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FINANCE PH.D.

The Price College Finance PhD program is a small, high-quality program stressing solid preparation, close working relationships between the faculty and PhD students, and strong placements. Our goal is to provide graduates with the necessary knowledge and training to pursue successful careers in research and teaching that expand and develop the frontiers of financial knowledge.

PhD students work closely with an active nationally known faculty. A recent study in the Journal of Finance Literature (winter 2005) ranked two of our finance faculty among the 50 most prolific authors in the top seven finance journals. Only one finance department at a public university had more. An earlier Journal of Finance study ranked the Price College finance faculty 20th among public universities in terms of publications per faculty in top finance journals and 15th in citations per faculty member. A study in Financial Management in 2002 ranked us 56th among all finance departments  and 26th among finance departments at public universities in terms of “Journal of Finance equivalent pages” published in top finance journals. Most of the finance departments ranked higher in this study are much larger; adjusted to a pages published per faculty member basis, we rank 9th among finance departments at public universities - the highest in the Big 12. In addition to teaching PhD classes, these faculty work closely with doctoral students on research projects. In recent years all our graduating PhD students have had at least one paper coauthored with Price College finance faculty.

Additional information about our PhD program, faculty, and students is available on these webpages. We welcome enquiries about our program. General questions about the PhD program and application process (e.g., TOEFL, GMAT, finanical aid) should be addressed to:

Graduate Programs Office
gamundson@ou.edu

Questions specific to the Finance PhD program should be addressed to:

Louis Ederington
Michael F. Price Chair in Finance
lederington@ou.edu

The Finance PhD curriculum

The PhD degree is awarded by the Graduate College of the University of Oklahoma and degree requirements are set by the University and Price College of Business, as well as the Finance Division. What follows is a brief overview of the coursework in a typical Finance PhD student’s program and is not intended to be definitive or complete. For a complete understanding of the degree requirements, students should consult the Graduate College Bulletin and the Finance PhD Student Handbook.

Core or Background Courses: Finance PhD students are normally expected to enter the program with background courses at the undergraduate or graduate level in mathematics (including differential and integral calculus, and matrix algebra), statistics, and economics. In addition the College requires at least one graduate level course in marketing, management, and accounting. The latter courses may be taken during the program if a student does not have them already.

Economics and Statistics: Finance PhD students are required to have a concentration (at least three PhD level courses) in econometrics/statistics and a concentration in either economic theory or accounting. Most of the coursework in the first year of the Finance Ph.D. program is normally devoted to econometrics, economic theory, and statistics. Students are generally required to take two PhD level courses in microeconomics.

Finance: Five finance PhD level courses or seminars normally are required of all students:

FIN 6603       Introduction to Financial Theory

FIN 6703       Portfolio Theory and Asset Pricing

FIN 6803       Corporate Finance Theory

FIN 6903       Institutions and Markets

FIN 6973       Empirical Finance

FIN 6603 is normally a prerequisite for the other courses. In addition a summer research project is expected of all students. Other PhD level seminars offered in recent years include Market Microstructure and Empirical Corporate Finance.

Sample Finance PhD Schedule

General Examinations: Finance PhD students are required to take general or comprehensive examinations in finance, econometrics, and either economic theory or accounting.

Admission Requirements

The University of Oklahoma's Division of Finance evaluates each applicant individually in order to select for admission those applicants who appear to have the proper aptitude, scholarship, and analytical skills necessary to successfully complete an advanced degree. The following materials are required in order to be considered for admission:

  1. Transcript of all undergraduate and graduate coursework.
  2. Scores on the Graduate Management Aptitude Test (GMAT) and/or Graduate Record Exam (To insure that these scores are current, the exam should have been taken in the last three years)
  3. Three letters of recommendation
  4. Scores from the Test of English as a Foreign Language (TOEFL) for applicants from non-English speaking nations
    We recommend that foreign applicants have a year of study at an English Language University before applying.
  5. Statement of your reasons for pursuing a Doctorate in Finance and why you chose to apply to the University of Oklahoma

Strong applicants are normally invited to campus for a personal interview which is an important element of the selection process. The application deadline is February 1. Applications after this date will be considered on a  space available basis.

More information about OU Price PhD programs
Our current PhD Students

GMAT and GPA expectations

The Finance Division does not have specific admission requirements (e.g. minimum GMAT scores). Rather, a Graduate Standards Committee comprised of members of the graduate finance faculty recommends admission on the basis of the total application.

Average scores and GPAs for Finance PhD students admitted and enrolled in 2005 - 2008 were:

GMAT: 694
Verbal: 85%
Quantitative: 86%

GPA: 3.85 (undergraduate or masters)

Financial Assistance
Virtually all our PhD students receive Teaching or Research Assistantships. Also available are Graduate Foundation Fellowships in Business and scholarships provided by the Center for Financial Studies.

In addition to the academic year support described above, the Price College has a competitive summer research grant program.  In recent years, all finance PhD students who have not obtained one of these summer research grants have received a summer research or teaching assistantship.

I n addition to assistantships, fellowships, and scholarships, several other programs are available to support scholarly and research activities of finance PhD students.  All incoming PhD students receive a $4000 (over four years) professional expense allowance for research activities such as computers, data, and travel.  Travel support is also provided for students presenting papers at national and international conferences.  For instance, in 2008, the Price College paid travel expenses for three Finance PhD student to attend and present papers at European finance conferences.

Placements
The Price College Finance Division seeks to prepare its PhD students for successful careers in research and teaching. We strive to help them obtain tenure track positions at top academic institutions or research oriented positions at private companies or governmental agencies.

Our most recent placements:

Auburn University
Concordia University (Montreal)
Eastern Illinois University
Iowa State University
Lehigh University
Marquette University
Wright State University
Ziff Brothers Investments

Recent starting salaries have averaged over $120,000 for nine months with most also receiving guaranteed summer support and moving expenses.

Our Faculty
PhD students at the University of Oklahoma work closely with an active research faculty. A study in the Journal of Finance Literature (winter 2005) ranked two of our faculty among the 50 most prolific authors in the top seven finance journals. No other public university in the Big 12, Big 10, or SEC had more than one faculty member among the top 50. A earlier Journal of Finance study (1995) ranked the Price College finance faculty 20th among public universities in terms of publications per faculty in top finance journals and 15th in citations per faculty member. Faculty have served in an editorial capacity and have featured articles in many prominent publications, including:

Accounting and Finance
European Journal of Operational Research
Financial Management
Journal of Accounting Research
Journal of Business
Journal of Economic
Dynamics and Control
Journal of Finance
Journal of Financial Economics
Journal of Financial Research
Journal of Futures Markets
Journal of Money, Credit and Banking
The Southern Economic Journal

More questions? Read the Finance Ph.D. FAQ


Copyright © 2007 The Board of Regents of the University of Oklahoma, All Rights Reserved


Graduate Programs Office

Price Hall, Suite 1040

Phone:
(405) 325-4107

Finance Office:

Adams Hall suite 205A

Phone:
(405)325-5591

E-Mail:
lederington@ou.edu