student finance for phd

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How To Pay For A Ph.D.

Fact Checked

Updated: Jan 25, 2024, 12:13pm

If your heart is set on earning a Doctor of Philosophy (Ph.D.) degree, you’ll join an elite club. In the United States, only 4.9 million people—about 2% of adults—hold a Ph.D. or other doctoral degree.

A Ph.D. can lead to a significantly higher salary. According to The College Board, the median earnings for those with doctoral degrees was $120,700, 38% more than the median for those with master’s degrees.

However, earning a Ph.D. can be an expensive endeavor. To avoid racking up too much debt, learn how to pay for a doctorate with grants, scholarships and other sources of financial aid.

What Does a Ph.D. Cost?

If your goal is to earn a Ph.D., be prepared for a significant investment of both time and money. Depending on the type of university you choose and your program, a Ph.D. usually takes three to five years to complete. If you attend school part-time, it can take even longer.

According to the National Center for Education Statistics (NCES), tuition and fees cost, on average, $20,513 for the 2021-2022 academic year, so you’ll spend anywhere from $61,539 to $102,565 to complete a Ph.D. program. In addition, you’ll need to account for about $16,000 to $20,000 per year in added costs, such as room and board, supplies and other fees.

That total is on top of what you spent on a bachelor’s and master’s degree, so your education will likely cost well into the six figures. With such a high cost, it’s no surprise that many Ph.D. earners have substantial student loan balances.

7 Ways To Pay For a Ph.D.

Ph.D. costs can be significant, but a variety of financial aid opportunities can make the price tag more manageable. Paying for a Ph.D. is possible using the following options:

1. Fully Funded Ph.D. Programs

Fully funded Ph.D. programs typically cover the cost of tuition and fees, and they also provide a monthly stipend for living expenses and health insurance. Some examples of fully funded Ph.D. programs include:

• Boston University . Attendees of Boston University’s Charles River Campus can take advantage of a fully funded model. The program includes 100% tuition coverage, a health insurance credit and a living expense stipend. Depending on your program, the stipend ranges from $27,318 to $40,977 per year.
• Duke University . At Duke University, Ph.D. students are guaranteed five years of tuition and living stipends and up to six years of full health and dental insurance coverage. The amount of financial support varies by program and stipend amounts range from $2,538 to $3,217 per month.
• Massachusetts Institute of Technology (MIT) Sloan School of Management . MIT’s fully funded Ph.D. program covers students for up to five years. The program pays for the full cost of tuition and provides students with a monthly stipend of $4,497, student medical insurance and a new laptop. Students also receive up to $4,500 for travel and conferences.

Not all universities offer fully funded Ph.D. programs, and existing programs are highly competitive. For example, the Stanford University Department of Political Science Ph.D. program selects 12 to 15 students per year.

2. Ph.D. Fellowship Programs

A fellowship program provides students with financial support so they can focus on their academic work. Issued based on the student’s academic merit or research achievements, fellowships may or may not have a service requirement attached.

Fellowships can come from universities, nonprofit organizations or government agencies. For example:

• American Psychological Association (APA) Doctoral Fellowship in Health and Substance Abuse Services . The APA fellowship is for full-time doctoral students who are committed to working in behavioral health. It provides up to three years of financial support, and the stipend amounts vary by year and program.
• Cornell Fellowship . Cornell University operates several fellowship programs. The Cornell Fellowship pays for one academic year of tuition, fees, health insurance and a stipend.
• U.S. National Science Foundation (NSF) Graduate Research Fellowship Program . The NSF Graduate Research Fellowship Program is a five-year fellowship that gives students three years of financial support. The fellowship includes an annual stipend of $37,000 and pays up to $16,000 per year in tuition and fees.

You can search for fellowship opportunities through the ProFellow database .

3. Doctoral Scholarships

Scholarships are available to Ph.D. students, and these merit-based awards can come from nonprofit organizations, private companies, states and government agencies. The award amounts vary, ranging from smaller awards that may only cover incidental expenses to more substantial awards of $20,000. For example:

• Accounting Doctoral Scholars Program . Certified public accountants (CPAs) intending to earn a Ph.D. in accounting can qualify for up to $20,000 through the Accounting Doctoral Scholars Program.
• American Library Association (ALA) Century Scholarship . The ALA Century Scholarship gives up to $2,500 to library school students with disabilities pursuing a doctoral degree.
• Washington State American Indian Endowed Scholarship . In Washington, Native American students can receive $500 to $2,500 to pay for their education at an eligible school within the state.

You can search for additional scholarship opportunities with tools like FastWeb or Scholarships.com .

4. Ph.D. Grants

Unlike scholarships, grants are usually awarded based on the student’s financial need. Ph.D. grants can be issued by states and nonprofit organizations. For example:

• José Martí Scholarship Challenge Grant Fund . This grant, issued to Hispanic students in Florida, is both need-based and merit-based. Eligible recipients can receive up to $2,000 per year.
• Organization For Autism Research Graduate Research Grant . Doctoral candidates conducting autism research can qualify for a grant of $2,000.
• Virginia Tuition Assistance Grant Program . Virginia residents attending an eligible university can receive between $5,000 and $12,500 per year in financial assistance.

You can find Ph.D. grant opportunities through your state education agency or CareerOneStop .

5. Employer Reimbursement

If you’re currently working full- or part-time, your employer may be willing to help with some of your education expenses. According to the Society for Human Resource Management, 48% of employers offer tuition assistance or reimbursement benefits.

Contact your human resources department to find out if tuition reimbursement is available and what you need to do to qualify for the benefit.

6. Federal Student Loans

Depending on the other financial aid you qualify for, you may need to borrow some money to cover your remaining expenses. Federal student loans are a good starting point since they have more borrower protections than other options, and you may qualify for loan forgiveness later on based on your employment.

Ph.D. students may qualify for either direct unsubsidized loans or grad PLUS loans. Unsubsidized loans have lower interest rates but have annual and aggregate borrowing maximums that your program may exceed. If that’s the case, you can use grad PLUS loans to pay for your remaining expenses.

7. Private Student Loans

If you aren’t eligible for federal loans or need to borrow more than the federal limits allow, private student loans are another way to pay for your Ph.D. Private loans come from banks, credit unions and other lenders, and your loan eligibility is based on your credit, income and whether you have a co-signer (someone who agrees to repay the loan if you miss payments).

If you have excellent credit, you could qualify for private loans with lower rates than you’d get with federal loans, and private student loans can have terms as long as 20 years.

If you decide to take out a private loan, compare quotes from several lenders offering loans for Ph.D. programs. Consider the rates, terms and overall repayment costs to find the best loan option.

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For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans, and she holds certifications in student loan and financial education counseling.

Best Ph.D. Student Loans

Expertise: Student loans, personal loans, home equity, credit, budgeting

Rebecca Safier is a personal finance writer with nearly a decade of experience writing about student loans, personal loans, budgeting, and related topics. She is certified as a student loan counselor through the National Association of Certified Credit Counselors.

Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance

Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families.

Ph.D. student loans offer a pathway to finance the extensive costs of higher education, covering tuition and living expenses. We’ve identified the best Ph.D. student loans from the Department of Education and private lenders.

Consider federal Ph.D. student loans first

If you must borrow Ph.D. student loans, consider Direct Unsubsidized Loans as your first funding source. Federal student loans from the U.S. Department of Education offer fixed interest rates, provide more repayment flexibility, and may come with the potential for loan forgiveness.

The other type of federal loan available to Ph.D. students, Grad PLUS loans, charge higher rates and a more substantial origination fee, so we recommend balancing these factors with the likelihood you’ll take advantage of federal borrower benefits once you’ve maxed out your Direct Unsubsidized Loans. Private student loans might make more sense than Grad PLUS loans for certain borrowers.

Federal Direct Unsubsidized loans

The first federal loan option to consider is the Direct Unsubsidized Loan . These loans don’t require students to demonstrate financial need and allow for up to $20,500 in annual federal funding toward your Ph.D. program, depending on your actual educational expenses.

One benefit is that you don’t need a cosigner or a credit check when you apply. File the FAFSA to apply. 

Federal Grad PLUS loans

The Department of Education offers Direct PLUS Loans to graduate students to cover advanced education. If you’re eligible, you could borrow up to the school-certified cost of attendance minus any grants or scholarships.

Unlike some federal loans, Grad PLUS Loans aren’t available to you if you have an adverse credit history, and you’ll undergo a credit check to prove you don’t.

Best private Ph.D. student loans

If you need funds to pay for your doctoral degree , private Ph.D. student loans might make sense in addition to or instead of federal loans.

Private student loans can be harder to qualify for and may have less flexible repayment plans. Our team spent hours evaluating the options to choose the best Ph.D. student loans. Among other factors, we considered their options for deferment, repayment plans, cosigner policies, and grace periods .

College Ave

Best overall

Why it’s one of the best

College Ave is an online lender offering new student loans and refinancing. The company covers a variety of doctorate programs, including those for Ph.D.s. 

It stands out for its 36-month grace period. Repayment terms can reach 15 years, shorter than other lenders that let you spread payments out over 20 years. However, you can borrow anywhere from $1,000 up to the total cost of attendance each year. 

• Choose between 20 different repayment schedules
• 36-month grace period
• Deferment during postdoctoral research or internships

Best for cosigners

Sallie Mae is the largest private student loan lender in the country. It offers loans for graduate students seeking various degrees and certifications, covering up to 100% of your educational costs. Sallie Mae doesn’t have a Ph.D.-specific student loan product, but it offers graduate loans for students in master’s and doctorate programs.

Sallie Mae provides loans for up to 100% of your certified educational expenses, with no maximum loan limit. Repayment terms are up to 15 years, and cosigners can be released after 12 months of on-time payments. Student borrowers may still be eligible for loan payment deferment in 12-month increments.

• Cosigner release after 12 months of consecutive on-time payments
• Up to 48 months of deferment during postdoctoral research or internships 
• No origination or prepayment penalty

Best for large loans

Earnest is a popular online lender offering private student loans and the ability to refinance student loans. The Earnest Graduate School Loan covers Ph.D. programs in all states except Nevada. 

These can help cover between $1,000 and up to 100% of your school-certified educational costs. You can choose from five repayment terms, and Earnest provides a nine-month grace period.

Best for member benefits

SoFi stands out for its extensive member benefits, which include financial products, financial planning, and other resources to help borrowers succeed. Its no-fee structure, competitive rates, and rate discounts for return borrowers make SoFi a terrific choice for those seeking comprehensive support beyond student loans.

• Extensive member benefits
• No origination, application, or prepayment fees
• Option to prequalify without affecting your credit score
• Flexible repayment options for in-school and deferred payments

Best for student loan advisors

ELFI stands out due to its personalized customer service, offering applicants a dedicated student loan advisor to assist them throughout the application process. This personalized support ensures borrowers understand their loan terms and repayment options, making the process smoother and less stressful. ELFI’s commitment to guiding borrowers from start to finish helps them make informed financial decisions, making ELFI a top choice for those seeking expert advice and support with their student loans.

• Personalized service with a dedicated student loan advisor for each applicant
• Competitive rates with no origination, application, or prepayment fees
• Flexible repayment terms ranging from five to 15 years
• Available for undergraduate, graduate, and parent loans
• Offers forbearance for up to 12 months for financial hardship or medical difficulty

Best Graduate Student Loans

How are Ph.D. student loans different from graduate student loans?

Ph.D. student loans tend to be the same as other graduate student loans.  

When determining which loan to borrow, look for one with a competitive interest rate, flexible repayment terms, and low or no fees. Review your options for when repayment starts. Can you make immediate, interest-only, or deferred payments while in school and for several months after you graduate or start a postdoctoral research or internship program?

How much does taking out a student loan for a Ph.D. cost?

Most private student loans for Ph.D. programs don’t include an application or origination fee, but you must pay interest charges. Interest starts accruing on your loan balance from the date of disbursement. The higher your rate, the more you’ll pay in interest over time. 

Let’s say, for example, you take out a Ph.D. student loan for $50,000 with a 7% interest rate. Over 10 years of repayment, you’d pay $19,665 in total interest charges. If your rate were higher, at 10%, your total interest charges over 10 years would be $29,290. 

When taking out a private student loan, your or your cosigner’s credit score has a major impact on the rate you get. Borrowers with the best credit may qualify for a lender’s lowest rates, while those with weaker credit could pay a higher interest rate. 

If you can boost your credit score or apply with a creditworthy cosigner, you’ll improve your chances of getting a competitive interest rate on your Ph.D. student loan. 

Is a Ph.D. student loan right for you?

A Ph.D. student loan may be right for you if you need funding for school. Before borrowing a private student loan, it’s smart to consider the following: 

• Pursue gift aid you don’t need to pay back, such as grants and scholarships 
• Max out your eligibility for federal Direct Unsubsidized Loans, which come with benefits including income-driven repayment and potential eligibility for loan forgiveness 
• Work part-time to minimize the amount you must borrow in loans 

If you still have a gap in funding, consider a federal Grad PLUS loan or a private Ph.D. student loan. Federal PLUS loans offer more repayment options and protections, but private loans may give creditworthy borrowers better rates and lower costs. 

In July 2024, Grad PLUS loans have a fixed rate of 9.08% and loan fees of 4.228%, for example, whereas some private lenders offer rates starting around 4% and don’t charge origination fees. Compare both options to see which loan type would have a lower cost of borrowing for you. 

How to get a student loan for a Ph.D. program

A graduate loan can be crucial in paying for your Ph.D. program. Whether you’re looking to cover tuition and fees, housing, or miscellaneous expenses, federal and private student loans can help.

Our expert’s take on loans for Ph.D. students

Erin Kinkade

The student loans needed for a Ph.D. program will likely be more than a bachelor’s or master’s degree. But along with that, the earning potential could be greater and facilitate an easier repayment. It’s important to understand the repayment terms; try to make extra payments while pursuing the Ph.D., and don’t wait until you graduate or get a job, if possible. Of course, make room in your budget for this payment, and when job searching, ask whether the employer offers any benefits for paying back student loans, such as 401(K) employer plan matching . This will assist with “lost” retirement savings and help you gain traction to meet your retirement goals.

To gain access to these loans, you must do the following.

• Fill out the FAFSA . The Free Application for Federal Student Aid is a form you must fill out months before the deadline for each year you want financial aid. It helps determine your financial need and is required if you hope to take out federal loans for any part of your educational expenses.
• Consider federal loans . Federal student loans have protections and features private loans don’t offer. While you may be limited in how much you can borrow based on financial need and annual limits, consider borrowing as much as you can with Direct Unsubsidized Loans before turning to Grad PLUS or private loans.
• Shop around for a private loan . Shopping around is a wise step when looking for the right private student loan, and it can help you find the right loan with the right terms and rates.
• Add a cosigner . If your credit history is limited, you have a low score, or you don’t meet the income requirements for a particular lender, consider adding a creditworthy cosigner to your private loans. This cosigner is equally responsible for your loans until you refinance or release them, but adding them when you apply can often unlock lower rates and higher loan limits.
• Provide documentation . Before disbursing your loan, your new lender may want to see documentation. This could include proof of employment, academic progress, or identity.
• Get your loan . Once approved, your loan funds are sent to your school and applied to any outstanding balance. Your school should refund the difference to you after the start of the semester.

Alternatives to a Ph.D. student loan

If you’re looking for alternatives to Ph.D. student loans, consider these funding options that could help lower the cost of attendance. 

Tuition reimbursement

Look into tuition reimbursement programs with your employer—where your employer will repay a portion of your tuition costs in exchange for an employment contract.

Program support

Some Ph.D. programs offer financial support, which can be structured in several ways. The first is a fully funded Ph.D. program, which covers tuition, fees, and a stipend for living expenses. 

You can also search for Ph.D. fellowship programs. These programs offer financial help during your studies based on merit, and a service requirement may be attached to the funding. 

Which Ph.D. student loan is the best?

Federal student loans are often the best place to start your search. Federal loans offer more benefits and protections than private student loans. They may even allow you to have some of your debt forgiven later, particularly if you plan to work in public service. 

If you consider private funding, the best Ph.D. student loan for you is the one that offers approval at the lowest interest rate with the best repayment terms for your unique situation. This lender may be different for each student borrower, so it’s wise to shop around first.

Do I need a cosigner for Ph.D. student loans?

Depending on your credit history, credit score, and current income, you might need to add a cosigner to qualify for a private Ph.D. loan. In exchange for adding a creditworthy cosigner, you may be eligible for certain loans, rates, and repayment terms you didn’t qualify for. 

Depending on the lender, you could release your cosigner from this obligation after a certain number of on-time payments.

Do Ph.D. student loans cover living expenses?

A Ph.D. loan can help cover your school-certified expenses, which may include housing. It’s important to note that lenders may have annual or aggregate limits. If you take out too much for tuition and fees, you might need to consider adding a private loan to cover your living expenses.

How much can I borrow with Ph.D. student loans?

The amount you can borrow with a Ph.D. student loan depends on the type of loan and even the specific lender. Federal graduate loans limit you to a maximum of $20,500 per year (though certain healthcare fields may qualify for higher limits). With private loans, you might be able to take out up to 100% of your eligible expenses.

When does repayment on Ph.D. student loans start?

Your grace period usually begins once you drop below half-time enrollment or graduate (depending on the lender). This grace period often ranges from six to nine months, during which you don’t need to make any Ph.D. loan payments. After that grace period, repayment will start.

How we chose the best Ph.D. student loans

LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of the best Ph.D. student loans

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PhD Program

• Program of Study

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

• Course Descriptions
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• PhD Loans for Doctoral Students – A Guide for 2024

Written by Mark Bennett

A UK PhD loan is worth up to £29,390 from Student Finance England or £28,655 from Student Finance Wales. The money only needs to be paid back when you earn over £21,000 a year.

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You can borrow a PhD loan of up to £29,390 from Student Finance England for 2024-25 study or £28,655 from Student Finance Wales. All of the money is paid directly to your bank account . You can use it for PhD fees, research expenses, maintenance or other costs.

Doctoral loans aren't based on household income or means tested, so the amount you can borrow isn't affected by your income or savings.

It's up to you to decide how much you want to borrow (up to the maximum, of course). This amount will then be spread evenly across your PhD, in three instalments per academic year .

Frequently asked questions

Below we've answered a selection of commonly asked questions about PhD loan amounts.

Is the value of the doctoral loan linked to my fees?

No. You can borrow the same amount with a doctoral loan regardless of how much your PhD project or programme costs.

Can I change the amount I borrow?

Yes. You can change your PhD loan amount later by submitting a PhD loan request form (PDF). You can't do this online.

Can I borrow more than the cost of my PhD?

Yes. Any extra loan can be used to help with living costs or other expenses.

Do I have to borrow the full amount?

You can borrow anything between £1 and £29,390/£28,655 (for a 2024-25 PhD). Whatever you request will be divided equally across your PhD , but you can't receive more than £12,167 in any one year if your course started between 1 August 2023 and 31 July 2024, and £12,471 if your course starts on or after 1 August 2024.

Are extra loans available for maintenance?

No. You can use some of your doctoral loan for living costs, but there isn't any separate PhD maintenance loan.

Will the loan value increase?

The value of a doctoral loan usually increases slightly with inflation each year. However, this change only applies to new students. The maximum you can borrow with your PhD loan will be capped at the amount available when you began your PhD.

Why can't I borrow more than £12,167/£12,471 per year?

Capping the annual amount for a PhD loan at £12,167/£12,471 is designed to match the Masters student loan system : it means that doctoral students and Masters students can borrow the same amount per year.

The timing of your loan payments will be based on your intended submission date . This means that your loan payments may already have finished if your PhD takes longer than you expect, or you spend extra time 'writing up' your thesis. You should bear this in mind as you plan your project and budget for it.

Student eligibility

You can apply for a PhD student loan if you're a UK national and:

• You've lived in the UK for at least three years (not including time abroad for short-term travel or study)
• You are ordinarily resident in England or Wales (you don't just live there to study)
• You will be aged under 60 (59 or under) on the first day of the first academic year of your PhD (usually 1 September for degrees beginning in the autumn)
• You don't already have a PhD or other doctorate
• You won't be receiving UKRI funding for your PhD (and haven't been funded by a Research Council in the past)
• You won't be receiving other UK public funding for your doctorate, such as a Social Work or Educational Psychology bursary
• Your doctorate isn't eligible for NHS funding (if it is, you should apply for this instead)

PhD loans for Scottish and Northern Irish students

UK doctoral loans are currently only offered by Student Finance England and Student Finance Wales. You won't normally be eligible to apply for their support if you are resident in Scotland or Northern Ireland.

Student Finance Northern Ireland and Student Awards Agency Scotland may offer doctoral loans in the future. We'll let you know as soon as that happens.

PhD loans for EU students

You can apply for a UK doctoral loan as an EU student if:

• You began your PhD in the 2020-21 academic year or earlier
• You applied to the EU Settlement Scheme before 30 June 2021

EU students who are coming to study in the UK from 2021-22 onwards will count as international students (see below).

PhD loans for Irish students

Irish students can still apply for a UK PhD loan to study in either England or Wales. This right is guaranteed by the Common Travel Area and isn't affected by Brexit.

PhD loans for international students

International (non-UK) students aren't normally eligible for UK doctoral loans, but an exception may apply if:

• You have settled status in the UK
• You are an EU national and have applied to the UK's EU Settlement Scheme (see above)
• You are an Irish national (see above)
• You or a family member have been granted refugee status or humanitarian protection in the UK
• You are 18 or over and have lived in the UK for at least 20 years and / or half of your life

If you aren't sure whether you qualify for UK student finance, check advice from the UK Council for International Student Affairs (UKCISA) .

We've answered several questions about student eligibility for doctoral loans, covering residency criteria and more.

Where can I study?

If you are ordinarily resident in England or Wales before your course, you can use your PhD loan to study any UK PhD .

If you are ordinarily resident outside the UK, you can only use your PhD loan to study in England or Wales.

What if I have moved from England or Wales to another part of the UK for previous study?

You will still count as an English- or Welsh-resident student if you have studied your undergraduate degree or Masters in Scotland or Northern Ireland and want to continue straight on to a PhD. This means you will be able to apply for a doctoral loan.

What counts as being ordinarily resident in England or Wales?

To be eligible for a doctoral loan as a UK student you must be ordinarily resident in England or Wales. This means that you normally live in England or Wales and you haven’t moved there just to go to university.

You will normally count as being ordinarily resident in England or Wales if any or all of the following are true:

• You lived in England or Wales before you went to university for your Bachelors degree
• You received an undergraduate student loan from Student Finance England or Student Finance Wales
• You have lived and worked in England or Wales after graduating from university

Can I combine a PhD loan with a Research Council studentship?

No. Unfortunately you can't apply for a PhD loan if you're also receiving any form of Research Council funding from UKRI – including a 'fees-only' award.

Can I get a PhD loan now and apply for Research Council funding later?

Potentially. Some Research Council awards allow students to apply again for the second year of their PhD. Having had a PhD loan may not stop you doing this, provided you cancel it before receiving your Research Council funding.

Note that this still doesn't work the other way around: you can't apply for a PhD loan once you've been awarded Research Council funding.

Can I combine a doctoral loan with other PhD funding?

You can't combine a PhD loan with other funding from the UK Government, including Research Council studentships or Social Work, Educational Psychology or NHS bursaries. However, you can potentially top up your PhD loan with other PhD funding , including:

• A scholarship or bursary from your university
• A grant from a charity or trust
• One of our own FindAPhD scholarships

Are EU students still eligible for doctoral loans?

EU eligibility for UK student finance has changed following Brexit :

• All EU nationals can still apply for a doctoral loan for a PhD that began in the 2020-21 academic year
• EU nationals who applied to the EU Settlement Scheme before 31 December 2020 can also apply for a loan for a PhD that begins in 2021-22 or later
• EU nationals who are arriving in the UK after 1 January 2021 and beginning a PhD in the 2021-22 academic year will not normally be eligible for a doctoral loan

These criteria also apply to students from the EEA (Norway, Iceland and Liechtenstein) and Switzerland.

Are doctoral loans available for international students?

Non-UK students aren’t normally eligible for UK student loans, unless they are Irish nationals or have applied to the EU Settlement Scheme.

Exceptions may apply if you have lived in the UK legally for a very long time, have been granted humanitarian protection or have refugee status.

For more information on UK fees and finance as a postgraduate student we recommend you check the resources produced by the UK Council for International Student Affairs (UKCISA) .

And, if you can't get a loan, you might still be eligible for other international PhD funding in the UK .

Are Irish students eligible for PhD loans?

Yes, Irish students are able to apply for UK doctoral loans as part of the Common Travel Area. You will need to be doing your PhD in either England or Wales.

How will my residency be checked?

You’ll be asked to provide at least three years’ address history during your postgraduate loan application. Student Finance England may query any details that might affect your eligibility.

What if I have stayed in another part of the UK to work after university?

Living and working in a different part of the UK means you aren’t just there to go to university. This can change your residency status.

For example:

• You live in Scotland but go to university in England. After graduating you settle and work in England. If you eventually decide to study a PhD, you will now count as being ordinarily resident in England and can apply for a doctoral loan, even though you were once resident in Scotland.

The same would be true for an English student who had lived and worked elsewhere in the UK after graduating – it's possible that this could mean you are no longer classed as English-resident for student loan purposes.

If you aren’t sure about your residency status, check with Student Finance England .

What if I have moved to England or Wales from another part of the UK for previous study?

Because you only moved to England or Wales to study, your residency status won’t have changed. You will still count as being ordinarily resident elsewhere in the UK and, unfortunately, won't currently be able to apply for the PhD loan.

Are PhD loans means-tested?

No. You can borrow the same amount regardless of your income, savings or credit rating.

The only exceptions concern outstanding arrears to the Student Loans Company (for repayments you were eligible to make, but didn't). However, you may be able to apply for a loan if you clear these.

Can I get a doctoral loan if I’ve lived outside the UK in the last three years?

In order to apply for a student loan as a UK citizen you must have lived in the UK for three years prior to your course. You can travel abroad for holidays or other periods of ‘temporary absence’ during this period, but you shouldn’t have become ordinarily resident in another country.

Will a PhD loan affect my benefits?

Potentially, yes. Because the loan is paid directly to you it may be regarded as a form of income by the Department for Work and Pensions. You should check this if you are concerned about your benefit entitlement with a PhD loan.

Can I also apply for Disabled Students' Allowance?

Yes. You can have a PhD loan and receive Disabled Students' Allowance (DSA) during your PhD.

Can I have a PhD loan as well as a postgraduate Masters loan?

You can apply for a postgraduate doctoral loan if you've previously had a postgraduate Masters loan . However, you can't be receiving them both at the same time (you'll need to finish your Masters before you begin your PhD).

Course eligibility

The PhD loan is available for all types of research doctorate, in any subject . This includes academic doctorates such as a PhD and DPhil, as well as professional doctorates such as a DBA (Doctor of Business Administration) or EdD (Doctor of Education) .

However, you can't get a doctoral loan for a PhD by publication (you must be funding a programme of research and / or study).

UK students can study at any UK university . Eligible students who normally live outside the UK can use the doctoral loan to study at any English or Welsh university.

You can study full time or part time provided your PhD lasts between 3 and 8 years . You will be able to choose from different course lengths when you apply. These will be set by your university based on the intended submission date for your thesis.

Your course must have started on or after August 2018.

Below you can find the answers to a selection of questions about PhD loan course eligibility.

Can I study my PhD part time?

The loans don't actually distinguish between full-time and part-time students. Your PhD can last between 3 and 8 years, however you study.

In practice, most UK universities will regard a 3-4 year PhD as 'full time' and a 6-8 year PhD as 'part time'. You will agree the exact length of your programme with your university.

Can I get a loan for a PhD by publication?

No. You can't apply for a loan if you're submitting a PhD by published work (based on a portfolio of research you've already completed). In this case there would be no new project or programme for the loan to pay for!

Can I get a loan if my doctorate begins as an MPhil?

Yes. You can still apply for a doctoral loan for a programme that initially registers students at MPhil level before upgrading them to PhD candidacy.

However, if you are only enrolling for an MPhil, you should apply for a Masters loan instead.

Can I get a loan for a doctorate by distance learning?

Yes, provided you are living in England or Wales (depending on which loan you are applying for) on the first day of the first academic year of your PhD and living in the UK for the entire course.

You can't get a PhD loan to study by distance learning and live outside the UK.

Can I apply for a loan for a PhD that includes a Masters degree?

Yes. You can still get a loan for a PhD that also awards a Masters degree, including an integrated doctorate or a '1+3' programme. However, you must be registering to graduate with the doctorate, not the Masters.

Can I apply for a loan to 'top up' an existing qualification to PhD level?

No. To be eligible for a loan your project or programme must be a complete doctorate, begun after 1 August 2018. You can't get a loan to extend or 'top up' and existing MPhil or other qualification.

Can I get a loan for a joint doctorate?

Yes, provided the UK university is the lead institution for your PhD and you spend at least 50% of your course in the UK.

Can I study at a private university?

In order to receive a doctoral loan you must be doing your PhD at a university with Research Degree Awarding Powers (RDAPs). Most established UK universities have these powers, but your institution should be able to confirm if you aren't sure.

Can I get a loan if I've previously begun a PhD, but not completed it?

Yes, provided you haven't earned a doctoral qualification and you are starting a completely new doctorate (not continuing or resuming your previous programme or project).

However, you can't normally apply for a second doctoral loan, even if your first loan was for an incomplete qualification. Exceptions may apply if you can demonstrate compelling personal reasons for exiting your first doctorate - Student Finance England will consider your case if so.

Can I get a loan to study a doctorate abroad?

You can't get a PhD loan to study your entire doctorate abroad. However, you can spend part of your degree outside the UK, provided this does not exceed 50% of your programme and your UK university is the lead institution awarding your PhD.

Can I get a PhD loan for a professional doctorate?

Yes. All types of doctorate are eligible for PhD loans, provided the qualification is awarded for a programme of work at a UK university.

Applications

PhD loan applications are now open for doctorates beginning in 2024-25 (or earlier).

Make sure you apply to the correct student finance provider. This will be:

• Student Finance England for English-resident students or Irish students coming to study in England
• Student Finance Wales for Welsh-resident students or Irish students coming to study in Wales

If you have an existing student finance account and Customer Reference Number (CRN) you should use this to apply for your PhD loan. The application system will also ask for details about your PhD (or other doctoral degree), residency status and how much you want to borrow.

The application deadline is fairly relaxed – you have to apply within nine months of the first day of the final academic year of your doctorate. Depending on when you start your PhD during the year, there are four possible ‘first days’, which you can see in the table below.

As an example, if you start a three-year PhD on 22 October 2023, you should apply for a doctoral loan before 31 May 2026.

Remember though, that applying later in your PhD could limit the maximum amount you can borrow (you can't receive more than £12,167 in a single academic year if your course started between 1 August 2023 and 31 July 2024, or £12.471 if your course starts on or after 1 August 2024.).

If you have any further questions about applying for a PhD loan, hopefully the FAQs below will cover them.

When can I apply for a PhD loan?

Applications for 2024-25 PhD loans opened in June 2024. You can apply online or by post (PDF).

Will I receive a loan whilst I'm 'writing up' my PhD?

Only if you are still ahead of your submission date. Your university may allow you extra time to finish writing up your thesis, but you won't receive any extra payments if you've already had your full loan by that point.

When will I receive my first instalment?

You'll receive the first payment for your PhD loan once you start your PhD and your university confirms that you have registered on your project or programme.

When will I stop receiving my loan?

Your payment schedule will be based on the intended submission date for your doctoral thesis, agreed with your university at the start of your degree.

Should I apply at the beginning of my course, or wait?

This is up to you and depends on your funding circumstances.

The PhD loan is meant to be flexible though: you could apply for a loan to help support you throughout your doctorate, or use it to bridge gaps between funding or replace income from a part-time job as you focus on the later stages of your project.

Do I have to reapply in each year of my PhD?

No. You only have to apply for a doctoral loan once.

Can I use an existing student finance account?

Yes. If you have already have an account with Student Finance England you must use it to apply for your doctoral loan.

Do I need to be accepted for a PhD before I apply for a loan?

No. You will need to state which university you intend to research your doctorate at (and how long for) but you don't need to prove you've been accepted before you can apply for a PhD loan. However, you will need to register for your PhD before you receive any actual loan payments (your university should confirm this for you).

Can I apply for a loan for a PhD I've already started?

You can apply after the beginning of a PhD, but it must have started after 1 August 2018.

Doctoral loan repayments are income contingent . You only repay your PhD loan when you are earning over £21,000 a year (£1,750 a month or £404 a week) and you only repay 6% of what you earn over that threshold.

You'll begin repayments in the first April after you leave your course or in the April four years after your PhD starts (whichever is sooner). This means that you can be eligible to start repaying the doctoral loan during your PhD, but only if you're earning enough.

How you repay depends on your employment status:

• If you are employed in the UK HMRC will automatically deduct repayments from your salary on behalf of the Student Loans Company. This will usually happen monthly.
• If you are self-employed you will need to make repayments to HMRC as part of your annual tax return.
• If you are working outside the UK you will need to make repayment arrangements with the Student Loans Company. You should do this before you leave the UK.
• If you are unemployed you won't make repayments. The same applies if you are ever earning less than £21,000 a year.

You may also need to repay other student loans along wth your PhD loan:

• PhD and Masters loan repayments are combined – you will make one repayment of 6% of your income over £21,000 towards a single postgraduate loan debt
• All postgraduate loan repayments are concurrent with those for undergraduate loans – you will repay 6% of your income over £21,000 towards your Masters and / or PhD loan and 9% of your income over £26,575 towards your undergraduate loan

Interest is charged on a PhD loan at the same rate as Masters loans: RPI (the Retail Prices Index) +3%. As of June 2024, the rate is 7.8%, but this changes every year.

Any remaining PhD loan debt (including interest) is cancelled after 30 years from the point at which you begin repayments.

We've answered a few more FAQs about PhD loan repayments below.

When do repayments begin?

You will become eligible to start repaying your doctoral loan on one of the following dates:

• 6 April after your PhD ends
• 6 April four years after you begin your PhD

Note that this is slightly difference to repayments for other student loans, which only ever begin after graduation.

It means you could begin repaying your loan whilst you're still studying for your doctorate (and potentially still receiving loan payments). However, you will only ever make repayments when you're earning over £21,000 a year.

Do repayments still begin after 4 years if I study part time?

Yes, regardless of how you study, you will become eligible to repay a PhD loan (providing you're earning enough) four years after your course begins or in the April after you graduate (whichever is sooner).

Could I have to make PhD loan repayments on my pension?

Potentially, yes. If the money you receive from a pension counts as income you will need to make student loan repayments on it (alongside other potential deductions such as income tax). It's a good idea to check this with your pension plan provider.

Welsh PhD loans

Wales offers its own PhD loan for Welsh-resident UK students. You can borrow up to £28,655 for a degree that begins in 2024-25.

Welsh PhD loans work the same way as English PhD loans. The only difference is that you should apply to Student Finance Wales, not Student Finance England.

Scotland and Northern Ireland don't offer a doctoral loan yet.

Still looking for a PhD?

Head over to our PhD course listings to find the latest opportunities from around the world.

Like hearing about postgraduate funding changes?

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Our detailed guides and blogs cover everything you need to know about PhD loan eligibility, applications, repayments and much more.

It's time to start applying for postgraduate student finance. Read some tips and advice from the experts at the Student Loans Company.

Have your funding applications been unsuccessful? This blog discusses what it's like to self fund with a UK doctoral loan, and what it might mean for your studies.

PhD loan applications are open! Our handy checklist will help ensure yours is simple and successful.

You can now apply for a PhD loan for 2022! Here are a few things to bear in mind before you start your application.

Don't get lost looking for PhD funding. This simple guide will help you prioritise your search.

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About / Departments

Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

Download the Finance PhD poster (PDF)

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• MBA Programs
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• Dissertation Areas and Joint PhD Programs
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• PhD in Accounting
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PhD in Finance

• PhD in Management Science and Operations Management
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• Joint Program in Financial Economics
• Joint Program in Psychology and Business
• Joint PhD/JD Program

Chicago Booth has long been recognized for its PhD in finance. Our finance faculty—which includes Nobel laureates Douglas W. Diamond, Eugene F. Fama, and Lars P. Hansen—sets the course for research in all areas of the field.

As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.

Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.

The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.

Our Distinguished Finance Faculty

Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.

Francesca Bastianello

Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow

Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance

Robert W. Vishny

Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center

Michael Weber

Associate Professor of Finance

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics and Finance

Alumni Success

Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.

Shohini Kundu, MBA '20, PhD '21

Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.

Jane (Jian) Li, PhD '21

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.

Spotlight on Research

The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.

A Brief History of Finance and My Life at Chicago

Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.

Climate-Policy Pronouncements Boost 'Brown' Stocks

It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.

With Business Loans Harder to Get, Private Debt Funds Are Stepping In

It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.

Too Many 'Shadow Banks' Can Limit Overall Access to Credit

While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).

A Network of Support

Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.

Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.

Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.

Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.

The PhD Experience at Booth

For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.

Video Transcript

Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.

Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.

Current Finance Students

PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.

Current Students

Rahul Chauhan Ching-Tse Chen Natalia Corado Aditya Dhar Mihir Gandhi  Huan (Bianca) He Jessica Li Edoardo Marchesi Alexa Marciano Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela

Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .

Program Expectations and Requirements

The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

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The Columbia Advantage

Finance Doctoral students are trained in major areas in finance and economics, including, asset pricing, corporate finance, continuous-time models in finance, information economics, international finance, market micro-structure, and banking. The program prepares students for careers in scholarly research, and graduates take jobs primarily in academic or research institutions, while some students opt to work in industry. Details about the coursework and research students conduct on their way to earning their doctorate can be found on the  Academics page.  

The Finance Division at Columbia Business school has a track record of training scholars who go on to become academics at Universities, including many of the world’s most prestigious institutions. Our placement success is due in part to the close working relationship that students develop with the faculty in the division. The School intentionally keeps the PhD program small making it easier for students to find faculty collaborators and thrive. See our  Placement page  for more information.

Student Life

The Columbia Business School doctoral community consists of 125 students across six programs. The program attracts exceptional students from all over the world who are looking to develop research skills under the tutelage of faculty experts. Students come to the School for the exceptional training but also because they value the diversity, creativity, entrepreneurship and social tolerance that NYC offers. See here  for more about student life. 

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How to Get PhD Funding

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Table of contents

• Introduction

How much does a PhD cost? 

Phd funding from national research councils, phd funding from universities, living costs and opportunity costs, career prospects with a phd .

By Elke Schwarz

Professor Daniel Drezner of Tufts University once quipped: “Should you get a PhD? Only if you are crazy or crazy about your subject.” If you fit one of those two categories, you’ll no doubt be keen to find out how to finance your mad endeavor. Here’s a quick guide to getting  PhD funding …

First things first,  how much does a PhD cost ? Here, the answer varies considerably by country. In the UK, being a self-funded PhD student can be an expensive undertaking, with an annual tuition bill of approximately £3,000 to £6,000 (about US$3,800-7,670) for domestic students and up to £18,000 ($23,000) for international students for the first three years.

In the US, the price tag for a PhD is even higher, ranging from US$28,000 to US$40,000 per year. In Germany, on the other hand, PhD students face no tuition fees at all, aside from a nominal semester contribution of €250 (~US$320).

Before some of these high figures deter you, be reassured that there are many PhD funding opportunities available; few PhD students are self-funded.

In the UK, PhD funding is provided via seven research councils, each covering a specific academic sector. Across Europe, such funding is offered by the European Research Council . Both the US and Canada have the equivalent in their National Research Councils, which give financial support to students either individually, via scholarships, or for funded research projects, via a research group or department.

Most universities provide substantial scholarships, studentships and other PhD funding opportunities. These schemes typically cover the cost for a good proportion of the annual tuition fees, if not more. Universities often also provide some funding for doctoral students to cover the costs of field trips and conference attendance.

A further means to fund a PhD is by obtaining a PhD position, sometimes also called PhD studentships or assistantships. These are essentially jobs tied to the PhD program, involving work in teaching, research or both. This is an ideal way to support your research, while being involved in a larger, often team-based, funded research project and gaining work experience.

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Other costs to be considered when calculating PhD funding are living costs and opportunity costs. Living expenses will of course vary significantly by country and city. Studying in Paris (France) or Oslo (Norway) will likely incur a substantially higher annual cost than completing a PhD in Bangkok (Thailand), for example.

In addition, opportunity costs can be high. Unlike a master’s degree, which usually takes just one or two years full-time, a PhD demands a markedly higher time investment – most programs require an absolute minimum of three years, and some require five to six, depending on the country.

During this time, full-time employment is possible only if it is in relation to the PhD program itself. Some may opt to continue working and attempt to complete a PhD part-time – but this has proven to be exceptionally challenging; some studies suggest that drop-out rates for part-time PhDs are as high as 66 percent.

But while this might all sound daunting, there are considerable benefits and advantages to getting a PhD. In other words: the prospects for careers with a PhD are good. While entry-level salaries may not be considerably higher compared to those for master’s graduates, those with a PhD do have better long-term prospects for faster career- and pay-scale advancements. And a growing number of PhD students consider a post-doc life outside of academia.

There has been a clear trend in non-academic employers (such as consultancies, think tanks, media and others) increasingly valuing not only the specialist knowledge of PhD graduates but also their maturity and soft skills. Attributes valued by PhD employers across a wide range of industries include diligence, research abilities, focus, discipline, presentation skills and the demonstrated ability to work under pressure and to a deadline.

For all those aspiring doctoral students who aim to have a quick return on their investment, a word of caution: the benefits of a PhD are not to be had in the fast lane. The value of a PhD qualification is to be found in the long-term benefits it brings, financially, professionally and intellectually. It is a labor of love, and, as we know there is always some madness in love, but for those with realistic expectations and the discipline and tenacity to complete this highest of academic degrees, it is a tremendously rewarding experience, in more ways than one.

This article was originally published in November 2013. It was last updated in December 2018. 

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What's on this page?

• What's available?

How to apply

Eligibility, what's available.

You could get a Postgraduate Doctoral Loan of up to:

• £29,390 if your course starts on or after 1 August 2024
• £28,673 if you started between 1 August 2023 and 31 July 2024

This is to help with your course and living costs while you’re studying, and has to be repaid .

Your loan payments will be spread out across all the academic years of your course. For example, if you’re studying over five years and apply for the maximum loan amount of £29,390, your payments would be £5,878 in each academic year. The loan is paid in three instalments at the start of each term.

You can apply for a Postgraduate Doctoral Loan amount in any year of your course, but if you apply after the first year, you might not get the maximum amount.

Disabled Students' Allowance

If you have a disability, including a long-term health condition, mental health condition, or specific learning difficulty, such as dyslexia, you might be able to get Disabled Students’ Allowance. This doesn’t have to be paid back. You don’t have to be getting a Postgraduate Doctoral Loan to apply.

Find out more

Applications for 2024 to 2025 Postgraduate Doctoral courses are now open! The quickest and easiest way to apply is online at  www.gov.uk/studentfinance .

When you apply for student finance, you'll need to agree to Student Finance England's terms and conditions .

You can apply for a Postgraduate Doctoral Loan in any year of your course, but you might not get the full amount if you apply after the first year of your course.

To get a Postgraduate Doctoral Loan, you must apply no more than nine months after the first day of the final academic year of your course.

You don't need to apply each year for a Postgraduate Doctoral Loan.

If Student Finance England ask you for any evidence, send this as quickly as possible to avoid delays with your application.

If you don’t have a UK passport, you may have to send Student Finance England evidence, such as a non-UK passport, or a copy of your UK birth or adoption certificate.

You should send this as quickly as possible to avoid any delay in your application being processed. Remember to include your Customer Reference Number with everything you send them.

In some circumstances, you may be asked to send Student Finance England additional information or evidence, for example, evidence of your previous addresses or documents from the Home Office. They can’t process your application until they have everything they need, so you should send them anything they ask for as soon as possible, so your application isn’t delayed.

Changing your details

If any of your details change after you’ve applied for student finance, don’t worry – you can simply update your application. You can use your online account to make changes to your personal details before or after your course has started. To update any other details, such as your university or course, you need to send Student Finance England a completed postgraduate 'Change of circumstances' form. You can download this from www.gov.uk/doctoral-loan . 

What happens next?

Once Student Finance England has assessed your application, they’ll send you a letter confirming how much Postgraduate Doctoral Loan you’re getting. The letter will also show the dates they expect to pay your Postgraduate Doctoral Loan to you. You should keep this letter safe, as your university might ask to see it when you register.

If you’re starting a full-time or part-time postgraduate Doctoral course in the 2023 to 2024 academic year, you could get a Postgraduate Doctoral Loan to help towards your course and living costs.

Nationality and residency

To apply for a Postgraduate Doctoral Loan you must:

• be a UK national or Irish Citizen or have 'settled status' under the EU Settlement Scheme or Indefinite leave to remain, with no restrictions on how long you can stay in the UK
• normally live in England
• have lived in the UK, the Channel Islands or the Isle of Man for three continuous years before the first day of your course, apart from temporary absences such as going on holiday. You can also have been living in the UK, Islands and/or Ireland, or the UK, Islands and/or the specified British Overseas Territories.

If you’re an EU national or a family member of an EU national, you may be eligible if all of the following apply:

• you have pre-settled status under the EU settlement scheme. (Irish citizens do not need EU Settlement Scheme status but need to have been living in the UK by 31 December 2020)
• you’ve normally lived in the UK, Gibraltar, the European Economic Area, Switzerland, or the Overseas territories for the past three years (this is also known as being ‘ordinarily resident’)
• you’ll be studying at a university in England

You may also be eligible if you’re a UK national (or family member of a UK national) or an Irish citizen who either:

• was living in the EU, Switzerland, Norway, Iceland or Liechtenstein on 31 December 2021, or returned to the UK by 31 December 2020 after living in the EU, Switzerland, Norway, Iceland or Liechtenstein
• has been living in the UK, the EU, Gibraltar, Switzerland, Norway, Iceland or Liechtenstein for the past three years

You can apply for funding if:

• you’re a UK national (or the family member of a UK national) and living in the EEA or Switzerland on 31 December 2020 or living in the UK on 31 December 2020 after returning from the EEA or Switzerland on or after 1 January 2018
• you have Gibraltarian status as an EU national or family member
• you are resident in Gibraltar as a UK national or family member

You may also be able to apply for a Postgraduate Doctoral Loan if your residency status is one of the following:

• refugee (including family members)
• humanitarian protection (including family members)
• migrant worker from the EU, Switzerland, Norway, Iceland or Liechtenstein (including family members) with settled or pre-settled status
• a family member of a UK national and living in the UK and Islands for three years
• child of a Swiss national and you and your parent have settled or pre-settled status under the EU Settlement Scheme
• child of a Turkish worker who has permission to stay in the UK – you and your Turkish worker parent must have been living in the UK by 31 December 2020
• a stateless person (including family members)
• an unaccompanied child granted ‘Section 67 leave’ under the Dubs Amendment
• a child who is under the protection of someone granted ‘Section 67 leave’, who is also allowed to stay in the UK for the same period of time as the person responsible for them (known as ‘leave in line’)
• granted ‘Calais leave’ to remain
• a child of someone granted ‘Calais leave’ to remain, who is also allowed to stay in the UK for the same period of time as their parent (known as ‘leave in line’)
• you, your parent or step-parent have been given settled status (‘indefinite leave to enter or remain’) because you have been a victim of domestic violence
• you, your parent or step-parent have been granted indefinite leave to remain as a bereaved partner
• family member of a person with Settled Status in the UK
• you or your family member have been granted leave under the Afghan Relocations and Assistance Policy (ARAP) or the Afghan Citizens Resettlement Scheme (ACRS)
• you or your family member have been granted leave to enter or remain in the UK under the Ukraine Family Scheme, the Homes for Ukraine Sponsorship Scheme or the Ukraine Extension Scheme
• you’re a person of Chagossian descent and have British citizenship

You could also be eligible if you’re not a UK national and are either:

• under 18 and have lived in the UK for at least seven years
• 18 or over and have lived in the UK for at least 20 years (or at least half of your life)

To be eligible for support under the long residence category, you must have lived in the UK for three years before the first day of your course and have held a form of leave to remain in the UK issued by the Home Office during that time. You must also live in England on the first day of your course.

You must be under 60 years of age on the first day of the first academic year of your course to get a Postgraduate Doctoral Loan.

Previous study

If you have a loan from a previous undergraduate course or postgraduate master’s course, it won’t affect your eligibility for a Postgraduate Doctoral Loan.

You can only get a Postgraduate Doctoral Loan if you don’t already have an equivalent Doctoral qualification, such as a PhD.

Course eligibility

You must be studying at an eligible university in the UK and your course must be a full postgraduate Doctoral course leading to a qualification, such as:

• ​Subject specialist doctorates: a formal programme of study such as a PhD
• Integrated subject specialist doctorates:  a supervised research project carried out alongside a structured taught course, or after you’ve completed a taught course. (You must register for the doctoral degree at the outset to be eligible for Postgraduate Doctoral Loan.)
• Professional and practice-based doctorates: post-experience qualifications aimed at mid-career professionals, for example an Engineering Doctorate (EngD) ​

A Postgraduate Doctoral Loan is not available to ‘top up’ a lower-level qualification to a Doctoral degree. The course must be a full standalone Doctoral course.

You can choose to study your course at a university in person or by distance learning. Your course must last between three and eight years, and can be studied on a full-time or part-time basis.

University eligibility

Other funding.

You'll be due to start making repayments either:

• the April after you finish or leave your course
• the April four years after the start of your course, if you’re on a course longer than four years 

but only if you're earning over a certain amount of money, which is currently £21,000 a year, £1,750 a month, or £404 a week. You'll be due to start repaying the April after you finish or leave your course, but only if you're earning over a certain amount of money, which is currently £21,000 a year, £1,750 a month, or £404 a week.

Any loan remaining 30 years after you’re due to start making repayments will be cancelled.

You’ll repay 6% of what you earn over the threshold. So if you’re paid monthly and earn £2,500 per month before tax, you’ll repay 6% of the difference between what you earn and the threshold.

For example:

£2,500 - £1,750 = £750

6% of £750 = £45

The table below shows how much you’ll repay towards your loan.

A student loan repayment will be taken even if you don’t earn £21,000 in a year, but earn over the weekly or monthly threshold at any time, for example, if you work overtime or get a bonus.

Previous loans

If you’ve had a previous loan from Student Finance England, you’ll continue to repay this loan at the same time. How much you’ll repay depends on when you started your undergraduate course.

Courses that started after 1 September 2012

If you borrowed a loan for your undergraduate course that started after 1 September 2012, you’ll repay 9% of your income above ££27,295 towards that loan, and 6% of your income above £21,000 towards your Postgraduate Doctoral Loan.

If you borrowed a Postgraduate Loan for a master’s course as well as a Doctoral course, the repayment amount due will remain at 6%. This will go towards any loans borrowed for both master’s and Doctoral courses.

The table below shows how much you’ll repay towards your loans.

Courses that started before September 2012

If you borrowed a loan for your undergraduate course that started before 1 September 2012, you’ll repay 9% of your income above £19,390 towards that loan, and 6% of your income above £21,000 towards your Postgraduate Doctoral Loan.

You can find out more about repaying your loans at www.gov.uk/repaying-your-student-loan .

You might also like to read

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Finance Requirements

I. preparation.

The study of financial economics requires a grasp of several types of basic mathematics. Students must enter with or very quickly acquire knowledge of the concepts and techniques of:

It is strongly advised that students without a strong and recent background in calculus, linear algebra, or statistics come to Stanford in June to take courses to strengthen any weak areas.

Computer programming skills are necessary in coursework (as early as the first quarter of the first year) and in research. If students do not have adequate computer programming skills, they may wish to take a computer programming course before they arrive at Stanford, or take an appropriate Stanford computer science course while here.

II. Course Requirements

All required courses must be taken for a grade (not pass/fail or credit/no credit). Exceptions are made if the required course is offered pass/fail or credit/no credit only. Each course must be passed with a grade of P or B- or better. Substitutions of required courses require approval from the faculty liaison. Waiving a course requirement based on similar doctoral level course completed elsewhere requires the approval of the course instructor, faculty liaison, and the PhD Program Office.

III. Practicum

Students are required to sign up for either a research or teaching practicum each quarter of enrollment. Below is a description of the practicum requirements for Finance students.

During the student’s first year, the student will be assigned each quarter to work with a different faculty member. This assignment will involve mentoring and advising from the faculty member and RA work from the student. The purpose of new assignments each quarter is to give the student exposure to a number of different faculty members.

In subsequent years, the practicum will take the form of a research or teaching mentorship, where the student is expected to provide research or teaching support under the guidance and advice of a faculty member. Faculty assignments here will be made through informal discussions between faculty and students, and may be quarterly, or for the entire year.

For students of all years, one requirement to satisfy the practicum is that students regularly attend the Finance seminar. The only exception to this will be if there is a direct and unavoidable conflict between the seminar and necessary coursework.

IV. Summer Research Papers

All students in all years are expected to complete a research paper over the summer, and present this paper in the Fall quarter. A draft of this research paper should be submitted by the end of September to the field liaison. Students can continue to work on and improve their paper up to their presentation. Presentations of summer research will always be viewed as research in progress.

For students completing their first year, the summer paper should demonstrate the mastery of a specific area in the literature. This can be accomplished by either (i) presenting the preliminary development of a research idea or (ii) presenting work co-authored with faculty. The student will be expected to present this paper to a gathering of three Finance faculty members of the student’s choosing in October.

For students completing their second year, the summer paper should develop a research idea that was approved during the oral exam at the beginning of the summer (see below). “Develop” does not mean complete - students will be evaluated based on whether they have made reasonable progress on their research topic and on whether they have identified an appropriate research question. A passing grade on the second-year paper is one requirement for admission to candidacy.

In all years after the second year, the summer research paper should be a well-developed research paper. (Well-developed does not mean completed – research is always presented as work in progress. Rather, it means that the work shows enough progress and development to merit a seminar presentation.) Students will then present their papers to the overall Finance faculty and PhD student body in scheduled talks over the Fall quarter. Student presentations will typically be 45 minutes, save for job market paper presentations, which will be a full hour and a half.

More generally, these presentations throughout all years will be a primary manner that faculty who are not advising the student become familiar with the student’s work, and will play a crucial role in the assessment of the student’s academic progress.

V. Field Exam

Students take the field exam in the summer after the first year. Material from the field exam will be based on required first year coursework. This includes required finance courses, as well as the required microeconomic and econometric classes. The primary purpose of the exam is to ascertain that students have learned the introductory material that is a necessary foundation for understanding and undertaking research in the field. Additionally, studying for the field exam will give students the opportunity to review and synthesize material across all their different first year courses. Students may be asked to leave the program if they fail the field exam, or may be allowed to retake the exam at the Faculty’s discretion. Students who fail the field exam two times will be required to leave the program.

VI. Teaching Requirement

One quarter of course assistantship or teaching practicum. This requirement must be completed prior to graduation.

VII. Finance Oral Exam

The finance oral exam takes place at the end of the spring quarter of the second year, in early June.

At the beginning of the spring quarter of the second year, the student meets with the liaison to determine three finance faculty members who will administer the exam. The student then meets with the selected faculty examiners to discuss a set of topics that will be covered in the finance oral exam. These topics will generally be chosen from coverage in the Finance PhD classes. An important component of the exam involves the student identifying a particular research area to discuss at the exam. The student will be expected to discuss major results in the literature related to this area and to identify important unresolved questions that need to be addressed. In addition the student will be expected to discuss how one or more of these questions might be addressed either theoretically or empirically. During the exam, the student should agree with the faculty members on a topic for the second-year paper (see above).

The results from the finance oral exam plus the result from the second-year summer research paper (presented in the fall of 3rd year) and overall performance in the program are weighed in the decision to admit to candidacy.

VIII. Candidacy

Admission to candidacy for the doctoral degree is a judgment by the faculty of the student’s potential to successfully complete the requirements of the degree program. Students are required to advance to candidacy by September 1 before the start of their fourth year in the program.

IX. University Oral Exam

The university oral examination is a defense of the dissertation work in progress. The student orally presents and defends the thesis work in progress at a stage when it is one-half to two-thirds complete. The oral examination committee tests the student on the theory and methodology underlying the research, the areas of application and portions of the major field to which the research is relevant, and the significance of the dissertation research. Students are required to successfully complete the oral exams by September 1 before the start of their fifth year in the program.

X. Doctoral Dissertation

The doctoral dissertation is expected to be an original contribution to scholarship or scientific knowledge, to exemplify the highest standards of the discipline, and to be of lasting value to the intellectual community. The Finance faculty defer to the student’s Dissertation Reading Committee to provide general guidelines (e.g., number of chapters, length of dissertation) on the dissertation.

Typical Timeline

Years one & two.

• Field Requirements
• Directed Reading & Research
• Advancement to Candidacy
• Formulation of Research Topic
• Annual Evaluation
• Continued Research

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• PhD Loans – 2023 Guide for Doctoral Students
• Funding a PhD
• A PhD Loan can fund a PhD in any field lasting between three to eight years .
• You can borrow up to £28,673 for courses that started on or after 1st August 2023.
• There are several eligibility restrictions, including that you must be a UK national resident and not receiving other funding (e.g. from Research Council or NHS).
• The repayments will be 6% of your annual income above  £21,000 .

What Is a PhD Loan?

A PhD loan is a form of UK Government loan made available to doctoral students residing in England or Wales. It is designed to help students fund their doctoral programme or equivalent degree, covering basic costs such as the tuition course fees and living costs.

The most common degrees they cover are:

• PhD – Doctor of Philosophy
• EngD – Doctor of Engineering
• EdD – Doctor of Education

Note: PhD Loans are formally known as Postgraduate Doctoral Loans, however, many postgraduate students commonly refer to Doctoral Loans as PhD Loans due to their primary use to fund PhDs.

Am I Eligible for a PhD Loan?

There are several requirements you must meet to be an eligible student for a PhD loan, such as your residency status. The eligibility criteria are summarised below into two categories – those that make you eligible and those that make you ineligible for a PhD loan.

Requirements That Make You Eligible:

• Be a UK or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme , and ordinarily a resident of England or Wales.
• Be under the age of 60.
• Undertake a PhD (or another doctoral degree) that is three to eight years long and provided by a university in the UK.

Note: A common misunderstanding amongst university students is that a Doctoral Loan can fund an MPhil degree. As an MPhil is a Master’s degree, it does not meet the ‘Doctoral or equivalent’ requirement for being eligible for a Doctoral Loan. Therefore, if you are considering undertaking an MPhil, you should instead be applying for a Postgraduate Master’s Loan. If more appropriate for your situation, you can find out more information about Postgraduate Loans here .

Requirements That Make You Ineligible:

You must not:

• Already hold a PhD or equivalent doctoral degree.
• Already be receiving funding. This includes grants from the Research Council (studentships, stipends & scholarships etc.), a social work bursary or NHS bursary (note that being eligible for an NHS Bursary even if you’re not receiving one will make you ineligible for a PhD loan).
• Already have had a Doctoral Loan before, unless you left your course due to illness, bereavement or another serious personal reason. You are still eligible if you have received an undergraduate loan in previous study.
• Obtain your PhD through publication (as this won’t have a period of study associated with it)

Aspects That Don’t Affect Your Eligibility:

There are several aspects of your PhD course that do not affect your eligibility to receiving Doctoral Loans. These are:

• Your doctoral course – your PhD can be in any subject or field. The underlying requirement is that it is provided by a university in the UK; i.e. a university in either England, Wales, Scotland or Northern Ireland.
• Full-time or part-time course – you need not pursue your PhD full-time to be eligible. The underlying requirement is that your PhD can be completed within eight years regardless of how you allocate your time.
• Taught, research-based or a combination of both – as long as your PhD has an aspect of studying associated with it, the method of obtainment of your PhD will not affect your eligibility.

How Much Funding Can I Get?

The amount of funding you can obtain isn’t means-tested. This means that it isn’t related to your financial background or household income and therefore you can qualify for the full amount regardless of your situation.

The maximum loan amount you can borrow falls into one of three categories:

• Up to £28,673 if your course starts on or after 1st August 2023 ,
• Up to £27,892 if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £27,265 if your course started between 1st August 2021 and 31 July 2022 .

You may apply for a Postgraduate Doctoral Loan in any year of study, however you may not receive the maximum amount if you apply after the first year of your PhD. For annual costs, you may receive:

• Up to £12,167 per year  if your course starts on or after 1st August 2023 ,
• Up to £11,836 per year  if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £11,570 per year  if your course started between 1st August 2021 and 31 July 2022 .

When Will I Get Paid?

Your loan payments will be spread out across all academic years of your course.

Example: If you undertake a full-time PhD over 5 years and apply for a loan amount of £25,000, you will receive £5,000 in each academic year.

Further to this, the allocation for each academic year will be paid in three even instalments, with each instalment paid at the start of a new term.

Example: Continuing with the above example, the £5,000 per each academic year would be paid in three instalments of £1,667.

Your first instalment will typically be paid immediately after your course start date. This is because your university will first need to confirm to Student Finance England (SFE) or Student Finance Wales that you’ve officially enrolled with them before the student loan can be released to you.

How and When Do I Repay?

Repayment terms – You will need to start repaying your loan once you have completed your PhD and started earning an annual income over £21,000 .

Once both these conditions are met, you will start making your repayments at 6% of your income above £21,000 . This means that for the first £21,000 you earn, you won’t need to make any contributions towards your loan repayment, however, anything above £21,000 will be subject to a 6% deduction for repayment towards your student loan.

It’s worth noting that if you work for an employer after your PhD, your repayments will be automatically deducted from your salary and there isn’t anything you will directly need to do. However, if you decide to work for yourself as opposed for an employer, you will need to make the repayments yourself.

Like undergraduate loans taken for undergraduate degrees, a postgraduate Doctoral Loan is subject to interest, which will need to be paid on top of your original student loan value. The interest rate is the retail price index (RPI) plus 3%.

Example: The average UK RPI for 2019 was approximately 2.4%. This means that besides the mandatory 3% that is owed, the average interest rate on a Doctoral Loan in 2019 would have been 5.4%.

It’s worth noting that if you aren’t able to completely repay your postgraduate loan within 30 years from the date of your first payment, the remaining loan debt will be voided.

How Do I Apply?

You can apply in one of two ways – either online , by setting up an account on Student Finance England’s website, or by post , by filling in a printable form on GOV.UK ‘s website. Click the respective below to be taken directly to their websites where you can find out more. Note that you will only have to apply once for Postgraduate Doctoral Loans; Student Finance England will contact you every year to confirm the amount you will receive.

Online Application – Student Finance England

Postal Application – GOV.UK

Note: While English residents and EU students who will study in England need to apply to Student Finance England, Welsh residents and EU students who will study in Wales will need to apply to Student Finance Wales .

The application deadline is based on when your doctoral programme is due to start; you should apply within 9 months of this start date.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Other PhD Funding Options

A PhD Loan is only one of several sources of funding to support your PhD studies and living expenses. The other postgraduate funding options available to you are:

• Research Council funding and studentships
• Scholarships and bursaries
• Employer sponsorship
• Charities and Trusts

Browse PhDs Now

Join thousands of students.

Join thousands of other students and stay up to date with the latest PhD programmes, funding opportunities and advice.

• Doctoral Programs

Financial economics encompasses a broad area of topics and issues, including corporate investments and financing policy, security valuation, portfolio management, the behavior of prices in speculative markets, financial institutions, and intermediation.

The PhD specialization in finance is designed to give the student a strong background for study and research in both theoretical and empirical work in finance and related areas. Emphasis is placed on understanding the important concepts and models. Students normally take several graduate courses in the Department of Economics, particularly in microeconomics and macroeconomic theory, the economics of uncertainty, and econometrics.

The program offers two courses specifically in financial theory and its applications. In addition, the faculty and doctoral students attend a seminar that features speakers from around the country. However, the specialization is built primarily around individual study and research under the guidance of the faculty.

Examples of potential areas of research for the financial economics dissertation:

• Principal-agent relationships
• Financial intermediation
• Efficiency of markets
• Portfolio selection

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PhD loans 2024

PhD loans are available in 2024/25 to help Doctoral students living in England or Wales pay for their course fees and living expenses

PhD loans at a glance

• Worth up to £29,390 for 2024/25.
• For UK nationals resident in England or Wales.
• Study at any UK university that awards PhDs.
• Repayments combined with Masters loans .

How much can I borrow?

With these government-backed postgraduate Doctoral loans, you can borrow any amount up to £28,673 if your course started between 1 August 2023 and 31 July 2024, or £29,390 if it starts on or after 1 August 2024.

PhD loans are not means-tested, so you can apply for the full amount regardless of your financial background. Also, the loan can be used however you like - to cover fees, other study-related costs or to help with your living expenses.

If you have a disability, you may be entitled to additional support in the form of Disabled Students' Allowances .

Am I eligible for a PhD loan?

• be a UK or Irish national or have settled/pre-settled status under the EU Settlement Scheme 
• be ordinarily resident in England
• have lived in the UK, Channel Islands or the Isle of Man for three years before starting the course
• be under the age of 60 on the first day of the first academic year of your course
• not already hold a PhD or equivalent qualification
• not be receiving a Research Council studentship (including fees-only), NHS funding or other government finance towards your PhD.

You can't get the loan if you began your PhD before the 2022/23 academic year.

To discover whether you qualify for PhD funding, see GOV.UK - Doctoral loan eligibility .

Is my Doctorate eligible?

Most full and part-time PhD programmes, Professional Doctorates and PhDs 'upgraded' from Master of Philosophy (MPhil) are eligible, provided they are hosted by a UK university.

Your programme must last for at least three years and no longer than eight years. There are no restrictions on what subject you can study and your PhD proposal will not be assessed as part of your loan application.

PhDs by publication are not eligible because they do not involve an active period of studying. You also can't get a PhD loan for a research Masters degree such as an MRes or a standalone MPhil - for these you should apply for a postgraduate loan instead.

If you're studying for a PhD within a Doctoral Training Partnership (DTP), Doctoral Training Centre (DTC) or Centre for Doctoral Training (CDT), your eligibility depends on whether your research is funded by a Research Council studentship. If it is, you won't be able to get a loan.

How do I apply?

Visit  GOV.UK - Apply for a Doctoral loan for full details of how to apply for PhD funding via Student Finance England.

The deadline for Doctoral loan applications is nine months after the first day of the final academic year of your PhD - meaning you can still apply after you have started studying.

How will I receive my PhD loan?

Your loan will be paid in three instalments (33%, 33% and 34%) per academic year directly into your bank account by the Student Loans Company (SLC). It will be spread evenly across your studies.

You'll stop receiving your loan if you withdraw from your PhD or transfer to an ineligible programme, but you'll still be liable to repay what you have borrowed.

When do I start repaying my loan?

Repayments will start once you have completed your PhD and you're earning at least £21,000 per year (£1,750 per month before tax and other deductions). You'll pay at a rate of 6% of your income over this threshold.

If you're employed, your repayments will be taken out of your salary automatically on a monthly basis. If you're self-employed, HM Revenue and Customs (HMRC) will calculate how much you must repay on completion of your annual self-assessment tax return.

You'll be charged interest on your loan from the date you receive the first instalment from the SLC. This is calculated at the retail price index (RPI) +3%, meaning that that the interest accrued will typically be the annually reviewed RPI percentage, plus an additional 3%. The interest rate currently stands at 7.8%.

Any outstanding balance will be written off 30 years after your loan first becomes due for repayment.

Be aware that if you have previously taken out a postgraduate loan to fund Masters-level study, this will be combined with your PhD loan. You'll therefore repay a single debt at a rate of 6% of your income over £21,000.

However, debt from your undergraduate student loan is paid concurrently rather than combined. This means you may find yourself repaying up to 15% of your income - 9% for your undergraduate loan and 6% for your postgraduate/PhD loan.

What other PhD funding is available?

• PhD studentships
• Research Council funding
• Scholarships and bursaries
• Employer sponsorship
• Crowdfunding

Remember that PhD loans cannot be combined with other public funding such as Research Council studentships or NHS funding.

PhD loans in Wales

In 2024/25, the Welsh government has confirmed that eligible students ordinarily resident in Wales are able to borrow up to £28,655 to study for a full or part-time PhD. As with the postgraduate Doctoral loan scheme for residents in England, it isn't means-tested.

If your course started in 2023/24, you can apply for a loan of up to £28,395.

Explore how and when to apply by visiting  Student Finance Wales .

Doctoral funding in Scotland and Northern Ireland 

PhD loans are not currently available in Scotland and Northern Ireland, but there are other options you can pursue in order to fund your education.

For instance, organisations such as Student Information Scotland and the Department for the Economy (DfE) provide details of the PhD scholarships available to residents of Scotland and Northern Ireland respectively.

Find out more

• Search for PhDs in the UK .
• Learn about PhD study .

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Doctoral loans for 2025-entry

• Eligibility

How to apply

The English and Welsh governments introduced a loan scheme for doctoral courses from 2018/19 entry. If you are a new entrant for 2025/26, find out if you are eligible and how you can take out a loan through the information on this page.

Please note that details for students starting in 2025 have not yet been released in full by the UK government. All figures and eligibility criteria on these pages refer to those who started in 2024, unless stated otherwise, and will be updated when further information is available.

How much is the loan?

You can apply for a loan of up to £29,390 (or £28,655 for students from Wales) towards your course and living costs.

The loan will be divided equally across each year of your course in line with the number of years course fees are payable .

The loan is paid into your bank account in three instalments during the academic year.

More information

You can find details about eligibility, application and repayment in the sections listed across the top of this page. An overview of doctoral loans and details of how to apply is available from your regional funding agency's website:

• Student Finance England
• Student Finance Wales

Who can take out the loan?

Full eligibility details can be found on your regional funding agency’s website:

For courses starting on or after 1 August 2021, the UK government has confirmed that EU, other EEA, and Swiss Nationals will be eligible for student finance from the UK government if they have UK citizens’ rights (i.e. if they have pre-settled or settled status, or if they are an Irish citizen covered by the Common Travel Area arrangement). The support you can access from the government will depend on your residency status. Further details on eligibility can be found on the  UK government website .

Which courses are covered?

The information in this section is presented as a guide only. You should refer to the UK government website for further details.

Taught and research standalone doctoral courses in any subject are covered by the loan. Courses must start on or after 1 August 2018, and be 3 to 8 years in duration. Courses can be studied on a full-time or part-time basis.

Doctoral courses that include an integrated master’s degree are eligible for the Postgraduate Doctoral Loan, but you must be admitted to and enrol on the doctoral course. You would not be able to make a separate application for Postgraduate Master’s Finance.

If your DPhil course commences in Hilary or Trinity term please contact the Student Fees and Funding team and we can arrange for a Hilary or Trinity term start version of your course to be set up within the Student Finance application portal if it has not been added previously.

Applications for students starting in 2025/26 are expected to open in May 2025. You are encouraged to apply as early as possible via your regional funding agency's website to ensure that funding is in place for the start of your course.

The information below is the University's best understanding of the current position. Any changes the government make to repayment arrangements are outside the control of the University.

Will I be charged interest on my loan?

Interest is charged at the Retail Price Index (RPI) plus 3% from the day your first payment is made until your loan is repaid in full.

How do I repay my loan?

You have to repay any loan you borrow, but not until your income is over £21,000 a year. Repayments will be based on your income, not what you borrow.

You will start making repayments the April after you finish or leave your course, or the April four years after the start of your course.

You will only start making repayments once your income is over the current threshold of £403 a week, £1,750 a month or £21,000 a year. You will repay 6% of what you earn over the threshold. So if you are paid monthly and earn £2,500 before tax you’ll repay 6% of the difference between what you earn and the threshold (£1,750):

£2,500 - £1,750 = £750

6% of £750 = £45

So your Postgraduate Loan repayment would be £45 that month.

What if I already have a student loan?

If you already have a Postgraduate Master’s Loan then you’ll make a combined repayment of 6% over the income threshold of £21,000 covering both postgraduate loans.

If you have had any other loan from the Student Loans Company then you will continue to make separate repayments alongside those for your postgraduate loan.

You can find further information on repayments at the  GOV.UK Repayments website .

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Who is Nicole Virzi, PhD student accused of killing her friend's newborn son?

Prosecutors in Pennsylvania say the death penalty is on the table for a Ph.D. student accused of killing a 6-week-old baby and severely injuring his twin brother while she was babysitting them in June.

Nicole Virzi, a 30-year-old from California, was charged with homicide, aggravated assault and child endangerment in the case involving the newborn twin boys in Pittsburgh.

According to a criminal complaint and a death penalty notice obtained by TODAY.com, the medical examiner determined one of the boys, Leon Katz, died of blunt force trauma​ on June 16.

Virzi was charged with homicide in connection with the boy's death, as well as the abuse of Leon's twin brother.

David Shrager, Virzi's defense attorney, told NBC News that he would pursue acquittal for his client.

“This was not the direction we hoped the case would go,” Shrager said. “We strongly disagree with the allegations made by the DA’s office regarding the death penalty. We will of course be litigating this case aggressively until the truth comes out.”

What happened to Leon Katz?

Leon Katz was a 6-week-old infant who died on June 16 after sustaining multiple head injuries while in Virzi's care.

According to a verified GoFundMe page , he and his twin brother, Ari, were born in May to Savannah Roberts and Ethan Katz, who lived in Pittsburgh.

On the day before he died, Leon spent time with Virzi on an outing with his parents and twin brother, according to a police complaint.

At some point that day, police said, Virzi pointed out to Roberts and Katz that Ari had blood in his diaper and that his penis was red and swollen, the complaint said.

Virzi said Leon was left in her care sometime around 6:30 p.m. at Roberts and Katz's apartment while they brought Ari to the hospital.

Virzi told investigators that she had fallen asleep while Leon was in a bouncer seat. When she woke up, she said she went to the kitchen to get a bottle for him while he remained unstrapped in his bouncer seat. While in the kitchen, Virzi heard the boy screaming, she said.

When she found the boy, he was lying on the ground and had a large bump on the left side of his head, she told police. She said she called the boys parents, and then called police at around 11:17, p.m., according the complaint. She told police the baby was conscious and breathing, but becoming non-responsive.

Emergency medical and fire teams responded to the scene, and Leon was taken to the University of Pittsburgh Medical Center- Children's Hospital, where he was pronounced dead at 5:47 a.m. the next day, the complaint said.

An investigator for the Allegheny County medical examiner’s office reported that a CT scan showed Leon sustained a severe skull fracture to the left side of his head and had multiple brain bleeds, according to the complaint.

A physician from Child Advocacy Center informed detectives that the injuries found on Leon were consistent with ones sustained as a result of child abuse, and the injuries were inflicted "not natural and not accidental."

Who is Nicole Virzi?

At the time of Leon Katz's death, Nicole Elizabeth Virzi was pursuing a Ph.D. at the University of California, San Diego, studying behavioral medicine. Her student profile on the UCSD website was recently taken down.

The GoFundMe page described her as a "trusted family friend" of Savannah Roberts and Ethan Katz.

At the time of the incident, Virzi was staying at an Airbnb about an eight-minute drive away from the family apartment where the alleged incidents took place, police said.

What are the charges against Nicole Virzi?

In addition to homicide, she has been charged with three counts of aggravated assault and two counts of endangerment of child welfare.

Virzi waived her preliminary hearing in July, and was formally arraigned on Aug 23. She was not present for the arraignment, the Pittsburgh Post-Gazette reported .

Where is Nicole Virzi now?

Virzi is currently being held without bond at the Allegheny County Jail.

Her next scheduled court appearance is a pre-trial conference set for Sept. 13.

Why could Nicole Virzi face the death penalty if convicted?

According to the Death Penalty Information Center , a nonprofit that publishes data and analysis on capital punishment, if convicted, Virzi could face the death penalty under Pennsylvania law due to aggravating factors — or conditions that make her alleged crimes more serious — that prosecutors say are relevant to her case.

Those factors include the fact that Leon Katz was under the age of 12, and also that Allegheny County prosecutors have alleged that torture was a factor in his death.

A death penalty case in the state would be rare; only three people have been executed in Pennsylvania since 1978, according to the Post-Gazette . There are no women on death row in the state.

“The decision to seek such is made only after careful and serious consideration of whether we believe we have evidence beyond a reasonable doubt that the aggravating factors outweigh potential mitigating factors,” Allegheny County District Attorney Stephen A. Zappala Jr. said in a statement to CNN.

This article was originally published on TODAY.com

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PhD in Finance

Finance and real estate finance.

Our finance group conducts high-impact and high-quality research in corporate finance, asset pricing, macro-finance, real estate, labor and finance, household finance and neuroeconomics. Our mission is to create knowledge that advances our understanding of the economic decisions made by investors, consumers, firms and policymakers. We also offer a specialized program in real estate finance.

Our program is quantitative in nature and students typically have a background in economics, engineering, mathematics or statistics. We value past experience in research related to finance or economics and some students already have completed graduate work, but we don’t require either.

Students in the Finance PhD Program benefit enormously from working with our world-class faculty who value working with PhD students and have designed many courses to specifically meet your needs.

We are committed to providing you with the benefits of training and true mentorship in our collaborative environment. You will have a faculty mentor assigned to you, and you will learn the research process as you work closely finance professors on their current research. Close collaboration your classmates offers additional mentoring opportunities.

With the knowledge, skills and network you develop at UNC Kenan-Flagler, we expect you to graduate ready to succeed as a researcher at a top business school.

Typical Finance PhD Curriculum Path

During the first two years of the PhD program, you focus on developing the tools you need to produce high-quality research.

By the end of you second year, you take a comprehensive exam. It consists of a written exam covering all of the Finance courses you took during your first two years and an oral presentation of your current research.

After passing the comprehensive exam, you begin the second part of the program where you spend the majority of your time working on research.

In the third year, you focus most of your time on your dissertation. During this process, you will collaborate closely with faculty members and present your work during faculty research seminars.

You spend the rest of the program finishing the dissertation and preparing for the job market.

Upon successful completion of the program, your receive a PhD in Business Administration.

• You may take any elective offered by UNC Kenan-Flagler, other UNC or Duke departments with guidance from your advisor.
• You are invited to participate in all finance and real estate-related research seminars and guest speakers at UNC Kenan-Flagler. Guest speakers regularly include faculty members from other top business schools such as Chicago, Columbia, Duke, Harvard, NYU and Wharton.

Fellowships in Finance

All admitted students are considered for financial support from UNC Kenan-Flagler or University fellowships. Fellowships typically require you to conduct research and teach during the academic year.

The finance area also provides special fellowships in two research areas.

Private Equity

The UAI Foundation Fellowship in Private Equity Research is available to students with a demonstrated research interest and expertise in the field of private equity and venture capital. If you would like to be considered for this fellowship, note your interest as part of your research statement in your application.

Real Estate

Thanks to generous funding from The Leonard W. Wood Center for Real Estate Studies , we support students specializing in real-estate finance. This specialized program is unique in the academic world. In addition to fulfilling the finance requirements, students complete rigorous training to prepare them to teach and research issues in commercial real estate.

Our aim is dual. Our graduates will be highly qualified academics capable of producing research published in the best journals in economics and finance. They also develop the skills to teach institutionally detailed courses in commercial real estate finance.

View our current Finance PhD students .

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Doctoral Loan

What you'll get.

You can get up to:

• £29,390 if your course starts on or after 1 August 2024
• £28,673 if your course started between 1 August 2023 and 31 July 2024
• £27,892 if your course started between 1 August 2022 and 31 July 2023

The amount you’ll get is not based on you or your family’s income.

The Department for Work and Pensions (DWP) may take account of the loan when working out any benefits you receive.

The loan is paid directly to you. You can use it for your course fees and living costs.

The loan will be divided equally across each year of your course.

If you apply after your first year

You can apply for a Postgraduate Doctoral Loan in any year of your course. But if you apply after your first year, you might not get the maximum amount.

• £12,471 if your course starts on or after 1 August 2024
• £12,167 if your course started between 1 August 2023 and 31 July 2024
• £11,836 if your course started between 1 August 2022 and 31 July 2023

When you’re paid

You get the first payment after your course start date, once your university or college confirms that you’ve registered.

The loan will be paid in 3 instalments of 33%, 33% and 34% each year. After your application has been approved you’ll be sent a letter with your payment dates or you can check them in your online account.

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PhD in Finance

The PhD concentration in finance emphasizes theoretical economics and provides a rigorous, analytically-grounded education. The Finance Department has a long and prominent intellectual history. Ideas that we now take as commonplace, such as moral hazard problems caused by deposit insurance and the Hansen-Jagannathan bounds in asset-pricing, have their origin at the Carlson School.

About the Program

Faculty members are also dedicated to producing top-flight scholars by offering both doctoral courses that focus on cutting edge research as well as collaborative research opportunities. Students who have strong interests and abilities in quantitative methods, mathematics, and economics will find this program both challenging and stimulating.

Our faculty members are more than just educators; they are accomplished leaders in the finance industry and dedicated researchers shaping the future of finance.

The PhD finance concentration requires a strong mastery of economic theory.

Get to know current students in the PhD Finance program.

Learn more about their educational background, expertise, and research interests. 

Finance Seminars & Conferences

Learn more about the events and conferences presented by the Carlson School of Management's Finance Department.

Alumni Perspectives

"As a PhD student, the Carlson School of Management has given me everything I could ask for and more. The exceptional faculty support and collegial environment were crucial in guiding me from an undergraduate student to a focused researcher. The faculty's diverse expertise and openness to novel topics allowed me to explore various areas of finance research. The program's strong connections with leading companies provided valuable market insights, bridging the gap between theory and practice. From thought-provoking seminars to relaxing road trips and winter adventures, I will always be grateful for the opportunities and memories offered by Carlson."

Assistant Professor of Business, Finance Division Columbia Business School

More about Xuelin Li

Get in touch

PhD Coordinator

Department Chair

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Recent Graduate? Financial Fitness Starts Here

Once you've landed a job, it's time to optimize your starting salary with a focus on creating a budget, paying off student debt and saving for retirement.

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Graduating from college is a remarkable achievement, but it often coincides with the pressures of finding a new place to live, securing a first job and managing your first paycheck. Entering the workforce now means you must focus on maximizing your entry-level salary, potentially paying off student loans and planning for a secure financial future.

While these obligations may seem daunting, implementing basic financial habits into your daily routine can help ease the transition into life after college. By tracking expenses, staying on top of any student loan debt and planning out the initial stages of your career path, you can lay the groundwork for a financially secure post-graduation period.

You recently graduated: Now what?

Performing initial research on salary estimates for your major or career choice is crucial. Understanding the differences in pay between different industries, sectors and companies — as well as the cost of living for different cities — can help you structure your career path and identify positions you want to apply for.

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Once you land a job, it’s a good idea to create a monthly budget based on your income. Tracking your expenses will not only provide you with a clear idea of where your money is going, but also help you create new habits — enabling you to focus on your priorities and say no to unnecessary spending .

However, creating a budget doesn’t mean cutting out all the fun stuff! Budgets are meant to help you identify items that aren’t essential to your daily needs, like how much you spend on eating out, luxury accessories and subscription services. Removing or cutting back on some of these items will allow for greater flexibility to focus on essential spending.

One required bill for many graduates is their monthly student loan payments. If you have student loan debt, prioritizing these payments is essential to protecting your credit score .

As such, these payments should be factored into your budget. A general rule of thumb is to devote no more than 10% of your monthly gross income to paying your student loan under a standard 10-year repayment plan. If you find yourself paying more than 10%, it might be time to review your budget to see where you can put that extra money to better use.

Planning your career path

While a larger salary can make it easier to balance your budget, recent graduates often place a heavy emphasis on their starting pay, mistakenly equating it to career success.

While a job provides you with money to pay the bills, pursuing a career means gaining experience, building your innate skills and talents, which will allow you to progress toward higher-paying positions with more responsibility and impact.

Seek a career path that aligns with your passions, lifestyle and long-term goals. Take remote work as an example. If you prefer to interact with colleagues face-to-face, then taking a position in which you’re not going into an office — even if it offers a higher salary — will not bring you personal fulfillment.

Additionally, keep in mind that you may move between companies and industries at various times in your career. This is why it’s important to take a long-term approach to planning, taking positions early on that enable you to learn and grow your skills and make yourself more marketable. While this could mean taking a pay cut early on, improving your skill set will pay dividends in the future.

Working with a financial professional

Sometimes, no matter how much effort we put into managing our finances, it’s not enough to cover all the bases in our financial journey. This can be particularly true when you are balancing a new salary, student loans and the responsibilities of rent, utilities and insurance that come with living on your own.

This is where a financial advisor can help you “level up” basic habits to strengthen your financial security and stability. For example, if you are having trouble making loan repayments, an advisor can help you understand your loan obligations in greater detail and help you choose a repayment plan that makes sense for your situation.

A financial advisor’s greatest impact, however, lies in long-term planning. By working together to understand where you are today — and where you would like to be — an advisor can craft a comprehensive financial plan that considers your unique needs and circumstances, as well as your vision for the future.

With an entry-level starting salary, it usually takes time to achieve financial independence. But that doesn’t mean you can’t begin to save for longer-term goals, such as retirement, homeownership, a new car or continuing education. Collaborating with a financial advisor can help you budget for these items and take advantage of your employer’s retirement plan, which often includes matching contributions to your pretax salary deferrals.

Whether you work with an advisor or on your own, it’s important to set professional and financial goals and plan the steps you should take to realize them. The post-graduation period is filled with new responsibilities and important decisions, and financial missteps early in your career can lead to neglected debt payments, a damaged credit score and overall financial stress . However, if you stay committed to your financial plan, maintain responsible spending habits and seek a position that aligns with your passions and skills, you can lay the foundation for a rewarding career and a secure financial future.

Related Content

• New Grads: What to Know Before Your First Real Job
• New Graduates’ Guide to Paying Off Student Loans
• 11 Smart Ways Recent Grads Can Use Their Monetary Gifts
• Lost Your Way Financially? How to Get Back on Track
• What Are You Willing to Do for Cheaper Car Insurance?

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA .

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Vanessa Okwuraiwe is a principal at Edward Jones where she is part of the strategic leadership team that helps the firm achieve its goal of being a place of belonging for all and to fulfill its purpose of making a meaningful impact in the lives of clients, associates and communities. She is a thought leader in Financial Wellness with a focus on building financial resilience across all communities.

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2025 Graduate Talent Program – Group Finance

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Interested in working in finance and have an affinity for data and numbers, but not sure where to start? Do you want to work for a firm with a truly global footprint?

We’re looking for ambitious students to join our 2025 Finance Graduate Talent Program.

You’ll get to:

• support daily run-the-bank activities as well as initiatives and projects within finance by preparing various financial reports • coordinate strategic and operational tasks • consult with internal experts to help advise our senior managers • help us build strong relationships with external auditors, regulators and tax authorities

Your Team :

You’ll be a part of the Group Finance team, helping to manage, report and forecast all of our finances.

Your Expertise:

We’re looking for a candidate who:

• will graduate between December 2024 and June 2025 • has a cumulative GPA of 3.0 and above • has values that align with ours: hard-working, trustworthy, dedicated and collaborative • is a strategic thinker with strong communication skills • is motivated to work in a business with high demands and tight deadlines

We’re looking for someone who’s curious and wants to thrive in a business that never stops moving. We welcome all majors, but it’s important to have an interest in the financial industry. We want to see what makes you unique and discover what you can bring to our team.

Please note, this position is not eligible for any employment-based immigration sponsorship. Additionally, UBS will not provide any assistance or sign any documentation in support of any other form of immigration sponsorship including optional practical training (OPT) or curricular practical training (CPT).

Your Program:

Our Graduate Talent Program is 18 months long and is designed to help you develop the skills you need to grow your career. To start, the program introduces you to our firm, provides professional and technical training and teaches you core skills and knowledge of finance. And it continues from there: by learning from your colleagues, you’ll have plenty of opportunities to develop new skills and build your network. You’ll have the opportunity to see beyond your job by participating in one, or several, rotations. If you’re ready to work where no two days are the same, this program is for you.

UBS is the world’s largest and only truly global wealth manager. We operate through four business divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management and the Investment Bank. Our global reach and the breadth of our expertise set us apart from our competitors.

With our large and diverse team operating internationally, we have a presence in all major financial centers in more than 50 countries. Although we all come from different backgrounds and specializations, two things unite us: the conviction that we’re stronger together, and the will and curiosity to constantly improve.

We know that it’s our people, with their unique backgrounds, skills, experience levels and interests, who drive our ongoing success. You’ll get to learn from the best at UBS, inspirational leaders from across the business and experts in everything financial industry. Together we’re more than ourselves. Ready to be part of #teamUBS and make an impact?