Key information Duration Full-time 60 months Start dates & application deadlines Starting August 2027 Apply before Dec 2026 Language English
TOEFL iBT: 100 IELTS: 6 Credits 18 SCH Delivered On Campus Campus Location Philadelphia, United States Disciplines Finance Overview The Finance at the University of Pennsylvania prepares students for careers in research and teaching at the world's leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics. Wharton's Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Features Faculty research, both empirical and theoretical, includes such areas as: Structure of financial markets Formation and behavior of financial asset prices Banking and monetary systems Corporate control and capital structure Saving and capital formation International financial markets Programme Structure Courses include: Financial Economics Corporate Finance & Financial Institutions Empirical Methods Intertemporal Macroeconomics and Finance Methods in Finance Theory Continuous – Time Financial Economics Financial Economics under Imperfect Information Admission requirements Academic requirements GRE®: Required GMAT: Required English requirements TOEFL iBT: 100 IELTS: 6 Other requirements General requirements Letters of Recommendation Transcripts & Academic History Essays Standardized Test Scores Application Fee Tuition Fees International: 63,672 AUD / year (≈ 44,792 USD / year) Out-of-State: 63,672 AUD / year (≈ 44,792 USD / year) Domestic (In-State): 63,672 AUD / year (≈ 44,792 USD / year) Additional Details Most of our PhD programs are fully funded, meaning the program will pay for your tuition and fees, as well as provide you with a minimum stipend of $39,425. Living costs Philadelphia, United States: 1,866-3,247 AUD / month The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries. Funding All admitted Wharton doctoral students receive a fellowship that covers the cost of tuition and health insurance, and provides a stipend. It is expected that a similar level of financial aid may be awarded for up to 5 years. All financial aid awards are contingent upon a student's satisfactory academic progress.
