Doctoral

Ph.D. in Finance

The Wayne State Ph.D. in Finance focuses on corporate finance and asset pricing, with a strong emphasis on empirical research. Students typically enter with an average GMAT score of 691. The program prepares graduates for tenure-track faculty positions at top research universities, boasting a 100% placement rate. Graduates often publish in leading journals like The Accounting Review and Financial Management within their first year.

Our Ph.D. program is a member of DocNet-Consortium of Business Doctoral Programs and the Ph.D. Project.

Explore the program

  • The Wayne State finance Ph.D. program fosters academic careers and equips students with the skills needed to excel in academia and beyond. 

    • Shriya Shekhar, 2023, Gonzaga University, Assistant professor of finance, Dissertation title: Essays on bank certification of initial public offerings, Dissertation committee: Dr. Sudip Datta (chair), Dr. Mai-Iskandar Datta, Dr. Francesca Toscano, and Dr. Young-Ro Yoon
       
    • Min-Jeong Kwon, 2023, Mars Hill University, Assistant professor, Dissertation title: Essays on the Effect of Corporate Social Responsibility (CSR) on Financial Decisions, Dissertation committee: Dr. Anand Jha (co-chair), Dr. Manoj Kulchania (co-chair), Dr. Mbodja Mougoue, Dr. Francesca Toscano, and Dr. Ashrafee Hossain
       
    • Trang Doan, 2018, Eastern Illinois University, Assistant professor of finance, Dissertation title: Gender in the C-Suite: Evidence from the CFO hiring decision, Dissertation committee: Dr. Mai-Iskandar Datta (chair), Dr. Sudip Datta, Dr. Manoj Kulchania, and Dr. Li Way Lee
       
    • Norkeith Smith, 2015, California State University - Chico, Assistant professor, Dissertation title: Essays on Horizontal Divestiture and Product Market Relationships, Dissertation committee: Dr. Ranjan D'Mello, Dr. Margaret Smoller, Dr. Atif Ikram and Dr. Li Way Lee
       
    • Matt Ross, 2014, Western Michigan University, Assistant professor, Dissertation title: Elections and Asset Pricing: The Politically Sensitive Equity of US Military Contractors, Dissertation committee: Dr. Mbodja Mougoué (chair)
       
    • Chenguang Shang, 2014, Bentley University, Assistant professor, Dissertation title: Deal Innovations in Mergers and Acquisitions: Do Go-Shop Provisions Create Real Benefits? Dissertation committee: Dr. Sudip Datta (chair), Dr. Mai Iskandar-Datta, Dr. Scott Julian and Dr. Robert Rossana
       
    • Xinghua Gao, 2012, Governor State University, Assistant professor, Dissertation title: Economic Deregulation and Corporate Dividend Policy Dissertation committee: Dr. Ranjan D'Mello (chair), Dr. Mbodja Mougoue, Dr. Margaret Smoller and Dr. Li Way Lee
       
    • Yonghong Jia, 2012, Iowa State University, Assistant professor, Dissertation title: Essays on International Cash Holdings, Dissertation committee: Dr. Mai Iskandar-Datta (chair), Dr. Sudip Datta, Dr. Mbodja Mougoué and Dr. Kevin Cotter
       
    • Mark Gruskin, 2011, Penn State Lehigh Valley, Assistant professor, Dissertation title: Essays on Reverse Leveraged Buyouts, Dissertation committee: Dr. Sudip Datta (chair), Dr. Ranjan D'Mello, Dr. Mai Iskandar-Datta, Dr. Robert Rossana

    The Ph.D. in Business Administration requires a minimum of 90 credit hours beyond the baccalaureate degree. The division of these credits is as follows:

    Master's level courses (7000 level)

    These courses form the business core of the program and provide a cross-section of business operations, ethics and strategy.

    All courses are three credits. Details are available by clicking each course link. At least 15 credits are required.

    Students can transfer 15 master's level credits to their doctoral academic plan.

    Finance courses

    The courses below form the doctoral core for the finance track. These courses establish the high-level knowledge base required of Ph.D. students. 

    Each course is three credits unless noted.  Course details are available by clicking each course link. At least 13 credits are required.

    Quantitative methods

    The courses below form the quantitative emphasis of the finance track. These courses establish the high-level quantitative base required of Ph.D. students. 

    Each course is four credits unless noted.  Course details are available by clicking each course link. At least 11 credits are required.

    Minor and elective courses

    To satisfy the minor requirement, students must enroll in the following courses outside the Mike Ilitch School of Business that support their Ph.D. track and area of interest.

    Dissertation research and preparation

    The Ph.D. program requires the submission and defense of a dissertation, based on the student's original research.

    During its preparation, the student registers for BA 9991 - BA 9994  Dissertation Research and Direction I IV (7.5 credits each semester, 30 credits total).

    All coursework must be completed in accordance with the regulations of the Graduate School and the Mike Ilitch School of Business.

    Students enroll on a full-time basis and must complete the program within seven years of admission.

Student services and opportunities

The finance faculty are very well established, and their research was in line with my area of interest...Plus, the university offered a diverse environment in which to study.

Chenguang Shang
Ph.D. ‘14
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Meet the faculty

Our Ilitch School of Business professors are ready to take you to the next level. As accomplished researchers and seasoned business leaders, they know how to enrich your learning and sharpen your skills. See how their expertise can help shape your future.

See all finance faculty

Tom Shohfi
Associate Professor of Finance
Manoj Kulchania
Associate Professor
Teaching
Investments, Corporate Finance, Introduction to Finance
 
Research
Corporate Finance, Payout Policy, Share Repurchases, Cash holdings, Market Microstructure

 

View Manoj Kulchania's profile

manoj.kulchania@wayne.edu

Ranjan D'Mello
Professor of Finance

Career insights

This tool provides a broad overview of how major selection can lead to careers and is provided without any implied promise of employment. Some careers will require further education, skills, or competencies. Actual salaries may vary significantly between similar employers and could change by graduation, as could employment opportunities and job titles.

Contact the program advisor

Tom Shohfi

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Become an impactful leader with a Ph.D. in Finance from the Ilitch School of Business.