phd in finance at mit

Finance at MIT

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Finance is essential to fueling progress in the world. Finance at MIT is a unique global ecosystem of finance educators, research innovators, and industry practitioners with diverse and accomplished students and alumni, working at the forefront of the field to solve high impact problems and fuel progress in the world.

Solve problems through the ingenuity and reach of the MIT finance ecosystem. Finance at MIT enables deep analysis and exploration that challenges rigorous thinkers to solve problems and produce new tools with far-reaching impact in business and the world. At MIT, technology is embedded in everything we do and facilitates the science and application of finance to create value and improve accessibility across industries and borders.

MIT’s Industrial Liaison Program (ILP) and Finance at MIT  are pleased to present a special webinar to share some of the progress MIT has made in the field of finance, and for you to engage with the global MIT finance ecosystem, where we challenge each other to solve problems with far-reaching impact in business and the world.

Please join us in these webinars to hear and discuss with the experts the latest innovative applications of finance. It’s the combined application of our knowledge and ingenuity that makes Finance at MIT a global force for fueling progress in the world.

Related Watch:  Finance at MIT Video

Jonathan A. Parker is the  Robert C. Merton (1970) Professor of Finance  and codirector of the MIT Golub Center for Finance and Policy. He has held numerous service positions and consulting positions, including Area Head of Economics, Finance and Accounting at Sloan, editor of the NBER Macroeconomics Annual, and special adviser on Financial Stability for the Office of Financial Stability in the U.S. Department of the Treasury in 2009. He currently serves an economic adviser for the Congressional Budget Office, a visiting scholar at the Federal Reserve Bank of Boston, an academic advisor to the JP Morgan Chase Institute, a research associate at the National Bureau of Economic Research, and a member of the Board of Editors of the  American Economic Review . An expert in finance, macroeconomics, and household behavior, Parker has published widely on topics such as macroeconomic risks and asset returns, fiscal stabilization policy, national saving, household financial decisions, the measurement of business cycles, and modeling human economic behavior.

Over the past four decades, there has been a dramatic shift in the financial landscape faced by the typical American investor. The broad-based shift from defined-benefit pension plans to defined-contribution (DC) plans has moved the responsibility for asset allocation from pension fund managers to ordinary Americans. More than half of all American households now accumulate significant financial wealth by the time they retire. This shift has been accompanied by changes both in financial regulation and in the financial products available to retail investors, and in particular the rise of target-date or lifecycle funds designed to provide investors with easily-accessible age-appropriate allocations across asset classes.  That is, following common portfolio advice, these funds hold given fractions of their assets in stocks and bonds, mostly stocks when the investor is far from retirement, and an increasing share of bonds as the investor approaches their expected retirement date, the ‘target date.’

The rise of target date funds – driven by both financial regulation and the 2006 Pension Protection Act -- has been accompanied by a large change in the way typical Americans invest.  Analyses of anonymized big data on individual financial accounts show that the typical Americans investor now holds much more of their portfolio in stocks and less in bonds than previously.  This large change is partly driven by target date funds, but the rise in investment in stocks is more pronounced and broader than just that caused directly by target date funds, suggesting that the implicit portfolio advice in these funds spread beyond their own direct reach.

The rise of target date funds has not only changed the investment behavior of typical Americans, but it has shifted the dynamics of the stock market.  While not an original intention of this financial innovation, target date funds have moved a significant fraction of US retail investors to an actively ‘market-contrarian’ trading strategy that trades against aggregate stock market momentum and fluctuations. Traditionally, many retail investors are either passive – letting their portfolio shares rise and fall with the returns on different asset classes – or they are active and tend to reallocate their assets into asset classes or funds with better past performance, a behavior known as ‘positive feedback trading’ or ‘momentum trading’ that can amplify price fluctuations.  In contrast, by rebalancing to maintain age-appropriate asset allocation, target date funds sell equity after good performance and buy equity after bad.  This has changed investor flows across mutual funds held by target date funds and has changed the returns of the individual stocks that they hold.

But how should typical working Americans invest?  This question can now be answered more accurately and robustly and in a more customized manner than ever before.  Machine learning methods are being developed to solve for optimal saving and portfolio choices in complex non-linear – one might even say ‘realistic’ --  lifecycle portfolio models.  These solutions can be used to design better funds, or to improve robo-advising tools to provide proscriptive advice on saving and portfolios for typical American retirees.

Ms. Heidi V. Pickett is the Assistant Dean of the MIT Sloan Master of Finance program with responsibility for developing and implementing new programing, engaging external stakeholders, and executing strategies supporting the mission of producing the next generation of global financial leaders.  She has led study tours in Asia and the UK focused on finance, monetary policy and global markets.  Ms. Pickett serves on the policy committees for the Master of Finance Program and Sloan Undergraduate Education and is a member of the MIT Sloan Operating Committee.

With over 20 years in financial services, Ms. Pickett has expertise in corporate development, business strategy, and global operations.  Prior to joining MIT Sloan, she served as Senior Managing Director at State Street Global Markets, where she managed global business integration and led the sovereign wealth fund initiative. In March 2011, Heidi was named Malone Fellow in Arab and Islamic Studies where she spent time in Oman during a period of turmoil, protests, and profound change throughout the Middle East. She has focused on Arab cultural, economic, political, and social diversity.

Ms. Pickett serves on the board of directors for Maestro Technologies, a premiere IT Solutions company.  In addition, Ms. Pickett is a board advisor to InvestAcure, a spare change investment platform empowering those impacted by Alzheimer’s to invest in companies working on a cure. 

Ms. Pickett is the President of the Verrill Foundation, her interests include global and local community focus on the education and well-being of women and girls.  She is a member of the Board and co-chair of the nominating and governance committee for Invest in Girls.

Ms. Pickett received a Bachelor of Science in Finance from Bryant University and a Master of Science in Accountancy from Bentley’s McCallum School of Business and completed the Executive Development Program at the Wharton School.

The MIT Sloan Master of Finance (MFin) Program is a top-ranked, STEM program, which emphasizes a foundation in how markets work and a rigorous curriculum engineered around the most advanced financial and quantitative theories and practices.  As innovation, regulation and globalization continue to drive change, MFin students are prepared to exceed your expectations today and continue to add value tomorrow.

Egor Matveyev is a Senior Lecturer in Finance and the Executive Director of the MicroMasters Program in Finance at the MIT Sloan School of Management. He holds a Ph.D. in Finance from the University of Rochester. Prior to joining MIT Sloan, he was an Assistant Professor of Finance at the University of Alberta. An expert in corporate finance, corporate governance, and organizational economics, he has published on topics such as valuation of growth options, capital structure, value of CEOs, executive and director labor markets. At MIT Sloan, he teaches core finance courses in the MBA and Sloan Fellows programs, as well as an advanced elective and action learning classes in corporate finance. 

The MITx MicroMasters® Program in Finance helps learners around the world meet the complex demands of today’s global finance markets with 5 courses developed and delivered by MIT Sloan faculty.  The program offers recent graduates, early to mid-stage professionals, and other individuals interested in pursuing a career in finance, an opportunity to advance in the finance field or fast-track an MIT Sloan Master of Finance degree through a rigorous, comprehensive online curriculum, delivered by the world-renowned MIT Sloan School of Management.

Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management and John and Natty University Professor Emeritus at Harvard University since 2010. He was the George Fisher Baker Professor of Business Administration (1988–98) and the John and Natty McArthur University Professor (1998–2010) at Harvard Business School. After receiving a PhD in Economics from MIT in 1970, Merton served on the finance faculty of MIT's Sloan School of Management until 1988 at which time he was J.C. Penney Professor of Management. He is currently Resident Scientist at Dimensional Fund Advisors Inc.

Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives. He is past president of the American Finance Association, a member of the National Academy of Sciences, and a Fellow of the American Academy of Arts and Sciences.

Merton has also been recognized for translating finance science into practice. He received the inaugural Financial Engineer of the Year Award from the International Association for Quantitative Finance (formerly International Association of Financial Engineers), which also elected him a Senior Fellow. He received the 2011 CME Group Melamed-Arditti Innovation Award and the 2013 WFE Award for Excellence from World Federation of Exchanges. A Distinguished Fellow of the Institute for Quantitative Research in Finance ('Q Group') and a Fellow of the Financial Management Association, Merton received the Nicholas Molodovsky Award from the CFA Institute. He is a member of the Halls of Fame of the Fixed Income Analyst Society, Risk, and Derivative Strategy magazines.  Merton received Risk’s Lifetime Achievement Award for contributions to the field of risk management and the 2014 Lifetime Achievement Award from the Financial Intermediation Research Society. He received the 2017 Finance Diamond Prize from Fundación de Investigación IMEF.

Merton received a BS in Engineering Mathematics from Columbia University, a MS in Applied Mathematics from California Institute of Technology, and a PhD in Economics from Massachusetts Institute of Technology and numerous honorary degrees from US and foreign universities. 

The combination of rapidly aging populations and increasing life expectations have created a global challenge for the funding of retirement. As is evident from the trend of the last decade to cap or outright move away from PAYGO and defined-benefit retirement plans, individuals are becoming increasing responsible for funding and managing a larger proportion of their retirement through personal saving and defined-contribution plans. SeLFIES is a proposed innovation to enable people to do so and improve their retirement outcomes. SeLFIES also offer a potential large-scale efficient source for funding Sustainable Development Goals because its payout pattern matches the cash flow pattern from infrastructure investments essential for SDGs. In addition to matching the payoff pattern, SeLFIES would be local funding for local projects and so would not have local currency risk experienced with foreign bond buyers.

SeLFIES (Standard of Living Indexed Forward-starting Income-only Securities) is a bond designed to replicate the pension-like payout pattern desired by individuals in retirement. Purchased during work life, they have a deferred start of payouts until a specified future date (anticipated retirement date) and from that date on there are annual level payouts with indexing, until a specified ending date (a bit longer than life expectancy at retirement).  SeLFIES would be issued as a series with different annual starting dates. The payouts are indexed to aggregate per capita consumption, so that the holder is hedged against both consumption inflation and standard of living change risks. Like an ordinary bond, SeLFIES can be sold in the market or redeemed by the issuer at any time. It is designed to work in any country with a government bond market.

Designed to require only knowledge that individuals already have, SeLFIES address the major challenge of a lack of financial literacy and high transactions cost.  The only information the saver needs to select the correct bond is their anticipated retirement date.  Once the bond is purchased, there are no further transactions required because there are no coupon payments to reinvest and its payouts match those desired for a pension-like pattern in retirement.  Therefore transactions costs and fees are minimized.  Complex decisions of how much to save, how to invest, and how to draw down are simply folded into an easy calculation of how many bonds to buy to meet their retirement goal. SeLFIES can be nearly seamlessly coordinated to exchange for a life annuity with the same payout level at retirement for those who desire longevity risk protection.

SeLFIES offer a practical saving solution for individuals who are not part of any public or private pension system. The target replacement level in the public pension system is anticipated to secularly decline and so plan members may want to supplement their system benefits by personal saving in SeLFIES.  Institutional investors providing retirement benefits such as pension funds and insurance companies can use large-denomination SeLFIES to efficiently hedge their liabilities.

While any institution could issue SeLFIES in principle, government has several advantages as the issuer including that buyers do not have to assess credit risk; a reliable supply source; that it has a large asset, VAT, which is a near-perfect hedge to the SeLFIES consumption-indexed payouts; SeLFIES will create a long-term source of domestic demand for government bonds and the stability of the government bond market as well as the cost of government finance should therefore improve.  

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MIT Sloan Master of Finance

77 Massachusetts Avenue Building E52-359 Cambridge MA, 02139

617-258-5434 [email protected]

Website: MIT Sloan Master of Finance

Application Opens: Summer

Deadline: January 3, 2025

Fee: $150.00

Terms of Enrollment

Standardized tests.

Submission of a standardized test, such as GMAT (Focus Edition or 10 th  Edition) or GRE is  optional  when applying for the MFin program. If you have a GMAT or GRE score, you are encouraged to submit it as an additional data point to be considered by the Admissions Committee. Those without a test score will be reviewed as is, with no negative inferences.

Official scores should also be sent using the following school codes:

• GRE School Code: 3845
• To share your GMAT score, please enter Massachusetts Institute of Technology (MIT) – MIT Sloan School of Management

English Language Ability tests, like the TOEFL and IELTS are not required. English abilities are evaluated during our interview process.

Application Requirements

• Short answer questions
• Respond to Video Question 1 and 2
• Three letters of recommendation
• Academic Transcripts
• Relevant coursework & professional certifications
• Online application fee
• GMAT (Focus Edition or 10 th  Edition) or GRE test scores

Special Instructions

Additional details about the admissions process can be found in the Admissions section of the  Master of Finance website.

Financial Support

Support typically includes personal savings, loans, fellowship/scholarship awards, government or employer sponsorship, or some combination of these. Please see the MFin website for more information.

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If you require further information, please visit the Privacy Policy page.

MicroMasters Program in Finance

Meet the complex demands of today’s global finance markets with 5 courses developed and delivered by MIT Sloan faculty. Accelerate your career or fast-track your MIT Master of Finance degree.

We have been working on upgrades to the MicroMasters program in Finance and are excited to announce the upcoming changes: read important updates here .

About the Program

The skills and expertise required for a career in finance are in high demand across countless industries. From asset management, to corporations, to official institutions, the career opportunities for qualified finance professionals continue to grow and evolve. For example, demand for financial analysts is predicted to grow at a faster than average rate of 11% through 2026 ( Source ). And according to Glassdoor, the median salary of a quantitative financial analyst was $106,575. ( Source )

The MITx MicroMasters® Program in Finance offers recent graduates, early to mid-stage professionals, and other individuals interested in pursuing a career in finance, an opportunity to advance in the finance field or fast-track an MIT Sloan Master of Finance through a rigorous, comprehensive online curriculum, delivered by the world-renowned MIT Sloan School of Management.

Drawn from the STEM-based curriculum taught on campus, all five online courses in this program mirror on-campus graduate-level MIT coursework and cover the following topics: modern finance, financial accounting, mathematical methods for quantitative finance, and derivatives markets. Learners who complete and pass each course in this online program may earn a MicroMasters program certificate in finance, and are considered affiliate members of the MIT Alumni Association. Those learners are eligible to apply to the MIT Sloan Master of Finance and upon acceptance, earn credit for the work performed online.

What You'll Learn

• Comprehend the foundations of modern finance.
• Understand the basics of corporate finance, capital budgeting, real and financial options, capital structure, yield curve analysis, and corporate risk management.
• Apply financial decision making, the theory of efficient markets, valuation theory, financial securities, risk analysis, portfolio theory, derivatives pricing, hedging strategies based on duration and convexity, and asset pricing models.
• Identify the basic structure of financial reports and the process of recording transactions. Understand how investors, creditors, and other users analyze financial statements to assess corporate performance.
• Perform applied computational techniques in R and apply advanced mathematical topics in financial engineering and quantitative finance using linear algebra, optimization, probability, stochastic processes, and statistics.

Job Outlook

• A recent report by IBM and Burning Glass states that the demand for data-driven finance positions accounts for 19% of all job openings in the finance industry.
• Quants can make anywhere from $125,000 to $500,000 + in the field of finance.
• Demand for financial analysts is predicted to grow at a faster than average rate of 11% through 2026.

MicroMasters Program in Finance Prerequisites and Resource Site

Finance at MIT

Master of Finance | MIT Sloan

A Justification Letter to send to your supervisor

Contact us: [email protected]

Courses delivered on

Instructors

Financial Support

Mit scholarships.

Incoming students who wish to be considered for financial aid from MIT should indicate this when completing the online application form . These awards are made by April 15 and typically cover the first two years of study.

Department funding

For years one and two, all students admitted to our PhD program are offered (either directly by the department, or as a supplement to other funds) fellowship support equivalent to: full tuition for the academic year, twelve-month individual health insurance, and a stipend for the nine-month academic year.

In years three through six, all students are offered full-time teaching or research assistantships that provide full tuition, a nine-month stipend, and health insurance. This support is contingent on satisfactory academic progress.

The department also offers paid summer research assistantships and summer fellowships as a supplement to academic-year stipends.

Institute rules require every holder of a graduate scholarship or fellowship to pursue a full-time program of graduate study.

Dissertation fellowships

The department is currently able to offer a limited number of competitive dissertation fellowships that allow PhD students in years four or five to have a year free from TA and RA duties.

Outside funding

Incoming students are encouraged to apply for external sources of funding, such as NSF graduate fellowships , UniCredit Foundation Scholarships , SSHRC Doctoral Fellowships , and JASSO scholarships .

For years three through six, the department is able in some cases to provide supplementary funding for students with partial outside fellowships, thereby allowing them to reduce their TA and RA work requirements. Such supplements are provided to all students with active NSF fellowships, and supplements to other fellowships are considered on a case-by-case basis.

Health insurance

Your mandatory health insurance fee is covered by your award (and is not taken out of your stipend) and includes accident and hospitalization insurance. You will receive this insurance unless you can demonstrate that you have equivalent coverage through another source and complete a waiver with MIT Medical .

For more detailed information regarding the cost of attendance, including specific costs for tuition and fees, books and supplies, housing and food as well as transportation, please  visit MIT's Student Financial Services website .

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Cooperative and Practice-School Programs

Summer tuition subsidy, mit sloan school of management tuition, other programs with non-standard tuition, special student tuition.

Visiting Student Fees

The table below reflects standard graduate tuition rates for the 2024–2025 academic year (which are reviewed and likely to increase next year). Graduate programs in the MIT Sloan School of Management have their own tuition rates . Certain other graduate programs, such as the Real Estate Development master's program and the master's programs in Supply Chain Management, also employ “non-standard” tuition .  Special students and  visiting students  should refer to the tuition and fee information specific to them.

If the student was registered for thesis as a resident student in the immediately preceding term, regular or summer, tuition for thesis will be adjusted after acceptance by the department of the completed document on the basis of a charge of $2,580 per week from the starting date of the term, with a minimum of $2,580 for the master's or engineer's degree and $5,150 for the doctoral degree. If the immediately preceding term was the summer term and if the graduate student was not registered for thesis in that summer term, but was registered for thesis in residence in the previous second term, the minimum tuition for thesis is $15,500.

Key points:

• Tuition for thesis students is based on registration and residency status. The Registrar’s Office provides further tuition information by academic year .
• Resident graduate students making progress toward a degree are expected to register as and are considered full-time students. Tuition is prorated if a student withdraws early.
• A student who continues to hold a fellowship, traineeship, or graduate staff appointment for the remainder of the term after delivery of the thesis is still considered a full-time student and tuition will not be adjusted. In unusual circumstances, the Office of Graduate Education may set special tuition rates for graduate students.
• Students in approved programs registering for thesis work or other approved research subjects in the summer are eligible for a  summer tuition subsidy .
• Students who are permitted to undertake nonresident thesis research must register as nonresident doctoral candidates. Following completion of the nonresident period, the student must return to resident status for completion and presentation of the doctoral thesis. If the student requires only part of this first term back in residence to complete the thesis, the tuition will be adjusted subject to a minimum of $15,500. Consult Graduate Policies and Procedures for additional information on nonresident status . The minimum term tuition charge for registration for doctoral thesis upon readmission as a resident student is $46,490 if not registered during the preceding regular term.

The tuition for all regular graduate students, including fellows, trainees, and academic staff in the 2024 summer session was $21,415.

• A number of miscellaneous fees may apply each term, unrelated to tuition.

For more detailed information regarding the cost of attendance, including specific costs for tuition and fees, books and supplies, housing and food as well as transportation, please  visit the SFS website .

Cooperative and practice-school programs offered by MIT provide industrial and research experience through a series of work assignments interwoven with regular study at the Institute. The tuition fees for these programs are the same as those for regular graduate students.

Cooperative and practice-school program tuition, per term, fall and spring, 2024–2025

Graduate students who are enrolled in a research degree program and who are not taking subjects are eligible to have their summer tuition subsidized from Institute general funds. The subsidy applies to new or continuing graduate students in normal resident status during the preceding spring term, and who are only registered for thesis or pre-thesis research credit during the summer session.

• Graduate students who register for other summer subjects will be charged tuition on a per unit basis up to the maximum tuition. This tuition may not be charged to research grants.
• Students registering for summer internship subjects are not eligible and will be charged the per unit rate, up to a maximum of four units.

Full details on the Summer Tuition Subsidy are available online. Email the Registrar’s Office with questions about the subjects that currently qualify as thesis or pre-thesis in each department.

Graduate students who are enrolled in a research program, and who are not taking courses, will have their summer tuition subsidized (that is, paid from other Institute resources).

MIT Sloan master's programs, annual tuition rate (unless otherwise noted), 2024–2025

Certain other graduate programs have non-standard tuition rates.

Tuition for non-standard programs, 2024–2025

Special students are non-degree students who are taking classes at MIT for personal or professional reasons.

• Graduate special students, including Sloan students, should contact the Advanced Study Program for information about admission and tuition rates.
• There are additional miscellaneous fees associated with registering at MIT.

  Visiting Student Fees

Students who are pursuing a degree at an institution of higher education other than MIT and have been invited by faculty in an MIT department, laboratory, or center to do research here may apply for visiting student status. Current regular or special MIT students, or MIT students who have withdrawn or are on a leave of absence, are not eligible.

Visiting students are subject to a monthly fee that includes registration, MIT's Student Health Insurance Plan (SHIP) , and student life fees. The fee entitles visiting students to conduct research, use our fitness facilities, participate in student life programming, and have access to care at MIT Medical. Full monthly fees are charged regardless of whether the student starts on the first or the 15th of the month. The total fee for the duration of their stay must be paid in full and in advance. Additional costs will be applied for those who wish to enroll family members in SHIP.

Visiting student fees, 2024–2025

  Withdrawal

A student withdrawing before the start of a term is not charged any tuition for that term and any tuition payments previously made for that term will be refunded. Students withdrawing during the fall or spring term are charged one-twelfth of the stated tuition for the term for each week from the starting date of the term, with a minimum two-week charge. A student must pay full tuition and fees at the beginning of the term. Any subsequent reduction in fees is based on the date that cancellation of a subject or withdrawal from the Institute is effected. At that time, any excess payments which the student has made will be refunded.

All students pay a student life fee each term. Late registration or applications may result in additional fees. See the Academic Calendar for relevant dates and deadlines.

Miscellaneous student fees*, 2024–2025

Processing Charges for Late Changes in Registration

A late change in registration , which requires a petition to the Office of Graduate Education, is defined as adding a subject after the fifth week or dropping a subject during the last three weeks of a term. The processing charge for late changes is $50. There is an additional charge of $50 for a retroactive change after the end of the term.

Payment of tuition entitles all regular and special students to receive many health care services at MIT Health with no cost. However, using services at MIT Health that are included with tuition is not the same as having an insurance policy . That's why students are required to pay for the MIT Student Health Insurance Plan (MIT SHIP). MIT SHIP covers medical services outside MIT Health, including hospitalization due to accidents or illness, along with other services and prescription medications. MIT SHIP meets the state’s legal requirement for comprehensive health insurance.

Full-time students are automatically enrolled in and billed for MIT SHIP, unless they can demonstrate that they have comparable insurance coverage. To opt out of MIT SHIP, students must submit an insurance waiver online during the enrollment/waiver period. MIT works with Academic Health Plans (AHP) to manage enrollment and waivers. Complete details on MIT SHIP , including enrollment and waivers, are available on MIT's AHP website.  

MIT Student Health Insurance Plan, cost per year for single student, 2024–2025

Updated rates for the MIT SHIP can be found on MIT's AHP website. Students can also purchase MIT SHIP coverage for family members, including partners and dependents. Refer to the Medical Requirements section for additional details or read more about the MIT Student Health Insurance Plan .

Graduate Payment of Tuition and Other Charges

An individual who registers as a student at MIT agrees to pay all charges on their account when due, and acknowledges that the Institute may charge a hold fee, suspend registration, revoke Institute services, and withhold the degree if these charges are not paid.

Student Financial Services (SFS)  gathers, bills, and collects student charges and provides a student account statement of all activity. These charges originate in the offices from which the student receives Institute services. SFS bills by posting a monthly billing statement on MITPay —MIT's secure, online billing and payment system. The statement is posted on the 10th of the month and SFS sends students a monthly email reminder to check the statement and pay any balance due. The statement includes charges (e.g., tuition, fees, housing, and library fees), payments (financial aid, tuition awards), additional amounts due, and payment deadlines.

Payment in full or a satisfactory arrangement for payment is due by August 1 for the fall term and by January 2 for the spring term. New charges that occur after the initial statement will appear on a subsequent statement. If a student anticipates that they may not be able to pay the entire amount due by the term bill due date, they should consider the MIT Monthly Payment Plan.

The MIT Monthly Payment Plan allows students to pay their balance in monthly installments interest-free. The terms and conditions of the monthly payment plan are available on the SFS website. Enrollment can be accessed through MITPay.

SFS also offers information on  federal student loan programs  as additional options for eligible U.S. citizens and permanent residents.

A student who does not pay the balance due or make satisfactory arrangements for doing so will have a registration or degree hold placed, as well as being charged a hold fee of $100. The balance due, including the hold fee, must be paid in full before the hold can be released.

Notifications to Graduate Students with Unpaid Balances

In the fifth week of the term, SFS will reach out to graduate students who have an unpaid balance on their student account and who have not made satisfactory arrangements for payment of the balance. These students will be notified of MIT’s financial hold policy through the billing system as well as by email. SFS will send out a second reminder email and billing notification after the 11th week of the term, again notifying students of MIT’s financial hold policy.

Policy on Graduate Student Financial Holds and Other Actions

Graduate students who have not paid their prior term balances or made satisfactory arrangements to resolve their financial situation will not be allowed to register for subsequent terms, will not receive credit retroactively, will be charged a $100 hold fee, and may be restricted from Institute services. The student account must be paid in full before a degree can be awarded.

Student accounts unpaid after the student has left MIT for any reason may be reported to credit bureau agencies and/or sent to an outside collection agency and assessed additional fees on the outstanding balance. Please visit the  SFS website  for more information and to review the  Student Financial Responsibility Statement .

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• Universities /

PhD in Finance from MIT: Admission Requirements, Application, and Acceptance Rate

• Updated on  
• Feb 29, 2024

Finance graduates enjoy a high salary and immense career growth across the world. Moreover, pursuing a PhD in the field gives you an even greater boost. If you want to pursue a PhD in finance , then the Massachusetts Institute of Technology’s Sloan School of Management is ideal for you. Located in Cambridge, Massachusetts, United States, it is recognised as one of the most prestigious institutes in the world. Keep reading if you want to learn in detail about the pursuit of MIT PhD finance. You will learn about the program’s details, tuition fees, admission requirements, and more. So, let’s dive right into our discussion without wasting a second. 

Why Pursue PhD Finance from MIT?

Let’s understand why you should pursue the MIT PhD Finance before learning about the various aspects of the program. So, here are the main reasons why you should go for this doctoral degree at MIT:

Acquire the Needed Knowledge: The program offers you an understanding of modern financial theory, whose practical implications are widely recognised and applied by Wall Street and corporations. You will be taught everything you need to conduct theoretical and applied research in the course. 

World-Renowned Faculty: You will benefit from world-renowned faculty and hands-on learning experiences, allowing you to receive the best education possible. 

Global Hub for Innovation: MIT is a renowned global hub of innovation in finance, management, entrepreneurship, analytics, and technology. Moreover, the degree earned from the institute will give you an edge over other professionals. 

Also Read: PhD in Chemistry at Edinburgh University: Entry Requirements, Cost, Application Process

Program Details

The MIT Sloan Finance Group provides a PhD in Finance, catering to students aspiring to make a research career in academic finance. Students are engaged primarily in coursework during the initial two years, taking both required and elective courses in preparation for their general exam towards the end of the second year. 

Students have to complete a research paper by the fifth semester’s end, present it to the faculty committee, and obtain a passing grade in the MIT PhD finance program. After this, they need to find a formal thesis advisor and create a thesis committee by the eighth semester’s end. The Thesis Committee must comprise at least one tenured faculty from the MIT Sloan Finance Group.

Tuition Fees

An MIT Sloan PhD Program charges an annual tuition fee of $57,575.98 . Moreover, the average monthly cost of living for an individual is $3,794 (with rent) in Cambridge, MA. So, keep these costs in mind to properly plan your educational budget. 

Now that you have learnt about the details and tuition fees of MIT PhD finance, let’s look at the rankings of MIT. The institute receives a top rank every year in the global rankings, reaffirming its excellence. 

See below the popular rankings of MIT:

MIT PhD Finance: Acceptance Rate

The acceptance rate for the MIT Sloan School of Management is 13-15%, making it a very competitive school to get into. However, don’t let the low acceptance rate discourage you from applying for admission. Pursuing a degree from here is very rewarding as far as your career is concerned, making all your efforts worthwhile. 

MIT PhD Finance: Admission Requirements

Before applying for the MIT PhD finance program, make sure you meet its eligibility criteria. So, here are the admission requirements for the MIT Sloan PhD Program:

• You must have a bachelor’s degree or equivalent. 
• Moreover, you are required to have a strong quantitative background.
• You also have to submit the following documents during your admission process:
• GMAT/GRE Scores
• Statement of Purpose
• Transcripts
• TOEFL/IELTS Scores
• Letters of Recommendation
• Video Essay
• Writing Sample(s)
• Valid Passport Copy (For International Students)
• Student Visa (For International Students)

Also Read: PhD at Columbia University: Courses Overview, Tuition Fees and Duration  

MIT PhD Finance: Application Process

The application process for the MIT PhD finance can become daunting. Luckily, we can help you with your application and make the whole process easier for you. 

Here is how we can help you in your application:

• You can use our Ai course finder to select the course you want to attend. 
• Then Leverage Edu’s experts will commence your application on your behalf for your chosen institute and program. 
• Your application must have some necessary documents like IELTS, TOEFL, LORs, SOPs, and essays. 
• So, please prepare all the mandatory documents for your application beforehand. 
• Our team will begin your application for housing, student loans, and scholarships once you have finished all the needed paperwork. 
• Now, relax and wait for your offer letter, which you are usually granted within 4-6 weeks.

Relevant Reads:

Answer: Yes, students obtain full academic year tuition along with a monthly fellowship stipend (current rate $4,497 per month) and/or TA/RA salary for each of 12 months a year.

Answer: Yes, MIT is renowned and recognised for its finance degrees across the world. 

Answer: The duration of a PhD course at MIT is 5-6 years. 

So, this was all about the MIT PhD finance Many Indian students dream of pursuing education in foreign nations due to the exposure and career growth they offer. Consider joining a free counselling session with Leverage Edu if you plan to study abroad .

Abhishek Kumar Jha

Abhishek Kumar Jha is a professional content writer and marketer, having extensive experience in delivering content in journalism and marketing. He has written news content related to education for prominent media outlets, garnering expansive knowledge of the Indian education landscape throughout his experience. Moreover, he is a skilled content marketer, with experience in writing SEO-friendly blogs. His educational background includes a Postgraduate Diploma in English Journalism from the prestigious Indian Institute of Mass Communication (IIMC), Dhenkanal. By receiving an education from a top journalism school and working in the corporate world with complete devotion, he has honed the essential skills needed to excel in content writing.

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Funding and aid: Outside fellowships & scholarships

Government agencies and foundations award fellowships either directly to outstanding students for use at institutions of their choice or, in a few cases, to institutions to administer on behalf of students.

There are many reasons to apply for a fellowship , including greater research autonomy, financial security, and a professional cohort that may last for years to come. The Office of Graduate Education (OGE) maintains a database of various fellowship aid resources and provides advice on how to apply for one. For questions about the fellowships highlighted below, contact the OGE Fellowship team .

Fellowships for international students

You can explore outside funding sources organized by discipline, that are available to international students.

External fellowships

Many outside organizations fund fellowships for graduate students. View external fellowship options on the OGE site.

Other resources

Explore additional resources , curated by OGE that include targeted fellowship opportunities,  financial aid planning tools, and scholarship and fellowship databases.

Outside scholarships

Scholarships and grants are forms of financial aid that do not need to be repaid. They are often awarded on the basis of academic or other types of achievement. You apply for outside scholarships on your own and can use the funding in place of taking out a student loan.

Financial aid

Funding from fellowships and scholarships lowers your ability to take out student loans. If you would like to explore how these types of funding might impact your financial aid, please contact us to discuss your options. We are happy to help!

About / Departments

Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

Download the Finance PhD poster (PDF)

Explore Stern PhD

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