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Program description


The Ph.D. program in Finance at ISCTE-IUL is a rigorous program designed to train students to produce high quality research. The program is suited to students who want to become faculty members at research universities, lead research departments at financial institutions or be at the forefront of the application of state-of-the-art models and techniques in the financial industry activities. The program, fully taught in English, is highly quantitative in nature and therefore new Ph.D. students often have a background in finance, economics, engineering, math, or statistics. Although some students have completed graduate work prior to entry into the Ph.D. program, it is not necessary to have any graduate training.

Admission requirements


Applicant Profile


We seek to admit a small number of students each year with the following profile:

  • Strong intellectual development, as demonstrated by high academic marks, test scores and professional experience;
  • Knowledge of undergraduate math and basic computer skills;
  • Emotional maturity to complete a rigorous program of study;
  • Commitment to a career of scholarship and research (preferred).

Application materials (all applications must be submitted online; applications submitted on paperwill not be considered)


  • Application form
  • Curriculum vitae
  • Undergraduate/Bachelor certificate (with final grade)
  • Master course certificate (with final grade)
  • (Optional) GMAT or GRE score(*)  
  • TOEFL score(**)
  • Two letters of recommendation
  • Motivation Letter (between 200-300 words)
  • Research Project Proposal (between 300-900 words)

(*) GMAT/GRE score, if presented, will benefit the application; GMAT ISCTE Business School code - 0964.

(**) TOEFL score can be waived if the applicant provides alternative evidence of proficiency in English.

  • As part of the application review process, the Program Director may request an interview with the candidate.
  • The application for Doctoral Programs requires the payment of non-refundable-fee according to each round.

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Program content


  • The Finance PhD Program at ISCTE-IUL is a rigorous program designed to train students to produce high quality research.
  • The program is suited to students who want to become faculty members at research universities or who want to lead research departments at financial institutions.
  • During the first year, students take a broad sequence of courses in finance, economics and econometrics. After the first year, students work solely on their research.

Goals Learning

The students in this study cycle must be capable of:

  • (i) master the tools (Economic and Finance theory, econometric methods and others) necessary to conduct high quality research in Finance;
  • (ii) know and comprehend in-depth several topics of research in the Finance;
  • (iii) contribute in an independent and innovative way to the research in a Finance topic. In all curricular units, these objectives are defined operationally and evaluated with the instruments deemed as the most adequate for each type of objective.

Scholarships & funding

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About this institute

ISCTE-University Institute of Lisbon

ISCTE-University Institute of Lisbon

Founded in 1972, the University Institute of Lisbon (ISCTE-IUL) is one of the most prestigious public universities in Portugal, particularly focused on postgraduate studies and scientific research. It is organized in four schools: ISCTE Business School, School of Sociology and...

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Contact info

ISCTE-University Institute of Lisbon

Avenida das Forças Armadas
1649-026 Lisboa

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