finance phd stipend

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The PhD program provides a financial fellowship to qualified doctoral students that includes tuition, a living stipend, health fee coverage, and opportunities to hold research and/or course assistantships.

All incoming doctoral students are provided with financial aid for five years, provided they maintain satisfactory academic progress and meet program milestones. In 2024-25, new incoming students will receive a stipend in the amount of $54,210.

Tuition & Expenses

Living expenses for Stanford GSB depend on a number of factors, such as whether you are married, have children, or own a car, and how you spend your leisure time. For more information on the estimated tuition and living expenses, please see the Stanford Office of Graduate Admissions’ Estimated Expense Budget .

“I am sincerely grateful for your fellowship support, which makes it possible for me to have access to the world-class professors, illuminating classes, and brilliant classmates at Stanford GSB. I hope to take advantage of this great opportunity and become a world-class scholar.”

Research & Course Assistantships

Research and course assistantships are typically included as part of a student’s funding from Stanford.

Academically, a research assistantship serves as an apprenticeship in research that is often the basis for the dissertation research that follows. A teaching assistantship provides experience with the different aspects of the teaching process: course preparation, presentation skills, grading, and evaluation. The standard terms of the assistantship depend on the student’s tenure in the program.

Supplemental Income

There are various means of increasing one’s income beyond the granted Stanford GSB financial support package. One method is incidental grading and tutoring, informally known as hourly work. Foreign students, by the terms of their visas, cannot work more than 20 hours per week while school is in session. U.S. citizens cannot work more than 28 hours per week.

Professional Development Grants

The PhD program encourages students to attend and present research at professional conferences. The program provides funding to cover travel expenses, publication submission fees, and professional organization membership fees. Professional conferences enable students to:

• Gain exposure to types of research that we do not do here at Stanford
• Discuss the state of research in different areas
• Discuss and get feedback on one’s own work
• Meet leading faculty and PhD students from other schools

Outside Financial Support

PhD students at Stanford GSB have achieved the distinction of receiving fellowship support from a wide array of scholarship foundations. Among the awards they commonly win are fellowships granted by:

• National Science Foundation
• State Farm Companies Foundation
• Deloitte Foundation
• KPMG Foundation
• U.S. Department of Energy
• U.S. Environmental Protection Agency

Outside Employment

Our PhD program is a full-time program. Students should not plan to rely on part-time work to defray any of their expenses.

Because of the rigorous requirements of the PhD program and its research orientation, the program strongly discourages any outside employment other than research with the faculty and incidental grading and/or tutoring positions.

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Finance ph.d., earn a ph.d. in business and a major concentration in finance and learn from and work with top faculty members.

The Ph.D. in Business and a Major Concentration in Finance at Rice University prepares doctoral graduates to be superior classroom instructors and research scholars in financial economics upon graduation.

Our emphasis on research productivity, collaboration and collegiality is reflected in the students’ high completion rate in the program and the faculty’s commitment to the success of their students.

Deeply invested in the path their students take, the finance faculty believe in an open-door policy and collegial atmosphere during the program and after graduation. The essence of the finance doctoral program is the opportunity to learn from and work with top quality faculty members on a broad range of topics in modern finance. 

Interested in Rice Business?

Discussing and debating my ideas with professors at Rice Business honed the ideas into specific and testable questions. When time is a person's most precious commodity and people who give it to you believe strongly in what you are doing, you know you're in the right place. Lizzy Berger, Ph.D. in Finance '16 Assistant Professor of Finance, Johnson Graduate School of Management, Cornell University

Program Information

Rice Business offers an outstanding program for doctoral students interested in finance.

Full financial assistance will be offered to each admitted student in the Ph.D. in Finance program in the form of a research assistantship, where the student must work as a research assistant for assigned faculty members. The financial assistance is merit-based and is contingent on continued satisfactory progress (which includes prior satisfactory performance as a research assistant).

Tuition Grants

Full tuition support is available for each year of full-time study, conditional on satisfactory progress in the doctoral program.

Admitted students will be offered stipend support of $40,000 per fiscal year*. This stipend is available for each year of full-time study, conditional on satisfactory progress in the doctoral program.

Research and Academic Support

Each student will be provided with a workspace, a personal computer with office software**, including all necessary (as determined by area faculty) statistical packages and access to the Rice University network, library access, online academic journals access and e-mail. Each student will also have available $1,000 per year for miscellaneous research and academic expenses such as text books required for classes, computer upgrades, conference travel etc. Students may roll over unused monies from one year to the next.

*A condition for such stipend support is that the student must not engage in outside work for pay without prior permission from the Ph.D. program director. An incoming student bringing outside financial support in the form of a merit-based or fellowship will still be eligible to receive the stipend in full in addition to such outside support. If a student in the third year or beyond generates such outside support, the Rice Business stipend will be decreased by 50 percent of the outside support.       

**The computer will be refreshed after successful defense of the dissertation proposal. Instead, students completing their third year of study may be eligible for a computer refresh if needed and with the recommendation of their advisor.

Most coursework is completed in the first three years of the Ph.D. program. Students are expected to be in residence throughout the calendar year. Exceptions to this requirement must be approved by the student's dissertation chairperson, area advisor, and the director of the Ph.D. program.

All Ph.D. students are required to complete a doctoral dissertation and must maintain at least a 3.0 (B) grade point average. Students must defend their dissertation research proposal within a maximum of five years from the time of matriculation and defend their dissertation within a maximum of seven years from the time of matriculation.

Academic Timeline

Your coursework over the first two years, which should cover a minimum of nine courses, will be determined by you in consultation with the finance area faculty advisor.

You must defend your dissertation research proposal within a maximum of five years from the time of matriculation and defend your dissertation within a maximum of seven years from the time of matriculation.

These times represent generous upper limits. Students will be expected to complete their doctoral studies well within these stipulated deadlines.

Requirements

Course, Research Work and Dissertation Advisor

• The student’s course work must be approved by the area faculty advisor.
• The student is expected to attend all research seminars organized in the finance area during the student’s tenure in the Ph.D. program. Moreover, during each semester of the second and third years, the student must write a short summary and critical comments on two papers presented in the research seminar during the semester. These reviews are to be submitted to the area advisor and will be graded by a subset of area faculty for a Pass/Fail grade.
• Students are expected to be fully engaged in research during all the summers, including the summer of their first year, of their tenure in the Ph.D. program.
• Students must have a Rice Business finance faculty member who has agreed to serve as their dissertation advisor by January 1 of their third year in the program.

Exam Requirements

• Students must successfully pass a comprehensive exam administered by the finance faculty at the end of the fall semester of the second year. The exam will be administered and graded by finance faculty, under the supervision of the finance area advisor.  

Third-Year Research Paper Each student must write and present a sole-authored original research paper during their third year in the program. The paper must be presented by October 15 of the student's third year in the program. The specific procedures are as follows:

• By March 1 of the student’s second year in the program, two Rice Business faculty members must agree to serve as readers of the paper.
• A student must submit a detailed outline of the paper and a copy of the  Third-Year Paper Outline Approval Form , signed by the two faculty readers, to the finance area advisor by June 1 following the student's second year in the program. The outline for an empirical paper should include: (1) the research hypothesis, 2) motivation for the research hypothesis, (3) description of the data, (4) description of the empirical tests, and (5) the expected contribution to the literature. The outline for an analytical paper should include: (1) the basic phenomenon under study, (2) the economic setting, (3) the modeling approach, (4) the fundamental assumptions, and (5) the expected contribution to the literature. The outline should also include references to the related literature investigating the research topic and to any studies underpinning the analytical methods to be used.
• A student must submit a copy of the completed third-year paper to the finance faculty advisor and to the two faculty readers by September 15 of the student's third year in the program.
• A student must present the third-year paper at a research workshop at a date chosen by the faculty during the first half of October of the student's third year in the program and at least one of the faculty readers must be present and sign the  Third-Year Paper Presentation Form , stating that the presentation is acceptable.

Failure to complete the Third-Year Paper requirement, as outlined above, will mean that the student is not making satisfactory academic progress in the Ph.D. Program and is grounds for dismissal from the doctoral program.

Sample Course Sequence

The course curriculum is designed around a challenging course of study in both the theory of financial economics and in cutting edge empirical work. Here is a sample course sequence for a doctoral student in finance. BUSI 524, 525, 526, and 527 are half-semester courses on special topics in finance taught biennially. Students should consult the finance area advisor regarding whether to substitute a more advanced math course for Math 321 in the fall of the first year.

Year 1 - Summer (May 23 - August 15) Math Camp and Stat Camp

Year 1 - Fall ECON 501 - Microeconomic Theory I ECON 502 - Macroeconomics I MATH  321 Introduction to Analysis I ECON 510 - Econometrics I   Year 1 - Spring ECON 508 - Microeconomic Theory II ECON 511 Econometrics II BUSI 521 Asset Pricing Theory    Year 2 - Fall BUSI 524 or BUSI 525 BUSI 523 - Empirical Methods in Finance BUSI 522 - Corporate Finance   Year 2 - Spring BUSI 526 or BUSI 527

Year 3 - Fall BUSI 524 or BUSI 525 

Year 3 - Spring BUSI 526 or BUSI 527   Course Descriptions BUSI 521: Asset Pricing Theory This course is an introduction to portfolio choice and asset pricing theory. Topics include expected utility maximization, stochastic discount factors, arbitrage, mean-variance analysis, representative investors, and beta-pricing models. Single-period and dynamic models are studied.

BUSI 522: Corporate Finance The purpose of this course is to provide a background for understanding the major research directions in corporate finance. Topics include theory of the firm, capital structure, external financing decisions, payout policy, agency problems, corporate control and governance, investment decisions, and the role of financial institutions in corporate transactions.

BUSI 523: Empirical Methods in Finance This course is an introduction to empirical research in finance, covering the techniques most often used in the analysis and testing of financial economic theory. The course covers both time-series and cross section methods. Topics include event studies, empirical tests of asset pricing models, forecasting relationships, return predictability in the time-series and cross-section, asset pricing anomalies, and specification and identification issues in corporate finance.

BUSI 524, 525, 526, 527: Advanced Topics in Finance These are half-semester courses covering various topics in financial economics.

Certification of Candidacy indicates that a student has reached the advanced stage of the Ph.D. Program, permitting him/her to devote full time to writing a dissertation. At least eight months must elapse between admission to candidacy and conferral of the degree. The requirements for candidacy are:

• Successful completion of the course work requirements.
• Successful completion of the examination requirements.
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• Morad Zeknini , Assistant Professor, Freeman School of Business, Tulane University
• Edwin Hu, Financial Economist, Office of Markets, Securities and Exchange Commission

Every year, we have a diverse group of applicants for the finance Ph.D. program. Successful applicants have been music majors, engineers, newly graduated undergraduates, MBAs, Ph.D.s in other fields, economists, finance majors, computer scientists, and financial professionals. Although applicants who have strong backgrounds in mathematics, economics, and statistics and demonstrate proficiency in spoken and written English are among the most competitive in our applicant pool, we give all applicants due consideration.

Successful candidates for admission typically have had GMAT scores between 710 and 760. Roughly half of admitted candidates take the GRE instead of the GMAT and have comparable scores. In the spring, we arrange for finalists come to campus to see the school and meet the faculty.

The business school accepts students for full-time study beginning in the fall semester each year.

International applicants whose native language is not English need to submit a TOEFL score. If you applied to Rice Business previously, we ask that you submit the complete application package again regardless of the previous decision. You will be required to use a new e-mail address to start a new application.

An applicant must declare finance as their intended area of study while applying to the Ph.D. in Finance program. Selected candidates will be notified of admission decisions via e-mail no later than April 15. Candidates who submitted an application to the doctoral program and were not offered admission may re-apply for a later year.

Unlike MBA program applicants, Ph.D. program applicants are not required to have work experience. While experience is certainly helpful, evidence of strong intellectual ability is the most important factor.

Online Application: Using the online application , you will create a user account for the creation, submission and status of your application, including receipt of your supplemental documentation.

Application Requirements:  To be considered for admission, the following documents must be received no later than the posted application deadline: 

• Completed online Ph.D. application including a Statement of Purpose and CV/Résumé.
• Three confidential recommendations (academic strongly preferred). Recommendations should be submitted using the online application recommendation feature. After entering your recommender’s contact information into your application, the application system will immediately send an electronic "Recommendation" form to that individual.
• For reviewing purposes, electronic copies of transcript(s) can be uploaded through the online application system to meet the application requirements. (If you are offered admission to Rice, official paper or electronic transcript(s) will be required and should be sent directly to the Rice Jones Graduate School of Business by the issuing institution. Official transcript(s) are required from all undergraduate and graduate schools you have attended.)
• Your official Graduate Management Admission Test (GMAT) score report, or GRE test score report submitted directly to us (test taker copy not acceptable). This requirement will not be waived.
• To send your official GMAT score report, log on to  http://www.mba.com/mba/ , click “The GMAT” then “GMAT Scores and Score Reports”. The “Rice University Jesse H. Jones Graduate School of Business – PhD Program” code is 3WS-WD-54.
• To send your official GRE score report, log on to  http://www.ets.org , under “Tests” click “GRE”. Under “Test Takers” click “Order Additional Score Reports”. The “Rice U Mgmt PhD Program” code is 6618.

If you did not earn your undergraduate degree in the U.S., English-speaking Canada, Australia, New Zealand, or the United Kingdom, an official score report of your TOEFL (Test of English as a Foreign Language) taken within 2 years of your application date is required (test-taker copy not acceptable). This requirement is waived for international applicants who have received a Master's degree or a Doctorate from an institution within the U.S., English-speaking Canada, Australia, New Zealand, or the United Kingdom by the application deadline.

• To send your official TOEFL score report, log on to  http://www.ets.org , under “Tests” click “TOEFL” and then “Test Scores.” The “Rice University-Management PhD Program” code is 6618. 

A non-refundable application fee of $40 payable via credit card or check. Please make checks payable to Rice University. Applications will not be processed without the required application fee.

Please note that applicants may not apply for, or be considered for, more than one program at a time within the Jones Graduate School.

Minimum GMAT/GRE Score Requirements: While our program is highly competitive, we do not have a minimum GMAT/GRE score requirement.

Supplemental Application Materials:  While most of your application materials will be submitted electronically via our online application, materials that must be mailed should be addressed to:

Melinda Pena Ph.D. Admissions / MS 531  Jones Graduate School of Business  Rice University 6100 Main Street  Houston, TX 77005  

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Melinda Peña

PhD in Finance - Financial Assistance

Competitive financial assistance

Admitted applicants will receive a competitive financial aid package that includes a full tuition waiver and a monthly stipend to cover living expenses. Moreover, PhD students in good standing continue to receive financial support for up to five years. Before accepting an offer of admission, a prospective PhD student will receive a detailed description of the financial aid package.

Additional fellowship and scholarship opportunities include:

• Richard A. Erley Fellowship Criteria : Academic excellence, high ethical standards, and hard work
• Joseph and Ouida Wald Zwisler Summer Doctoral Fellowship Criteria : Outstanding research potential
• Robert Ferber Award Criteria : Support for promising research
• Paul Van Arsdell Scholarship Criteria : Doctoral student teaching ability
• Leonard J. and Sharon Crowley Santow Award for Teaching Excellence Criteria : Doctoral student teaching ability

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• Financing & Support

The Graduate School offers incoming doctoral students five years of guaranteed financial support, including a stipend, tuition remission, health-services fee, and health- and dental-insurance subsidies.

This support — which may take the form of a teaching assistantship, research assistantship, fellowship, or proctorship — helps to defray the cost of tuition, and also provides a stipend to assist with living expenses during the student’s program. 

Doctoral students in the Humanities and Social Sciences are guaranteed six years of support. This support can come from a variety of Brown University resources--including Graduate School funds, departmental funds, and faculty research funds--and/or external funds, as applicable.

Stipends, Fellowships & Assistantships

Graduate students at Brown have a plethora of teaching, fellowship, and assistantship opportunities.

Employment Eligibility Verification Form (I-9)

All students entering the Graduate School with any form of financial support are required to complete an Employment Eligibility Verification Form (I-9). Please note: The I-9 cannot be completed without a valid social security number or a receipt proving that a social security number has been applied for.

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Additional Support

In addition to the support available through the University, applicants are urged to compete for national and foundation awards available for graduate study.

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PhD Students in the Natural Sciences, Engineering and Applied Sciences, and Medical Sciences

Phd students in the humanities and social sciences programs of the faculty of arts and sciences, phd students in humanities and social sciences programs offered in partnership with other harvard schools, acceptance of financial support.

The Harvard Kenneth C. Griffin Graduate School of Arts and Sciences (Harvard Griffin GSAS) offers incoming PhD students full financial support—including tuition, health insurance fees, and basic living expenses—for a minimum of five years (typically the first four years of study and the completion year). This funding package includes a combination of tuition grants, stipends, traineeships, teaching fellowships, research assistantships, and other academic appointments.

Each student is provided a Notice of Financial Support at the time of admission and is assigned a financial aid officer who administers this funding and is available to assist with financial concerns. Each spring, continuing students supported by Harvard Griffin GSAS-administered funding sources are required to activate their funding for the upcoming academic year using the Student Aid Portal, an online financial aid management system.

A typical funding package* includes:

• grants toward tuition and the Harvard University Student Health Program  paid in full for years G1 through G4 and the dissertation completion year
• a combination of stipend, teaching fellowships, and/or research assistantships during years G1 through G4
• summer research support from Harvard Griffin GSAS or faculty grants following the first four academic years.
• subsidy payments to defray dental insurance and transportation costs.

*In some programs, the timing and structure of living expense support may vary from this pattern.

The initial Notice of Financial Support assumes continuous enrollment as a full-time resident student; students not enrolled are not eligible for Harvard Griffin GSAS financial aid programs. Students may find that their actual enrollment patterns necessitate adjustments to the timing of their funding. Students wishing to defer Harvard Griffin GSAS-administered funding indicate this in the Student Aid Portal during the annual financial aid acceptance process. The options for deferring financial support vary by type of aid; please refer to the applicable sections of the financial aid policy web pages for details. Students who are considering deferring financial support are strongly encouraged to contact their financial aid officer to review how such actions may impact their funding in future years.

While funding packages vary by program, PhD students in the sciences typically receive full funding until they complete their programs of study. Contact your department administrator or financial aid officer for details.

See more detailed information about funding for students in humanities and social sciences programs of the Faculty of Arts and Sciences.

Humanities and Social Sciences Programs in the Faculty of Arts and Sciences

• Celtic Literatures and Languages
• Comparative Literature
• East Asian Languages and Civilizations
• Film and Visual Studies
• Germanic Languages and Literatures
• History of Art and Architecture
• Inner Asian and Altaic Studies
• Linguistics
• Near Eastern Languages and Civilizations
• Romance Languages and Literatures
• Slavic Languages and Literatures
• South Asian Studies

Social Sciences

• African and African American Studies
• American Studies
• Anthropology
• History of Science
• Human Evolutionary Biology
• Middle Eastern Studies
• Social Policy

A number of humanities and social sciences PhD programs are offered in partnership with Harvard's professional schools. While funding packages vary by program, PhD students in these interfaculty programs generally receive at least four years of financial support for tuition, health fees, and living expenses; most programs provide dissertation completion fellowships as well. For more information, refer to your Notice of Financial Support or contact your financial aid officer .

Interfaculty Programs in the Humanities and Social Sciences

• Architecture, Landscape Architecture, and Urban Planning
• Business Administration
• Business Economics
• Health Policy
• Organizational Behavior
• Political Economy and Government
• Public Policy

Each student is provided a Notice of Financial Support at the time of admission and is assigned a financial aid officer who administers this funding and is available to assist with financial concerns. Students are required to formally accept their financial aid offers and acknowledge their understanding of financial aid policies. Students should also consult their academic programs to determine whether program-specific conditions apply.

Each spring, continuing students supported by Harvard Griffin GSAS-administered funding sources are required to activate their funding for the upcoming academic year using the Student Aid Portal, an online financial aid management system. Continued eligibility for financial aid is contingent upon an annual report by the faculty that the student is making  satisfactory progress toward the degree.

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Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

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Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

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• Financial Aid and Stipends

We award fellowships and teaching assistantships to all admitted students. A typical financial aid package includes a four-year award that covers tuition, fees, enrollment in the University of Pennsylvania Student Health Plan, and an annual stipend of more than $30,000 for living expenses.  An annual budget is available to students to support travel to academic conferences and presentations.  Student requiring 5 th -year funding work with their faculty advisors to obtain research support from a number of sources, including the OID Department, as well as Wharton-affiliated and outside research grants.

As a part of the program, starting in the second year, each student is expected to act as a teaching assistant for one semester course each year.  Student can supplement their stipends through additional teaching and research assistantships, and many students receive additional funding directly from their advisors to support their research activities.

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PhD Financial Aid

All admitted phd students at chicago booth enjoy generous financial assistance consisting of a tuition grant, a stipend, student health insurance, a computer or computer subsidy, and access to research and travel funding..

You’ll also have guaranteed teaching assistantships in your third and fourth years.

Tuition Grants

All PhD students receive full tuition support for five to six years of full-time study, conditional on satisfactory progress in the program.

Stipend and Fees

All PhD students also receive stipend support for five to six years of full-time study, conditional on satisfactory academic progress. For students who entered the Stevens Doctoral Program in Fall 2023, the awarded stipend package was $48,000 per year (guaranteed through years 1-5). In addition, we cover student-only premiums for the university’s student health insurance plan, as well as the Graduate Student Services Fee.

Teaching and Research Assistantships

During your third and fourth years in the Stevens Program, you are guaranteed the opportunity to work as a teaching assistant. We don’t impose a TA requirement during the first and second years so that you can devote all of your energy to your studies.

You may also work as a research assistant at any time during the Stevens Program to gain additional research experience. 

Other Resources

As a PhD student, you may request funding (up to $1,500 per academic year) for research and conference travel on an annual basis. You may also apply to the Stevens Program or to Booth’s research centers for additional funding for larger research projects. First year students are also provided with either a one-time $2,000 computer stipend (accounting students will receive a free high end research-quality computer workstation or laptop instead).  The Stevens Program also conducts a call for proposals twice a year. PhD students may apply for additional funding in support of a specific project that can be put towards data, fieldwork, etc. 

External Fellowship Support

We encourage you to explore external sources of funding such as government agencies and corporations. For example, current Booth PhD students have received external funding from the NSF Graduate Research Fellowship Program and from the UniCredit Foundation’s US PhD Scholarship .

Cost of Attendance

The chart below provides an estimate of the nine-month cost for a single student to attend the Stevens Program. Costs vary depending on individual circumstances.

Chicago Booth’s generous funding for students more than covers the cost of attendance—even when the cost of attendance is extended to 12 months.

2022–23 Estimated Cost of Attendance for Three Quarters (Nine Months)

If you still have questions after reviewing our doctorate in business FAQ , please contact us. We look forward to hearing from you!

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Graduate School

Financial Support

Princeton fully funds every ph.d. student, offering tailored support across all years of regular program enrollment..

At Princeton, we see a direct relationship between strong financial support and the capacity to break new academic ground. We guarantee full funding to all degree-seeking Ph.D. candidates during their regular enrollment period. It’s an investment in our students and also in the University community, cultivating a unique academic environment in which creative thinking and original scholarship thrive.

Our Support Model

Find an overview of the financial support models for degree types and enrollment statuses.

Funding Sources

Explore fellowships offered by both Princeton and external sources.

Gain valuable teaching and research experience along with tuition and stipend support for your studies.

Explore student employment and internship opportunities for graduate students.

Review options for dissertation completion funding through various campus programs.

Locate funds for professional development and travel, summer research, and more.

Find application and eligibility details for student loans and federal work-study.

Certify and coordinate student education benefits for military students, veterans and their families provided by the United States Department of Defense (DoD) and Department of Veterans Affairs (VA).

Find information about using your AmeriCorps benefits at Princeton.

Student Support Programs

Princeton is family-focused, and offers generous support to help students with children proactively plan for child care, housing, and healthcare.

If you are coping with an unexpected financial emergency, a Graduate Advance may be available.

Visit  Student Life  and  Access, Diversity & Inclusion  for additional programs.

Tools & Resources

Access your account, find your paycheck, and plan financially.

Understand the basics of taxes for graduate students.

Connect with events, opportunities, and tools to manage your finances.

Develop your leadership skills while working on a campus-wide financial literacy initiative.

8 best PhDs that offer the highest stipends

The best PhDs not only open the gates to knowledge but also offer some of the most generous stipends to help you achieve your dream. These stipends are not just numbers; they are the lifeboat allowing you to dive headfirst into your studies without worrying about the financial tides. 

Think of the great minds that have treaded the PhD path before you – Marie Curie, Albert Einstein and Martin Luther King Jr. The secret to their success wasn’t just their brilliance; it was the support they received during their PhD journeys. 

A stipend can be the catalyst for greatness, allowing you to focus on your research, collaborate with brilliant minds, and turn your academic dreams into reality. 

The best PhDs give you more than just a qualification. It acts as a catalyst to greatness.

Types of PhD stipends

When it comes to stipends, there are two main types: financial and non-financial. Financial stipends are a helping hand for students, given without needing any specific work in return.

They appear as financial assistance on your statement at the end of the year.

On the flip side, there are stipends given in exchange for the work you put in at the university. These aren’t considered financial aid; instead, they’re like salaries 

You might be wondering if your stipend is subject to taxation. Well, it depends on the type. If it’s a financial stipend, it’s generally not taxable. It’s like a gift to help you out.

However, if your stipend is in exchange for your university efforts, like work or research, it’s considered income and is subject to taxation.

The best PhDs have great stipends — which you should treat as a package. Source: AFP

PhD stipends: It’s a package

Your PhD stipend is made up of several important components to support you through your academic journey.

The living stipend is the main part, covering your accommodation, food, transportation and other daily needs.

It’s the primary source of financial support, and how much you get can vary based on factors like location, school, major and cost of living. 

The tuition waiver or fellowship is a significant perk considering the often hefty costs of a PhD education, especially in fields like Chemistry or other STEM subjects.

Health insurance is another crucial part of the package, ensuring you have access to affordable medical care to keep you healthy and productive. 

Then there’s the research grant or funding, providing extra money for things like textbooks, research materials, and conference fees.

As you delve into your academic journey, you might also find yourself as a teaching assistant (TA) or research assistant (RA), gaining work experience and building valuable professional connections.

So, your PhD stipend isn’t just about the financial support – it’s a comprehensive package designed to nurture and propel you forward in your academic pursuits.

The most powerful people in the world listen to those with the best PhDs. In this photo, India’s Prime Minister Narendra Modi and US First Lady Jill Biden listen to Anchal Sharma, a PhD candidate at the Indian Institute of Technology. Source: AFP

PhD stipends: More than just financial aid  

It’s important to treat your PhD stipend as something more than just scholarship money or salary.

Consider investing in specialised training courses or workshops relevant to your field.

Use your stipend to enrol in programmes that deepen your expertise and introduce you to the latest trends.

Think of it as adding layers to your professional skillset, making you a sought-after expert in your field.

Another useful way to make good use of your PhD stipend is by attending conferences and networking events.

Allocate registration fees, travel and accommodation funds to immerse yourself in a sea of knowledge and connections.

Conferences are like treasure troves of insights, letting you learn from industry leaders and exchange ideas with peers.

Networking at these events can open doors to collaborations, job opportunities and a broader understanding of your field.

Your stipend is a golden ticket, allowing you to actively participate in your professional community and stay updated on cutting-edge developments. 

Salary vs stipend

Your salary is like a regular paycheck you get for your job – it’s consistent, predictable and typically based on the hours you work or the tasks you complete.

It’s your stable income, like a steady river flowing into your bank account.

On the other hand, a stipend is more like a fund for a specific purpose, usually tied to education, research or training.

It’s not your regular 9-to-5 wage. It’s an allowance to support you in certain activities, such as pursuing a degree, researching, or attending professional development opportunities.

While a salary is your everyday bread and butter, a stipend is more like the extra toppings – there for a specific reason and not necessarily a routine.

So, who gets to hop on the stipend train? Usually, it’s candidates who are engaged in specific activities that need a bit of financial backing.

Students diving into research, interns honing their skills, or anyone pursuing specialised training are likely candidates.

Stipends often aim to support learning, growth or projects rather than being your everyday paycheck. It’s like a boost for those dedicating their time and effort to something beyond their regular work.

So, if you’re on a mission to deepen your knowledge, contribute to research or enhance your skills in a particular field, chances are you could receive a stipend.

When it comes to PhD programmes, the pay and stipends can vary . Generally, STEM (Science, Technology, Engineering, and Mathematics) PhD programmes offer higher stipends than other fields.

For example, in the US, institutions like MIT and Stanford are known for generous stipends for STEM candidates. These stipends often cover tuition, living expenses and even healthcare. 

The best PhDs can help you develop valuable transferrable skills which are valuble in the working world. Source: ETX

1. Stanford University

Stanford University is renowned for having the best PhD programmes in the world. This is mainly due to the fact that it offers one of the highest stipends globally, securing its position as a top-tier institution for doctoral candidates. 

In the 2020/2021 academic year, PhD students at Stanford University received a stipend or teaching assistantship of US$45,850 , marking it the world’s highest-paid PhD stipend.

Newly admitted PhD candidates automatically qualify for financial assistance for up to five years, provided they maintain a good academic record and meet the stipend requirements.

This support of fellowship salary, research or teaching assistantship showcases the university’s dedication to offering one of the most competitive PhD stipends.

Stipends are distributed shortly after students meet the minimum enrolment requirements, and any obligatory expenses, such as university housing rent, are deducted before the stipend is issued. 

Earning a PhD can be costly both in terms of time and money, and it may take several years to complete a successful doctoral programme. Source: ETX

2. Princeton University

Embarking on a PhD at Princeton University promises academic excellence — and positions you among recipients of one of the highest-paid stipends in the US. 

In February, The Daily Princetonian reported that the Princeton Graduate Students United (PGSU) has announced that the university will raise some graduate student stipends by US$5,000 in the 2023/24 academic year.

This made the annual stipend rate for this academic year b etween US$47,880 and US$50,400 .  

If you’re a new incoming graduate student, you’ll be paid your first fellowship stipend in full for the month of August .

The best PhDs can help students build relationships with professionals in their field, learn about job opportunities and gain insight into industry trends and best practices. Source: ETX

3. University Of South Carolina

The University of South Carolina is a top institution with one of the best PhD programmes, offering some of the highest stipends to its students. 

From 2022, the university’s minimum total stipend has been US$34,000.

This makes the minimum monthly rate of at least US$3,778 for programmes that operate on a nine-month schedule and US$2,834 for those on a 12-month schedule.

There’s a “Provost Fellowship Top Off” valued at US$2,000, bringing a student’s stipend to at least US$36,000.

The university’s commitment extends to various scholarships, including the IRIX/David L. Coffen Fellowship and the Jerome D. Odom Fellowship, both in the field of chemistry.

The highest-qualified candidates are considered for Presidential Fellowships.

4. Rice University 

Rice University stands out by offering departmental stipends for qualified PhD candidates — amounting up to US$40,000 per year .

Candidates earn this by working as a research/teaching assistant for an assigned faculty member while maintaining full-time student status and continue making satisfactory progress toward their PhD.

The best PhDs will help you learn about yourself, about others and about the world around you. Source: AFP

5. University of Houston

With an annual stipend of US$31,000 annually , the financial support provided at the University of Houston is substantial. 

The Graduate Tuition Fellowship (GTF) further enhances the financial package for eligible students, covering tuition and fees, resulting in a net annual benefit of US$20,800.

Meeting a 3.00 grade point average and working as a graduate assistant are prerequisites for GTF eligibility, proving the university’s dedication to maintaining academic excellence among its doctoral candidates.

The fellowship covers nine semester credit hours (SCH) in the fall and spring semesters and six in the summers. 

6. Ohio University 

Ohio University’s financial support for PhD students is among the most generous in the country –surpassing over 1,000 other universities.

Here, s tipends come in different forms. Examples are teaching assistantships, research assistantships and graduate assistantships. 

At the School of Communication Studies , for example, eight to 12 new students are offered graduate assistantships that provide a full tuition waiver and a stipend of approximately US$16,100 per academic year.

A PhD degree holds high value in the job market as well as in the research world. Source: AFP

7. Boston University 

At Boston University, all PhD students in good standing are guaranteed the following:

• five years of stipend support
• 100% tuition scholarship
• a health insurance credit

How much? That varies by PhD programmes but its website states a range from US$27,318 for eight months to US$40,977 for 12 months for the 2024/25 academic year.

8. Cornell University 

For the 2023/24 academic year, Cornell graduate assistantship and fellowship stipends grew by 8% . 

This made the minimum 12-month assistantship rate US$43,326 and increased the minimum nine-month academic year stipend to US$32,494.

Here, a graduate assistantship refers to “ an academic appointment requiring 15 to 20 hours a week , averaging no more than 15 hours per week for the base stipend as established by the Board of Trustees.” They receive full tuition credit and a stipend.

Meanwhile, a fellowship refers to an “arrangement in which financial support is given to a graduate student to pursue his or her degree without any obligation on the part of the student to engage in teaching and/or research in furtherance of the university’s academic mission.”

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• Tuition, Funding, & Living Costs
• PhD/Master's Application Process

All PhD students at Yale are fully funded. On average, doctoral students at Yale receive more than $500,000 in tuition fellowships, stipends, and health care benefits over the course of their enrollment. Some terminal Master's degree students also receive funding.

Tuition for full-time study at the Graduate School of Arts and Sciences in the academic year 2024-2025 is $49,500.

More information on Tuition & Fees is available in our Programs & Policies handbook. Please note that we do not charge many of the fees common to other schools (e.g., technology fee, library fee, gym fee, student activities fee).

See Student Accounts for billing and payment inquiries.

For PhD Degree Applicants

All PhD students at Yale receive the following financial award, typically for a minimum of five years:

• a fellowship that covers the full cost of tuition ($49,500 for 2024-2025)
• a 12-month stipend (minimum of $49,538 for 2024-2025)
• comprehensive health insurance, including hospitalization coverage and specialty care for students, their legal spouse, and their children
• a family support subsidy for graduate students with children under the age of 18

Additionally, a Dean's Emergency Fund is available to help students with eligible, unanticipated emergency expenses. In some cases, the Continuing Registration Fee for advanced PhD students is also covered by the Graduate School.

Most PhD students complete their degrees without incurring debt.

For Master's Degree Applicants

Most students pursuing Master's degrees do not receive financial support from the Graduate School and are responsible for paying tuition, but some programs offer limited funding. Please check with the program that interests you for more information.

All Master's students registered at least half time receive Student Basic Coverage at Yale Health. You are also eligible to purchase Hospitalization and Specialty Care coverage at a group rate through the university.

Other Sources of Funding

Many of our students win external fellowships and grants. See our External Fellowships & Awards page for more information on how an external award will affect your Yale funding.

Some students choose to take loans, participate in work-study programs, or engage in part-time employment to supplement their funding while in Graduate School. More information is available on Other Means of Financing Graduate Education .

Living Cost Estimates

To ensure that our financial aid package provides enough support to enable you to live in New Haven and study full time, we developed a cost-of-living guide (see below). The Office of Financial Aid also uses these calculations to determine financial need as required by certain funding sources and for immigration processes.

Estimated average living expenses include housing and food, transportation, personal and academic expenses (excluding tuition), and hospitalization coverage and specialty care. Expenses for doctoral students may actually be less than the estimate below, since PhD financial packages cover the full cost of single-student hospitalization and specialty care coverage in the Yale Health Plan, as well as half the cost of two-person coverage (for spouses and partners), and the full cost to cover children.

2024-2025 Academic Year Living Cost Estimate:

9-MONTH LIVING COST (Master's Students):

• Single Student: $30,875

12-MONTH LIVING COST (PhD Students):

• Single Student: $39,651  

Graduate Financial Aid

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All students are granted a financial package that follows the general guidelines below. Please note that figures are for current academic year.

• Our funding package covers a period of five years, guaranteed to doctoral students in good academic standing.
• Students receive full academic year tuition plus a monthly fellowship stipend (current rate $4,654 per month) and/or TA/RA salary for each of 12 months per year.
• Students receive 12 terms of fellowship stipend during their 15 terms (summer, fall, spring) in the program; TA/RA provides salary for the balance of 3 terms. 
• Student medical insurance is provided, currently valued at $3,237 per year. 
• A new laptop computer is supplied at the beginning of the first and fourth years (estimated value of $2,000 each).
• A $4,500 conference travel and research budget is allocated over 5 years in the program.

Should you require additional funding, information on loans may be obtained from Student Financial Services .

Tuition, Fees, and Ph.D. Stipends

NOTE: All numbers below require annual approval by the Board of Trustees

Last updated August 27, 2024

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View full cost to attend . 

  * - Projected rates for tuition, fees, and stipends are tentative and subject to change.

** - For longer term projections, the tuition remission rate can be assumed to increase 0.7% per year.

*** - Teaching assistant and grader rates are established by the Trinity College of Arts and Sciences.

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• Banks to hire young graduates as apprentices in a month; pay stipend of Rs 5,000

• Updated On Sep 7, 2024 at 08:00 AM IST
• Published On Sep 7, 2024 at 08:00 AM IST

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Banks to hire young graduates as apprentices in a month; pay Rs 5k stipend

The candidates applying for apprentice should be a graduate between 21-25 years of age, should not be a taxpayer and must not possess a degree from top institutions like iit or iim, mehta said.

The IBA held a meeting with the Secretary of Ministry of Corporate Affairs regarding the implementation of the scheme on Thursday, Mehta said, and added that it can get implemented within a month.(Photo: Wikimedia Commons)

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First Published: Sep 06 2024 | 10:23 PM IST

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