus, linear algebra, probability and statistics, and econometrics. Coursework or experience in microeconomic theory is advantageous.
• Evidence of research potential: prior research experience, a well-developed statement of research interests, and strong letters of recommendation from academic referees.
• Standardised test scores may be requested as part of the application; international applicants must meet the university’s English language requirements.
• A curriculum vitae and academic transcripts are required. Competitive applicants typically submit writing samples or evidence of independent research.

Career prospects

Graduates from the programme pursue a variety of careers in academia, industry and the public sector. Common career paths include:

• Faculty positions in universities and business schools with teaching and research responsibilities.
• Research economist or quantitative researcher roles at central banks, regulatory agencies and international organisations.
• Senior research and strategy roles in asset management, investment banks, hedge funds and quantitative trading firms.
• Consulting roles that demand rigorous empirical analysis and policy evaluation.
• Leadership roles in corporate finance, risk management and financial innovation departments within corporations and financial institutions.

The programme’s emphasis on rigorous theory and empirical methods equips graduates to contribute to academic literature, shape policy debates, and produce data-driven decision-making in the private sector.

Why study at Michigan State University

Michigan State University’s doctoral programme in finance is housed in a research-oriented business school with a broad community of scholars working across corporate finance, asset pricing, banking and financial services. Students benefit from close faculty supervision, regular doctoral seminars, and opportunities to collaborate with faculty on research projects. The university supports PhD students with teaching and research assistantships and provides access to extensive data resources and computing facilities used in contemporary finance research.

Located in a large public research university, doctoral candidates also gain exposure to interdisciplinary research through links with economics, statistics, and other departments. The combination of rigorous coursework, active seminar culture and faculty mentorship prepares graduates for successful placement in academic and professional research careers.