Business (specialization in Finance)

The Finance Phd program at Tilburg University has two phases: a preparatory Research Master combining intensive coursework and research that culminates in the writing of a Research Master Thesis (which could later be built out into a chapter of the PhD thesis); and an advanced phase in which students devote all their time to research, at the end of which they complete their PhD dissertation. Most Research Master students are funded by grants given by CentER. PhD students are employees of the University and receive a gross salary of 83000.

Students who have not done graduate work in Finance or Economics before joining the program complete the Research Master in two years. The first year consists of Economics and Econometrics courses preparing the student to specialized work in Finance. The second year is devoted to the Finance Core (four advanced courses in Asset Pricing and Corporate Finance), a few elective courses, and the writing of a Master Thesis. Students who have done graduate work before joining the program are admitted directly in the second year.

After completing the Research Master, students are eligible to start the PhD phase of the program, which typically lasts three years. Supervision during this phase is very close: students often co-author no less than two papers with their supervisors, and write at least one single-author paper under their supervisor’s guidance. Our seminar series (the department hosts over 30 seminars a year with leading scholars from the US and Europe) exposes students to cutting-edge research in all areas of Finance.

Students in the second year of the PhD spend one semester visiting a top University abroad, funded by CentER. These visits provide an early exposure to the international academic scene, create new opportunities of co-authorship, and enrich the students’ network of contacts. Our students have visited Harvard, Yale, London Business School, Caltech, among others.

Most of our PhDs find jobs in Academia. We have a very successful history of placements at top universities in Europe and America, among them Chicago GBS, Toronto Rotman, Cambridge, HEC Paris. Our graduates also show an excellent record of publications, many of them publishing chapters of their theses in top journals shortly after graduation.

Career Perspective

If you follow the Research Master's program in Business - be it accounting, finance, information management, marketing, operations research, or organization and strategy - you are prepared to continue in a PhD program. More than 75% of the graduates continue at a PhD position at either Tilburg University or another university. 25% of the graduates start a professional career, mostly in the consultancy or financial sector.

The Research Master's program in Business in combination with the subsequent PhD studies enable our students to find jobs at universities around the world, at research institutes or in the banking and consultancy sectors.

In the PhD phase, most accepted PhD students become university employees earning a gross salary over more than Euro 85000 over three years and are granted pension rights.

Duration

2 years (a reduction to 1 year of doctoral course work is possible for people with one or two MSc relevant degrees with excellent grades)

Specifics

Specialized program to prepare for a PhD or for a professional career in a (international) research-based environment

Year 1

Fall Semester

Compulsory Courses

• Quantitative Methods for Business (CentER) 6 ECTS
• Economics 1 (CentER) 6 ECTS
• Microeconomics 1 (CentER) 6 ECTS
• Macroeconomics 1 (CentER) 6 ECTS
• Elective(s) Master 6 ECTS

Compulsory optional courses

Choose either cluster A or cluster B

(note: courses are offered in the Fall and Spring semester)

• Microeconometrics 6 ECTS (Cluster B)

Spring Semester

Compulsory Courses

• Microeconomics 2 (CentER) 3 ECTS
• Information Economics (CentER) 3 ECTS
• Advanced Research Techniques 1 (CentER) 3 ECTS
• Advanced Research Techniques 2 (CentER) 3 ECTS

Compulsory optional courses

Choose either cluster A or cluster B

(note: courses are offered in the Fall and Spring semester)

• Econometrics 2 (CentER) 6 ECTS (Cluster A)
• Econometrics 3 (CentER) 6 ECTS (Cluster A)
• Econometrics Models in Economics (CentER) 6 ECTS (Cluster B)

Year total 54 ECTS

Year 2

Compulsory Courses

• Asset Pricing 1 (CentER) 6 ECTS
• Corporate Finance 1 (CentER) 6 ECTS
• Academic Writing in English for CentER Research Masters 1 ECTS
• Advanced Topics in Finance (CentER) 6 ECTS

(Note: continues in Spring semester!)

• Research MSc in Business: Finance Thesis 29 ECTS

(Note: continues in Spring semester!)

Compulsory optional courses

Choose 6 ECTS from courses in cluster C

(note: courses are offered in the Fall and Spring semester)

• Microeconometrics 6 ECTS (Cluster C)
• Elective(s) Master 6 ECTS (Cluster C)

Spring Semester

Compulsory Courses

• Asset Pricing 2 (CentER) 6 ECTS
• Corporate Finance 2 (CentER) 6 ECTS

Compulsory optional courses

Choose 6 ECTS from courses in cluster C

(note: courses are offered in the Fall and Spring semester)

• Financial Econometrics 6 ECTS (Cluster C)
• Elective(s) Master 6 ECTS (Cluster C)

Year total 66 ECTS

When applying for admission to the Research Master's program in Business, you need to have completed an undergraduate program in the relevant field with excellent grades or will complete an undergraduate program before the end of the academic year.Before applying, please make sure that you meet the following requirements:- Completed academic Bachelor's or Master’s degree program in economics, econometrics or business studies or a completed program that the Admissions Committee deems a quantitative equivalent to the previous education profile- You have completed your previous degree with excellent GPA- An adequate knowledge of English is required.a) This can be demonstrated by successful completion of a Bachelor's degree program conducted entirely in English. Bachelor's degrees obtained in Australia, Canada (except for Quebec), New Zealand, Ireland, United Kingdom or United States will be presumed to satisfy this criterion.b) Notwithstanding the stipulations in section (a), an adequate knowledge of the English language can also be demonstrated with one of the following test results: Academic IELTS (min. 7.0 overall/ 6.0 on parts)TOEFL (min. paper-based: 600, internet-based: 100; the TOEFL Institutional Code for Tilburg University is 9860)Cambridge Certificate of Advanced English (CAE) with a min. level of BCambridge Certificate of Proficiency in English (CPE) English Language Requirements IELTS band: 7 TOEFL paper-based test score : 600 TOEFL iBT® test: 100

Scholarships

At Tilburg School of Economics and Management we are committed in supporting financially talented and motivated students to study in our Research Master and PhD programs. Below you will find a short description and a link to various types of scholarships which can help you finance your study at Tilburg School of Economics and Management.

Please note that the number of scholarships are limited and mainly targeted at students with excellent study results. We therefore recommend you to carefully read the requirements and deadlines.