Doctoral Programme in Finance
The placement record of Aalto Finance PhDs is excellent. Our academic placements include Frankfurt School of Finance and Management, Vrije Universiteit Amsterdam, ESCP Paris, Ohio State University, Erasmus University Rotterdam, Hong Kong University of Science and Technology, University of Miami, Imperial College Business School, Luxembourg School of Finance, Catholic University of Lisbon and London Business School. The Aalto Doctoral Programme in Finance provides a solid basis for starting an international academic career.
Structure of the programme
The 4-year Aalto Finance doctoral programme resembles the US-style programme. One and a half years at the beginning of the studies are devoted mostly to intensive course work that is followed by research for the doctoral dissertation. Aalto Finance doctoral students follow the course curriculum of the Graduate School of Finance (), the national doctoral programme in Finance. GSF offers yearly 5-7 core doctoral Finance courses. In addition, students take offered by the Helsinki GSE.
Course Curriculum of doctoral studies in FinanceThe local courses are complemented by intensive Finance doctoral courses organized within the Nordic Finance Network (), which is a collaborative Nordic network for research and doctoral training among the Finance departments in the Nordic countries. All teaching in the doctoral programme is in English and there are no tuition fees.
List of former doctoral students' academic placements.
Applications
New students will be accepted once a year. Application period will open on December 11, 2025 and the deadline for applications is January 8, 2026.
Details about the application process (under "How to Apply?")
Funding
At Aalto University School of Business, there are no tuition fees for the doctoral programme, and the School guarantees funding for the first two years for successful doctoral candidates. From the third year onwards the studies are funded through research projects, grants from foundations, and the support from the finance department, the School or a combination of these. All Finance doctoral students have been able to obtain continuous funding throughout their PhD studies, subject to good performance.
For more information about the Aalto Doctoral Programme in Finance, please download our brochure (PDF) below.
For your questions regarding the doctoral programme, please e-mail gsf@aalto.fi
Yijie Li
Quantitative Risk Analyst
UBS
Graduated: 2021
鈥淭he coursework of the finance PhD programme at Aalto is balanced and well designed. It helps students set up a sound theoretical foundation for a broad set of research topics including asset pricing, corporate finance, behavioral finance etc. at an early stage. The programme also encourages students to explore their research interests by offering opportunities to attend courses, seminars, and conferences outside of Aalto, which is also a great chance to meet other PhD students around the world. The knowledge, skills and experience I obtained while doing my PhD at Aalto are not only essential for carrying out academic research, but also transferable and highly appreciated in industry work.鈥
Mikael Paaso
Assistant Professor
Erasmus University Rotterdam
Graduated: 2019
鈥淭he PhD programme at Aalto was an extremely enjoyable and rewarding experience. Everything from the coursework to the seminars was well organized, but most importantly, the programme really allows you to interact closely with the faculty, visiting faculty and other PhD students. In addition, the placement record of the programme is excellent with students that go on the academic job market securing placements at leading universities. I really enjoyed my time at Aalto and recommend it to everyone interested in a PhD in finance.鈥