Research Focus
Applied economics and finance studies, focusing on business decision-making, market outcomes, innovation and organizational systems, commonly used micromeasuring and empirical methods
Programme Structure and Funding
This is a 5–6 year full-time PhD programme and accepts direct entry from a bachelor’s degree. Full funding includes a teaching-assistantship stipend of approximately USD 37,550 per year and a research allowance of USD 1,500 per year for academic-conference travel. Applications open in August and close on 19 December.
Suitable Academic Backgrounds
Economics, finance, mathematics, statistics, econometrics, financial engineering, public economics, finance, mathematical economics, etc.
Entry Requirements
- Academic background: A bachelor’s or master’s degree in economics, finance, mathematics, statistics or a related subject. GRE or GMAT scores obtained within the past five years are required. Minimum GPA: 3.5/4.
- Language requirements: IELTS overall 7, with reading 7, listening 7, speaking 6.5 and writing 7. For tests taken before 20 January 2026, iBT TOEFL requires a total score of 96, with reading 26, listening 24, speaking 22 and writing 24. After 20 January 2026, the corresponding new scores are total 5, reading 5, listening 5, speaking 4.5 and writing 5.
Applicants who have earned a recognised university degree in an English-speaking country do not need to submit English-language scores.
Application Materials
- Academic curriculum vitae
- Statement of Purpose (SOP): needs to include a doctoral application core, with academic preparation, scientific interest, goals, matching mentors, etc.
- Personal Experience (personal experience): 100–300 Word, focus on non-academic experiences, two orientations: community service/ leadership/ guidance/ overcoming barriers, highlighting the positive skills that this experience brings to you, how to help you to read successfully
- Official report card and degree certificate (non-English version with a certified English translation)
- TOEFL or IELTS report
- 3 for recommendation
- GMAT or GRE official report card (effective achievement within five years)
- Additional materials such as scientific research/ job history description (if any, add sub-items)
Career Prospects
The University of Maryland’s Smith School of Business PhD in Finance is designed to train advanced academic researchers and professional research specialists. Employment outcomes are consistently strong and career paths are clear. Graduates mainly develop in two areas: academic research and teaching, and advanced industry research.
Academic research and teaching: This is the primary route, with more than 80% of graduates pursuing academic careers. Graduates mainly work at well-known business schools around the world in core research and teaching roles such as tenure-track assistant professor. Their destinations include leading institutions in North America, Europe and the Asia-Pacific region, as well as China’s 985 and 211 universities and key finance and economics universities. During the programme, students can use supervisor resources to participate in leading finance conferences, refine academic papers, and build research outputs and professional networks. They may later progress to tenure through research assessment, offering a stable career path with strong development potential.
Advanced industry research: Some graduates pursue specialised research roles in industry rather than general finance operations. They mainly work in financial regulators, leading economic consultancies, hedge funds and the core research divisions of large financial institutions, undertaking financial and economic analysis, quantitative research, asset pricing and financial-policy research.
The programme develops empirical modelling, data analysis and financial-theory research skills that align closely with advanced financial-research roles, which offer strong remuneration and high professional barriers to entry. Career support: The school provides a dedicated doctoral career-development system, including one-to-one paper refinement, mock interviews, CV optimisation and alumni referral support for academic and industry applications. This helps graduates connect with suitable high-quality positions and improves employment outcomes.
Overall, the programme offers clear, high-quality career routes in both academic research and well-paid industry work. Its rigorous research training and recognition in China and overseas support stable, long-term career development.
