Programmes

MRes/PhD Finance

  • Graduate research
  • Department of Finance
  • Application code N4ZC
  • Starting 2021
  • Home full-time: Closed
  • Overseas full-time: Closed
  • Location: Houghton Street, London

This programme offers the chance to undertake a substantial piece of work that is worthy of publication and which makes an original contribution to the financial markets industry. You will begin on the MRes, and will need to meet certain requirements to progress to the PhD.

Our programme is unique in its integration of finance and economics. You will take first-year microeconomics and macroeconomics courses together with PhD students in economics, but will differentiate by taking advanced courses in financial econometrics, asset pricing and corporate finance during the first two years of the programme. You will 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 are able to offer opportunities for research in virtually any field in finance. We have strengths in theory and empirics, asset pricing and corporate finance, as well as financial econometrics, behavioural finance, macro-finance, and microeconomic analysis of financial markets and institutions. 

You are 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.

Teaching and learning in 2021 

LSE is committed to offering you the best possible teaching and learning experience within the constraints of the ongoing COVID-19 pandemic. 

Our expectation for the 2021-22 academic year is that all LSE students will be in London and studying on campus, where we will provide flexible teaching and learning which blends both in-person and online elements. This flexible approach has been informed by our student and academic community and builds upon the innovations and improvements we have put in place over the past year. If, due to events outside of our reasonable control, such as the COVID-19 pandemic, we have to make any changes to the delivery of the programme in the 2021/22 academic year, we will provide as much notice as is reasonably practicable by updating this page and sending an email to all offer holders/students. 

For more information about LSE's teaching plans for 2021 and our Coronavirus FAQs for prospective students please visit our website.

Programme details

Key facts

MRes /PhD in Finance
Start date Late August 2021
Application deadline 29 April 2021. However please note the funding deadlines
Duration Five to six years full-time: two year MRes, three to four years PhD. Please note that LSE allows part-time PhD study only under limited circumstances. Please see lse.ac.uk/study-at-lse/Graduate/Prospective-students/Types-of-study for more information. 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 are shortlisted.
Tuition fee Home: £4,500 (for the first year) 
Overseas: £20,136 (for the first year)
Financial support LSE PhD Studentships (deadlines 14 January and 29 April 2021)
ESRC funding (deadline 14 January 2021)
Departmental scholarships
Minimum entry requirement Merit in a taught master’s in finance, economics or another subject with a strong quantitative component
GRE/GMAT requirement GMAT or GRE is required for all applicants (GRE is preferred)
English language requirements Standard (see 'Assessing your application')
Location  Houghton Street, London

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Entry requirements

Minimum entry requirements for MRes/PhD Finance

Merit in a taught master's degree in finance, economics or another subject with a strong quantitative component.

Competition for places at the School is high. This means that even if you meet our minimum entry requirement, this does not guarantee you an offer of admission. 

If you have studied or are studying outside of the UK then have a look at our Information for International Students to find out the entry requirements that apply to you.

GRE/GMAT requirement

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

Find out more about GRE/GMAT

Assessing your application

We welcome applications for research programmes that complement the academic interests of members of staff at the School, and we recommend that you investigate staff research interests before applying. However, please do not get in touch with faculty at this stage, 

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

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

See further information on supporting documents

You may also have to provide evidence of your English proficiency. You do not need to provide this at the time of your application to LSE, but we recommend that you do. See our English language requirements.

When to apply

The application deadline for this programme is 29 April 2021. However to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.

 

Fees and funding

Fees and Funding

Every research student is charged a fee in line with the fee structure for their programme.  The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2021/22 for MRes/PhD in Finance

Home students: £4,500 for the first year
Overseas students: £20,136 for the first year

The fee is likely to rise over subsequent years of the programme. The School charges home research students in line with the level of fee that the Research Councils recommend. The fees for overseas students are likely to rise in line with the assumed percentage increase in pay costs (ie, 4 per cent per annum).

Fee status

The amount of tuition fees you will need to pay, and any financial support you are eligible for, will depend on whether you are classified as a home or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Further information about fee status classification.

Scholarships and other funding

The School recognises that the cost of living in London may be higher than in your home town or country, and we provide generous scholarships each year to graduate students from the UK, the EU and outside the EU.

This programme is eligible for LSE PhD Studentships, and Economic and Social Research Council (ESRC) funding. Selection for the PhD Studentships and ESRC funding is based on receipt of an application for a place – including all ancillary documents, before the funding deadline.  

Funding deadline for LSE PhD Studentships and ESRC funding: 14 January 2021.
Second funding deadline for LSE PhD Studentships: 29 April 2021.

The Finance Department may also offer departmental scholarships.

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas. 

External funding 

There may be other funding opportunities available through other organisations or governments and we recommend you investigate these options as well.

Further information

Fees and funding opportunities

Information for international students

LSE is an international community, with over 140 nationalities represented amongst its student body. We celebrate this diversity through everything we do.  

If you are applying to LSE from outside of the UK then take a look at our Information for International students

1) Take a note of the UK qualifications we require for your programme of interest (found in the ‘Entry requirements’ section of this page. 

2) Go to the International Students section of our website. 

3) Select your country. 

4) Select ‘Graduate entry requirements’ and scroll until you arrive at the information about your local/national qualification. Compare the stated UK entry requirements listed on this page with the local/national entry requirement listed on your country specific page 

Programme structure and courses

Programme Structure and Courses

A PhD in Finance from LSE consists of six coursework units, completed over two years, followed by a thesis which is usually expected to take a further three or four years.

We encourage our research students to participate fully in the intellectual life of the Department, and in the research seminar and workshop programmes of the Department and related research centres such as the Financial Markets Group (FMG). The weekly Capital Markets Workshops provide exposure to the work of leading academics from the UK and overseas. In addition, the FMG hosts a number of conferences each year with leading researchers and practitioners.

Students will normally commence in late August, by attending an introductory course before the start of the academic year.

Introductory Course in Mathematics and Statistics
Provides students with the essential mathematical, statistical, economic and econometric background for the core Economics courses of these programmes.

First year

During their first year, students take courses in Advanced Microeconomics, Advanced Macroeconomics and Advanced Financial Econometrics to build their core knowledge in these areas. They will also take two transferable skills courses which are not examined.

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

Microeconomics for MRes Students
Introduces the basic analytical tools that are necessary to conduct research in any field in economics.

Macroeconomics for MRes Students
Covers topics in advanced macroeconomics with emphasis on fundamentals and applications to recent theoretical advances.

Financial Econometrics for Research Students (suspended 2021/22)
Covers probability, mathematical statistics, and asymptotic theory, and theory and application of regression analysis. Provides a survey of the theory and application of time series methods in econometrics.

Financial Economics
This non-examined course provides an in-depth introduction to the theories of asset pricing and corporate finance.

Capital Markets Workshop  

Second year

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

Corporate Finance for Research Students
The first half of this course focuses on the theory of corporate finance. The second half of the course will consider empirical research in corporate finance.  

Asset Pricing for Research Students
Covers asset pricing theory, empirical asset pricing, as well as empirical evaluation of asset-pricing models.

Research Paper in Finance
A research paper of between 6,000 and 8,000 words, related to your designated major field, to be submitted at the end of August of the second year.

PhD Seminar in Finance
A seminar course for PhD students in the early stages of their research to present their work in progress.

Capital Markets Workshop

PhD programme

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

PhD Seminar in Finance
A seminar course for PhD students in the early stages of their research to present their work in progress.

 

For the most up-to-date list of optional courses please visit the relevant School Calendar page. 

You must note however that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises. 

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s Calendar, or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the updated graduate course and programme information page.

Supervision, progression and assessment

Supervision

You will be assigned a lead supervisor (and a second supervisor/adviser) who is a specialist in your chosen research field, though not necessarily in your topic. Lead supervisors guide you through your studies.

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

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

More about progression requirements. 

Student support and resources

We’re here to help and support you throughout your time at LSE, whether you need help with your academic studies, support with your welfare and wellbeing or simply to develop on a personal and professional level.

Whatever your query, big or small there are a range of people you can speak to and who will be happy to help.  

Department librarians – they will be able to help you navigate the library and maximise its resources during your studies. 

Accommodation service  - they can offer advice on living in halls and offer guidance on private accommodation related queries. 

Class teachers and seminar leaders – they will be able to assist with queries relating to a specific course you are taking. 

Disability and Wellbeing Service – the staff are experts in long term health conditions, sensory impairments, mental health and specific learning difficulties. They offer confidential and free services such as student counselling, a peer support scheme, arranging exam adjustments and run groups and workshops. 

IT help– support available 24 hours a day to assist with all of your technology queries.  

LSE Faith Centre – home to LSE's diverse religious activities and transformational interfaith leadership programmes, as well as a space for worship, prayer and quiet reflection. It includes Islamic prayer rooms and a main space for worship. It is also a space for wellbeing classes on campus and is open to all students and staff from all faiths and none.  

Language Centre– the centre specialises in offering language courses targeted to the needs of students and practitioners in the social sciences. We offer pre-course English for Academic Purposes programmes; English language support during your studies; modern language courses in 9 languages; proofreading, translation and document authentication and language learning community activities.

LSE Careers ­- with the help of LSE Careers, you can make the most of the opportunities that London has to offer. Whatever your future career plans, LSE Careers will work with you, connecting you to opportunities and experiences from internships and volunteering to networking events and employer and alumni insights. 

LSE Library  Founded in 1896, the British Library of Political and Economic Science is the major international library of the social sciences. It stays open late, has lots of excellent resources and it’s a great place to study. As an LSE student, you’ll have access to a number of other academic libraries in Greater London and nationwide. 

LSE LIFE – this is where you should go to develop skills you’ll use as a student and beyond. The centre runs talks and workshops on skills you’ll find useful in the classroom, offer one-to-one sessions with study advisers who can help you with reading, making notes, writing, research and exam revision, and provide drop-in sessions for academic and personal support.(See ‘Teaching and assessment). 

LSE Students’ Union (LSESU) – they offer academic, personal and financial advice and funding. 

PhD Academy - is available for PhD students, wherever they are, to take part in interdisciplinary events and other professional development activities and access all the services related to their registration. 

Sardinia House Dental Practice - offers discounted private dental services to LSE students. 

St Philips Medical Centre - based in Pethwick-Lawrence House the centre provides NHS Primary Care services to registered patients. 

Student Services Centre – our staff here can answer general queries and can point you in the direction of other LSE services.  

Student advocates and advisers– we have a School Senior Advocate for Students and an Adviser to Women Students who can help with academic and pastoral matters. 

Student life

As a student at LSE you’ll be based at our central London campus. Find out what our campus and London have to offer you on academic, social and career perspective. 

Student societies and activities

Your time at LSE is not just about studying, there are plenty of ways to get involved in extracurricular activities. From joining one of over 200 societies, or starting your own society, to volunteering for a local charity, or attending a public lecture by a world-leading figure, there is a lot to choose from. 

The campus 

LSE is based on one campus in the centre of London. Despite the busy feel of the surrounding area, many of the streets around campus are pedestrianised, meaning the campus feels like a real community. 

Life in London 

London is an exciting, vibrant and colourful city. It's also an academic city, with more than 400,000 university students. Whatever your interests or appetite you will find something to suit your palate and pocket in this truly international capital. Make the most of career opportunities and social activities, theatre, museums, music and more. 

Want to find out more? Read why we think London is a fantastic student city, find out about key sights, places and experiences for new Londoners. Don't fear, London doesn't have to be super expensive: hear about London on a budget

Careers

Students who successfully complete the programme often embark on an academic career. See a list of past placements.

Support for your career

Many leading organisations give careers presentations at the School during the year, and 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.

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