MRes/PhD Finance

This programme is intended to train you as a researcher at the top level.

You’ll begin on the two-year Master of Research qualification, which will provide rigorous academic training (see “Programme content” below) and equip you with the necessary tools for the PhD programme: you'll study microeconomics, econometrics, asset pricing and corporate finance, and you'll be expected to attend departmental research seminars.

You’ll need to meet certain requirements to progress to the PhD itself in the third year, but once you do you’ll begin to do your own research, culminating in a substantial piece of work that is worthy of publication and which makes an original contribution to the field of finance.

Our programme is distinctive in its integration of finance and economics. You'll leave with a broad understanding of finance and its relations to other fields in economics.

As one of the largest finance departments in the world, we're able to offer opportunities for research across a wide range of fields in finance. We have strengths in theory and empirics, asset pricing and corporate finance, as well as financial econometrics, behavioural finance, macro-finance, and microeconomic analysis of financial markets and institutions.

You're expected to participate in the regular departmental seminars (weekly), as well as occasional workshops and conferences given by internationally renowned speakers. This is viewed as an important part of the learning process on the MRes/PhD in Finance.

GRE/GMAT requirement

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

Find out more about GRE/GMAT

Introductory course (MRes)

In early September, before the academic year commences, you'll begin the degree programme by taking the Introductory Mathematics and Statistics course.

MRes (first year)

During the first year, you'll take courses in microeconomics, financial economics, financial econometrics, and corporate finance theory to build your core knowledge in these areas.

You'll also attend non-examined research workshops such as the Capital Markets Workshop and the PhD Seminar in Finance.

MRes (second year)

You'll take courses in Corporate Finance and Asset Pricing, in addition to completing a research paper.

You may be able to study any other PhD-level course with the approval of the Programme Director.

In addition to the courses below, you'll continue to attend non-examined research workshops such as the Capital Markets Workshop and the PhD Seminar in Finance

PhD programme

After meeting the progression requirements, you'll progress to PhD registration and begin to work on your thesis, as well as attending non-examined research workshops such as the Capital Markets Workshop and the PhD Seminar in Finance. You must complete the third year research paper.

PhD programme

You'll work on your thesis, as well as attend non-examined research workshops such as the Capital Markets Workshop and the PhD Seminar in Finance.

PhD programme

You'll work on your thesis, as well as attend non-examined research workshops such as the Capital Markets Workshop and the PhD Seminar in Finance.

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

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

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

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

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

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

The department was ranked the top place to study finance in the Good University Guide 2026.

Learn more about our programmes and research.

Department of Finance

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

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

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

See further information on supporting documents.

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

Part-time study

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

For students awarded an Economic and Social Research Council (ESRC) studentship, the structure and duration of the studentship offered, including part-time study, will depend on a candidate's previous academic experience, and social research training and experience. ESRC studentships are applicable to both full-time and part-time study. We can discuss part-time options with you if you're interested in applying. International students requiring a student visa should also see the student visas information in the GOV.UK website and the LSE visa advice for more details.

Statement of Academic Purpose

Your Statement of Academic Purpose should clearly explain the below:

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

Research interests

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

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

Sample topics might include:

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

The application deadline for this programme is 14 January 2026.

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

See the fees and funding section below for more details.

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

Learn more about fee status classification.

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

Learn more about fee status classification.

Progression and assessment

To progress at the end of each year, students must pass their examined courses at grades specified by the department and make satisfactory progress in their research. Progress is regularly monitored by the department's Postgraduate Assessment Review Panel.

You'll also need to meet certain criteria to progress to PhD registration, such as achieving certain grades in your coursework, and earning a minimum mark on your research paper.

Your final award will be determined by the completion of an original research thesis and a viva oral examination.

Learn more about the progress review and upgrade process

The programme is aimed at training students to become high quality researchers. Students who successfully complete the programme often embark on a career in academia, policy, or international organisations such as central banks or the IMF.

See a list of past placements.

Further information on graduate destinations for this programme

The Department of Finance has a well-organised programme to support PhD Finance students at every stage of the job market, and an excellent record in placing its students.

In addition, LSE Careers has a wide range of resources available to assist students in their job search.

Find out more about the support available to students through LSE Careers