lse accounting and finance phd

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MRes/PhD Finance

• Graduate research
• Department of Finance
• Application code N4ZC
• Starting 2024
• Home full-time: Closed
• Overseas full-time: Closed
• Location: Houghton Street, London

This programme offers the chance to undertake a substantial piece of work that is worthy of publication and which makes an original contribution to the field of finance. You will begin on the MRes, and will need to meet certain requirements to progress to the PhD.

Our programme is unique in its integration of finance and economics. During the first year, you will take microeconomics, macroeconomics, and econometrics courses alongside PhD students in Economics. However, in the second year you will differentiate by taking advanced courses in asset pricing and corporate finance. You will leave with a broad understanding of finance and its relations to other fields in economics.

As one of the largest finance departments in the world, we are able to offer opportunities for research in virtually any field in finance. We have strengths in theory and empirics, asset pricing and corporate finance, as well as financial econometrics, behavioural finance, macro-finance, and microeconomic analysis of financial markets and institutions.

You are expected to participate in the regular departmental seminars (weekly), as well as occasional workshops and conferences given by internationally renowned speakers. This is viewed as an important part of the learning process on the MRes/PhD in Finance.

Programme details

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Entry requirements

Minimum entry requirements for mres/phd finance.

Merit in a taught master's degree in finance, economics or another subject with a strong quantitative component.

Competition for places at the School is high. This means that even if you meet our minimum entry requirement, this does not guarantee you an offer of admission. 

If you have studied or are studying outside of the UK then have a look at our  Information for International Students  to find out the entry requirements that apply to you.

GRE/GMAT requirement

GRE or GMAT is required from all applicants (GRE is preferred)

Find out more about GRE/GMAT

Assessing your application

We welcome applications for research programmes that complement the academic interests of members of staff at the School, and we recommend that you investigate  staff research interests  before applying. However, please do not get in touch with faculty at this stage, 

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

• academic achievement (including existing and pending qualifications)
• statement of academic purpose 
• outline research proposal
• sample of written work.

See further information on supporting documents

You may also have to provide evidence of your English proficiency. You do not need to provide this at the time of your application to LSE, but we recommend that you do.  See our English language requirements .

When to apply

The application deadline for this programme is 25 April 2024 . However, to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.

Statement of Academic Purpose

Your Statement of Academic Purpose should clearly explain the below:

• Why you want to do research in finance
• How your studies and experience make you suitable to do research in finance

Research interests

Your Research Interests should be submitted in place of the Outline Research Proposal, along with your application form and other required supporting documents, via the LSE online application system.

• Which aspect of the PhD do you think you will like the most? Which will you dislike the most? Why? (max. 200 words)
• Tell us about your favourite paper in financial economics. What do you like about it? How would you improve it? (max. 400 words)
• Write a comment for a general audience on a topic/question that interests you in finance: (max. 400 words).
• Is CEO compensation excessive?
• Markets function well as information is aggregated efficiently through prices.
• What are the benefits of shareholder activism?

Fees and funding

Fees and funding.

Every research student is charged a fee in line with the fee structure for their programme.  The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2024/25 for MRes/PhD in Finance

Home students: £4,829 for the first year (provisional) Overseas students: £22,632 for the first year

The fee is likely to rise over subsequent years of the programme. The School charges home research students in line with the level of fee that the Research Councils recommend. The fees for overseas students are likely to rise in line with the assumed percentage increase in pay costs (ie, 4 per cent per annum).

The Table of Fees shows the latest tuition amounts for all programmes offered by the School.

The amount of tuition fees you will need to pay, and any financial support you are eligible for, will depend on whether you are classified as a home or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Further information about fee status classification.

Scholarships and other funding

The School recognises that the  cost of living in London  may be higher than in your home town or country, and we provide generous scholarships each year to home and overseas students.

This programme is eligible for  LSE PhD Studentships , and  Economic and Social Research Council (ESRC) funding . Selection for the PhD Studentships and ESRC funding is based on receipt of an application for a place – including all ancillary documents, before the funding deadline.  

Funding deadline for LSE PhD Studentships and ESRC funding: 15 January 2024 Second funding deadline for LSE PhD Studentships: 25 April 2024

The Finance Department may also offer departmental scholarships.

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas.  Find out more about financial support.

External funding 

There may be other funding opportunities available through other organisations or governments and we recommend you investigate these options as well.

Further information

Fees and funding opportunities

Information for international students

LSE is an international community, with over 140 nationalities represented amongst its student body. We celebrate this diversity through everything we do.  

If you are applying to LSE from outside of the UK then take a look at our Information for International students . 

1) Take a note of the UK qualifications we require for your programme of interest (found in the ‘Entry requirements’ section of this page). 

2) Go to the International Students section of our website. 

3) Select your country. 

4) Select ‘Graduate entry requirements’ and scroll until you arrive at the information about your local/national qualification. Compare the stated UK entry requirements listed on this page with the local/national entry requirement listed on your country specific page.

Programme structure and courses

Programme structure and courses.

A PhD in Finance from LSE consists of six coursework units, completed over two years, followed by a thesis which is usually expected to take a further three or four years.

We encourage our research students to participate fully in the intellectual life of the Department, and in the research seminar and workshop programmes of the Department and related research centres such as the Financial Markets Group (FMG). The weekly Capital Markets Workshops provide exposure to the work of leading academics from the UK and overseas. In addition, the FMG hosts a number of conferences each year with leading researchers and practitioners.

Students will normally commence in late August, by attending an introductory course before the start of the academic year.

Introductory Course in Mathematics and Statistics Provides students with the essential mathematical, statistical, economic and econometric background for the core Economics courses of these programmes.

During their first year, students take courses in Advanced Microeconomics, Advanced Macroeconomics and Advanced Financial Econometrics to build their core knowledge in these areas. They will also take two transferable skills courses which are not examined.

There is also the option to attend non-examined research workshops or seminars in finance given by faculty and internationally renowned scholars. Students also attend a PhD seminar in Finance throughout their MRes/PhD studies.

Microeconomics for MRes Students Introduces the basic analytical tools that are necessary to conduct research in any field in economics.

Macroeconomics for MRes Students Covers topics in advanced macroeconomics with emphasis on fundamentals and applications to recent theoretical advances.

Econometrics for MRes students Covers probability, mathematical statistics, and asymptotic theory, and theory and application of regression analysis. Provides a survey of the theory and application of time series methods in econometrics.

Financial Economics This non-examined course provides an in-depth introduction to the theories of asset pricing and corporate finance.

Capital Markets Workshop   

Second year

Students take courses in Corporate Finance and Asset Pricing, in addition to completing a research paper. They are also expected to attend research workshops or seminars in finance given by faculty and internationally renowned scholars.

Corporate Finance for Research Students The first half of this course focuses on the theory of corporate finance. The second half of the course will consider empirical research in corporate finance.  

Asset Pricing for Research Students Covers asset pricing theory, empirical asset pricing, as well as empirical evaluation of asset-pricing models.

Research Paper in Finance A research paper of between 6,000 and 8,000 words, related to your designated major field, to be submitted at the end of August of the second year.

PhD Seminar in Finance A seminar course for PhD students in the early stages of their research to present their work in progress.

Capital Markets Workshop

PhD programme

After meeting the progression requirements, students progress to PhD registration and begin to work on their thesis

For the most up-to-date list of optional courses please visit the relevant   School Calendar page. 

You must note, however, that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises. 

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s  Calendar , or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the  updated graduate course and programme information  page.

Supervision, progression and assessment

Supervision.

You will be assigned a lead supervisor (and a second supervisor/adviser) who is a specialist in your chosen research field, though not necessarily in your topic. Lead supervisors guide you through your studies.

Progression and assessment

To progress at the end of each year, students must pass their examined courses at grades specified by the Department and make satisfactory progress in their research. Progress is regularly monitored by the Department's Postgraduate Assessment Review Panel.

You will also need to meet certain criteria to progress to PhD registration, such as achieving certain grades in your coursework, and earning a minimum mark on your research paper.

Your final award will be determined by the completion of an original research thesis and a viva oral examination.

More about progression requirements.  

Student support and resources

We’re here to help and support you throughout your time at LSE, whether you need help with your academic studies, support with your welfare and wellbeing or simply to develop on a personal and professional level.

Whatever your query, big or small, there are a range of people you can speak to who will be happy to help.  

Department librarians   – they will be able to help you navigate the library and maximise its resources during your studies. 

Accommodation service  – they can offer advice on living in halls and offer guidance on private accommodation related queries.

Class teachers and seminar leaders  – they will be able to assist with queries relating to specific courses. 

Disability and Wellbeing Service  – they are experts in long-term health conditions, sensory impairments, mental health and specific learning difficulties. They offer confidential and free services such as  student counselling,  a  peer support scheme  and arranging  exam adjustments.  They run groups and workshops.  

IT help  – support is available 24 hours a day to assist with all your technology queries.   

LSE Faith Centre  – this is home to LSE's diverse religious activities and transformational interfaith leadership programmes, as well as a space for worship, prayer and quiet reflection. It includes Islamic prayer rooms and a main space for worship. It is also a space for wellbeing classes on campus and is open to all students and staff from all faiths and none.   

Language Centre  – the Centre specialises in offering language courses targeted to the needs of students and practitioners in the social sciences. We offer pre-course English for Academic Purposes programmes; English language support during your studies; modern language courses in nine languages; proofreading, translation and document authentication; and language learning community activities.

LSE Careers  ­ – with the help of LSE Careers, you can make the most of the opportunities that London has to offer. Whatever your career plans, LSE Careers will work with you, connecting you to opportunities and experiences from internships and volunteering to networking events and employer and alumni insights. 

LSE Library   –   founded in 1896, the British Library of Political and Economic Science is the major international library of the social sciences. It stays open late, has lots of excellent resources and is a great place to study. As an LSE student, you’ll have access to a number of other academic libraries in Greater London and nationwide. 

LSE LIFE  – this is where you should go to develop skills you’ll use as a student and beyond. The centre runs talks and workshops on skills you’ll find useful in the classroom; offers one-to-one sessions with study advisers who can help you with reading, making notes, writing, research and exam revision; and provides drop-in sessions for academic and personal support. (See ‘Teaching and assessment’). 

LSE Students’ Union (LSESU)  – they offer academic, personal and financial advice and funding.  

PhD Academy   – this is available for PhD students, wherever they are, to take part in interdisciplinary events and other professional development activities and access all the services related to their registration. 

Sardinia House Dental Practice   – this   offers discounted private dental services to LSE students.  

St Philips Medical Centre  – based in Pethwick-Lawrence House, the Centre provides NHS Primary Care services to registered patients.

Student Services Centre  – our staff here can answer general queries and can point you in the direction of other LSE services.  

Student advisers   – we have a  Deputy Head of Student Services (Advice and Policy)  and an  Adviser to Women Students  who can help with academic and pastoral matters.

Student life

As a student at LSE you’ll be based at our central London campus. Find out what our campus and London have to offer you on academic, social and career perspective. 

Student societies and activities

Your time at LSE is not just about studying, there are plenty of ways to get involved in  extracurricular activities . From joining one of over 200 societies, or starting your own society, to volunteering for a local charity, or attending a public lecture by a world-leading figure, there is a lot to choose from. 

The campus 

LSE is based on one  campus  in the centre of London. Despite the busy feel of the surrounding area, many of the streets around campus are pedestrianised, meaning the campus feels like a real community. 

Life in London 

London is an exciting, vibrant and colourful city. It's also an academic city, with more than 400,000 university students. Whatever your interests or appetite you will find something to suit your palate and pocket in this truly international capital. Make the most of career opportunities and social activities, theatre, museums, music and more. 

Want to find out more? Read why we think  London is a fantastic student city , find out about  key sights, places and experiences for new Londoners . Don't fear, London doesn't have to be super expensive: hear about  London on a budget . 

The programme is aimed at training students to become an academic. Students who successfully complete the programme often embark on a career in academic institutions, or international organisations such as central banks or the IMF. See a list of past placements.

Further information on graduate destinations for this programme

Support for your career

LSE Careers has a wide range of resources available to assist students in their job search. Find out more about the  support available to students through LSE Careers .

Find out more about LSE

Discover more about being an LSE student - meet us in a city near you, visit our campus or experience LSE from home. 

Experience LSE from home

Webinars, videos, student blogs and student video diaries will help you gain an insight into what it's like to study at LSE for those that aren't able to make it to our campus.  Experience LSE from home . 

Come on a guided campus tour, attend an undergraduate open day, drop into our office or go on a self-guided tour.  Find out about opportunities to visit LSE . 

LSE visits you

Student Marketing, Recruitment and Study Abroad travels throughout the UK and around the world to meet with prospective students. We visit schools, attend education fairs and also hold Destination LSE events: pre-departure events for offer holders.  Find details on LSE's upcoming visits . 

How to apply

Virtual Graduate Open Day

Register your interest

Related programmes, mres/phd economics.

Code(s) L1U4

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MPhil/PhD Social Research Methods

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The PhD journey

All you need to know from registration, right through to graduation, the phd academy is open from monday to friday, 10am to 4pm and closed for lunch between 12:30-1:30pm. in order to ensure the quickest possible response, please use the service desk. if you would like to speak to a member of the team, please state this in your enquiry and provide your contact details (e.g. email address, etc.) so that we can get back to you..

COVID-19 FAQs Advice for Research Students

Enrolment Autumn Term 2023 enrolment begins 11 September

Support and Wellbeing Resources for PhD researchers

Whilst registered, you are expected to be in regular attendance whether in person or online at the LSE for workshops, seminars and supervisory meetings (unless the School has given you permission to reside outside of the UK). Please refer to the School's statement on term dates, vacations and working during MPhil/PhD .

If you are going to be absent from the School for up to 2 weeks you will need to notify your supervisor and department.

If you are going to be absent from the School for more than 2 weeks (and up to 4 weeks) you will need to notify your supervisor and department. You will then need to notify the PhD Academy and you should send an email to the PhD Academy confirming the date you will be absent from, when you will return and where you will be.  You should also forward as an email your supervisor’s approval for the absence. If you are: going on a period of fieldwork; undertaking a period of study elsewhere; or interrupting your studies you will need to request permission for this by completing the relevant form on the ‘changes to your registration’ section of the A-Z of guidance documents .

For fieldwork you are required to undertake an Ethics Review and a Risk Assessment and therefore you should start the process at least 3 months in advance of your intended fieldwork start date. 

For Study Elsewhere you are required to undertake a Risk Assessment and therefore you should start the process at least 3 months in advanc e of your intended study elsewhere start date .

Please refer to our  COVID 19 FAQs  for updated information on fieldwork and study elsewhere, including links to the relevant forms.

Completed forms should be submitted to the PhD Academy for the consideration of the Chair of the Research Degrees Subcommittee at least one month prio r to the fieldwork/study elsewhere start date.

Tier 4 /Student Route Visa students

If you are sponsored by the School for a Tier 4/Student Route visa to study in the UK, you need to make sure you understand the conditions of your visa and are not in breach of them. You will find guidance and updates on rule changes on the Student Advice and Engagement Team webpage .

The PhD Log should be used to record meetings with your supervisor throughout your time at the School. Please note that using the PhD Log is a formal School requirement and a vital part of our processes to ensure we are meeting our legal responsibilities to the UKVI.

The PhD log is used to record attendance and engagement and it is the system we would refer to should we receive queries about attendance and engagement from UKVI. It is therefore vital that you update your PhD Log with your supervisor meeting on a regular basis. 

Regulations

There are a number of regulations governing your study at the School. It is your responsibility to ensure you have read and understood all regulations relevant to registration on your degree programme. You can seek advice on the regulations from any member of the PhD Academy team.

See the School's policies and procedures  for further details.

If you are taking any courses throughout your programme, you can choose them using LSE for You (LFY), LSE's web-based self-service student administration system.

Full information on course selection, including the deadline and how to make your selections can be found here .

If you are attending a course and not taking the assessment for it please submit an enquiry   before the examinations take place.

The PhD Academy also runs a number of events and courses  specifically aimed at research students. 

Research ethics

Researchers have responsibilities; to society, to funders, to their institution, and to those taking part in their research. For any research involving human participants, or data relating to identifiable human subjects, researchers are required to complete a research ethics review, and should begin by reading the LSE Research Ethics Policy  [PDF].

The LSE Research Ethics Policy aims to: 

• promote a culture within the School whereby researchers conscientiously reflect on the ethical implications of their research
• encourage researchers to properly consider such discipline-specific frameworks, statutory requirements and best practice guidelines as may be relevant to their research

Researchers need to consider a number of issues, such as the potential effects of the research they conduct – on participants, on those who may be indirectly affected by the outcomes of that research, and on those conducting the research. Researchers must also ensure they comply with any relevant statutory requirements – such as the UK Data Protection Act, the Mental Capacity Act. 

If you have any queries concerning the Ethics Policy contact Lyn Grove, [email protected] .

Progress monitoring

The PhD Log should be used to record meetings with your supervisor throughout your time at the School. You will also be able to find your submission deadline and other information on the Log and can use it to post work for comment. You should discuss with your supervisor how you will use the Log.

At the end of each academic year, your academic progress will be reviewed by your department and a decision made as to whether it is sufficient so that you can be re-registered for the following academic year.

You should check your departmental PhD Student Handbook for further information on how progress review will be conducted. Please refer to the Regulations for Research Degrees  which sets out School-wide requirements for progress review.

If you are initially registered on an MPhil/PhD programme, you will need to be upgraded to PhD status at the end of the first or second year. You will find further information on School-wide upgrade requirements in the Regulations for Research Degrees .

Check your departmental PhD Student Handbook for further details. For MRes/PhD programmes, upgrade to PhD status will have been part of your progression from the MRes programme and registration onto the PhD programme.

Changes to your enrolment

At certain times you may need to apply for a change to your student enrolment, for example to go on fieldwork or if you need to interrupt your studies. You will need to complete the relevant form to request such a change which you will find listed on A-Z of guidance documents .

All forms should be submitted well in advance of the start date of the proposed change in student enrolement.  

You can speak to a member of the PhD Academy team about any questions you may have before submitting your request. Please submit a query to set up a remote meeting with a member of the team,  stating your availaibility and specifiying whether you would like the meeting to be via Zoom or Teams.

COVID-19 financial support

In 2020 the School put in a place a scheme to offer financial support to students who were registered on their MRes/MPhil/PhD programme in the 2019/20 academic year and whose research plans had been significantly disrupted by the pandemic. The scheme is now broadened to include students who started their registration in August/September 2020 (on either an MPhil or an MRes or on an ESRC funded MSc) and to students who have already received a COVID extension under the original scheme.

The way the scheme will work depends on a number of different factors, which are explained in detail  here .  Please read this document carefully to determine which version of the scheme you are eligible to apply for.

Please send your completed forms to  [email protected]   at least one week before the relevant panel meeting.

Any student will still be able to request a standard interruption or extension using the standard forms that can be found in the A-Z of guidance .

Fieldwork and Study Elsewhere

All students who wish to undertake a period of fieldwork or a period of study elsewhere away from London must complete a fieldwork/study elsewhere application form and submit this, fully completed, to the PhD Academy at least one month prior to the start of the fieldwork or study elsewhere period. Those intending to undertake fieldwork/data collection in London still need to read the fieldwork form.

Interrupting your studies

If at any point during your studies, you require an interruption to your studies, you should complete the  interruption to studies form which can be found in the A-Z of Guidance documents. Prior to submitting your form, you are strongly encouraged to speak with a member of the PhD Academy team who will be able to discuss what happens with your visa (if applicable), funding (if applicable) and submission deadline.

Please  submit a query  to set up a remote meeting with a member of the team, stating your availaibility and specifiying whether you would like the meeting to be via Zoom or Teams.

Parental Leave

The LSE Parental Leave policy for Research Degrees Students is available under the A-Z of Guidance documents and outlines what the leave policy is and what students need to do to apply for parent leave.

As each individuals case is unique, speak to a member of the PhD Academy team who will be able to discuss your options and  what happens with your visa (if you need one), funding and submission deadline.Please  submit a query  to set up a remote meeting with a member of the team, stating your availaibility and specifiying whether you would like the meeting to be via Zoom or Teams.

iThenticate: using text-matching software

The School makes text-matching software (iThenticate) available to its research students who might wish to use it to check their written work. Some departments also require students to use it, for example, as a part of the upgrade process.

If you are a research student and wish to use the software, please submit an enquiry   and we will set up an account for you.

You should check with your department (in the PhD Student Handbook) whether use of iThenticate is required as a part of your programme. If it is, an account should have been set up for you.

A copy of the Quick Start User Guide for iThenticate is provided here for your information: Quick Start User Guide [PDF].

You will also find further instructions on how to use the software on the iThenticate website. Fuller guidance is provided in the iThenticate User Manual  [PDF].

Should you have any questions about using the software or reading a report produced by it, please contact a member of the PhD Academy team.

Final year and MPhil/PhD examinations

As you enter the final year of your programme you will need to begin thinking about the preparation for submitting your thesis and your viva examination. 

Examination entry

As you enter your final year you should discuss the exam entry process with your supervisor you should start completing the Examination Entry form  with your supervisor.

Your supervisor is responsible for nominating your examiners although it is likely that he/she will discuss possible nominations with you to ensure they are the most appropriate choice.  Completed entry forms should be returned to the PhD Academy at least two months in advance of submitting your thesis: this is to allow sufficient time for your examiners to be formally appointed and to avoid potential delays to the examination (see below). If you are unable to meet this deadline, please seek advice from a member of the PhD Academy team. 

Once we have received your completed examination entry form, the examiner nominations are sent to the relevant subject panel for approval. We will then formally invite the examiners to act.

Until the examiners have confirmed with the PhD Academy that they can act, they are not appointed as your examiners. Therefore, we cannot send your thesis to them until that time and no arrangements for the viva examination should be agreed.  

In cases where an examiner nomination is not approved or an examiner is no longer able to act, supervisors will need to nominate a new examiner using the replacement examiner nomination form.

If you require additional arrangements for your viva , you should note this on your Exam Entry Form and a member of the PhD Academy team will contact you about this. If you already have an Inclusion/Adjustment Plan, it is recommended that you make contact with the Disability and Wellbeing Service 6 months prior to your submission date to discuss what arrangements you need for the viva. An updated copy of the Inclusion/Adjustment Plan should be provided to the PhD Academy.  You are encouraged to speak with a member of the PhD Academy team about your additional viva arrangements. 

Please  submit a query  to set up a remote meeting with a member of the team, stating your availability and specifying whether you would like the meeting to be via Zoom or Teams 

If you wish to apply for the Graduate Route post study visa, you should note this on your Exam Entry Form . You are advised to speak with the Student Advice and Engagement Team  about the visa process. After receiving advice from the Student Advice and Engagement Team, please contact the PhD Academy to discuss the examination process and the visa scheme.

Thesis submission

For the foreseeable future, thesis submission will be electronic only.The easiest way to submit the electronic version of your thesis to the PhD Academy by emailing  [email protected]  . 

You should refer to the Formatting and binding your thesis document to ensure your thesis is formatted in line with the School’s requirements. The front pages of your thesis should contain certain information and you should refer to the Template for the front pages of your document for further guidance.  

You must submit your thesis by the deadline. If you are unsure what your deadline is, please submit an enquiry .

Theses that are submitted late cannot be accepted without an approved extension from the Research Degrees Subcommittee Chair. You should ensure you allow time for the final editing, printing and binding of your thesis within your deadline. 

Once we have received your thesis, and assuming your examiners have been formally appointed, we will then post your thesis to them for examination and confirm with you once we have done so. Examiners are not permitted to accept a thesis, in any format, from any source other than from the PhD Academy.  

Editorial help with your thesis

You might wish to seek help from a third party in editing your thesis before you submit it for examination. You will need to read the School’s Statement on Editorial Help  [PDF], provide a copy of it to any third party you use and declare what help you have received from a third party in the front pages of your thesis (see template for front pages of your thesis  [PDF]). 

Viva (oral) examination

From the start of the 2021/2022 academic session (from October onwards) regulations have been amended following consultation to allow departments the flexibility to undertake vivas either on campus or remotely, using approved video conferencing facilities.  

Departments have been asked to ensure that all parties have been consulted, have approved the online arrangement, and that they have adequate technical facilities. They have also been asked to ensure that support is available to you during the viva, in case you encounter any issues (e.g. your supervisor/s or DPD should be reachable during and after the viva). 

 You should not be involved in making any arrangements for your viva examination. Find further information about the viva and other examination arrangements in the  Guidelines for MPhil/PhD examinations [PDF].

The PhD Academy runs sessions on preparing for your viva and you are strongly encouraged to attend one of these sessions. Please check our webpages on a regular basis to see when the next session will be scheduled. 

Confirmation of your examination outcome

After your examination, the PhD Academy will email you to confirm the examiners' decision and give full details of what you will then be required to do. We ask examiners to confirm their decision to us within two weeks of your viva and we will normally email you confirmation of the examination outcome within two weeks of receiving the examiners’ decision.  You can find the possible outcomes from the examination in the Regulations for Research Degrees .. We cannot confirm an examiners decision with you until we have received the relevant information from both of your examiners.

Examination re-entry procedures

If your examiners decide that you require a further period (of between 7 and 12 months) in which to revise and resubmit your thesis, you will need to re-enter for the examination.

When the PhD Academy confirms the outcome of your original examination, we will also confirm the date by which you will need to submit your revised thesis. One month in advance of that deadline you should complete the Examination re-entry form  [DOC] and submit it to the PhD Academy. You will also need to pay the £200 re-entry fee using eshop at the same time: LSE eShop . You should follow the same formatting guidelines as provided above.

If you have any questions about this process, please  submit an enquiry  to our office.   You are welcome to contact the PhD Academy to discuss the outcome of your viva examination at any stage and we will share with you the information we have at that time.

Providing a final copy of your thesis

When you have successfully completed your MPhil or PhD (i.e. once you have completed your viva examination and any revisions your examiners have required you to make in your thesis) and in accordance with the School’s  Regulations for Research Degrees (paragraph 60.3), we will ask you to provide a final electronic copy of your thesis for deposit in LSE Theses Online  (LSETO). Read further information on LSETO [PDF] and guidance on submiting .

Please note that this is a requirement of the degree and we cannot make an award to you until we have received a final copy of your thesis.

The School encourages all PhD graduates to make their research widely available in line with its own Open Access Policy and that of the UKRI.

The School’s policy limits the delay that publishers may wish to impose between online publication and availability via a repository in accordance with the UKRI commitment that “the outputs of publicly funded research [is] to be freely available” The maximum acceptable embargo periods vary according to discipline; for the social sciences it is 12 months. Since LSETO has been operating (2011-12) the experience of our PhD graduates has been that depositing their work in it has had a positive rather than detrimental effect on publishing from their thesis.

It is, however, recognised that graduates may need to apply for an embargo. Under regulation 62, a 24-month embargo can be applied on grounds of publication, commercial exploitation and protection of participants. Please note that 24 months is the maximum amount that can be applied for.

Please ensure you have read the relevant regulation (paragraph 62,  Regulations for Research Degrees .) and/or seek advice from a member of the PhD Academy Team before you apply for an embargo.  

Your request will be considered for approval by the Research Degrees Subcommittee. If granted, you will still be required to provide an electronic copy of your final thesis. Your thesis title and abstract will still appear in LSETO, but the full text of it will not be accessible until the end of the agreed period of restricted access. If you also require the abstract/citation of your thesis to be embargoed, you should state this clearly in your request.

You can apply for an embargo by submitting an enquiry to the PhD Academy and providing the following information: the reason for the embargo, whether you want it applied to the abstract, the length of embargo and  and how long you wish the embargo to be in place (the maximum period is 24 months). 

Transcripts, proof of examination outcome and degree certificates

Requesting transcripts.

If you would like confirmation of any taught modules that you undertook as part of your MPhil/PhD studies, please submit an enquiry . Please ensure that you include your full name, date of birth and student number (if known) as well as details of the courses undertaken.

Proof of examination outcome  

Once your examiners have confirmed their decision with the PhD Academy, the PhD Academy will process the final outcome with 1-2 weeks of receiving the decision.  In order to be awarded, you will need to submit a final e-thesis to the Library. Once you have submitted a final copy of your thesis in accordance with the School’s requirements, we will be in a position to award you a degree.

If you require a letter confirming your award, please submit an enquiry . Please note that we can only confirm that a degree has been awarded once your final e-thesis has been received by the Library.

Degree certificates and replacements

Once you have been awarded, your degree certificate will be produced within 2 months of your award date. Degree certificate will be sent to your permanent  home address as per our records at the time of awarding. Please ensure you update check and update your permanent home address on LfY prior to your award date. Please note we cannot provide you with your degree certificate until you have provided a final copy of your thesis.

The School only issues one certificate to each student but in exceptional circumstances, you can make an application for a replacement. Applications can be made in the event of loss, damage or non-receipt of the original certificate. Please note that you must wait a minimum of 8 weeks from the date of issue of your original degree certificate before making an application for a replacement. This is to allow for a full search to be undertaken of the recorded delivery tracking system used for posting degree certificates.

To make an application for a replacement MPhil or PhD LSE degree certificate, please submit an enquiry .

If your degree certificate was issued by the University of London and not the LSE (your certificate will have the University of London on it) you will need to request a replacement from them. To make an application for a replacement, please contact  [email protected] . 

Degree verification

Third-parties (e.g. employers or other educational institutions) who wish to verify the details of an individual’s LSE degree award should do so online via Higher Education Degree Datacheck (HEDD) . Further information on the process can be found here.

Graduation ceremonies

The School’s graduation ceremonies take place in July and December each year. In order to attend the July ceremony you will need to have been awarded your degree by 30 April and to attend the December ceremony you will need to have been awarded your degree by 30 September.

Please note due to COVID 19 you are advised to check the Ceremonies webpages on up-to-date information on ceremony dates.

To be awarded your MPhil or PhD degree you must have completed the following: 

• the viva examination
• all revisions to your thesis required by your examiners following your viva examination
• received confirmation that your examiners are now satisfied that therequired revisions have been made
• submitted the final copy of your thesis to LSEthesesonline in accordance with the School’s requirements

These steps will need to have been completed by the deadlines above in order for you to be able to attend the relevant graduation ceremony. If you have further questions about how an award is made please contact us via this enquiry form . 

See further information about the graduation ceremonies .

Certificates and Letters Request your letters here

Researcher q&as short interviews with early career researchers at lse, student guidance for change of circumstances, vacation policy important information on term dates & vacation time.

Registration And Enrolment Information for new MPhil/PhD and visiting research students

Support and wellbeing Our team are here to help you with your needs

Guidance and regulations An A to Z of documents

Academic department PhD contacts Get in touch with your department

The team How to Contact Us

Alternatively, use our A–Z index

Attend an open day

Discover more about postgraduate research

PhD Accounting and Finance / Overview

Year of entry: 2024

• View full page
• Bachelor's (Honours) degree at 2:1 or above (or overseas equivalent); and
• Master's degree in a relevant cognate subject - with an overall average of 70% or above (or overseas equivalent)
• Professional qualifications other than a Bachelors Degree and/or relevant and appropriate experience may be taken into account for entry to a PhD programme.

Full entry requirements

Apply online

Please ensure you include all required supporting documents at the time of submission, as incomplete applications may not be considered.

Application Deadlines

The current deadline for consideration in internal funding competitions is 15 March 2024.

If you are applying for or have secured external funding (for example, from an employer or government) or are self-funding, you must submit your application before the below deadline to be considered. You will not be able to apply after this date has passed.

• For September 2024 entry: 30 June 2024

Programme options

Programme overview.

• Develop leading research in Accounting and Finance.
• Join one of the world's most innovative and ambitious doctoral research schools.
• Ranked 3rd in the UK for research power in 'Business and Management Studies' (REF2021).

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To find out what studying on a postgraduate research programme at Manchester is like, visit our Open days and study fairs page and explore our virtual open week or future on-campus and international events.

We will be conducting our Humanities PGR virtual open week in October 2024. Find out about future events and postgraduate research sessions by signing up to our email alerts.

For entry in the academic year beginning September 2024, the tuition fees are as follows:

• PhD (full-time) UK students (per annum): £4,786 International, including EU, students (per annum): £21,000
• PhD (part-time) UK students (per annum): £2,393 International, including EU, students (per annum): £10,500

Further information for EU students can be found on our dedicated EU page.

Scholarships/sponsorships

To apply University of Manchester funding, you must indicate in your application the competitions for which you wish to be considered. The current deadline for most internal competitions, including Alliance Manchester Business School studentships is 15 March 2024.

All external funding competitions have a specified deadline for submitting your funding application and a separate (earlier) deadline for submitting the online programme application form, both of which will be stated in the funding competition details below.

For more information about funding, visit our funding page to browse for scholarships, studentships and awards you may be eligible for.

• ESRC North West Social Science Doctoral Training Partnership (NWSSDTP) PhD Studentships - Competition Closed for 2024 Entry
• China Scholarship Council - The University of Manchester (CSC-UoM) Joint Scholarship Programme - Competition Closed for 2024 Entry
• Alliance Manchester Business School PhD Studentships 2024 Entry - Competition Closed for 2024 Entry
• President's Doctoral Scholar (PDS) Awards - Competition Closed for 2024 Entry
• Engineering and Physical Sciences Research Council Doctoral Training Partnership Studentship (EPSRC DTP)
• Commonwealth PhD Scholarships (High Income Countries)
• Humanities Doctoral Academy Humanitarian Scholarship 2024 Entry
• Commonwealth PhD Scholarships (Least Developed Countries and Fragile States)
• RADMA Doctoral Studies Funding 2024 Entry - Competition Closed for 2024 Entry
• PhD Scholarship for Research into Productivity

Contact details

Programmes in related subject areas.

Use the links below to view lists of programmes in related subject areas.

• Accounting and Finance

Regulated by the Office for Students

The University of Manchester is regulated by the Office for Students (OfS). The OfS aims to help students succeed in Higher Education by ensuring they receive excellent information and guidance, get high quality education that prepares them for the future and by protecting their interests. More information can be found at the OfS website .

You can find regulations and policies relating to student life at The University of Manchester, including our Degree Regulations and Complaints Procedure, on our regulations website .

BSc Accounting and Finance

Introduction, accreditations, preliminary readings.

Taught by our world-leading academics, this programme explores accounting and finance through the broader social sciences.

As well as developing your core financial knowledge, you’ll examine the ways institutions and organisations deal with calculation, reporting and evaluation. You’ll look at the interdependencies between accounting and accountability, financial management and risk, performance management and sustainability, governance and regulation, policymaking and change.

The programme explores the role accounting and finance play in societies, economies, institutions, markets, organisations, and even individual behaviours. This interdisciplinary learning means that our graduates are highly sought-after in many areas, such as professional accountancy, investment banking and analysis, management consulting and financial management.

Depending on your chosen course options, you may be eligible for exemptions from some professional accountancy examinations on graduation – giving you a head start in your career.

This programme is accredited by the following bodies for the purpose of exemptions from some professional examinations:

• Association of Chartered Certified Accountants (ACCA)
• Chartered Institute of Management Accountants (CIMA) through the Accredited degree accelerated route
• Chartered Institute of Public Finance and Accountancy (CIPFA)
• Institute of Chartered Accountants in England (ICAEW)

If you'd like to gain further insight into accounting and finance, we suggest that you browse some of these review papers/opinion pieces. Some of the readings are quite academic - don't worry about the details, the aim is to introduce you to some critical issues in accounting and finance.

• Asness, C., G. Hubbard, M. Lipton, and, M. Strain, 2021, American Enterprise Roundtable: Was Milton Friedman Right about Shareholder Capitalism? Journal of Applied Corporate Finance , vol. 33 n.1, 2021. Alternative version available at Was Milton Friedman Right about Shareholder Capitalism? (harvard.edu)
• Ball, R., 2009, The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned? Journal of Applied Corporate Finance , vol. 21 n.4.
• Ball, R., 2016, IFRS – 10 Year Later . Accounting and Business Research , vol. 46 n.5.
• Ball, R., 2023, By What Criteria Do We Evaluate Accounting? Working paper.
• Barth, M., 2022, Accounting Standards: the “Too Difficult” Box – the Next Big Accounting Issue? Accounting and Business Research , vol. 52 n.5, 2022. Full article: Accounting standards: the ‘too difficult’ box – the next big accounting issue? (tandfonline.com)
• Christensen, H.B., L. Hail, C. and Leuz, 2021, Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review. Review of Accounting Studies , vol. 26 n.3. Free pre-print version at Mandatory CSR and sustainability reporting: economic analysis and literature review | SpringerLink
• Phalippou, L. and G. Brown, 2022, Should Private Companies Have the Same SEC Disclosure Requirements as Public Companies? A Debate. Journal of Applied Corporate Finance , vol. 34 n.3.
• Srivastava, A. and S. Rajgopal, 2022, The Case for Reinventing Financial Reporting in the 21st Century . Journal of Applied Corporate Finance , vol. 34 n.4.
• Zimmerman, J., 2016, Private Equity, the Rise of Unicorns, and the Reincarnation of Control-based Accounting. Journal of Applied Corporate Finance , vol. 28 n.3.
• Zimmerman, J., 2022, A Positive Accounting Theorist’s Take on the End of Accounting. Journal of Applied Corporate Finance , vol. 34 n.4.

For additional readings in Finance, please see the BSc Finance preliminary reading list.

In addition, if you'd like to familiarise yourself with the research areas of some of our accounting faculty members (in bold), you may want to browse the following review papers or pieces written for wider audiences:

• Bhimani, A. , 2021. Accounting Disrupted: How Digitalization is Changing Finance . AICPA/Wiley. Beaver, W., M. Correia , and M. McNichols, 2011, Financial Statement Analysis and the Prediction of Financial Distress. Foundations and Trends in Accounting , vol. 5 n.2.
• Cascino, S. , M. Clatworthy, B. García Osma, J. Gassen, S. Imam, and T. Jeanjean, 2014, Who Uses Financial Reports and for What Purpose? Evidence from Capital Providers . Accounting in Europe , vol. 11 n.2.
• De George, E., L. Shivakumar and X. Li , 2016, A Review of the IFRS Adoption Literature . Review of Accounting Studies , vol. 21 n.3.
• Power, M. ed., 2016. Riskwork: Essays on the Organizational Life of Risk Management . Oxford University Press.
• Servaes, H. and A. Tamayo , 2017, The Role of Social Capital in Corporations: A Review . Oxford Review of Economic Policy , vol. n. 33.
• Van der Stede, W. , 2015, Management Accounting: Where From, Where Now, Where To? Journal of Management Accounting Research , vol. 27 n.1.

Entry requirements

Here, you can check our entry requirements for GCSEs, A-levels (please read them alongside our information about subject combinations) and the International Baccalaureate (IB) Diploma. We also consider applications from students with a range of other UK qualifications and from overseas. Please select the overseas button below and choose your country from the dropdown list to find the equivalency to A-levels of your qualification.

For GCSEs, you’ll need several GCSE grades at A (or 7) and A* (or 8-9).

As a minimum, we ask for GCSE English Language and Mathematics grades at B (6) or higher. We’ll also consider your overall GCSE subject profile.

AAA with A in Mathematics

Contextual admissions A-level grades

AAB with A in Mathematics

Read our undergraduate admissions information to learn more about contextual admissions.

A-level subject combinations

• We consider your combination of subjects as well as your grades.
• A broad mix of traditional academic subjects provides the best preparation for studying at LSE. We expect applicants to have at least two full A-levels (or equivalent) in these subjects.
• There are no set subject combinations, although traditional academic subjects are preferred (including A-level Accounting). We’re looking for subject combinations that demonstrate your analytical and writing abilities.
• A-level Mathematics (or equivalent) is essential due to the analytical nature of the programme. You’ll also need an aptitude/willingness to develop further mathematical knowledge.
• Further Mathematics is not required but we’ll consider students with Mathematics, Further Mathematics and an essay-based subject.
• Previous study of accounting at GCSE, A-level or equivalent is not required.

Find out more about A-level subject combinations .

38 points overall. 766 in higher level subjects, including 6 in higher level Mathematics

Contextual admissions IB grades

37 points overall. 666 in higher level subjects, including 6 in higher level Mathematics

We welcome students from all walks of life at LSE. We want to recruit students with the very best academic merit, potential and motivation. So, whatever your background, please do apply. Get all the details on our general  entry requirements .

Competition for places at LSE is high. We cannot guarantee you an offer of a place even if you’re predicted or achieve our standard entry requirements.

Our standard offer requirements are intended only as a guide and, in some cases, you’ll be asked for different grades.

Programme content

Why study with us.

Discover more about our students and department.

Student stories

Meet the department.

Welcome to the Department of Accounting – one of the world’s leading centres for accounting and financial management research. The department was rated the top place in the UK to study accounting (Good University Guide 2024).

Our work is focused on understanding the role played by accounting in organisations, the markets and society at large. We have strong links with national and international professional bodies and regulatory institutions, and our research has contributed to shaping international accounting practices. Alongside teaching and research, the department also hosts the interdisciplinary Centre for Analysis of Risk and Regulation .

Every year, we admit more than 400 students to our undergraduate and postgraduate programmes. Our students don’t just learn about accounting principles – they learn how accounting is used in institutional and organisational processes of calculation, reporting and evaluation. This involves exploring the interdependencies between accounting and accountability, sustainability, governance, risk, performance management, policymaking and change.

We’re proud of our open and collaborative culture, welcoming students, academics, external speakers and practitioners from around the world – all contributing to our rich and diverse community.

Learn more about our programmes and research .

Department of Accounting

2nd In Europe

5th In the world

1st We're ranked top university in London for the 12th year running

Carbon neutral in 2021 lse became the first carbon neutral verified university in the uk, your application, who attends.

We consider each application carefully, taking into account all the details you’ve included on your UCAS form, such as:

• academic achievement , including predicted and achieved grades (also see specific information about this programme in the "entry requirements" above)
• subjects and subject combinations  (also see specific information about this programme in the "entry requirements" above)
• your personal statement
• your teacher’s reference
• educational circumstances

You may also have to provide evidence of your English proficiency, although this is not needed at the application stage.  See our English language requirements page .

We’re looking for students who demonstrate:

• strong analytical abilities
• high levels of numeracy
• an ability to evaluate and critically assess complex issues
• the ability to communicate complex ideas with clarity
• attention to detail
• intellectual curiosity
• an equal interest in both accounting and finance.

Fees and funding

The table of fees shows the latest tuition fees for all programmes.

You're charged a fee for each year of your programme. Your tuition fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It doesn't cover living costs or travel or fieldwork.

Your tuition fees, and eligibility for any financial support, depend on whether you’re classified as a home or an overseas student – known as your fee status. We assess your fee status based on guidelines from the UK Government’s Department for Education.

Learn more about fee status classification .

Scholarships, bursaries and loans

We recognise that the cost of living in London may be higher than in your home town or country. LSE provides generous financial support, in the form of bursaries and scholarships, to UK, EU and overseas students.

Additionally, the UK Government provides loans to UK and some EU students. Some overseas governments also offer funding.

Further information on tuition fees, living costs, loans and scholarships .

Learning and assessment

How you learn, how you're assessed.

Format and contact hours: you’ll have around 12 to 15 hours of lectures and classes each week. You’ll also be expected to complete independent study outside your classes – which will involve reading, writing essays or working on class assignments. Hours vary depending on the course. Get a broad idea of the study time involved in the Calendar within the Teaching section of each course guide .

LSE teaching: our School is world-renowned for teaching and research in accounting and finance and you’ll be taught by an experienced and diverse teaching team. Courses may be taught by members of our faculty, guest teachers, visiting members of staff, teaching fellows and graduate teaching assistants, who are usually doctoral research students. Learn about the teacher responsible for each course in the relevant course guide .

Academic support

Academic mentor: you’ll meet with your academic mentor regularly to discuss your work. Your mentor can provide advice and guidance on academic issues and, where appropriate, personal concerns.

Other academic support: at LSE, we offer lots of opportunities to extend your learning outside the classroom.

LSE LIFE is a great place to get advice and practise the skills you’ll need during your studies and beyond.

Through LSE LIFE, you can:

• attend workshops on developing leadership skills, finding the right study/work/life balance and preparing for the world of work
• develop your reading, academic writing and critical-thinking skills
• gain experience of working in study groups and develop your cross-cultural communication and teamwork skills.

Disability and Mental Health Service: we want all LSE students to achieve their full potential. Students can access free, confidential advice through our Disability and Mental Health Service . This is the first point of contact for students.

Your timetable

• The standard teaching day runs from 9am to 6pm, Monday to Friday. Undergraduate teaching is not normally scheduled for Wednesdays after 12 noon to allow for sports, volunteering and other extra-curricular activities.
• The lecture and seminar timetable is published in mid-August and the full academic timetable (with information on classes) is published by mid-September via the LSE timetables web pages .
• All personal undergraduate timetables are published in LSE for You (LFY) . For personal timetables to appear, you must be registered at LSE, be signed up for courses in LFY and ensured that there are no unauthorised clashes in your course selections. We try our best to minimise changes once personal timetables have been published. However, you’ll be notified about any changes by email.

Formative coursework

All taught courses include formative coursework, which is not assessed. This helps prepare you for summative assessment. We use a range of formative assessment methods, such as essays, case studies, reports, quizzes and mock exams.

Feedback on coursework is an essential part of the learning experience. Class teachers mark formative coursework and give feedback within two weeks – provided the work is submitted on time.

Summative assessment

This assessment counts towards your final course mark and degree award.

Summative assessment usually involves written examinations at the end of each academic year. Some courses also have written examinations in January while others are assessed partly by essays or other work submitted during the year. Assessment on individual courses can change from year to year. Learn about the current formative coursework and summative assessment for each course in the relevant  course guide .

You’ll receive feedback on any summative coursework as part of the assessment for individual courses (except for final submitted dissertations). Generally, feedback will be provided before the examination period.

Find out more about LSE’s teaching and assessment methods .

Graduate destinations

Career support.

Recent graduates of this programme have gone on to work in the areas of professional accountancy, investment banking, investment analysis, management consultancy and financial management, the public sector, as well as further academic study.

If you successfully complete the degree, then depending on the optional courses you've taken, you may be eligible for exemptions from some examinations of the professional accountancy bodies.

Further information on graduate destinations for this programme

Median salary of our undergraduate students 15 months after graduating:

Top 3 sectors our students work in:.

From CV workshops through to careers fairs, LSE offers lots of information and support to help you make that all-important step from education into work.

Many of the UK’s top employers give careers presentations at the School during the year and there are numerous workshops covering topics such as job hunting, managing interviews, writing a cover letter and using LinkedIn.

See LSE Careers for further details.

Discover Uni

Every undergraduate programme of more than one year duration will have Discover Uni data. The data allows you to compare information about individual programmes at different higher education institutions.

Programmes offered by different institutions with similar names can vary quite significantly. We recommend researching the programmes you're interested in and taking into account the programme structure, teaching and assessment methods, and support services available.

Find out more

Explore lse, student life.

Student support

Accommodation

Meet, visit and discover LSE

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Accounting and Finance

• Entry year 2024
• Duration Full time 4 - 5 years

The Department of Accounting and Finance at Lancaster University Management School (LUMS) invites applications for PhD program in Accounting and Finance . You will be working alongside world-leading academics in a busy, exciting and innovative department.

We are looking for highly motivated candidates who have an excellent first degree and outstanding Master's level degree performance. Qualifications should be in a related discipline to your intended PhD studies. You should also be committed to pursuing an academic career. We are offering full-time studentships to commence in October 2024. All studentships pay a generous living allowance (the 2023 ESRC award was £18,622 per annum) and offer a fee waiver for four years.

The department offers an excellent research environment, with a high level of collegiality, subscriptions to state-of-the-art databases, a strong seminar series, and a senior visitors program. The Department of Accounting and Finance is one of the largest departments within LUMS – a world-ranked international business school that is highly regarded by the Financial Times, QS, The Economist and more. In the 2014 and 2021 Research Excellence Framework , LUMS was ranked first in the UK in research power and is one of few business schools whose programs are accredited by the three major international business school accreditation bodies: AMBA, EQUIS and AACSB.

The Department offers a PhD Program in Accounting and Finance. PhD students are required to complete a portfolio of PhD level courses and seminars covering finance theory, econometric and statistical methods, and research methodology. Upon successfully completing the coursework, you will then research and write a thesis on a topic which you are passionate about. Two subject experts will offer detailed supervision to ensure it will contribute new knowledge to the academic community. You will also have the opportunity to gain international experience by visiting a leading US/European school with expertise in a relevant research area. We offer an excellent environment for PhD studies, including dedicated office space, generous funding of conference and research visits, access to many specialised databases, as well as scientific computing facilities and IT support.

The Department has been consistently building the strength of a doctoral program for many years. It has developed comprehensive PhD training to enable our PhD graduates to succeed in the job market. Apart from training delivered by our own excellent faculty, our department regularly invites distinguished visiting professors from the best universities in the world to deliver doctoral tutorials on specialised research topics. Our PhD students have the privilege of being trained by world-leading scholars every summer and have extensive opportunities to consult external experts.

In recent years, our PhD graduates have successfully joined many excellent universities, research centres and institutions, including Australian National University, Bocconi University, Chinese University of Hong Kong, Durham University, LSE, Liverpool, Manchester, Monash, and Warwick Universities.

Your department

• Accounting and Finance Lancaster University Management School
• Make an enquiry form
• Telephone +44 (0)1524 592938

Research Excellence Framework 2021

Lancaster University Management School: 100% of research environment rated 'world-leading' and rated number 1 business school in the UK for 'research power' in REF 2021 .

Jackie talks about why she chose Lancaster University Management School for her PhD in Accounting and Finance

Programme structure

During your first year, you will be required to complete modules including accounting and finance theory, econometric and statistical methods and research methodology. Explore our module listings in the tabs below.

• PhD in Accounting
• PhD in Finance
• Research Training Seminars

Below is an overview of the modules you will study in your first year:

Below is an overview of the modules you will study in your first year.

There are two compulsory seminars in the first term which include an online test

• Ethics and Research

The Department of Accounting and Finance provides you with access to a number of leading financial databases. This valuable resource enables you to acquire crucial skills that are highly desirable to employers, making you stand out in the competitive job market.

For more information, please contact Justin Chircop

Entry requirements

Academic requirements.

A relevant Master's degree (UK or equivalent) with Distinction level performance, both overall and in the dissertation. In exceptional circumstances, applicants with an upper second class honours degree and relevant research experience may be considered.

If you have studied outside of the UK, we would advise you to check our list of international qualifications before submitting your application.

Additional Requirements

As part of your application you will also need to provide a viable research proposal of up to 5000 words which has potential to make a significant contribution to prior literature. Guidance can be found on our writing a research proposal webpage.

English Language Requirements

We may ask you to provide a recognised English language qualification, dependent upon your nationality and where you have studied previously.

We normally require an IELTS (Academic) Test with an overall score of at least 7.5 and a minimum of 6.0 in each element of the test. We also consider other English language qualifications .

If your score is below our requirements, you may be eligible for one of our pre-sessional English language programmes .

Contact: Admissions Team +44 (0) 1524 592032 or email [email protected]

Course structure

You will study a range of modules as part of your course, some examples of which are listed below.

Information contained on the website with respect to modules is correct at the time of publication, but changes may be necessary, for example as a result of student feedback, Professional Statutory and Regulatory Bodies' (PSRB) requirements, staff changes, and new research. Not all optional modules are available every year.

Our research seminars with external speakers attract leading academics that present their current research. Attending such seminars exposes participants to current research trends and allows them to expand their network. We encourage active student participation in seminars and their contact with seminar speakers. To facilitate better understanding of seminar papers, we will conduct regular pre-seminar meetings that are going to discuss in detail presented papers. The objective of pre-seminar meetings are:

• Facilitate better understanding of current research streams and presented papers;
• Provide a platform for exchanging ideas and opinions on current research streams;
• Help you provide informed feedback on presented research;
• Improve your writing skills and critical thinking;
• Further connect PhD students and our faculty by conducting regular meetings with different faculty members.

The course covers key theoretical areas of financial accounting research. It provides a crucial link to the literature for students seeking to strengthen the theoretical foundations of their empirical research. The underlying perspective is an economic one and implicitly assumes a stock market setting defines the corporate financial information environment.

By the end of the course, students will be able to understand four fundamental theoretical areas that underpin research in financial accounting, namely mandatory financial disclosure, voluntary financial disclosure, the politics of accounting regulation, and agency and contracting theory.

The course covers four topics as follows:

• The social value of (mandatory) financial disclosure
• Voluntary financial disclosure
• The role of regulation in accounting research
• Agency and contracting theory

This module is designed to introduce students to some of the core issues associated with empirical accounting research through the review of recent trends in accounting research. The module will discuss the importance of incremental contribution, basic research design issues, issues with analysing data and tabulating results, and extending extant research. The module will comprise a mixture of faculty-led lectures, interactive student-led presentations and discussions.

• Accounting conservatism
• Recognition vs. disclosure
• IFRS adoption
• Bank accounting
• Financial instruments and fair value accounting
• Economic consequences of financial reporting and disclosure

This is a module in accounting research for first-year doctoral students. The module comprises nine weekly sessions, each based on a published academic paper (or suite of papers). Each session involves a student-led discussion of the paper(s), with faculty providing a facilitating role for the discussion. The aim is to understand key research contributions, methods, and opportunities for further research.

• The determinants and consequences of accounting choice
• Various measures of earnings quality and their determinants and consequences
• Accounting anomalies and the use of accounting information in fundamental analysis
• The role of auditors as a corporate governance mechanism
• • The application of experimental methods to examine accounting issues
• • Understanding of behavioural theory in accounting research

The course covers various aspects of equilibrium asset prices in dynamic economies. The aims of this course are to introduce students to the main asset pricing theories that are fundamental to research development in finance and to provide an understanding of how asset pricing models are formally constructed.

On completion of this unit successful students will be able to have

• an understanding of key elements in the mainstream asset pricing theories,
• systematic knowledge in both implications of asset pricing models and empirical implementations.

Topics covered

• Utility preferences 2
• Mean-variance theory and the CAPM
• Stochastic discount factor
• Arrow-Debreu economy and state prices
• Dynamic programming
• Consumption-based asset pricing
• Production-based asset pricing.

This course takes place in the second term and builds upon the Manchester taught module AcF853, which is an advanced dominantly theoretical asset pricing course. Spillover effects from AcF851 Advanced Quantitative Methods are also anticipated.

In the first part of the module recent advances in cross-sectional asset pricing will be covered. This will include an empirical treatment of the classical asset pricing model and its extensions and related testing and model specification approaches. This part will cover the critical assessment of existing models in the light of risk-based and behaviour explanations as well as multi-factor models related to profitability and investment patterns across firms.

In the second part of the module will focus and the consumption-based model both from a theoretical and empirical perspective.

In the third part of the module asset pricing with option implied information will be covered. This includes the theoretical coverage, and understanding of the options data structure as well as the empirical implementation in advanced software packages.

The last part of the module will focus on mutual and hedge funds. This includes their performance evaluation and performance attribution from a mainly empirical perspective. Unique characteristics of hedge funds and various hedge fund strategies will be covered.

The topics covered in this module will be fine-tuned to the specific decomposition of each year's PhD student cohort.

This course is designed to help students understand how to operationalize empirical research on topics that are central to corporate finance. The overarching goal is to expose students to “state-of-the-art” empirical research methods and prepare them to conduct their own work using new tools. All students with an interest in finance, economics, accounting, human resources, and related disciplines are welcome to take the course.

The course will include:

• Endogeneity and Basic Identification Strategies
• Difference Estimators
• LATE and Regression Discontinuity Design
• Matching Estimators

This course introduces doctoral students to the knowledge and skills in empirical research on corporate finance. Topics include capital structure, corporate liquidity management, payout policies, and executive compensation. Selected papers in relevant literature will be discussed, with a focus on research ideas, data sources, and empirical methodologies. This course aims to help students identify and formulate research questions that may lead to dissertation topics.

After successfully completing the course students are expected to have:

• A broader knowledge of empirical research in corporate finance;
• A better understanding of how empirical techniques can be used to answer research questions in the areas covered in the course;
• More confidence in presenting and defending their own research;
• Formulate one research idea with concrete research agenda.

This course will cover econometric techniques on an advanced level that form the basis for quantitative and empirical research in Finance and Accounting. It will also cover the related necessary programming skills in advanced econometrics and statistical software packages such as MatLab and GAUSS. The course will start with covering two key areas: i) Generalized Methods of Moments and ii) Maximum Likelihood Techniques in a) time series models, b) multiple equations models and c) panel frameworks.

Depending on the composition of the students’ cohort additional advanced methods that will be covered in the course may include: Simulated Maximum Likelihood, Efficient Important Sampling, Indirect Inference, Bayesian Methods, High-Frequency Financial Econometrics, Point Processes, Count Data Models, Limited Dependent Variable models.

The success of developing and publishing accounting research critically depends on the knowledge of the data and programming skills to manage large datasets. The course will introduce students to key databases in accounting research, will train students how to use these data, and will develop students’ programming skills and applied econometrics. This module is designed to introduce students to the main research design choices and methods in empirical accounting research. The areas covered by the module include data collection and main financial databases, handling large datasets using STATA, analysing data and tabulating results. The module provides a broad overview of major data operations and statistical techniques used in accounting research and shows how to effectively program using STATA and other software packages. Further the module, introduces students to the Python and R programming languages.

This module covers the econometric theory and application of selected econometric methods. The first part (Weeks 1-5) covers Time Series Econometrics, Panel Data Econometrics and Financial Econometrics. The second part (Weeks 6-10) covers Panel Data extensions, Discrete choice models and Tobit models.

• Time Series Econometrics: Statistical Inference, Time Series Modelling, Modes of Convergence, Spurious regression, Nonparametric Methods
• Panel Data Econometrics: Pooled Regression, Fixed Effects/Random Effects, Dynamic Panel Models
• Introduction to Financial Econometrics: Asset Returns, Expectations, Volatility, ICAM, Realized Volatility, High-Frequency Methods
• Panel Data extensions: Endogeneity, IV estimation, Treatment effects, Diff-in-Diff estimators
• Discrete Choice Models: Binary models (Probit/Logit), Ordered Probit/Logit, Multinominal Probit/Logit
• Tobit and Selection Models

The Pilot study/Research proposal for the PhD scheme continues on from the research undertaken in the literature review and is the final preparation before their initial paper. It is intended to help provide the student to expand their knowledge of the appropriate theoretical and empirical literature and attempt to plan a project that would make an incremental contribution to the research area. This may consist of collecting an appropriate data set that will be analysed at a later date, or constructing a theoretical framework that can be built on at a later date.

The aim of this course is to equip students with the tools necessary to enable them to make the core investment management decisions that managers face on a daily basis as well as the knowledge as to where they can find the information necessary to apply those tools. This course covers fundamental concepts and key issues in factor investing; equilibrium theories of asset pricing; mutual funds, ETFs and hedge funds; Environmental, Social and Governance; textual analysis in empirical asset pricing.

This module is designed to provide students who have no or little programming experience with introduction to Python programming in the context of academic research and real-life problem solving in accounting and finance. This module aims to develop students’ interests and confidence in financial programming and analysing big financial data, and to equip students with programming skills and data-driven problem-solving abilities.

This module will enable you to understand the key concepts and methods in data science, econometrics, and quantitative finance to carry out independent empirical work required for the job market, more advanced modules in accounting and finance and the MSc dissertation streams.

Fees and funding

General fees and funding information

There may be extra costs related to your course for items such as books, stationery, printing, photocopying, binding and general subsistence on trips and visits. Following graduation, you may need to pay a subscription to a professional body for some chosen careers.

Specific additional costs for studying at Lancaster are listed below.

College fees

Lancaster is proud to be one of only a handful of UK universities to have a collegiate system. Every student belongs to a college, and all students pay a small College Membership Fee  which supports the running of college events and activities. Students on some distance-learning courses are not liable to pay a college fee.

For students starting in 2023 and 2024, the fee is £40 for undergraduates and research students and £15 for students on one-year courses. Fees for students starting in 2025 have not yet been set.

Computer equipment and internet access

To support your studies, you will also require access to a computer, along with reliable internet access. You will be able to access a range of software and services from a Windows, Mac, Chromebook or Linux device. For certain degree programmes, you may need a specific device, or we may provide you with a laptop and appropriate software - details of which will be available on relevant programme pages. A dedicated  IT support helpdesk  is available in the event of any problems.

The University provides limited financial support to assist students who do not have the required IT equipment or broadband support in place.

For most taught postgraduate applications there is a non-refundable application fee of £40. We cannot consider applications until this fee has been paid, as advised on our online secure payment system. There is no application fee for postgraduate research applications.

For some of our courses you will need to pay a deposit to accept your offer and secure your place. We will let you know in your offer letter if a deposit is required and you will be given a deadline date when this is due to be paid.

The fee that you pay will depend on whether you are considered to be a home or international student. Read more about how we assign your  fee status .

If you are studying on a programme of more than one year’s duration, tuition fees are reviewed annually and are not fixed for the duration of your studies. Read more about  fees in subsequent years .

Scholarships and bursaries

You may be eligible for the following funding opportunities, depending on your fee status and course. You will be automatically considered for our main scholarships and bursaries when you apply, so there's nothing extra that you need to do.

Unfortunately no scholarships and bursaries match your selection, but there are more listed on scholarships and bursaries page.

If you're considering postgraduate research you should look at our funded PhD opportunities .

We also have other, more specialised scholarships and bursaries - such as those for students from specific countries.

Browse Lancaster University's scholarships and bursaries .

Similar courses

• Accounting and Financial Management MSc
• Finance MSc
• Financial Management MSc
• Investment Management and Financial Analysis MSc

Find a PhD Topic

Discover the research interests of our academics to find a synergy with your desired area of research.

Studentships and Funding

Find out more about our range of options to help you fund your postgraduate studies.

Job market candidates

Our Accounting and Finance job market candidates are listed below. Please visit PhD Job Market Candidates for a full list of LUMS candidates.

For further details, please contact the Doctoral Office .

Accounting and Finance job market candidates

Mohamed Badawy

Adina Yelekenova

Centre for Financial Econometrics, Asset Markets and Macroeconomic Policy

Visiting PhD Scholars Program

Eligibility.

• The Visiting PhD Scholars program is intended for current doctoral students who are sufficiently fluent in English and proficient in their disciplines to make a positive contribution to the research culture of Lancaster University Management School (LUMS).
• Applicants must be doctoral students. Individuals who have already obtained their PhD are not eligible for this program.
• The Visiting PhD Scholars program and its requirements and procedures are subject to change without notice.

Visiting PhD Scholars are charged a registration levy of £500 for visits of up to 3 months.

For visits more than 3 months, visiting PhD Scholars are charged a tuition fee at the standard rate (e.g., £19,520 per year at the 2023/24 rate) or on a pro-rata basis. The department is a member of the EAA ARC International PhD Visit Scheme that provides funding for visiting PhD Scholars.

Application

In order to apply for this PhD Visiting Scholar Program, students must first find a LUMS faculty supervisor. A directory of Accounting and Finance faculty along with a description of their research interests and contact information can be found in the Faculty pages .

To be considered, applicants must submit the following documents to PhD Director in Accounting, Dr Justin Chircorp or PhD Director in Finance, Dr Chelsea Yao .

• Academic transcripts (including PhD coursework transcript)
• A request for a specific time to visit (begin date and end date)
• A brief statement (not to exceed two pages) written by the applicant explaining the purpose and goals of the visit, including the details of the research project that the applicant plans to work on while in Lancaster
• A recommendation letter from a faculty member at the applicant’s home institution.

Interested students should apply at least three months prior to the start of their intended visit.

=75th in the world for Accounting and Finance

Lancaster is ranked 13th in the UK and joint 75th in the world for Accounting and Finance according to the QS World Rankings by Subject 2024, one of 11 subjects at Lancaster to be featured in the top 100 in these prestigious listings.

Alumni Profiles

Jacqui Munro

PhD Accounting and Finance , 2019

PhD Accounting & Finance , 2018

Zhifang Zhang

PhD Accounting & Finance , 2017

PhD Accounting & Finance, 2016

Joana Cardoso Fontes

PhD Accounting & Finance, 2014

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The information on this site relates primarily to 2024/2025 entry to the University and every effort has been taken to ensure the information is correct at the time of publication.

The University will use all reasonable effort to deliver the courses as described, but the University reserves the right to make changes to advertised courses. In exceptional circumstances that are beyond the University’s reasonable control (Force Majeure Events), we may need to amend the programmes and provision advertised. In this event, the University will take reasonable steps to minimise the disruption to your studies. If a course is withdrawn or if there are any fundamental changes to your course, we will give you reasonable notice and you will be entitled to request that you are considered for an alternative course or withdraw your application. You are advised to revisit our website for up-to-date course information before you submit your application.

More information on limits to the University’s liability can be found in our legal information .

Our Students’ Charter

We believe in the importance of a strong and productive partnership between our students and staff. In order to ensure your time at Lancaster is a positive experience we have worked with the Students’ Union to articulate this relationship and the standards to which the University and its students aspire. View our Charter and other policies .

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A highly-ranked university with a global reputation.

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Your college will be your home away from home.

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Career support for our students through university and beyond.

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Lancaster has so much to offer. On our campus, in our city and in our community, you’ll find your place – whoever you are.

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Lancaster is easy to get to and surrounded by natural beauty.

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Diploma in Accounting and Finance

London school of economics and political science, university of london, different course options.

• Key information

Course Summary

Tuition fees, entry requirements, similar courses at different universities, key information data source : idp connect, qualification type.

Postgraduate Diploma

Subject areas

Finance / Accounting (General) Accounting

Course type

The Diploma in Accounting and Finance is a qualification in its own right, designed for students with little or no background in accounting and finance. It would also be an ideal programme if you have some background in accounting and finance and would like to extend your knowledge and understanding in areas of special interest, or if you require a greater depth of knowledge before pursuing postgraduate study.

It is a flexible programme, providing a solid training and foundation in accounting and finance, including mathematical skills for more advanced master’s elective courses. You will be able to both specialise in accounting and finance, and select from a wide range of courses available throughout the School.

This programme is suitable for students with undergraduate degrees in arts, economics, law, business, science and engineering, as well as those with some background in accounting and finance. There is a clear route from the Diploma towards master's level study within the Department, subject to satisfactory performance.

The programme is housed within the Department of Accounting, which is widely recognised throughout Europe for its excellence in accounting and financial management research and education, as well as for its leading role in public policy issues. The interface between accounting and managers, organisations, institutions, public policy and regulatory bodies is a particular teaching and research strength of the Department.

Teaching methods

LSE is internationally recognised for its teaching and research and therefore employs a rich variety of teaching staff with a range of experience and status. Courses may be taught by individual members of faculty, such as lecturers, senior lecturers, readers, associate professors and professors. Many departments now also employ guest teachers and visiting members of staff, LSE teaching fellows and graduate teaching assistants who are usually doctoral research students and in the majority of cases, teach on undergraduate courses only.

All taught courses are required to include formative coursework which is unassessed. It is designed to help prepare you for summative assessment which counts towards the course mark and to the degree award. LSE uses a range of formative assessment, such as essays, problem sets, case studies, reports, quizzes, mock exams and many others. Summative assessment may be conducted during the course or by final examination at the end of the course.

Our graduates pursue careers across a wide range of sectors, in accounting, corporate finance, equity research, fund management and management consultancy. Companies who have employed recent graduates from the Diploma in Accounting and Finance programme include Barclays Capital, Dresdner Kleinwort Wasserstein, HSBC, Mazars, Merrill Lynch, Morgan Stanley, PayPal, Simon-Kucher & Partners and Societe Generale.

UK fees Course fees for UK students

For this course (per year)

International fees Course fees for EU and international students

Upper second class honours (2:1) degree or equivalent in any discipline. Indicating an interest in the Diploma in Accounting and Finance specifically as your first choice will maximise your prospect of admission to the programme. Equally, you should note the differentiated nature of the graduate programmes in the Department of Accounting, and identify your first choice accordingly.

Banking and Finance MSc

Middlesex university, investment and finance msc, accounting and finance msc/pgdip/pgcert, bristol, university of the west of england, real estate finance and investment (distance learning) msc, real estate finance and investment msc.

• In the classroom
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• Choosing LSE
• Management with Impact
• The Student Lens

Anna Czaplewska-Jaffery

May 23rd, 2024, why i chose lse for a mid-career phd.

Estimated reading time: 8 minutes

Anna Czaplewska-Jaffery is a PhD student in Organisational Behaviour in the Department of Management. Prior to LSE, Anna had a career as a Business Psychologist and Management Consultant spanning over a decade. In this blog, she discusses her experiences of studying a PhD at LSE and undertaking a PhD mid-career.

I have always known that I wanted to do a PhD one day, but I wanted to ensure I had hands-on experience, and an in-depth understanding of the challenges businesses are facing before deciding on the topic that I was ready to commit to.

Therefore, after completing my Masters in Organisational Psychology, I worked as a Business Psychologist and a Management Consultant, which solidified my interest in cross-cultural leadership and gender equality. The coaching and corporate training I undertook in the space of Leadership Development and Emotional Intelligence further informed my research topic, whilst the connections I built across years of consulting provided some truly wonderful opportunities for research collaboration and data collection.

However, the decision to do my PhD in the middle of a successful career was not one I made lightly.

At first, I was anxious that returning to academia would put a pause on what I had been building all these years; but where there’s a will, there’s always a way, and I managed to continue working alongside my first year of the PhD.

It wasn’t easy going back to studying after so many years, especially as a first-time mum, but I was lucky to have very supportive team both at work and at LSE. That first year also provided a smoother transition from a practitioner to a researcher and having received the opportunity to teach at LSE, I was then able to take a plunge into academia. I have managed, however, to keep one foot in the business world, as a freelance consultant and coach.

Why LSE’s Department of Management?

You often hear about how slow things can move in academia. Prior to joining LSE, I heard from friends who teach that the administrative and political aspects of academic work can really distract one from their research focus, but I haven’t found any traces of that at LSE.

LSE is a truly amazing place to be.

The expertise of the Professors at the Department of Management is impressive, and every interaction leaves you confident that you are working with truly accomplished scholars. There is a wonderful depth and breadth of expertise across a variety of topics and research methods, which allows you to not only become an expert on your own field but a well-rounded Management scholar in general.

I am also lucky to have the most incredible cohort of fellow PhD students, who I know I can count on. We have a very impressive PhD office in the beautiful Marshall Building, providing an inspiring setting to work in.

There is a great representation of various cultural backgrounds in our group (important for me given my cross-cultural research interests) and, I have been very fortunate to work with many incredibly talented female professors (in fact, in both the classes that I teach, as well as in my PhD research, I work in female-only teams which has been a very refreshing and empowering experience).

The department grants us a lot of freedom to pursue our research interests and there is a strong culture of mutual respect and support.

Members of our faculty are very accessible and not only willing to always help but appear genuinely interested in your work and try their best to help to shape your research to a level that deserves a publication in a top tier journal.

What does life look like post-PhD?

I hope my PhD helps me to become an expert in cross-cultural management and provides me with opportunities to conduct research that supports leaders, and especially female leaders, in the workplace. I am passionate about conducting research that addresses organisational challenges, particularly those related to gender equality and cross-cultural understanding, and I hope to use my expertise to provide organisations with evidence-based solutions.

I feel at home in academia and aim to continue this journey after my PhD, whilst also allowing space for the Organisational Psychologist I am at heart. To combine my research expertise with the practitioner experience, I have launched my own business, called InPsy Consulting , which focuses on leadership development, coaching for individuals working in international settings, and supporting gender equality in the workplace.

In the next few years, I would like to see myself on the way to becoming a tenured professor and growing my business as a way of sharing my practical experience and providing my clients with evidence-based solutions informed by the latest research.

About the author

Anna is a PhD student in Organisational Behaviour in the Department of Management. Prior to LSE, Anna had a career as a Business Psychologist and Management Consultant spanning over a decade. Recently, she has launched her own consultancy business, InPsy Consulting.

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