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Doctoral Program in Finance

You have been seriously and with growing interest studying Finance, Economics and Econometrics, and you are wondering whether you are able to make a genuine academic contribution of your own? You are interested in pursuing a PhD in Finance at a research-oriented university? You would like to become part of a research-active team with an exciting and innovative scientific agenda? Then you should consider joining our Doctoral Program in Finance (DPF). The DPF offers a strictly research-oriented education with a coursework component and a structured supervision process. The coursework component will teach you skills that will enable you to comprehend the most recent research in the areas of your interest. There is a commitment of an interactive and well-developed supervision process, supporting the development of your own research agenda and helping you to become an independent thinker in your field. It is part of our mission to make you visible as an independent researcher at the end of your studies, enabling you to apply successfully for academic positions all over the world. To help you get there, the DPF expects you to present your work once every academic year in a research seminar, and to actively participate in at least one international conference/workshop during your doctoral studies.

Requirements

Interested? Here is what you need: for a start, the DPF relies on a well-defined level of competence in core fields of modern finance, economics, and econometrics as, for example, defined in the core courses of our Msc. Program in Economics and Finance. However, the DPF is also open to applicants with backgrounds in other fields than economics. In this case, you may be asked to take the core courses (or a subset of them) in your first year here, in order to ensure your sound knowledge in those fields.

The coursework component of the DPF requires each student to take field courses worth 27 ECTS. The selection of these courses is part of the supervision agreement, so you are not left alone when you will decide on your course selection. Here are examples of the classes that are/ have been offered:

• Financial Economics
• Continuous Time Finance
• Empirical Asset Pricing
• Numerical Methods in Finance
• Statistics of Financial Markets
• Empirical Banking
• Current Topics in International Business Taxation
•  Financial Market Microstructure

Details and course descriptions can be found in the module handbook (see download section). Please note that this program may change from year to year, also in response to the qualification objectives of our program.

If you have successfully completed a Master program and have taken classes on PhD level during your studies, you may transfer credits to the DPF. However, this transfer is restricted to 18 ECTS.

Application

So, what next? Admission to the DPF is coordinated with the admission process as a doctoral student. Your best strategy is to get in touch with a potential supervisor of your thesis. How can you do this? Just browse our websites and explore our diverse research activities. You find a group of (financial) economists and a group of econometricians. Make an appointment and discuss your options. Then ask your potential supervisor to get the ball rolling: enroll as a doctoral student and apply for admission to the DPF. You may also submit an application without naming a supervisor. In this case the coordinator of the DPF will consider your application and approach potential supervisors for you. However, in order to avoid disapointment, we recommend that you explore our diverse research options first.

If you are enrolled in a Master program at the University of Tübingen, you may want to consider the PhD track. This track also allows you to start the supervision process in the second year of the program. After one year in the program, you may contact a potential supervisor and ask for supervision. This supervision will be based on an arrangement that specifies your (preliminary) research interest and should make acceptance as a doctoral student easier once you have completed your degree (although it does not guarantee that you will be accepted as a doctoral student). The main purpose is to offer academic guidance at an early stage.

Note carefully that the DPF itself does not offer any funding, albeit there are plenty of opportunities to work as research and teaching assistant. Furthermore, we are more than happy to give you advice on funding options. At the same time, the DPF does not charge any tuition fees.

I hope that you will consider joining our program. If you have any questions, please do not hesitate to contact us under joachim.grammig spam prevention @uni-tuebingen.de .

Joachim Grammig Professor of Econometrics and Empirical Economics Coordinator of the DPF

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Humboldt-Universität zu Berlin - Finance Group

Writing a doctoral dissertation in finance.

Students interested in the practical relevance of academic research in finance and who have a strong academic track record should consider writing a doctoral dissertation. The finance track of the Berlin School of Economics PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/ ) introduces students to research questions and methodologies that shape current research in financial economics, and prepares graduates for research careers in universities, central banks, and other research-oriented institutions.

Our PhD program consists of intensive course work in microeconomics, econometrics, and financial economics during the first year, and advanced specialization courses in finance in the second year. The core course in finance covers the main fields of financial economics, i.e., corporate finance, financial intermediation, and asset pricing. Elective courses from other fields in economics can also be chosen. Students must complete a minimum of 90 ECTS in order to finish the program. The typical study sequence in finance is as follows.

The finance faculty currently include Tim Adam, Max Bruche, Beatriz Mariano, Lukas Menkhoff, and Alex Stomper. We nurture a stimulating environment for research in finance. Our core strengths lie in the areas of corporate finance and financial intermediation, but we are also interested in research at the intersection of finance with other fields in economics (e.g. labor economics, international economics, or development) as well as outside economics (e.g. history, climate change.

We are conducting both empirical and theoretical research, and have access to many of the major databases in finance, such as EIKON, Compustat, Capital IQ, Bloomberg, and Morningstar. In addition, Prof. emeritus Richard Stehle has calculated the Fama-French factors for Germany since 1958. This data is available here . Funding for other financial data is available upon request.

Application  

If you would like to write a doctoral dissertation in finance you must first apply to the Berlin School of Economics (BSE) PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/content/application ). The application deadline is each year in February.

We do not supervise external dissertation projects. Every student wishing to write a dissertation in finance must first enroll and complete the BSE PhD Program.

Frequently Asked Questions concerning studies at the PhD level: https://www.wiwi.hu-berlin.de/de/professuren/vwl/wipo/faq_master_phd

2-year scholarships (€ 1.200/month) are available for applicants with outstanding academic credentials. Upon successful completion of the first- and second-year courses, students are eligible to apply for a research assistant (Wissenschaftlicher Mitarbeiter) position in the Finance Group. This position provides funding for another three years of doctoral study. In addition, there are external funding opportunities, such as the Kauffmann Dissertation Fellowship Program etc. Information on further funding opportunities are available from the Scholarship Portal .  

Starting April 1st 2013, the Humboldt-University will offer "Humboldt Research Track" scholarships at € 800 for the first time, in order to pave the way to a doctoral degree for exceptional Master students. The scholarship supports students during the transition phase between the completion of the master degree and the begin of doctoral studies. Additional information is available at: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship  

Scholarships for post-doctoral studies are available from the DAAD: https://www.daad.de/ausland/studieren/stipendium/de/22346-postdoctoral-researchers-international-mobility-experience/  

For more information on scholarships, please visit the website of the Humboldt-Graduate School: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship

Placement Students mentored by members of the finance faculty have been placed in universities such as Cass Business School, Copenhagen Business School, Ghent Univ., and Univ. of Georgia, in central banks and public sector institutions such as BaFin, Bundesbank, ECB, KfW, and OECD, as well as in the private sector, e.g. Deutsche Asset Management, HSBC Trinkaus & Burkhardt, or Munich Re.

Ph.D. Finance Curriculum

Advanced Financial Economics (4 SWS, 9 ECTS, SS)

This course covers the main areas in finance: corporate finance, financial intermediation, asset pricing, and investments.

Research Topics in Finance I (2 SWS, 6 ECTS, WS)

This course explores classic and current academic research on Financial Intermediation. It targets PhD and Master students who are currently looking for a topic for their own thesis. The course starts with a lecture-style presentation of the overarching research themes in the literature. Seminar participants will then present and discuss classic papers, as well as current unpublished papers that are still being presented at conferences.

Research Topics in Finance II (2 SWS, 6 ECTS, SS)

Discussion of current research topics in financial economics.

Finance Research Seminar (2 SWS)

This seminar is a series of research seminars given by external guests in the areas of finance and accounting. For the current seminar schedule click here .

Finance Reading Group (2 SWS)

Discussion of the research presented in the Finance-Accounting Research Seminar and other current events.

Finance Brown Bag Seminar (2 SWS)

In this seminar PhD students present their own work in an informal athmosphere.

Other recommended Elective Courses

· Microeconometric Evaluation Methods (Caliendo (Uni Potsdam), 6 ECTS)

· Applied Econometrics (Gassen/Wagner (ESMT), 9 ECTS)

· Time Series Analysis (Droge, 9 ECTS)

· Analysis of Panel Data (Droge, 9 ECTS)

· Applied Microeconomics (Steiner, 6 ECTS)

· Structural Econometrics: Discrete Choice Methods with Simulation (DIW, 6 ECTS)

· Structural Econometrics in Labor and IO (DIW, 6 ECTS)

· Introduction to Policy Analysis and Policy Advice (DIW, 9 ECTS)

· Empirical Accounting Research (Gassen/Olsson (ESMT), 6 ECTS)

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Ph.D. in Finance, fully funded

In cooperation with the graduate school of economics, finance, and management (gsefm).

The GSEFM offers a quantitative and research-oriented education featuring the structures of premier anglo-saxon graduate programs. Together with SAFE, it provides an environment where students can benefit from a unique research group in Finance spanning a wide range of topics as well as from the location in Frankfurt, the primary center for financial markets and central banking in continental Europe. The program does not charge tuition fees.

The GSEFM Ph.D. Program in Finance consists of two years of doctoral coursework with a qualifying examination at the end of the first year. Core courses in financial economics, econometrics, and mathematical methods (first year) and two to three elective courses (second year) ensure that students acquire a thorough knowledge of the theory of Finance before beginning their own research.

The Leibniz Institute for Financial Research SAFE, based at the same premises at Goethe University’s House of Finance, offers funding for the entire program to excellent applicants for the Ph.D. Program in Finance as well as to those for the Program in Economics who pursue financial economics as one field in their studies. Funding includes a scholarship of monthly €1,300 in the first program year and, conditional on passing the preliminary exams, an ensuing work contract as research assistant with sufficient time allocation to work on the thesis.

SAFE – short for Sustainable Architecture for Finance in Europe – is dedicated to interdisciplinary research on the financial markets and their players in Europe as well as to research-based, independent policy advice. It is committed to contributing to a sustainable and resilient financial system that promotes innovation and serves the needs of the economy and the society.

The GSEFM education combined with research work at SAFE offers exceptional global career opportunities in academia, international organizations, or financial regulation. ( List of recent placements )

SAFE aims to increase the proportion of female scholars among its research staff and will therefore give preference to female applicants in case of equal qualification.

Interested? Please visit the GSEFM website for more information on the Ph.D. in Finance and admission requirements . Please follow the instructions on the GSEFM website on how to apply and make sure you choose SAFE as first preference under the header "Application for Financial Aid" in the application form.

Do not send applications directly to SAFE. Only applications submitted via the GSEFM/Goethe University admission portal will be considered in the application process.

Download the fact sheet PhD in Finance/Economics, fully funded by SAFE

Contact for questions

Prof. Loriana Pelizzon, Ph.D.

Deputy scientific director, director research department "financial markets".

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General information

• PhD Program

The Berlin School of Economics PhD Program provides outstanding doctoral students with a vibrant, intensively networked research community. The program develops the students’ talents in a unique combination of a high-level, academic research environment together with applied, policy-oriented research opportunities. Students receive state-of-the-art coursework training and can select from a wide array of specializations. For each specialization, a professional research environment is provided by Berlin’s universities and economic research institutes.

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Course catalog

Program structure and curriculum

All PhD tracks offered in the PhD Program share the same structure and general curriculum. The program’s curriculum is divided into a qualification and a dissertation phase:

Qualification Phase

During the qualification phase (about three semesters), students acquire methodological and research-oriented training in mandatory course work in economic theory, applied economics, business studies, econometrics, and economic policy. Students define their research area and find supervisory support from two supervisors. They write research proposals that are discussed with faculty members individually and in seminars in order to provide early feedback on the scientific potential of research ideas. This is a central part of the PhD Program, in which the students have full flexibility in the choice of their research topics and of the supervisors. During this phase, students are funded through stipends that allow for this flexibility. In total, students have to complete a  minimum of 90 ECTS credits  in order to finish the qualification phase of the program.

Dissertation Phase

During the subsequent dissertation phase (about three years), students write a doctoral thesis while having the opportunity to apply their knowledge in the professional research environment that is provided at the Berlin universities and research institutes participating in the Berlin School of Economics. In this phase, students are typically employed at their supervisor’s chair or in research groups at research institutes.

The PhD will be awarded by one of the institutions in the Berlin School of Economics with the right to award doctoral degrees. In most cases, the PhD is awarded by the institution the student’s first supervisor is affiliated with.

The following chart gives an overview of the general structure of the PhD Program:

Researchers Guide

This guide includes academic advices from the researchers of the Berlin School of Economics.

Special thanks to the INSIGHTS Team, researchers of Berlin School of Economics, Agne Kajackaite, Aleks Zaklan, Alexander Kriwoluzky, Ally Xin Lin, Annekatrin Schrenker, C. Katharina Spieß, Christian Basteck, Ciril Bosch-Rosa, Dorothea Kübler, Francis de Véricourt, Georg Weizsäcker, Gyula Seres, Hande Erkut, Hannes Ullrich, Jana Hamdan, Levent Neyse, Lisa Bruttel, Lutz Weinke, Mira Fischer, Müge Süer, Nikolaus Wolf, Peter Haan, Robert Stüber, Sebastian Schweighofer-Kodritsch, Simone Maxand, Vincent Meisner, and Pablo Brañas-Garza.

You can download the web version

or print the printable version

Also note the compiled information on our website about support and resources, for example Mental Health.

• Degree Programs

Ph.D. and MSQ in Quantitative Finance

The Ph.D. Program in Finance at GSEFM is designed to ensure that students acquire a thorough knowledge of the theory of finance, of econometric and computational methods, as well as the structure of modern financial markets, before beginning their own research under faculty supervision. In the first year of the program, students attend core courses in financial economics, econometrics, and mathematical methods. Furthermore, students attend courses in microeconomic or macroeconomic theory. At the end of the first year of studies, students must pass qualifying examinations in finance, econometrics, and microeconomics or macroeconomics. In the second year of the program students complete field courses in two to three fields of their choosing and begin to work on their own research. All students are required to have a faculty advisor by the end of their second year in the program. The role of the faculty advisor is to help the student to make the transition from coursework to research and to identify suitable dissertation topics. By the end of their third year in the program students will need to have completed their first research paper. The dissertation is completed in the fourth year of the program. The dissertation must be a major piece of research, and its chapters must have the potential for publication in an international scientific journal.

First-year students in the MSQ Program in Quantitative Finance enroll in the same set of courses as the first-year Ph.D. Program in Finance students. If completing their first year of studies with strong success, the MSQ Program in Quantitative Finance students are then eligible and strongly encouraged to join the Ph.D. Program in Finance from their second year of studies onwards. The MSQ Program in Quantitative Finance is completed with a Master thesis written in the final months of the second year of studies.

Ph.D. Program Structure

Pre-Semester: Mathematics, Statistics and Econometrics

First Semester: Advanced Econometrics 1 (8 CP), Advanced Financial Economics 1 (8CP), Advanced Macroeconomics 1 (8 CP) or Advanced Microeconomics 1 (8 CP), Mathematical Methods (8 CP)

Second Semester: Advanced Econometrics 2 (8 CP), Advanced Financial Economics 2 (8 CP), Advanced Macroeconomics 2 (8 CP) or Advanced Microeconomics 2 (8 CP), Programming Languages (4 CP)

Qualifying Examinations

First Semester: Field Courses, Workshop Attendance

Second Semester: Field Courses, Seminar, Workshop Attendance 

Fields Offered:

Development and International Economics (including Cross-Country Studies, Development Microeconomics, Economic Growth, International Trade)

Econometrics (including Bayesian Econometrics, Dynamic Panel Models, Econometrics of Duration and Transition Data, Long Memory in Time-Series, Non-Parametric Econometrics)

Finance (including Asset Pricing, Corporate Finance Theory, Empirical Banking, Household Finance, Option Pricing, Taxes and Finance)

Macroeconomics (including Consumption and Saving, Economic Growth, Family Macroeconomics, Household Finance, Monetary Theory and Policy, Monetary and Fiscal Policy, Numerical Methods in Macroeconomics)

Marketing (including Bayesian Modelling for Marketing, Customer Management and Social Media, Pricing and Online-Advertising, Structural Models and Competition)

Microeconomics and Management (including Behavioral Auction Theory, Behavioral Economics, Decision Making under Risk and Ambiguity, Economics of Taxation, Empirical Labor Economics, Empirics of Contracts, Experimental Economics, General Equilibrium Theory: History, Incentives in Organizations, Intergenerational Economics, Modeling Group Behavior Using Game Theory, Taxes and Finance)

Historical and Normative Foundations of Economics (including History of Economic Thought, Normative Foundations)

During either the third or fourth year in the program, students may spend one or two semesters abroad for a research stay at an internationally top ranked Ph.D. program. Such stays are facilitated by the faculty advisor.

First Year Courses

The details of the course offerings will differ somewhat from year to year, depending on the faculty member teaching the course in question. The following list summarizes typical first-year course contents. For more details on these courses in any given year as well as the field courses, it is best to consult the course syllabi typically retrievable on individual faculty members’ websites.

During the GESS course program I acquired advanced theoretical and methodological skills in Econometrics and Finance. It was an excellent starting point for my own research projects. The GESS is a great opportunity to get to know PhD students from different areas.

It was important for me to pursue my doctorate in an academic space that acted as a community of learning, with diverse perspectives, regular collaboration and overlapping interests with researchers at various stages of their careers. The Business School fit the bill perfectly in this respect. The Business School’s interdisciplinarity, methodological competence and international orientation were also great opportunities for me to learn and develop as a researcher.

I chose the Business School of the University of Mannheim because of its consistent top rank and its high research quality in the Germany and all over the world. Also, I found my expertise and interests completely match to the chair’s research works.

Pursuing my PhD at the Graduate School of Economic and Social Sciences was one of the most rewarding experiences in my life.

After completing the Mannheim Master of Management (MMM), the doctorate at the chair offers an excellent opportunity to expand my academic education in a target-oriented and individual way. In particular, the continuous scientific discourse with colleagues and the exchange with students within the scope of my teaching activities enrich my work in a sustainable way.

Doctoral Program at CDSB

The Center for Doctoral Studies in Business ( CDSB ) offers Ph.D. programs in the Areas of: Accounting, Finance, Information Systems, Management, Marketing, Operations Management, Taxation.

Doctoral Program at a Chair

A doctorate at one of our chairs can start throughout the year once you have found a supervisor. You will find more detailed information on this here .

Natalie Holm, Dipl.-Kffr.

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UNIVERSITY OF COLOGNE

Faculty of management, economics and social sciences cologne graduate school in management, economics and social sciences, phd programme in economics.

The Cologne Graduate School (CGS) in Management, Economics, and Social Sciences offers a doctoral (PhD) programme with an integrated M.Sc. Economic Research. It consists of two stages:

• The first stage of the programme is the two-years M.Sc. Economic Research. It prepares students for high-level research in economics. It is fully taught in English.
• In the second stage, PhD students work on research projects for their dissertation and interact with other PhD students and faculty members in workshops, seminars, and summer schools.

The PhD Programme in Economics offers education, funding and supervision for research in all major fields of economics and related fields in management. It is a challenging and rigorous full-time programme in a friendly, supportive environment dedicated to excellence in teaching and research. Taking part in the graduate programme prepares students for academic positions at universities and institutions around the world as well as for top-level positions in internationally-orientated companies.

Applications for the graduated program can be either for the first stage (bachelor students) or for the second stage (master students). We invite applications of outstanding students who are close to finishing a bachelor's or master's degree in economics or a related discipline who count among the top 10% of graduates in their study programme.

Students with a bachelor's degree will enter the integrated graduate programme in the first stage via the M.Sc. Economic Research and can transfer to the second PhD stage after successful graduation of the M.Sc. Economic Research.

Students already holding a research-oriented master degree can directly enter the second stage. Students with a related master's degree without an explicit research focus (e.g. in economics, econometrics, finance, business administration, or math) attend one year of course-work before entering the second stage.

We offer funding and facilities for students at all levels. Specifically, grants are available for accepted students holding a master degree and for highly qualified applicants with a bachelor´s degree. Students who successfully passed the course-work and are admitted to the second stage can receive funding through CGS scholarships, positions financed through the excellence cluster ECONtribute or doctoral positions at the departments and chairs of the Faculty.

These doctoral students are also equipped with a workspace and computer devices at the beginning of second stage. Shared rooms with computer devices are also available for students in the first stage. Student housing is available for national and international bachelor and master students moving to Cologne. For more information regarding housing please consult the webpages of the Kölner Studierendenwerk .

The PhD programme in Economics is part of the Cologne Graduate School in Management, Economics, and Social Sciences (CGS). It closely cooperates with the following research centers at the University of Cologne and Key Research Initiatives of the Faculty of Management, Economics and Social Sciences:

Cluster of Excellence “ECONtribute: Markets and Public Policy”: The Cluster brings together outstanding researchers from economics and neighboring disciplines – management, psychology, political science and law – from the Universities of Cologne and Bonn, the Behavior and Inequality Research Institute (briq) and the Max Planck Institute for Research on Collective Goods, with the goal of establishing a leading international research center on markets & public policy.

Center for Social and Economic Behavior (C-SEB): The Center for Social and Economic Behavior (C-SEB) at the University of Cologne brings together Cologne-based researchers and international colleagues from economics, management science, and psychology who investigate the fundamental principles and behavioral mechanisms that affect social and economic behavior.

Behavioural Management Science (BMS): The WiSo Key Research Initiative Behavioural Management Science (BMS) brings together researchers that apply methods of behavioural economics and applied microeconometrics to advance our understanding of how management practices influence the behaviour of people in organisations and affect organisational performance.

Be part of the Cologne experience!

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The faculty at a glance

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work Institutsgebäude Grimmaische Straße 12 04109 Leipzig

Phone: work +49 341 97 - 33500 Fax: fax +49 341 97 - 31133500

Vice-Dean Prof. Dr. Martin Friedrich Quaas

Dean Prof. Dr. Rainer Alt

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Deanery Dr. Martina Diesener

Secretariat Cathérine Krobitzsch

Institutes & Facilities

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• Institut for Commerce and Banking

If you are planning to do a PhD at the Chair of Sustainable Banking and Finance, as the next academic step, you will find all the important information about the process and further procedure here.

General conditions

In principle, the Chair offers interested and qualified university graduates the opportunity to do a PhD in economics. On the one hand, there is the classic "internal" PhD programme , in which you work on your doctoral studies and at the same time participate in the Chair in a scientific manner. On the other hand, there is also the possibility of an external doctorate at the Chair , where you do your doctorate while working. In both cases, the aim is to create the right conditions for you to successfully complete your doctoral project within two to three years.

For both internal and external promotions, you create s everal individual publications on a specific topic ( cumulative procedure ). The common goal is that the papers you write have a realistic chance of being published in a renowned, peer-reviewed journal. As a rule, the papers will have a quantitative or empirical character and relate to the research areas of the Chair (exceptions confirm the rule!). Throughout the entire doctoral project, you will have the opportunity to discuss your ideas (and problems) at the professorship at any time.

Requirements

Admission to the doctoral procedure is subject to the Promotionsordnung of the Faculty of Economic Sciences. All formal requirements for admission are regulated there. In addition, they should ideally

• have an outstandingly business-oriented degree (Master's/ diploma/ state examination in the subjects of business studies/ economics, business mathematics, business informatics, business education, industrial engineering, mathematics or statistics)
• in addition, a very good knowledge of English is indispensable, as the dissertation will be written in English.

If you are interested in a PhD at the Chair, please send an E-Mail for further arrangements. In addition, you will find below cross-links to further information that may help with formal questions.

Complete PhD procedures

• Dr. Oliver Janke (2024): external, current employer: Sächsische Lotto-GmbH
• Dr. Philipp Scharner (2024): internal, current employer: Die Bayerische München
• Dr. Maike Timphus (2024): internal, current employer: DWS Group
• Dr. David Sonnenberger (2024): internal, current employer: IGES Institut GmbH
• Dr. Janina Mühlnickel (2024): external, current employer: Deloitte, Köln
• Dr. Simon Fritzsch (2021): internal, current employer: Universität Leipzig
• Dr. Marcus Scheffer (2016): internal, current employer: HDI Group, Köln
• Dr. Christopher Bierth (2016): internal
• Dr. Felix Irresberger (2015): internal, current employer: Durham University, UK
• Dr. Hendrik Supper (2014): internal
• Dr. Tobias Berens (2014): external

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Phd at leipzig university, phd at the faculty, research academy leipzig.

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Welcome to the Graduate Center of TUM School of Management

Our doctoral program ensures all our doctoral candidates receive the best preparation possible for a successful career in industry or academia. To achieve this, we provide strong, individualized support and mentoring for our doctoral candidates in their academic and professional development. Our disciplinary and interdisciplinary courses provide doctoral candidates with the in-depth theoretical and methodological knowledge they need to successfully conduct their own research projects. These projects address some of the great challenges in society that we face today and combine content relevance and methodological rigor.

Overall, the Graduate Center of TUM School of Management, together with the TUM Graduate School, offers a wide range of possibilities for pursuing excellent research, including interdisciplinary cooperation and international research stays at top-tier universities. Our doctoral candidates move on to academic positions in Germany and abroad, e.g., at Imperial College London, or to leadership positions in industry and professional service firms.

Professor Alwine Mohnen and Professor Martin Meißner Speaker of the Graduate Center, TUM School of Management

The Graduate Center of TUM School of Management is the first point of contact for doctoral candidates at our school. Here you will find detailed information on

• Qualification Program
• Administrative Support
• Funding and Scholarships

General information about doing your doctorate at the Technical University of Munich, which may be an addition to the information on this website, can be found on the  website of TUM Graduate School . Please note that the information of the Graduate Center of TUM School of Management is binding for doctoral candidates of our Graduate Center. Please find the official regulations of the Graduate Center in the Download Center .

The team of the Graduate Center is happy to help and guide you. Find all contacts of the Graduate Center here .

Learning goals

Upon completion of this program, our doctoral graduates will:

• have expert scientific knowledge in their field of specialization.
• be problem-solvers for complex scientific issues.
• be effective communicators of scientific issues.
• be responsible scientists.
• be active scientists in a global world.

Please note:

Our program is a doctoral program equivalent to the German doctorate (“Doktortitel”). It does not correspond to structured Ph.D. studies. For detailed information about the German doctorate, please click here . TUM School of Management can award the doctoral titels Dr. rer. pol., Dr. oec. publ., Dr. phil. and Dr. jur..

Paths to a doctorate

Doctorate as a research associate.

As a research associate, you will be employed as an academic assistant at the respective department or institute, where you will be closely involved in research as well as in teaching. Your dissertation supervisor will support you in your academic development and in developing your dissertation topic.

DOCTORATE WITH A SCHOLARSHIP

As a scholarship holder, you finance your doctorate with a stipend. Numerous foundations and other funding and research organisations support and finance highly-qualified doctoral candidates. Organizations that provide scholarships for outstanding candidates usually also support them with seminars and opportunities to exchange views within an alumni network. TUM School of Management grants doctoral stipends within the Academic Training Program.

EXTERNAL DOCTORATE

External doctoral candidates are employed either by an industrial company or a research institution while the academic support is provided by TUM School of Management. If you choose this path, you will need a dissertation supervisor at TUM School of Management who will support your research project as an external doctoral candidate. You will do your work and research mainly at the respective research institution or company, but you are also integrated into the academic environment at TUM School of Management.

GUEST DOCTORATE

If you are a doctoral candidate at another university in Germany or abroad, you can enroll for a guest stay at TUM School of Management for six terms at most. In order to do a guest doctorate at TUM School of Management you will have to find a professor who supervises your research at TUM School of Management. As a guest doctoral candidate, you do not need to have your diploma recognized. The participation in courses offered by TUM Graduate School is possible in individual cases. For details, please contact the Graduate Center.

Admission requirements

A university degree completed with above-average results (diploma, master, magister) from a German university, an equivalent German state examination (Staatsprüfung) or a master’s degree from a German University of Applied Sciences.

Results are regarded as above-average with a final grade of at least 2.5 (“good” in the German system). In exceptional cases, your above-average qualifications can also be proven through academic work completed after your examination.

Applicants with non-German degrees need to have their degrees officially  recognized .

Special rules apply to applicants with a diploma qualification from a University of Applied Sciences (Fachhochschule or Hochschule für Angewandte Wissenschaften). Please make an appointment with the Graduate Center to discuss your particular situation.

Confirmation from a professor at TUM School of Management that he or she is prepared to act as your academic supervisor.

Please keep in mind that it is your sole responsibility to search for your supervisor as well as your mentor.

Finding a supervisor and mentor

Additional information for applicants

Application steps

1. find a supervisor and a dissertation topic.

First of all, you have to decide in which area you want to do your research in. Whether you already have your own research idea, or you would like to develop it with a researcher at TUM School of Management:  Writing a research proposal  will help you make your research project more specific and thus find an appropriate supervisor.

In order to find a professor at TUM School of Management who is willing to supervise your doctoral research, please find all our professors listed in their respective academic departments on our website:

• Academic department for Economics & Policy
• Academic department for Finance & Accounting
• Academic department for Innovation & Entrepreneurship
• Academic department for Marketing, Strategy & Leadership
• Academic department for Operations & Technology

You can find more information about finding a supervisor  here .

IMPORTANT NOTE: Please contact the chair or the respective professor directly to apply as a doctoral candidate. Applicants are entirely responsible for finding a supervisor on their own account.

2. Sign a supervision agreement

Once you have found a supervisor for your doctoral thesis, the two of you must fill in a supervision agreement. The respective document can be found  here . IMPORTANT NOTE: The document also has to be signed by the mentor at the time of application for the list of doctoral candidates.

3. Register as a doctoral candidate

When you have found an academic supervisor, you can apply to register as a doctoral candidate .

Please note that you need to apply online to be officially entered onto the list. To do so, please visit  DocGS , the online platform for doctoral candidates at the Technical University of Munich. Print out the application form, which has to be signed by the supervisor and by yourself. Submit the following completed and signed documents personally at the Graduate Center :

German University Degree

Foreign University Degree

An information sheet on official notarization is available here .

Application at a glance

• A confirmation from a professor of TUM School of Management that they will supervise your dissertation is a prerequisite for registering in DocGS.
• We only accept and process complete applications. Incomplete applications will extend the application process.
• Please only submit officially certified copies of your Master’s degree certificate and transcript. For legal reasons, copies of your degree have to be certified even if you hold a TUM degree.
• At the time you submit your application, your supervision agreement must state your mentor and must be signed by you, your mentor and your supervisor.
• A personal appointment at our Graduate Center to hand in your complete application documents is mandatory for being added to the list of doctoral candidates. Please make an appointment in advance.
• TUM distinguishes between the entry into the doctoral candidacy list and enrollment as a doctoral student. Once you are registered in the doctoral candidacy list, you can also enroll as a doctoral student of TUM and thereby take advantage of several benefits. This is possible for maximum 6 semesters. The TUM Graduate Schools shares more information on this process here .

Doctoral candidates

You made it and were successfully entered on the list of doctoral candidates of TUM School of Management? Congratulations!

Please find below further information on your doctoral program:

• Support offers
• Steps of your doctorate

Doctoral course program

• Current doctoral defenses
• Download Center for most important documents

Support options and further information

Funding & scholarships.

There are several ways of financing your living expenses during a doctorate. Employment as an academic assistant is the traditional way to finance a doctorate. Employment with a company or a non-university institute is another option for earning money. Furthermore, there is the possibility of being granted a scholarship.

For detailed information on other possibilities, please click  here .

Compulsory Qualification Program

Your doctorate consists of compulsory and voluntary qualification elements for some of which you can apply for funding if necessary.

The qualification program is designed to promote the subject-specific and interdisciplinary competences of doctoral candidates and thus support the doctoral phase in the best possible way. In addition, various optional offers as well as special financial support such as the proof-reading service and internationalization funding are available.

Please find detailed information on the qualification program in the Regulations of the Graduate Center and in the Download Center.

Funding for international research activities

Doctoral candidates at the Graduate Center of TUM School of Management can apply for funding for international research activities:

• TUM Graduate School - Internationalization Support,
• Graduate Center of Management - Mobility Fund
• TUM Graduate School - Internationalization Grant (for doctoral candidates who are not employed at TUM),

For more information, please click  here , find more information in the Download Center or contact us .

Good scientific practice

The foundation of scientific work is the compliance with the principles of good scientific practice. We provide you as a new academic with extensive information on these principles, which conform to the  TUM Code of Conduct for Safeguarding Good Academic Practice and Procedures in Cases of Academic Misconduct  of the Technical University of Munich and the  corresponding memo  of the Deutsche Forschungsgemeinschaft (DFG).

Pause of Proofreading Service / Introduction of Grammarly

TUM wants to evaluate Grammarly and has started a 12 month test period. Grammarly is an AI based writing assistant. Grammarly is available for all Doctoral Candidates at TUM. Please log in by using Shibboleth with your TUM-ID on the Grammarly Website . During the evaluation period, the proofreading service is paused.

Please visit the Graduate School Wiki for more information.

Submitting your dissertation

In order to submit your dissertation, you have to apply in  DocGS  for this process. For more information, please click  here  or contact the  Graduate Center .

Doctoral candidates who would like to hand in their dissertation must contact the  Graduate Center   in time (at least three months in advance)  in order to make sure the compulsory qualification program is completed.

Publishing your dissertation

You are required to publish your dissertation. The  University Library at the Technical University of Munich  can help you publish your dissertation quickly and in a high-profile manner. You can choose between a printed book and an electronic publication.

Academic Training Program

We strive to prepare highly talented and especially motivated doctoral candidates with outstanding degrees and extraordinary research potential in the best possible way for their international academic careers. Participants in the  Academic Training Program  can expect dual supervision and all-round support during this 4-year program (including a two year scholarship). The main focus is on the scientific course program, academic career coaching and international networking.

Find all doctoral courses of the Graduate Center of TUM School of Management as well as further information on doctoral course requirements in general and the process of recognizing courses from other institutions here.

In addition to courses from the Graduate Center of TUM School of Mangement, recognition of subject-related or transferable skills courses from the following institutions might be possible. Please contact the Graduate Center in advance for recognition options:

Doctoral Defenses and Graduates

Find all doctoral candidates including current defense dates as well as all doctoral graduates of TUM School of Management since 2016 here.

You have more questions? Check out the FAQ Center.

Find all downloads for the doctoral program here.

Campus Munich

Campus Heilbronn

Doctoral candidates' representation

Structured Doctoral Programs

Each of our structured doctoral programs offers a comprehensive and cross-disciplinary curriculum designed to help you realize your full potential and prepare for a successful career. The programs include innovative, personalized advising with regular progress checks, as well as extensive opportunities to broaden your research network and connect with peers in your field.

The University of Bonn offers a wide range of funding opportunities, which have been summarized for you on this page, divided into the following categories:

Bonn International Graduate Schools (BIGS)

Phd programs within our cluster of excellence.

• Structured Doctoral Programs by Discipline 

Third-Party Funded Programs

Doctoral education at the highest level: BIGS enable doctoral studies in outstanding research contexts with attractive international collaborations and a qualification program tailored to the needs of graduate students.

Located at the Hausdorff Center for Mathematics and supported by Germany’s Excellence Initiative, BIGS-M  is home to all of the University’s doctoral candidates in mathematics and contributes to Bonn’s excellent international reputation in the field.

BGSE offers a structured program that is tailored to the needs of doctoral candidates, including an internationally recognized research network.

Supported by Germany’s Excellence Initiative and jointly administered by the renowned Physics Institutes at the Universities of Bonn and Cologne, BCGS  offers doctoral studies through an integrated honors program.

Home to an international community of talented biomedical scientists, BIGS DrugS 6 6 is the hub for doctoral candidates from pharma research institutes within the University’s Faculty of Mathematics and Natural Sciences and Faculty of Medicine.

BIGS-OAS offers a wide range of courses within a research context, focused on the cultures and societies of Asia and Asia Minor.

BIGS Neuroscience provides a top-level, internationally competitive program in this rapidly growing field.

BIGS CPS's interdisciplinary approach combines medical, agricultural and pharmaceutical research.

BIGS Chemistry 10 doctoral candidates enjoy an exceptional and ambitious program covering all fields of chemistry.

This three-year doctoral program  is offered in conjunction with the University’s ImmunoSensation Cluster, which is funded by Germany’s Excellence Initiative.

Part of the University of Bonn’s Center for Development Research, BIGS-DR   trains students for an international career in development cooperation, policy or research through a combination of academic study and intensive tutorship.

The BIGS Land and Food combines the research at the agricultural Faculty with an interdisciplinary study program.

Clusters of Excellence stand for international and interdisciplinary elite research and offer young scientists excellent funding and career conditions. The University of Bonn currently has six clusters of excellence, more than any other university in Germany, and thus opens up a broad spectrum of possible research topics to doctoral candidates. Here you will find an overview of the university's clusters of excellence.

PhD Programs within our Excellence Cluster

The goal of the Hausdorff Center of Mathematics is to identify and address mathematical challenges of the 21st century, to advance groundbreaking fundamental mathematical research worldwide, and to develop the mathematical methods and tools required by science and society.

Part of the Hausdorff Center is also a graduate school: The Bonn International Graduate School of Mathematics (BIGS-M) hosts all doctoral students of mathematics and contributes to the outstanding international reputation of the university in this field. The duration of the program is usually 3 years, and the doctorate (Dr. rer nat.) can be earned as a degree.

More information: https://www.bigs-math.uni-bonn.de/de/studies/ 14 15 15

ImmunoSensation2 aims to continue the success story of the existing ImmunoSensation cluster. While the emphasis so far has been on fundamental research in particular of the innate immune system, now the mechanisms of immune intelligence are to be uncovered, i.e. the question of how the body succeeds in adapting immune responses to specific situations and then remembers this in order to be optimally prepared for similar challenges in the future. The cluster's graduate school, the Bonn International Graduate School Immunosciences and Infection offers a structured, three-year doctoral program.

You can find further information about this program here: 

https://www.immunosensation.de/opportunities/young-scientists

Until today, dependency studies has almost exclusively dealt with slavery on the American continent or in antiquity. The Cluster of Excellence "Bonn Center for Dependency and Slavery Studies (BCDSS)" aims to broaden this perspective in terms of content, space and time. Within the framework of the cluster, a structured doctoral program with a duration of 4 years is offered.

Further information can be found at:  https://www.dependency.uni-bonn.de/en 15 16

Over the last few decades, computer hardware has become smaller and smaller, but their technology remains more or less the same. Slowly, this development is reaching its limits.Thus, we need new technologies that satisfy our growing hunger for even more powerful hardware.

Quantum physics could be a solution.

Together with the University of Cologne and the RWTH Aachen, Bonn researchers want to work on making this new technology usable. To achieve this, quantum bits or even qubits - the quantum counterpart to our previous bits - quantum communication channels that build networks and error correction methods have to be explored from the ground up. As part of the Excellence Initiative, the Bonn-Cologne Graduate School of Physics and Astronomy (BCGS) offers a doctoral program with an integrated honors program.

Further information can be found at:  http://www.gradschool.physics.uni-bonn.de/. 4 4

The ECONtribute researches the functioning of markets as well as reasons for their failure. In doing so, the cluster goes beyond traditional analyses by systematically combining model-based theoretical approaches and behavioral explanatory models while incorporating legal and political frameworks. Within the cluster, the Bonn Graduate School of Economics (BGSE) offers doctoral students a tailored structured doctoral program that includes an internationally recognized research network.

Further information can be found at:  https://www.bgse.uni-bonn.de. 3 3

Increasing agricultural production despite limited land while reducing the ecological footprint of agriculture - this is one of the challenges of our time. For this reason, the University of Bonn and Forschungszentrum Jülich are jointly developing methods and new technologies to observe, analyze, better understand and more specifically treat plants. The cluster's graduate school, the Theodor Brinkmann Graduate School, offers an interdisciplinary study program to master's students and doctoral candidates at the Faculty of Agriculture.

More information: https://www.phenorob.de/ .

The Third-Party Funded Programs at the University of Bonn offer structured doctoral studies on selected research topics. They enable close networking among doctoral students conducting research on related topics.

Bonn International Graduate School of Mathematics (BIGS-M) 2 17 18 18 Located at the Hausdorff Center for Mathematics, BIGS-M provides an umbrella for all Bonn PhD students in mathematics. Thus, the BIGS-M contributes to the excellent national and international reputation of mathematics at Bonn.

Bonn International Graduate School Immunosciences and Infection The BIGS Immunosciences and Infection is a structured 3-year PhD program in conjunction with the ImmunoSensation Cluster/Bonn. The ImmunoSensation Cluster is part of the Excellence Strategy.

DFG Research Training Group "Gegenwart/Literatur. Geschichte, Theorie und Praxeologie eines Verhältnisses" (GRK 2291) [only in German] The Research Training group supported by the DFG  aims at the exploration and analysis of the constitutive dimensions of the concept of contemporary literature.  

DFG international Research Training Group "Myeloid antigen presenting cells and the induction of adaptive immunity" GRK (2168) 19 19 19 19 The DFG-funded project is a cooperation of the University of Bonn and the University of Melbourne. The principal research focus is the intersection between innate and adaptive immunity in the context of infection.

DFG Research Training Group "Template-designed Organic Electronics (TIDE)" (GRK 2591) 21 21 21 The Graduate Program 'Template-Designed Optoelectronic Devices' (TIDE) aims to provide comprehensive doctoral education in the field of Organic Electronics (OE) to meet the requirements of highly qualified and multidisciplinary professionals. 

DFG Research Training Group "Tools and Drugs of the Future - Innovative Methods and New Modalities in Medicinal Chemistry" (GRK 2873) The goal of the RTG " Tools and Drugs of the Future" is to modernize medicinal chemistry and train a new generation of medicinal chemists and researchers at the interface with interconnected disciplines. In addition, the projects are intended to contribute to the development of new drug substances.

Integrated Research Training Group at the DFG Collaborative Research Centre "Synaptic Micronetworks in Health and Disease" (SFB 1089) 22 22 27 27 Located at the newly inaugurated SFB 1089 on neuronal networks, the Integrated Research Training Group offers a structured graduate program for all doctoral researchers at the Centre.

Integrated Research Training Group at theDFG Collaborative Research Centre "Future Rural Africa" (SFB/TR 228) The integrated research group is investigating the relationship between land use change and shaping the future in rural Africa in a total of 14 subprojects.

Integrated Research Training Group at the DFG Collaborative Research Centre "Open System Control of Atomic and Photonic Matter" (SFB/TR 185) 24 The collaborative research centre Oscar will explore the physics of open systems.

Integrated Research Training Group at the DFG Collaborative Research Centre "Aortic Diseases" (SFB/TR 259) 25 The aim of this research initiative is to better understand the molecular and cellular mechanisms of resident and non-resident cells in aortic diseases.

Integrated Research Training Group at the DFG Collaborative Research Centre "Regional Climate Change: Disentangling the Role of Land Use and Water Management" (SFB 1502) The SFB combines the strengths of the University of Bonn and its project partners to answer one of the most difficult questions in understanding climate change.

Integrated Research Training Group at the DFG Collaborative Research Centre "Brown and Beige Fat - Organ Crosstalk, Signaling and Energetics (BATenergy)" (SFB/TRR 333) The CRC investigates metabolism/diabetes and focusses on brown adipose tissue. 

One Health and Urban Transformation

The NRW Forschungskolleg One Health and Urban Transformation is a transdisciplinary graduate school that aims to find interventions to achieve optimal health for humans, animals, plants and the environment with a special focus on developments in NRW, Saõ Paulo, Accra and Ahmedabad.

International Max Planck Research School Moduli Spaces 27 27 In cooperation with the University of Bonn, the renowned Bonn Max-Planck-Institute for Mathematics offers a PhD program with a special focus on the study of moduli.

International Max Planck Research School for Astronomy and Astrophysics 28 28 In cooperation between the Max-Planck Institute for Radio Astronomy and the Universities of Bonn and of Cologne, the Research School facilitates 3 years of PhD studies with a curriculum tailored to the individual student.

International Max Planck Research School for Brain and Behavior 29 The IMPRS for Brain & Behavior is a cooperation between the Max Planck Institute for Neurobiology of Behavior - caesar, the University of Bonn and the German Center for Neurodegenerative Diseases (DZNE) in Bonn

International Max Planck Research School - Recharge IMPRS-RECHARGE focuses on interdisciplinary research between chemistry and physics with an emphasis on catalytic mechanisms, physical-chemical analysis and energy topics. Scientific challenges shall be looked at from different angles. Furthermore the combination of theory and practice is a vital aim of the IMPRS-RECHARGE.

Marie Curie Innovative Training Network "Macro and Microplastic in Agricultural Soil Systems“ (SOPLAS) The SOPLAS project will assemble a multidisciplinary team to study the nexus of plastic–agriculture–soil. It will also train a new generation of leading experts. The project aims to identify the plastic cycle within agricultural soil systems and support the development of environmental policies related to mitigating the impact of plastics. The findings will advance our knowledge about the sustainable use of plastics in European agriculture.

Marie Curie Innovative Training Network "Early Stage Researchers EDUCational Program on Factor VIII Immunogenicity“ (EDUC8 ) 32 37 The EDUC8 program is a multidisciplinary training program with exposure of the enrolled ESRs to a core common educational package and development of individual PhD researchprojects dedicated to decreasing the societal burden associated with the development of anti-FVIII antibodies in Europe.

Tools4Teams - "Research Training to Design and Implement Tools Supporting Safe Teamwork in Healthcare"

The Tools4Teams research project will prepare the next generation of teamwork experts to contribute new insights and smart technologies for safe and effective care. Tools4Teams brings together expertise from social and technical sciences, human-centered design, education, and clinical specialties.

Trinational Graduate College "Mass and Integration in Antique Societies" [in German/French] Supported by the Deutsch-Französische Hochschule since 2011, the tri-national Graduate School in Ancient History offers curriculum events in Bonn, Berne, and Strasbourg.

Structured Doctoral Programs by Discipline

Find the right structured doctoral program at the University of Bonn in your discipline here:

• Cross-Disciplinary Options
• Medicine and Life Sciences
• Mathematics and Natural Sciences
• Agriculture

Faculties at the University of Bonn work together to design interdisciplinary programs that combine key perspectives and offer unique insights.

Cross-Disciplinary Programs

Bonn International Graduate School for Development Research (BIGS-DR) 42 Unique in Europe, BIGS-DR links perspectives from the Faculties of Philosophy, Agriculture, and Law and Economics – with an international focus.

Bonn International Graduate School of Neuroscience (BIGS Neuroscience) 8 8 A collaboration between the University’s Faculty of Medicine and Faculty of Mathematics and Natural Sciences, as well as external partners, BIGS Neuroscience offers a medical program alongside five research areas in medicine.

SciMed Doctoral College 43 42 The Doctoral College offers scientific training for students in medicine and dental medicine, leading to a dual Dr. med. and Dr. med. dent. degree.

Researchers at the University of Bonn explore a wide variety of issues in economics, including game theory, applied microeconomics, monetary and international macroeconomics, contract theory, labor economics and finance.

Economics Programs

Bonn Graduate School of Economics (BGSE) BGSE offers a structured program that is tailored to the needs of doctoral candidates, including an internationally recognized research network.

DFG Research Training Group "Die Macroeconomics of Inequality" (GRK 2281) The research program focuses on the macroeconomic aspects of inequality, an aspect of first-order importance for society. 

Law Programs

Graduate School of Law and Political Science Department of Law The Graduate School of the Faculty of Law and Political Science was founded in the summer semester of 2018 and supports the doctoral students in preparing their doctoral studies.

The University of Bonn’s Faculty of Medicine offers doctoral programs in medical biochemistry, neurosciences and pharmacology. With the exception of the SciMed Doctoral College, all programs are administered in cooperation with the University’s Faculty of Mathematics and Natural Sciences.

Cross-Disciplinary Program

SciMed Doctoral College The Doctoral College offers scientific training for students in medicine and dental medicine, leading to a dual Dr. med. and Dr. med. dent. degree.

Neuroscience

Bonn International Graduate School of Neuroscience (BIGS Neuroscience) BIGS Neuroscience provides a top-level, internationally competitive program in this rapidly growing field.

Synaptic Micronetworks in Health and Disease (SFB 1089) Supported by the German Research Foundation (Deutsche Forschungsgemeinschaft – DFG) collaborative research centers, this integrated research training group works to identify fundamental rules that govern neuronal behavior at the network level and translate network dynamics to mammalian and human behavior.

International Max Planck Research School for Brain and Behavior A joint venture of the University of Bonn, the Max-Planck-associated Center of Advanced European Studies and Research, the Max Planck Florida Institute for Neuroscience, and Florida Atlantic University, this graduate school offers a complete doctoral and research program in the neurosciences.

Marie Curie Initial Training Network "modelling and pRedicting Human decision-making Using Measures of subconscious Brain processes through mixed reality interfaces and biOmetric signals" (RHUMBO) RHUMBO proposes using measures of subconscious brain processes through the use of mixed reality technologies (MRT) and advanced biometric signals processing as a new paradigm to improve the knowledge that implicit brain processes have in human decision-making.

Pharma Research

Bonn International Graduate School of Drug Sciences (BIGS DrugS) Home to an international community of talented biomedical scientists, BIGS DrugS is the hub for doctoral candidates from pharma research institutes within the University’s Faculty of Mathematics and Natural Sciences and Faculty of Medicine.

Bonn International Graduate School of Immunosciences and Infection

This three-year doctoral program is offered in conjunction with the University's ImmunoSensation Cluster , which is funded by Germany’s Excellence Initiative.

DFG Research Training Group "Myeloid antigen presenting cells and the induction of adaptive immunity" GRK (2168) The DFG-funded project is a cooperation of the University of Bonn and the University of Melbourne.

At the University of Bonn’s Faculty of Arts, you’ll find a highly international environment with students and researchers in a wide range of fields.

German Studies, Comparative Literature and Culture 

Structured Doctoral Program in German Studies (SPP) [website in German] Taught in German, the SPP supports doctoral candidates’ initiatives within the Institute for German, Comparative Literature and Cultural Studies.

German-Italian Doctoral College [website in German] Taught in German, this three-year grant program provides structured doctoral studies for researchers in German and Italian, with time in both Bonn and Florence.

History and Ancient History 

Mass and Integration in Antique Societies [website in German and French] Supported by Franco-German University and taught in German and French, this trinational doctoral program includes study in Bonn; Berne, Switzerland; and Strasbourg, France.

Oriental and Asian Studies Bonn

International Graduate School of Oriental and Asian Studies (BIGS-OAS) BIGS-OAS offers a wide range of courses within a research context, focused on the cultures and societies of Asia and Asia Minor.

Romance Studies

Italian Studies [website in German and Italian] Offered in cooperation with the Universities of Florence and Paris-Sorbonne IV, this trinational doctoral program is taught in German and Italian.

Structured DPhil program at the Faculty of Arts The program supports qualified doctoral candidates from all disciplines in their doctoral projects. It provides the opportunity for networking, interdisciplinary exchange in diverse social sciences and humanities subjects, progress monitoring and financial support for travel, workshops or research funding as part of the doctorate.

European Founding Myths in Literature, Arts and Music [website in German, French and Italian] This trinational program is jointly organized by the Universities of Bonn, Florence and Paris-Sorbonne IV and taught in German, French and Italian.

Bonn International Graduate School for Development Research (BIGS-DR) Part of the University of Bonn’s Center for Development Research, BIGS-DR trains students for an international career in development cooperation, policy or research through a combination of academic study and intensive tutorship.

The University’s Faculty of Mathematics and Natural Sciences offers numerous externally funded doctoral programs in areas including mathematics and informatics, physics, biology, pharmacology and molecular biomedicine.

Programs in neuroscience, pharma research, immunoscience, and infection and molecular biomedicine are offered in cooperation with the Faculty of Medicine.

Mathematics

Bonn International Graduate School of Mathematics (BIGS-M) 2 2 Located at the Hausdorff Center for Mathematics, BIGS-M is home to all of the University’s doctoral candidates in mathematics and contributes to Bonn’s excellent international reputation in the field.

International Max Planck Research School on Moduli Spaces 53 53 This program includes courses, seminars and activities focused on the geometric spaces whose points represent fixed algebro-geometric objects (or isomorphism classes of such objects).

Physics und Astronomy

Bonn-Cologne Graduate School of Physics and Astronomy (BCGS) 4 4 Supported by Germany’s Excellence Initiative and jointly administered by the renowned Physics Institutes at the Universities of Bonn and Cologne, BCGS offers doctoral studies through an integrated honors program.

International Max Planck Research School of Astronomy and Astrophysics 55 55 This program offers a broad spectrum of topics in observational and theoretical galactic and extragalactic astrophysics, observational and theoretical cosmology, and fundamental physics – using astronomical tools and instrumentation.

Leibniz Graduate School on Genomic Biodiversity Research Based at Bonn’s Alexander Koenig Research Museum, this school is focused primarily on insect genome evolution.

Bonn International Graduate School of Chemistry (BIGS Chemistry) 57 57 BIGS Chemistry offers an internationally competitive doctoral program and opportunities to perform cutting-edge research.

Neurosciences

Bonn International Graduate School of Neuroscience (BIGS Neuroscience) 8 8 BIGS Neuroscience provides a top-level, internationally competitive program in this rapidly growing field.

Synaptic Micronetworks in Health and Disease (SFB 1089) 22 22 Supported by DFG collaborative research centers, this integrated research training group works to identify fundamental rules that govern neuronal behavior at the network level and translate network dynamics to mammalian and human behavior.

International Max Planck Research School for Brain and Behavior 29 29 The IMPRS for Brain & Behavior is a cooperation between the Max Planck Institute for Neurobiology of Behavior - caesar, the University of Bonn and the German Center for Neurodegenerative Diseases (DZNE) in Bonn.

Bonn International Graduate School of Drug Sciences (BIGS DrugS) 6 6 Home to an international community of talented biomedical scientists, BIGS DrugS is the hub for doctoral candidates from pharma research institutes within the University’s Faculty of Mathematics and Natural Sciences and Faculty of Medicine.

BIGS Immunoscience and Infection A structured, three-year doctoral program, IITB is offered in conjunction with the ImmunoSensation Cluster at the University of Bonn.

Doctoral candidates in the field of agriculture may choose to study through the Faculty of Agriculture’s Theodor Brinkmann Graduate School or earn their degree through the University of Bonn’s Center for Development Research.

Agriculture Programs

Bonn International Graduate School for Land and Food (BIGS Land and Food)  Founded in 2008, the Brinkmann School is home to master's and doctoral candidates in the Faculty of Agriculture, combining research with an interdisciplinary study program.

Bonn International Graduate School for Development Research (BIGS-DR) 12 Part of the University of Bonn’s Center for Development Research 59 , BIGS-DR trains researchers for an international career in development cooperation, policy or research through a combination of academic study and intensive tutorship.

Dr. Robert Radu

[email protected]

+49 228 73-60222

Poppelsdorfer Allee 47

Office Hours

Questions about the structured doctorate? Register for the (virtual) office hours and get advice:

• Tuesday 2.00 p.m. - 4.00 p.m.

Additional Qualification: Doctorate plus

Expand your skills with our training program Doctorate plus.

Learn about the numerous funding opportunities and grants for doctoral students.

Events and Opportunities

Find out what's new and see upcoming events.

• Study for a PhD in Germany: Programs, Funding & Opportunities
• International

When considering a  PhD in Germany , you’ll encounter a diverse and globally recognised academic environment rich in opportunities for research and academic growth. To apply, you’ll typically need a Master’s degree or equivalent , and language requirements vary by program. Germany offers internationally-oriented  structured PhD programs , which last three years and include compulsory units for ECTS credits. You’ll work closely with a PhD supervisor and research training group. As an international candidate, you’ll find various  scholarships and grants  to support your studies. With tuition fees waived at  public universities  and diverse PhD programs often taught in English, Germany provides an ideal destination to study abroad.

Key Takeaways

• Applying for a PhD in Germany requires a minimum of eight semesters of academic study, usually a Master’s degree or equivalent.
• Language prerequisites for PhD programs in Germany vary, but many are taught in English, especially structured programs.
• Financial support options include DAAD grants, stipendiums, and research positions at universities, which cover living expenses and provide income.
• Structured PhD programs in Germany last typically three years and involve compulsory units for ECTS credits.
• International students without a Master’s degree may be admitted with a Bachelor’s degree in exceptional cases.

Why Undertake a PhD in Germany?

Germany offers many compelling reasons to pursue a PhD:

• High-quality research and education : German universities and research institutions have an outstanding reputation globally, providing access to cutting-edge research facilities and expertise across various disciplines.
• No tuition fees : Most public universities in Germany do not charge tuition fees for PhD students, regardless of nationality, making it an affordable option for international students.
• Excellent funding opportunities : There are numerous scholarships and funding programs available for PhD students in Germany. The German Academic Exchange Service (DAAD) alone supports over 4,000 international doctoral students annually.
• Strong industry connections : Germany has a robust research ecosystem with close ties between academia and industry. Many PhD programs offer collaborations with companies, providing valuable experience and potential career opportunities.
• International environment : German universities welcome international researchers, creating a diverse and multicultural academic community. PhD theses and dissertations can often be written in English.
• Career prospects : A German PhD is highly respected globally and can lead to excellent career opportunities in academia, international research institutions, or industry. Many PhD graduates find employment in Germany’s thriving industrial sector, making it a favourable place to work in Germany post-study.
• Work-life balance : PhD students in Germany typically receive employment contracts with benefits such as health insurance, pension contributions, and vacation days.
• Research freedom : Germany values academic freedom highly, with constitutional protection for research and scientific pursuits.
• European mobility : As a PhD student in Germany, you can easily travel to other European Union countries for research or study purposes.
• Cultural experience : Germany offers a rich cultural landscape, high quality of life, and relatively moderate living costs compared to other developed countries.

In short, Germany provides an ideal environment for pursuing a PhD, combining academic excellence, affordability, strong funding support, and promising career prospects in both academia and industry.

What is it like to study and live in Germany as a research student?

Academic environment.

The research culture in Germany places a strong emphasis on independent research and critical thinking, with high expectations for original contributions to your field. Students regularly participate in seminars and colloquia to present and discuss their ongoing research. Supervision tends to be less structured than in some other countries, with regular meetings with supervisors but an expectation that students will take significant initiative in their work. Being part of a research group often offers additional opportunities for collaboration.

German universities are well-equipped with extensive digital resources and state-of-the-art laboratories. Students also have numerous opportunities to attend and present at international conferences. While many PhD programs, especially in STEM fields, are conducted in English, learning German can greatly enhance your overall experience and career prospects.

Day-to-Day Life

Germany is known for valuing a healthy work-life balance. PhD students typically work 38-40 hours per week and enjoy generous vacation time, usually around 30 days per year. Most PhD students live in shared apartments (WGs) or student dormitories, with rent in major cities ranging from €300 to €800 per month. The country boasts excellent public transportation systems, and many students use bicycles for daily commuting. Often, a student ID includes a public transport ticket for the local area.

The social life for students in Germany is vibrant, with active student communities organising regular events and activities. There are numerous opportunities to join sports clubs, cultural groups, and student organisations, along with international student networks that offer support and socialising opportunities.

Financial Aspects

Many PhD positions in Germany are funded, providing a salary rather than requiring tuition payments. Typical monthly salaries range from €1,500 to €2,500 before taxes. Additional funding opportunities are available through scholarships and research grants. Average monthly expenses, including rent, range from €850 to €1,000, and health insurance, which is mandatory, costs around €80 to €100 per month. Students can also take advantage of various discounts for cultural activities and museums.

Support Services

German universities offer robust support services for abroad students. International offices assist with visa processes, accommodation, and integration, providing orientation programs and language courses. Career services offer guidance on job searching and career development, organising career fairs and networking events. Mental health support and counseling services are also available, ensuring access to quality healthcare through the German health insurance system.

Challenges and Opportunities

While navigating German bureaucracy can be challenging, patience and attention to detail can help manage administrative processes. Initial culture shock is common but typically subsides over time, offering the opportunity to experience German culture and traditions firsthand. Building an international network of researchers and professionals is a significant benefit, with potential collaborations with industry partners. The strong job market for PhD graduates, especially in STEM fields, is an added advantage, and the option to stay in Germany for job searching after graduation (with an 18-month visa extension) provides further opportunities.

The Two Paths to a PhD in Germany

In Germany, doctoral candidates can choose between Individual Doctorates and Structured PhD Programs. The Individual Doctorate remains the most common path, chosen by over 75% of doctoral students, while Structured PhD Programs are gaining popularity, especially among international students, with about 25% opting for this route.

Individual Doctorates: Flexibility and Independence

Supervision and Structure : Individual Doctorates are characterised by their flexibility and self-directed nature. Candidates are supervised by a single professor, known as the Doktorvater or Doktormutter, and the research process is highly flexible. This approach demands a high degree of personal initiative and responsibility, with no fixed curriculum or mandatory coursework.

Research Focus and Duration : In this model, candidates often propose their own research topics, enjoying greater freedom in choosing their research direction and methodology. The duration of an Individual Doctorate typically spans 5-6 years, though there’s no strict timeframe as it depends on individual progress and the specific research project.

Funding and Employment : Individual Doctorate candidates often work as part-time research associates at universities. However, they may need to secure their own funding or scholarships, which requires proactive effort on the part of the doctoral student.

Structured PhD Programs: Guidance and Collaborative Learning

Supervision and Structure : Structured PhD Programs offer a more defined approach to doctoral studies. Candidates are supervised by a team of advisors and follow a predefined curriculum. This model includes regular progress checks, guidance, and mandatory coursework, seminars, and colloquia.

Research Focus and Duration : Research topics in Structured PhD Programs often align with existing program themes or research groups, and candidates may be part of larger research projects or collaborations. These programs are usually completed in 3-4 years, following a more defined timeline due to their structured nature.

Funding and Additional Benefits : Structured PhD Programs often come with funding or stipends and may offer more opportunities for paid doctoral positions. They also provide training in academic and scientific methods, as well as opportunities to develop soft skills such as presentation techniques.

Comparing the Two Approaches

International Orientation : While Individual Doctorates can be conducted in German or other languages depending on the field and supervisor, Structured PhD Programs often have a strong international orientation and frequently use English as the primary language.

Networking and Collaboration : Structured PhD Programs offer extensive opportunities to broaden research networks and encourage collaboration with peers and interdisciplinary work. In contrast, networking in Individual Doctorates depends largely on individual initiative, with fewer built-in opportunities for peer collaboration.

Entry Requirements for undertaking a PhD in Germany

The entry requirements for undertaking a PhD in Germany are generally similar for both home and international students, with some additional steps for international applicants.

Here are the specific requirements:

General Requirements for All Applicants

• A master’s degree or equivalent (e.g., German Staatsexamen) in a relevant field
• Strong academic record, typically with a GPA of 3.0 or higher
• Research Proposal : A detailed outline of your intended research topic , objectives, methodology, and significance
• Curriculum Vitae (CV) : Highlighting academic achievements, research experience, publications, and relevant qualifications
• Statement of Purpose : Explaining your motivation for pursuing a PhD , academic goals, and how the program aligns with your objectives
• Academic References : Letters of recommendation or contact information for professors/advisors who can attest to your academic abilities
• Master’s Thesis : A copy of your master’s thesis or equivalent research work
• For German-taught programs: TestDaF or DSH certificates
• For English-taught programs: TOEFL or IELTS scores
• Interview : Many programs include an interview stage

Additional Requirements for International Students

• Qualification Recognition : Ensure your foreign degree is recognised in Germany. You may need to submit your credentials to uni-assist for evaluation
• Visa Application : Apply for a student visa at the German embassy in your home country
• Health Insurance : Obtain valid health insurance coverage for Germany
• Residence Permit : Apply for a residence permit for study upon arrival in Germany

Application process for applying to a PhD in Germany

The application process for a PhD degree in Germany can vary depending on whether you’re pursuing an individual doctorate or a structured PhD program, and whether you’re a home or international student.

Here are the key steps and requirements:

General Application Process

• Choose your path : Decide between an individual doctorate (traditional route) or a structured PhD program.
• A master’s degree or equivalent in a relevant field
• Strong academic record (typically a GPA of 3.0 or higher)
• Proficiency in English and/or German, depending on the program
• For individual doctorates, contact potential supervisors directly
• For structured programs, search for openings at universities or research institutions
• Curriculum vitae (CV)
• Copy of your master’s degree certificate
• Master’s thesis (or a copy)
• Research proposal
• Statement of purpose
• Academic references
• Language proficiency certificates (e.g., TestDaF, DSH for German; TOEFL, IELTS for English)
• Follow the specific guidelines of the university or program
• Applications may be submitted online or by post
• Many programs, especially structured ones, include an interview stage
• This may be in person or via video conference

Considerations for International Students

International students face some additional steps and requirements:

• Qualification recognition : Ensure your foreign degree is recognised in Germany. You may need to submit your credentials to uni-assist for evaluation.
• Provide proof of German proficiency (TestDaF or DSH) for German-taught programs
• For English-taught programs, submit TOEFL or IELTS scores
• Apply for a student visa at the German embassy in your home country
• You’ll need an admission letter from a German university
• Health insurance : Obtain valid health insurance coverage for Germany
• Residence permit : Apply for a residence permit for study purposes upon arrival in Germany. This typically lasts for two years and is extendable.

Application Process for Structured PhD Programs

Structured programs often have a more formalised application process:

• Check for specific application deadlines, which may occur once or twice a year
• Submit initial application materials online
• Visits to the institution
• Meetings with potential supervisors and current students
• A short presentation of your previous research
• A panel interview

Application Process for Individual Doctorates

For individual doctorates, the process is more flexible:

• Identify a potential supervisor whose research aligns with your interests
• Contact the professor directly with a brief inquiry
• If the professor expresses interest, submit a full application including your research proposal
• The professor may invite you for an interview or further discussion
• If accepted, you’ll need to formally enroll at the university

Remember that the specific requirements and processes can vary between universities and programs. Always check the official website of the institution you’re applying to for the most up-to-date and accurate information.

Typical Cost of a PhD in Germany

The costs of pursuing a PhD in Germany are generally similar for both home and international students, with a few key differences:

Tuition Fees

• Most public universities in Germany charge no tuition fees for PhD students, regardless of nationality
• There is a small semester contribution (administrative fee) of up to €300 per semester for all students, which typically covers student services and public transport

Living Costs

• The average annual living costs in Germany range from €10,200 to €12,000
• This includes rent, food, health insurance, and other daily expenses
• Costs can be higher in major cities like Munich or Berlin

Breakdown of Monthly Expenses (approximate)

• Rent: €280-€400 (shared flat or student residence)
• Health insurance: €80-€100
• Public transport: Often included in semester contribution
• Other expenses (phone, internet, leisure): €100-€200

Visa for International Students

• Non-EU students must prove they have access to about €11,208 per year (€934 per month) to cover living costs as part of their visa application.
• Visa application fee: approximately €75

Health Insurance

• Mandatory for all students, including PhD candidates
• Costs around €80-€100 per month
• EU students may be covered by their home country’s insurance through agreements

Additional Costs

• Research-related expenses (e.g., conference attendance, materials) are often covered by the research group or university
• Language courses (if needed): €200-€500 per course

In short, the main costs for PhD students in Germany are living expenses, as tuition is generally free. The overall experience is affordable compared to many other countries, especially considering the lack of tuition fees. International students should factor in additional costs for visa applications and potentially language courses. However, with many funded positions available, pursuing a PhD in Germany can be financially viable for both home and international students.

Funding Sources for PhD students in Germany

Many PhD positions in Germany are funded, offering a salary (of typically €1,500-€2,500 per month before taxes) rather than requiring payment of fees.

The main funding sources and opportunities for PhD students in Germany include:

• Doctoral Programmes in Germany: Supports international PhD students to complete their doctoral degree at a German university or research institution. Provides monthly payments of 1,300 euros, health insurance, travel allowance, and annual research allowance.
• One-Year Grants: For international doctoral candidates to carry out research as part of a doctoral project for up to one year.
• Bi-nationally Supervised Doctoral Degrees/Cotutelle: Supports doctoral degrees at the student’s home university with integrated research phases in Germany.
• Research Training Groups: Established by universities to promote early career researchers. Funded for up to 9 years, providing structured training and qualification programs.
• Collaborative Research Centres: Offer opportunities for PhD students to pursue research across disciplines and institutions.
• Individual Doctoral Projects at Max Planck Institutes
• International Max Planck Research Schools ( IMPRS ): Structured PhD programs at 68 locations
• Max Planck Schools: Joint graduate programs in specific interdisciplinary fields
• Individual Doctoral Projects at Leibniz Institutes
• Leibniz Graduate Schools and Leibniz ScienceCampi: Structured doctoral programs
• Individual Doctoral Projects at Fraunhofer Institutes: Opportunity to complete a doctorate while working on cutting-edge technology projects
• DLR-DAAD Research Fellowships: For PhD students in fields like space, aeronautics, energy, and transport
• PhD Fellowships: For early career researchers in basic biomedical research
• Travel Grants: For PhD students and postdoctoral researchers
• Marie Skłodowska-Curie Doctoral Networks: Structured doctoral training within European institution networks
• ERA Fellowships – Green Hydrogen: Funding for research projects in green hydrogen
• Green Talents: Competition winners can complete a research stay at a German institution
• Munich Aerospace PhD Scholarships: For research in aerospace-related fields
• Many PhD positions are offered directly by universities and research institutes, often tied to specific research projects or programs
• These typically provide a salary (often around 1,500-2,500 euros per month before taxes) rather than requiring payment of fees

Top Universities in Germany for PhD study

As of 2024, the top universities in Germany for PhD study in STEM subjects include:

Technical University of Munich (TUM)

• Ranked as the best university in Germany for engineering and technology
• Offers structured PhD programs through the TUM Graduate School
• Known for excellence in research and strong industry connections
• Provides interdisciplinary training and professional skills development for doctoral candidates

Technical University of Berlin (TU Berlin)

• Ranked 2nd in Germany for engineering and technology
• Offers doctorates across various STEM fields through its Faculty of Electrical Engineering and Computer Science
• Provides structured support for international doctoral candidates
• Known for interdisciplinary research and collaboration

Karlsruhe Institute of Technology (KIT)

• Ranked 3rd in Germany for engineering and technology
• Strong focus on energy, mobility, and information technologies
• Offers both individual and structured doctoral programs
• Emphasises international collaboration and industry partnerships

RWTH Aachen University

• Ranked 4th in Germany for engineering and technology
• Considers doctoral studies as the first part of professional practice, with an application-oriented focus
• Offers both individual doctorates and structured PhD programs
• Strong emphasis on industry partnerships and applied research

Technical University of Dresden

• Ranked 5th in Germany for engineering and technology
• Known for its research in microelectronics, materials science, and bioengineering
• Offers structured PhD programs and graduate schools
• Strong focus on interdisciplinary research and innovation

When choosing a university for PhD study, prospective students should consider factors such as:

• Specific research areas and expertise of potential supervisors
• Availability of funding or paid positions (many PhD students in Germany work as research assistants)
• Language requirements (some programs require German proficiency, while others are conducted in English)
• Opportunities for international collaboration and research stays abroad
• Post-graduation career prospects and industry connections

Prospective PhD candidates should thoroughly research potential supervisors and reach out to them directly to discuss research opportunities before applying to a program.

Your journey to  PhD study  in Germany awaits. With its exceptional research landscape, structured programs taught in English, and excellent  funding opportunities , Germany offers a unique experience for international students.

Enjoy the benefits of no tuition fees, low living costs, and a safe, culturally rich environment.

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Finance Concentration

This concentration is one of the three concentrations offered in the Frankfurt School's Doctoral Programme.

We conduct scientific research projects, aiming at publishing them in top journals in the fields of asset pricing, corporate finance and financial intermediation. Frequently, these projects are pursued jointly with representatives of our stakeholders from the industry, the public and governments and actively involve our doctoral students.

The prerequisite for a successful participation in research projects is a thorough training in theoretical and empirical topics in the fields of asset pricing, corporate finance and financial intermediation. Currently, the finance concentration consists of core courses and electives taught by resident staff.

Internationally renowned guest professors in their respective fields of expertise complement the curriculum. Students who pursue a Doctoral in Finance at Frankfurt School have to complete the electives in addition to the required core courses.

Finance Seminars

Mathematics & Statistics

Calculus of Several Variables Functions of Several Variables Implicit Functions and Their Derivatives Quadratic Forms and Definite Matrices Unconstrained Optimization Constrained Optimization Concave and Quasiconcave Functions Economic Applications Eigenvalues and Eigenvectors Advanced Linear Algebra Advanced Analysis Basic Probability and Statistics

Econometrics I

The course introduces some of the most widely used quantitative models in the fields of economics, finance and management. It has a clear focus on applying the methods while not shying off on formal treatments. In particular, the course covers:

Statistical Concepts and Distributions

Asymptotic Limits and Estimators

Linear Models and Estimation

Instrumental Variables Estimation

Generalized Method of Moments

Microeconomics

1. Demand Theory 2. Expected Utility Theory 3. General Equilibrium Theory 4. Non-Cooperative Game Theory a) Dominant strategies and applications b) Nash Equilibrium and applications c) Subgame Perfect Equilibrium and applications 5. Principal-Agent Theory 6. The Theory of Incomplete Contracts

Asset Pricing Theory

The course is an in-depth introduction to the modern theory of asset pricing and portfolio choice. Its main focus is on the relationship between arbitrage and equilibrium, and how both conditions imply the existence of "state prices," positive discount factors such that the price of any security is simply its discounted expected payoff. The first part of the course examines static economies while the second extends into a multi-period framework. Both parts are restricted to discrete time and symmetric and complete information.

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the programme office help you identify the appropriate courses.

Econometrics II

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate and in some cases improve, prior empirical studies. Censored regression functions

Tobit regression

Estimators and sample selection bias

Median and qunatile regressons

Covariance matrices

Causal effects

Nonparametric regressions and intsrumental variables

Non-parametric regressions

Kernel regressions

Time series analysis

Unit root testig Integrated proecesses

Cointegration Introduction to machine learning

Game Theory

The course combines theoretical developments of game theoretic concepts with applications of these concepts to questions in economics, finance and management. The course starts with simple games and shows the solution concepts for these games (and potentially the problems of the concepts). It then gradually enriches the games and the respective solution concepts. For each class of games, several examples will be provided how to apply the material learned in the course, always with an eye on how students can apply these concepts in their own research. Finally, students will present recent of fundamental research papers that use and apply these concepts, thereby pointing out the usefulness (but also the potential problems) of these concepts in research in different fields

Causal Inference

The course is structured in three parts (not necessarily chronological):

Part 1: Empirical methodologies (focus on regression discontinuity, difference-in-difference estimators, synthetic control estimators)

Part 2: Discussion of recent empirical papers with a focus on financial intermediation, corporate finance, and possibly with a link to accounting

Part 3: Development of own research ideas

Corporate Finance

The module introduces concise moral hazard and adverse selection models that allow analyzing major topics in corporate finance including among others firms’ debt capacity, the optimal capital structure, corporate risk and liquidity management. The module then discusses the role of banks in mitigating moral hazard and advserse selection in corporate finance, before moving on with a more general analysis of the role of banks in the financial system.

Empirical Asset Pricing

The objective of the course is twofold:

1) to familiarize students with the field of empirical asset pricing, i.e., to provide exposure to the seminal papers as well as the most important recent contributions; and

2) to teach students how to conduct, interpret and present empirical research. Accordingly, we will encounter a broad set of methodologies and datasets.

Accounting Information and Capital Markets

This module provides an introduction to the key areas of financial accounting research. It covers topics such as value relevance of accounting information, accounting-based valuation, earnings management, contracting and accounting, disclosure, text-as-data in accounting, information intermediaries, real effects in accounting, corporate governance, financial reporting regulation, political ecomony of accounting etc.

Advanced Topics in Finance

1) Advanced Topics in Information Acquisition and Processing 2) Regression-Based Estimation of Asset Pricing Models 3) Advanced Topics in Financial Intermediation 4) Advanced Topics in Over-The-Counter Markets 5) Advanced Topics in Political Economy in Finance 6) Advanced Topics in Household Finance

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the program office help you identify the appropriate courses.

PhD Brownbag

The workshop provides a forum for presenting ongoing and completed research projects by Ph.D. students. Students learn to present their own academic research for a mixed audience. They will gain skills in presenting, preparing compelling slides, interacting with the audience, taking feedback, and time management. Given the turnover of topics over time, students are required to enrol in the course every time it is offered.

Master's Thesis / 2nd year paper

The second year paper is the first piece of the student’s very own presentable research work. It can also be used to obtain a Master’s degree in Business Research and Analytics.

Research (Dissertation and Defence)

Upon passing the Qualifying Exam at the end of the 2 nd year, students enter the research phase of the programme. Students dedicate themselves to their research projects, produce scholarly papers and present their research at international academic conferences. They also have the opportunity to interact with international scholars visiting Frankfurt School to present research in the seminar series.

Research at FS

Why do managers so often underestimate the risk of their strategic decisions? Management professor Stevo Pavicevic tries to answer this question in his work:

"Making decisions is at the heart of professional lives of managers. Despite managers' best efforts, their decisions are often hopelessly erroneous. Here at Frankfurt School of Finance and Management, we investigate why managers make poor strategic decisions, and more importantly, how firms can build safeguards into the decision-making process to reduce the risk of flawed decisions."

Decision making is also important in marketing professor Tetyana Kosyakova’s projects, but her focus is on consumers rather than managers:

"My research is mainly in the area of choice and Bayesian modelling. Currently, I am working on a series of projects, which focus on developing the methodology for estimating consumer preferences based on consumer choice (or purchase) data, when consumers are making choice decisions given a large choice set.

Mehr Weniger

A typical purchase decision from a large choice set could be a consumer picking a yoghurt in a supermarket, given a large yoghurt assortment on a dairy shelf or a consumer configuring a laptop given multiple options for processor, memory and other technical features. Traditional models do not scale to large choice sets or large product assortments due to the difficulty of likelihood evaluation. My work is aimed at contributing to this research area."

Dr. rer. pol. students at Frankfurt School often work closely together with the faculty on (larger) research projects. Digitalization and its corporate impact is at the core of the project of accounting professor Matthias Mahlendorf :

"In a joint project with Dr. rer. pol. and students and international coauthors, we are currently investigating how senior managers develop their expectations about their company's future performance.

This is important, because many firms are currently investing in new approaches such as Google's "Objectives and Key Results", OKR as well as in predictive analytics. These tools have the potential to solve some challenges that firms have struggled with for decades, such as slack building in performance goals and biased forecasts. However, we need solid research to distinguish between hype and actual improvements."

Research at Frankfurt School often centres on big problems in society, including climate change and wealth inequality. Take, for example the work of finance professor Yigitcan Karabulut :

"My current research interest lies in household finance, with a particular emphasis on studying the factors that contribute to household wealth dynamics and their implications for the evolution of wealth inequality. In other words, I examine why some families are poor and some are wealthy and how this changes over time. Lately, I am working mostly to understand the impact of robots on differences in wealth."

After a lot of hard work, the tangible output of research is a publication in a scientific journal. We asked Professor Sascha Steffen about the paper that is closest to his heart:

"Even though it is not my best published paper, I am very happy about my paper on the "dash for cash" of firms during the current COVID crisis. It was not only the first paper that scrutinized this but also unearthed some subtle drivers of corporate cash holdings.

First, cash does not seem to be just "negative debt" (or a waste of resources that some literature seems to suggest) but there is an economic rationale for holding cash. Second, credit risk matters for cash holdings (which has been somewhat neglected in the literature); it is not only default risk, though, but there is a "cliff risk" for firms to become downgraded to non-investment grade which significantly affects cash holdings."

Finance Faculty

Affiliated faculty, student funding and scholarships.

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years conditional on the continued satisfaction of all academic programme requirements.

From the first year onwards doctoral students will receive EUR 1,820 for the period of 5 years.

Furthermore Frankfurt School covers costs related to research, including conferences and overseas visits.

Application process

1. target group.

Outstanding graduates of a Bachelor‘s or Master’s programme in business administration, finance, management, accounting or related fields who aspire to launch an academic career.

Candidates in the final year of a Master’s or Bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents. Please note that you need a certified English or German translation for all documents, that are not originally in German or English. The application platform will be open between 15 September and 15 January.

Required Documents

• CV and list of publications (if existent)
• Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
• Certified copy of your University Degree Certificate or equivalent and academic transcript of records
• Official GMAT or GRE results
• Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
• Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with faculty members? Is the research of any member of the FS faculty of interest to you?
• Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: background, extracurricular activities, work experience.

Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform: http://apply.interfolio.com/79802

Create a profile by clicking on the button “Apply now”.

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”.

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to an online interview with faculty members of the chosen concentration.

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctoral Proceedings. It is based on the applicants' overall portfolio and the interview. The results will be communicated after the final decision.

Isabeau Köhncke Recruitment Officer

Lianna Mirzoyan Recruitment & Admissions Manager

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How to Apply for a PhD in Germany: Programs, Funding, & FAQs

Germany is an excellent destination for both young and experienced researchers. 

The European country is third behind the U.S. and China for research & development expenditure . Plus, it is home to some of the most prestigious (and affordable!) research universities in the world.

If you’re considering doing a PhD in Germany, you will need to follow these steps:

The main steps to doing a PhD in Germany:

• Find a PhD Program and a Supervisor
• Decide Between Individual and Structured PhD Programs
• Meet All Requirements & Prepare Your Application
• Apply for Doctoral Studies
• Secure Funding
• Get a Student Visa or Resident Permit
• Arrive in Germany and Begin Your PhD Program

Why Pursue a PhD in Germany?

If you’re not yet sure if you should choose Germany for your PhD studies, here are some compelling reasons why you should consider it:

• Top-tier universities. Four German universities are ranked in the top 100 global universities, and many more are in the top 200.
• Large international student community. Germany welcomes a diverse and thriving international student community. Over 458,210 international students are currently studying in the country.
• Quality research institutions. There are over a thousand publicly funded research institutions (universities, universities of applied sciences, research institutes, businesses, and government bodies) that you can choose from in Germany.
• High investment in research and development. Germany’s public expenditure in the research and development sector reached a record high of 112.6 billion euros in 2021.
• Strong economy. Germany is known for its strong and stable economy. After completing your PhD, there are plenty of employment opportunities in the academic, business, and research sectors.

How to Apply for a PhD in Germany

From finding the perfect program for you to submitting your application and starting your PhD, here are all the steps you need to take:

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1. Find a PhD Program and a Supervisor

After all the years of studying leading up to this step, you most likely have a few areas of interest you want to do your research in.

This is the first important step: define your research focus by considering your interests and academic background. If you need more help, you can consult online resources from research universities. Or, even better, you can discuss your decision to pursue a PhD with academic communities online or offline and seek advice from current PhD students in Germany who can tell you more about their individual experiences.

If you already know what your research direction is, you can begin searching for suitable programs right ahead. 

• The German Academic Exchange Service (DAAD) has an extensive list of current opportunities, which you can look up at the  DAAD PhD Database . 
• Another option is to research universities in Germany individually to find the newest opportunities and offerings at each institution.

You will also have to find a supervisor. The best way to do this is to go to university websites and find faculty directories with profiles of professors and their research fields/current projects. Contact professors whose work aligns with your interests via email to inquire about supervision opportunities.

> Search PhD programs from 31,000 research institutions listed on the GERiT database .

Types of PhD Programs in Germany

There are two different paths you can take when pursuing a PhD: individual PhD programs and structured PhD programs. Each comes with its own set of advantages and requirements.

2. Verify That You Meet All Requirements & Prepare the Application

Requirements and application documents to apply for a PhD in Germany are specific to the institution and research area you’re applying to. But, as a general guideline, you should prepare the following:

• Academic degree recognized in Germany. You need a master’s degree or a German state examination (Staatsexamen) in a field relevant to the PhD program to qualify.
• Copy of master’s thesis. Submit a copy of your master’s thesis. The work should demonstrate your research skills and the depth of your academic work.
• Research proposal. Craft a clear and detailed research proposal that includes your intended research topic, objectives, methodology, and significance. 
• Statement of purpose. Write a statement of purpose why you want to do a PhD in your chosen field, your academic and career goals, and how this program aligns with them.
• Curriculum Vitae (CV). Prepare a detailed CV highlighting your academic achievements, research experience, relevant coursework, publications, and any other qualifications.
• Proof of language proficiency. Depending on the language of instruction, you may have to provide proof of language proficiency in English and/or German. You can do this with certificates like TestDaF and DSH for German or TOEFL and IELTS for English. Proof of previous studies in the language is also sufficient.
• Academic references. Provide contact information or recommendation letters from professors/ academic advisors who can attest to your academic abilities and potential.
• Predoctoral examination. Some programs ask that you pass a predoctoral examination as part of the application process.

3. Apply for Doctoral Studies

After finding a suitable PhD program and mentor, and making sure your academic qualifications are recognized, you can send in your application.

You can send in your application online or by post, depending on the hosting institution’s preferences. To make sure, check their guidelines and specifications. Admission committees are selective, so you may also have to attend an interview soon in the application process.

4. Secure Funding

You must demonstrate access to a minimum of €992 per month (€11,908 per year) to meet visa requirements and live comfortably while you’re in Germany. You can prove this through an admission agreement or relevant PhD contract, or you can open a blocked account with individual funds.

There are many ways to support yourself financially while pursuing a PhD in Germany:

• PhD scholarships. DAAD offers the highest number of doctoral scholarships. PhD students get an average monthly stipend of €1,139. 
• Paid PhD positions. Many universities and research institutions offer paid PhD positions in Germany. You will work on specific research projects on a contract and receive a salary.
• Research associate positions. You can also work as a research associate in a university, research institution, or company and receive a salary as compensation.
• Part-time jobs. Some PhD students/researchers work part-time jobs that are not related to their studies for extra income.

> Read more about the costs of studying in Germany.

> Discover PhD scholarships in Germany.

5. Get a Student Visa or Resident Permit

If the institution confirms your place in the PhD program, next in line is applying for a student visa or residence permit. The requirements for a German PhD visa or permit can vary depending on your nationality and circumstances: 

Visa Requirements

If you’re a citizen of the European Union (EU), the European Economic Area (EEA), or Switzerland, you don’t need a special permit or visa for a PhD in Germany. You can enter the country for research and work purposes with a valid passport or ID card.

Otherwise, you will need a visa and/or a residence permit to do your PhD in Germany. Nationals of some countries, including the United States, Australia, Israel, Japan, and Korea, don’t need a visa but must apply for a residence permit.

Depending on the circumstances, you need one of the following visas:

• Study visa. If you’re pursuing a full-time doctoral program.
• Research visa. If your focus is on research and you have a formal affiliation with a research institution in Germany.
• EU Blue Card. If your PhD contract pays a gross annual salary of at least €45,300 (or €41,041.80 in certain professions), you can apply for an EU Blue Card . This is a special residence title for international academics and other professionals.

Residence Permit Requirements

If you come to Germany on a visa, you will need to apply for a residence permit within three months of arrival. This also applies to nationals of countries outside the EU, EEA, and Switzerland who are exempt from the visa requirement.

You can apply for one of the following residence permits:

• Study permit. If you’re accepted into a PhD program at a German university, apply for a study-based residence permit. It lasts up to two years, extendable.
• Research permit. If you’re a researcher with the right qualifications for doctoral programs, apply for a research permit. This requires a contract with a research institution for your project.
• EU Blue Card. With a PhD offer that has a minimum salary of €45,300 per year, or €41,041.80 for some bottleneck professions , you may be eligible for the EU Blue Card. Apply for this permit if you meet the criteria.

> For more specific information tailored to your situation, we recommend contacting the German embassy or consulate in your home country. You can also use this visa navigator.

6. Arrive in Germany and Begin Your PhD Program

The most exciting step of all is near—time to unpack your bags and begin your life as a PhD student or researcher in Germany. Once you’re settled in, there are some formalities you need to take care of.

The international office at the university or another representative can guide you best on this. However, here are some of the main things you need to do once you arrive in Germany:

Register Your Residence

Shortly after your arrival, you must register your residence at the local registration office (Einwohnermeldeamt or Bürgeramt). This is mandatory, and you typically have a window of two weeks to complete this process. 

Get Health Insurance

Everyone in Germany is required by law to have health insurance coverage. This includes international PhD students. Depending on the source of your funding, you are eligible for one of the following health insurance coverages: 

• Doctoral candidates with an employment contract are automatically insured with a state-regulated health insurance provider (Gesetzliche Krankenversicherung-GKV) in most cases.
• Doctoral candidates without an employment contract (with a fellowship or private funding) can choose between:
• Voluntary health insurance coverage with a state-regulated provider.
• Coverage with a private health insurance company.

There are some exceptions in which you can use your insurance from your home country. These apply to students from a European Union (EU) country or other countries with social security agreements with Germany.

Open a Bank Account 

You should open a German bank account as soon as possible. Most financial transactions in Germany, including receiving your stipend or salary, are done through a German bank account.

Enroll at the University

If your PhD program is part of a university degree, you need to enroll as a student at the university. Follow your university’s instructions to submit the necessary documents to the enrollment office. These usually include your admission letter, passport, proof of health insurance, and semester fee.

After you complete this process, you will receive an Enrollment Certificate (Immatrikulationsbescheinigung). This is a very important document that you most likely need in the future.

Frequently Asked Questions (FAQs)

There’s a lot of planning involved if you’re considering doing a PhD, especially if it’s in a foreign country. We’re sure you’ve got more questions, and we’re here to help.

How Long Does It Take to Get a PhD in Germany?

A PhD in Germany usually takes between three to six years to complete. Just like in other countries, it can take longer or shorter than expected, depending on several factors. The type of PhD you choose (structured programs can be more rigid), your subject area, and individual progress can all make a difference in the time it takes to get a PhD in Germany.

Are PhD Programs in Germany Tuition-Free?

The majority of PhD programs in Germany are tuition-free, at least for the first six semesters. However, if need to enroll at a university for your PhD, there is a small semester fee you need to cover. The fee can be higher or lower depending on the university, but it usually falls within the range of €100 to €350.

Is German Mandatory to Pursue a PhD in Germany?

You don’t necessarily have to know German to do a PhD in Germany. In fact, most PhD programs in Germany are in English, especially in fields such as science, engineering, and humanities. In these programs, you can both write your thesis and communicate with your advisor and peers in English.

There is of course the chance that the program you’ve chosen is in German or requires knowledge of German (in most cases, in addition to English). In this case, you have to prove your proficiency through a recognized language certificate or proof of previous studies in German.

Even if German isn’t mandatory, we strongly encourage you to learn the basics. They will be super helpful in daily interactions and getting accustomed to life in Germany.

How Much Does a PhD Student Earn in Germany?

Most PhD candidates in Germany receive financial support in the form of a salary or grant. This includes candidates affiliated with universities, research institutes, or company collaborations.

The majority of doctoral positions are structured under either the Collective Agreement for Civil Service TVöD (Tarifvertrag für den öffentlichen Dienst or the Collective Agreement for the Civil Service of Individual Federal States TV-L (Tarifvertrag der Länder). Since universities are funded by their respective federal government, if your PhD is affiliated with one, your salary will be structured under the TV-L.

Doctoral positions fall within the TV-L 13 category, with a salary range spanning from €4,188 (Tier 1) to €6,037 (Tier 6). The difference between the tiers (Stufe) depends on prior experience in the field. If you don’t have any research experience, you will fall under Tier 1 and progress to the other tiers throughout your PhD.

Your salary will ultimately be determined based on a wage agreement that specifies the contract tier (Stufe) and working hours (percentage-based). Many entry-level PhD students start with tier 1 contracts that are not full-time. For example, if your contract places you in Pay Group E-13 Tier 1 of the TV-L and you work at 75% capacity, your monthly gross salary will be €3,141.

> Learn more about pay ranges for PhD students using this convenient calculator .

Can I Work While Pursuing a PhD in Germany?

Part-time work is an option in most cases unless it’s strictly stated otherwise in your contract. Whether or not you are allowed to work on the side as a PhD in Germany depends on the working hours stated in your PhD contract, supervisor, and other specific circumstances. 

However, since the PhD is considered a job in itself, it’s usually frowned upon to have a side hustle. Even if you have a 50% contract, a PhD is demanding and requires long hours of work and research. If you choose to work on the side, make sure to find the right balance between work and your PhD commitments. To be on the safe side, it’s best to talk to your supervisor and go over all the legal and contractual obligations related to your PhD.

What Is the Process for Defending a PhD Thesis in Germany?

Here are the main steps to defending your PhD thesis in Germany:

• Submit your thesis. The first step is submitting submit your thesis and supporting documents in adherence to all the formal requirements. A commission will be formed, and in some cases, you can suggest reviewers.
• Oral defense. The next step is preparing and undergoing an oral defense, which can take between 30 minutes to 2 hours. During this time, you will present your research and discuss it with the committee. The defense can be either public or private.
• Receive the title and publish your work. The outcome of the discussion determines your final grade, to be received after the defense. If everything goes well, you’re granted the Ph.D. title and have about two years to publish your dissertation.

What Are the Career Prospects Like After Doing a PhD in Germany?

Career prospects after a PhD in Germany are quite promising. 

The most common paths for PhD holders in Germany are either in academia as professors or post-doctorate researchers or in industry positions. 

Technology, healthcare, and finance, in particular, are some of the most in-demand industries in Germany. The country’s strong economy and research-oriented environment make it an attractive place to develop your career.

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/ PhD programme Yes Joint degree / double degree programme Yes Description/content Frankfurt School of Finance & Management is one of Europe’s leading business schools with an internationally recognised

Degree Doctor of Philosophy ( PhD ) in Medical Research – Cardiovascular Science Teaching language English Languages Courses are held in English only. PhD theses are written only in English. Full-time

Dissertation Writing-up Fellowships for the Department 'Law & Anthropology'

PhDs in anthropology. The fellow should be prepared to participate in the activities of the Department during the fellowship period, and is expected to submit a working paper that addresses the topic

Researcher (PostDoc)

Job posting (PHY 04/2024) The Leibniz Institute for Baltic Sea Research Warnemünde (IOW) has a temporary vacancy (subject to financing ) as a Researcher (PostDoc) for the period 01.11.2024

Degree Doctoral degree (Dr rer nat) / PhD In cooperation with Center for Earth System Research and Sustainability (CEN), Hamburg Cluster of Excellence "Climate, Climatic Change, and Society" (CLICCS

Senior Research Fellow / Post-Doc (f/m/d)

the research fields Green innovation and entrepreneurship (e.g., entrepreneurial finance , startup innovation network, business model innovation, entrepreneurship in the Global South) Corporate climate goals and

Postdoc (f/m/d) Socio-Economic Panel

Mentoring of researchers Your qualifications: University degree in sociology, economics or a related field Doctorate / PhD in one of the above-mentioned fields is an advantage Strong publication record

Postdoctoral Researcher in Production and Resource Economics

international Horizon Europe- financed collaborative projects (e.g., AGRO-WELL, RETOUCH Nexus, INCiTiS-Food, NOVASOIL) or nationally funded projects. The successful candidate is also expected to be actively

PhD Student (m/f/d) Immunology and Cell Biology

We are announcing a part-time position as PhD Student (m/f/d) in the Research group Immunology and Cell Biology Topic: Regulation of the human proteasome network under mitochondrial protein import

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technologies, financed by the Leibniz Alliance. It is located in close proximity to Hamburg in Northern Germany. The RCB offers its PhD students a structured graduate program within the Borstel Biomedical

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How to finance your PhD

How much does it cost to get a doctorate in Germany?

Tuition is free for doctoral studies for at least the first 6 semesters at all public universities in Germany. The German Studentenwerk (German Student’s Union) says an average student in Germany needs around 800 euros per month to cover living expenses such as rent, food, clothing, transport, work supplies, recreation etc. Students enrolled at university also have to pay a “semester contribution” every semester. This fee covers the cost of the important student ID card. The student ID card serves as a semester ticket for cheap or free use of public transport, and allows you reduced rates at the student cafeteria and many other places such as swimming pools, museums, cinemas, etc…

Scholarships and funding programmes

Research is a serious business in Germany, with funding programmes available from several sources. The DAAD alone, Germany’s largest provider of scholarships, provided funding for more than 51,600 foreign scholars around the world. In addition, many other public and private bodies provide financial support to doctoral students. Important donors include Germany’s federal and state governments, the European Union and a large number of charitable foundations that have set themselves the goal of supporting research and junior researchers.

For more information on funding opportunities for doctoral candidates, go to: DAAD scholarship database: www.funding-guide.de Other funding databases: www.research-in-germany.org > funding databases Selected funding programmes for PhD Students: www.research-in-germany.org > funding programmes for phd students

Job offers for doctoral students and roles for scientists

In addition to scholarships and funding programmes, there are employment opportunities at universities and research organisations. Furthermore, you may want to consider the private sector, with many German companies having generous research budgets.

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• PhD Funding in the USA – A Guide for 2024

PhD Funding in the USA

Written by Ben Taylor

Many of the world’s top research universities are based in the USA, so it’s no surprise that it’s an extremely popular destination for PhD students.

Although the USA has a reputation for being an expensive place to study, there are also some fantastic opportunities for PhD funding (including many fully-funded PhD programmes for international students).

This page will give you an introduction to the cost of a typical doctorate in the USA, as well as a guide to some of the most generous forms of PhD funding available at American universities.

On this page

American phd funding – what you need to know first.

As we’ve already mentioned, the USA has an expensive reputation – but you shouldn’t let that put you off.

There’s a reason why such a large number of American universities can be found among the top-ranked in the world: many institutions have huge budgets and endowments, allowing them to offer generous fully-funded PhD scholarships to graduate students (regardless of nationality).

These are a few key points to bear in mind when beginning your search for PhD funding in the USA:

• Public universities in the United States differentiate between in-state and out-of-state when it comes to fees, so you won’t necessarily be charged more than an out-of-state domestic student if you’re an international student
• Private universities don’t distinguish between domestic and international students
• It’s common for universities to offer ‘full-ride’ PhD scholarships to talented grad students
• The Fulbright Commission administers several funding schemes for international students to complete their research in the USA
• Federal student loans are available to US nationals

The cost of a PhD in the USA

With a huge range of universities offering PhD programmes in the USA it’s no surprise that American PhD fees vary a lot. They also tend to be exaggerated or otherwise misreported based on very high figures for prestigious Ivy League universities. These aren’t typical.

Actual fees vary between public and private institutions and sometimes depend on a students’ residency status:

• Public institutions charge an average of $12,394 per year for in-state students on graduate programmes. Be aware that fees for out-of-state students (including international students) are higher than this.
• Private institutions charge an average of $26,621 per year for all students on graduate programmes.

These figures are based on data published by the US National Center for Education Statistics . As a general rule, public institutions will be cheaper than private institutions, but will charge a higher out-of-state fee to international students. This can mean that the actual difference in fees is smaller than it seems above. Private institutions, on the other hand, may have more funding available.

The best way to get a sense of the tuition fees you will actually pay for a US PhD is to look up a few programmes in your subject and compare their prices. Just make sure you’re comparing the same thing: some universities will list fees per year, whereas others may list fees per semester or per credit.

In-state vs out-of-state

US universities don’t distinguish between international students and domestic fees in the same way as the UK. But public universities do differentiate between students from inside or outside their state. This is because ‘in-state’ students have their education partly subsidised by their state government. As an international student you’ll pay the same fee as a US student from ‘out-of-state’.

Living costs

The sheer size of the USA makes it almost impossible to offer accurate figures for student living costs across all 50 states. So we haven’t. You should definitely include this in your research and preparation though. Some parts of the USA are much more affordable than others. Your university’s international office may be able to help provide a sense of typical graduate student expenses for rent, groceries and travel.

See our guide to living in the USA during a PhD for more advice.

Other expenses

American universities will usually charge additional fees for processing graduate school applications. You’ll also need to budget for admissions tests, language tests and your visa.

Fulbright Postgraduate Scholarships

The US-UK Fulbright Commission is an organisation dedicated to fostering research connections between the United States and the United Kingdom.

Every year they offer postgraduate scholarships to talented British students to help them study at an American university (and vice versa).

A Fulbright Postgraduate Award offers the following benefits:

• A contribution towards your tuition fees (this could cover the first year of fees or fully-fund the entire degree, depending on the award and institution)
• Health insurance cover
• Visa sponsorship

Fulbright Scholars will also gain valuable networking opportunities through a global alumni organisation, as well as support during their studies from the Institute of International Education (IIE).

There are a range of Fulbright Postgraduate Awards available, with some providing a fully-funded PhD degree and others only offering a one-year tuition fee waiver. You can check out the Fulbright Postgraduate Scholarships on their website.

Eligibility for Fulbright Postgraduate Awards

The main eligibility requirement for a US-UK Fulbright Award is, unsurprisingly, that you must be a British citizen. However, if you’re a foreign national settled in the UK you may also be able to apply.

You’ll also need an undergraduate result of at least a 2.1 (although a 2.2 may be accepted on a case-by-case basis).

As the primary goal of the US-UK Fulbright Commission is to foster new connections between the countries, the ideal candidate won’t have spent more than six months in the United States already.

Applying for a Fulbright Postgraduate Award

The application process for a Fulbright Award usually opens in August, with a deadline in early November.

You’ll need to make an online application with the following documents/details:

• Academic transcripts
• Passport photo
• Personal statement
• Research objectives

You’ll also need to complete a separate application to the university you want to do your PhD at.

Shortlisted candidates will be invited to attend an interview in the following February.

Other Fulbright PhD scholarships

The above information focuses on the US-UK Fulbright Commission, which is part of a much larger network of organisations devoted to helping talented international students attend American universities.

Fulbright-Nehru Doctoral Fellowships , for example, offer Indian students the chance to complete a funded research placement (six to nine months) in the USA.

The Fulbright Foreign Student Program provides Nigerian doctoral students with the opportunity to conduct PhD research in the United States.

Fulbright Germany’s Doktorand:innenprogramm (PhD student programme) is a similar scheme to help German researchers complete work in the USA.

You can view Fulbright programmes by country on the Bureau of Educational and Cultural Affairs website.

University PhD scholarships

It’s actually very common for US universities to provide fully-funded PhD programmes for international students, and relatively rare for successful candidates on graduate programmes to be entirely self-funding. The ‘sticker price’ for a US PhD may seem high, but it’s probably not the price you’ll end up paying.

Funding will take various forms. ‘Full-ride’ PhD scholarships will cover fees, living costs and other expenses. Other common options include partial fee discounts or full fee waivers.

In general, private universities will have more funding than public universities (though they will also have higher fees). You can search some of the PhD funding available using an official tool provided by Education USA . These results aren’t exhaustive though: make sure you also check with the university you are considering.

We’ve done some of the leg-work for you and produced a list of international PhD scholarships available at some of the top American universities, which you can check out below.

Assistantships

As well as awarding direct funding, it’s common for US universities to offer assistantship positions to their graduate students. These are effectively a form of employment with the university : you will fulfil a selection of responsibilities in exchange for a stipend or a fee waiver.

Common types of assistantship include:

• Graduate teaching assistantships – These involve teaching and mentoring undergraduate students on courses related to your subject. Responsibilities may include leading discussion groups, supervising essays and helping with course admin. Graduate students doing this kind of work are sometimes referred to as ‘TAs’ (teaching assistants) or ‘adjunct faculty’. Find out more about graduate teaching assistantships .
• Research assistantships – These involve helping faculty with their research. Responsibilities may include collecting and recording routine data, monitoring experiments or helping set up equipment.
• Administrative assistantships – These involve clerical, administrative and secretarial work for the university or graduate programme. Responsibilities may include data entry and management, assisting with meetings and other activities or helping with other routine office tasks.
• Fellowships – These don’t involve additional work but may be conditional on maintaining a certain standard for your academic work or pursuing particular directions with your research.

Graduate teaching assistantships and research assistantships are the most common types of assistantship, but it’s worth checking to see what different universities offer.

Federal grants and aid

National science foundation (nsf) graduate research fellowship program (grfp).

The National Science Foundation’s GRFP is a long-established federal grant scheme for talented STEM graduate students in the USA, providing the opportunity of a fully-funded PhD. Past fellows include over 40 Nobel laureates.

The GRFP offers the following financial benefits over a three-year period:

• $37,000 annual stipend
• Tuition fee allowance of $12,000 (paid directly to the university)

Applicants for the NSF GRFP must be:

• American citizens, permanent residents or nationals
• Graduate students beginning a research-based Masters or PhD degree in a STEM subject
• Embarking on Masters or PhD study for the first time

As you might expect, competition for these prestigious fellowships is high, with around 12,000 applications for 2,000 places.

There are four main elements to an NSF GRFP application:

• Graduate research plan statement
• Two or three reference letters

The deadline for submitting these documents is usually mid to late October, with the results announced at the beginning of April.

You can find out more on the NSF GRFP website .

Federal Student Aid for US students

If you’re a US citizen, you may be able to receive financial aid from the government to help fund your studies. Generally, international students are not eligible to apply except in very specific circumstances .

You’ll also need to have financial need, but there is no income cut-off to qualify for financial aid. Rather, there are several factors considered when assessing your application.

Unlike undergraduate students, Masters and PhD applicants are considered independent for financial aid purposes, meaning only your own income and assets are taken into account, as opposed to your parents’.

The types of federal aid available for postgraduate students include:

#1 Federal loans

Loans available for Masters students include Direct Unsubsidized Loans and Direct PLUS Loans .

For Direct Unsubsidized Loans , your university determines how much money you’re eligible to receive, up to an upper limit that depends on your personal circumstances. Find out more about Direct Unsubsidized Loan limits. Interest rates are currently set at 7.05% for the 2023-24 year.

Direct PLUS Loans don’t award a set amount. Instead, you can borrow up to the full cost of your Masters programme, minus any other forms of financial support you are receiving for it. Interest rates are set at 8.05% for the 2023-24 year.

To apply, you’ll need to be studying a course at 50% intensity or more (part-time programmes are eligible for direct plus loans, provided you study on a ‘half-time’ basis or greater). You’ll also need a good credit history to apply a Direct PLUS loan. You won’t normally be able to receive a Direct PLUS Loan if you have a record of credit default or overdue debt for existing loans. In some cases, a parent or other US citizen may endorse your application as a guarantor.

As a Masters student you won’t repay your loan until six months after you cease to be enrolled on your course. Note that this repayment period will normally still come into effect if you exit your graduate programme early.

Actual repayment plans vary, but you can view a set of guides from the US Department of Education .

#2 Work-study

Federal work study provides part-time jobs for US students who have financial need, to help them cover their living costs and tuition fees.

Roles can be on or off campus, and where possible related to your field of study. Off-campus jobs are generally for nonprofit organisations or public agencies, and must be performed in the public interest.

Postgraduate students may be paid by the hour or by salary, depending on the type of role performed. How many hours you’re allowed to work will be determined by your university’s financial aid office.

Federal work-study is generally not available for international students, but there are other ways to earn money alongside your studies. We cover this in our guide to working in the USA as a student .

Applying for financial aid

To apply for financial aid, you’ll need to submit a Free Application for Federal Student Aid (FAFSA) form. Filling in the FAFSA involves creating an online account and receiving a unique FSA ID.

You should have access to the following documents and information when filling in the FAFSA:

• Your social security number
• Your driving license number (if you have one)
• Your Alien Registration Number (of you are not a US citizen)
• Tax documents or tax returns for yourself and your spouse (if married)
• Records of any untaxed income, savings, cash or investments

The FAFSA form for becomes available for course starting the following year on 1 October annually. So if you’re planning to study a Masters or PhD starting in Autumn 2024, you’ll be able to fill in the FAFSA from 1 October 2023 .

The FAFSA deadline for 2023-24 is 30 June 2024 .

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Mechanical Engineering

• Graduate study in Mechanical Engineering
• Ph.D. programs

Ph.D. in Mechanical Engineering

The Doctor of Philosophy in Mechanical Engineering prepares students for careers in research and academia. Our collaborative faculty are investigating a diverse range of research areas like additive manufacturing, air quality, cellular biomechanics, computational design, DNA origami, energy conversion and storage, nanoscale manufacturing, soft robotics, transdermal drug delivery, transport phenomena, machine learning, and artificial intelligence.

Interested? Visit our research pages for more information, including faculty areas of expertise and research videos.

• Other Ph.D. programs

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View the  degree requirements  in the handbook.

Doctor of Philosophy in Mechanical Engineering

Students typically complete the Ph.D. degree requirements in three to five years. Early in the program, students focus on course-work that enhances their knowledge as they prepare to conduct research.

Within one year, students must pass the departmental qualifying exam, an oral exam that tests research skills and knowledge of a core mechanical engineering subject area.

Student research forms the core of the Ph.D. program. Research involves active student-directed inquiry into an engineering problem, culminating in a written thesis and oral defense.

Ph.D. Financial Support

The majority of full-time Ph.D. students accepted through the standard application process receive fellowships that cover full tuition, the technology fee, and a stipend for living expenses for up to five years, as long as sufficient progress is made toward degree completion. These awards are sufficient to cover all expenses for the year (including summers). Students are required to pay for health insurance, the transportation fee, the activity fee, books, and course supplies. Off-campus housing is available within walking distance of campus. At least one year of residency is required for the Ph.D. We offer two ways to enter the Ph.D. program.

Advanced entry Ph.D.

The advanced entry Ph.D. is for students with an M.S. in an engineering discipline or equivalent field.

Direct Ph.D.

The direct Ph.D. is for students entering the program with a B.S. in an engineering discipline or equivalent field.

For a comprehensive overview of the programs, including degree requirements, please consult the most recent handbook

Ph.D. candidate Remesh Shrestha, co-advised by Professors Sheng Shen and Maarten de Boer, explains his research to create polymer nanowires that have high thermal conductivity:

Other Ph.D. programs and partnerships

Apply here (by these deadlines).

For spring 2023

For fall 2022

The application for fall entry opens in October.

More information

Ph.D. employment stats

Ph.D. enrollment and completion stats [pdf]

Department of Finance

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PhD program overview

The primary objective of the PhD program in finance at the W. P. Carey School of Business is to train students for careers as finance professors at major research universities. The program provides a challenging course of study in the most recent developments in both the theoretical and empirical aspects of financial economics. This course of study, along with work in economics and statistics, serves as preparation for understanding and critical analysis of current issues in finance.

PhD students work with a distinguished faculty that comprises one of the most productive research groups in the world. Recent surveys of research productivity rank the Department of Finance among the best in the world for research output in the top journals. Our faculty produces cutting-edge empirical research in the areas of equity markets, corporate finance, organization structure, international finance, financial institutions and asset pricing. The program is relatively small, so that faculty-student mentoring relationships are promoted and PhD students receive personal attention. The program seeks highly capable students with a strong academic background and preferably with work experience.

Admission to the PhD in Business Administration with a concentration in finance is granted to applicants who present convincing evidence of high-order analytical skills, intellectual curiosity and the ability to work independently in pursuing scholarly research. Applicants should possess the intellectual curiosity and discipline required for original inquiry. In addition to the general requirements of the ASU Graduate College, applicants must submit a resume, three letters of recommendation, scores from the Graduate Management Admission Test (GMAT) or the Graduate Record Exam (GRE), and a brief statement of their career objectives. While many of our accepted students have an MBA or M.S. in a business-related field, others have a background in another area, such as engineering, economics, mathematics, statistics, physics, etc.

Interested individuals will find it valuable to review the Information for Prospective Students found at the Graduate College site.

Inclusion at ASU

Arizona State University is deeply committed to positioning itself as one of the great new universities by seeking to build excellence, enhance access and have an impact on our community, state, nation and the world. To do that requires our faculty and staff to reflect the intellectual, ethnic and cultural diversity of our nation and world so that our students learn from the broadest perspectives, and we engage in the advancement of knowledge with the most inclusive understanding possible of the issues we are addressing through our scholarly activities.

We recognize that race and gender historically have been markers of diversity in institutions of higher education. However, at ASU, we believe that diversity includes additional categories such as socioeconomic background, religion, sexual orientation, gender identity, age, disability, veteran status, nationality and intellectual perspective.

Department of Finance Office: BAC 519 Phone: 480-965-3131 Fax: 480-965-8539 [email protected]

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Olympians are turning to OnlyFans to fund dreams as they face a ‘broken’ finance system

Dire financial straits are leading droves of Olympic athletes to sell images of their bodies to subscribers on OnlyFans — known for sexually explicit content — to sustain their dreams of gold at the Games. As they struggle to make ends meet, a spotlight is being cast on an Olympics funding system that watchdog groups condemn as “broken,” claiming most athletes “can barely pay their rent.” (AP Video shot by Nicolas Garriga)

FILE- Britain’s Jack Laugher competes in the men’s 3m springboard diving preliminary at the 2024 Summer Olympics, Tuesday, Aug. 6, 2024, in Saint-Denis, France. (AP Photo/Dar Yasin, File)

FILE - Alysha Newman, of Canada, celebrates a successful vault as she competes in the women’s pole vault final at the 2024 Summer Olympics, Wednesday, Aug. 7, 2024, in Saint-Denis, France. (AP Photo/Rebecca Blackwell, File)

FILE - Germany’s Timo Barthel competes in the men’s 10m platform diving preliminary, at the 2024 Summer Olympics, Friday, Aug. 9, 2024, in Saint-Denis, France. (AP Photo/Lee Jin-man, File)

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PARIS (AP) — Dire financial straits are leading droves of Olympic athletes to sell images of their bodies to subscribers on OnlyFans — known for sexually explicit content — to sustain their dreams of gold at the Games. As they struggle to make ends meet, a spotlight is being cast on an Olympics funding system that watchdog groups condemn as “broken,” claiming most athletes “can barely pay their rent.”

The Olympics, the world’s biggest sporting stage , bring in billions of dollars in TV rights, ticket sales and sponsorship, but most athletes must fend for themselves financially.

The International Olympic Committee (IOC) did not express concern about the situation. When asked by The Associated Press about athletes turning to OnlyFans, IOC spokesman Mark Adams said, “I would assume that athletes, like all citizens, are allowed to do what they can.”

Watching his sponsorships dry up and facing mounting costs, Jack Laugher was among the pantheon of Olympic athletes using the often-controversial platform to get to the Games — or simply survive.

After medaling at the Tokyo Olympics in 2021, Laugher, who scored another bronze in Paris last week for the U.K., said he was waiting for funding that never materialized. His account, costing $10 a month for a subscription, says he posts “SFW (safe for work) content in Speedos, briefs, boxers.” A recent post from the Olympics got more than 1,400 likes.

“For me, it’s been an absolute lifeline,” he said, before he was whisked away mid-interview by a British team official, underscoring the sensitivity of the issue.

The AP spoke to multiple current and former Olympians who painted a sobering portrait of what they had to do — and bare — to get to Paris.

Laugher, and other current and former Olympians — rower Robbie Manson (New Zealand), pole vaulter Alysha Newman (Canada), divers Timo Barthel (Germany), Diego Belleza Isaias (Mexico) and Matthew Mitcham (Australia), the first openly gay Olympic gold medalist — found a measure of financial stability in OnlyFans that other funding failed to provide.

2024 Paris Olympics:

• What to know about the closing ceremony : A skydiving Tom Cruise and performances from Billie Eilish, the Red Hot Chili Peppers and Paris Olympics mainstay Snoop Dogg highlighted the French capital’s au revoir to the Olympics.
• Indelible images : AP photographers pick their favorite images from the Paris Olympics .
• Who won the 2024 Olympics?: See which countries tied for the most gold medals in Paris, and who exceeded expectations.
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Unable to secure traditional sponsorships, Mitcham began posting photos on OnlyFans, including semi-frontal nudes, earning triple the amount he received as a top athlete.

“That body is an amazing commodity that people want to pay to see. It’s a privilege to see a body that has six hours of work every day, six days a week put into it to make it Adonis-like,” said Mitcham, who describes himself as a “sex worker-lite.”

Manson, meanwhile, credited OnlyFans with boosting his athletic performance, saying his content included “thirst traps,” but nothing pornographic.

“My content is nude or implied nude. I keep it artistic, I have fun with it and try not to take myself too seriously. That’s something I’ve also tried to maintain in my approach to rowing ... This approach has helped me achieve a personal best result at the Olympics,” he told the AP.

While some athletes say they don’t see what they’re doing as sex work, German diver Bartel put it frankly: “In sport, you wear nothing but a Speedo, so you’re close to being naked.”

Global Athlete, an organization created by athletes to address the power imbalance in sports, decried the dire state of Olympic financing.

“The entire funding model for Olympic sport is broken. The IOC generates now over US$1.7 billion per year and they refuse to pay athletes who attend the Olympics,” said Rob Koehler, Global Athlete’s director general.

He criticized the IOC for forcing athletes to sign away their image rights.

“The majority of athletes can barely pay their rent, yet the IOC, national Olympic committees and national federations that oversee the sport have employees making over six figures. They all are making money off the backs of athletes. In a way, it is akin to modern-day slavery,” Koehler said.

The AP spoke to multiple athletes who confirm they have had to pay their own way to the Olympics. While stars like Michael Phelps and Simone Biles can make millions, most athletes struggle to cover the cost of competing on the global stage.

These can include coaching, physical therapy and equipment, at a cost of thousands of dollars a month, as well as basic living expenses. Some delegations fund training, with the athletes covering medical bills and daily expenses. In other delegations, athletes pay for everything themselves.

Olympic athletes are generally given just one or two tickets for friends and family, obliging them to pay for additional tickets so their loved ones can attend their events.

“The IOC tries to convince these athletes that their lives will change after becoming an Olympian — there is nothing further from the truth. The fact is the majority of athletes are left in debt, face depression, and they are lost once finishing sport with no future employment pathway,” Koehler said.

Pole vaulter Alysha Newman has used the money she earned from OnlyFans to buy property and build up her savings.

“I never loved how amateur athletes can never make a lot of money,” she said. “This is where my entrepreneurial skills came in.”

Adams, the IOC spokesman, said at a press conference Thursday he wasn’t aware of the trend and dismissed concern about the subject. The AP requested details from the IOC on how it helps athletes financially, and the IOC referred the AP to a swathe of links with scant detail, without elaborating or providing further comment. A statement from the IOC Executive Board said the IOC distributes 90% of its revenues to “the development of sport and athletes,” but didn’t go into detail.

OnlyFans has expressed solidarity for its athletes.

“OnlyFans is helping them to support training and living costs, and providing the tools for success on and off the field,” the platform said in a statement.

It highlights other “exceptionally talented OnlyFans athlete creators who were unable to compete in Paris this year,” including British divers Matthew Dixon, Daniel Goodfellow, and Matty Lee, along with British speed skater Elise Christie and Spanish fencer Yulen Pereira.

Athletes on OnlyFans say they have been forced to grapple with societal stigma. Some told the AP they had been asked if they were now porn stars, and one diver’s profile even clarified: “I’m a Team GB (Great Britain) diver, not a porn star.”

But others like Mitcham have been vocal about their experiences.

“Some people are judgy about sex work. People say it’s a shame or even that it is shameful,” Mitcham said. “But what I do is a very light version of sex work, like the low-fat version of mayonnaise … selling the sizzle rather than the steak.”

Mexican diver Diego Balleza Isaias, however, said the experience left him feeling dejected. Balleza Isaias said he joined OnlyFans in 2023 to get to the Olympics and support his family. After failing to qualify for Paris, he planned to close his account.

“I firmly believe that no athlete does this because they like it,” he said. “It’s always going to be because you need to.”

The financial incentive can be considerable. French pole vaulter Anthony Ammirati shot to unexpected fame when his genitals snagged on the bar at a qualifying event. According to TMZ and other outlets, an adult site then offered him a six-figure sum to showcase his “talent” on its platform.

Mitcham suggested OnlyFans was superior to GoFundMe, as athletes aren’t just asking for money or “handouts.”

“With OnlyFans, athletes are actually providing a product or service, something of value for the money they’re receiving,” he explained, emphasizing the need to reframe thinking.

“It’s making athletes entrepreneurs.”

Associated Press journalists Graham Dunbar and Pat Graham contributed to this report from Paris.

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Maria Martinez is a Reuters correspondent in Berlin covering German economics and the ministry of finance. Maria previously worked at Dow Jones Newswires in Barcelona covering European economics and at Bloomberg, Debtwire and the New York Stock Exchange in New York City. She graduated with a Master of International Affairs at Columbia University as a Fulbright scholar.

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