UBC Finance PhD

UBC Sauder's finance Ph.D. program is central to our research mission, and we welcome our new students into a close-knit and collaborative research environment. We pride ourselves on our diverse research interests, with faculty research ranging from machine learning analysis of financial contracts to theoretical models of how ambiguity impacts asset prices. This breadth gives students the freedom to explore multiple areas of financial research.

A Ph.D. in finance is an advanced, academically oriented degree in financial economics. The rigorous training we provide in theoretical and empirical finance equips students with the tools needed to become leading scholars. Past placements for recent years are listed in full below and historic placements include Columbia, UCLA, UC Berkeley, and the University of Toronto. 

Students may also be interested in applying for our research-focused MSc Finance program.

Admission is competitive. Incoming students typically have very strong academic records and undergraduate or even graduate training in business, economics, mathematics, engineering, and other quantitative disciplines. Our students come from countries around the world and previous work experience is not required. The PhD in Business Administration program commences annually in September. Apply before the December 31 deadline to be considered for the following year.

Funding

In addition to covering tuition and fees, all Sauder finance PhD students are funded. For the 2024/25 year, incoming students have a total guaranteed compensation package of $40,000 annually for the first four years and $30,000 for the fifth, partial year. However, fifth and sixth year students with satisfactory progress typically receive the full $40,000 package. Students generally apprentice under faculty-members as research and teaching assistants. Sauder finance also awards fellowships including a $45,000 Lusztig award to outstanding students.

Subsidized Graduate Student Housing

The university offers subsidized housing for graduate students, with options available to match student family situations. Housing options are available at UBC Housing Fees & Payments.

Students begin the program with two years of course, complemented by research projects and presentations starting in the summer of their first year. Coursework includes a full suite of finance courses, core economics courses, a cross-divisional research and teaching courses, and elective courses from UBC's strong economics and mathematics departments. Throughout their five-to-six years at Sauder, students regularly interact with our diverse and supportive finance faculty.

A typical PhD student's schedule follows (course offerings vary and electives are based on student's interests and background):

Year 1 -  Fall: COMM 671 (Theory of Finance), COMM 693 (Research Methods), COMM 581 (Statistical Methodology), ECON 600 (Microeconomics)
Year 1 -  Winter: COMM 672 (Theoretical Corporate Finance), COMM 695 (Empirical Corporate Finance), COMM 583 (Time Series)
Year 1 -  Summer: First-year summer research paper 

Year 2 -  Fall: EPSE 606 (College and University Teaching), ECON 522 (Game Theory), MATH 605 (Mathematics in Finance), ECON 546 (Monetary Theory)
Year 2 -  Winter: COMM 673 (Theoretical Asset Pricing), COMM 674 (Empirical Asset Pricing), COMM 651 (Information in Markets)
Year 2 -  Summer: Comprehensive exam 

Year 3 -  Preparation and presentation of thesis proposal 

Year 4 -  Preparation of thesis 

Year 5 -  Academic job market and thesis defence 

Our past placements include some of the very best research universities. Below is a complete list of our post-2015 initial placements: