Financial Economics MRes + MPhil/PhD

London, Bloomsbury and London, Canary Wharf

This is a joint programme between the UCL School of Management and the Department of Economics offering a unique education and research experience to give students an advanced understanding of financial economics. This highly selective programme provides students with the skills needed to conduct insightful and original research, preparing them for an academic career in the field.

UK students International students
Study mode
UK tuition fees (2024/25)
Overseas tuition fees (2024/25)
5 calendar years
Programme starts
October 2024
February 2025
May 2025
Applications accepted
All applicants: 16 Oct 2023 – 05 Apr 2024

Applications closed

A late submission window closes on 5 April 2024. We advise those interested in the programme to apply before 31st January 2024, 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 PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management. The UCL School of Management offers scholarships to cover tuition fees and living expenses of admitted students who apply by the January 2024 application window.

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytical frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present these to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

Who this course is for

We seek graduates who aspire to pursue academic careers in top business schools or departments of economics of world-class universities or in the research group of an international institution or a central bank.

What this course will give you

Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our academic staff members throughout their doctoral study.

Unlike many PhD programmes in finance, our programme has a full anchor in economics and econometrics.

We offer a unique world-class environment with a home in Canary Wharf, the heart of London's modern financial district, and UCL's main campus in Bloomsbury, London's historical intellectual centre.

The foundation of your career

Students acquire rigorous academic and interpersonal skills to perform cutting-edge research in financial economics. This prepares them for academic and research-based careers in leading universities and research institutions


We expect our PhD graduates to be striving towards an academic career as a faculty member in a top business school or economics department or in the research group of an international institution or a central bank.


Throughout the programme, our students have the chance to interact with leading scholars around the world. This is facilitated by our active research seminar series and students' participation in leading academic conferences.

Teaching and learning

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

Student performance is assessed through simulations, presentations, coursework, group projects, class participation, and examinations.

Students will study 5 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture and 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.

Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer.

The total number of weekly hours will vary according to the weekly activities being undertaken.

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

UCL School of Management and the Department of Economics
Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF. The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship.

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF.

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. 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.

As a research student you will 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. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

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 final project as specified in the Programme Handbook. Students who fail to meet these criteria will not progress from MRes to PhD.

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

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

Students will 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:


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 team.

Fees and funding

Fees for this course

UK students International students
Fee description Full-time
Tuition fees (2024/25) £6,035
Tuition fees (2024/25) £31,100

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:

Additional costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying. 

Students 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 students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy.

For more information on additional costs for prospective students please go to our estimated cost of essential expenditure at Accommodation and living costs.

Funding your studies

We offer fully funded MRes/PhD scholarships which covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free, to all admitted students who have applied by the January 2024 deadline. This scholarship is open to all students (both UK and international).

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

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. Entrance is therefore every September.

The application window closes 31 January 2024 and a late submission window closes on 05 April 2024. We advise those interested in the programme to apply before 31 January 2024, 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 come with their own funding.

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.

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