Doctoral Program

AdmissionCourse Requirements | Graduates | Student Profiles

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 microstructure. Graduates 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.

A recent study investigates the ability of Ph.D. 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 Ph.D. 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.

Doctoral Program of Study

Total credit hours for degree: 72

Research Core (12 credit hours minimum)

  • ECON 7125 Appl Stat Mthds for Bus & Econ
  • ECON 8810 Econometrics 1
  • ECON 8811 Applied Microeconometrics
  • ECON 8812 Time Series Econometrics

Concentration (30 credit hours minimum)

As advised by the Ph.D. Coordinator

  • FIR 7810 Fin Management, or
  • FIR 8810 Advanced Financial Management. or
  • FIR 8820 ThryorPrac Finan Mgmt
  • FIR 8710 Seminar in Investment Theory or
  • FIR 7710 Seminar in Investment Theory
  • FIR 7410 Invst Thry Portfol Mgmt or
  • FIR 8410 Invst Thry Portfol Mgmt or
  • FIR 8724 Advanced Micro-structure Theory or
  • FIR 7724 Micro-structure Theory
  • FIR 7725 Equity Market Trading or
  • FIR 8725 Advanced Equity Market Trading


  • FIR 6011 Retirement and Estate Planning
  • FIR 6310 Real Estate Law
  • FIR 6320 Real Estate Finance
  • FIR 6331 Stock Portfolio Mgmt
  • FIR 6340 Real Estate Appraisal
  • FIR 6350 Real Estate Investment
  • FIR 6550 International Finance
  • FIR 6610 Cases Managerial Fin
  • FIR 6620 Cases in Financial Planning
  • FIR 6710 Commercial Banking
  • FIR 6720 Mgmt Financl Institutions
  • FIR 6721 Fixed Income and Derivatives
  • FIR 6730 Financial Analysis/Certification
  • FIR 6770 Security Analysis/Port Mgmt
  • FIR 6810 Prop & Lbility Insur
  • FIR 6820 Life & Health Insurance
  • FIR 6870 Risk Management
  • FIR 7070 Financial Conc/Business
  • FIR 7155 Global Financial Mgmt
  • FIR 7160 Executive Financial Mgmt
  • FIR 7170 Multinational Financial Mgmt
  • FIR 7171 Intl Financial Markets
  • FIR 7173 Financial Analys/Certification
  • FIR 7301 Contemp Rles Thry/Prac
  • FIR 7302 Rl Estate Dvlpmt & Sustainblty
  • FIR 7310 Sustainable Real Estate
  • FIR 7320 Financing Real Est Trans
  • FIR 7350 Real Est Invest Analys
  • FIR 7410 Invst Thry Portfol Mgmt
  • FIR 7648 Entrepreneurial Finance
  • FIR 7710 Sem Investment Thry
  • FIR 7721 Financial Derivatives
  • FIR 7724 Micro-Structure Theory
  • FIR 7725 Eqty Mkts:Trad/Struct
  • FIR 7726 Current Topics in Finance
  • FIR 7810 Adv Financial Mgmt
  • FIR 7840 Quantitative Finan App
  • FIR 7910 Problems In Fir
  • FIR 8170 Intl Financial Mgmt
  • FIR 8410 Invst Thry Portfol Mgmt
  • FIR 8710 Sem Investment Thry
  • FIR 8721 Financial Derivatives
  • FIR 8724 Microstructure Theory
  • FIR 8725 Financial Mkts: Trad/Struct
  • FIR 8726 Current Topics in Finance,
  • FIR 8810 Adv Financial Mgmt
  • FIR 8820 Thry/Prac Finan Mgmt
  • FIR 8840 Quantitative Finan App
  • FIR 8850 Seminar in Finance

Dissertation (6 credit hours minimum; 18 credit hours maximum)

  • BA 9000 Dissertation Every semester after passing comps

Additional Courses

  • Additional courses can be approved if needed to strengthen your skills in a specific area.

Credit Applied from Master's Degree (maximum 15 credit hours)

  • PhD Coordinator evaluates and approves credit

Notes:  Courses depend on approval of Ph.D. Coordinator


For inquiries please email your questions along with a copy of your Resume/CV, GMAT or GRE score reports with percentiles, and transcript (international students also submit an English speaking test score https://www.memphis.edu/iei/speaktest/index.php) to Ph.D. coordinator, Dr. Konstantin Skolov.

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Further Information and Application Submission

Prospective students can submit an application here, request more information by contacting:

Jameshia Jamison
Graduate Admissions Counselor
Email | 901.678.3685

Dr. Konstantin Skolov, Ph.D. Program Co-Advisor Ph.D. Program Coordinator
Dr. Konstantin Sokolov
Email | 901.678.3345