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The PhD program in business administration with a specialization in finance at the Gatton College of Business and Economics emphasizes the development of university-level research and teaching skills. PhD students are admitted for the fall term and only on a full-time basis. Admission to the finance program is competitive and highly selective. Typically, no more than three or four students are admitted each year. While these are not formal requirements, the typical successful candidate has a GMAT in excess of 675 and an academic background that includes at least one full year of undergraduate calculus. A graduate degree is desirable, but not required for admission.
The Finance Area does not require that applicants hold specific degrees or majors, and individuals from many academic areas have done well in the program. Recently admitted students have degrees in the natural sciences, engineering, and computer science as well as the more traditional areas of finance, economics, and business administration.
SAMPLE PROGRAM OF STUDY
For students who have the relevant background courses in business, mathematics, and statistics before enrolling, a typical program of study totaling 48 hours is illustrated below. (Credit hours are in parentheses.) This program is intended only as an example. Individual programs of study can be developed to accommodate research interests.
FIRST YEAR
Fall semester
ECO590 - Introduction to Quantitative Economics I (3)
ECO601 - Advanced Microeconomic Theory (3)
ECO603 - Research Methods and Procedures (3)
FIN700 - Seminar in Financial Theory I (3)
Spring semester
ECO703 - Introduction to Econometrics I (3)
ECO701 - Neoclassical Microeconomic Theory (3)
FIN750 - Seminar in Investment Theory (3)
FIN745 - Seminar in Managerial Finance (3)
SECOND YEAR
Fall semester
ECO602 - Macroeconomic Theory (3)
ECO706 - Introduction to Econometrics II (3)
Elective (3)
Elective (3)
Spring semester
FIN780 - Seminar in Financial Institutions (3)
ECO790 - Time Series Analysis (3)
FIN701 - Seminar in Financial Theory II (3)
Elective (3)
Summer semester
Qualifying examination written portion
Qualifying examination oral portion
EXAMINATIONS, DISSERTATION, and CREDENTIALS
Shortly after completing required courses, finance students take an 8-hour written exam covering PhD seminars and related coursework. In addition to the written exam, Finance Area policy requires an oral qualifying examination that consists of a formal defense of the student's dissertation proposal. The dissertation process is usually completed in one to three years after passing the qualifying exams.
Finance PhD students normally enroll concurrently in Gatton’s graduate economics program. Students who complete and pass the relevant courses and examinations receive a Master of Science degree in economics. The Finance Area also strongly encourages doctoral students to pursue the Chartered Financial Analyst (CFA) designation. The M.S. in economics and the CFA designation can be earned in addition to a PhD in Business Administration with a specialization in finance.
PLACEMENT
UK finance graduates typically have several choices for their first academic position. Recent graduates have placed at regional and state universities including Clemson, Butler, and California State (Pomona and Sacramento). Research by our recent graduates has been published in top tier academic journals, including the Journal of Finance and Review of Financial Studies,as well as many other academic journals and professional publications.
APPLICATION PROCESS
The applicant should note that the application process at Gatton is less cumbersome than the process at comparable schools. Detailed application instructions can be found at:
http://gatton.uky.edu/Programs/PhDBA/ReadyToApply.html
Applicants should contact the Finance Area at GattonPhD@email.uky.edu with any questions.
APPLICANT PROFILE
The successful applicant’s profile typically includes a background of analytical coursework, strong performance on standardized tests, and a desire to pursue a career in finance academia. As noted above, the analytical background may have been developed in academic areas other than business. Since the applicant is required to submit all university level transcripts, courses completed independent of earned degrees will also be considered in the application process. While the Finance Area is primarily concerned with the academic credentials of the applicant, relevant work experience and other notables will be reviewed during the application process.
FINANCIAL SUPPORT
Concurrent with an offer of acceptance to the PhD program, students are typically offered a full tuition scholarship and a research or teaching assistantship. Medical insurance (major medical) is also provided to the student at no additional cost. Financially attractive fellowship opportunities exist for highly-qualified students. Other financial support may include specific project work and the opportunity for summer teaching and research.
LIVING IN LEXINGTON
When considering the finance program at the Gatton College of Business and Economics, applicants may also want to consider the benefits of living in Lexington. Since the University of Kentucky is nested within the city, living within walking distance of campus is a viable option for many. Students with families can take advantage of local employment opportunities as well as excellent public and private schools. Since numerous attributes make Lexington an excellent location to complete an extended period of study and research, candidates are encouraged to investigate the area and examine the local cost and standard of living.
FAQs about UK's
Finance PhD
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