The Financial Economics PhD Program leverages the strengths of two renowned programs: the PhD Program in Finance and the University of Chicago’s Kenneth C. Griffin Department of Economics.
Core economics training is critical for students doing research in financial economics, and advances in financial economics have important implications for other areas of economics.
As a student in our Joint Program in Financial Economics, you’ll work with thought leaders in both economics and finance and follow your research interests wherever they lead. Leveraging courses and resources in the Finance dissertation area at Chicago Booth and the university’s Kenneth C. Griffin Department of Economics, you’ll build a foundation for research at the intersection of finance and economics.
Our Distinguished Finance and Economics Faculty
As a student in the joint program, you’ll work with professors and classmates in both the Department of Economics and the Stevens Doctoral Program in Finance at Chicago Booth. Faculty bring research expertise in a wide range of fields and serve as mentors to PhD students.
Finance Faculty
Francesca Bastianello
Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow
Francesca Bastianello
Emanuele Colonnelli
Associate Professor of Finance and MV Advisors Faculty Fellow
Emanuele Colonnelli
George M. Constantinides
Leo Melamed Professor of Finance
George M. Constantinides
Douglas W. Diamond
Merton H. Miller Distinguished Service Professor of Finance
Douglas W. Diamond
Eugene F. Fama
Robert R. McCormick Distinguished Service Professor of Finance
Eugene F. Fama
Niels Gormsen
Neubauer Family Associate Professor of Finance and Fama Faculty Fellow
Niels Gormsen
Lars Hansen
David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business
Lars Hansen
John C. Heaton
Joseph L. Gidwitz Professor of Finance
John C. Heaton
Steven Neil Kaplan
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation
Steven Neil Kaplan
Anil Kashyap
Stevens Distinguished Service Professor of Economics and Finance
Anil Kashyap
Ralph S.J. Koijen
AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow
Ralph S.J. Koijen
Yueran Ma
Associate Professor of Finance and Fama Faculty Fellow
Yueran Ma
Stefan Nagel
Fama Family Distinguished Service Professor of Finance
Stefan Nagel
Scott Nelson
Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar
Scott Nelson
Pascal Noel
Neubauer Family Associate Professor of Finance and Kathryn and Grant Swick Faculty Scholar
Pascal Noel
Lubos Pastor
Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow
Lubos Pastor
Raghuram G. Rajan
Katherine Dusak Miller Distinguished Service Professor of Finance
Raghuram G. Rajan
Amir Sufi
Bruce Lindsay Distinguished Service Professor of Economics and Public Policy
Amir Sufi
Pietro Veronesi
Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance
Pietro Veronesi
Robert W. Vishny
Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center
Robert W. Vishny
Michael Weber
Associate Professor of Finance
Michael Weber
Constantine Yannelis
Associate Professor of Finance and FMC Faculty Scholar
Constantine Yannelis
Anthony Lee Zhang
Assistant Professor of Finance
Anthony Lee Zhang
Luigi Zingales
Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance
Luigi Zingales
Eric Zwick
Associate Professor of Finance and Fama Faculty Fellow
Eric Zwick
Department of Economics Faculty
Fernando Alvarez
The Saieh Family Professor in Economics and the College Fernando Alvarez
Lars Hansen
David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business
Lars Hansen
Ali Hortacsu
The Ralph and Mary Otis Isham Professor in Economics and the College Ali Hortacsu
Harald Uhlig
The Bruce Allen and Barbara Ritzenthaler Professor in Economics and the College Harald Uhlig
Kenneth C. Griffin Department of Economics
See the full list of Economics faculty Kenneth C. Griffin Department of Economics
Alumni Success
Our PhD graduates lead successful careersin prestigious academic settings, such as the Stanford Graduate School of Business and London Business School, as well as in leading financial institutions, including the International Monetary Fund.
Jane (Jian) Li, PhD '21
Assistant Professor of Business, Finance Division
Columbia Business School, Columbia University
Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.
A Network of Support
Doctoral students at Booth have access to the resources of several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.
Becker Friedman Institute for Economics
Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.
Center for Research in Security Prices
CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.
Fama-Miller Center for Research in Finance
Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
George J. Stigler Center for the Study of the Economy and the State
Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.
The Kent A. Clark Center for Global Markets
Enhancing the understanding of business and financial market globalization, the Clark Center for Global Markets positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.
Macro Finance Research Program
The Macro Finance Research Program (MFR) expands our understanding of how financial markets affect the economy as a whole and, conversely, how the macroeconomy influences financial markets. It does so by bringing together a community of elite and emerging scholars and with common ambitions to tackle these important challenges. One of the important ambitions of this program is to provide intellectual and research support for advanced students in the joint PhD program in financial economics.
Rustandy Center for Social Sector Innovation
Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.
Spotlight on Research
Chicago Booth Review regularly highlights the research findings of Booth faculty and PhD students in financial economics.
Line of Inquiry: Amir Sufi on Household Debt and Business Cycles
Chicago Booth’s Amir Sufi explains how the financial sector's willingness to extend credit to households helps fuel booms and busts.
Line of Inquiry: Amir Sufi on Household Debt and Business Cycles
How is IT Spending Changing Banking?
According to researchers Zhiguo He (previous Booth prof.), Sheila Jiang and Douglas Xu (both Booth PhD graduates), and Xiao Yin, IT investment figures prominently in banking activities.
How is IT Spending Changing Banking?
How Can We Calculate the US's Greatest Fortunes?
Chicago Booth’s Eric Zwick and his coauthors have devised a new way to gauge how much wealth the ultrawealthy have and what it’s composed of. Their results can help update and sharpen the picture of inequality in the US.
How Can We Calculate the US's Greatest Fortunes?
The PhD Experience at Booth
Maryam Farboodi, PhD ’14, talks about how the Booth faculty challenged her to focus her research on issues that are applicable to the current financial sector.
Maryam Farboodi, ’14: 00:02
My work lies in the intersection of finance and economics, trying to apply theoretical models to think about broader questions in big data technology. I was doing extremely theoretical research and I was always interested in doing stuff which are more related to the real world, which led me to join Chicago econ and then the Joint Financial Economics Program at Chicago Booth.
Maryam Farboodi, ’14: 00:29
The faculty really helped me focus my research on issues that are relevant to the current financial climate. A lot of current policy focuses on how financial institutions intermediate for each other and that has been the focus of my research. The faculty at Chicago Booth challenged me in making sure that the insight is applicable to the current financial sector.
Maryam Farboodi, ’14: 00:52
What is really, really special about Booth is the really close interaction between the faculty here and the econ department. Chicago Booth, in particular the joint program, is the best place you can be in. It provides an environment where you can interact with people who are extremely deep in both finance and economics and not lose track of important issues. Chicago Booth and Econ has really being like home to me. That's the feeling that any student can get if they really engage themselves with faculty.
Current Financial Economics Students
Students in Chicago Booth’s Joint Program in Financial Economics focus their PhD research on a vast array of issues, from state-government borrowing costs to wealth inequality to climate policy. They go on to positions at leading academic institutions and global financial organizations.
Monica Barbosa
Filippo Cavaleri
Shirui (Suri) Chen
Leo Aparisi De Lannoy
Laurenz De Rosa
Joanna Harris
Jacob Hartwig
Lewei He
Tanvi Jindal
See a list of the current students in our Finance PhD Program.
How to Apply
To join the Joint Program in Financial Economics, you will need to be admitted to both the doctoral program in the Department of Economics and the PhD Program in Finance at Chicago Booth. However, you need only apply to one or the other program. Learn more about applying to Chicago Booth or to the Department of Economics.
Program Requirements
Learn more about the Joint Program in Financial Economics at Chicago Booth on the website or by referencing the joint program-specific guidebook below.
See Joint Program-Specific Guidebook
General Program Expectations and Requirements
The Stevens Program at Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year.
For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.
Download the 2023-2024 Guidebook!
