PhD IN FINANCE

LONDON - NICE
2 EDHEC PhD in Finance

Contents
EDHEC PhD in Finance at a Glance 4

Research for Professional Development and Industry Innovation 6

A Well-Structured and Rigorous Programme 8

The Executive Track in Focus 12

Outstanding Programme Faculty 14

About EDHEC Business School 18

Learning Infrastructure and Facilities 20

Admissions and Class Profile 22

Fees and Funding 24

EDHEC PhD in Finance 3
4 EDHEC PhD in Finance

EDHEC PhD in Finance

at a Glance
le
Supporting the efficient allocation of resources across
time and space, the financial industry is the lifeblood of
the global economy and at the forefront of the evolutions
which are reshaping the world.
Its fast-paced, cosmopolitan, and intellectually
stimulating atmosphere attracts some of the best and
most ambitious minds in science and business.
Advancing the frontiers of knowledge and practices
in such a competitive environment demands
professionals who are able to combine well-honed
critical thinking, extensive field expertise, and
outstanding analytical and research skills to exert
thought-leadership and introduce radical innovation.
At a critical juncture for the financial industry, the need
for such professionals and such innovations is
particularly acute.
Since undergraduate degrees, professional
experience and the MBA may develop this set of
competencies only partially, those who aspire to
higher intellectual levels should consider pursuing the
foremost academic and professional qualification, the
Doctorate of Philosophy (PhD).
es
The PhD in Finance offered by EDHEC Business
School is a research-oriented programme which
trains participants to serve as the architects of the
financial industry. The programme is designed to
prepare talented and hard-working individuals for
challenges requiring an integrated view of the inner-
workings of financial markets and institutions, a
thorough understanding of financial decision-making
and its modelling, and the ability to autonomously
identify, analyse, and research questions to propose
and implement creative solutions.
ONE PROGRAMME, TWO TRACKS
The programme has two tracks: a residential track
for young professionals who will hold part-time
teaching positions at EDHEC Business School, and
an executive track for high-level practitioners who
will keep their full-time jobs.

Executive track participants undertake the PhD in
Finance as a critical development step towards
senior positions in the financial industry or, when
they already hold such positions, to steer their
organisations in new directions. Residential track
participants typically complete doctoral studies to
access academic careers within leading research
and educational institutions.
The core courses of the programme and electives are
offered in Europe—from London and Nice.
A WELL-STRUCTURED AND RIGOROUS
CURRICULUM
EDHEC PhD in Finance implies an intense
personal commitment and is designed to be
completed over three years. Its structure includes
core courses, electives, research workshops, and
the dissertation. Core courses equip participants
with sound training in financial theory and state-of-
the-art analytical and research methods. Elective
seminars and workshops expose PhD candidates to
the latest advances in specific fields of their choice.
The dissertation allows participants to work
individually with programme faculty on topics
selected for their academic and industry relevance
and according to each candidate’s research interests
and professional goals.
EDHEC PhD in Finance 5
A RICH LEARNING ENVIRONMENT THE EXPERTISE OF THE EDHEC
CENTRES OF EXCELLENCE
By concentrating core courses and elective seminars
into residential weeks, opening elective seminars to The programme benefits from the world-class
PhD candidates from different entering classes, research expertise of the EDHEC Business School
extending the classroom over the Internet for centres of excellence in risk and asset management,
research workshops, and adapting dissertation and in infrastructure.
supervision to individual circumstances, the
programme creates a rich collaborative environment
amongst all the participants and close working A LIFE-CHANGING INVESTMENT
relationships between PhD candidates and faculty. The key benefits of the EDHEC PhD in Finance are
its outstanding faculty, its balanced structure, its
supportive research environment, its talented and
OUTSTANDING FACULTY
diverse participant body. These combine to create the
Programme faculty consists of world-class specialists best opportunities for participants to hone their
in finance, risk and investment management, and research expertise and prepare to shape the future of
economic and financial modelling; it brings together the financial industry.
EDHEC Business School’s senior economics and
finance scholars and affiliate professors from top
research institutions around the world. Faculty
members have an outstanding track record of
publications in and editing for the most respected
scientific journals in financial economics. Their
teaching awards and experience in PhD candidate
supervision, their prestigious appointments with
leading universities worldwide, and their senior-level
engagements with large corporations, governments,
and supranational organisations, are an equally
outstanding record of achievement.
6 EDHEC PhD in Finance

Abraham Lioui, PhD,

Director, PhD in Finance,
Professor of Finance,
EDHEC Business School

EDHEC Business School believes that academic

Research for research has a vital role to play in promoting

innovation and constantly raising professional
standards. With a century-long tradition of serving the

Professional needs of the community, it has defined a ‘Research for

Business’ orientation and has spelled out its
educational credo as ‘professional development

Development and through research-based excellence.’ The PhD in

Finance organised by EDHEC Business School is the
culmination of this ambition.

Industry Innovation The purpose of this programme is to help

outstanding individuals become autonomous
researchers and lifelong innovators by enabling them
to develop the scientific background and skills
required to define, conduct and complete research
projects that advance knowledge and practices in the
financial industry.

PhD in Finance candidates form an extraordinary
group of talented men and women from the world
over. They stand out for their academic and scholarly
abilities, their exceptional analytical and quantitative
skills, their intellectual curiosity, their discipline, and
their taste for creative work. Bringing diverse
business and academic credentials and a wealth of
work and life experiences to the classroom, they are
bonded by a joint commitment to meeting the
challenges of a demanding academic programme
and overcoming the difficulties associated with
independent scientific study.
Creating the right environment to train and nurture
PhD candidates and provide graduates with
opportunities to continue their research work in top
organisations worldwide is a major responsibility for
an educational institution. We strongly believe that
this cannot be achieved without a solid and balanced
programme, outstanding faculty with first-rate
international academic networks, and vibrant
research relationships with the global business
community.
EDHEC PhD in Finance 7
Well-structured and rigorous, the PhD in Finance We invite you to evaluate how the EDHEC PhD in
programme balances coursework with supervised Finance could help you achieve your career goals
research so that candidates acquire the tools, and life plans, and what contribution you could make
attitudes, and experience to become independent to its exceptional learning environment; we also look
researchers. Core courses impart a sound knowledge forward to discussing these with you.
of financial theory and of analytical and research
methods in financial economics. Elective seminars,
and research workshops allow PhD candidates to
acquire a detailed understanding of the most recent
theoretical and modelling advances in their chosen
field of specialisation. Participants work closely with
faculty to author insightful dissertations that make
original contributions at the frontiers of financial
knowledge and practice.
The PhD in Finance programme faculty is an
exceptional team of international scholars who not
only hold prestigious qualifications, distinctions, and
appointments but, more importantly, have also made
significant contributions to the field
of financial economics, furthering theory and
impacting practices through research, consulting, and
executive education. Programme faculty members
have remarkable publication records and currently
serve as editors for the very best scholarly journals in
finance and economics, as well as for leading
practitioner-oriented scientific journals. They have
earned numerous teaching awards and accumulated
considerable experience leading research teams as
well as inspiring and guiding PhD candidates.
8 EDHEC PhD in Finance

A Well-
Structured and
Rigorous
Programme
 EDHEC PhD in Finance 9

The PhD in Finance offered by EDHEC Business
School balances coursework and the dissertation to
help participants acquire the tools, attitudes, and
experience to develop into autonomous researchers
and innovators.
The four core courses impart a thorough
knowledge of financial theory and its literature and
a solid comprehension of advanced analytical and
research methods in financial economics. PhD
candidates select five or more elective seminars
and attend research workshops and presentations
to acquire an intimate and detailed understanding of
the most recent theoretical and modelling advances
in their field of specialisation. Working closely with
faculty participants author insightful dissertations
that advance financial knowledge and practices and
are worthy of publication in scientific journals.
In addition, PhD candidates may choose from the
electives offered in London and Nice. Classes,
research workshops and presentations take place in
the School’s e-learning classrooms to allow remote
and asynchronous access.
Work on the dissertation should begin in the
second half of the first year and the dissertation
proposal should be completed at the start of the
second year. All PhD candidates are required to
present the progress of their dissertation research to
faculty and peers at two formal presentations before
oral defence. Candidates work closely with their
adviser during all phases of the dissertation process.
Programme core courses and elective seminars are
concentrated into residential weeks, the classroom is
extended over the Internet for research workshops,
and dissertation supervision is adapted to individual
circumstances. This creates a rich collaborative
environment amongst all the participants and close
working relationships between PhD candidates and
faculty.
Timely completion of this challenging and
rewarding programme demands that participants
commit approximately twenty hours per week to
readings, assignments, and independent research.
EDHEC PhD in Finance Timeline

The presential requirement of the programme is

limited to around forty days and can be completed
in eight residential weeks over three years with the
bulk of courses taken during the first two years of
the programme. Core courses are structured into
weekly blocks and should be completed over the
first academic year of the programme; electives
should be concentrated over the second year.
Elective seminars are offered over three
consecutive days in six-day blocks to give
participants flexibility in scheduling and ease
management of the demands of work, programme,
and personal life.
10 EDHEC PhD in Finance
PREREQUISITES
The programme requires significant academic
background in economics, finance, mathematics, and
statistics. PhD in Finance candidates who may be
lacking in these fields will be asked to complete
remedial courses prior to joining the programme.
CORE COURSES
Core courses offer PhD in Finance candidates
sound training in financial theory and analytical
methods so that they can take on a broad variety of
research assignments. Core courses are delivered in
the first year of the programme to provide candidates
with the methodological tools and necessary
conceptual breadth required to decide upon a field of
specialisation and refine their research projects.
Each course is of 25 hours’ duration and is offered in
Europe, from London and Nice. All four courses are
mandatory.
EDHEC PhD in Finance requires four core courses:
• Financial Economics
This course looks at the theoretical foundations of modern financial economics. Its main themes include
individual consumption and investment decisions under uncertainty, mean-variance theory, the
consumption-based capital asset pricing model, empirical asset pricing models, and term structure of
interest rates. It covers both traditional theories and recent advances and applies basic concepts in the
discrete time framework to stock and bond valuation and derivatives pricing.
• Corporate Finance
This course covers a wide range of topics in the modern theory of corporate finance. Its first part looks
at capital structure decisions, distribution policy, incentives problems, security design, financial distress
and corporate reorganisation, and dynamic debt renegotiation. Its second part covers financial
contracting under complete and incomplete contracts, asymmetric information and moral hazard, and
discusses the impact of corporate and bankruptcy laws on the development of capital markets.
• Continuous-Time Financial Economics
This course covers continuous-time tools for pricing financial derivatives, modelling the term structure of
interest rates and valuing interest-rate sensitive claims, optimal consumption and portfolio choices, and
dynamic asset pricing in equilibrium.
• Empirical Methods in Finance
This course focuses on the empirical aspects of asset pricing and on the econometrics of financial
markets. Topics include modelling of asset returns, return predictability in time-series and cross-
sectional data, volatility processes, estimation and testing of asset pricing and inter-temporal equilibrium
models, econometrics of fixed income securities, and econometrics of option pricing.

ELECTIVE RESEARCH SEMINARS
Elective research seminars expose PhD in Finance
candidates to the latest research advances in specific
fields, providing them with opportunities to develop a
specialisation and acquire additional knowledge and
skills necessary for their dissertation work.
For 2016-2017, the catalogue of elective research
seminars includes:
• Behavioural Finance and Asset Management
• Dynamic Asset Allocation
• The Econometrics of Continuous Time Models
• Liquidity Risk
• Private Equity
• Macroeconomic and Political Uncertainty and the
Dynamics of Asset Prices
• Term Structure Modelling uin the P and Q Mesures
• Data Science, analytics, Algorithms
• Predictive Modelling in Financial Markets
• Risk Management and Extreme Risks
• Volatility Modelling
• Monte Carlo Methods
• Monetary Policy and Asset Prices
Each elective research seminar is of 15 hours’
duration. PhD candidates need to take a minimum of
five electives and are free to participate in additional
electives on a complimentary basis. They have
access to electives offered in London and Nice.
RESEARCH PRESENTATION SERIES
Over the course of the programme, each PhD
candidate is required to make two research
presentations of his/her work and to provide
comments and feedback to other candidates
presenting their newly developed theoretical
insights and original empirical findings. The
research presentation series is designed to
provide peer and faculty support and advice to
PhD candidates working on their dissertations as
well as to hone research presentation skills. The
series is of thirty hours’ duration.
RESEARCH WORKSHOP
PhD candidates have the opportunity to attend
the monthly doctoral research workshop at which
faculty and guest scholars present and discuss
their ongoing research work. PhD candidates
participate actively in the doctoral research
workshop to further their knowledge of current
research and prepare for future research
presentations. The doctoral research workshop is
accessible over the Internet and PhD participants
enjoy full access to multimedia recordings of past
sessions.
EDHEC PhD in Finance 11
DISSERTATION
All candidates work individually with programme
faculty on dissertation topics selected for their
academic and industry relevance and according to
each candidate’s research interests and professional
goals. The dissertation should make a significant
contribution to the advancement of knowledge and
practices in the field and should be of sufficient
originality and quality for publication in leading peer-
reviewed journals.
Dissertation work starts in the first year of the
programme with the drafting of a proposal to be
submitted before the beginning of the second year
and intensifies as course requirements wane.
PhD candidates are required to communicate the
progress of their dissertation research to faculty and
peers at two formal presentations scheduled in the
second and third years of the programme. The
dissertation should be completed and defended at the
end of the third year of the programme. During all
phases of the dissertation process, candidates work
closely with their adviser.
12 EDHEC PhD in Finance

The Executive Track in Focus


ep
Doctoral studies hone a lifelong ability to
approach issues scientifically and to research them
thoroughly. As such, they are a critical step for
practitioners who strive for constant learning and
progression in their field.
The EDHEC PhD in Finance is designed for
professionals whose aim is to gain and maintain an
in-depth understanding of finance as well as the
ability to initiate and carry through research
projects that will yield original insights and lead to
innovative approaches and offerings.
needs
Residential requirements are kept to a minimum—
around forty days over three years—by
concentrating core courses into four separate
weeks, delivering elective seminars over three
consecutive days in weekly blocks, and using the
School’s e-learning classrooms for monthly research
workshops.
Core courses are given every year in Europe so
that missed modules may be made up, and the
portfolio of electives offered over the second and
third years of the programme in London and Nice
allows doctoral candidates to select seminars that
fit their professional objectives and constraints.
EDHEC PhD in Finance 13
DEDICATED RESEARCH COACHING Dissertation advisers commit to providing regular
electronic feedback to their advisees and to offering at
To help PhD in Finance candidates acquire least two opportunities for live meetings every year.
first-rate research skills and author high-quality
dissertations, EDHEC Business School organises
solid research training through courses, seminars
and workshops, implements a rigorous procedure to
RESEARCH FOR PROFESSIONAL
track the progress of dissertation work and offer
DEVELOPMENT
support and feedback from professors and peers,
and ensures a faculty member is available for one- The EDHEC PhD in Finance is the foremost
on-one input and advice at the dissertation stage. academic and professional qualification for
experienced practitioners. The programme requires
exceptional dedication, but its career impact and the
Selecting a dissertation topic that corresponds to
satisfaction of work and research on the frontiers of
areas of professional expertise and echoes actual
knowledge and professional practices are ample
problems faced by the candidate’s organisation
goes a long way toward optimising the time spent reward for those who make this commitment.
on dissertation work. The programme director and
core faculty team help each participant identify Sponsoring organisations benefit from the learning
a suitable topic and dissertation adviser. On an experience of their executives, whose critical thinking
annualised basis, participants should expect to and analytical and research skills, enhanced by
dedicate twenty hours per week to the programme. doctoral studies, are of considerable value. With the
dissertation, they profit from scientific research on
issues of particular relevance to business and witness
Close individual work with faculty is an important
evidence of their executives’ newly acquired abilities
part of the programme’s research coaching
to promote innovation in processes and products.
approach. The dissertation adviser is a world-class
scholar selected for his expertise in the candidate’s
field of specialisation and is responsible for
advising the candidate throughout the research
process, from the choice of elective seminars to
the dissertation defence.
14 EDHEC PhD in Finance

Outstanding
Programme
Faculty
 EDHEC PhD in Finance programme faculty: 15

Laurent Calvet, PhD (Yale), Joelle Miffre, PhD (Brunel University, UK),
Professor of Finance, EDHEC Business School Professor of Finance, EDHEC Business School
Frank Fabozzi, PhD (CUNY), Riccardo Rebonato, PhD (Stony Brook
EDHEC PhD in Finance programme faculty is an Professor of Finance, EDHEC Business School University – NY),

Core faculty
exceptional team of international scholars who hold
prestigious qualifications, distinctions and
appointments. More importantly, faculty members
have been making significant contributions to the
field of financial economics, furthering theory and
impacting practices through research, consulting,
and executive education.
Abraham Lioui, PhD (Paris I),
Professor of Finance, EDHEC Business School
Lionel Martellini, PhD (Berkeley), Professor
of Finance, Director of EDHEC-Risk Institute,
EDHEC Business School
Pierre Mella-Barral, PhD (Cambridge),
Professor of Finance EDHEC Business School
Professor of Finance, EDHEC Business School
Raman Uppal, PhD (UPenn),
Professor of Finance, EDHEC Business School
Arnt Verriest, PhD (KU Leuven),
Associate Professor of Accounting, EDHEC
Business School

Programme faculty consists of world-class
specialists in finance, asset management, and
economic and financial modelling. It brings together
EDHEC Business School’s senior economics and
finance scholars and affiliate professors from top
research institutions around the world.
Faculty has an outstanding track record of
publications in and editing for the most respected
journals in financial economics, a rich experience of
research supervision and executive education, and
a history of senior-level engagements with private
Affiliate faculty
Vikas Agarwal, PhD (LBS), Professor of
Finance, Georgia State University
Yacine Aït-Sahalia, PhD (MIT), Professor of
Finance and Economics, Director of the
Bendheim Center for Finance, Princeton
University
Torben Andersen, PhD (Yale), Professor of
Finance,
Northwestern University
Federico Bandi, PhD (Yale), Professor of
Economics and Finance, Johns Hopkins
University
Jakša Cvitanić, PhD (Columbia), Professor of
Sanjiv Das, PhD (NYU), Professor of Finance,
Santa Clara University
Jérôme Detemple, PhD (UPenn & Strasbourg I),
Professor and Distinguished Faculty Scholar,
Boston University
Francis Diebold, PhD (UPenn),
Professor of Economics, Professor of Finance,
Professor of Statistics, Co-Director of the
Wharton Financial Institutions Center, University
of Pennsylvania
Jianqing Fan, PhD (Berkeley), Professor of
Statistics and Finance, Princeton University
Harrison Hong, PhD (MIT), Professor of

Mathematical Finance, California Institute of Finance, Princeton University

and public sector organisations. Technology
Ravi Bansal, PhD (Carnegie Mellon),
Professor of Finance, Duke University
Harjoat Bhamra, PhD (LBS), Associate
Professor of Finance, Imperial College
Business School London
Tim Bollerslev, PhD (San Diego), Professor
of Economics, Professor of Finance, Duke
University
Michael Brandt, PhD (Chicago), Professor of
Finance, Duke University
Mikhail Chernov, PhD (Penn State),
Professor of Finance,
UCLA Anderson School of Management
Peter Christoffersen, PhD (UPenn),
Professor of Finance, University of Toronto
Rama Cont, PhD (Paris XI), Professor of
Mathematics, Chair of Mathematical Finance,
Imperial College London
António Mello, PhD (London), Professor of
Finance, University of Wisconsin–Madison
Ludovic Phalippou, PhD (INSEAD),
Associate Professor of Financial Economics,
University of Oxford
Nicholas Polson, PhD (Nottingham),
Professor of Econometrics and Statistics,
University of Chicago
Marcel Rindisbacher, PhD (Montreal),
Associate Professor of Finance, Boston
University Questrom School of Business
Allan Timmermann, PhD (Cambridge),
Professor of Finance and Economics,
University of California, San Diego
Pietro Veronesi, PhD (Harvard), Professor of
Finance,University of Chicago
Fernando Zapatero, PhD (Columbia),
Professor of Finance and Business
Economics, University of Southern California
EDHEC PhD in Finance 16
17 EDHEC PhD in Finance

A selection of international journals currently edited by programme faculty (2016)

• American Economic Review • Journal of Financial Econometrics

• Annals of Statistics • Journal of Fixed Income
• Annual Review of Economics • Journal of Portfolio Management
• European Journal of Operational Research • Journal of Risk
• International Review of Financial Analysis • Journal of the American Statistical Association
• Journal of Alternative Investments • Management Science
• Journal of Banking & Finance • Mathematical Finance
• Journal of Econometrics • Quantitative Finance
• Journal of Finance • Review of Finance
• Journal of Financial Economics

Recent publications by programme faculty A selection of leading academic journals in which

programme faculty has published over 2014-2016

Over the 2014-2016 period, programme faculty members

• American Economic Review,
have published over 200 articles in peer-reviewed
journals. The bulk of these have appeared in the most • Econometrica  (2),
competitive and influential mainstream journals, but some • Journal of Econometrics (17),
articles have also been published by more specialised and • Journal of Finance (8)
practitioner-oriented scientific publications as well as by • Journal of Financial Economics (13)
up-and-coming journals. • Journal of Financial and Quantitative Analysis (3)
• Management Science (2)
• Review of Financial Studies (8)
18 EDHEC PhD in Finance

About EDHEC Business School


OVER 100 YEARS OF EXCELLENCE
EDHEC Business School has been offering
management training and development
programmes since 1906. One of the leading
business schools in Europe, it delivers degree
courses to some 7,000 students and trains over
thousands of professionals yearly through
executive courses and research events.
Developing talents through high-quality business
education, advancing knowledge and impacting
business practices, and contributing to the social
and economic debate constitute the School’s
purpose. Research conducted by its 156
permanent faculty members and its full-time
researchers drives all of these activities and is at
the very core of the School’s offerings.
To continue to advance its position amongst the
top international institutions, EDHEC Business
School invests 15 million euros of its budget on
research and will invest 11 million euros in
pedagogical innovation over the next two years
strengthening its corps of senior professors,
inaugurating new world-class facilities for its
residential campuses of Lille and Nice, and
its executive campuses in London and Paris.
EDHEC PhD in Finance 19
DISTINCTIVE RESEARCH POLICY STRONG INTERNATIONAL ORIENTATION
EDHEC Business School’s ambition is to become EDHEC Business School offers the widest range
the European school most noted for its impact on of fully English-instructed graduate programmes
the business world and the economy. The School’s in France, drawing participants from a wide
research activities support this ambition not only by range of countries, cultures, and academic and
enriching the learning environment of courses and professional backgrounds. Over ninety-three
challenging participants to seek excellence, but also countries are represented within its degree awarding
by creating added value for businesses. The school’s programmes. The diversity of the
'Research for Business' policy focuses the efforts of student body contributes greatly to a rich learning
research centres on issues that correspond to environment that is highly conducive to personal
genuine industry and community expectations and professional development.
through the input of leading practitioners and
corporate co-financing of R&D investments. POWERFUL ALUMNI NETWORK
Research centres publish their results in the most
highly regarded academic journals as a means EDHEC Business School graduates are lifelong
to validate the scientific quality of their work. members of a thriving network of over 30,000
Research results and applications are then actively professionals present in 120 countries and in
distributed to and discussed with the corporate world, every industry. Throughout their careers, alumni
administrative and legislative authorities, and the enjoy a wealth of benefits and activities including
career counselling, continuing education, and
general public. The impact on businesses and the
meetings. Themed professional clubs and learning
economy is the ultimate measure of the research’s
communities allow alumni to gain and share
relevance and success. EDHEC-Risk Institute for
insights into issues affecting their organisations,
asset management is a prime example, along with
industries, and communities. This powerful network
the EDHEC Infrastructure Institute for long-term
contributes to developing EDHEC Business School’s
infrastructure investment and LegalEdhec for legal
reputation worldwide and enhances its relationship
performance and company competitiveness.
with the global business community.
THE TRIPLE CROWN OF INTERNATIONAL
ACCREDITATIONS
EDHEC Business School was amongst the first
institutions worldwide to be awarded the three
international accreditations (AACSB, EQUIS,
Association of MBAs) for the academic excellence
and professional relevance of its programmes, its
strong links with the business community, its
international orientation, and its commitment to an
ongoing process of quality improvement.
20 EDHEC PhD in Finance

London Nice

Learning Infrastructure and Facilities


EXECUTIVE CLASSROOM
The executive classrooms used for the PhD in
Finance programme in London and Nice allow
multimedia communication over the Internet and on-
demand broadcasting of class sessions. PhD in
Finance candidates can replay courses, seminars,
and workshops attended physically, and access the
multimedia recordings of past courses, seminars,
workshops, and presentations.
E-LEARNING PLATFORM AND ELECTRONIC
LIBRARY
The School’s e-learning platform allows participants
to view programme information and announcements,
access course material and audio-video recordings of
class sessions synchronised with supporting slides,
communicate with faculty and peers, and set up
workgroups.
The School’s electronic library offers on- and
off-campus full-text access to scientific journals,
business periodicals, and a growing collection of
books. For journals and periodicals, the School
subscribes to EBSCO’s EconLit and Business Source
Complete, JSTOR, Emerald, and DowJones Factiva.
PhD in Finance candidates enjoy access to over
twenty five major research databases in the fields of
finance and economics, and to ready-to-use research
tools via the School’s subscription to Wharton
Research Data Services.
EDHEC PhD in Finance 21
TWO CAMPUSES
The core courses of the programme and electives
are offered in Europe—from London and Nice.
Five elective seminars are offered every year.
All programme participants have electronic access
to courses, seminars, workshops, and presentations
given in London and Nice.
EDHEC Business School’s Nice campus is in an
elegant and modern complex overlooking the
Mediterranean Sea in the vicinity of the Nice-Côte
d’Azur International Airport, which offers daily flights to
and from over twenty French destinations and some
sixty major international cities. While in Nice, PhD in
Finance candidates benefit from a dedicated
executive classroom, breakout lounge, and resource
centre.
Located at 10 Fleet Place in a state-of-the-art office
building, the School’s London executive campus is in
the very heart of the City, less than half an hour from
Saint Pancras International and London City airport,
and one hour away from Heathrow and Gatwick
airports; it includes a high-tech executive classroom,
offices for permanent resident faculty and researchers
and visiting professors, a lounge for students and
faculty, and a resource centre.
22 EDHEC PhD in Finance

Admissions and Class Profile

 EDHEC PhD in Finance 23
ADMISSION REQUIREMENTS
Admission to EDHEC PhD in Finance programme is
highly selective. Normal entrance requirements include: a
master’s degree (or equivalent) from an accredited
school, college, or university (business management,
economics, science, and engineering degrees are
preferred); academic excellence; superior scholastic
potential (certified by GMAT or GRE scores); and English
proficiency.

APPLICATION DEADLINES

Global programme September start

mid December N-1

end of March N
Executive
track end of May N
mid July N

mid December N-1

Residential
track end of March N

PROFILE OF PROGRAMME PARTICIPANTS

Demographics:
Number of participants enrolled (as of October 2016): 64
Countries represented (different citizenships held): 33
International participants, i.e. participants with sole citizenship other than
French: 93%
Average/median age of executive track participants at matriculation: 38
Average/median professional experience of executive track
participants: 14 years
Average/median age of residential track participants at matriculation: 29
Average/median of all participants GMAT: 700/710

Regions of residence (executive track participants)

Americas: 28%
Asia (inc. Middle East): 33%
Australasia: 3%
Europe: 36%
24 EDHEC PhD in Finance

Fees and Funding


PHD IN FINANCE PROGRAMME FEES
Global programme
(September)
Executive EUR 35,000 in 2017/2018
track EUR 35,000 in 2018/2019
EUR 35,000 in 2019/2020
Fees do not include travel and accommodation
expenses.
FUNDING FOR RESIDENTIAL TRACK
PARTICIPANTS
Residential track participants will work as
teaching assistants in Nice. In return for their part-
time duties with the School, residential track
participants will receive full-tuition waiver plus
competitive compensation. Up to two positions are
offered for PhD in Finance candidates every year
and these positions are filled as early as possible.
FUNDING FOR EXECUTIVE TRACK
PARTICIPANTS
Executive track participants are usually either
self-financed or company-sponsored. As human
capital development and R&D-related expenses,
tuition fees and associated costs may, in some
jurisdictions, be eligible for specific public or
collective funding schemes.
EDHEC PhD in Finance 25
EDHEC Business School offers a number of Becoming leaders in the industry, they will
awards, bursaries and scholarships aimed at helping contribute to Singapore’s financial sector growth.
participants to alleviate high travelling costs,
assisting self-funded students to address funding
To find out more information regarding the
challenges and rewarding EDHEC Business School
Finance Scholarship Programme, please refer to
partners that sponsor their executives for the PhD
www.mas.gov.sg/FSP.
in Finance programme as well as alumni of its
degree programmes who wish to pursue a doctoral
qualification at their alma mater. These financial
assistance schemes include.
• Mobility Award
• Emerging Country Scholarships
(merit-based and means-tested)
• Bursaries (means-tested financial assistance)
• Research Chair Sponsor Rebates
• Alumni Rebates
The Monetary Authority of Singapore (MAS)
administers the Finance Scholarship Programme,
which seeks to develop a pipeline of specialist
leaders in targeted fields such as quantitative
finance, risk management, actuarial science and
applied finance. It comprise two tracks where MAS FOR MORE INFORMATION
co-funds with Singapore-based financial institutions
EDHEC Business School
(Company Track) or outstanding individuals PhD Admissions
(Individual Track) to enable Singaporeans to pursue 393 Promenade des Anglais
the best specialist postgraduate education (Masters BP 3116 - 06202 Nice Cedex 3 - France
or PhD) at a world-renowned university. Upon Tel.: +33 493 183 267 or +65 6653 8586
graduation, scholars will play a pivotal role as Email: phd.admissions@edhec.edu
experts in their chosen areas of specialisation in Web: phd.edhec.edu
Singapore-based financial institutions.
Nice Campus
393 promenade des Anglais
BP 3116
06202 Nice Cedex 3

France
London Campus
10 Fleet Place
Ludgate
London EC4M
7RB United Kingdom

Email:
phd.admissions@edhec.edu
Web: phd.edhec.edu

June 2017