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Financial Economics MRes + MPhil/PhD

London, Bloomsbury and London, Canary Wharf

This is the programme information for 2025 entry

If you require details of the previous year's programme, Financial Economics MRes + MPhil/PhD (2024), click here

UK students International students

Study mode

Full-time

UK tuition fees (2025/26)

£6,215

Overseas tuition fees (2025/26)

£33,000

Duration

5 calendar years

Programme starts

September 2025

Applications accepted

All applicants: 14 Oct 2024 – 04 Apr 2025

Applications closed

A late submission window closes on 5 April 2024. We advise those interested in the programme to apply before 24th January 2025, as those applying in the late submission window will only be considered if there are still places remaining.

Entry requirements

Applicants must hold a distinction in a Master's degree in Economics (or closely related subject) or an overseas qualification of an equivalent standard. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performances (such as GRE Quantitative of at least 160). Submitting your GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications.

The English language level for this programme is: Level 2

UCL Pre-Master's and Pre-sessional English courses are for international students who are aiming to study for a postgraduate degree at UCL. The courses will develop your academic English and academic skills required to succeed at postgraduate level.

Further information can be found on our English language requirements page.

Equivalent qualifications

Country-specific information, including details of when UCL representatives are visiting your part of the world, can be obtained from the International Students website.

International applicants can find out the equivalent qualification for their country by selecting from the list below. Please note that the equivalency will correspond to the broad UK degree classification stated on this page (e.g. upper second-class). Where a specific overall percentage is required in the UK qualification, the international equivalency will be higher than that stated below. Please contact Graduate Admissions should you require further advice.

About this degree

The MRes and MPhil/PhD in Financial Economics is a five-year programme, run jointly by two of UCL’s leading departments, the Department of Economics and the School of Management, providing you with rigorous quantitative training in microeconomics, macroeconomics, econometrics, and finance, taught in the context of cutting-edge research and relevant applications in the field.

In your first year, you’ll thoroughly engage with new analytical frameworks and develop the skills to identify relevant, topical, and highly promising research topics within financial economics, leaving you confident to present new ideas for feedback, as well as provide critical feedback to others.

The following four years (conditional upon your successful progression from the MRes to MPhil/PhD) will focus on fostering the skills you’ll need to run complex research projects from ideation through to completion, and to eventually present your research findings and methodology to a diverse range of specialised audiences. Your teaching, mentoring, and interpersonal skills will also be developed during this time.

Who this course is for

The MRes + MPhil/PhD in Financial Economics nurtures future world-leading researchers to push the frontiers of financial economics. We therefore seek graduates who strongly aspire to pursue academic careers in top business schools or departments of economics in world-class universities, or the research groups of international institutions or central banks.

This programme is ideal for you if you are intellectually curious, self-disciplined, and passionate about finance, economics, and people. You should be enthusiastic and full of stamina, well-prepared to commit to a rigorous and intellectually demanding research programme.

Read about what it takes to become a UCL graduate research student

What this course will give you

On this programme, you can expect the following benefits and opportunities:

Study at UCL, a top 10 global university (QS 2025) and become a part of two of its leading departments, the UCL Department of Economics and the School of Management. The PhD programme is an integral part of our School’s active and ambitious research environment, where you’ll receive rigorous academic training and personalised research mentorship.
Learn in a world-class environment that combines the best of a leading business school, located on Level 38 and Level 50 of the tallest building in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in UCL’s Bloomsbury campus, in London’s historical intellectual and cultural centre.
Benefit from our extensive industry and faculty networks. Our teaching staff work in close collaboration with global organisations, governments, and the public sector, bringing their unparalleled insight and research from the field, right back into the classroom and your mentorship.
Unlike many PhD programmes in finance, our programme has a full anchor in economics and econometrics. This will strongly support your PhD research and dissertation papers, which will likely be published in top academic journals worldwide.

We further support your academic and research aspirations by offering fully funded, five-year scholarships to all admitted students who applied before the 24 January 2025 application window. The scholarship covers your full tuition fees and includes an annual tax-free stipend of £26,000.

Find out how your research could have an impact

The foundation of your career

On this programme, you’ll gain the rigorous academic and interpersonal skills to perform cutting-edge research in your chosen area of financial economics. The calibre of teaching and faculty, as well as the wide array of academic opportunities unique to this programme, will prepare you for fruitful academic and research-based careers in leading universities and research institutions across the world.

UCL is where I found the leading experts in my research field. From the moment I arrived, the outstanding faculty made me feel welcome and I’m consistently pushed to deliver my best work, with all the resources and incentives in place to help me reach my full potential.

Helena Carvalho

Research Degree: Financial Economics

Hear more from our students

Employability

The skills you’ll gain over the five years will prepare you for an academic career at the highest level, such as a faculty member in a top business school or economics department, or within the research group of an international institution or central bank, able to make influential and research-backed contributions.

Networking

Throughout the programme, and after, you’ll have a multitude of opportunities to connect with, collaborate, and receive constructive feedback on your research and ideas, both from faculty and from professional connections in the financial economics field.

As a research student, you’ll join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. You can review upcoming research events at the Centre for Finance website.
As part of the (MSIN0234) Topics in Financial Economics module undertaken in your first year, you’ll have access to UCL Finance Seminars (run jointly between the School of Management and the Department of Economics), where world-leading experts in Financial Economics present their current research. In the past, speakers have included academics from leading institutions such as Yale, Berkeley, Chicago, and Columbia, as well as Nobel laureates.
You may also have the opportunity to participate in leading academic conferences in the UK and internationally, with travel, accommodation, food, and other costs covered by the UCL School of Management.

Upon graduation, you will also join UCL’s extensive alumni network.

Teaching and learning

The programme is delivered through a combination of lectures, seminars, and class discussions based on case studies and other activities.

Your performance across the modules is assessed through simulations, presentations, coursework, group projects, class participation, and examinations.

In the MRes year, you’ll study five compulsory taught modules, consisting of four 15-credit modules, and one 105-credit bearing Research Project. A typical taught module is taught over two terms (10 weeks each), with four contact hours per week, consisting of three hours of lectures and a one-hour review session. You can therefore expect approximately 16-18 contact hours a week in the first two terms, but the total number of weekly contact hours will vary.

In addition to this, you’ll spend approximately six to eight hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.

The Substantial Research Project is usually undertaken in term two and completed over the summer.

A typical full-time PhD student is expected to spend an average of approximately 36.5 hours per week working on their PhD, although this will vary, with some periods of more intensive research.

For a full overview of the programme structure please visit the UCL School of Management website.

Research areas and structure

The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics, Real Analysis and Probability with Economics Applications), a hybrid module (Financial Economics) with taught components and research-based components, and a research project in the final part of the year. For the MRes project, you will work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.

Research environment

Alongside the core economics modules you’ll study, a significant part of your programme will involve critically reviewing past and contemporary literature in the field, as well as crafting econometrically testable theories which build upon seminal academic research in financial economics.

UCL School of Management and the Department of Economics

You’ll conduct this research under the close mentorship of faculty from two leading departments at UCL, both holding outstanding reputations for producing innovative and disruptive research in management and economics. According to the REF 2021, 95% of the School’s research was deemed “world-leading” and internationally excellent", whilst the Department of Economics has ranked top in the UK for research environment and outputs in the field of Economics and Econometrics, according to REF 2014 and 2021.

Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career.

At the end of your MRes year, you’ll also submit a thesis in the form of a manuscript to be submitted to a prestigious journal for publication, providing you with invaluable practice for your PhD submissions, as well as future research endeavours.

The structure of the MRes/PhD Programme includes both a one-year MRes Degree and a four-year PhD Degree.

Progression from year one (MRes) to year two (PhD) is subject to exceeding minimum marks for all MRes modules, exams, and the final project as specified in the Programme Handbook. Failing to meet this criterion will prevent you from progressing from the MRes to the PhD.

You’ll take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0255) and 75 credits worth of 5 compulsory taught modules.

All modules in the MRes year are core modules, there are no optional modules.

You’ll also have the option to take modules offered by other UCL Departments, such as Economics or Psychology, and intercollegiate modules.

If you require further information about any of the modules listed, please contact: mgmt-pgr@ucl.ac.uk.

Accessibility

Details of the accessibility of UCL buildings can be obtained from AccessAble. Further information can also be obtained from the UCL Student Support and Wellbeing Services team.

Where you'll study

Two people in open plan office looking out of window of skyscraper

Home to UCL’s business and management research and education programmes, the UCL School of Management focuses on creating disruptive research and preparing the next generation of creative and influential leaders who can apply the latest technological developments as a strategic asset for businesses in the complex, interconnected world of the future. Through outstanding teaching by leading academics in their field and a fantastic, dedicated careers team at the School, we provide you with the knowledge, skills and networks needed to expand professional opportunities and progress in your career.

Find out more

Fees and funding

Fees for this course

UK students International students

Fee description	Full-time
Tuition fees (2025/26)	£6,215
Tuition fees (2025/26)	£33,000

The department offers fully funded scholarships to all enrolled students.

The tuition fees shown are for the year indicated above. Fees for subsequent years may increase or otherwise vary. Where the programme is offered on a flexible/modular basis, fees are charged pro-rata to the appropriate full-time Master's fee taken in an academic session. Further information on fee status, fee increases and the fee schedule can be viewed on the UCL Students website: ucl.ac.uk/students/fees.

Additional costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying. Students have an annual Research Budget they can use to cover most additional costs such as; purchasing books or stationery, printing, thesis binding or photocopying. Indicative prices for printing can be found here and UCL poster printing prices can be found here.

You may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which you'll use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy.

UCL’s main teaching locations are in zones 1 (Bloomsbury) and zones 2/3 (UCL East). The cost of a monthly 18+ Oyster travel card for zones 1-2 is £114.50. This price was published by TfL in 2024. For more information on additional costs for prospective students and the cost of living in London, please view our estimated cost of essential expenditure at UCL's cost of living guide.

Funding your studies

We offer fully funded MRes/PhD scholarships covering full tuition fees across five years, and includes an annual stipend of £26,000 which is tax-free, to all admitted students who have applied by the January 2025 deadline. This scholarship is open to all students (both UK and international).

We also offer a £2,000 annual budget for research expenses.

For a comprehensive list of the funding opportunities available at UCL, including funding relevant to your nationality, please visit the Scholarships and Funding website.

See all the ways you can fund your studies

: CSC-UCL Joint Research Scholarship

Value: Fees, maintenance and travel (Duration of programme)

Criteria Based on academic merit

Eligibility: EU, Overseas

Next steps

This programme is primarily a full-time PhD programme with the first year MRes.

We only offer a full-time programme with a single intake in September.

The application window closes on 24 January 2025 and a late submission window closes on 05 April 2025. We advise those interested in the programme to apply before the first application window, as those applying in the late submission window will only be considered if there are still places remaining. Successful candidates who apply after this deadline may receive a scholarship subject to availability or will have to come with their own funding.

For more information about applications and entry criteria, please visit the UCL School of Management website.

Please note that you may submit applications for a maximum of two graduate programmes (or one application for the Law LLM) in any application cycle.

This programme requires two references. Further information regarding references can be found on this Selecting your references page.

UCL is regulated by the Office for Students.