PhD Specialization in Finance
The Finance concentration in the Management Ph.D. program at the University of Manitoba is designed for individuals who are planning careers in university research and teaching. The Ph.D. program offers two distinctive advantages over other programs in North America. First is flexibility. Although certain core requirements must be taken, students, in consultation with their advisors, have considerable latitude in tailoring the program to their interests and background. The second advantage is faculty. There is a wide range of research interests and experience among the Finance group, ranging from theoretical to empirical to applied. All members of the Finance group are committed to seeing the Finance Ph.D. students succeed in their program of study.

Areas of concentration

  • Asset Pricing (theoretical and empirical)
  • Behavioral Finance
  • Corporate Finance
  • Corporate Governance
  • Debt Markets and fixed-income securities
  • Financial Markets
  • International Finance
  • Investments
  • Market Microstructure and Market Liquidity
  • Mergers and Acquisitions

Course work

This stream of the Ph.D. program requires a minimum of 12 credit hours of core course work:

  • FIN 7100 Financial Economics
  • FIN 7110 Asset Pricing
  • FIN 7520 Finance II: Corporate Finance
  • FIN 7530 Advanced Topics in Finance - Mathematics of Finance
  • PHDM 7140 Management Research Project 1 (zero credit hours)
  • PHDM 7150 Management Research Project 2 (zero credit hours)

Other requirements, which may be satisfied in a previous degree (if not, must be completed in the PhD in Management), are:

  • 3 courses in research methods/statistics (normally, ECON 7010 Econometrics I, ECON 7020 Econometrics II, and ECON 7032 Econometrics III)
  • 2 minor/cognate courses (at least one of which must be completed outside the Asper School of Business) (normally, ECON 7722 Advanced Microeconomic Theory I and ECON 7732 Advanced Microeconometric Theory)

Depending on their background, students may be required to take additional courses, such as ECON 6040 Survey of Mathematical Topics for Economists; STAT 3400 Introduction to Probability II, STAT 3800 Mathematical Statistics, ECON 4120 Intermediate Econometrics, and ECON 7650 Advanced Macroeconomic Theory.

Finally, students who do not hold an MBA or a B.Comm. (or equivalent) degree will be required to audit 1-3 business courses outside their core area in order to gain a breadth of knowledge in management.

Potential faculty supervisors


Business Administration