PhD in Finance in Canada: Best Doctorate Degrees & Top Universities

Finance is the base on which the business world rests. Pursuing a PhD in finance not only helps you study the subject in-depth, but it also enables you to teach finance as a professor in renowned universities all over the world. This blog will help you understand what pursuing a PhD in finance in Canada entails, which universities you can apply to and what is the growth prospect. You can also read about doctorates in other fields related to business such as management and administration among many others on our website.

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What is PhD in Finance?

A PhD in finance is a doctorate that can be pursued after completing your postgraduate studies and occasionally right after your undergraduate. PhD in finance aims at creating strong researchers who are capable of teaching the subject at various universities and solve larger economic problems of the countries. The program is generally four years long and includes 2 years of comprehensive studies followed by working under a supervisor to develop researching capabilities and preparing a thesis.

A doctorate in finance can be achieved through a PhD in finance as well as a DBA in finance. Both of these degrees provide students with theoretical as well as empirical knowledge about modern finance and global economics. 

PhD in Finance vs DBA in Finance

If you are looking to acquire a doctorate in finance, a PhD in finance and a DBA in finance are the most ideal options. Both of the degrees are similar in their coursework and structure. Both of them include exams and a doctoral dissertation. The span of both courses is between 4 to 5 years. However, the approach and objectives between the two differ from each other. 

Doctor of Philosophy in Finance or PhD in Finance is an academic degree and follows a theoretical approach. Along with increasing your knowledge about business, a PhD in finance paves the way for you to be an academic researcher and university professor. If you pursue PhD in finance, you can also take up roles in organizations that require specialization.

A Doctorate of Business Administration or DBA in Finance is a professional degree that focuses on applying financial knowledge to real-world business problems. Rather than going for an academic approach, a DBA degree emphasizes using theory and research in solving business issues. This degree will enable you to take up a role in corporate leadership and management as the coursework of this degree is based around it.

It goes without saying that you should choose between these two courses based on your interest, career vision and future prospects.

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Why pursue a PhD in Finance in Canada?

The decision of doing a PhD in Finance program will help you gain in-depth knowledge about statistics, financial markets and corporate finance. Being a program focused on empirical research, a PhD in finance polishes you as a researcher and makes you capable of conducting independent studies and writing research papers.

A doctorate from Canada has perks of its own. The country being an attractive destination for international students, studying a PhD in finance in Canada gives you the following advantages over studying in other countries:

1. Financial aid: Universities in Canada offer a multitude of financial aid to students pursuing doctoral degrees. A high number of scholarships within the universities as well as from organisations outside the university make Canada an ideal destination for international students.
2. Working while studying: Students enrolled in Canadian universities can work on campus for unlimited hours. In the case of off-campus work, students are allowed to work for up to 20 hours a week. This system can help you create an extra source of income and manage your expenses.
3. World-Class Universities and Faculty: With universities like McGill University and the University of Toronto, among many others, Canada houses some of the highest-ranking business schools in the world that provide top-notch education to their students.
4. Affordable tuition fees– Doctoral programs from Canadian Universities are available to students at very affordable fees and reasonable pricing. Along with an affordable fees structure, students get other benefits such as merit-based scholarships, teaching assistantships, and research assistantships which can further help reduce the financial burden.

PhD Program Requirements

The following eligibility criteria need to be fulfilled for successful admission into a PhD in finance degree in Canada:

1. A postgraduate degree in finance, economics, engineering, physics, mathematics or a similar field of study with solid grades and research experience. Some universities also offer admission based on an excellent undergraduate degree.
2. Two or more letters of recommendation.
3. A research proposal.
4. IELTS or TOEFL test scores for students belonging to non-English speaking countries. This exam acts as a measure of your proficiency in the English language. 
5. GRE or GMAT test scores.
6. After passing the required eligibility criteria, universities might invite you for a personal interview as a final round for selection.

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Documents Required

The documents required for applying to a PhD in Finance are similar to the ones required for applying to PhD courses in other fields. They are as follows:

1. Online application form and fees: Forms have to be filled out online by students through the university’s official website. Fees for the form needs to be paid accordingly.
2. CV/Resume: Creating an impressive CV can increase your chances of selection. Make sure the CV includes all your achievements and work experience in the field of finance.
3. Academic or Professional References: References can go a long way in making your application gain more credibility. An academic or professional reference is a prerequisite for applying to PhD programs.
4. Personal Statement: A personal statement is a brief overview of yourself. It explains to the committee what your strengths, achievements and level of education is.
5. Transcripts: Transcripts of your mark sheets and competitive exams need to be submitted to the university. In some cases, the university might ask you to submit transcripts certified by the institute you completed your previous education from.
6. Statement of Intent: A statement of intent is an essay that aligns you with the degree you are applying for. It explains to the committee why you are applying for the program and what ambitions you aim to achieve through the program.

Colleges in Canada that offer PhD in Finance

A PhD in Finance is a wide umbrella that includes many doctoral programs based around finance. The following universities offer degrees in fields related to finance:

University of Toronto (Rank 18)

• Fields of Specialization: Finance theory, economics and empirical methods
• Eligibility Criteria: A master’s degree or equivalent from a recognized university with excellent marks; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding: Year 1 – $32,000 plus the tuition fee, Years 2-5 – $32,000 plus the tuition fee, Ontario Graduate Scholarship Program (OGS), University of Toronto Fellowship (UTF)

The University of British Columbia (Rank 37)

• Fields of Specialization: Theory of Finance, Theoretical Asset Pricing, Empirical Asset Pricing, Empirical Corporate Finance, Accounting, Management Science, Economics, and Mathematics
• Eligibility Criteria: Completion of a Bachelor’s degree + Master’s degree or M.Phil. Degree with First Class/Division 1 (65%) or Very Good (8 on a 10-point scale); English proficiency test scores; GMAT or GRE Scores
• Funding: Killam Doctoral Scholarships, SERB-UBC Scholarship, Vanier Scholarship, International Tuition Award, President’s Academic Excellence Initiative PhD Award, PhD Minimum Funding

McGill University (Rank 40)

• Fields of Specialization: Financial Economics, Corporate Finance, Empirical Methods in Finance, Continuous-Time Finance, International Finance, Fixed Income Securities Theory, Corporate Governance
• Eligibility Criteria: Master’s-level degree, with a strong academic record; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding: Guaranteed funding will be $32,622 per year for the first four years, Fifth-year funding will be $20,000+, Doctoral Fellowships, Ontario Trillium Scholarship program

University of Alberta (Rank 131)

• Fields of Specialization: Corporate finance, corporate control, asset pricing, portfolio theory, derivatives, market microstructure, behavioural finance, financial institutions, international finance, and valuation
• Eligibility Criteria: Grade point average (GPA) of 3 on most 4-point grading systems or B on most letter grading systems, based on your most recent two years of full-time study; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding: Vanier Canada Graduate Scholarship, Izaak Walton Killam Memorial Scholarship, Andrew Stewart Prize

University of Calgary (Rank 200)

• Fields of Specialization: Corporate finance, asset pricing, behavioural finance, valuation, derivatives, corporate governance, financial economics
• Eligibility Criteria: First Class Division, or 8/10 (or 7.5/10 for IIT’s only); GMAT or GRE Scores; IELTS/ TOEFL Scores
• Funding: Full tuition for all admitted students for the first four years. Funding comes in the form of Graduate Assistantships, Alberta Innovates Graduate Student Scholarships program, Alberta Graduate Excellence Scholarship (AGES), Delta Kappa Gama, Entrance Awards, Graduate Award Competition, International Graduate Tuition Award, Mackenzie King, Mitacs, Vanier Canada Graduate Scholarships (CGS)

University of Waterloo (Rank 201)

• Fields of Specialization: Actuarial Science, Biostatistics, Data Science, Quantitative Finance, Statistics, & Statistics-Computing
• Eligibility Criteria: A Master’s degree in statistics or actuarial science with marks equivalent to 78% in Canadian Universities; IELTS 7.0/TOEFL 90; GMAT or GRE Scores
• Funding: Statistics & Actuarial Science Doctoral Entrance Award,  University of Waterloo President’s Graduate Scholarship, President’s Graduate Scholarship (PGS), Fraser Award

Queen’s University (Rank 251)

• Fields of Specialization: Asset pricing, corporate finance, corporate governance market microstructure, financial technologies and innovation and sustainable finance
• Eligibility Criteria: A B+ (77%) average grade for the last 2 years of study; TOEFL 100/ IELTS 7.5; GMAT or GRE Scores
• Funding: Annual funding of $34,000, conditional on satisfactory performance in the program, $6,500 to assist with research expenses and support conference travel, McCall MacBain Sustainable Finance Fellow

University of Manitoba (Rank 351)

• Fields of Specialization: Corporate Finance, International Finance, Investments 
• Eligibility Criteria: An earned Master’s degree from a recognized institution in a management or business discipline with a minimum 3.0 GPA; English proficiency test scores; GMAT 600 or GRE equivalent
• Funding: University of Manitoba Graduate Fellowship Program and the Social Sciences and Humanities Research Council (SSHRC), Banting Fellows and Vanier Scholarship, Pierre Elliott Trudeau Foundation Scholarship, University of Manitoba Graduate Fellowships (UMGF)

Concordia University (Rank 601)

• Fields of Specialization: Corporate finance, investments, derivatives, risk management, international finance, portfolio management, real estate finance, banking, and family firms
• Eligibility Criteria: Master’s degree in any discipline, with minimum cumulative GPA of 3.5 out of 4.3; GMAT 640 or GRE equivalent; IELTS 7.0/TOEFL 95
• Funding: A guaranteed funding of $ 100,000 for 5 years, Out of Province Award, Concordia University Doctoral Graduate Fellowships, Concordia International Tuition Award of Excellence, Concordia Merit Scholarship

How to Apply?

To apply for a PhD program in Finance in Canada, the following steps have to be taken:

1. Research about the university that suits your needs.
2. Prepare the required documents before applying.
3. Apply for the program of the specific university through their online portal from their official website.
4. Apply and pay the application fees.
5. After successful submission of application and admission into the university, apply for the student visa.

Job Prospects

Doctorate programs generally focus on creating academically sound students with excellent research capabilities. These skills open up new avenues in career paths based around finance. The average salary of a PhD in Finance graduate from a Canadian university can grab the following roles as their career choice:

1. Senior Economist
2. Business Analyst
3. Financial Analyst
4. Hedging and Risk Management
5. Portfolio Management
6. Fixed Income Analysis
7. Head of Research
8. Economic Staff
9. Strategic ICT Specialist

Conclusion

Finance is an ever-growing aspect in the field of business. The requirement of graduates in finance is constant and is bound to increase in the upcoming years. Completing a doctoral degree in finance is the highest academic degree you can achieve in the field. It can help you understand the field better as well as help you grab job opportunities that can only be given to specialists.

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