MPhil/PhD in Finance

Page contents > Route 1 | Route 2

For students entering in or after the academic year 2013/14 please refer to the MRes/PhD Finance programme regulations.

In addition to progressing with their research, students are expected to take the listed training and transferable skills courses.  Students may take courses in addition to those listed, and should discuss this with their supervisor.

Students will take either Route 1 or Route 2 (depending on their previous Masters qualification) as detailed below.

Route 1

Students from the MSc Accounting and Finance or MSc Management and Regulation of Risk programmes and those from other relevant programmes, either at LSE or elsewhere, will enter in Year 1 and take the courses specified below.

Year One
Training courses
Compulsory (examined)
FM404 Forecasting Financial Time Series (H)
FM437 Financial Econometrics
FM502 Corporate Finance for Research Students
EC441 Microeconomics for MRes Students

Transferable skills courses
Compulsory (not examined)
Capital Markets Workshop
FM505 PhD Seminar in Finance 

Optional (not examined)
Any relevant seminars in related areas
MY593A Authoring a PhD and Developing as a Researcher: Getting Started
MY592 Workshop in Information Literacy: finding, managing and organising published research and data

Year two
Training courses
Compulsory (examined)

FM503 Asset Pricing for Research Students

And one full unit equivalent optional course from:
EC442 Macroeconomics for MRes Students
EC443 Econometrics for MRes Students
EC518 Topics in Advanced Econometrics for Research Students
EC537 Microeconomic Theory for Research Students
EC539 Macroeconomic Theory for Research Students
Or any other course approved by the Programme Director

Transferable skills courses
Compulsory (not examined)
Capital Markets Workshop
FM505 PhD Seminar in Finance

Optional (not examined)
MY593B Authoring a PhD and Developing as a Researcher: The Middle Years
Any relevant seminars in related areas

Presentation requirements: Students are required to do a seminar presentation in the second year.

Years three and four
Students spend the remainder of their PhD registration period carrying out research and thesis writing.  They should also attend the following courses:

Transferable skills courses
Compulsory (not examined)
Capital Markets Workshop
FM505 PhD Seminar in Finance

Optional (not examined)
MY593C Authoring a PhD and Developing as a Researcher: The Endgame
Other seminars closest to student's field of study

Progression and upgrade requirements
All students are required to achieve a mark of at least 65% in their examined courses, with the exception of EC441 where the required mark is 50%. The examiners may decide under certain conditions to condone a lower mark if there is strength elsewhere. Students failing to satisfy a progression requirement in a paper can, at the examiner's discretion, taking into account overall performance, re-sit that paper on one occasion only.

Students are initially registered for an MPhil. In order to progress to PhD registration, students must have achieved a mark of at least 65% in the taught course exams, with the exception of EC441 where the required mark is 50%, and have made satisfactory progress in their research. Route 1 students will also be required to submit and defend a thesis proposal to a small Committee. The proposal builds on the 10,000 word essay completed for FM505 and should be submitted at the latest by the beginning of Summer Term of the second year of registration. The thesis proposal defence will be scheduled upon the satisfactory conclusion of all examined courses and completion of the FM505 paper and presentation.

Students are strongly encouraged to participate at an early stage in their research training in appropriate international workshops and colloquia. They are also offered the opportunity to gain teaching experience, with appropriate training, without detracting from their research time.

Route 2

Students who have taken the MSc Finance and Economics or MSc Finance and Economics (Research) programmes at LSE or equivalent from another institution  may enter onto Route 2 of the programme (this will have been subject to the approval of the Programme Director).

Year One
Training courses

Compulsory (examined):
FM502 Corporate Finance for Research Students
FM503 Asset pricing for Research Students
FM505 PhD Seminar in Finance
EC441 Microeconomics for MRes Students
Students who have already taken EC441 as part of the MSc Finance and Economics should instead choose one full unit equivalent optional course from:
EC442 Macroeconomics for MRes Students
EC443 Econometrics for MRes Students
EC518 Topics in Advanced Econometrics for Research Students
EC537 Microeconomic Theory for Research Students
EC539 Macroeconomic Theory for Research Students
Or any other course approved by the Programme Director

Transferable skills courses
Compulsory (not examined):
Capital Markets Workshop
FM505 PhD Seminar in Finance

Optional (not examined):
MY593A Authoring a PhD and Developing as a Researcher: Getting Started

Years two to four
You will spend the remainder of your PhD registration period carrying out research and thesis writing.

Transferable skills courses
Compulsory (not examined):
Capital Markets Workshop
FM505 PhD Seminar in Finance

Optional (not examined):
MY593B Authoring a PhD and Developing as a Researcher: The Middle Years
MY593C Authoring a PhD and Developing as a Researcher: The Endgame
Any other seminars closest to your field of study

Presentation requirements: Students are required to do a seminar presentation in the second year.

Progression and upgrade requirements
All students are required to achieve a mark of at least 65% in their examined courses, with the exception of EC441 where the required mark is 50%. The examiners may decide under certain conditions to condone a lower mark if there is strength elsewhere. Students failing to satisfy a progression requirement in a paper can, at the examiner's discretion, taking into account overall performance, re-sit that paper on one occasion only.

Students are initially registered for an MPhil. In order to progress to PhD registration, students must have achieved a mark of at least 65% in the taught course exams, with the exception of EC441 where the required mark is 50%, and have made satisfactory progress in their research. Route 2 students will also be required to submit and defend a thesis proposal to a small Committee. The proposal builds on the 10,000 word essay completed for FM505 and should be submitted at the latest by the beginning of Lent Term of the second year of registration. The thesis proposal defence will be scheduled upon the satisfactory conclusion of all examined courses and completion of the FM505 paper and presentation.

Students are strongly encouraged to participate at an early stage in their research training in appropriate international workshops and colloquia. They are also offered the opportunity to gain teaching experience, with appropriate training, without detracting from their research time.