PhD in Finance Course, Colleges, Subjects, Scope, Salary

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Bhavya Rawal

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Offered by several business institutes/universities in India, PhD Finance is a doctorate course in Finance. It is a research-oriented course that gives the student an excellent academic career. The minimum time frame to complete the course is 3 years which can be extended up to not more than 5 years. There are a few good institutes like IIM, FMS, ISB and IIT that do provide PhD in Finance. IIMs offer doctoral programs under the name of Fellow Program in Management or commonly referred to as the FPM.

Note: Students who wish to pursue their education in Management field or get a career boost, can check MBA course.

PhD Finance deals with the advanced study of Valuation of Shares, Privatization and Globalization, Meaning and definition of Business Environment, Cost and Management Accounting, Industrial Growth and Structural Changes, etc.

In order to pursue a PhD in Finance, one must clear the various entrance examinations held at the university level followed by several rounds of interviews. Most popular entrance tests for admission into PhD programs include - UGC NET, NIPER JEE and NMIMS among others.

Top Colleges for PhD in Finance

Some of the IITs comprise a School of Management, where they provide a PhD in Finance. A few of the best institutes for PhD in Finance in India are mentioned below in a tabulated format:

NIRF Rank College Name Admission Process Average Total Fee Average Salary
15 Department of Management Studies-IIT Madras, Chennai UGC NET INR 33,600 INR 14 LPA
31 Indian Institute of Foreign Trade, New Delhi UGC NET INR 4,05,000 INR 18 LPA
42 Alliance School of Business, Bangalore UGC NET INR 4,50,000 INR 10.7 LPA
49 Amity University, Noida UGC NET INR 3,00,000 INR 4.5 LPA
94 National Institute of Technology, Silchar UGC NET INR 1,05,600 INR 5.5 LPA

Note: There’s a 5% relaxation for all those candidates too who belong to SC/ST/OBCs and differently-abled categories.

While many colleges admit students to PhD programs on the basis of entrance test scores, a doctoral degree can be pursued via distance education as well. The average tuition fee for a PhD in Finance course in India ranges from INR 2,000 to INR 5,00,000.

Upon completion of the course, candidates may seek jobs in top MNCs, government organizations, banks, etc. They also get an opportunity to carry on with their research or teach at various colleges/institutes as a lecturer/teacher. The average salary of a PhD Finance may hover around 3 LPA to 8 LPA.

PhD in Finance Admission Process

PhD in Finance Admission Process

Students are admitted to PhD in Finance on the basis of entrance test score and their performance in the personal interview. The below-mentioned steps give a clearer idea about the admission procedure :

  • Step 1: Fill the application form - The students will have to fill up the application forms of the respective institutes from where they would like to pursue their PhD in Finance. The application forms can be filled up online.
  • Step 2: Appear for the entrance test - Appearing for the entrance test is compulsory for most institutes. Different Universities conduct their own admission tests. Based on their performance in the entrance test, the students are called for the interview.
  • Step 3: Appear for the interview - After the results of the entrance test are declared, the selected students are called for an interview. The interview may take place in multiple rounds.
  • Step 4: Admission to the college - The students who clear the interview will be called for further admission procedure and they will be allowed to take admission to that respective university.

Although the admission process for PhD in Finance is different for most of the universities, the candidates are expected to appear for the admission process which comprises Written Entrance Exam and Personal Interview.

Note: applicants are advised to keep a tab on the university websites and newspapers for all the latest updates regarding admission.

PhD in Finance Eligibility

PhD in Finance Eligibility

The PhD in Finance candidates will have to fulfil the following eligibility criteria:

  • The students must complete his/her post-graduation in courses like Accountancy, Economics or Mathematics from a recognized university.
  • The student must also have a minimum of 55% marks in their post-graduation course. A relaxation of 5% marks is given to the SC/ ST/ OBC/ PwD candidates.

PhD in Finance: Course Highlights

Course Level Doctorate
Full-form Doctor of Philosophy in Finance
Duration 3 years
Eligibility Completed post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks.
Mode(s) of Education Regular and Distance
Admission Process Entrance test 
Course Fee INR 5,000- INR 5,00,000
Average Salary INR 14 LPA - INR 5 LPA
Job Positions Stockbroker, Statistician, CFA, Credit Control Manager, Finance Manager, Corporate Banking Executive, etc.
Top Recruiters HCL, TATA Consultancy, Accenture, Genpact, Vodafone, Oracle, Accenture, Reliance, Bajaj, Airtel, etc.

PhD in Finance Entrance Exam

Most universities offering PhD Finance in India, conduct an entrance test for admitting students to the course. Only those who successfully clear the entrance examination are later asked to appear for an interview.

Although a huge number of institutions in India offer admission into PhD through their own selection tests, most universities offer acceptance into the program through the GATE Entrance assessment and UGC NET. A few popular entrance tests for the PhD in Finance course are as follows:

UGC NET Exam 2021: The National Eligibility Test (NET) is conducted twice a year. The examination is conducted in 84 subjects. The examination will be conducted after July 2020.

Entrance Test Examination Date
UGC NET Exam July 2021

RMAT 2021: AIMA and Aligarh Muslim University admit PhD students based on their performance in Research Management Aptitude Test (RMAT). AIMA has decided to conduct the exam in June end of this year.

Entrance Test Examination Date
RMAT 2021 June 2021

SIU PET Exam 2021: Symbiosis International University PET Exam is conducted for admission into the PhD programs offered by Symbiosis International University. The examination is held in June.

Entrance Test Examination Date
SIU PET Exam 2021 June 2021

JNU PhD Entrance Exam 2021: Jawaharlal Nehru University accepts the PhD students on the basis of the marks acquired by them in the entrance test. The examination is conducted in the month of June.

Entrance Test Examination Date
JNU PhD Entrance Exam 2021 June 2021

GTU PhD Entrance Exam 2021: Gujarat Technological University (GTU) conducts an entrance test for admitting the PhD students. The application forms can be filled until July and the examination is held in August.

Entrance Test Examination Date
GTU PhD Entrance Exam 2021 January 2021

How to prepare for the entrance test?

In order to score well in the entrance test, a candidate must prepare accordingly for the examination. Since a PhD is considered as the highest degree attestation, the applicants may need special educational training to crack the exam.

Here are a few points that you must keep in mind while you are preparing for the test.

  • Go through all the major topics that are included in the syllabus.
  • Don’t forget to practise loads of questions once you are done with the syllabus.
  • Develop a proper preparation strategy.
  • Try to practice the questions from the previous years.
  • Appearing for online mock tests is always a good idea.

Furthermore, those who wish to ace the test, must possess an in-depth knowledge of Finance and Accounting subjects.

How to get admission in a good college?

Getting admission to a very good college isn’t a cakewalk and students must prepare well in advance in order to be selected. So, here are a few things that you must remember if you wish to get admitted to a good college -

  • You must possess a reasonably good score in their postgraduate degree. A minimum 55% score is expected.
  • If your college conducts an interview round, then you must be well prepared for it.
  • You must be well aware of the type of questions that are frequently asked in an interview.
  • A very good score in the entrance test will increase your chances of getting admitted to a good college.

How to get Admission in a PHD Finance Course

Also, interested candidates must have an idea about the placement scenario and the facilities offered by the college to the students.

PhD in Finance: What is it about?

PhD in Finance: What is it about?

A PhD in Finance is a research-driven course which leads to an advanced-level academic and research career in Finance and economic studies.

While most institutes require the candidates to already have a Master's in Business Administration, some of them admit students to PhD in Finance directly after completing their bachelor’s. Those who wish to seek admission to the course must possess skills like - analytical, logical, managerial and leadership skills.

  • Finance is basically the study of Accounting, Economics, Financial Management and any such related fields.
  • PhD in Finance students are trained in topics like Statistics, Investments, Economics and Corporate Finance Theory.
  • The students also get to explore various markets and financial products in their course curriculum.
  • PhD in Finance is a research-related course that is especially meant for a research-based career or an academic career.

After graduation, candidates can act as Consultants, or perform further research, or teach as faculty members in the Finance departments of universities. PhD Finance students generally seek to teach at various academic institutes, as the employment options that pay more, are less and far between - so one may end up in working the same job as an MBA.

Why Study a PhD in Finance?

Why Study a PhD in Finance?

A PhD in Finance course can give you multiple career opportunities and will lead you to a bright and prosperous future. Those who wish to seek a job in the academic sector (i.e. lecturer or research fellow in b-school) absolutely need this degree.

Some of the main reasons as to why one should choose to pursue a PhD in Finance are as follows :

  • Financial Management - It helps the student to know about various important topics related to Finance. Learning techniques regarding the complete organization of money in businesses and banks is a part of the course curriculum.
  • Career Options - The students may pursue either an academic or an industrial career upon completion of the course. Both the career options are equally prosperous.
  • Job Security - Most of the PhD Finance graduates tend to work in academia which gradually provides tenure and job stability.
  • Financial Understanding - Those who pursue a PhD in Finance or Economics tend to clearly see today’s global financial problems and help to rectify the flaws.
  • Higher Salary - The average salary earned by a PhD in Finance student is INR 4 LPA- INR 8 LPA, that increases with experience.

PhD graduates may also look for jobs in various government sectors like government banks and other departments.

PhD in Finance vs PhD in Accountancy

Course Comparison

PhD in Finance vs PhD in Accountancy -

Doctor of Philosophy in Finance has a variety of applications and converges with many areas of business like debt, expansion and supply chain. Whereas the need for a theoretical understanding and research in PhD in Accounting might be limited. A detailed analysis of the two courses is mentioned below in a tabulated format -

Parameters PhD in Finance PhD in Accountancy
Abbreviation  Doctor of Philosophy in Finance Doctor of Philosophy in Accountancy
Course Overview Deals with the study of Accounting, Economics, Financial Management. It mainly comprises aspects like operations in Accountancy and its related domains.
Eligibility Post-graduation in courses like Accountancy, Economics or Mathematics M.Com. in Accountancy or M.Phil. in any such related disciplines
Admission Process Entrance Tests Entrance Tests
Average Fee INR 2,000- INR 5,00,000 INR 16,679 to INR 1,55,000
Average Salary 4 LPA- 8 LPA 7 LPA- 16 LPA
Job Areas Finance and Banking sectors, consultancies, colleges, universities, etc. Banking and Finance sectors, academic sectors, management sectors, etc.
Top Job Profiles Stockbroker, Statistician, CFA, CA, Corporate Banking  Corporate Analyst, Financial Analyst, Investment Banker, Money Manager, etc. 
PhD in Finance Top Colleges

PhD in Finance Top Colleges

ISB(Indian School of Business), just like the IIMs, offers an FPM course for those who wish to pursue PhD in Finance. Some of the top PhD in Finance institutes of India are mentioned below for your reference :

Collegedunia Rank College Name City Average Total Fee Average Salary
1 Shailesh J. Mehta School of Management Mumbai INR 24,000 INR 25 LPA
2 Department of Management Studies-IIT Madras Chennai INR 33,600 INR 14 LPA
3 Amity University Noida INR 3,00,000 INR 4.5
4 Indian Institute of Foreign Trade New Delhi INR 4,05,000 INR 18 LPA
5 Kalinga Institute of Technology Bhubaneshwar INR 2,25,000 INR 6 LPA
6 National Institute of Technology Silchar INR 1,05,600 INR 5.5 LPA
7 Ahmedabad University Ahmedabad INR 1,50,00 INR 4.65 LPA
8 Gitam University of Management Visakhapatnam INR 2,20,000 INR 9 LPA
9 Sharda University Greater Noida INR 63,333 INR 6 LPA
10 Alliance School of Business Bangalore INR 4,50,000 INR 10.5 LPA

College/University Comparison

College/ University Name Shailesh J. Mehta School of Management, Mumbai Department of Management Studies-IIT Madras Indian Institute of Foreign Trade, New Delhi
Overview SJMSOM is a part of IIT Mumbai and offers various management courses like Executive MBA, Management Development and PhD programs. Known as one of the finest institutes in the country, it functions under IIT Madras. Apart from a PhD, DMS offers UG, PG as courses as well.  Indian Institute of Foreign Trade is another extremely popular educational institute of India and offers a huge variety of courses. 
Location Mumbai Chennai New Delhi
Collegedunia Ranking 1 2 3
Average Fees INR 24,000 INR 33,600 INR 4,05,000
Eligibility Minimum 55% in post-graduation Minimum 55% in post-graduation Minimum 55% in post-graduation
Admission Process Entrance Test Entrance Test Entrance Test
Average CTC INR 25 LPA INR 14 LPA INR 18 LPA
Top Recruiting Company Amazon, IBM, Flipkart, Accenture, Wipro HDFC Bank, Bank of America, Standard Chartered Bank, etc. Amazon, Cognizant, SAP, HDFC Bank.
PhD in Finance Syllabus

PhD in Finance Syllabus

The course prepares its students about the challenges faced in multinational and MSME companies. A unit-wise breakdown of the course structure is mentioned below -

Unit 1 – Business Environment

  • Second Generation reforms
  • Privatization and Globalization
  • Planning Policy
  • Meaning and definition of Business Environment
  • Liberalization
  • Legal Environment of Business in India
  • Industrial Policy
  • Industrial Growth and Structural Changes
  • Environment protection
  • Economic Policy
  • Consumer Protection
  • Competition Policy

Unit II – Financial and Management Accounting

  • Valuation of Shares
  • Responsibility Accounting
  • Ratio Analysis
  • Partnership Accounts
  • Liquidation
  • Financial Statements
  • Cost and Management Accounting
  • Capital and Revenue
  • Basic Accounting Concept
  • Advanced Company Accounts

Unit III – Business Economics

  • Sampling Errors
  • Utility analysis
  • Price determination in different Market Situations
  • Nature and Uses of Business Economics
  • Laws of Variable Proportion
  • Laws of Returns
  • Elasticity of Demand
  • Demand Analysis
  • Concept of Profit and Wealth Maximization

Unit IV– Business Statistics and Data Processing

  • Data types
  • Data Processing
  • Data Collection and Analysis
  • Correlation and Regression
  • Computer Application to Functional Area
  • Analysis and Interpretation of data

Unit V– Business Management

  • Staffing
  • Principles of Management
  • Planning Process
  • Organizational Culture and Structure
  • Organizing
  • Leadership and Control
  • Decision Making
  • Business Ethics and Corporate Governance

Unit VI– Marketing Management

  • Product decision
  • Pricing, Distribution and Promotion
  • Marketing Planning
  • Marketing Mix
  • Marketing Environment
  • Evolution of Marketing
  • Concepts of Marketing

Unit VII– Financial Management

  • Working Capital Management
  • Financial and Operating Leverage
  • Dividend Policy
  • Cost of capital; Capital Budgeting
  • Capital Structure

Unit VIII– Human Resource Management

  • Training and Development
  • Succession Planning
  • Role and Functions of HRM
  • Recruitment and Selection
  • Performance Appraisal
  • Industrial Relations
  • HR Planning
  • Compensation

Unit IX – Banking and Financial Institution

  • Reserve Bank of India
  • NABARD and Rural Banking
  • Importance of Banking to Business
  • Types of Banks
  • E-Banking
  • Development of Banking
  • Banking Sector Reforms in India

Thus, it's visible that the syllabus for the course include topics that require the student to have a solid quantitative foundation, along with critical thinking, problem solving and communication abilities. The below-mentioned table lists the important books that cover advanced PhD in Finance topics -

Name of the Author Book
Vaidya Nathan K. Credit Risk Management for Indian Banks
John H. Cochrane Financial Markets and the Real Economy
Robert Macintosh Research Methods:Accounting & Finance
John C. Hull Options, Future & Other Derivatives
Robert Mckinley Managing Credit
Andrew W. Lo The Econometrics of Financial Markets
PhD in Finance Job Prospects and Career Options

PhD in Finance Job Prospects and Career Options

Finance PhD students are business minded and generally look for a more professional career. This can also include jobs in various finance companies. Some of the popular job profiles include Statistician, Stockbroker, Finance Manager, etc. The average annual salaries to which are somewhere between INR 4 LPA to INR 8 LPA.

Job Profile  Job Description Average Annual Salary
Assistant Professor Teaching Finance courses to junior-level (UG, PG, MBA) students. INR 5,75,000
Professor Usual work includes researching on ‘financial aspects’ of a society and teaching students. INR 11,88,000
Stockbroker Purchasing stocks and offering them to various retails and institutional customers by means of the stock exchange. INR 3,25,000
Statistician Deals with theoretical and applied statistics.  INR 3,68,671 
Relationship Manager A Relationship Manager works to maintain a good relationship with other competitors and clients. INR 5,95,478
CFA A CFA analyzes investments, stocks or companies. INR 1,157,000
Financial Managers Takes care of the financial health of the companies they work for and creates financial reports and plans. INR 9,56,578

Salary Trends: Minimum vs. Maximum Salary

PhD in Finance Future Scope

annual Salary

PhD in Finance Future Scope

Ph.D in Finance students may look for jobs in both the private and public sectors including accountancy firms and banking sectors as well. After completion of the PhD in Finance course, the students may go for research work or take up jobs in various research labs or may teach at several colleges and universities. Few popular divisions include:

  • Government and private sectors.
  • Corporations and consultancies.
  • Markets research.
  • Public accounting firms.
  • Budget planning.

PhD in Finance grads have quite a prosperous future and although the initial salary of the candidates may seem less, their income will increase with experience. The students may also carry out further research in their respective fields.

PhD in Finance FAQs


Ques. Is an Economics & Finance PhD worth it?

Ans. PhD is considered as the final milestone in the Indian academic curriculum. In case someone wishes to pursue a career in academics or research, then a PhD in Finance or Economics is definitely worth it.

Ques. Which is the best university for a PhD in Finance?

Ans. Some of the best universities for Finance in India are:

  • Department of Management Studies-IIT Madras, Chennai
  • Indian Institute of Foreign Trade, New Delhi
  • Alliance School of Business, Bangalore

Ques. How are job prospects for Finance PhDs?

Ans. PhD in Finance has both academic as well as industrial job prospects in India. As an academic professional, you can seek jobs in colleges and universities. You can also look for jobs in finance companies and banks.

Ques. What are the best universities for a PhD in Finance abroad?

Ans. Some of the top universities include MIT, Stanford, Chicago, Berkeley, and many more.

Ques. What is the most popular entrance test for a PhD Finance course?

Ans. UGC NET is considered as the most popular entrance test for the course. Some Universities have their own entrance tests as well.

Que. What should be the average annual salary for a PhD in Finance student?

Ans. The average salary is anything between 4 LPA- 8 LPA

Ques. What is the eligibility criteria for PhD Finance?

Ans. The minimum eligibility criteria to pursue the course require at least 55% marks in post-graduation in courses like Accountancy, Economics or Mathematics.

Ques. Which course is better: PhD in Finance or PhD in Economics?

Ans. Both the courses have completely different course curriculum and if you perform well, then both the courses can be equally prosperous for you.

Ques. What is the average tuition fee for a PhD Finance in India?

Ans. The average tuition fee is between INR 2,000 to INR 5,00,000

Ques. Is there any scope of Government jobs for the PhD in Finance students?

Ans. Yes, you can look for jobs in various government sectors. Government banks also employ a PhD in Finance students.

Ques. Has the UGC NET examination date been deferred due to COVID-19?

Ans. Yes, the examination has been postponed. Students may get recent updates regarding the date of the examination soon. It is advisable to keep checking up with the exam conducting authority’s website to get the latest updates.

Ques. What are the popular job profiles for PhD in Finance students?

Ans. Popular job profiles for PhD Finance students include - Assistant Professor, Stockbroker, Statistician, Relationship Manager, CFA, Financial Manager.

Ph.D. (Finance) Fee Structure in India

22.36 K (Minimum Fee)PUBLIC COLLEGES7.50 L  (Maximum Fee)
2.41 L (Average Fee)
19.20 K (Minimum Fee)Private COLLEGES7.20 L (Maximum Fee)
2.39 L (Average Fee)

Ph.D. (Finance) Fee Structure By state


1.79 L
1.92 LPrivate COLLEGES3.25 L
2.50 L

Uttar Pradesh

22.36 K
1.50 LPrivate COLLEGES3.20 L
2.52 L

Tamil Nadu

44.80 K
90 KPrivate COLLEGES2.35 L
1.63 L


2.05 L
1.96 LPrivate COLLEGES4.59 L
2.87 L