About PhD in Finance

PhD Finance full form is Doctor of Philosophy in Finance a speciality that focuses on the structure in the field of Finance and propagates new theories and laws, and data for the development of Finance. The course falls under the umbrella of PhD.

According to Wikipedia, “Finance is a term for the management, creation, and study of money and investments. Specifically, it deals with the questions of how an individual, company or government acquires money – called capital in the context of a business – and how they spend or invest that money. Finance is then often divided into the following broad categories: personal finance, corporate finance, and public finance.”

All About PhD in Finance

PhD which is also known as Doctor of Philosophy is a research degree pursued in furtherance of academic or research pursuits. The course can be pursued in full-time or part-time modes, but it is not offered in distance mode. PhD is a professional degree which requires investment of time for primary and secondary research activities. Therefore before pursuing this course, one must understand the demands of the course.

On completion of PhD, one can switch to better-paying career options such as academics or research activities. Universities such as IGNOU and Delhi University (DU) also offer fellowships to students pursuing full-time PhD courses with them.

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 :

High Salary - The average salary earned by a PhD in Finance graduate ranges between INR 4 LPA- INR 8 LPA. This salary increases on the basis of experience, according to the website Pay Scale the average salary of a PhD in Finance graduate is around INR 12,50,000 PA. Apart from these the aspirants are offered perks and other benefits such as DA, Provident Funds, Travelling expenses and medical insurance.

Career Options - The students may pursue either an academic or an industrial career upon completion of the course. Both career options are equally prosperous. In their academic career they have the option to pursue the career option as that of a professor, lecturer or associate professor. In the industrial sector, they have the option to pursue a career as a Market research analyst, Investment banker, etc.

Job Security - Most of the PhD Finance graduates tend to work in academia which provides tenure and job stability. In the case of industrial jobs they are mainly hired in top level positions mainly as consultants are considered to be stable and have lower attrition rate.

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.

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.

Opportunity to Turn Entrepreneur- Candidates who have completed their PhD in Finance have the opportunity to turn entrepreneurs. Candidates can pursue a career as a part-time professor in several government and private colleges. Also they can set up their own business and provide consultations to the various individuals or companies.

PhD in Finance Eligibility Criteria

Candidates are eligible to pursue a PhD course only if they have completed their master’s degree in a similar course/ field/ stream in which they want to pursue a PhD. Some colleges also specify that candidates need to have completed an MPhil to pursue a PhD course offered by them.

Given below is the minimum eligibility criteria for PhD in Finance:

The minimum eligibility criteria for PhD in Finance is minimum of 55-60* percent aggregate in the post-graduation program in finance or equivalent from a recognised university.

Some institutes conduct written test or accept national-level entrance exam scores such as CAT, GMAT and XAT. For example, IIMs accept CAT exam scores for PhD admission.

PhD in Finance Syllabus

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

Unit 1 – Business Environment

1. Second Generation reforms
2. Privatization and Globalization
3. Planning Policy
4. Meaning and Definition of Business Environment
5. Liberalization
6. Legal Environment of Business in India
7. Industrial Policy
8. Industrial Growth and Structural Changes
9. Environment protection
10. Economic Policy
11. Consumer Protection
12. Competition Policy

Unit II – Financial and Management Accounting

1. Valuation of Shares
2. Responsibility Accounting
3. Ratio Analysis
4. Partnership Accounts
5. Liquidation
6. Financial Statements
7. Cost and Management Accounting
8. Capital and Revenue
9. Basic Accounting Concept
10. Advanced Company Accounts

Unit III – Business Economics

1. Sampling Errors
2. Utility analysis
3. Price determination in different Market Situations
4. Nature and Uses of Business Economics
5. Laws of Variable Proportion
6. Laws of Returns
7. Elasticity of Demand
8. Demand Analysis
9. Concept of Profit and Wealth Maximization

Unit IV– Business Statistics and Data Processing

1. Data types
2. Data Processing
3. Data Collection and Analysis
4. Correlation and Regression
5. Computer Application to Functional Area
6. Analysis and Interpretation of data

Unit V– Business Management

1. Staffing
2. Principles of Management
3. Planning Process
4. Organizational Culture and Structure
5. Organizing
6. Leadership and Control
7. Decision Making
8. Business Ethics and Corporate Governance

Unit VI– Marketing Management

1. Product decision
2. Pricing, Distribution and Promotion
3. Marketing Planning
4. Marketing Mix
5. Marketing Environment
6. Evolution of Marketing
7. Concepts of Marketing

Unit VII– Financial Management

1. Working Capital Management
2. Financial and Operating Leverage
3. Dividend Policy
4. Cost of capital; Capital Budgeting
5. Capital Structure

Unit VIII– Human Resource Management

1. Training and Development
2. Succession Planning
3. Role and Functions of HRM
4. Recruitment and Selection
5. Performance Appraisal
6. Industrial Relations
7. HR Planning
8. Compensation

Unit IX – Banking and Financial Institution

1. Reserve Bank of India
2. NABARD and Rural Banking
3. Importance of Banking to Business
4. Types of Banks
5. E-Banking
6. Development of Banking
7. Banking Sector Reforms in India

PhD in Finance Admission Process

In order to get admission for PhD in Finance, you need to follow a crucial admission process. Here is the admission process you should follow:

Fill the application form on the institute website where you wish to apply. The application can be filled out online or offline

Take the entrance test depending on your desired institute. Once you have qualified the entrance test by scoring marks equal to or higher than required, you will be invited for further process.

The next part is the interview. You will be invited only if you qualify the entrance test. There can be one or more interview processes.

In the interview, you may be asked about your thesis plan and why you wish to pursue PhD. If you qualify these interviews, you will get a confirmation letter from your institute.

PhD in Finance Entrance Exams

As stated above, to pursue PhD in Finance in India, candidates need to qualify for entrance exams. The majority of the institutions in India provide admission in this course on the basis of GATE score or UGc NET score, what a few institutions also conduct a few entrance exams of their own.

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Mentioned below are the popular PhD in finance entrance exams that one must target to pursue this course- 

• UGC NET 
• RMAT 
• JNU PhD Entrance Exams 
• SIU PET Exam
• GTU PhD Entrance Exam

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.

Try to find the weightage of the different subjects and prepare a timetable accordingly.

Donate more time to the tougher chapters and try to revise all the topics covered during the week on Sunday 

Don’t forget to practice loads of questions once you are done with the syllabus.

Try to practice the questions from the previous years.

Appear for the online Mock tests. Try to use the internet to learn about the various shortcut methods so that you can save time in the entrance examination. 

Phd in Finance Topics

Here are some of the most interesting topics for my thesis in PhD in Finance:

• Fintech
• Financial Economics
• Corporate finance
• Behavioural Finance
• Financial Markets
• Cognitive Behaviour in Renewable Energy
• Determinants of Credit risk in Banks
• Impact of the Macroeconomic variables on the Non-performing loans
• Optimal capital ratio to the commercial banks’ survival
• Equity Strategies using Fundamental Momentum

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.