The PhD in Finance offered by the School of Business and the Department of Engineering and Sciences is a pioneer program in Latin America. It aims to train first-rank researchers who are able to identify, model and empirically contrast phenomena related to financial decisions and equilibria. It also seeks to train professors who will be able to convey this knowledge to new generations. It is aimed not only at young people, but also professors who now work in teaching, but do not possess the respective PhD degree.

The PhD begins with a strong foundation in quantitative methods and economic concepts in order to then continue with advanced finance courses. The program has two distinct elements. The first is to deliver an integrated vision in the sense that both the various areas of finance as well as theoretical and empirical topics are not considered as separate entities, but are rather intertwined as the program progresses. The second is that coursework rapidly feeds into research. As of the third quarter of the first year, the main purpose of program courses is to lead students in this direction.

The program integrates the competencies of three different schools of the university. It is offered by the Business School in conjunction with the Department of Engineering and Science. This allows us to give students a strong foundation in econometrics and quantitative methods that will then be applied to financial concepts. The two schools have experience in achieving this symbiosis since this format has been in use for the last seven (7) years in the PhD program in Management. The School of Government and economics professors of the School of Business are involved as well, providing students with the micro and macroeconomic fundamentals on which decisions and concepts related to equilibrium are based and which will be used in advanced finance courses.


General Objective of the PhD

Train graduates who are capable of creating new knowledge in the area of ​​finance, so that they can work as researchers within this scientific discipline.

Specific Objectives

  • Provide students with the knowledge and skills required to conduct high-level research.
  • Develop in students the technical and methodological capacities that will allow them to create knowledge in this disciplinary field.
  • Conduct research in one of the research areas of the program.
  • Develop the ability to identify relevant topics and problems to solve in the field of finance.


  • Microeconomics Econometrics I Asset Valuation I Financial Econometrics Financial Intermediation Corporate Finance I and II Asset Valuation II Research Methods
  • Macroeconomics
  • Econometrics I
  • Asset Valuation I
  • Financial Econometrics
  • Financial Intermediation
  • Corporate Finance I and II
  • Asset Valuation II
  • Research Methods

Required Courses

These correspond to courses considered fundamental to the program. All students must take and pass these courses. They are offered during the first four quarters of the PhD.

These courses correspond to the fundamental courses for the three main areas of the program and knowledge of which is evaluated in the qualifying examination. The content of these courses allows students to learn in depth tools, topics and methodologies needed for the further development of their research.

Research Work

A key component of the PhD whose main objective is “…to create new knowledge in the area of ​​finance, and thereby be able to function as researchers in this scientific discipline.”

The realization of this activity puts into practice what is learned in required classes and, with the support of supervising professors for the thesis, develop the ability to conduct independent research.

Complementary Activities

These correspond to activities of a scientific/academic nature that aim to give students a broader context for financial problems within the discipline of management and the opportunity to delve into specific aspects of finance.

Complementary Activities are Grouped Into:

Electives: Students must take two elective subjects, which may be taken beginning in the second year of the program. Students can choose these courses from a list that is contained in the program academic regulations.  The purpose of these electives is to delve deeper into topics necessary for research work.

Academic Seminars: While in the program, students must participate in academic seminars held by the Finance group at the UAI. In these seminars, university professors and guest lecturers present their research and discuss topics relevant to research in finance.

Core assessments

This training activity is made up of three evaluations in order to periodically assess the progress students make.

•The Qualifying Exam, used to assess the level of knowledge acquired by students regarding the fundamental elements of the program and which are necessary for the subsequent realization of the research project.

• Thesis Proposal (examination of candidature), seeks to evaluate the student’s ability to design his/her own research agenda.

• Thesis Defense, serves to assess the results of the student’s independent research work.

Upon graduation, students will have a clear view of the contribution they have made to the subject area of ​​their choice.