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Departments | Finance

Ph.D. in Finance

Areas of Specialization

The doctoral program in finance provides an opportunity for specialized study in one or more of the following finance areas: corporate finance, investments, financial intermediaries, international finance and real estate. The core of the program consists of a set of courses required of all students. This is supplemented with special courses and electives. In addition, students are required to become competent in two minor fields. Typically students choose economics, statistics, or mathematics, as these provide skills important to financial research.


Many of the Department of Finance faculty members have established national reputations in both research and teaching by winning nationally competitive research awards and grants as well as school-wide teaching awards. The department typically produces a number of papers and books in an academic year, and faculty present papers at national meetings of the American Finance Association, European Finance Association, Western Finance Association, the Financial Management Association and the American Real Estate and Urban Economics Association. Many faculty members serve on the editorial boards of academic journals. For additional information on the faculty members, please visit the Finance Department faculty website.


All applicants must hold a bachelor's degree from an accredited college or university, and have a high level of competency in the English language.

The PhD in Finance is a full-time degree program, which begins in the fall. Spring enrollment is not permitted. The admissions process is very competitive, with over 180 applicants annually, three to six spots in each entering class. The average GMAT or GRE percentile score for admitted students is typically in the 95th percentile or higher.

All applicants must take the General Test of the Graduate Record Examination (GRE) or the Graduate Management Admission Test (GMAT) in time for the results to reach the Graduate and International Admissions Center by the January 15 application deadline. To be considered valid, the GRE or GMAT test must have been taken within the past five years. International students are also required to submit an official report of the Test of English as a Foreign Language (TOEFL). This requirement is waived for students who earned a bachelor’s degree in the United States, or another English-speaking country. For additional information about test scores, please visit the Graduate and International Admissions Center’s Test Scores webpage.

Application Process

How to Apply

All applicants should refer to the Graduate Admissions page of the Graduate and International Admissions Center webpage for a list of minimum requirements and other important University admission information.

You must submit a complete application in order for your application file to be reviewed. Please follow the instructions carefully. All students are required to apply online through the Texas Common Application.

The following materials must be uploaded after you have completed your application and paid the application fee via UT's Status Check webpage by January 15. Please note that all uploaded documents will be considered unofficial copies and official copies must be mailed to GIAC only after you have been admitted into the program.

  1. Online Application: U.S. application or International application
    Visit to begin your application.

  2. Transcripts (once you have been admitted into the program, GIAC will require that official transcripts showing final grades to be sent from all of the colleges and universities you have attended directly to GIAC)
    When uploading transcripts, you will only be allowed to upload one PDF file per school. If you have a multiple-page transcript for one school, you will need to create one PDF file for that school. Grade sheets should not be uploaded in place of transcripts. Applications with grade sheets in place of transcripts will be considered incomplete. If you are uploading a foreign transcript, you must also include the translated version as part of the one PDF file for that school.

  3. Official GRE or GMAT scores
    Please request to have your GRE or GMAT sent to GIAC. The Educational Testing Service (ETS) code for the University of Texas at Austin is 6882; the Finance department code is 4102.

  4. Official TOEFL scores (International students)
    An exception is made for foreign students who obtained a bachelor's degree in the U.S. or other English-speaking country. This exception is based on the spoken language of the country, not the language of instruction at the university or college a student attended. Please note that this exception does not apply to students who earned a master's degree in the U.S. International students must submit an official report of their Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS) scores.

  5. Application fee (applications submitted without the required fee will not be reviewed)
    You may pay by credit card (Visa or MasterCard), cashier's check, money orders or bank drafts in U.S. dollars drawn in U.S. banks. Please do not send cash or personal checks.

  6. Statement of Purpose
    Your statement of purpose should discuss your interest in our PhD program, your research goals, and your interest in completing your graduate work at the University of Texas.

  7. Three Letters of Recommendation
    We prefer academic references. During the application process, you will be prompted to provide your letter writers' email addresses. Within 2 days, your letter writers will receive a link to upload their letter of recommendation.

  8. Résumé
    Please provide your current résumé. You can upload it via UT's Status Check webpage.

You will need Adobe Acrobat Reader to read the PDF documents. Questions about the application procedure can be sent to

Contact Us

For additional information contact Jenny Kondo at

Ph.D. Program Staff:

Ph.D. Program Coordinator: Jenny Kondo
Ph.D. Program Faculty Advisor: Aydogan Alti

Frequently Asked Questions

How competitive is the application process?
Each year we receive between 180 to 200 applications for 3 to 6 available spots.

What are the minimum requirements to be eligible for admissions? 
Please review the Graduate School's admissions page for a list of minimum requirements to apply for graduate school at UT.

What is the minimum GMAT/GRE score?
There is no minimum GMAT/GRE score required to apply. Our application process is completely holistic and many factors are taken into consideration. The average GMAT/GRE percentile score for entering students is typically around the 95th percentile.

What is the required TOEFL or IELTS score?
A score of 550 (paper test), 213 (computer-based test), or 79 (internet-based test) on the Test of English as a Foreign Language (TOEFL) or an overall band of 6.5 on the Academic Examination of the International English Language Testing System (IELTS) is considered the minimum acceptable for admission to The University of Texas at Austin.

As an international applicant, how can I waive the TOEFL?
If you hold a bachelor's degree from a U.S. institution or from an institution in another English-only speaking country, you will receive a waiver of the TOEFL or IELTS. We will not waive the requirement for the TOEFL or IELTS scores if you earned a master's degree from a U.S institution or from an institution in another English-only speaking country.

Can I apply for admissions for the spring semester?
No, spring enrollment is not permitted. We only enroll new students for the fall semesters.

What is the average cost of the program?
Because the tuition, fees and other program cost vary based on several factors, we cannot provide you with an exact number. For an estimate please review the Graduate School's Tuition, Fees and Other Costs webpage.

 What is the ETS code for UT at Austin?
The Educational Testing Service (ETS) code for the University of Texas at Austin is 6882.  Test scores sent to this code are made available to all graduate departments. The GMAT code is 396-44-45.

After I apply, where can I check my application status and upload application material?
Once you have completed your online application you can upload application material and monitor your application status using the University's My Status webpage .


Financial Assistance

Merit-based fellowships are available through the Finance Department. An accepted applicant is automatically considered for these fellowships. The Finance Department typically offers 20-hour teaching or research assistants to all incoming students and most continuing students. In addition, a student holding a 20-hour appointment will qualify for in-state tuition.

Information about loans, work-study or other financial assistance based on need can be obtained from the Office of Student Financial Services Web site or by writing to Office of Student Financial Services, Box 7758, University Station, University of Texas at Austin, Austin, TX, 78713-7758. Their phone number is (512) 471-6282.