My Journey to a PhD in Finance
As a current PhD student in finance at the University of Texas at Austin, I know firsthand that preparing for a finance PhD is both challenging and rewarding. It’s a big investment of time and effort—but with the right mindset and preparation, it can lead to a fulfilling career in academia or industry.
Below are some practical tips based on my own experience—covering coursework, research, and networking—that can help you get ready and stand out as an applicant.
I decided to pursue a PhD after my sophomore year of college—later than ideal. At that point, I had taken zero advanced math or economics courses. Over the next three years, I crammed in 3–4 math or econ courses each semester, plus summer classes.
If you’re starting from scratch, expect it to take 2–3 years to build a strong transcript. If you feel behind, talk to a professor to map out your fastest route forward. It’s doable.
Courses most applicants have (and should take):
Calculus I–III
Linear Algebra
Real Analysis or Advanced Calculus I
Probability & Statistics
Intermediate Microeconomics
Intermediate Macroeconomics
Courses that really boost your application (I took none of these):
1st & 2nd Semester PhD Microeconomics
Graduate-level Real Analysis
Most graduate-level proof-based math courses
Additional useful but not required (I took almost all):
Econometrics
Game Theory
Advanced undergrad micro/macro
Differential Equations
Stochastic Processes
Stochastic Calculus
Optimization
These courses give you the math tools and economic intuition needed to understand and create finance research. Personally, I had all the “expected” courses, most of the “useful” ones, but none of the “boost” courses—and a recruiter later told me my math preparation was a weak point in my application.
One reassuring point: you don’t need an extensive finance background before starting. Most programs cover master’s-level finance in the first semester, then dive into advanced finance after that.
Research experience isn’t strictly required, but it’s one of the best ways to strengthen your application.
Why it matters:
Shows genuine interest and ability in research
Gives you a clearer sense of what finance research actually looks like
Builds valuable skills: data analysis, judging research ideas, handling academic datasets
Ways to get it:
Be a research assistant (RA) for a professor at your school
If you missed that chance in undergrad, apply for pre-doc RA roles at universities or the Federal Reserve
Where to look:
NBER RA positions and affiliated professors
These jobs are competitive. Strong transcripts, good letters of recommendation, and any prior coding/RA experience will help. When I applied with no RA or coding background, I still landed interviews at several Federal Reserve Banks and ultimately joined the Board of Governors. Outside the Fed, professors often expect stronger coding skills since you’ll be contributing directly to active projects.
Your letters of recommendation may be the single most important part of your application. Ideally, they should come from professors who:
Know you well and can speak to your abilities with concrete examples
Are active in research and known to people on admissions committees
The best way to earn those letters? Build real relationships.
If you’re in their class: go to office hours and discuss the material more deeply
If not: email to set up a short meeting about your PhD plans and ask for advice
Offer to help as an RA or TA—don’t just ask for favors
My own letter writers were:
An undergrad professor I worked with for two semesters managing $1 million of the university’s endowment
Two economists I worked with at the Federal Reserve for two years
Some had personal connections at my target schools, and I’m certain those relationships got me a couple of interviews.
I didn’t cover every application component here—GRE scores, personal statements, and other details deserve their own post—but the core preparation boils down to this:
Start early (or as early as you can)
Build a strong math and econ foundation
Get research experience if possible
Form genuine relationships with professors who can advocate for you
A finance or econ PhD is demanding but opens the door to a rewarding career. With the right preparation, you’ll give yourself the best chance to get in—and to thrive once you do.
Q: What were your credentials when applying?
Undergrad GPA: 4.0
GRE: Quant 168, Verbal 160, Writing 4.5
Coursework: See my other article for details
Research Experience: 1.5 years at the Federal Reserve Board, with one unpublished co-authored paper
Q: What schools did you interview with and get offers from?
I interviewed for finance PhDs at Cornell, Duke, University of Michigan, Ohio State, and University of Texas at Austin.
Offers: Ohio State and Texas
Waitlist: Cornell
Decision: Chose Texas
For econ programs, I only applied to the top 5—no interviews there.
Q: What resources did you use to decide where to apply?
My main resource was the professors and economists I worked with. I met with one undergrad professor and several Federal Reserve economists to get tailored recommendations for the top 20 finance and econ programs. This was far more useful than generic rankings because they could match suggestions to my research interests.
That said, I did check:
Finance: ASU’s research-based rankings (publications in top journals)
Econ: U.S. News rankings
In the end, I applied to the top 5 econ programs and ~15 finance programs, all in the top 25.
Q: Should I reach out to professors at target schools?
Maybe—but only if you have a strong reason.
Example: I was interested in a niche research area, and one school had top faculty in that field. I’d already done RA work in it, so I asked one of my letter writers if I should reach out. He agreed, but emphasized not being pushy—just making sure my application didn’t get lost.
I emailed the professor professionally (using my Federal Reserve address) and they spoke with their grad coordinator. I got an interview.
Bottom line: reach out if you have genuine overlap in research interests and can point to relevant experience. Don’t email asking “Will I get in?”—just politely flag your application for another look.
Q: What’s the most important part of the application?
Unofficial ranking from my perspective:
Letters of recommendation
Prior research experience
Strong grades in high-level math and econ
CV/resume, personal statement, and research proposal
GRE (Quant 167+)
Letters do two things: (1) give an objective assessment of your abilities, and (2) can carry extra weight if your writer knows someone on the admissions committee.
Research experience shows commitment to the field. Strong grades in technical courses show you’ll survive the first two years. Your personal statement should explain your fit with the school (mine was 80% identical across schools, but each version had a paragraph tailored to that school’s faculty).
Q: How should I choose letter writers?
Pick people who:
Know your abilities well enough to give specific examples
Are active researchers who might be recognized by admissions committees
A famous professor you barely know is not as valuable as someone you’ve worked closely with for months.
Q: Where can I find research opportunities?
Federal Reserve System RA positions
NBER RA postings
These are competitive—check qualifications and build skills accordingly. Also, ask around your university; you might find good undergrad RA opportunities.
I personally didn’t get RA experience until after undergrad, when I joined the Fed for two years.
Q: What courses should I take before applying?
Group 1 – Expected:
Calculus I–III
Linear Algebra
Real Analysis or Advanced Calculus I
Probability & Statistics
Intermediate Micro/Macro
Group 2 – Big boosts:
1st & 2nd Semester PhD Micro
Graduate Real Analysis
Other graduate-level proof-based math
Group 3 – Useful extras:
Econometrics
Game Theory
Advanced undergrad micro/macro
Differential Equations
Stochastic Processes/Calculus
Optimization
I had most of Groups 1 and 3 but none of Group 2, and I was told my math prep was weaker than peers. If possible, take the graduate econ/math—those are strong signals.
Q: How do I write a good personal statement/research proposal?
Explain why you want a PhD (honestly—schools don’t want early dropouts)
Highlight research skills with specific examples (RA work, theses)
Discuss your research interests, past work, and possible future projects
Show fit with the school (1–2 professors you’d want to work with)
Send a draft to your letter writers for feedback
Q: What if I don’t know my research area yet?
That’s normal. Most people either don’t know or change after the first two years. If you think you know, say so—but don’t make something up.
Q: What GRE score is competitive?
GRE is just one piece. Transcripts, research, and letters matter more. My scores: Q 168, V 160, W 4.5. Generally, Quant ≥ 167 keeps you competitive at most schools.
Q: How should I study for the GRE?
Use the Official GRE guides for quant until every problem feels automatic
Use Magoosh vocabulary app in spare moments
Take several full-length practice tests (I did 6, including free ones from Princeton Review)
I studied 2–4 hours a day, 5 days a week, for 3 months. The goal: do every problem type in your sleep.
Q: How much time do applications take?
Expect 2–3 hours per application. Start in early November—deadlines can be as early as Dec 1.
These answers are based on my interviews with Cornell, Duke, University of Michigan, Ohio State, and University of Texas at Austin. I suspect most schools follow a very similar process.
Q: What questions will I likely be asked in any Finance PhD interview?
Most interviews hit these three:
Why do you want a PhD?
Why do you want to come to School X?
Tell us about some research you’ve worked on.
For #1, have one consistent story, but make it memorable. In my case, I talked about a professor whose speech inspired me to pursue finance academia and my desire to create new knowledge. Avoid generic answers like “I enjoy research.”
For #2, don’t fake it. If you only applied because it’s a top-20 program, do some homework before the interview—identify a professor you’d like to work with or note a concentration of faculty in your field of interest.
For #3, this is the big one. Pick one project you know inside and out—your undergrad/master’s thesis, RA work, or a co-authored paper (published or not). Speak for 3–4 minutes covering:
Motivation and question
Methods
Results
Highlight your specific contributions if it was a team project. Expect follow-up questions, and be ready to spend most of the interview here.
Tip: Write out your 3–4 minute response and practice with a professor or co-author. Their feedback will help you refine what to emphasize or cut.
Q: What other types of questions could be asked?
Most focus on research, but you might get:
Questions tied to your past work (e.g., I was asked about Trade-and-Quote data)
Broader finance questions (e.g., “How would you value Bitcoin?”)
These usually connect to what you wrote in your CV or personal statement—so don’t exaggerate or invent skills/interests.
Q: How long is a typical interview?
About 15 minutes:
2–3 minutes on “Why PhD”
5–7 minutes on your research
A couple of additional questions
2–3 minutes for your questions
Q: What questions should I ask them?
My go-to:
“Can you tell me about the interaction and mentorship between students and faculty?”
This reveals how closely you’ll work with professors and whether the program’s culture fits your style. Some programs are more hands-off; others are very involved.
If time remains, I’d ask:
“What do you consider the program’s greatest strengths?”
Q: Who will interview me?
Usually the graduate coordinator plus 1–2 professors.
Q: How soon after applying might I hear about interviews?
It varies: early February to early March is common. You can check timelines on GradCafe, but take it with a grain of salt. Some schools notify only accepted applicants, some only rejections, and some much later.
Example: I got a rejection email from Berkeley finance, but a friend didn’t. A month later, he got an offer from them without ever interviewing—because someone else declined.
Q: What happens after the interview?
I always sent thank-you emails to interviewers. If a school wanted me, I usually heard within a few days. If I was waitlisted, I typically heard nothing until the final decision. You can reach out, but there’s a small risk they’ll reject you immediately instead of leaving you on the waitlist.
Q: How do I decide which offer to take?
If you get multiple offers—congratulations! My process:
Talk to professors and students at each school
Get feedback from my letter writers (I could be more candid with them)
If one school is clearly higher-ranked, the choice might be easy. If they’re close, the decision probably won’t make or break your career—at least according to everyone I asked. Then it comes down to:
Best research fit
Culture and advising style
Family considerations
Weather and cost of living