Online Ph.D. In Finance

Who Gets a Ph.D. in Finance & What to Expect

If you already work in finance or want to pursue an advanced degree in the field, earning a Ph.D. in finance online may make for an excellent choice. This degree, like all doctor of philosophy degrees, typically prepares learners for careers focused on research, education, and academic scholarship.

Comparatively, graduate students with a master's degree in finance often possess skills that make them good candidates for positions in accounting, wealth management, and investment banking. Master's degree students, however, often do not develop the same level of research skills and specialized knowledge that Ph.D. students acquire.

Doctoral degree-holders in finance often pursue professorships at colleges and universities that incorporate teaching and research components. The Bureau of Labor Statistics projects a bright outlook for postsecondary teachers in this area, reporting that professors will experience an 11% increase in open positions by 2028.

6 Skills and Competencies Learned During a Program in Finance

A graduate program in finance allows each student to acquire a diverse set of financial, analytical, educational, presentational, and interpersonal skills. Accredited colleges and universities ensure that their graduates develop the necessary habits and characteristics to become successful professionals in the field. The list that follows describes six skills and competencies that students can gain in online Ph.D. in finance programs.

5 Reasons to Pursue an Online Ph.D. in Finance

Professionals who earn their Ph.D. in finance online can position themselves for many exciting careers in education, research, and related areas. The specialized knowledge that doctoral students develop in these programs is unique to each learner and highly individualized based on research interests.

Most colleges and universities require each degree-seeker to write a dissertation for graduation. This research document serves as a distinguishing mark for degree-holders and greatly influences their career options upon graduating. In the list below, we offer five of the top reasons for a distance learner to pursue an Online Ph.D. in finance.

1. Career Advancement
   Most of the top teaching and research positions in the U.S. require each employee to possess a Ph.D. While some positions in this area may only require a master's degree, the Ph.D. separates students from other competitive candidates and gives them an edge in the job market when pursuing the top jobs.
2. Personal Interest and Growth
   This specialized degree often provides a highly rewarding educational experience for students. Ph.D. degree-seekers typically enjoy becoming experts in particular areas of their field. These programs allow learners to conduct extended research on topics that excite them.
3. Research Skills
   Many professionals benefit from above-average research skills. With the wealth of information available online today, professionals need to be able to distill important and credible information from a vast body of knowledge. the Ph.D. allows students to develop high-level research skills that set them apart in the professional arena.
4. Instructional and Educational Skills
   Many universities and colleges with online Ph.D. in finance programs incorporate courses focused on educating others and developing public speaking skills. With a doctor of philosophy degree, graduates typically find themselves in professorships or executive-level positions in which they must teach students or coworkers, both of which demand articulate and informed educational and presentation skills.
5. Increased Earning Potential
   Salaries vary greatly between positions in this field. World Education Services reports that, according to the United States Census Bureau, professionals with doctoral degrees in fields such as business and education earn a 9% and 24% higher average salary, respectively, than their master's degree-holding peers.

What Can I Do With an Online Doctorate in Finance?

Career paths and job titles can vary greatly between professionals who hold doctoral degrees in finance. Additionally, prospective students must understand the differences between a doctor of finance, a doctor of business administration in finance, and a doctor of philosophy in finance.

Doctor of finance programs best serve professionals already working in business who wish to further develop their hands-on, business-oriented skill sets. Doctors of finance or business administration receive less training in philosophy and social theory. They typically work as financial examiners, loan officers, auditors, budget analysts, and financial services sales agents.

The Ph.D. in finance online, on the other hand, readies students for research- and education-driven careers both inside and outside of academia. While someone with a Ph.D. is not necessarily excluded from jobs available to professionals with a doctor of finance or DBA, these degree-holders work best in educational and research institutions, due to their specialized knowledge, advanced research training, and strong organizational and presentation skills.

Common Career Paths and Salaries

Each Ph.D. in finance degree-holder needs to find a competitive angle in today's job market. Job titles and career paths differ between individuals, but several commonalities exist between research- and education-focused positions for these professionals. The table below includes descriptions of five potential careers for individuals with a Ph.D. in finance, as well as annual salary information.

Source: PayScale

Finance Ph.D. Program Requirements and Outcomes

Admission requirements for an online Ph.D. in finance vary between schools. In most cases, doctoral degree-seekers must possess a master's degree from an accredited college or university. Some schools may require applicants with a master's degree to come from a program in economics, finance, or a closely related field. Alternatively, in some cases, colleges and universities accept incoming students with only a bachelor's degree. In these scenarios, accepted students usually earn a master's degree in route to completing the doctoral degree.

Ph.D. students typically need to complete 70-90 total credit hours of coursework. Similar to other doctoral programs, Ph.D. in finance programs usually require students to complete a traditional doctoral dissertation based on original research. Depending on the student's availability and workload, as well as the duration of their dissertation research and writing process, degree-seekers may take up to seven years to complete the program. Some online schools may require their doctoral scholars to complete in-person components such as in-person dissertation defenses or hands-on practicums.

5 Common Courses Covered in a Graduated Finance Degree

The curriculum offered by a college or university correlates with the faculty's specialty areas and the school's access to resources. As such, curricula vary between schools. Prospective doctoral students should research course offerings at each school of interest to determine strengths and weaknesses, available concentrations, and how well the program can serve their personal and academic needs. The list that follows describes a variety of courses commonly required by doctoral programs in finance.

1. Empirical Methods in Finance

Students in this course explore several macroeconomic models and research methods. The course typically includes online student presentations, lectures from faculty, and weekly empirical exercises and assignments. Professors use academic studies published on corporate finance topics to inform learners on labor economics, industrial organization, and econometric techniques.

2. Analysis and Research Methods

This introductory course prepares students with the fundamental tools to conduct research in dynamic asset pricing. Degree-seekers investigate empirical patterns, nonwearable utilities, corporate payout and financing, international capital flows, and risk-sharing. This course introduces advanced empirical methods that professionals use to analyze financial data and incorporate quantitative dynamic research into their daily practices.

3. Real Estate and Finance

This introductory class helps learners build their foundation in real estate practices and principles. Faculty members typically cover topics such as business ethics, encumbrances, closing procedures, real estate finance, marketing, real estate investment, and taxation. This course is especially helpful for finance students looking to work in financial management, investment banking, market analysis, and land use planning.

4. Risk Management

Degree-seekers in this course can investigate the relationship between the goals of an organization or business and the related financial risks. Learners examine the management of corporate risks; conduct broad financial evaluations; and explore leveraging, contingent financing, post-loss financing, and other hedging strategies. This course best serves students interested in careers focused on financial planning, corporate budgets, and large investment opportunities.

5. Wealth Management

This class allows students to develop several useful skills widely used by professionals in the financial services industry, financial planning, tax shield structures, estate planning, and behavioral finance. Students can also learn about the development of this rapidly growing field and how it relates to an increase in personal wealth and citizens' interest in managing their own investments and businesses.

Other Requirements

In addition to coursework, students in online Ph.D. in finance programs usually need to complete a few other requirements to graduate. These requirements vary between schools. In the section below, we offer three requirements beyond coursework that Ph.D. students in finance typically need to complete.

Finance Professional Organizations

Student pursuing a Ph.D. in finance online can benefit greatly from joining a professional organization while enrolled in their program. After graduate school, many professionals also take advantage of networking opportunities and online resources offered by these organizations. Members can usually gain access to active job boards, up-to-date news sources on research in the field, and membership directories to establish contacts around the globe.

Whether they obtain jobs working for businesses and organizations or locate research positions or professorships at universities and colleges, professionals with a Ph.D. in finance often join more than one professional organization to maximize their networking opportunities and resources. They usually join the flagship society related to their field, as these groups tend to offer highly beneficial annual conferences with finance professionals from around the world. Additionally, many people find special interest organizations that align more directly with their specialized areas of study in finance or a closely related field.