Ph.D. in Finance – The Vienna Graduate School of Finance

The Vienna Graduate School of Finance (VGSF) invites promising students with outstanding academic profiles to apply for our Ph.D. Program in Finance. VGSF is the result of cooperation between three institutions: The Institute for Advanced Studies (IHS), the University of Vienna, and the WU (Vienna University of Economics and Business).

Key strengths of the program:

The Ph.D. program is a 5-year, full-time program structured into coursework and research. The Ph.D. students benefit from a stimulating research and learning environment and receive continuous guidance from the faculty throughout the duration of the program. At VGSF, you are more than a student; you are a colleague and a member of our community. The faculty members are leading experts in their respective fields and collaborate with renowned professionals and academics from all over the world, who are regularly invited to VGSF for guest lectures or seminars.

Faculty and research areas

The VGSF faculty includes professors and junior faculty from IHS, the University of Vienna, and the WU. They are distinguished experts in their area of research, publishing in prominent journals. VGSF regularly invites guest professors, who are top researchers in their respective fields of expertise, to further enhance the excellent teaching quality of the program.

The key VGSF research areas are:

  • Corporate Finance
  • Asset Pricing
  • Financial Intermediation
  • Market Microstructure
  • Banking and Credit Risk
  • Insurance Economics

Funding (scholarships)

The VGSF is funded by the Austrian Science Fund (FWF), and students are employed by the University of Vienna or by WU. They receive a gross monthly stipend of approximately €2,000, which includes health insurance. Salary in Austria is paid 14 times a year. The 13th and 14th salaries are paid out during the year and are taxed at a very low rate. Students are exempt from tuition fees. Funding is guaranteed for all five years; however, it is subject to satisfactory academic performance.

Application timings

Opening: November 2, 2018

Closing: January 31, 2019 (midnight Pacific Time)

The first round of offers on all complete applications received by December 08, 2018 (midnight Pacific Time). The second round of offers will be made after the application deadline.


The candidates must hold a master's level degree or should be expected to finish their master’s degree by the beginning of the Ph.D. program (September). Typical applicants hold a master degree in economics, finance, mathematics, or statistics. Applicants should have a strong research interest in finance.

Application procedure

The admission committee will carefully review every application, which must include the following documents:

  • A statement of purpose that outlines why the candidate is interested in completing a Ph.D. program
  • Degree certificates and official transcripts
  • Curriculum vitae
  • GMAT or GRE scores (not older than five years)
  • Proof of English proficiency
  • Two recommendation letters

To send in your application, use the online tool at

For further information:

Program taught in:
  • English (US)
This course is Campus based
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5 years
2,000 EUR
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