A Ph.D. is the most advanced and one of the most highly-respected degrees that someone can earn. If you have a financial background or are interested in specializing in topics like finance, economics, and statistics, a Ph.D. in finance can help you open up many career doors and increase your earning potential.
According to data from the Bureau of Labor Statistics (BLS), the median salary for someone with a doctoral degree is $94,900 per year. That number is even higher for those with doctoral degrees in finance. Someone with a Ph.D. in finance is likely to exceed $100,000 per year.
Despite the high earning potential, you can earn your Ph.D. for a relatively low tuition amount. Based on the schools we've ranked in this article, the average tuition cost is roughly $50,000. Read on to learn more about the most affordable programs, courses, earning potential, and financial aid.
Explore these promoted online degree programs.
These top, accredited schools offer a variety of online graduate degree programs. Figuring out where to apply? Consider one of these online Master's or Ph.D. programs.
Most Affordable Online Ph.D.s in Finance in 2021
Online Ph.D. in Finance Program Overview
Pursuing a Ph.D in finance is a difficult and time-intensive process, but opens you up to many career opportunities. To be admitted into a finance Ph.D. program, you'll first need to meet the prerequisites, which include both a bachelor's and master's degree.
Ph.D. programs take an average of five years to complete. The first several years of the program will be spent on coursework. The final years will be spent preparing your dissertation.
If you're wondering why to earn a doctoral degree in finance, know that this type of degree can drastically increase your earning potential, especially in a high-paying field like finance.
Career and Salary Outlook for Finance Ph.D. Graduates
Here's an overview of some of the top paying jobs in finance.
There is excellent earning potential for someone with a Ph.D. in finance. According to the BLS, the median weekly salary for someone with a doctoral degree is $1,825 per week, which comes to $94,900 per year.
But in a high-paying field such as finance, starting salaries are likely to be much higher. In fact, according to the Georgia Tech Scheller College of Business, starting salaries for finance Ph.D. graduates are often closer to $180,000-$200,000.
A significant factor in determining your salary is the career path you choose to follow. There are many career doors open to someone with a Ph.D. in finance. Many people with doctoral degrees go into academia, but that's not always the case. Jobs someone with a P.h.D. in finance may pursue include:
| Job Title | Medial Annual Salary | Employment Growth Rate |
|---|---|---|
| Assistant Professor or Professor | $80,790 | 9% |
| Financial Manager | $134,180 | 15% |
| Economist | $108,350 | 14% |
| Finance Analyst | $83,660 | 5% |
| Chief Financial Officer | $185,950 | 4% |
Explore Similar Industries
Accreditation for a Doctorate in Finance Online
There are two types of accreditation for colleges and universities, and each is important. Both institutional and specialized accreditation provides students and potential employers with the knowledge that a particular school holds up to a national or regional standard. In fact, accreditation means more on an application than most students realize, so it's time to pay attention to the labels these schools carry.
In fact, no accreditation could mean that the school does not have high enough academic achievements, or could be on probation for a multitude of violations.
Specialized accreditation, however, differs from institutional accreditation in that it focuses on one field of study, setting some programs apart from others. It is done by independent accrediting bodies. There are three main accrediting bodies students should look out for when looking up online finance Ph.D. degrees. They are:
AACSB – The Association to Advance Collegiate Schools of Business International
ACBSP – Accreditation Council for Business Schools and Programs
IACBE – International Assembly for Collegiate Business Education
Doctoral programs are not exempt from the necessity of accreditation. In some cases, the accreditation gives that program its reputation. It's always a good idea to check for accreditation prior to applying to a school.
Common Courses in an Online Ph.D. in Finance Degree
Before moving onto the dissertation portion of your Ph.D. program, you'll first have to complete coursework. Common courses you may take include:
DBA in Finance vs. Ph.D. in Finance
A Ph.D. and DBA are two paths available to someone interested in a doctoral degree in finance. The two differ primarily in terms of program focus and career path after school.
A Doctor of Philosophy (Ph.D.) is typically more research-focused. This type of degree is well-suited to someone who plans to work in research or academia. A Doctor of Business Administration (DBA) is another type of doctoral degree, but more designed for working professionals who plan to put their expertise into practice in a business setting.
For example, someone with a Ph.D. in finance may pursue a career as a finance professor at a university, while someone with a DBA in finance may one day work as a fund manager or chief financial officer.
Admissions Requirements
The admission requirements needed will vary depending on the school you apply to. In general, most schools will require applicants to have both a bachelor's and master's degree, and relevant professional work experience. Programs also require competitive GMAT or GRE scores, letters of recommendation, and a statement of purpose that can help you stand out from other applicants.
Scholarships, Grants, and Financial Aid for Ph.D. in Finance Students
A Ph.D. can be a considerable investment. The programs on our list have an average tuition cost of $50,000. Luckily, there are many resources to help students cover the cost of their Ph.D. in finance. Here are several scholarships you can consider:
AICPA Fellowship for Minority Doctoral Students
Designed to increase the number of minority students with doctoral degrees, this scholarship is available to minority candidates accepted into a full-time doctoral program.
American Educational Research Association
AERA grants are available to advanced doctoral students and are intended to support the student while analyzing data and writing their doctoral dissertation.
Science, Mathematics And Research for Transformation (SMART) Scholarship
This scholarship provides full tuition and other financial benefits to individuals in exchange for a period of post-graduation civilian service in a Department of Defense facility.
Hispanic Scholarship Fund
HSF Scholar funding is available to students with Hispanic heritage and a minimum GPA of 3.0 or higher who are pursuing undergraduate, graduate, or doctoral degrees.
Fully-Funded Programs
Another way to make your Ph.D. more affordable is to find a fully-funded program. With this type of program, the university waives the cost of tuition and fees, and may even provide a living stipend and health insurance. Keep in mind that these programs are highly-competitive and are likely to only be available to the very top students in each field.
