PhD in Finance from MIT: Admission Requirements, Application, and Acceptance Rate

Finance graduates enjoy a high salary and immense career growth across the world. Moreover, pursuing a PhD in the field gives you an even greater boost. If you want to pursue a PhD in finance, then the Massachusetts Institute of Technology’s Sloan School of Management is ideal for you. Located in Cambridge, Massachusetts, United States, it is recognised as one of the most prestigious institutes in the world. Keep reading if you want to learn in detail about the pursuit of MIT PhD finance. You will learn about the program’s details, tuition fees, admission requirements, and more. So, let’s dive right into our discussion without wasting a second. 

Why Pursue PhD Finance from MIT?

Let’s understand why you should pursue the MIT PhD Finance before learning about the various aspects of the program. So, here are the main reasons why you should go for this doctoral degree at MIT:

Acquire the Needed Knowledge: The program offers you an understanding of modern financial theory, whose practical implications are widely recognised and applied by Wall Street and corporations. You will be taught everything you need to conduct theoretical and applied research in the course. 

World-Renowned Faculty: You will benefit from world-renowned faculty and hands-on learning experiences, allowing you to receive the best education possible. 

Global Hub for Innovation: MIT is a renowned global hub of innovation in finance, management, entrepreneurship, analytics, and technology. Moreover, the degree earned from the institute will give you an edge over other professionals. 

Also Read: PhD in Chemistry at Edinburgh University: Entry Requirements, Cost, Application Process

Program Details

The MIT Sloan Finance Group provides a PhD in Finance, catering to students aspiring to make a research career in academic finance. Students are engaged primarily in coursework during the initial two years, taking both required and elective courses in preparation for their general exam towards the end of the second year. 

Students have to complete a research paper by the fifth semester’s end, present it to the faculty committee, and obtain a passing grade in the MIT PhD finance program. After this, they need to find a formal thesis advisor and create a thesis committee by the eighth semester’s end. The Thesis Committee must comprise at least one tenured faculty from the MIT Sloan Finance Group.

Tuition Fees

An MIT Sloan PhD Program charges an annual tuition fee of $57,575.98. Moreover, the average monthly cost of living for an individual is $3,794 (with rent) in Cambridge, MA. So, keep these costs in mind to properly plan your educational budget. 

Rankings

Now that you have learnt about the details and tuition fees of MIT PhD finance, let’s look at the rankings of MIT. The institute receives a top rank every year in the global rankings, reaffirming its excellence. 

See below the popular rankings of MIT:

QS World University Rankings 2024	#1
QS WUR Ranking By Subject (Accounting and Finance) 2023	#2
QS Sustainability Ranking 2024	#=15
THE World University Rankings 2024	#3

MIT PhD Finance: Acceptance Rate

The acceptance rate for the MIT Sloan School of Management is 13-15%, making it a very competitive school to get into. However, don’t let the low acceptance rate discourage you from applying for admission. Pursuing a degree from here is very rewarding as far as your career is concerned, making all your efforts worthwhile. 

MIT PhD Finance: Admission Requirements

Before applying for the MIT PhD finance program, make sure you meet its eligibility criteria. So, here are the admission requirements for the MIT Sloan PhD Program:

• You must have a bachelor’s degree or equivalent. 
• Moreover, you are required to have a strong quantitative background.
• You also have to submit the following documents during your admission process:

1. GMAT/GRE Scores
2. Statement of Purpose
3. Transcripts
4. TOEFL/IELTS Scores
5. Resume
6. Letters of Recommendation
7. Video Essay
8. Writing Sample(s)
9. Valid Passport Copy (For International Students)
10. Student Visa (For International Students)

Also Read: PhD at Columbia University: Courses Overview, Tuition Fees and Duration 

MIT PhD Finance: Application Process

The application process for the MIT PhD finance can become daunting. Luckily, we can help you with your application and make the whole process easier for you. 

Here is how we can help you in your application:

• You can use our Ai course finder to select the course you want to attend. 
• Then Leverage Edu’s experts will commence your application on your behalf for your chosen institute and program. 
• Your application must have some necessary documents like IELTS, TOEFL, LORs, SOPs, and essays. 
• So, please prepare all the mandatory documents for your application beforehand. 
• Our team will begin your application for housing, student loans, and scholarships once you have finished all the needed paperwork. 
• Now, relax and wait for your offer letter, which you are usually granted within 4-6 weeks.

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FAQs

So, this was all about the MIT PhD finance Many Indian students dream of pursuing education in foreign nations due to the exposure and career growth they offer. Consider joining a free counselling session with Leverage Edu if you plan to study abroad.