PhD in Finance
As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.
Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you’ll gain a solid foundation in all aspects of economics and finance—from the factors that determine security prices to how firms make investment decisions.
The Finance PhD Program also offers the Joint Program in Financial Economics, which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.
Our Distinguished Finance Faculty
Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.
Assistant Professor of Finance and Liew Family Junior Faculty FellowFrancesca Bastianello
Associate Professor of Finance and MV Advisors Faculty FellowEmanuele Colonnelli
George M. Constantinides
Leo Melamed Professor of FinanceGeorge M. Constantinides
Douglas W. Diamond
Merton H. Miller Distinguished Service Professor of FinanceDouglas W. Diamond
Eugene F. Fama
Robert R. McCormick Distinguished Service Professor of FinanceEugene F. Fama
Neubauer Family Assistant Professor of Finance and Asness Junior Faculty FellowNiels Gormsen
David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of BusinessLars Hansen
John C. Heaton
Joseph L. Gidwitz Professor of FinanceJohn C. Heaton
Steven Neil Kaplan
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and InnovationSteven Neil Kaplan
Stevens Distinguished Service Professor of Economics and FinanceAnil Kashyap
Ralph S.J. Koijen
AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty FellowRalph S.J. Koijen
Fama Family Distinguished Service Professor of FinanceStefan Nagel
Assistant Professor of FinanceScott Nelson
Neubauer Family Associate Professor of Finance and Kathryn and Grant Swick Faculty ScholarPascal Noel
Charles P. McQuaid Professor of Finance and Robert King Steel Faculty FellowLubos Pastor
Raghuram G. Rajan
Katherine Dusak Miller Distinguished Service Professor of FinanceRaghuram G. Rajan
Deputy Dean for Faculty and Chicago Board of Trade Professor of FinancePietro Veronesi
Robert W. Vishny
Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis CenterRobert W. Vishny
Associate Professor of Finance and Fama Faculty FellowMichael Weber
Associate Professor of Finance and FMC Faculty ScholarConstantine Yannelis
Anthony Lee Zhang
Assistant Professor of FinanceAnthony Lee Zhang
Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance and George G. Rinder Faculty FellowLuigi Zingales
Associate Professor of Finance and Fama Faculty FellowEric Zwick
A Network of Support
Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.
Fama-Miller Center for Research in Finance
Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
Becker Friedman Institute for Economics
Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.
Center for Research in Security Prices
CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.
Initiative on Global Markets
Enhancing the understanding of business and financial market globalization, the IGM positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.
George J. Stigler Center for the Study of the Economy and the State
Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.
Rustandy Center for Social Sector Innovation
Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.
Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.
Alexi Savov, MBA ’10, PhD ’10
Associate Professor of Finance
New York University Stern School of Business
Alexi Savov has been at NYU Stern since graduating from Booth in 2010 with a PhD in finance. His latest research focuses on the transmission of monetary policy through financial institutions to the broader economy.
The PhD Experience at Booth
For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.
Itzhak Ben-David, ’08: 00:03
For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.
Itzhak Ben-David, ’08: 00:58
So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.
Current Finance Students
PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.
Huan (Bianca) He
Young Soo Jang
Hui (Judy) Yue
Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics.
Spotlight on Research
The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.
A Brief History of Finance and My Life at Chicago
Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.A Brief History of Finance and My Life at Chicago
Are Investors Chronically Pessimistic?
Research by Chicago Booth’s Stefan Nagel and others suggests that investors are just as likely to be optimistic as pessimistic.Are Investors Chronically Pessimistic?
Inside Information from the Fed? Follow That Cab
Chicago Booth PhD candidate David Andrew Finer analyzes New York City taxi data and finds evidence suggesting face-to-face meetings between insiders from the New York Fed and Manhattan’s financial sector.Inside Information from the Fed? Follow That Cab
Program Expectations and Requirements
The Stevens Program at Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year.
For details, see General Examination Requirements by Area in the Stevens Program Guidebook.
Download the Guidebook