phd financial economics mit

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Course info.

• Prof. Andrew Lo

Departments

• Sloan School of Management

As Taught In

• Financial Economics

Learning Resource Types

Finance theory i, course description.

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PhD Students

Paolo adajar, thesis writer.

Research Fields

Labor Economics Development Economics Market Design Behavioral Economics

Salome Aguilar Llanes

Labor Economics Public Economics

Isabel Almazan

Second year.

Labor Economics Public Economics Industrial Organization

Isadora Angelini Frankenthal

Development Economics Political Economy

Karl M. Aspelund

Environmental Economics Industrial Organization Public Economics

Verónica Bäcker Peral

Macroeconomics Development Economics Public Economics

Lucas Barros

Economic Theory

Jules Baudet

Econometrics Economic Theory

Louis Becker

International Economics Industrial Organization Development Economics

Keelan Beirne

Macroeconomics Economic Theory

Aaron Berman

Development Economics International Economics Environmental Economics Health Economics

Laurel Britt

Financial Economics Macroeconomics

Hazel Browne

Development Economics Economic Theory

Rebecca Cai

Development Economics Behavioral Economics Labor Economics

Theodore Caputi

Health Economics Political Economy Public Economics

Tomas Caravello

Macroeconomics Econometrics Financial Economics

Anne Carlstein

Alex Carrasco Martinez

Macroeconomics Economic Theory Public Economics

William Chen

Macroeconomics Financial Economics Labor Economics

Caroline Chin

Valerie Chuang

Public Economics Environmental Economics

Viola Corradini

Labor Economics

Roberto Corrao

Economic Theory Organizational Economics

Economic Theory Behavioral Economics

Tuval Danenberg

Economic Theory Political Economy Behavioral Economics

Marc de la Barrera i Bardalet

Macroeconomics Labor Economics Financial Economics

Clara Isabel Di Tella

Financial Economics International Economics Macroeconomics

Rebekah Dix

Industrial Organization

Jamie Emery

Public Economics Labor Economics

Brandon Enriquez

Juan Escolar

Macroeconomics Development Economics Labor Economics

Camille Falezan

Behavioral Economics Development Economics Public Economics

Juan Gambetta Rossi

Development Economics Macroeconomics

George Garcia

Development Economics Environmental Economics Political Economy

Tishara Garg

International Economics

Public Economics Health Economics Economic Theory

Sarah Gertler

International Economics Macroeconomics Industrial Organization

Julia Gilman

Labor Economics Behavioral Economics

Development Economics Labor Economics

Ahmet Gulek

Labor Economics Econometrics Development Economics Public Economics

Basil Halperin

Macroeconomics Financial Economics Economic Theory

Sarah Hamerling

Economic Theory Financial Economics Macroeconomics

Raymond Han

Adam Harris

Nathaniel Hickok

Industrial Organization Environmental Economics

Deivy Houeix

Development Economics Organizational Economics

Aliya Jabbar

Political Economy Economic Theory

Chenxi Jiang

Behavioral Economics Labor Economics

Vicente Jiménez G.

Macroeconomics Economic Theory Financial Economics

Mohit Karnani

Development Economics Econometrics Industrial Organization

Public Economics Labor Economics Economic Theory

Shin Kikuchi

Job market candidate.

Macroeconomics International Economics Labor Economics Political Economy

International Economics Macroeconomics

Sylvia Klosin

Econometrics Public Economics

Geoffrey Kocks

Labor Economics Health Economics

Economic Theory Financial Economics Industrial Organization

Andrew Komo

Market Design Labor Economics Industrial Organization

Fredric Kong

Development Economics International Economics Labor Economics Macroeconomics

Haruki Kono

Kelsey Larson

Environmental Economics Public Economics Development Economics

Nathan Lazarus

Labor Economics Development Economics Public Economics

Russell Legate-Yang

Labor Economics Econometrics Industrial Organization

Todd Lensman

Macroeconomics Industrial Organization Political Economy

Health Economics Labor Economics Public Economics

Industrial Organization Economic Theory Financial Economics

Public Economics Industrial Organization Economic Theory

Kaicheng Luo

Political Economy Development Economics

Jeremy Majerovitz

Macroeconomics Development Economics Econometrics

Alex Martin

Economic Theory Financial Economics

Pedro Martinez-Bruera

Econometrics Macroeconomics Public Economics

Jackson Mejia

Macroeconomics Public Economics

Anna Merotto

Economic Theory Industrial Organization Political Economy

Chelsea Mitchell

Industrial Organization Labor Economics

Carlos Molina

Political Economy Development Economics Behavioral Economics

Econometrics

Valeria Morales Vasquez

Behavioral Economics Financial Economics Macroeconomics

Kelsey Moran

Health Economics Public Economics Labor Economics

Bruno Moscarini

Macroeconomics Public Economics Labor Economics

Florian Mudekereza

Economic Theory Econometrics Behavioral Economics

Aroon Narayanan

Industrial Organization Organizational Economics Economic Theory

Vishan Nigam

Development Economics Environmental Economics Labor Economics

Shakked Noy

Behavioral Economics Labor Economics Political Economy

Mélyne Nzabonimpa

Development Economics Political Economy Economic History Public Economics

Daniel O'Connor

International Economics Urban Economics Macroeconomics

Industrial Organization Public Economics

Victor Orestes

Econometrics Macroeconomics

Environmental Economics Behavioral Economics

Lia Petrose

Andreas Petrou-Zeniou

Econometrics Economic Theory Macroeconomics

Jett Pettus

Chantal Pezold

Víctor Quintas-Martínez

Econometrics Labor Economics Industrial Organization

Kramer Quist

Organizational Economics

Charlie Rafkin

Public Economics Behavioral Economics

Kailash Rajah

Arjun Ramani

Labor Economics Macroeconomics International Economics

Eduardo Rivera Ortiz

Development Economics Public Economics Political Economy

Vincent Rollet

Political Economy Urban Economics Labor Economics

Hannah Ruebeck

Environmental Economics Public Economics Industrial Organization

Sivakorn Sanguanmoo

Pedro Sant'Anna

Behavioral Economics Political Economy Development Economics

Eitan Sapiro-Gheiler

Political Economy Economic Theory Behavioral Economics

Ian Sapollnik

Reca Sarfati

Development Economics Economic Theory International Economics Macroeconomics

Yucheng Shang

Industrial Organization Economic Theory

Naomi Shimberg

Environmental Economics Labor Economics Public Economics

Kazuatsu Shimizu

Macroeconomics

Ryo Shirakawa

Advik Shreekumar

Behavioral Economics Political Economy Econometrics

Charlotte Siegmann

Economic Theory Industrial Organization Political Economy Development Economics

Industrial Organization Economic Theory Environmental Economics

Adam Solomon

Public Economics Behavioral Economics Economic Theory

Evan Soltas

Public Economics Urban Economics Labor Economics

Ragini Srinivasan

Econometrics Labor Economics

Vanessa Sticher

Behavioral Economics Political Economy

Macroeconomics International Economics

Nagisa Tadjfar

Ishaana Talesara

Labor Economics Development Economics

Otavio Tecchio

Aidan Toner-Rodgers

Labor Economics Macroeconomics Industrial Organization

Santiago Torres

Econometrics Political Economy Economic History

Bobby Upton

Economic Theory Macroeconomics Financial Economics

Rafael Veiel

Economic Theory Macroeconomics

Suhas Vijaykumar

Vod Vilfort

Kartik Vira

Behavioral Economics Labor Economics Political Economy Public Economics

Jaume Vives-i-Bastida

Econometrics Industrial Organization

Cristine von Dessauer

Development Economics Industrial Organization Political Economy

Labor Economics Political Economy Behavioral Economics

Labor Economics Public Economics Development Economics

Laura Weiwu

Labor Economics International Economics Urban Economics Economic History

Parker Whitfill

Economic History Political Economy Development Economics

Arthur Wickard

Macroeconomics Labor Economics

Edward Wiles

Development Economics Behavioral Economics

Benjamin Wittenbrink

Industrial Organization Public Economics Political Economy

Megan Yamoah

Development Economics International Economics Labor Economics

Economic Theory Behavioral Economics Industrial Organization

Labor Economics Financial Economics Development Economics

Henry Zhang

Financial Economics International Economics Environmental Economics

Whitney Zhang

Labor Economics Public Economics Behavioral Economics

Christoph Ziegler

Doctoral Degrees

A doctoral degree requires the satisfactory completion of an approved program of advanced study and original research of high quality..

Please note that the Doctor of Philosophy (PhD) and Doctor of Science (ScD) degrees are awarded interchangeably by all departments in the School of Engineering and the School of Science, except in the fields of biology, cognitive science, neuroscience, medical engineering, and medical physics. This means that, excepting the departments outlined above, the coursework and expectations to earn a Doctor of Philosophy and for a Doctor of Science degree from these schools are generally the same. Doctoral students may choose which degree they wish to complete.

Applicants interested in graduate education should apply to the department or graduate program conducting research in the area of interest. Some departments require a doctoral candidate to take a “minor” program outside of the student’s principal field of study; if you wish to apply to one of these departments, please consider additional fields you may like to pursue.

Below is a list of programs and departments that offer doctoral-level degrees.

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MIT makes financial support available to graduate students from a variety of sources and in several different forms—fellowships, scholarships, traineeships, teaching and research assistantships, on-campus employment, and federal loans. Many forms of support are granted solely on the basis of merit, while others are granted on the basis of financial need or a combination of merit and need.

Unfortunately, neither a department nor the Institute itself has the financial resources to provide support for all deserving students. Thus, we advise all prospective students explore sources of aid available outside MIT, to find means of financing their graduate programs.

Information on  fellowships and other financial aid resources is available from individual departments as well as from the Office of Graduate Education (OGE). Information on graduate student loans is available on the Student Financial Services (SFS).

Fellowships, Assistantships, and Taxes

At MIT, a fellowship award to a graduate student covers full or partial tuition, and may also provide a stipend to help cover living expenses. In the context of graduate study, a scholarship covers full or partial tuition only. Although most awards are made on the basis of academic merit, financial need is a factor in some instances. 

Many individual, foundation, corporate, and government granting organizations provide external fellowship support for students. Students should apply directly to the granting organization for funding based on eligibility. Application deadlines typically fall between October 1 and May 1 of any given year.

Generous donors have provided MIT with permanent funds in support of fellowships , many of which have unique restrictions. MIT offices administer a number of these endowed internal fellowships through annual processes. Students who seek financial support from any of the fellowships administered by MIT should inform their academic department. The award process typically runs concurrently with the timeline for application for admission.

In accordance with a resolution of the U.S. Council of Graduate Schools (endorsed by most graduate schools), a student has until April 15 to accept or decline a fellowship offer. If a student does not reply to an offer by this date, it may be cancelled.

More information on both  external and internal fellowships , including links and tips for applying, is provided by the OGE.

Every student with a fellowship for graduate study at MIT must register as a full-time graduate student for the period of the fellowship. There are some fellowship limitations that apply to nonresident doctoral students , which can be viewed in the Graduate Policies page under Terms of Status. If a student withdraws from the Institute before tenure expires, the award must be relinquished, and the student will be required to refund any payment made in excess of tenure.

Teaching Assistantships

MIT employs about 1,300 graduate students each year as part-time or full-time teaching assistants (TAs) to assist the faculty in grading undergraduate quizzes, instructing in the classroom and laboratory, and conducting tutorials. Occasionally, graduate students with considerable teaching experience and proven teaching ability receive instructor-G (IG) appointments. The principal duties of an IG are similar in nature to those of a TA, with the exception that an IG is generally assigned more independent and/or advanced teaching responsibilities.

The departments regard seriously the benefits of a teaching assistantship as a preparation for a career in university teaching. Each year, the Institute offers a prize, the  Goodwin Medal , to graduate students that display particularly effective teaching practices.

The units for which an instructor or teaching assistant may register as a student are determined by the department in light of the student's assistantship duties, program of study, and compensation. Teaching assistants receive salaries as well as tuition remission for the services that they provide.

Appointments to teaching assistantships are made upon recommendation of the head of a department. A student who wishes to be considered for a teaching appointment should contact the departmental graduate administrator. Only full-time graduate students who are candidates for advanced degrees may be appointed. A Free Application for Federal Student Aid (FAFSA) is required for all teaching assistants who are US citizens or permanent residents.

Research Assistantships

Each year about 3,800 graduate students at MIT hold appointments as research assistants (RAs). The principal duty of a research assistant is to contribute to departmental or interdepartmental research.

Most students welcome the opportunity to participate as a junior colleague of a faculty member in an ongoing research project that frequently influences their choice of thesis topic. Appointments to research assistantships are made by the department head to full-time students who are candidates for advanced MIT degrees.

The units for which a research assistant may register are determined by the department in light of duties and program of study. Research assistants receive salaries and tuition remission for the services they provide, and are compensated on the basis of time devoted to their research.

Students who receive primary financial support from fellowships or other sources may receive supplementary appointments as teaching or research assistants in accordance with Institute and departmental guidelines.

Tuition payments made through fellowships as well as research and teaching appointments are nontaxable.

Stipends provided to teaching assistants, research assistants, and instructors-G are considered taxable income. TA, RA, and IG stipend payments to students who are US citizens and permanent residents are subject to withholding tax. MIT will issue a W-2 form to all students from whom this tax has been withheld.

Fellowship stipends are also legally taxable income. However, tax regulations do not allow for withholding federal and Massachusetts income taxes from the fellowship payments for students who are US citizens and permanent residents. Thus, students should plan for the tax obligation; no W-2 will be issued.

For international students, federal income tax is withheld from fellowship stipends at a flat rate depending on the student’s visa type; Massachusetts income tax is not automatically withheld, and it is the student’s responsibility to determine their state income tax amount and make estimated payments to the state, if necessary.

More information on tax rules for US and international graduate students is found on the OGE website. A helpful  two-page reference document [PDF]  is provided by the Office of the Vice President for Finance.

US Citizens

Graduate students may want to consider federal student loans first as these loans ordinarily have better terms and conditions. To establish eligibility for federal student loans, applicants must complete the Free Application for Federal Student Aid (FAFSA) and the  Graduate Information Finance Form on the MIT Online Financial Aid System . The maximum amount that you can borrow in a Federal Direct Unsubsidized Loan is $20,500 per year. Application forms and details of the application procedure may be obtained from SFS.

Students who need additional student loan funding (beyond the Federal Direct Unsubsidized Loan) may want to consider securing a Federal Direct Grad PLUS Loan or private alternative loan. The Federal Direct Grad PLUS Loan and private alternative loans may be used to borrow the remainder of a student's expenses. Learn more about graduate loans on the SFS website.

MIT does not maintain a preferred lender list, and believes it is inappropriate to endorse or recommend one private loan over another as students and their families have different needs and priorities.

International Students

Students who are not US citizens or who do not hold a permanent resident visa are not eligible for federal loans. International students must be prepared to meet their expenses without help from loans from MIT. International students may consider applying for loans from private sources as explained in the previous sections. Most of these loans will require a US-based co-signer.

Student Employment

SFS maintains listings of on-campus and off-campus job opportunities that are open to graduate students. Some positions are available directly through administrative offices on campus. Graduate students who hold full-time research or teaching assistantships or fellowships  and who are US citizens or permanent residents may typically work an additional 10 hours per week in such employment.

For international students, regulations regarding on-campus and off-campus employment depend on the student's visa type and other circumstances. Full details about student employment for international students are available on the International Students Office website.

US graduate students who complete the FAFSA and are eligible for Federal Work-Study may do paid community service. Wages are subsidized for students performing direct community service at approved nonprofit agencies.

Graduate Residents

Any graduate student at MIT may apply for a position as a  graduate resident advisor (GRA)  through Residential Education. The compensation for a GRA position includes a free room/apartment in the assigned residence during the appointment, plus a stipend of $730 per semester (which is taxable).

Veterans Benefits

MIT accepts a variety of Veterans Affairs (VA) Education benefits to help cover the cost of tuition, fees, and housing. In some cases, students may be eligible for multiple benefits. Benefits are administered much like other external funding sources, such as fellowships or scholarships, and may reduce the amount of any MIT department funding received. MIT’s Student Financial Services (SFS) works with student veterans and the Department of Veterans Affairs to help students navigate the support they are eligible to receive. SFS also has a dedicated School Certifying Official who can help with the processing and certification of your benefits including:

• Chapter 33 Post 9/11 GI Bill®
• Chapter 35 Survivor and Dependent Educational Assistance
• Yellow Ribbon Benefits
• Chapter 31 Veteran Readiness and Employment

Please note that these programs have different packages and eligibility requirements.

Confirming MIT Program Eligibility

Students must confirm the program of interest is approved for the use of VA education benefits. For more information, read these directions on how to view a list of approved programs at MIT.

Certificate programs and professional learning opportunities at MIT that are not part of an undergraduate or graduate requirement are not eligible. The complete list of VA benefits eligible programs at MIT can be found on the VA’s WEAMS website .

Confirming Your VA Benefit Eligibility

It is the student’s responsibility to verify eligibility for a desired VA benefits program. Each program comes with its own unique requirements, which can significantly impact the MIT experience. These programs should be carefully reviewed, as each have different benefits and eligibility requirements; additionally, students may qualify for more than one program. In some instances, an initial benefits decision may be irrevocable, so it is critical to understand unique eligibility before making a final choice.

Adding or Dropping a Course

Changes to enrollment may impact or delay a student’s eligibility. Student Veteran Success (SVS) and SFS should be notified with any change in status as a student (e.g., dropping or adding a course, withdrawing after the beginning of a semester).

Enrollment Verification

Students receiving veterans benefits must verify their enrollment each term in order to be certified. MIT graduate student veterans who take a minimum of 21 units per term (7 VA credits) are considered to be registered full time. See individual program descriptions for more information on unit requirements.

Veterans Benefits and Transition Act of 2018

In accordance with Title 38 US Code 3679 subsection (e), the Massachusetts Institute of Technology adopts the following additional provisions for any students using US Department of Veterans Affairs (VA) Post 9/11 GI Bill® (Ch. 33) or Vocational Rehabilitation and Employment (Ch. 31) benefits, while payment to the institution is pending from the VA.

MIT will not:

• Prevent nor delay the student’s enrollment
• Assess a late penalty fee to the student
• Require the student to secure alternative or additional funding
• Deny the student access to any resources available to other students who have satisfied their tuition and fee bills to the institution, including but not limited to access to classes, libraries, or other institutional facilities

However, to qualify for the above provision, veteran students may be required to:

• Produce the Certificate of Eligibility by the first day of class
• Provide a written request to be certified
• Provide additional information needed to properly certify the enrollment as described in other institutional policies

Veteran students are responsible for charges above and beyond those covered by their VA benefits. For detailed information on undergraduate and graduate veterans benefits, visit the SFS website.

GI Bill® is a registered trademark of the US Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official US government website.

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Financial economics.

Kellogg Opens Its Global Hub

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The Financial Economics PhD program is a joint degree offered through the Finance Department at the Kellogg School of Management and the Economics Department at the Weinberg College of Arts and Sciences. 

Students within Financial Economics will have access to a broad array of faculty across a variety of disciplines within economics, tapping into the interdisciplinary strengths found within our Finance-Economics curriculum. Additionally, this program benefits by location – our Economics department, PhD students, and research faculty are conveniently located within our new building, the Global Hub, just one floor down from the Finance department.

Some of the most active areas of current research are at the intersection of economics and finance. The aim of the Financial Economics program is to leverage the close ties and common research interests of the Economics Department and the Finance Department at Northwestern to train PhD students interested in these interdisciplinary areas. Students are required to do coursework in multiple fields in economics and finance, and are exposed to the most up-to-date models and methods in these fields. Faculty members from both departments supervise students as they develop their own research projects. PhD students also benefit from close collaborations with students in both departments, and participate in weekly seminar series that draw faculty and PhD students together for scholarly discussions across common research areas, including finance, macroeconomics, industrial organization, development economics, economic theory, and more. The program aims to produce scholars who can be successful in both economics and finance departments. 

Active Research Areas : The study of finance aligns with numerous areas within economics: macroeconomics, public finance, econometrics, household finance, economic development and economic history. This is why broad training in economics is essential for those who wish to do innovative work that straddles both finance and economics. Some examples include the financing and investment decisions of firms, households and governments; the interplay between asset prices, capital markets and the macro-economy; and the role and limitations of financial institutions in facilitating access to credit.  

Financial Economics PhD students will collaborate with world-renown scholars within our Finance and Economics departments. They include elected fellows of the American Academy of Arts and Sciences, the Econometric Society, the Society for Financial Econometrics, and the National Bureau of Economic Research. They serve/served as directors of the American Finance Association and past-presidents of the Econometric Society and Western Finance Association. Several faculty serve/served in editorial positions at leading journals, such as the American Economic Review , Econometrica , Journal of Economic Theory , Journal of Finance and RAND Journal of Economics . Recent publications within top economics and finance journals include American Economic Review , Econometrica , Journal of Finance , Journal of Financial Economics, Journal of Political Economy, Review of Economic Studies, and Quarterly Journal of Economics.

What We Are Looking for in Applicants

We seek students with strong training in mathematics and statistics and a solid background in economics, either through prior study or through work and research experience. Recommended coursework at an advanced level includes calculus, linear algebra, optimization, probability and statistics . Prior research experience is not required.

There are two points of entry into the Financial Economics program: as a new graduate student to Northwestern or as a transfer student from either the Economics or Finance PhD programs.

• New Graduate Student to Northwestern – Applicants submit one application to the Financial Economics PhD Program that is reviewed by both Finance and Economics faculty, who then render a joint admission decision. Students enter the program as a first-year PhD student. 
• Transfer Student – Economics or Finance PhD students who are completing their first year of study and have satisfied all the requirements within Economics may apply for a transfer by contacting the Director of Graduate Study in the program they are currently enrolled in. Applications must be approved by both the Economics and the Finance admissions committees. If the application is approved, the student will initiate a degree transfer request to The Graduate School.

Program Requirements

Coursework In years one and two, students take three or four courses each quarter (fall, winter, spring). The first-year students complete the three core sequences in Microeconomics, Macroeconomics and Econometrics. In year two, students enroll in a minimum of nine approved courses including at least two courses from the sequence in asset pricing, at least two course in corporate finance, two economics field sequence of at least two quarters each, and at least one course in economic history. Students must maintain a minimum 3.0 grade point average (GPA).

Qualifying Exam At the end of year one, students are required to establish competence in the three cores areas of study: Microeconomics, Macroeconomics, and Econometrics. This competence is satisfied by achieving a 3.0 GPA in each of the three-courses sequences.

During the summer following the student’s second year of study, students must pass a comprehensive qualifying exam designed to measure competence in both asset pricing and corporate finance or they demonstrate competence by maintaining a 3.6 GPA average across both course sequences.

Candidacy As students transition from coursework to research, they are required to write an original research paper in the summer of their second year supervised by a faculty advisor. Students present their completed research project to the faculty of the joint program in September following the summer quarter of their second year. At that time, their performance is reviewed by the faculty of the joint program, and upon successfully completing their coursework, passing of their qualifying exam and second-year paper, students are admitted to candidacy.

Third-Year Paper A second paper is typically completed by winter quarter of the third year and presented during the Economics 501 seminar of spring quarter of the third year. The research paper has to be sufficiently advanced to be part of the student's dissertation.

Research, Proposal & Dissertation The main activity in years three and four is research toward a thesis of publishable quality, under the direction of one or more faculty advisors.  A thesis proposal must be presented to the faculty committee no later than the end of the fall quarter of their fourth year of study. In their final year in the program, each candidate must complete a dissertation demonstrating original and significant research and must pass a final oral examination (“defense”) on the dissertation.

Teaching Requirement To promote engagement with faculty and integration with the intellectual life of the department, students serve as research assistants and teaching assistants during years two, three, and four. Research assistantships (RAs) are an excellent lead-in to research; teaching assistantships (TAs) prepare students for teaching after obtaining the PhD.

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Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

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