MRes/PhD Finance

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 field of finance. You'll 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. During the first year, you'll take microeconomics, macroeconomics, and econometrics courses alongside PhD students in Economics. However, in the second year you'll differentiate by taking advanced courses in asset pricing and corporate finance. You'll 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're 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're 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.

GRE/GMAT requirement

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

Find out more about GRE/GMAT

MRes (first year)

Students will normally commence in late August, by attending Introductory Course in Mathematics and Statistics before the start of the academic 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'll also take two transferable skills courses which are not examined.

There is also the option to attend non-examined research workshops or seminars in finance given by faculty and internationally renowned scholars. Students also attend a PhD seminar in Finance throughout their MRes/PhD studies.

In addition to the courses below, students take the Capital Markets Workshop.

MRes (second year)

Students take courses in Corporate Finance and Asset Pricing, in addition to completing a research paper. They're also expected to attend research workshops or seminars in finance given by faculty and internationally renowned scholars.

In addition to the courses below, students take the Capital Markets Workshop.

PhD programme

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

PhD programme

Students will work on their thesis.

PhD programme

Students will work on their

The Department of Finance is one of the largest and most highly respected finance groups in the UK and Europe.

With a longstanding reputation for excellence in both teaching and research, we offer various undergraduate, postgraduate and executive programmes.

Our research and teaching span the full range of financial sub-fields, including:

• corporate finance
• asset pricing theory
• risk management
• empirical analysis of capital markets
• behavioural finance
• portfolio analysis
• derivatives pricing
• microstructure
• financial econometrics.

We're also closely associated with two leading research groups at LSE – the Financial Markets Group and Systemic Risk Centre, which host seminars, conferences and public lectures by renowned academics and practitioners.

Our research is regularly published in leading academic journals globally. Faculty members work closely with national and international institutions, such as the Bank of England and the World Bank, informing policy at the highest levels.

The department was ranked the top place to study finance in the Good University Guide 2024.

Learn more about our programmes and research.

Department of Finance

We welcome applications for research programmes that complement the academic interests of our staff at LSE. For this reason, we recommend that you take a look at our staff research interests before applying.

We carefully consider each application and take into account all the information included on your form, such as your:

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

See further information on supporting documents.

You may need to provide evidence of your English language proficiency. See our English language requirements.

Please note that LSE allows part-time PhD study only under limited circumstances. If you wish to study part-time, you should mention this (and the reasons for it) in your statement of academic purpose, and discuss it at interview if you're shortlisted.

Statement of Academic Purpose

Your Statement of Academic Purpose should clearly explain the below:

• Why you want to do research in finance
• How your studies and experience make you suitable to do research in finance

Research interests

Your Research Interests should be submitted in place of the Outline Research Proposal, along with your application form and other required supporting documents, via the LSE online application system.

1. Which aspect of the PhD do you think you will like the most? Which will you dislike the most? Why? (max. 200 words)
2. Tell us about your favourite paper in financial economics. What do you like about it? How would you improve it? (max. 400 words)
3. Write a comment for a general audience on a topic/question that interests you in finance: (max. 400 words).

Sample topics might include:

• Is CEO compensation excessive?
• Markets function well as information is aggregated efficiently through prices.
• What are the benefits of shareholder activism?

The application deadline for this programme is 25 April 2025.

However, if you’d like to be considered for any funding opportunities, you must submit your application (and all supporting documents) by the funding deadline.

See the fees and funding section below for more details.

The fee is likely to rise over the full duration of the programme. The School charges home research students in line with fee levels recommended by the Research Councils.

Learn more about fee status classification.

The fee is likely to rise over the full duration of the programme in line with the assumed percentage increase in pay costs (ie, four per cent each year).

Learn more about fee status classification.

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'll 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.

The programme is aimed at training students to become an academic. Students who successfully complete the programme often embark on a career in academic institutions, or international organisations such as central banks or the IMF. See a list of past placements.

Further information on graduate destinations for this programme

From CV workshops through to careers fairs, LSE offers lots of information and support to help you make that all-important step from education into work.

Many of the UK’s top employers give careers presentations at the School during the year and there are numerous workshops covering topics such as job hunting, managing interviews, writing a cover letter and using LinkedIn.

See LSE Careers for further details.