PhD Program in Finance : SFI PhD Program in Finance

Swiss Finance Institute PhD Program in Finance

The Swiss Finance Institute PhD in Finance The program’s curriculum is structured in is one of the largest and most competitive two phases: programs in the world • The first features specific PhD level courses The program promotes the pursuit of academic covering advanced financial theory and financial excellence by providing an intellectual environment research techniques. and a curriculum comparable with the top PhD • The second is devoted to the writing of a doctoral programs in the world. The PhD program operates at thesis. Swiss Finance Institute doctoral students the three Swiss Finance Institute campuses: Léman also participate in international academic (Ecole Polytechnique Fédérale de , the activities and attend advanced courses. , and the ), Lugano (Università della Svizzera italiana), and Zurich (the ).

The program has three distinct features: • A full offering of PhD level courses in finance. • An international dedicated to research at the highest level and covering all aspects of finance. • A large international student body. www.sfi.ch/phd

"The SFI PhD Program was a life changing experience. Interacting with SFI profes- sors and PhD students during the SFI Research Days has been insightful and reward- ing. Moreover, SFI gave me the opportunity to attend the world's top conferences and connect with the world's best researchers in financial . I feel privi- leged and proud to be part of such an extraordinary community."

Andrea Barbon, SFI PhD Graduate'20, Assistant Professor of Finance, University of St. Gallen, .

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PhD Curriculum

PhD Curriculum These courses can often be integrated into the course The curriculum of Swiss Finance Institute’s PhD program with the PhD coordinator’s approval. program in Finance comprises two phases: a first year of intensive coursework followed by, on average, three Second Phase: Dissertation Writing years of advanced study and research. The program Upon admission to the second phase of the program, covers a wide range of subjects including economics, Swiss Finance Institute PhD candidates select a financial economics, corporate finance, mathematical thesis topic and choose their thesis supervisor. finance, and econometrics. Typically, students participate in research projects carried out at an academic partner institution and First Phase: Core Courses work within their chosen project as a research or The program begins with a series of core PhD teaching assistant. These research projects’ networks courses. This intensive coursework aims to provide all also guarantee intensive contact with PhD students candidates with a broad and complete education from other Swiss universities and provide an covering the basic building blocks and conceptual excellent and stimulating research environment. tools of finance, and to help orient students toward a specific field of research and a thesis supervisor. During this second phase all candidates are required to attend the SFI Research Days at the Gerzensee Each of the three campuses has established a Study Center, the faculty’s research seminar in program of core courses that reflects the strengths of finance, and the internal "brown-bag" lunch seminar. its faculty. These courses provide a sound working In addition, SFI organizes advanced courses to enable basis that enables students to successfully complete students to acquire the skills that are most relevant the PhD program, generally three years after to their thesis work. This year, Prof. Dacheng Xiu, completing the first phase. University of Chicago offered a course on 'Machine Learning in Asset Pricing'. SFI also encourages Each core course is followed by an examination. The students to take on the organization of PhD faculty member in charge attributes each student a workshops and conferences based on trending final grade for each course based on project research topics. assessm­ ents,­­­­ in-class participation, and interim coursework submitted. Admission to the second The completion of the PhD in Finance program phase is determined on the basis of the grades requires two successful evaluations: the first phase obtained from the core courses and on the successful evaluation and a final defense of the PhD completion of a research paper, for Léman and Zurich, dissertation. Università della Svizzera italiana, the or a comprehensive examination for Lugano. The University of Geneva, the University of Lausanne, and research paper should be the first draft of a the University of Zurich award a “ in publishable research paper and should contain Economics with Specialization in Finance”, and the original theoretical or empirical work developed Ecole Polythechnique Fédérale de Lausanne a independently by the student. “Doctorate in Science with Specialization in Finance”. An extensive range of Master’s-level courses is available to Swiss Finance Institute PhD candidates wishing to complement their education during the first phase of their studies.

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Current Students

Over 100 students study at the institute’s various campuses. The student body is international in nature and its members come from many and varied backgrounds, some examples below.

Philippe van der Beck (Germany) Oliver Krek (Switzerland, Austria, USA) BSc in Economics, Ludwig Maximilians Bachelor in Economics, University of St. University, Germany. MSc in Finance, Gallen, Switzerland. Master in Imperial College, UK. Currently an SFI PhD Economics, Stockholm School of student at Ecole Polytechnique Fédérale de Economics, Sweden. Master in Lausanne. Quantitative Economics and Finance, University of St. Gallen, Switzerland. Currently an SFI PhD student at Ecole Polytechnique Fédérale de Lausanne.

Winta Beyene (Switzerland) Yushi Peng (China) Bachelor in Business Administration, Bachelor in Economics, Shanghai University of St.Gallen, Switzerland. University of Finance and Economics, Master in Banking and Finance, China. MSc in Economics, University of University of St.Gallen, Switzerland. Bonn, Germany. Currently an SFI PhD Currently an SFI PhD student at student at University of Zurich. University of Zurich.

Max Daniel Eilert (Germany) Natalia Rostova (Russia) Bachelor in Economics, University of Bachelor in Economics, Lomonosov Mannheim, Germany. Master in Business , Russia. Master and Finance, Charles III University of in Economics and Finance, Einaudi Madrid, Spain. Currently an SFI PhD Institute for Economics and Finance student at University of Lausanne. (EIEF) and LUISS Guido Carli, . Currently an SFI PhD student at Ecole Polytechnique Fédérale de Lausanne.

Silvia dalla Fontana (Italy) Sam Wagner (Luxembourg) Bachelor in Business Administration, BSc in Economics, University of Lausanne, Università Ca’ Foscari, Italy. Master in Switzerland. MSc in Finance, University of Economics and Finance, Università Ca’ Lausanne, Switzerland. Currently an SFI Foscari, Italy. Currently an SFI PhD PhD student at the University of Lausanne. Student at Università della Svizzera italiana.

Gazi Kabas () Ye Zhang (China) Bachelor in Economics, Bogazici University, Bachelor in Economics, Central University Turkey. Master in Economics, Middle East of Finance and Economics Beijing, China. Technical University, Turkey. Currently an Master in Finance, Renmin University, SFI PhD student at University of Zurich. China. Currently an SFI PhD student at University of Geneva.

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Faculty Members

Swiss Finance Institute–Faculty Members (October 2020) With nearly 60 members, Swiss Finance Institute has one of the largest faculties in finance covering a wide selection of topics.

Swiss Finance Institute Chairs Swiss Finance Institute Faculty Members

Philippe Bacchetta Hansjoerg Albrecher Pierre Collin-Dufresne Giovanni Barone-Adesi François Degeorge Christoph Basten Rüdiger Fahlenbrach Stefano Battiston Damir Filipović Tony Berrada Francesco Franzoni Ines Chaieb Laurent Frésard Suzanne De Treville Amit Goyal Theodosios Dimopoulos Harald Hau Paul Embrechts Julien Hugonnier Walter Farkas Philipp Krüger Patrick Gagliardini Felix Kübler Manfred Gilli Semyon Malamud Michel Habib Loriano Mancini Thorsten Hens Antonio Mele Martin Hoesli Roni Michaely Eric Jondeau Erwan Morellec Pablo Koch Medina Boris Nikolov Lorenz Kueng Kjell G. Nyborg Cosimo-Andrea Munari Steven Ongena Eric Nowak Jean-Charles Rochet Per Östberg Oliver Scaillet Marc Paolella Paul Schneider Alberto Plazzi Norman Schürhoff Kerstin Preuschoff Fabio Trojani Michael Rockinger Alexander F. Wagner Martin Schweizer Didier Sornette Pascal St-Amour Josef Teichmann Joël Wagner

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Graduates

To date, over 200 candidates have graduated from the institute’s various campuses. These graduates are now active in both academia and the industry. Further details of our alumni can be found on our website.

Vincent Bogousslavsky (Swiss) Thomas Geelen (Netherlands) Bachelor in Economics, University of Bachelor of Econometrics and Lausanne, Switzerland. Master in Operations Research, Tilburg University, Finance, University of Lausanne, Netherlands. Master of Quantitative Switzerland. PhD in Finance, Ecole Finance and Actuarial Science, Tilburg Polytechnique Fédérale de Lausanne University, Netherlands. PhD in Finance, and Swiss Finance Institute, Switzerland. Ecole Polytechnique Fédérale de Currently, Assistant Professor of Lausanne and Swiss Finance Institute, Finance, Boston College, USA. Switzerland. Currently Assistant Professor of Finance, Copenhagen Business School, Denmark.

Maria Cecilia Bustamante (Argentina) Paola Pederzoli (Italy) B.S. and M.S. in Economics, Universidad Bachelor in Mathematics, University of Torcuato di Tella, Argentina. Master in Pavia, Italy. Master in Mathematics, Economics, Finance and Management, University of Pavia, Italy. Master in Universitat Pompeu Fabra, Spain. PhD in Finance, Collegio Carlo Alberto, Italy. PhD Finance, University of Lausanne and in Finance, University of Geneva and Swiss Finance Institute, Switzerland. Swiss Finance Institute, Switzerland. Currently Assistant Professor of Finance, Currently Assistant Professor of Finance, University of Maryland, USA. University of Houston, USA.

Fulvia Fringuellotti (Italy) Paula Mirela Sandulescu (Romania) Bachelor in Economics, Financial Bachelor in Finance, Academy of Markets and Intermediaries, LUISS Economic Studies, Romania. Master in Guido Carli University, Italy. Master in Financial Engineering, University of Economics and Finance, LUISS Guido Lausanne, Switzerland. PhD in Finance, Carli University, Italy. PhD in Finance, Università della Svizzera italiana and University of Zurich and Swiss Finance Swiss Finance Institute, Switzerland. Institute, Switzerland. Currently in Currently Assistant Professor of Finance, Research and Statistics Group, Federal University of Michigan, USA. Reserve Bank of New York, USA.

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SFI PhD Graduates Around the Globe

Placements since 2006 Swiss Finance Institute PhD program graduates obtain placements in some of the world’s most renowned academic institutions as well as in top industry organizations in Switzerland and abroad. The SFI PhD network today links more than 200 graduates across academia and industry around the world. Academia

31 18 17 49

22 America 29 50 2930 40 16 46 28 1. Boston College 8 38 23 26 37 34 5 7 27 25 21 20 2. Boston University 3 12 1 2 44 9 24 36 33 32 11 6 51

19 3. DePaul University 5 4 13 14 45 4. Emory University 10 47 52 53 39 5. HEC Montréal 43 48 42 6. Johns Hopkins Carey Business School 35

7. McGill University 15 8. Simon Fraser University 9. Stony Brook University 10. University of Houston 11. University of Maryland 12. University of Michigan

41 13. University of South California 55 20 14. University of Texas at Dallas 54

Europe/Africa 31. Norwegian School of Economics Asia 15. African School of Economics 32. Nova School of Business and Economics 48. HKUST Business School 16. Amsterdam School of Economics 33. Ozyegin University 49. International College of Economics 17. BI Norwegian Business School 34. Università Cattolica del Sacro Cuore and Finance, Moscow 18. BI Norwegian School of Management 35. Università della Svizzera Italiana 50. Institute of Economics, Management 19. Burdur Mehmet Akif Ersoy University 36. Università degli Studi di Napoli Federico II and Finance 20. Ca' Fosari University of Venice 37. Université Paris-Dauphine 51. Shandong University 21. Collegio Carlo Alberto 38. 52. Shanghai Jiao Tong University 22. Copenhagen Business School 39. 53. Shanghai University of Finance and 23. EDHEC Business School 40. University of Bristol Economics, Kazan 24. ESADE Business School 41. University of Cape Town Oceania 25. ESSEC Business School 42. University of Geneva 54. University of Melbourne 26. Frankfurt School of Finance and Management 43. University of Lausanne 55. University of New South Wales 27. HEC Paris 44. University of Siena 28. Humboldt-Universität zu Berlin 45. University of St. Gallen 29. Lancaster University 46. Vrije Universiteit Amsterdam 30. London School of Economics 47. ZHAW Zürcher Hochschule für Angewandte Wissenschaften

Industry Accenture • Amazon • Bank of Canada • Banque Centrale du Luxembourg • Credit Suisse • Deloitte • Deutsche Bank • Ernst and Young • the European Commission • the Federal Reserve Bank of New York • Goldman Sachs • McKinsey & Company • Morgan Stanley • PricewaterhouseCoopers • Royal Bank of Scotland • the Swiss National Bank • Swissquote • Swiss Re • UBS • the US Securities and Exchange Commission • Zürcher Kantonalbank

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Practical Information & Admissions

Financial Information The Admission Committee will carefully review every Students are required to register as a PhD student at application. To apply please use the online application the university to which they have been admitted. platform. If you wish to apply to different campuses They are also required to pay university PhD tuition simultaneously, you must submit a full application fees wherever applicable (see the partner university package to each campus separately. websites for more information). All students in the Swiss Finance Institute PhD program are offered The application fee is USD 80 to apply to one campus, either fellowships or teaching or research USD 100 to apply to two campuses, and USD 120 to assistantships by partner universities. apply to three campuses. There is currently no application fee waiver. There is no refund for Working Conditions applications that are not selected. Applications are Swiss Finance Institute PhD students are provided reviewed by the Admission Committee, which is with offices from the first year of the program on. composed of professors from Swiss Finance Institute. They also benefit from a wide range of first-class Admissions will be decided on a competitive basis. university facilities–libraries, computers, sports facili- Applicants are informed of the outcome of their ties, etc.–provided by the academic partner application within four weeks following the deadline institutions. The working language of the Swiss for the receipt of applications. Finance Institute PhD program is English. There are two rounds of candidate selection with Procedure application deadlines on January 15 and Applicants should have a strong interest in research March 31. Courses start in September. activities and the desire to pursue an academic career or to continue their career undertaking The number of yearly admissions will typically not research in finance within the public or private sector. exceed 20 students over the three campuses so as to Ideally an applicant’s academic record will prove a keep the program on an intimate scale and guarantee solid background in economics, finance, or personal interaction between students and faculty. If mathematics, although additional prerequisite you are admitted to the program, you will have to fill courses at the beginning of the PhD program might in special forms for the registration procedure at the compensate for weaknesses in any of these areas. university level.

The program is internationally oriented and aims to attract the best students from Switzerland and abroad. Applicants need to have a Master of Science degree in finance or economics or a degree deemed to be equivalent by the Admission Committee.

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Academic Partner Institutions

The SFI PhD Program in Finance is a centrally The campus offers services and facilities to transform coordinated program operating across multiple scientific excellence into economic competitiveness, campuses. It builds on and strengthens the jobs, and quality of life–a breeding ground for new existing programs offered by Swiss Finance companies, coaching services, study programs in Institute’s academic partner institutions: in Léman entrepreneurship, and innovation programs that at Ecole Polytechnique Fédérale de Lausanne, the foster relations between the institute’s laboratories University of Geneva, and the University of and a whole range of companies. Lausanne, in Lugano at Università della Svizzera www.epfl.ch italiana, and in Zurich at the University of Zurich and ETH Zurich. University of Geneva The Academy of Geneva became the University of Ecole Polytechnique Fédérale de Lausanne Geneva in 1873 with the creation of a . (EPFL) The university is currently composed of nine faculties: Located in Lausanne, Switzerland, on the shores of Science, Medicine, Humanities, Economics and and at the feet of the Alps and Mont Management, Social Sciences, Psychology and Blanc, EPFL is Europe’s most cosmopolitan technical Education, Law, Protestant Theology, and Translation university with students, professors, and staff from and Interpreting. It is the third largest university in over 120 nations. Daily interaction betwen students, Switzerland with around 16,400, and some 2,840 researchers, and entrepreneurs on campus regularly members of staff (professors, lecturers, and gives rise to new scientific, technological, and assistants) dedicated to the transmission and architectural projects. advancement of scientific knowledge through teaching and to fundamental and applied research. Open to Switzerland and the world, EPFL is centered The university offers more than 258 programs for on its three missions: teaching, research, and working people, and has been able to preserve the technology transfer. EPFL works together with an ancient European tradition of an academic extensive network of partners–including universities community located in the heart of a city. The and institutes of technology, developing and University of Geneva enjoys worldwide recognition for emerging countries, secondary schools and colleges, its fundamental and applied research. It has been industry and the economy, the political milieu, and listed as one of the top twelve research universities in the general public–to bring about real, positive Europe, and has been a member of the League of change in society. European Research Intensive Universities since 2002. The university’s participation in many Swiss and EPFL offers 13 complete study programs at the international research programs bears witness to the Bachelor’s and 25 at the Master’s levels. These are high esteem in which its researchers are held. complemented by exchange programs with the world’s www.unige.ch finest institutions and by industrial internships that enable students to better understand the realities of University of Lausanne the corporate world. With over 370 laboratories and Founded in 1537, the University of Lausanne (UNIL) research groups on campus, EPFL is one of Europe’s welcomes more than 15,000 students from most innovative and productive scientific institutions. Switzerland and abroad. The UNIL campus extends over a magnificent piece of woodland facing Lake Geneva, with the Ecole Polytechnique Fédérale de

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Academic Partner Institutions

Lausanne (EPFL) located just next door. Throughout provides a full range of study programs from Bachelor its seven faculties, UNIL focuses on man and the to PhD level. USI actively pursues its research goals living world in their natural and social environments. in many innovative fields and participates in As a key player in the Swiss academic landscape, numerous research networks with other Swiss UNIL collaborates with Swiss Finance Institute (SFI) universities and with a wide range of universities and many other institutions in Switzerland and abroad. Thanks to its intimate scale, a true symbiosis abroad. The teaching provided at the University of between diverse disciplines, significant direct contact Lausanne is based on research of the highest order, between students and academics, generous space, notably in finance, economics, medicine, ecology, and and high-quality technical facilities, USI offers ideal political and social sciences. conditions for study and research. www.usi.ch HEC, the business school at the University of Lausanne, is one of the leading research-oriented and University of Zurich fully accredited business institutes in Europe. With With its 28,000 enrolled students, the University of over 60 full-time faculty members and a long list of Zurich (UZH) is Switzerland's largest university. doctoral alumni, the expertise of the faculty, coupled Founded in the year 1833, UZH was Europe's first with excellent computing and library resources, university to be established by a democratic political provides opportunities for specialization matched by system; today, UZH is one of the foremost universities few other institutes in Europe. Ranked among in the German-speaking world. Made up of seven Europe’s top business schools, HEC’s objective is to faculties covering some 100 different subject areas, the provide education and conduct research at the University offers a wide variety of Bachelor's, Master's forefront of the humanities and social sciences. The and PhD programs. In addition, UZH's continuing PhD program plays an important role in that mission education programs offer excellent learning opportunities. and, therefore, constitutes a strategic part of the school. As a member of the "League of European Research www.unil.ch Universities" (LERU), the University of Zurich belongs to Europe's most prestigious research institutions. Università della Svizzera italiana Numerous distinctions highlight the University's (University of Lugano) international renown in the fields of medicine, The Università della Svizzera italiana (USI) is a immunology, genetics, neuroscience and structural dynamic young university based in one of the three biology as well as in economics. To date, the Nobel main Swiss financial centers, on the shores of Lake Prize has been conferred on twelve UZH scholars. Lugano. Founded in 1996, it is one of 12 universities in the Swiss higher education system coordinated by The academic excellence of the University of Zurich swiss universities. Thanks to its geographical, brings benefits to both the public and the private political, and cultural qualities USI has grown into a sectors not only in the Canton of Zurich, but multilingual academic institution of great internation- throughout Switzerland. Knowledge is shared in a al breadth. It comprises four faculties: Architecture, variety of ways: in addition to granting the general Communication Sciences, Economics, and public access to its twelve museums and many of its Informatics. Of the student body of around 3,000, 65 libraries, the University makes findings from percent are international students hailing from more cutting-edge research available to the public in than 100 different countries. The curriculum of each of accessible and engaging lecture series and panel the four faculties, most of which is taught in English, discussions. complies with the European university system and www.uzh.ch

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Academic Partner Institutions

ETH Zurich A total of 21 Nobel Laureates have studied, taught, or ETH Zurich (ETHZ) is one of the two Swiss federal conducted research at ETHZ, which underlines the institutes of technology and one of the world’s excellent reputation of the university. ETHZ offers 67 leading universities for the study of technology and courses with Bachelor’s and Master’s degrees in the natural sciences. ETHZ is renowned for the Engineering Sciences, Natural Sciences and excellent quality of education it offers, its Mathematics, Architecture and Civil Engineering, groundbreaking fundamental research, and for Management and Social Sciences, and implementing its results directly into practice. System-Oriented Natural Sciences. ETHZ today is home to more than 18,500 students, including 4,000 Founded in 1855, ETHZ offers researchers an doctoral students. inspiring working environment and students a comprehensive educational experience. On two main Through its pioneering research, ETHZ fosters campuses and at several other secondary locations, interdisciplinary collaborations and inspires ETHZ brings toghether approximately 29,000 international partnerships. The university also individuals from more than 110 countries. Around 500 provides services at the national level and aspires to professors currently teach and conduct research in engage in dialogue with society at large. the fields of engineering, architecture, mathematics, www.ethz.ch natural sciences, system-oriented sciences, and management and social sciences.

Léman Campus Lugano Campus: Zurich Campus: (Geneva/Lausanne): Università della Svizzera italiana University of Zurich EPFL, University of Geneva, and University of Lausanne

Swiss Finance Institute PhD Swiss Finance Institute PhD Swiss Finance Institute PhD Program Program Program University of Lausanne Università della Svizzera italiana University of Zurich Extranef Building Institute of Finance Plattenstrasse 14 Dorigny Via Giuseppe Buffi 13 CH-8032 Zurich CH-1015 Lausanne CH-6900 Lugano

Tel: +41 21 692 33 84 Tel: +41 58 666 47 52 Tel: +41 44 634 39 52 Fax: +41 21 692 34 35 Fax: +41 58 666 47 34 Fax: +41 44 634 43 45 [email protected] [email protected] [email protected]

11 Swiss Finance Institute Swiss Finance Institute (SFI) is the national center for fundamental research, doctoral training, knowledge exchange, and continuing education in the fields of banking and finance. SFI’s mission is to grow knowledge capital for the Swiss financial marketplace. Created in 2006 as a public–private partnership, SFI is a common initiative of the Swiss finance industry, leading Swiss universities, and the Swiss Confederation.

c/o University of Geneva, Bd. Du Pont d'Arve 42, CH-1211 Geneva 4 T +41 22 379 84 71, [email protected], www.sfi.ch