In finance, the highest academic degree that an individual can pursue is a PhD in Finance in India. A PhD in Finance is a research-oriented doctoral course that can be obtained after the completion of a Master’s degree like M.A./ M.Sc./ M.Com./ MBA in a discipline that is related to finance. A PhD in Finance is a course that is meant for students who want to indulge more in the research & development aspect of finance and are looking for further academic qualification.
PhD is offered by various universities in India, especially the premier business schools and can be completed within 3 to 5 years. Doctor of Philosophy (PhD) is a research-oriented doctoral degree pursued after completing a Master’s degree. Its duration is 3 to 5 years and can pursue in either a full-time format or a part-time format.
The field of finance is certainly booming right now on a global scale, and a PhD in Finance will surely help you make a mark in finance. A PhD in Finance provides academic excellence and provides immense value in the professional field of finance. You can easily land a very high paying job in a good financial firm. You can also scale up in your current company and move up the pay scale after obtaining a PhD in Finance. It is mandatory to have a PhD in Finance in many financial companies if you wish to work in a top-level management position. If you wish to teach finance in a reputed university or college, you should pursue a PhD in Finance.
Duration of Ph.D. in Finance
The duration of a Ph.D. in Finance is 3 to 5 years. Usually, Part-Time PhD in Finance can be completed in three to four years .You can pursue it in either the full-time format or the part-time format. During the course, you will have to perform independent research and submit your research thesis to the university. In India, many reputed universities offer a PhD in Finance like IIM, IIT, NIT, Faculty of Management Studies – University of Delhi (FMS), Indian School of Business, Indian Institute of Foreign Trade (IIFT), Tata Institute of Social Sciences (TISS, Mumbai), Xavier School of Management (XLRI)and others. Some of the top business schools in India offer the Fellowship Programme in Management (FPM) course, equivalent to a PhD in Finance.
If you pursue a PhD in Finance, you will get a wide array of research topics that you can choose from depending on your interest. You can choose core topics like Stock Markets, Money Markets, Corporate Finance, Capital Management& others, or you can choose relatively new topics like Fintech, AI/ ML in Finance, Behavioral Finance & others.
Why Should You Pursue PhD in Finance?
As mentioned above, if you pursue a PhD in Finance, it will open up various career aspects for you. It will surely lead you to a bright future in the field of finance, irrespective of an academic inclination or a corporate inclination.
Mentioned below are some of the reasons pointing that why you should pursue a PhD in Finance:
- You will get a chance to study and research various important topics of finance.
- You will be able to collaborate with the best professors and academic experts in the field of finance.
- After obtaining a PhD in finance, you can either choose an academic path or a corporate path. You will be highly respected in both sectors, and both have great prospects.
- You can apply to work as a financial advisor or economic advisor to the central government of India or other state governments.
- After obtaining a PhD in finance, you will be able to apply for top-management positions in various government banks and other financial departments of the government.
- You can easily start your financial consultancy firm after you have obtained a PhD in Finance.
Top Colleges in India for PhD in Finance
- Indian Institute of Management (IIM), Ahmedabad.
- Indian Institute of Management (IIM), Bangalore.
- Indian Institute of Management (IIM), Visakhapatnam.
- Indian Institute of Management (IIM), Sirmaur.
- Faculty of Management Studies – University of Delhi (FMS).
- Xavier School of Management (XLRI).
- Tata Institute of Social Sciences (TISS, Mumbai).
- Indian Institute of Foreign Trade, New Delhi.
- Indian Institute of Management (IIM), Calcutta.
- Indian Institute of Management (IIM), Kashipur.
- Indian Institute of Management (IIM), Indore.
- Indian Institute of Management (IIM), Ranchi.
- Department of Management Studies – IIT, Madras.
- NMIMS, Mumbai.
- IMT Ghaziabad.
- JNU Delhi Etc….
Eligibility for PhD in Finance
You will have to fulfill the following eligibility criteria to be able to apply for a PhD in Finance:
- You need to hold a bachelor’s degree from a recognised university in India.
- You should hold a Master’s degree, i.e., MBA/ M.A./ M.Sc./ M.Com in a relevant field of study from a recognized university with at least 55% marks.
- If you belong to the reserved category, you will get either a 5% or 10% relaxation in marks depending on the university or college.
- You will have to pass an entrance exam like UGC NET, Common Admission Test (CAT), GRE, GMAT, UGC JRF, or others.
Students can pursue PhD degree in Finance both part-time and full-time. Distance mode Ph.D. in Finance and other subjects are not approved by the University Grants Commission (UGC) and hence not valid in India.
Fees for PhD in Finance
The average fee for a PhD in Finance is in the range of INR 5,000 to INR 2,00,000 in India. The fee structure is diffrent in Government and Private Universities. Make sure that you check the fee before applying for a PhD in Finance.
Research Areas in PhD in Finance
While pursuing a PhD in Finance, you can select your area of research in the field of finance as per your interest. Some of the cutting-edge research areas for a PhD in Finance are mentioned below:
- Valuation of Shares, Securities& Bonds.
- Stock Market &Money Market.
- Market Microstructures.
- Application of Artificial Intelligence in Finance.
- Application of Machine Learning in Finance.
- Privatization and Globalizations.
- Business Environment.
- Quantitative Finance.
- Efficient Market Hypothesis.
- Financial Fraud.
- Mathematical Finance.
- Capital Management.
- Industrial Growth.
- Dividend Policy.
- Capital Structure Decisions.
- Behavioral Finance.
- Financial Risk Management.
Admission Process for PhD in Finance
You will be admitted to a PhD in Finance course based on your entrance exam score, your performance in the academic interview and the marks you have obtained in your Master’s degree. Go through the steps mentioned below to get a clear picture of the admission process:
- Step 1: Fill the application form on the university’s official website from where you want to pursue a PhD in Finance.
- Step 2:If you fulfill the eligibility criteria, you will have to appear for the entrance exam and clear it. Almost all the colleges require you to pass an entrance exam.
- Step 3: If you pass the entrance exam, you will be called for an academic interview. You will have to appear for the interview, which may have several rounds depending on the university.
- Step 4:If you clear the interview, you will be admitted to the university for pursuing a PhD in Finance.
It is advised that you keep checking the university’s official website from where you want to pursue a PhD in Finance for admission details and updates.
Entrance Exam for PhD in Finance
Various universities require you to pass certain entrance exams for pursuing a PhD in Finance. You should check the university’s official website for details regarding the entrance exam as different universities have different entrance exam requirements. Mentioned below are a few entrance exams that are followed by the majority of universities in India:
- UGC NET.
- CAT (Common Admission Test).
- UGC JRF.
PhD in Finance Salary & Career Options in India
After you have obtained a PhD in Finance from a reputed university in India, you will get various career opportunities in academics, government service and the corporate sector.
For a complete fresher with a PhD in Finance, the entry-level salary is around 8 LPA to 15 LPA.
Mentioned below are a few job profiles that you can land after obtaining a PhD in Finance:
- Financial Consultant.
- Financial Analyst.
- Financial Manager.
- Financial Advisor to various government agencies.
- Associate Professor.
- Assistant Professor.
- Portfolio Analyst.
- Financial Statistician.
- Finance Researcher.
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