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Oxford DPhil Programme in Management Studies

Oxford DPhil Programme in Management Studies

Financial economics pathway

Financial Economics embraces subjects such as asset-pricing and corporate finance, the design and regulation of securities markets, corporate financial policy and the impact of financial markets on real economic activity.

Doctoral students engage with research in key topics in finance, accounting, and management science. Students may also conduct research and projects with academics in research centres, such as: Oxford University Centre for Business Taxation, Oxford University for Corporate Reputation, and Private Equity Institute

Year one

Students can expect to take taught courses, which will vary depending on the nature of their previously completed degree. 

Entry via MSc in financial economics course

In the first year, students are expected to study the following core courses from the MSc in financial economics:

  • Asset pricing
  • Corporate finance
  • Financial econometrics 
  • Economics 

Entry through a Masters programme

By following this route you may be required to take four of the courses from the second year in the MPhil in Economics, two of which should be financial economics. 

Entry through MPhil in Economics Programme

Through University of Oxford or another equivalent institution. If admitted to the DPhil programme, students are exempted from PRS (Probationer Research Student) courses. 


All Financial Economics students are required to take four courses from the list of second year MPhil Economics modules, one of which must be Financial Economics I or Financial Economics II. In special circumstances, where a student has taken a substainably similar course prior to enrolment, they may substitute MPhil economics courses for the required MFE core courses. 

The first and second year MPhil Economics modules are:

Econometrics 1, Advanced Econometrics 2, Advanced
Macroeconomics 1, Advanced Macroeconomics 2, Advanced
Microeconomics 1, Advanced Microeconomics 2
Behavioural Economics Theory Based Empirical Analysis
Development Economics 1 Development Economics 2
Economic History 1 Economic History 2
Financial Economics 1 Financial Economics 2
Industrial Organisation 1 Industrial Organisation 2
International Trade 1 International Trade 2
Labour Economics Public Economics

At the end of year one, students will have completed four core courses, four electives and submitted a satisfactory thesis proposal. 


Year two

Entry through MSc in financial economics course

Students may take two of the courses from the second year in the MPhil in Economics, one of which should be financial economics. 

Students will be required to submit a detailed description and preliminary draft of one chapter from their thesis. If successful, students will transfer from PRS to doctoral status. Students in years two, three and four, are expected to attend a Finance Doctoral Research Workshop. These workshops will be organised around student presentations and subject-based discussions. 

At the end of year two, students will have successfully completed two elective courses and submitted a satisfactory initial chapter from their thesis. 


Years three and four

DPhil students are expected to submit two thesis chapters, one chapter should be their job market paper. Students also need to apply for confirmation of status at the end of their third year. 

Training in job applications, interviewing and presentations will be provided at the end of year three. Students should also attend the Finance Doctoral Research Workshop for the opportunity to learn how to apply for teaching and research assistant posts. 


DPhil students will be able to enter the job market and complete their doctoral thesis during year four.


The final examination of the doctoral thesis is at the end of their fourth year. 

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Oxford DPhil Programme


Our doctoral programme is internationally recognised for providing outstanding research and teaching.