Handelshøyskolen BI Institutt for finans - Department of Finance

PhD Candidates- Finance

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The Department of Finance is currently inviting applications for new doctoral scholarships, start date August 2018. The PhD specialization in Finance focuses on developing doctoral students' theoretical knowledge and methodological skills required to become successful researchers in the area of finance. We encourage applications from students with solid quantitative skills, who have a strong background in disciplines such as finance, economics, statistics, and mathematics, and who possess strong communication and analytical skills. We welcome research interests and project proposals, theoretical or empirical, in areas such as asset pricing, corporate finance, corporate governance, portfolio management, banking, market microstructure, experimental finance, and behavioral finance. After successful completion of the programme, we expect our graduates to be employed at leading academic institutions, research departments of international or national regulatory organizations, or investment firms.

The Department of Finance consists of highly international faculty (over 15 nationalities) with PhDs from some of the world’s best universities (Berkeley, Ohio State University, University of Chicago, USC, among others). The department has a strong focus on both asset pricing and corporate finance research. It hosts the Centre for Asset Pricing Research (CAPR) https://www.bi.edu/research/find-departments-and-research-centres/research-centres/centre-for-asset-pricing-research/ which supports faculty research groups, workshops, and seminars, and the Centre for Corporate Governance Research (CCGR)  https://www.bi.edu/research/find-departments-and-research-centres/research-centres/centre-for-corporate-governance-research/ which sponsors and provides micro-level data for research in corporate governance and corporate finance. The doctoral programme is an important element of the department’s research agenda and of BI’s vision of being one of the leading research business schools in Europe. Selected candidates will be working closely with faculty and will join a group of 7-10 PhD students in the department. Their place of work will be at BI Norwegian Business School in Oslo.

Eligible applicants must have completed a Master of Science degree with thesis work, a research masters/M.Phil degree, or a comparable degree relevant for the specialisation in Finance by the early autumn of 2018, with a grade point average of B or higher. An MBA degree does not fulfill the requirements for admission.

The four-year scholarship is set according to the Norwegian State Salary Scale and currently pays NOK 467.500, - annually. The position is linked to The Norwegian Public Service Pension Fund (Statens Pensjonskasse). The scholarship involves 25% teaching assistant responsibilities. If applicants are otherwise equally qualified, female applicants will be given preference. Additional information about the PhD specialization in Finance may be found on BI’s website https://www.bi.edu/programmes-and-individual-courses/phd/finance/

The application can be submitted only electronically by using the "Send Application" button on the right hand side in this announcement. E-mail or hard copy applications will not be accepted.

You are required to upload the following electronically with your application: 

  • Certificate of a Master of Science degree or equivalent, including transcript of grades.
  • Certificate of a Bachelor degree or equivalent, including transcript of grades
  • A Diploma Supplement or a similar document, describing in detail the study and grade system and the rights for further studies associated with the obtained degree http://ec.europa.eu/education/tools/diploma-supplement_en.htm
  • Other relevant certificates and transcripts
  • CV
  • A milestone plan outlining your planned course work and thesis work in accordance with the requirements of the department ( https://at.bi.no/EN/full-time-programmes/phd/course-plans/finance ) Template to be found here:  https://www.bi.edu/globalassets/jason/milestoneplan.doc
  • A description of research interests (and potential research projects)
  • Letters of recommendations from relevant employers/tutors providing evidence of your skills as a researcher (a minimum of 2 letters)
  • Certificates from previously completed courses at the doctoral level if requesting approval of these for the PhD programme at BI Norwegian Business School (see last section of § 2-1 in our PhD Regulations)
  • A complete list of all publications and/or other documented relevant research activities
  • Test scores GMAT /GRE and TOEFL / IELTS (if these are not sent directly by the test center)
  • Signed verification document. Template to be found here:https://www.bi.edu/globalassets/jason/verification-document-to-be-filled-out.doc

Please note that all documents listed above must be uploaded in the electronic application. Documents may not be submitted by e-mail or hard copy. Any documents forwarded after the application deadline will not be considered, with the exception of students who are completing their master’s degree in 2018 who do not have a final certificate when applying. Please note that you will not be able to revise your application once it has been submitted.

BI Norwegian Business School (Doctoral Administration) must receive the following from the test center, or in the case of previously taken tests scanned and uploaded along with the application.; 


All applicants except those who hold a master’s degree from a Norwegian, Swedish, Danish, Finnish or Icelandic institution must take either the GMAT or the GRE. 

We will need percentile scores and raw scores for the Verbal, Quantitative and Analytical Writing sections of the GRE or GMAT to consider your application. Incomplete sections or partial scores are not sufficient to consider your application. A "good score" is generally considered to be 85% and higher. However, there is no minimum cutoff score for the GRE/GMAT in order for your file to be reviewed.


Applicants must take either TOEFL or IELTS. The minimum standards for test scores acceptable for admission are:

  •  TOEFL – a total score of 575 points for the written test or 233 for the computer-based version or 90 points on the internet based test 
  •  IELTS – a score of 6.5

Exemptions are made for applicants:

  •  whose native language is English 
  •  who have two years or more of higher education where the language of instruction was English 
  • from a country which is a member of the EU/EEA and/or the Council of Europe/UNESCO-Cepes, who have English as the first foreign language taken over a period of at least 7 years in primary school, secondary school and upper  secondary education.

Under certain circumstances, applicants may request a waiver for the TOEFL or IELTSwhen applying for admission. To request a TOEFL/IELTS waiver, the applicant must submit a waiver form.

TOEFL / IETLS scores must be from within the last two years. The codes for BI Norwegian Business School are as follows:

GMAT 0529

TOEFL 0529

GRE 7365

For IELTS we accept copies as long as the TRF number is visible.

Candidates may, at a later stage, be asked to forward further information and/or be called in for an interview. Kindly note that all documents (including GRE, GMAT, TOEFL and IELTS tests) need to have reached the Doctoral Administration by the deadline stated in this announcement in order to be considered.

Information about the doctoral programme and admission requirements can be obtained from the Doctoral Administration at BI Norwegian Business School, E-mail: phd@bi.no


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