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A finance major is offered in the Ph.D. program in business administration.  The goal of the program is to prepare effective teachers and researchers. The department has a specialty in one of the most exciting fields of finance—market microstructureGraduates of the University of Memphis Ph.D. program hold or have held positions at universities such as the University of Sydney, Kansas State University, University of Mississippi, University of Texas at El Paso, North Dakota State University and Barclays Global Investors and have published in leading journals such as the Journal of Financial Economics and the Journal of Finance. Two graduates are currently editors of one of the leading finance journal. Four of the department’s internationally-known faculty work primarily in microstructure and additional faculty occasionally work in this area. Other areas of emphasis such as corporate finance, banking, real estate, international finance and fixed income securities are also possible.

The college requires an evaluation of transcripts by WES for students who are applying for a graduate degree program in the Fogelman College who earned their last degree at a university outside of the USA. Students from top ranked international universities may request the PhD coordinator for a waiver.

recent study investigates the ability of PhD granting universities to cultivate faculty scholarship and to train scholars in finance (Chan, Chen and Fung, 2009). The study is based on publications in the top 21 finance journals over the period 1990-2004. It separates the journals into two groups—the top 3 and the remaining 18. The University of Memphis faculty and doctoral graduates have authored and coauthored articles in both groups of journals and ranked favorably in both groups. 

Among the 18 high quality journals, the article ranks the University of Memphis very favorably with respect to fostering faculty scholarship, The University of Memphis finance department ranks 5th among U.S. universities in faculty research productivity as measured by publications in these 18 journals. Other universities in the region rank as follows: Louisiana State University, 6; University of Alabama, 10, University of Georgia, 21; University of Tennessee, 25. 

With respect to training future scholars, The University of Memphis ranks 3rd among U.S. universities in the research productivity of its PhD finance graduates in publishing in these 18 journals. Other universities in the region rank as follows: Louisiana State University, 5; University of Tennessee, 17; University of Alabama, 18 (tied); University of Georgia, 18 (tied). 

The 21 journals that the authors of the study label as “quality journals” are a subset of the 72 journals examined in Cooley and Heck (2005). A separate ranking is provided for universities publishing in the top three journals (the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies) where more than 60% of the articles are authored by scholars from one of the 25 elite universities. For the list comprising both the top three journals and the remaining 18 journals, The University of Memphis ranks 84th compared to 102nd for the University of Alabama and 126th for the University of Tennessee.