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2 EDHEC PhD in Finance

EDHEC PhD in Finance at a Glance 4

Research for Professional Development and Industry Innovation 6

A Well-Structured and Rigorous Programme 8

The Executive Track in Focus 12

Outstanding Programme Faculty 14

About EDHEC Business School 18

Learning Infrastructure and Facilities 20

Admissions and Class Profile 22

Fees and Funding 24

EDHEC PhD in Finance 3
4 EDHEC PhD in Finance

EDHEC PhD in Finance

at a Glance
Supporting the efficient allocation of resources across The PhD in Finance offered by EDHEC Business
time and space, the financial industry is the lifeblood of School is a research-oriented programme which
the global economy and at the forefront of the evolutions trains participants to serve as the architects of the
which are reshaping the world. financial industry. The programme is designed to
Its fast-paced, cosmopolitan, and intellectually prepare talented and hard-working individuals for
stimulating atmosphere attracts some of the best and challenges requiring an integrated view of the inner-
most ambitious minds in science and business. workings of financial markets and institutions, a
thorough understanding of financial decision-making
Advancing the frontiers of knowledge and practices and its modelling, and the ability to autonomously
in such a competitive environment demands identify, analyse, and research questions to propose
professionals who are able to combine well-honed and implement creative solutions.
critical thinking, extensive field expertise, and
outstanding analytical and research skills to exert ONE PROGRAMME, TWO TRACKS
thought-leadership and introduce radical innovation. At
The programme has two tracks: a residential track
a critical juncture for the financial industry, the need for
for young professionals who will hold part-time
such professionals and such innovations is particularly
teaching positions at EDHEC Business School, and
an executive track for high-level practitioners who
will keep their full-time jobs.
Since undergraduate degrees, professional
experience and the MBA may develop this set of
competencies only partially, those who aspire to
higher intellectual levels should consider pursuing the
foremost academic and professional qualification, the
Doctorate of Philosophy (PhD).
EDHEC PhD in Finance 5

Executive track participants undertake the PhD in A RICH LEARNING ENVIRONMENT THE EXPERTISE OF THE EDHEC
Finance as a critical development step towards CENTRES OF EXCELLENCE
By concentrating core courses and elective seminars
senior positions in the financial industry or, when
into residential weeks, opening elective seminars to The programme benefits from the world-class
they already hold such positions, to steer their
PhD candidates from different entering classes, research expertise of the EDHEC Business School
organisations in new directions. Residential track
extending the classroom over the Internet for research centres of excellence in risk and asset management,
participants typically complete doctoral studies to
workshops, and adapting dissertation supervision to and in infrastructure.
access academic careers within leading research
individual circumstances, the programme creates a
and educational institutions.
rich collaborative environment amongst all the
participants and close working relationships between A LIFE-CHANGING INVESTMENT
The core courses of the programme and electives are
offered in Europe—from London and Nice. PhD candidates and faculty. The key benefits of the EDHEC PhD in Finance are
its outstanding faculty, its balanced structure, its
supportive research environment, its talented and
diverse participant body. These combine to create the
CURRICULUM Programme faculty consists of world-class specialists best opportunities for participants to hone their
EDHEC PhD in Finance implies an intense personal in finance, risk and investment management, and research expertise and prepare to shape the future of
commitment and is designed to be completed over economic and financial modelling; it brings together the financial industry.
three years. Its structure includes core courses, EDHEC Business School’s senior economics and
electives, research workshops, and the dissertation. finance scholars and affiliate professors from top
Core courses equip participants with sound training research institutions around the world. Faculty
in financial theory and state-of- the-art analytical and members have an outstanding track record of
research methods. Elective seminars and workshops publications in and editing for the most respected
expose PhD candidates to the latest advances in scientific journals in financial economics. Their
specific fields of their choice. The dissertation allows teaching awards and experience in PhD candidate
participants to work individually with programme supervision, their prestigious appointments with leading
faculty on topics selected for their academic and universities worldwide, and their senior-level
industry relevance and according to each candidate’s engagements with large corporations, governments,
research interests and professional goals. and supranational organisations, are an equally
outstanding record of achievement.
6 EDHEC PhD in Finance

Abraham Lioui, PhD,

Director, PhD in Finance,
Professor of Finance,
EDHEC Business School

Research for
EDHEC Business School believes that academic
research has a vital role to play in promoting innovation
and constantly raising professional standards. With a
century-long tradition of serving the needs of the

Professional community, it has defined a ‘Research for Business’

orientation and has spelled out its educational credo as
‘professional development through research-based

Development and excellence.’ The PhD in Finance organised by EDHEC

Business School is the culmination of this ambition.

Industry Innovation The purpose of this programme is to help

outstanding individuals become autonomous
researchers and lifelong innovators by enabling them
to develop the scientific background and skills
required to define, conduct and complete research
projects that advance knowledge and practices in the
financial industry.
EDHEC PhD in Finance 7

PhD in Finance candidates form an extraordinary Well-structured and rigorous, the PhD in Finance We invite you to evaluate how the EDHEC PhD in
group of talented men and women from the world programme balances coursework with supervised Finance could help you achieve your career goals
over. They stand out for their academic and scholarly research so that candidates acquire the tools, and life plans, and what contribution you could make
abilities, their exceptional analytical and quantitative attitudes, and experience to become independent to its exceptional learning environment; we also look
skills, their intellectual curiosity, their discipline, and researchers. Core courses impart a sound knowledge forward to discussing these with you.
their taste for creative work. Bringing diverse of financial theory and of analytical and research
business and academic credentials and a wealth of methods in financial economics. Elective seminars,
work and life experiences to the classroom, they are and research workshops allow PhD candidates to
bonded by a joint commitment to meeting the acquire a detailed understanding of the most recent
challenges of a demanding academic programme theoretical and modelling advances in their chosen
and overcoming the difficulties associated with field of specialisation. Participants work closely with
independent scientific study. faculty to author insightful dissertations that make
original contributions at the frontiers of financial
Creating the right environment to train and nurture knowledge and practice.
PhD candidates and provide graduates with
opportunities to continue their research work in top The PhD in Finance programme faculty is an
organisations worldwide is a major responsibility for exceptional team of international scholars who not
an educational institution. We strongly believe that only hold prestigious qualifications, distinctions, and
this cannot be achieved without a solid and balanced appointments but, more importantly, have also made
programme, outstanding faculty with first-rate significant contributions to the field
international academic networks, and vibrant of financial economics, furthering theory and
research relationships with the global business impacting practices through research, consulting, and
community. executive education. Programme faculty members
have remarkable publication records and currently
serve as editors for the very best scholarly journals in
finance and economics, as well as for leading
practitioner-oriented scientific journals. They have
earned numerous teaching awards and accumulated
considerable experience leading research teams as
well as inspiring and guiding PhD candidates.
8 EDHEC PhD in Finance

A Well-
Structured and
EDHEC PhD in Finance 9

The PhD in Finance offered by EDHEC Business In addition, PhD candidates may choose from the Programme core courses and elective seminars are
School balances coursework and the dissertation to electives offered in London and Nice. Classes, concentrated into residential weeks, the classroom is
help participants acquire the tools, attitudes, and research workshops and presentations take place in extended over the Internet for research workshops,
experience to develop into autonomous researchers the School’s e-learning classrooms to allow remote and dissertation supervision is adapted to individual
and innovators. and asynchronous access. circumstances. This creates a rich collaborative
environment amongst all the participants and close
The five core courses impart a thorough knowledge Work on the dissertation should begin in the second working relationships between PhD candidates and
of financial theory and its literature and a solid half of the first year and the dissertation proposal faculty.
comprehension of advanced analytical and research should be completed at the start of the second year.
methods in financial economics. PhD candidates All PhD candidates are required to present the Timely completion of this challenging and
select five or more elective seminars and attend progress of their dissertation research to faculty and rewarding programme demands that participants
research workshops and presentations to acquire an peers at two formal presentations before oral commit approximately twenty hours per week to
intimate and detailed understanding of the most defence. Candidates work closely with their adviser readings, assignments, and independent research.
recent theoretical and modelling advances in their during all phases of the dissertation process.
field of specialisation. Working closely with faculty EDHEC PhD in Finance Timeline
participants author insightful dissertations that
advance financial knowledge and practices and are
worthy of publication in scientific journals.

The presential requirement of the programme is

limited to around forty days and can be completed
in eight residential weeks over three years with the
bulk of courses taken during the first two years of
the programme. Core courses are structured into
weekly blocks and should be completed over the
first academic year of the programme; electives
should be concentrated over the second year.
Elective seminars are offered over three
consecutive days in six-day blocks to give
participants flexibility in scheduling and ease
management of the demands of work, programme,
and personal life.
10 EDHEC PhD in Finance

EDHEC PhD in Finance requires five core courses:
The programme requires significant academic
background in economics, finance, mathematics, and • Financial Economics (25 hours)
statistics. PhD in Finance candidates who may be This course looks at the theoretical foundations of modern financial economics. Its main themes include
individual consumption and investment decisions under uncertainty, mean-variance theory, the
lacking in these fields will be asked to complete
consumption-based capital asset pricing model, empirical asset pricing models, and term structure of
remedial courses prior to joining the programme.
interest rates. It covers both traditional theories and recent advances and applies basic concepts in the
discrete time framework to stock and bond valuation and derivatives pricing.
Core courses offer PhD in Finance candidates • Advanced Corporate Finance (15 hours)
sound training in financial theory and analytical This course is the starting point to carrying out research in theoretical or empirical corporate finance. The
course will provide a framework to understand and further develop the determinants of corporate policies,
methods so that they can take on a broad variety of
including financing, investment, risk management and dividends. We will analyze the economic
research assignments. Core courses are delivered in
determinants of corporate policies and discuss the quantitative implementation.
the first year of the programme to provide candidates
with the methodological tools and necessary • Financial Econometrics (15 hours)
conceptual breadth required to decide upon a field of The objective of the course is to give a solid understanding of modern econometrics applied to finance.
specialisation and refine their research projects. The material learnt in this course will provide with the necessary foundations to understand the material
covered in the Empirical Methods in Finance course, and to understand the academic literature in finance
and to write your dissertation. The course adopts the programming language R to illustrate empirical
finance applications of the theory.

• Continuous-Time Financial Economics (25 hours)

This course covers continuous-time tools for pricing financial derivatives, modelling the term structure of
interest rates and valuing interest-rate sensitive claims, optimal consumption and portfolio choices, and
dynamic asset pricing in equilibrium.

• Empirical Methods in Finance (25 hours)

This course focuses on the empirical aspects of asset pricing and on the econometrics of financial
markets. Topics include modelling of asset returns, return predictability in time-series and cross-
sectional data, volatility processes, estimation and testing of asset pricing and inter-temporal equilibrium
models, econometrics of fixed income securities, and econometrics of option pricing.
EDHEC PhD in Finance 11


Elective research seminars expose PhD in Finance Over the course of the programme, each PhD All candidates work individually with programme
candidates to the latest research advances in specific candidate is required to make two research faculty on dissertation topics selected for their
fields, providing them with opportunities to develop a presentations of his/her work and to provide academic and industry relevance and according to
specialisation and acquire additional knowledge and comments and feedback to other candidates each candidate’s research interests and professional
skills necessary for their dissertation work. presenting their newly developed theoretical goals. The dissertation should make a significant
insights and original empirical findings. The contribution to the advancement of knowledge and
For 2017-2018, the catalogue of elective research research presentation series is designed to practices in the field and should be of sufficient
seminars includes: provide peer and faculty support and advice to originality and quality for publication in leading peer-
PhD candidates working on their dissertations as reviewed journals.
• Behavioural Finance and Asset Management well as to hone research presentation skills. The
• Continuous-time Financial Econometrics series is of thirty hours’ duration.
Dissertation work starts in the first year of the
• Term Structure Modelling in the P and Q measures programme with the drafting of a proposal to be
• Data Science, Analytics, Algorithms RESEARCH WORKSHOP submitted before the beginning of the second year
• International Finance and intensifies as course requirements wane.
PhD candidates have the opportunity to attend
PhD candidates are required to communicate the
• Topics in Financial Econometrics the monthly doctoral research workshop at which
progress of their dissertation research to faculty and
faculty and guest scholars present and discuss
• Macro-Based Valuation Across Assets and peers at two formal presentations scheduled in the
Horizons their ongoing research work. PhD candidates
second and third years of the programme. The
participate actively in the doctoral research
• A Course in Microeconometrics dissertation should be completed and defended at the
workshop to further their knowledge of current
• Empirical Corporate Finance end of the third year of the programme. During all
research and prepare for future research
phases of the dissertation process, candidates work
• Monetary Policy and Asset Prices presentations. The doctoral research workshop is
closely with their adviser.
accessible over the Internet and PhD participants
• Monte Carlo Methods
enjoy full access to multimedia recordings of past
Each elective research seminar is of 15 hours’
duration. PhD candidates need to take a minimum of
five electives and are free to participate in additional
electives on a complimentary basis. They have
access to electives offered in London and Nice.
12 EDHEC PhD in Finance

The Executive Track in Focus

EDHEC PhD in Finance 13

A CRITICAL STEP DEDICATED RESEARCH COACHING Dissertation advisers commit to providing regular
electronic feedback to their advisees and to offering at
Doctoral studies hone a lifelong ability to approach To help PhD in Finance candidates acquire least two opportunities for live meetings every year.
issues scientifically and to research them first-rate research skills and author high-quality
thoroughly. As such, they are a critical step for dissertations, EDHEC Business School organises
practitioners who strive for constant learning and solid research training through courses, seminars
progression in their field. and workshops, implements a rigorous procedure to
track the progress of dissertation work and offer
support and feedback from professors and peers,
The EDHEC PhD in Finance is designed for
and ensures a faculty member is available for one- The EDHEC PhD in Finance is the foremost
professionals whose aim is to gain and maintain an
on-one input and advice at the dissertation stage. academic and professional qualification for
in-depth understanding of finance as well as the
experienced practitioners. The programme requires
ability to initiate and carry through research projects
exceptional dedication, but its career impact and the
that will yield original insights and lead to innovative Selecting a dissertation topic that corresponds to
satisfaction of work and research on the frontiers of
approaches and offerings. areas of professional expertise and echoes actual
knowledge and professional practices are ample
problems faced by the candidate’s organisation
goes a long way toward optimising the time spent reward for those who make this commitment.

STRUCTURE TAILORED TO on dissertation work. The programme director and

EXECUTIVE NEEDS core faculty team help each participant identify Sponsoring organisations benefit from the learning
a suitable topic and dissertation adviser. On an experience of their executives, whose critical thinking
annualised basis, participants should expect to and analytical and research skills, enhanced by
Residential requirements are kept to a minimum—
dedicate twenty hours per week to the programme. doctoral studies, are of considerable value. With the
around forty days over three years—by
concentrating core courses into four separate dissertation, they profit from scientific research on
weeks, delivering elective seminars over three issues of particular relevance to business and witness
Close individual work with faculty is an important
consecutive days in weekly blocks, and using the evidence of their executives’ newly acquired abilities
part of the programme’s research coaching
School’s e-learning classrooms for monthly research to promote innovation in processes and products.
approach. The dissertation adviser is a world-class
workshops. scholar selected for his expertise in the candidate’s
field of specialisation and is responsible for
advising the candidate throughout the research
Core courses are given every year in Europe so
process, from the choice of elective seminars to the
that missed modules may be made up, and the
dissertation defence.
portfolio of electives offered over the second and
third years of the programme in London and Nice
allows doctoral candidates to select seminars that
fit their professional objectives and constraints.
14 EDHEC PhD in Finance

EDHEC PhD in Finance programme faculty:

Laurent Calvet, PhD (Yale), Riccardo Rebonato, PhD (Stony Brook University
Professor of Finance, EDHEC Business School – NY),
Professor of Finance, EDHEC Business School
Frank Fabozzi, PhD (CUNY),
EDHEC PhD in Finance programme faculty is an Professor of Finance, EDHEC Business School Raman Uppal, PhD (UPenn),

Core faculty
exceptional team of international scholars who hold Professor of Finance, EDHEC Business School
Abraham Lioui, PhD (Paris I),
prestigious qualifications, distinctions and Professor of Finance, EDHEC Business School Arnt Verriest, PhD (KU Leuven), Associate
appointments. More importantly, faculty members Professor of Accounting, EDHEC Business
Lionel Martellini, PhD (Berkeley), Professor of School
have been making significant contributions to the Finance, Director of EDHEC-Risk Institute, EDHEC
field of financial economics, furthering theory and Business School
impacting practices through research, consulting,
and executive education. Vikas Agarwal, PhD (LBS), Professor of Francis Diebold, PhD (UPenn),
Finance, Georgia State University Professor of Economics, Professor of Finance,
Professor of Statistics, Co-Director of the Wharton
Programme faculty consists of world-class Yacine Aït-Sahalia, PhD (MIT), Professor of Financial Institutions Center, University of
Finance and Economics, Director of the Bendheim Pennsylvania
specialists in finance, asset management, and
Center for Finance, Princeton University
economic and financial modelling. It brings together Jianqing Fan, PhD (Berkeley), Professor of
EDHEC Business School’s senior economics and Torben Andersen, PhD (Yale), Professor of Statistics and Finance, Princeton University
Finance, Northwestern University
finance scholars and affiliate professors from top Harrison Hong, PhD (MIT), Professor of
Federico Bandi, PhD (Yale), Professor of Finance, Princeton University
research institutions around the world. Economics and Finance, Johns Hopkins University
António Mello, PhD (London), Professor of

Affiliate faculty
Jakša Cvitanić, PhD (Columbia), Professor of Finance, University of Wisconsin–Madison
Faculty has an outstanding track record of Mathematical Finance, California Institute of
publications in and editing for the most respected Technology Ludovic Phalippou, PhD (INSEAD), Associate
Professor of Financial Economics, University of
journals in financial economics, a rich experience of Ravi Bansal, PhD (Carnegie Mellon), Oxford
research supervision and executive education, and Professor of Finance, Duke University
Nicholas Polson, PhD (Nottingham),
a history of senior-level engagements with private Harjoat Bhamra, PhD (LBS), Associate Professor of Econometrics and Statistics,
and public sector organisations. Professor of Finance, Imperial College University of Chicago
Business School London
Marcel Rindisbacher, PhD (Montreal),
Tim Bollerslev, PhD (San Diego), Professor of Associate Professor of Finance, Boston
Economics, Professor of Finance, Duke University University Questrom School of Business
Michael Brandt, PhD (Chicago), Professor of
Finance, Duke University Enrique Schroth, PhD (New York),
Professor of Finance, Cass Business
Mikhail Chernov, PhD (Penn State), School
Professor of Finance,
UCLA Anderson School of Management Allan Timmermann, PhD (Cambridge),
Professor of Finance and Economics,
Peter Christoffersen, PhD (UPenn), Professor University of California, San Diego
of Finance, University of Toronto
Rama Cont, PhD (Paris XI), Professor of Pietro Veronesi, PhD (Harvard), Professor of
Mathematics, Chair of Mathematical Finance, Finance, University of Chicago
Imperial College London Paolo Zaffaroni, PhD (London School of Economics),
Sanjiv Das, PhD (NYU), Professor of Finance, Professor of Financial Econometrics, Imperial College
Business School
Santa Clara University
Fernando Zapatero, PhD (Columbia), Professor
Jérôme Detemple, PhD (UPenn & Strasbourg I), of Finance and Business Economics, University
Professor and Distinguished Faculty Scholar, of Southern California
Boston University
EDHEC PhD in Finance 16
17 EDHEC PhD in Finance

A selection of international journals currently edited by programme faculty (2016)

• American Economic Review • Journal of Financial Econometrics

• Annals of Statistics • Journal of Fixed Income
• Annual Review of Economics • Journal of Portfolio Management
• European Journal of Operational Research • Journal of Risk
• International Review of Financial Analysis • Journal of the American Statistical Association
• Journal of Alternative Investments • Management Science
• Journal of Banking & Finance • Mathematical Finance
• Journal of Econometrics • Quantitative Finance
• Journal of Finance • Review of Finance
• Journal of Financial Economics

Recent publications by programme faculty A selection of leading academic journals in which

programme faculty has published over 2014-2016

Over the 2014-2016 period, programme faculty members

• American Economic Review,
have published over 200 articles in peer-reviewed
journals. The bulk of these have appeared in the most • Econometrica  (2),
competitive and influential mainstream journals, but some • Journal of Econometrics (17),
articles have also been published by more specialised and • Journal of Finance (8)
practitioner-oriented scientific publications as well as by • Journal of Financial Economics (13)
up-and-coming journals. • Journal of Financial and Quantitative Analysis (3)
• Management Science (2)
• Review of Financial Studies (8)
18 EDHEC PhD in Finance

About EDHEC Business School

EDHEC PhD in Finance 19

EDHEC Business School has been offering EDHEC Business School’s ambition is to become EDHEC Business School offers the widest range
management training and development the European school most noted for its impact on the of fully English-instructed graduate programmes in
programmes since 1906. One of the leading business world and the economy. The School’s France, drawing participants from a wide
business schools in Europe, it delivers degree research activities support this ambition not only by range of countries, cultures, and academic and
courses to some 7,000 students and trains over enriching the learning environment of courses and professional backgrounds. Over ninety-three
thousands of professionals yearly through challenging participants to seek excellence, but also countries are represented within its degree awarding
executive courses and research events. by creating added value for businesses. The school’s programmes. The diversity of the
'Research for Business' policy focuses the efforts of student body contributes greatly to a rich learning
Developing talents through high-quality business research centres on issues that correspond to environment that is highly conducive to personal
education, advancing knowledge and impacting genuine industry and community expectations and professional development.
business practices, and contributing to the social through the input of leading practitioners and
and economic debate constitute the School’s corporate co-financing of R&D investments. POWERFUL ALUMNI NETWORK
purpose. Research conducted by its 156 Research centres publish their results in the most
EDHEC Business School graduates are lifelong
permanent faculty members and its full-time highly regarded academic journals as a means
members of a thriving network of over 30,000
researchers drives all of these activities and is at to validate the scientific quality of their work.
professionals present in 120 countries and in every
the very core of the School’s offerings. Research results and applications are then actively
industry. Throughout their careers, alumni enjoy a
distributed to and discussed with the corporate world,
wealth of benefits and activities including career
administrative and legislative authorities, and the
To continue to advance its position amongst the counselling, continuing education, and meetings.
general public. The impact on businesses and the
top international institutions, EDHEC Business Themed professional clubs and learning
economy is the ultimate measure of the research’s
School invests 15 million euros of its budget on communities allow alumni to gain and share
relevance and success. EDHEC-Risk Institute for
research and will invest 11 million euros in insights into issues affecting their organisations,
asset management is a prime example, along with
pedagogical innovation over the next two years industries and communities. This powerful network
the EDHEC Infrastructure Institute for long-term
strengthening its corps of senior professors, contributes to developing EDHEC Business School’s
infrastructure investment and LegalEdhec for legal
inaugurating new world-class facilities for its reputation worldwide and enhances its relationship
performance and company competitiveness.
residential campuses of Lille and Nice, and with the global business community.
its executive campuses in London and Paris.
EDHEC Business School was amongst the first
institutions worldwide to be awarded the three
international accreditations (AACSB, EQUIS,
Association of MBAs) for the academic excellence
and professional relevance of its programmes, its
strong links with the business community, its
international orientation, and its commitment to an
ongoing process of quality improvement.
20 EDHEC PhD in Finance

London Nice

Learning Infrastructure and Facilities

EDHEC PhD in Finance 21


The executive classrooms used for the PhD in The core courses of the programme and electives
Finance programme in London and Nice allow are offered in Europe—from London and Nice.
multimedia communication over the Internet and on-
demand broadcasting of class sessions. PhD in
Five elective seminars are offered every year.
Finance candidates can replay courses, seminars,
and workshops attended physically, and access the
multimedia recordings of past courses, seminars, All programme participants have electronic access
workshops, and presentations. to courses, seminars, workshops, and presentations
given in London and Nice.
LIBRARY EDHEC Business School’s Nice campus is in an
The School’s e-learning platform allows participants elegant and modern complex overlooking the
to view programme information and announcements, Mediterranean Sea in the vicinity of the Nice-Côte
access course material and audio-video recordings of d’Azur International Airport, which offers daily flights to
class sessions synchronised with supporting slides, and from over twenty French destinations and some
communicate with faculty and peers, and set up sixty major international cities. While in Nice, PhD in
workgroups. Finance candidates benefit from a dedicated
executive classroom, breakout lounge, and resource
The School’s electronic library offers on- and centre.
off-campus full-text access to scientific journals,
business periodicals, and a growing collection of Located at 10 Fleet Place in a state-of-the-art office
books. For journals and periodicals, the School building, the School’s London executive campus is in
subscribes to EBSCO’s EconLit and Business Source the very heart of the City, less than half an hour from
Complete, JSTOR, Emerald, and DowJones Factiva. Saint Pancras International and London City airport,
PhD in Finance candidates enjoy access to over and one hour away from Heathrow and Gatwick
twenty five major research databases in the fields of airports; it includes a high-tech executive classroom,
finance and economics, and to ready-to-use research offices for permanent resident faculty and researchers
tools via the School’s subscription to Wharton and visiting professors, a lounge for students and
Research Data Services. faculty, and a resource centre.
22 EDHEC PhD in Finance

Admissions and Class Profile

EDHEC PhD in Finance 23
Admission to EDHEC PhD in Finance programme is
highly selective. Normal entrance requirements include: a
master’s degree (or equivalent) from an accredited school,
college, or university (business management, economics,
science, and engineering degrees are preferred);
academic excellence; superior scholastic potential
(certified by GMAT or GRE scores); and English


Global programme September start

mid December N-1

Executive end of March N

track end of May N
mid July N

mid December N-1

track end of March N


Number of participants enrolled (as of October 2017): 62 Countries
represented (different citizenships held): 31
International participants,i.e.participants with sole citizenship other
than French: 92%
Average/median age of executive track participants at matriculation: 40/38
Average/median professional experience of executive track
participants: 15/14 years
Average/median age of residential participants at matriculation: 28
Average/median of all participants GMAT: 695/710

Regions of residence (executive track participants)

Americas: 33%
Asia (inc. Middle East): 34%
Australasia: 3%
Europe: 30%
24 EDHEC PhD in Finance

Fees and Funding

EDHEC PhD in Finance 25

PHD IN FINANCE PROGRAMME FEES EDHEC Business School offers a number of Becoming leaders in the industry, they will
awards, bursaries and scholarships aimed at helping contribute to Singapore’s financial sector growth.
Global programme
participants to alleviate high travelling costs, assisting
self-funded students to address funding challenges
To find out more information regarding the
Executive EUR 35,000 in 2018/2019 and rewarding EDHEC Business School partners
Finance Scholarship Programme, please refer to
track EUR 35,000 in 2019/2020 that sponsor their executives for the PhD
EUR 35,000 in 2020/2021 in Finance programme as well as alumni of its
degree programmes who wish to pursue a doctoral
Fees do not include travel and accommodation
qualification at their alma mater. These financial
assistance schemes include.


• Mobility Award
• Emerging Country Scholarships
Residential track participants will work as
(merit-based and means-tested)
teaching assistants in Nice. In return for their part-
time duties with the School, residential track • Bursaries (means-tested financial assistance)
participants will receive full-tuition waiver plus • Research Chair Sponsor Rebates
competitive compensation. Up to two positions are • Alumni Rebates
offered for PhD in Finance candidates every year
and these positions are filled as early as possible.
The Monetary Authority of Singapore (MAS)
administers the Finance Scholarship Programme,
FUNDING FOR EXECUTIVE TRACK which seeks to develop a pipeline of specialist
PARTICIPANTS leaders in targeted fields such as quantitative
finance, risk management, actuarial science and
Executive track participants are usually either
applied finance. It comprise two tracks where MAS FOR MORE INFORMATION
self-financed or company-sponsored. As human
co-funds with Singapore-based financial institutions
capital development and R&D-related expenses, EDHEC Business School
(Company Track) or outstanding individuals
tuition fees and associated costs may, in some PhD Admissions
(Individual Track) to enable Singaporeans to pursue 393 Promenade des Anglais
jurisdictions, be eligible for specific public or
the best specialist postgraduate education (Masters BP 3116 - 06202 Nice Cedex 3 - France
collective funding schemes.
or PhD) at a world-renowned university. Upon Tel.: +33 493 183 267 or +65 6653 8586
graduation, scholars will play a pivotal role as Email: phd.admissions@edhec.edu
experts in their chosen areas of specialisation in Web: phd.edhec.edu
Singapore-based financial institutions.
Nice Campus
393 promenade des Anglais
BP 3116
06202 Nice Cedex 3


London Campus
10 Fleet Place
London EC4M
7RB United Kingdom

Web: phd.edhec.edu

June 2017