Find out more about studying Integrated PhD Finance at University of Essex? We've gathered all the key details, entry requirements, modules, fees, and more. Take the next step by booking an open day to explore it for yourself.
Doctor of Philosophy - PhD / DPhil
University of Essex
Full Time
Oct 2026
4 Year
This PhD follows a 'three paper' thesis, where you produce three research articles, framed by an introduction and conclusion. Your supervisors will support you to submit these papers to conferences and for publication in international journals, so you can begin to build your international research portfolio well before graduation. You benefit from strong industry links with organisations such as Invesco Perpetual and HSBC. Many of our students have gained internships with international banking institutions and have collaborated with local organisations as part of their PhD. Global financial markets are facing an era of unprecedented upheaval. Just 10 years ago the world was beginning to recover from the financial crash of 2008, but now world markets must recover from a health pandemic that has driven national economies to the brink of collapse. Now more than ever, the finance sector needs decisive leadership and fresh thinking to navigate the crisis and the “new normal” that will emerge in the post-pandemic era.
Research skills are critical to a postgraduate research degree, regardless of the topic you are exploring. This module will reinforce the research methods and skills developed through your previous study and will address philosophical issues underlying management and business research and explain how to select research strategies and designs. It will offer a comprehensive view of methods of data collection and analysis to support the quality and value of research outcomes.
Your dissertation is the culmination of your course where you apply knowledge gained to produce an extended independent piece of work. You generate an original idea, analyse literature and current knowledge and produce a coherent argument that shows your ability to relate theory to practice. Your dissertation will help you develop vital skills for the workplace, as well as the ability to analyse real problems through an academic lens. You are assigned a supervisor for the duration of your project.
This module aims to give first year PhD students an up-to-date and thorough introduction to a range of state-of-the-art methods used in published financial econometrics literature. You’ll also gain an understanding of core methodology and empirical practice of modern financial econometrics, using statistics, mathematical skills, and real-life data.
Master the pricing of financial derivatives and their use for hedging financial risks. You study the basics of futures and options, analyse the Black-Scholes and binomial option pricing models, and consider various numerical techniques for pricing financial derivatives. Futures and options are then utilised in the context of hedging financial risks, and you are introduced to the concept of volatility trading and the treatment of volatility as an asset class.
Gain a formal introduction to asset pricing theories and empirical findings. You review the fundamental theories of the expected utility, asset pricing kernels, and risk-neutral valuation, covering the Capital Asset Pricing Model (CAPM), and linear factor models arising from the Arbitrage Pricing Theory (APT). You also discuss empirical asset pricing studies.
Understand the process of portfolio management. You cover the main concepts such as efficient diversification, managing risk exposures, and the valuation of financial assets that are at the core of managing investment portfolios, and pay special attention to the practicalities of the implementation of these concepts.
This module equips you with the econometric tools and necessary experience to conduct empirical research in finance. You review statistical and basic econometric models and learn to apply econometric techniques in finance by considering topics such as (G)ARCH models, unit roots and cointegration.
This module covers topics in mathematics that are required in Masters-level finance courses at the University of Essex. You focus on the basics of linear algebra, differential calculus including optimisation and dynamics.
