Ph.D. in Business

The Gabelli School of Business Ph.D. program offers highly qualified students a unique opportunity to study alongside leading scholars in the heart of Manhattan. This full-time, research-intensive program provides the requisite empirical and theoretical skills necessary for students to become academic scholars. A specialized curriculum and faculty mentorship position students to contribute to business scholarship at the highest level.

The Gabelli School Ph.D. is intended for individuals who envision themselves as researchers or faculty members at universities and other institutions around the world. Ph.D. students complete coursework, pass a series of exams and, of course, propose, write, and defend a dissertation. Students will specialize in one of the Gabelli School’s traditional academic areas, such as finance or management. Upon admission, students select one of two interdisciplinary curriculum tracks:

  • Capital Markets
  • Strategy and Decision-Making

The Capital Markets track combines the traditional aspects of economic theory with the quantitative rigor of finance and accounting. The Strategy and Decision-Making track encompasses all aspects of the contemporary study of decision-making with theories of management, marketing, information systems, business ethics, business media, and operations.

Students in each track complete specialized coursework and receive relevant professional skills training. Program graduates can expect to research and teach in multiple fields in the discipline.


To learn more about the Ph.D. in Business program, please visit the Fordham website.

Each application to the Gabelli School of Business Ph.D. program receives a thorough and complete evaluation.

Applicants are evaluated on two primary criteria:

  1. Demonstrated past success in university programs
  2. Potential ability in the field as an academic scholar

It is expected that most applicants to the Ph.D. program will hold a graduate degree from an accredited university in business or a related field, such as an M.S. in economics, finance, mathematics, operations research, psychology, or statistics.

Transfer students from other Ph.D. programs, particularly in economics, are strongly encouraged to apply. Students may receive consideration for transferred credits based on previous coursework and degrees. Applicants without graduate degrees or with general questions about their eligibility are encouraged to email businessphd@fordham.edu.

Application Materials

Applicants must provide all of the following materials:

Statement of Purpose

This one- to two-page statement should introduce the applicant, provide a summary of past academic achievements, indicate the applicant’s current academic interests, identify what he or she hopes to accomplish, and explain the choice of both a business Ph.D. in general and the Gabelli School program in particular.

CV/Résumé

An updated CV or résumé should detail all relevant academic and/or professional experience and achievements.

Writing Sample

A writing sample demonstrating strong research and writing skills is required. The writing sample should ideally be a research paper in the area of the applicant’s interest, such as a master’s thesis or a seminar paper.

Transcripts and GPA

Official transcripts in support of all previously earned degrees must be sent to Fordham directly from the issuing institution. It is expected that applicants have maintained a minimum GPA of 3.5. All international transcripts and related documents must be evaluated by World Education Services (WES). Given the time involved in the evaluation process, unofficial transcripts may be submitted as placeholders; however, any admissions decision is conditional upon eventual evaluation of all international transcripts.

Letters of Recommendation

Three letters of recommendation are required; at least two of these must be written by professors or academic research practitioners.

GMAT/GRE

A valid GMAT or GRE score is required. The minimum expected GMAT score is 700, and the minimum expected GRE score is 160 verbal reasoning / 160 quantitative reasoning / 5 analytical writing.

TOEFL/IELTS

International applicants who have not earned their previous degree(s) at a university in the United States or another English-speaking country must submit a valid TOEFL or IELTS score. The minimum expected TOEFL score is 105, and the minimum expected IELTS score is 7.5.

Interview

Applicants who meet the above requirements may be interviewed by the doctoral program committee.

Application Fee

The application fee is $75.

The Gabelli School Ph.D. program consists of 90 credits, which students complete with guidance from their advisers. Most students complete the program in five years, though advanced students transferring in from another doctoral program may receive consideration for credits already earned. Upon successful completion of the program, students receive a Doctor of Philosophy in Business degree (Ph.D.). Students also earn a Master of Philosophy in Business degree (M.Phil) and a Master of Science (M.S.) degree in recognition of earlier milestones in the program.

Coursework

The major focus of Years 1 and 2 is the completion of 54 credits of coursework. All students complete 24 credits in common core courses. Students in each focus complete 15 credits in specialized seminars and 15 credits in specialized electives. Upon completion of 30 credits of coursework, students are eligible to be awarded a Master of Science degree.

Comprehensive Exams

Students sit for two comprehensive exams: the first at the conclusion of Year 1 and the second at the conclusion of Year 2.

The Year 1 comprehensive exam is a written exam designed to measure a student’s fundamental understanding of business, with an emphasis on economics, management, and quantitative and empirical methods.

The Year 2 comprehensive exam is a written field exam. Students work with advisors to determine two appropriate reading lists at the end of Year 1 and read for the exam during Year 2. The field exam measures knowledge of the field(s) and determines readiness to move on to the dissertation phase. Both exams are graded Pass/Fail.

Year 2 Paper

At the conclusion of Year 2, students present a paper to the faculty during a doctoral program workshop, which will be graded by a Pass/Fail faculty vote. The paper may be an extension of a course paper or a research paper pursued independently. This paper provides an opportunity for students to build presentation and workshop skills, and should ideally serve as an eventual component of the dissertation.

Independent Study

The focus of Year 3 is ensuring that students hone their research and writing skills before moving onto the dissertation phase. Students complete 12 credits of independent study in close collaboration with their advisors, which includes the development, research, and writing of a dissertation proposal. Students defend their dissertation proposal to their prospective dissertation committee at the conclusion of Year 3. Upon completion of Year 3, students are awarded a Master of Philosophy in Business (M.Phil).

Dissertation

Years 4 and 5 are devoted to the research and writing of a dissertation. This consists of 24 credits of dissertation work. The dissertation is a large-scale, closely supervised research project typically consisting of three to four article-length papers, preferably along a similar topic, with extensive research, writing, and revision expected. Students offer regular progress updates to their dissertation committee members, who in turn meet with the doctoral program director to ensure sufficient progress. Upon successful completion and defense of the dissertation, students are awarded a Doctor of Philosophy in Business (PhD).

Teaching

Teaching is a key component of the Ph.D. program.

In preparation for the rigors and standards of life as an academic, all students attend a seminar on pedagogy in Year 2. This seminar briefs students on specific techniques in teaching business at the highest level, as well as on the academic and cultural standards of education at universities in the United States.

Following this pedagogical training, Ph.D. students have access to a variety of supervised and independent teaching opportunities. These include teaching courses, working as teaching assistants for faculty, and guiding students in independent research. Teaching commitments are determined based on a student’s previous teaching experience, area of focus, and academic standing.

These courses are administered by the Business Ph.D. program. 

BPHD 6970. Applied Microeconometrics. (3 Credits)

The primary goal of the course is to improve students’ ability to conduct high-level empirical research, combining economics, econometrics, and data. The course will specifically cover instrumental variables estimation, regression discontinuity, propensity score matching, control function approach, randomized control trials, static panel data models, and dynamic panel data models. The course is intended to be particularly useful for advanced Ph.D. students and master's students planning to write or currently writing a thesis. The course will mainly draw on a series of high-quality journal publications from the field of applied microeconomics that use the aforementioned applied econometric techniques for causal inference.

Prerequisite: ECON 6910.

BPHD 7010. Fundamentals of Acct 1. (3 Credits)

Provides insights into how accounting information can be used by investors and creditors to measure the results of business operations.

BPHD 7011. Economic Analysis and Business Decisions. (3 Credits)

Presents economic theories to examine business pricing, production, marketing, and profits within different market structures and environments. Topics include: consumer choice and demand; the behavior of firms; market power and structure; the efficiency of competitive markets; externalities and social costs; information and behavior under uncertainty. The course also discusses social costs and benefits of business actions and related ethical and regulatory issues.

BPHD 7012. Financial Statement Analysis. (3 Credits)

An understanding of financial statements and the information they communicate on the operating, investing and financing activities of corporations. Focuses on the impact of financial accounting principles, disclosure standards and alternative accounting practices on financial reports. Examines and evaluates traditional and non-traditional methods of financial statement analysis.

BPHD 8001. Philosophy of Science. (3 Credits)

Provides an understanding of the philosophy, history, theory, and institutions of doctoral-level research in business.

BPHD 8002. Research Methods. (3 Credits)

Provides an understanding of the key elements of theory building, research design and methods.

BPHD 8003. Intro to Micro & Macro. (3 Credits)

Introduction to micro and macroeconomics.

BPHD 8004. Financial Econometrics. (3 Credits)

BPHD 8005. Empirical Capital Markets. (3 Credits)

Provides an understanding of the key elements of the study of capital markets.

BPHD 8006. Data Analysis. (3 Credits)

Provides an understanding of the key elements of contemporary data analysis.

BPHD 8007. Econometrics. (3 Credits)

Overview and in-depth analysis of econometrics theory and practice.

BPHD 8008. Fundamentals of Acct 1. (3 Credits)

Provides insights into how accounting information can be used by investors and creditors to measure the results of business operations.

BPHD 8009. Quantitative Issues in Capital Markets. (3 Credits)

In-depth study of the key quantitative issues in capital markets.

BPHD 8010. Raising Capital & Inv in Glob. (3 Credits)

Provides a comprehensive overview of the going-public decision. Examines the strategies and process of corporate restructuring and investing activities, such as mergers and acquisitions, corporate diversification, spin-offs, carve-outs, asset sell-offs, tracking stock, exchange offers, and debt restructuring.

BPHD 8011. Seminar in Corporate Theory. (3 Credits)

In-depth study of a variety of topics in corporate theory.

BPHD 8012. Quantitative Methods. (3 Credits)

BPHD 8013. Managerial Accounting Analysis. (3 Credits)

In-depth study Managerial Accounting Analysis.

BPHD 8014. Financial Statement Analysis. (3 Credits)

An understanding of financial statements and the information they communicate on the operating, investing and financing activities of corporations. Focuses on the impact of financial accounting principles, disclosure standards and alternative accounting practices on financial reports. Examines and evaluates traditional and non-traditional methods of financial statement analysis.

BPHD 8016. Investment Banking. (3 Credits)

In-depth study of Investment Banking.

BPHD 8017. Seminar in Banking & Finance. (3 Credits)

In-depth study of research questions, theory, and methodology in banking and finance.

BPHD 8018. Research in Economics. (3 Credits)

In-depth study of research in economics.

BPHD 8019. International Accounting. (3 Credits)

In-depth study of International Accounting.

BPHD 8020. Empirical Research in Accounting and Capital Markets. (3 Credits)

In-depth study of a variety of topics in accounting and capital markets.

BPHD 8021. International Corporate Tax. (3 Credits)

Introduces the complexities of international taxation by focusing on the U.S. tax system’s impact on U.S. companies investing or operating abroad and on foreign companies investing or operating in the U.S. Topics include tax treaties, foreign tax credits and controlled foreign operations.

BPHD 8022. Web Analytics. (3 Credits)

Web analytics --also referred to as Web metrics, e-Metrics, or e-analytics --is the science of Internet audience measurement and analysis. It deals with the identification, gathering & formatting of Web usage data, the computation and presentation of metrics, and the exploitation of the results, in order to measure web site success. Meaningful insight is gained from traffic and visitor analytics data. It not only covers the unique measurement challenges associated with segmentation, but also comes with strategic recommendations for focusing the entire analytics process - from where to begin to what your larger, overall web analytics goals should be (Google Analytics, IBM ShowCase Web Analysis).

BPHD 8023. Fixed Income Analysis. (3 Credits)

Introduces techniques for valuing fixed income securities and their derivatives. Emphasizes pricing and risk-measurement for government, corporate and mortgage-backed instruments. Analyzes embedded options using the binomial model. Develops fixed-income trading and portfolio management techniques, including the use of repo, futures, options, swaps and credit derivatives. Examines theory and empirical evidence on the term structure of interest rates, including the derivation of spot and implied forward yield curves.

BPHD 8025. Corporate Finance. (3 Credits)

Studies corporate finance and its specific decisions. Topics include evaluating capital expenditure proposals, forecasting financing requirements and selecting sources of financing. The course also discusses working capital management, dividend policy and contingency planning, and addresses the additional challenges of multinational firms.

BPHD 8026. Big Data Analytics. (3 Credits)

This course provides students with an understanding of big data analytics, research, and methods.

BPHD 8027. Advanced Qualitative Accounting and Finance. (3 Credits)

This course provides students with advanced knowledge of qualitative accounting and finance.

BPHD 8028. Empirical Research in Accounting: Financial Instruments, and Debt Contracting. (3 Credits)

This course provides advanced knowledge of banking, financial instruments, and debt contracting.

BPHD 8029. Empirical Research in Financial Accounting. (3 Credits)

This course provides advanced knowledge of financial accounting.

BPHD 8030. Macro-Finance. (3 Credits)

This course covers advanced topics at the intersection of macroeconomics, monetary economics, banking, and international finance.

BPHD 8031. Advanced Capital Markets Seminar 1. (3 Credits)

This advanced seminar addresses the core issues related to the raising of capital, long-term financial investments, and the financial services industry in a global context. The course will consider case studies, theoretical writing, and hands-on modeling.

BPHD 8032. Advanced Quantitative Accounting and Finance. (3 Credits)

This course addresses the skills necessary to perform advanced analyses of major issues and problems in accounting and finance. The course will consider theoretical and methodological approaches with empirical applications.

BPHD 8033. Financial Accounting. (3 Credits)

Students in this course develop the ability to analyze and interpret financial statements and study the effects of alternative accounting standards and practices on income statements, balance sheets, and statements of cash flows.

BPHD 8034. Applied Microeconometrics. (3 Credits)

The primary goal of this course is to improve students’ ability to conduct high-level empirical research, combining economics, econometrics, and data. The course will cover instrumental variables estimation, regression discontinuity, propensity score matching, control function approach, randomized control trials, static panel data models, and dynamic panel data models. The course is intended to be particularly useful for advanced Ph.D. students and master's students planning to write or currently writing a thesis. The course will mainly draw on a series of high-quality journal publications from the field of applied microeconomics that use the aforementioned applied econometric techniques for causal inference.

BPHD 8035. Seminar in Theoretical Corporate Finance. (3 Credits)

This course considers the theoretical underpinnings of corporate finance, with particular attention paid to the history of corporate finance and contemporary theoretical studies. The course seeks to address the core issues related to funding, capital structure, firm value, and how these abstractions inform our empirical view of corporate finance today.

BPHD 8036. Fintech & Machine Learning. (3 Credits)

A comprehensive survey of the tools related to the burgeoning fields of financial technology and machine learning in a business context. The course addresses technology and innovation and their relationship to financial services, as well as the algorithms and statistical models that may be deployed to help build these systems.

BPHD 8037. Financial Modeling. (3 Credits)

This course helps students develop the type of Excel-based financial models that businesses use every day to analyze a wide range of financial problems and make decisions. Students deliver written and oral presentations of their models and practice skills critical for a successful career in finance.

BPHD 8038. Advanced Corporate Finance. (3 Credits)

This course teaches students the art of applying corporate finance theory, providing them with tools and techniques essential to strategic decision-making in critical real-life situations faced by organizations. The course enhances students’ understanding of corporate finance by providing a comprehensive examination of selected advanced topics, such as alternative valuation methods, real options in corporate finance, decision trees, international operations, mergers and acquisitions, risk arbitrage, debt capacity and leveraged buyouts, private equity, warrants and convertibles, and ethical issues.

BPHD 8039. Fundamentals of Strategy. (3 Credits)

Students in this course focus on defining an organization's mission, establishing its objectives, developing strategies for achieving those objectives, and assuring implementation and continual updating of long-term plans. This course integrates the knowledge and skills developed in the core courses.

BPHD 8040. Seminar in Strategic Management. (3 Credits)

This course involves intensive study of strategy, with a focus on theory, research, and methodology. Topics covered may include organizational theory, behavior, sustainability, green technology, energy, business and government relations, nonmarket strategy, and social media. Techniques will include statistical analysis, case study review, and other deep-dives.

BPHD 8041. Global Risk Management. (3 Credits)

This course covers market risk and volatility, calculation of vaR (value at Risk), Monte Carlo Simulation, credit risk and use of credit derivatives, operational risk, counterparty risk, and other topics. It discusses risk regulations, including Basel II, recent developments in Basel III, and recent regulations on the banking industry in the U.S.

BPHD 8042. Equity Analysis. (3 Credits)

This course will feature a series of guest lecturers who are highly regarded experts in their respective areas. The course will cover wealth management, private equity, equity analysis in general, and analysis within specific industry sectors such as retail, media, insurance, etc. We are looking for highly motivated students who will ask lots of questions and who will engage the guest lecturers in meaningful dialogue during the discussion periods.

BPHD 8043. Advanced Global Portfolio Management. (3 Credits)

The course will review (1) basics of modeling of securities' returns and volatility in the context of portfolio management / “buy-side”; (2) theoretical basis and empirical evidence of risk-return tradeoff and investor preferences; (3) main approaches to portfolio construction and challenges with their practical application; (4) performance evaluation, and other relevant portfolio management topics.

BPHD 8044. Machine Learning. (3 Credits)

This course covers the mathematical and algorithmic underpinnings of core methods in machine learning. Students learn to develop and implement classifiers and learners, using calculus and linear algebra, and they consider learning on fully labeled, partially labeled, and unlabeled data. Students also analyze and implement dimensionality reduction methods. Topics include gradient ascent/descent, support vector machines, neural networks, hidden Markov models, information criteria, factor/component analysis, and expectation-maximization.

BPHD 8090. Dissertation 1. (3 Credits)

Supervised dissertation hours.

BPHD 8091. Dissertation 2. (3 Credits)

Supervised dissertation hours.

BPHD 8092. Dissertation 3. (3 Credits)

Supervised dissertation hours.

BPHD 9001. Topics in Business Research 1. (1.5 Credits)

In-depth study of a variety of theoretical and empirical topics in business disciplines.

BPHD 9002. Topics in Business Research 2. (1.5 Credits)

In-depth study of a variety of theoretical and empirical topics in business disciplines.

BPHD 9003. Topics in Business Research 3. (1.5 Credits)

In-depth study of a vairety of theoretical and empirical topics in business disciplines.

BPHD 9004. Topics in Business Research 4. (1.5 Credits)

In-depth study of a variety of theoretical and empirical topics in business disciplines.

BPHD 9005. Topics in Business Research 5. (1.5 Credits)

In-depth study of a variety of theoretical and empirical topics in business disciplines.

BPHD 9006. Topics in Business Research 6. (1.5 Credits)

In-depth study of a vairety of theoretical and empirical topics in business disciplines.

BPHD 9007. Empirical Issues in Bus Rsrch. (3 Credits)

Provides an understanding of empirical issues in business research.

BPHD 9008. Quantitative Analysis I. (1.5 Credits)

In-depth study of quantitative analysis.

BPHD 9009. Quantitative Analysis II. (1.5 Credits)

Continuing in-depth study of quantitative analysis.

BPHD 9010. Empirical Issues in Rsrch 2. (3 Credits)

Provides a continuing understanding of empirical issues in business research.

BPHD 9011. Empirical Issues in Business Research 3. (3 Credits)

This course provides a continuing understanding of empirical issues in business research.

BPHD 9012. Topics in Business Research 7. (1.5 Credits)

This course offers an in-depth study of a variety of theoretical and empirical topics in business disciplines.

BPHD 9013. Topics in Business Research 8. (1.5 Credits)

This course involves in-depth study of a variety of theoretical and empirical topics in business disciplines.

BPHD 9014. Blockchain. (1.5 Credits)

Students in this course will explore the role currency plays in the economy; the emerging technologies pioneering new forms of digital money; and the impact these technologies will have on currency, the economy, and the broader category of capital.

BPHD 9015. Digital Currencies. (1.5 Credits)

This course will explore specific examples of new technologies being used to develop new forms of currency and digital money, and redefine the broader category of capital. The course will use real products and services to explore these topics.

BPHD 9030. Machine Learning and Text Mining 1. (1.5 Credits)

This course covers technical topics of web and text mining methodologies and research studies in the area of design science and social computing.

BPHD 9031. Machine Learning and Text Mining 2. (1.5 Credits)

This course covers technical topics of web and text mining methodology and research studies in the area of design science and social computing.

BPHD 9040. Acting. (1.5 Credits)

This course covers acting techniques for doctoral business students. It includes empathetic listening, assertive influence, sense of of space, expressive power, and other key concepts. The course provides students with knowledge and skills that may later be used for presentations, classroom teaching, and other contexts in which ideas will be delivered.