This programme offers the chance to undertake a substantial piece of work that is worthy of publication and which makes an original contribution to the financial markets industry. You will begin on the MRes, and will need to meet certain requirements to progress to the PhD.

Our programme is unique in its integration of finance and economics. You will take first-year microeconomics and macroeconomics courses together with PhD students in economics, but will differentiate by taking advanced courses in financial econometrics, asset pricing and corporate finance during the first two years of the programme. You will leave with a broad understanding of finance and its relations to other fields in economics.

As one of the largest finance departments in the world, we are able to offer opportunities for research in virtually any field in finance. We have strengths in theory and empirics, asset pricing and corporate finance, as well as financial econometrics, behavioural finance, macro-finance, and microeconomic analysis of financial markets and institutions. 

You are expected to participate in the regular departmental seminars (weekly), as well as occasional workshops and conferences given by internationally renowned speakers. This is viewed as an important part of the learning process on the MRes/PhD in Finance.Teaching and learning in Michaelmas Term 2020 
Information on how LSE will deliver teaching and learning in Michaelmas term can be found here.

Programme details

Key facts

Start date	Late August 2020
Application deadline	26 April 2020. However please note the funding deadlines
Duration	Five to six years full-time: two year MRes, three to four years PhD
Tuition fee	UK/EU: £4,435 (for the first year) – provisional Overseas: £19,368 (for the first year)
Financial support	LSE PhD Studentships (deadlines 10 January and 27 April 2020) ESRC funding (deadline 10 January 2020) Departmental scholarships
Minimum entry requirement	Merit in a taught master’s in finance, economics or another subject with a strong quantitative component
GRE/GMAT requirement	GMAT or GRE is required for all applicants (GRE is preferred)
English language requirements	Standard (see ‘Assessing your application’)
Location	Houghton Street, London

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.Entry requirements

Minimum entry requirements for MRes/PhD Finance

Merit in a taught master’s degree in finance, economics or another subject with a strong quantitative component.

Competition for places at the School is high. This means that even if you meet our minimum entry requirement, this does not guarantee you an offer of admission. 

If you have studied or are studying outside of the UK then have a look at our Information for International Students to find out the entry requirements that apply to you.

GRE/GMAT requirement

GRE or GMAT is required from all applicants (GRE is preferred)

Find out more about GRE/GMATAssessing your application

We welcome applications for research programmes that complement the academic interests of members of staff at the School, and we recommend that you investigate staff research interests before applying. However, please do not get in touch with faculty at this stage, 

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

• academic achievement (including existing and pending qualifications)
• statement of academic purpose 
• references
• CV
• outline research proposal
• sample of written work.

See further information on supporting documents

You may also have to provide evidence of your English proficiency. You do not need to provide this at the time of your application to LSE, but we recommend that you do. See our English language requirements.

When to apply

The application deadline for this programme is 26 April 2020. However to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.Programme structure and courses

A PhD in Finance from LSE consists of six coursework units, completed over two years, followed by a thesis which is usually expected to take a further three years.

We encourage our research students to participate fully in the intellectual life of the Department, and in the research seminar and workshop programmes of the Department and related research centres such as the Financial Markets Group (FMG). The weekly Capital Markets Workshops provide exposure to the work of leading academics from the UK and overseas. In addition, the FMG hosts a number of conferences each year with leading researchers and practitioners.

Students will normally commence in late August, by attending an introductory course before the start of the academic year.

Introductory Course in Mathematics and Statistics
Provides students with the essential mathematical, statistical, economic and econometric background for the core Economics courses of these programmes.

First year

During their first year, students take courses in Advanced Microeconomics, Advanced Macroeconomics and Advanced Financial Econometrics to build their core knowledge in these areas. They will also take two transferable skills courses which are not examined.

There is also the option to take non-examined workshops or seminars in relevant areas. Students also attend a PhD seminar in Finance throughout their MRes/PhD studies.

Microeconomics for MRes Students
Introduces the basic analytical tools that are necessary to conduct research in any field in economics.

Macroeconomics for MRes Students
Covers topics in advanced macroeconomics with emphasis on fundamentals and applications to recent theoretical advances.

Financial Econometrics for Research Students
Covers probability, mathematical statistics, and asymptotic theory, and theory and application of regression analysis. Provides a survey of the theory and application of time series methods in econometrics.

Financial Economics
This non-examined course provides an in-depth introduction to the theories of asset pricing and corporate finance.

Capital Markets Workshop  

Second year

Students take courses in Corporate Finance and Asset Pricing, in addition to completing a research paper. They can also choose to take relevant seminars in related areas.

Corporate Finance for Research Students
The first half of this course focuses on the theory of corporate finance. The second half of the course will consider empirical research in corporate finance.  

Asset Pricing for Research Students
Covers asset pricing theory, empirical asset pricing, as well as empirical evaluation of asset-pricing models.

Research Paper in Finance
A research paper of between 6,000 and 8,000 words, related to your designated major field, to be submitted at the end of August of the second year.

PhD Seminar in Finance
A seminar course for PhD students in the early stages of their research to present their work in progress.

Capital Markets Workshop

PhD programme

After meeting the progression requirements, students progress to PhD registration and begin to work on their thesis

PhD Seminar in Finance
A seminar course for PhD students in the early stages of their research to present their work in progress.

For the most up-to-date list of optional courses please visit the relevant School Calendar page. 

You must note however that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises. 

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s Calendar, or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the updated graduate course and programme information page.Supervision, progression and assessment

Supervision

You will be assigned a lead supervisor (and a second supervisor/adviser) who is a specialist in your chosen research field, though not necessarily in your topic. Lead supervisors guide you through your studies.

Progression and assessment

To progress at the end of each year, students must pass their examined courses at grades specified by the Department and make satisfactory progress in their research. Progress is regularly monitored by the Department’s Postgraduate Assessment Review Panel.

You will also need to meet certain criteria to progress to PhD registration, such as achieving certain grades in your coursework, and earning a minimum mark on your research paper.

Your final award will be determined by the completion of an original research thesis and a viva oral examination.

More about progression requirements. Careers

Students who successfully complete the programme often embark on an academic career. See a list of past placements.

Support for your career

Many leading organisations in the field give careers presentations at the School during the year, and LSE Careers has a wide range of resources available to assist students in their job search. Find out more about the support available to students through LSE Careers.Fees and funding

Every research student is charged a fee in line with the fee structure for their programme.  The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students’ Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2020/21 for MRes/PhD in Finance

UK/EU students: £4,435 for the first year (provisional)
Overseas students: £19,368 for the first year

The fee is likely to rise over subsequent years of the programme. The School charges UK/EU research students in line with the level of fee that the Research Councils recommend. The fees for overseas students are likely to rise in line with the assumed percentage increase in pay costs (ie, 4 per cent per annum).

Fee status

The amount of tuition fees you will need to pay, and any financial support you are eligible for, will depend on whether you are classified as a home (UK/EU) or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Scholarships and other funding

The School recognises that the cost of living in London may be higher than in your home town or country, and we provide over £13 million in scholarships each year to graduate students from the UK, the EU and outside the EU.

This programme is eligible for LSE PhD Studentships, and Economic and Social Research Council (ESRC) funding. Selection for the PhD Studentships and ESRC funding is based on receipt of an application for a place – including all ancillary documents, before the funding deadline.  

Funding deadline for LSE PhD Studentships and ESRC funding: 10 January 2020.
Second funding deadline for LSE PhD Studentships: 27 April 2020.

The Finance Department may also offer departmental scholarships.

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas. 

External funding 

There may be other funding opportunities available through other organisations or governments and we recommend you investigate these options as well.

Further information

Fees and funding opportunities

Research profile

Our research is broadly focused in our five research groups: Economic Development and Institutions, Empirical Finance, Accountancy and Corporate Governance, Macroeconomics and Banking. Academic staff involved within these programmes investigate unemployment, debt and financial instability, focus on how a country’s economic performance is affected by its institutions, use state-of-the-art econometrics to analyse issues with crucial business or policy implications, and address economic issues related to European integrations.

Find out about the exciting research we do in Economics and Finance. Browse profiles of our experts, discover the research groups and their inspirational research activities you too could be part of. We’ve also made available extensive reading materials published by our academics and PhD students.  

Learn more about research in this area.

You can explore our campus and facilities for yourself by taking our virtual tour.Back to top

Find a supervisor

Our researchers create knowledge and advance understanding, and equip versatile doctoral researchers with the confidence to apply what they have learnt for the benefit of society. Find out more about working with the Supervisory Team.

You are welcome to approach your potential supervisor directly to discuss your research interests. Search for expert supervisors for your chosen field of research.Back to top

Research journey

This course can be studied 3 years full-time or 6 years part-time, starting in January. Or this course can be studied 3 years full-time or 6 years part-time, starting in October. Or this course can be studied 3 years full-time or 6 years part-time, starting in April.

A PhD involves demonstrating through original research or other advanced scholarship the creation and interpretation of new knowledge, a systematic acquisition and understanding of a substantial body of knowledge at the forefront of an academic discipline or professional practice, the ability to conceptualise, design and implement a project for the general of new knowledge, applications or understanding at the forefront of the discipline. Research degrees evolve in different ways according to discipline. Find out about what progress might look like at each stage of study here: Research degree progress structure.

PhD topics

While we welcome applications from student with a clear direction for their research, we can also provide you with some ideas. Search for PhD topics for your chosen field of research.Back to top

Research support

Excellent research support and training

The Graduate School provides a range of personal, professional and career development opportunities. This includes workshops, online training, coaching and events, to enable you to enhance your professional profile, refine your skills, and plan your next career steps as part of the Researcher Development Programme.

Find our more: Study environment for research students

Library services

Brunel’s Library is open 24 hours a day, has 400,000 books and 250,000 ebooks, and an annual budget of almost £2m. Subject information Specialists train students in the latest technology, digital literacy, and digital dissemination of scholarly outputs.

The Library services boast:

• state-of-the-art research information management tools including a research
• publication and grant database
• one of the largest UK’s full text repository
• an integrated data management system
• analytical tools such as Altmertic and InCites
• Open Access centrally managed fund

Find out more: Brunel LibraryBack to top

Careers and your future

Paid work available to research studentsUndertaking teaching and learning support duties represents an important professional and career development opportunity for postgraduate research students. Brunel offers two levels of paid work available to Postgraduate Research students. The first level post is as a Demonstrator and the second level post is as a Graduate Teaching Assistant (GTA). Teaching and learning support duties will vary between Departments and research students should not rely on such opportunities being available. Find out more here.Back to top

UK entry requirements

The general University entrance requirement for registration for a research degree is normally a First or Upper Second Class Honours degree. All international students must show evidence that they meet the English requirement for their course of study. The Senate reserves the right to assess the eligibility of applicants on an individual basis.

Potential research students are encouraged to contact members of staff in the area of interest to receive guidance on how to focus the research proposal. Learn how to prepare a research proposal here.  Back to top

EU and International entry requirements

Select your countryAfghanistanAlbaniaAlgeriaAngolaArgentinaArmeniaAustraliaAustriaAzerbaijanBahrainBangladeshBelarusBelgiumBelizeBoliviaBosnia & HerzegovinaBotswanaBrazilBruneiBulgariaBurmaCambodiaCameroonCanadaCaribbeanCayman IslandChileChinaColombiaCongoCosta RicaCroatiaCubaCyprusCyprus-NorthCyprus-SouthCzech RepublicDemocratic Republic of CongoDenmarkDominican RepublicEcuadorEgyptEl-SalvadorEritreaEstoniaEthiopiaFijiFinlandFranceGambiaGeorgiaGermanyGhanaGreeceGuatemalaGuyanaHong KongHungaryIcelandIndiaIndonesiaIranIraqIrelandIsraelItalyIvory CoastJamaicaJapanJordanKazakhstanKenyaKoreaKorean RepublicKosovoKuwaitLatviaLebanonLibyaLithuaniaLuxembourgMacaoMacedoniaMadagascarMalawiMalaysiaMaliMaltaMauritiusMexicoMoldovaMongoliaMontenegroMoroccoMozambiqueMyanmarNamibiaNepalNetherlandsNew ZealandNicaraguaNigeriaNorwayOmanPakistanPalestinePanamaPapua New GuineaPenangPeruPhilippinesPolandPortugalQatarRomaniaRomeRussiaRwandaSaudi ArabiaScotlandSenegalSerbiaSeychellesSierra LeoneSingaporeSlovakiaSloveniaSouth AfricaSouth KoreaSpainSri LankaSudanSwedenSwitzerlandSwitzerland-FrenchSwitzerland-GermanSwitzerland-ItalianSyriaTaiwanTajikistanTanzaniaThailandTongaTrinidad & TobagoTunisiaTurkeyUAEUgandaUKUkraineUruguayUSAUzbekistanVenezuelaVietnamWalesYemenZambiaZimbabwe

If you require a Tier 4 visa to study in the UK, you must prove knowledge of the English language so that we can issue you a Certificate of Acceptance for Study (CAS). To do this, you will need an IELTS for UKVI or Trinity SELT test pass gained from a test centre approved by UK Visas and Immigration (UKVI) and on the Secure English Language Testing (SELT) list. This must have been taken and passed within two years from the date the CAS is made.

English language requirements

• IELTS: 6.5 (min 6 in all areas)
• Pearson: 58 (51 in all subscores)
• BrunELT: 65% (min 60% in all areas)
• TOEFL: 92 (min 20 in all)

You can find out more about the qualifications we accept on our English Language Requirements page.

Should you wish to take a pre-sessional English course to improve your English prior to starting your degree course, you must sit the test at an approved SELT provider for the same reason. We offer our own BrunELT English test and have pre-sessional English language courses for students who do not meet requirements or who wish to improve their English. You can find out more information on English courses and test options through our Brunel Language Centre.

Please check our Admissions pages for more information on other factors we use to assess applicants. This information is for guidance only and each application is assessed on a case-by-case basis. Entry requirements are subject to review, and may change.Back to top

Fees and funding

2020/21

UK / EU

£4,407 full-time

£2,203 part-time

International

£15,860 full-time

£7,930 part-time

Fees quoted are per year and are subject to an annual increase.

Some courses incur additional course related costs. You can also check our on-campus accommodation costs for more information on living expenses.

Brunel offers a number of funding options to research students that help cover the cost of their tuition fees, contribute to living expenses or both. Recently the UK Government made available the Doctoral Student Loans of up to £25,000 for UK and EU students and there is some funding available through the Research Councils. Many of our international students benefit from funding provided by their governments or employers. Brunel alumni enjoy tuition fee discounts of 15%.

About our programmes

We aren’t currently accepting any new applications to our PhD programmes in London. This applies to prospective applications for 2019 and 2020 entry.

Our Research

Business and Management Studies 14th in UK for research power. 

Research Excellence Framework 2014

We organise our research into 15 research centres and groups. Each centre involves externally funded research and international collaborations. Our doctoral students are also actively involved in these groups. Researchers in accounting mainly cluster around two main areas:

• governance and ethics
• accounting history

The Accounting, Governance and Accountability (AGA) research group undertakes research projects unified by the overarching theme of accountability. We have enjoyed recent funding support from a number of external bodies including the Association of Chartered Certified Accountants (ACCA), the Economic and Social Research Council (ESRC) and the Engineering and Physical Sciences Research Council (EPSRC).

Specific areas of research expertise include:

• corporate reporting
• business ethics
• corporate philanthropy
• social and environmental accounting
• sustainability and social measurement
• third sector accountability
• accounting history

There are opportunities for you to study in any of these disciplines. 

Our strong community of PhD students, includes home and international candidates, and a number of strong and active international links.

Networking opportunities

Throughout the academic year, the School holds a number of events on campus to which all students are invited.  Events are topical, co-presented with experts in the City. The sessions provide a great opportunity for you to network with national and multinational organisations, alumni and peers. 

You will be supervised by a member of the Newcastle University London team. In most cases you will also receive co-supervision from a member of the Newcastle University Business School team. This is to ensure that you gain the benefit of our staff expertise from both campuses.Accreditation

Newcastle University Business School is accredited by the:

• Association to Advance Collegiate Schools of Business (AACSB)
• European Quality Improvement System (EQUIS)
• Association of MBAs (AMBA)

Only 1% of business schools worldwide hold this triple crown and we are one of only 20 to have these accreditations in the UK.

Our accreditations reflect the investments we make for our students through providing a high quality teaching environment, innovative programming and active engagement with industry.Facilities

Newcastle University London is an industry immersive campus at the heart of the City of London.  It brings the research active environment of a Russell Group University and creates a community of scholars that believe and practice the civic values of Newcastle University.  Newcastle University London is well placed in the capital to facilitate collaborative links between business and industry across the City, and the policy makers within Westminster.

Our facilities provide:

• a Research Hub with hot-desks, secure storage areas, a quiet space for study, and an on-site Research Co-ordinator
• Wi-Fi enabled connectivity throughout the building, including breakout spaces at the campus
• lecture theatres and seminar rooms, all providing comfortable teaching and group study space
• a Learning Resource Centre with physical and digital resources, and links to those at Newcastle University
• a contemporary café