Research Focus
Research in applied economics and finance, with a primary focus on issues such as corporate decision-making, market outcomes, innovation activities and organisational institutions, commonly using microeconometric and empirical methods
Programme Structure and Funding
This programme is a full-time PhD programme with a duration of 5–6 years, and offers a direct-entry pathway from bachelor’s level. The programme provides full scholarships: teaching assistantship of approximately USD 37,550 per year and a research allowance of USD 1,500 per year (reimbursement for academic conference travel). Application period: applications open in August and close on 19 December.
Entry Requirements
Academic background: · A bachelor’s or master’s degree in a relevant discipline (economics, finance, mathematics, statistics) · GRE/GMAT scores required (scores valid within five years) · GPA of at least 3.5/4. Language requirements: IELTS/TOEFL language scores required. IELTS scores required: Overall 7, Reading 7, Listening 7, Speaking 6.5, Writing 7. TOEFL scores required: iBT TOEFL (before 20 January 2026) Total 96, Reading 26, Listening 24, Speaking 22, Writing 24; after 20 January 2026 the corresponding new-standard scores are Total 5, Reading 5, Listening 5, Speaking 4.5, Writing 5.
Students who have obtained a degree from a recognised university in an English-speaking country are not required to submit English language scores.
Application Materials
- Academic CV 2) Statement of Purpose (SOP): must cover the core elements of a PhD application, addressing academic preparation, research interests, goals, matching supervisor, etc. 3) Personal Experience: 100–300 words, focusing on non-academic experiences, choosing one of the following directions: community service / leadership / mentoring / overcoming obstacles, with emphasis on the positive capabilities this experience has given you and how it will help you succeed in your PhD 4) Official transcripts and degree certificates (if not in English, a certified English translation must be submitted) 5) TOEFL or IELTS score report 6) 3 letters of recommendation 7) Official GMAT or GRE score report (scores valid within five years) 8) Description of research/work experience and other supplementary materials (if available; an advantage)
Career Prospects
The PhD in Finance programme at the University of Maryland’s Smith School of Business is positioned around cultivating high-end academic finance researchers and professional research talent, with stable employment quality and clear development paths. The overall employment rate of graduates is extremely high, with two core development directions: academic teaching and research, and high-end industry research. Drawing on the institution’s quality research resources and industry reputation, graduates possess strong employment competitiveness both domestically and internationally. Academic teaching and research direction: this is the primary choice of the programme’s graduates, with over 80% of graduates pursuing academic careers.
Graduates mainly take up positions at business schools of well-known universities around the world, serving in core teaching and research roles such as tenure-track assistant professor, covering top institutions in North America, Europe and Asia-Pacific, as well as domestic 985, 211 and key finance and economics universities. During their studies, students can draw on supervisor resources to participate in top finance academic conferences, refine research papers, and accumulate solid research outputs and networks, laying the foundation for academic job applications. They can subsequently be promoted to tenured positions through output review, with stable and highly growth-oriented career development.
High-end industry research direction: some graduates choose to pursue careers in industry; unlike ordinary practical finance roles, these are all research-oriented high-end positions. Graduates mainly work at financial regulatory institutions, leading economic consulting firms, hedge funds and the core research departments of large financial institutions, engaging in financial and economic analysis, quantitative research, asset pricing, financial policy research and similar work.
The empirical modelling, data analysis and financial theory research capabilities cultivated by the programme are highly suited to the needs of high-end finance research positions, with generous remuneration and high professional barriers. Dedicated employment support: the school provides a professional PhD career development system, offering one-to-one paper refinement, mock interviews, CV optimisation, alumni referral applications and other services for both academic job applications and industry employment, helping graduates precisely match with quality positions and greatly improving employment success rates.
Overall, this PhD programme has clear employment paths and top-tier quality, covering both academic depth and high-paying industry tracks. With its solid research training system and domestic and international recognition, it can provide graduates with long-term stable and highly growth-oriented career prospects.
