PhD scholarships in Finance 2025

The Department of Finance at the Copenhagen Business School invites applications for PhD scholarships in finance – both under the traditional three-year PhD scheme and under the 4+4 PhD scheme. Several scholarships are potentially available within any area of finance including scholarships within special focus areas. These special focus areas include big data in finance, pension finance, and housing and mortgage finance. The application process is a joint process, and all applications will be considered for all types of scholarships.

For the scholarships, we welcome applications in all areas of finance including:

• Financial markets
• Securities pricing
• Risk management
• Corporate finance
• Entrepreneurial finance
• Household finance
• Behavioral finance
• Fintech
• Big data in finance
• Pension finance
• Housing and mortgage finance

Applicants accepted for the special focus scholarships on big data in finance will be associated with the Center for Big Data in Finance, a Center of Excellence established by the Danish National Research Foundation. These scholars should pursue ambitious projects using big data in any area of finance, such as asset pricing, machine learning, ESG investing, how social networks affect finance, research replicability, regulatory data in finance, financial institutions, and individual investor behavior.

Applicants accepted for the special focus scholarships in pension finance will be associated with the Pension Research Centre (PeRCent). Topics in pension finance include, but are not limited to, household investment decisions over the life cycle, individuals’ assets, debt and consumption decisions before and after retirement, pension fund investments, asset-liability management and pension fund regulation. PeRCent is funded in co-operation between Copenhagen Business School (CBS) and partners from the pension sector in Denmark. More information about PeRCent can be found at www.cbs.dk/pct.

Applicants accepted for the special focus scholarships in housing and mortgage finance will be associated with the research project “Households and the Housing Market”. This research project is funded by the Independent Research Fund of Denmark. It investigates how households make housing and mortgage decisions, what drives house prices, and how financial regulation affects household behavior and equilibrium outcomes in the housing and mortgage market. Read more about the project here and contact Kathrin Schlafmann ([email protected]) for questions.

All scholarships initially cover a three-year period of study (four years if the candidate is enrolled under the 4+4 PhD scheme). Extended funding is available for successful candidates who wish to pursue an academic career.

PhD students are required to teach. The teaching responsibilities of the Department include undergraduate and graduate teaching in finance and statistics.

About the program
The three-year PhD program at CBS allows students to conduct research under the supervision of CBS faculty, supported by research focused PhD courses. The program is highly international, and students are expected to participate in international research conferences and to spend time abroad at another research institution as a visiting PhD student. Students are also expected to actively participate in the Department’s research activities, such as seminars and conferences organized by the Department.

PhD students from the Department of Finance have become researchers at leading universities and business schools, such as University of Chicago (Booth), Yale School of Management, London Business School, EPFL Lausanne, Bocconi University, BI Oslo, WU Vienna, University of Virginia (Darden School), Rotterdam School of Management, and Cass (now Bayes) Business School, and at the Federal Reserve Board (Washington), Federal Reserve Bank of New York, Federal Reserve Bank of San Francisco, Goldman Sachs, Cornerstone Research, and in leading Danish financial institutions.

Copenhagen Business School has a broad commitment to the excellence, distinctiveness, and relevance of its teaching and research programmes. Candidates who wish to join us should demonstrate enthusiasm for working in such an environment.

The starting date is normally August 1 or September 1 but may be agreed upon individually.

For further information please contact: Natalie Soudani, [email protected]. Please see the CBS website for more information about Department of Finance.

Employment and salary
A PhD scholarship runs for a period of 3 years and includes teaching obligations corresponding to 416 work hours. The scholarships are fully salaried positions, according to the national Danish collective agreement. The scholarship includes tuition fees, office space, course and travel costs (according to the current CBS agreement). The monthly salary is currently starting from app. DKK 28,993 up to DKK 35,015, depending on seniority, and includes an additional pension contribution totalling 17.1%. The scholarship includes tuition fees, office space, course and travel costs (according to the current CBS agreement). Questions related to the 4+4 PhD salary please contact Natalie Soudani [email protected].

Salary level and employment take place in accordance with the Ministry of Finance's agreement with the Academics' Central Organization.

Following an offer of employment, the successful applicant has to be enrolled in the CBS PhD School. Further information about CBS PhD scholarships and the PhD programme can be found at https://www.cbs.dk/en/research/phd-programme.

Requirements
To be considered, the candidate should have a basic education at the Master’s level (similar to the 3+2 Bologna process). The applicant must have successfully completed the Master’s degree before commencing PhD at CBS, but we also welcome applications from individuals close to completion of the Master’s degree. Generally, a completed MBA education does not fulfil this requirement. The applicants must be fluent in English.

For admittance to the 4+4 PhD scheme, the candidate must have completed a bachelor's degree (or equivalent) and have passed subjects corresponding to 60 ECTS in a relevant master's program within the CBS' subject areas. Applicants who are not enrolled in a master's program at CBS will be assessed by the CBS Admissions Office.

The successful applicant must have shown academic excellence with a record of top grades from previously completed programs. Priority will be given to candidates who have both a strong quantitative background and strong previous training in financial economics, and who have high grades from their previous programs.

Application procedure
The application (see link below) must include a five-page project description.

The project description must include:

• a presentation of an original research question
• a description of the initial theoretical framework and method
• a presentation of the proposed empirical material
• a work plan for the three years

More information can be found here: https://www.cbs.dk/en/research/phd-programmes/admission

In addition to the project description, copies of the following must be included:

• Diploma for bachelor's and master's degrees or other certificates at an equivalent level, as well as grade transcripts (bachelor’s degree certificate is sufficient if applying under the 4+4 PhD scheme).
• A concise curriculum vitae (CV).
• A list of articles and publications (if applicable).
• One example of a selected written work (e.g., master's thesis).
• Documentation of English language skills (e.g., TOEFL, IELTS, or equivalent). Applicants with a degree taught in English typically do not need to provide additional language test documentation.
• Documentation of GRE and/or GMAT scores (strongly encouraged). These can be uploaded as part of the application or sent directly to Natalie Soudani at [email protected].
• Two letters of recommendation (to be sent directly to Natalie Soudani at [email protected]).

Recruitment procedure
The Recruitment Committee expects to conduct a shortlisting of applicants to be assessed by the Assessment Committee. All applicants will be notified of their status in the recruitment process shortly after the application deadline.

Applicants selected for assessment will be notified about the composition of the Assessment Committee and will receive their personal assessment later. Selected applicants will be invited for an interview. Please note that a positive assessment does not automatically result in an interview. Once the recruitment process is completed each applicant will be notified of the outcome of their application.

Closing date: February 28, 2025.

An information meeting will be held on February 6 at 15:30 at Copenhagen Business School.

The application must be submitted via the electronic recruitment system, using the link below.

Copenhagen Business School must receive all application materials, including all appendices (see items above), by the application deadline.

One of CBS’ strategic goals is the promotion of diversity, which is why every effort has been made to ensure a recruitment process that reduces potential bias. Applicants are therefore encouraged not to include a photo or unnecessary personal information in their application.

Details about Copenhagen Business School and the department are available at www.cbs.dk.

Application due: 2/28/2025

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