PhD in Finance in India: Colleges, Fees, Eligibility, and Career Paths

The demand for experts with a deep understanding of financial markets, corporate finance, and investment management is rising, making a PhD in Finance an attractive career path. A PhD in Finance in India typically takes 3-5 years. You’ll delve into research areas like financial markets, corporate finance, and investment management. Eligibility generally requires a Master’s degree in Finance or a related field with a minimum of 55% aggregate marks. 

Qualifying for entrance exams like UGC NET or CSIR NET may also be necessary. A PhD in Finance can lead to roles such as Professor, Research Analyst, and Consultant, requiring strong research, analytical, and quantitative skills. Program fees vary widely, from a few lakhs to several lakhs of rupees per year, depending on the institution and location. This article provides an overview of colleges, fees, eligibility, and career paths for those pursuing a PhD in Finance in India. The scope of a PhD in Finance is vast, with opportunities in academia, research, and industry.

PhD in Finance: Overview

The PhD in Finance program in India is a doctoral-level degree focusing on advanced research and academic study in finance. The program typically lasts 3-5 years and is designed for individuals pursuing careers in research, academia, or high-level finance positions. Eligibility includes a Master’s degree in Finance or a related field, with a minimum aggregate score of 55%. 

Top colleges include the Indian Institute of Management (IIM) Ahmedabad, IIM Bangalore, and the Delhi School of Economics. Average fees range from INR 20,000 to INR 2,50,000 per year, depending on the institution. Career prospects include roles such as professor, research analyst, and consultant.

PhD in Finance Eligibility Criteria in India

Eligibility for a PhD in Finance in India varies across institutions. Generally, candidates need a master’s degree in a relevant field with a minimum percentage of marks. Some universities consider candidates with an MBA, provided they have a strong academic background and relevant work experience. Accepted entrance exams include UGC NET, CSIR NET, and college-specific entrance tests.

PhD in Finance Admission Process in India

The admission process for a PhD in Finance in India typically involves submitting an application, appearing for an entrance exam, and undergoing an interview. While the process varies slightly between universities, the general outline remains the same. Candidates need a Master’s degree in Finance or a related field, with a minimum of 55% aggregate marks. Some universities may also require a research proposal. To apply:

• Submit the application form with required documents, including academic transcripts and certificates, to the university’s admissions office. Application fees range from INR 1,000 to INR 5,000.
• Appear for an entrance exam, such as UGC NET or CSIR NET, or a college-specific entrance test, to assess research aptitude and subject knowledge.
• If shortlisted, attend an interview, in person or via video conference, to evaluate research interests, academic background, and communication skills.
• Final selection is based on the entrance exam score, interview performance, and academic record. Some universities weigh work experience and research publications.
• Some colleges require a research proposal outlining research objectives, methodology, and expected outcomes.
• Provide letters of recommendation from academic or professional referees.
• The admission process typically starts in June or July, with the entrance exam in December or January, and interviews in February or March.
• Check the university’s website for specific admission requirements and deadlines, as these vary.
• The admission process may also involve a written test or presentation.
• Some universities offer financial assistance, such as scholarships or teaching assistantships.

The admission process for a PhD in Finance in India is highly competitive. Prepare well in advance by taking mock tests, attending coaching classes, and reading relevant literature. Research the university’s research areas and faculty expertise to ensure a good fit.

Entrance Exams for PhD in Finance in India

Admission to PhD in Finance (or equivalent doctoral programs like FPM in Finance & Accounting/Financial Management) in India relies on national-level qualifying exams and institute-specific tests. These assess research aptitude, subject knowledge (economics/finance), quantitative skills, and analytical ability. Key changes from UGC regulations (effective 2024–2025 onward, continuing into 2026): UGC-NET scores are now mandatory for many universities for PhD admissions (with 70% weightage to NET score + 30% to interview; no separate university entrance in many cases). JRF-qualified candidates get priority for fellowships and exemptions.

For top institutes (IIMs, IITs DMS), management-specific exams like CAT, GMAT, GRE, or UGC-NET/JRF (in Management/Economics/Commerce) are accepted, often with institute tests/interviews. Eligibility typically requires a Master’s degree (55–60% marks, relaxations for reserved categories) or equivalent (e.g., CA/CS with Bachelor’s).

The table below overviews major accepted exams for PhD in Finance (2026 cycles; dates approximate—verify official sites). Syllabus focuses on research aptitude, finance/economics concepts, quant, and reasoning.

Top Government Colleges for PhD in Finance in India

Government institutions in India offering a PhD in Finance (or equivalent doctoral programs in Finance & Accounting/Financial Management) are primarily top IIMs (Fellow Programme in Management – FPM, equivalent to PhD), IITs (Department of Management Studies offering PhD in Finance/Economics with finance focus), and select universities like ISI Kolkata (for quantitative finance-related research) or University of Delhi (Department of Financial Studies). These provide excellent research opportunities, faculty expertise, funding (stipends/fellowships), and access to journals/conferences.

Top Private Colleges for PhD in Finance in India

Private institutions in India offering a PhD in Finance (or equivalent doctoral programs like Fellow Programme in Management – FPM with Finance specialization, or PhD in Finance/Accounting/Economics with finance focus) include top B-schools and deemed universities. 

These provide strong research environments, industry linkages, faculty expertise, and often fellowships/stipends (e.g., INR 30,000–50,000/month + contingencies for full-time scholars). The table below highlights prominent private/deemed options offering PhD/FPM in Finance.

PhD in Finance Subjects and Syllabus: Year-wise Breakdown

The PhD in Finance program in India provides a deep understanding of financial theories, concepts, and practices, and the ability to conduct original research. The curriculum typically consists of two years of coursework, followed by two to three years of research and dissertation work. Coursework includes core subjects, electives, and research components, focusing on analytical, quantitative, and research skills.

PhD in Finance Fee Structure: Government vs Private Colleges in India

The fee structure for a PhD in Finance in India differs significantly between government and private colleges. Government colleges, such as IITs and NITs, offer relatively affordable tuition, ranging from INR 20,000 to INR 50,000 per year. Private colleges, like ISB and XLRI, charge substantially higher fees, typically between INR 1,50,000 to INR 2,50,000 per year. Additional costs, including hostel fees, exam fees, and other expenses, can add up to INR 50,000 to INR 1,00,000 per year.

Frequently Asked Questions (FAQs)

Q1. What is the typical duration of a PhD in Finance program in India?

The typical duration is 3-5 years, allowing students to complete research and coursework.

Q2. What are the eligibility criteria for a PhD in Finance in India?

Candidates must have a Master’s degree in Finance or a related field with at least 55% aggregate marks and qualify for entrance exams such as UGC NET or CSIR NET. Some colleges may also consider candidates with an M.Phil. degree.

Q3. What is the average tuition fee for a PhD in Finance program in government colleges in India?

The average tuition fee is between INR 20,000 and INR 50,000 per year, but this varies by college and location. Government colleges such as the Delhi School of Economics and IIM Ahmedabad offer PhD in Finance programs with affordable tuition fees.

Q4. What are the core subjects covered in the first year of a PhD in Finance program in India?

The first year covers Econometrics, Financial Theory, and Research Methodology in the first semester, and Asset Pricing, Derivatives, and Quantitative Finance in the second semester. These subjects provide a foundation for further research and study in finance.

Written by Abhijeet Chatterjee

Abhijeet Chatterjee is a professional Content and Copy specialist with over five years of experience in crafting compelling content around the Edtech domain. His portfolio includes notable work for companies such as PhysicsWallah, Roar Media, Jagran Josh, etc. Academically, Abhijeet holds a Master's in Mass Communication, where he was awarded a gold medal for his outstanding performance. He has also qualified for the UGC NET in Mass Communication, demonstrating his expertise and a deep understanding of the field. His academic foundation is built on a Bachelor's degree in English Literature. Beyond his professional work, Abhijeet is an avid writer and a cinephile. His personal interests include scriptwriting, film criticism, and reading novels.

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