Business

Doctor of Philosophy in Banking and Finance

The Doctor of Philosophy in Banking and Finance is a doctoral programme offered at KCA University and the University of Nairobi. It is designed to produce scholars capable of advancing research in banking, finance, financial markets and monetary policy. The programme combines financial theory with empirical research to address challenges in Kenya's financial sector and the broader East African economy.

Students engage with advanced topics in financial theory, banking regulation, monetary economics, corporate finance, financial econometrics, risk management, financial markets, development finance and research methods. The curriculum emphasises original research that contributes to understanding financial systems, banking performance and financial inclusion in Kenya and developing economies.

Kenya's position as East Africa's financial hub, the growth of mobile banking and fintech, and the need for evidence-based financial regulation create demand for doctoral-level banking and finance expertise. The programme supports Kenya's Vision 2030 financial services pillar and contributes to financial sector stability and development.

Teaching is delivered through coursework, seminars and supervised research. At the University of Nairobi, the programme is offered through the School of Business with specialisations including Banking and Finance. At KCA University, the PhD in Finance programme includes banking and finance coursework. The programme is offered full-time and part-time with a minimum duration of three years.

Graduates pursue careers as university professors, financial researchers, central bank economists, banking executives and financial consultants. They work in universities, Central Bank of Kenya, commercial banks, financial regulatory bodies and international financial institutions.

The programme is ideal for individuals with backgrounds in finance, banking, economics or business who wish to contribute original research to banking and finance.

Duration: 3-4 years
Public, up to: Ksh 320,000
Private, up to: Ksh 332,500
Job market: High

The programme

What you study, how long it takes, and how it is delivered.

Practicalities

Study mode: Full-time, Part-time
Attachment: 0 months
Average class: 5 students
Award: PhD

What you study

10 subjects

Advanced Financial Theory
Banking Regulation and Supervision
Monetary Economics
Corporate Finance
Financial Econometrics
Risk Management in Banking
Financial Markets and Institutions
Research Methods in Finance
Development Finance
Financial Inclusion and Fintech

Modules

8 in the programme

Advanced Financial Theory
Year 1Semester 13 creditsCore
Theoretical frameworks in finance and banking, exploring cutting-edge developments, theoretical frameworks, and research methodologies at the forefront of the discipline.
Financial Econometrics
Year 1Semester 23 creditsCore
Statistical methods for financial data analysis, covering financial theories, analytical tools, and their application in investment and risk management.
Banking Regulation and Supervision
Year 1Semester 33 creditsCore
Regulatory frameworks for banking systems, covering theoretical foundations, practical methodologies, and contemporary research developments relevant to doctoral study in this area.
Monetary Economics
Year 2Semester 13 creditsCore
Monetary policy and its effects on the economy, covering economic theories, analytical frameworks, and their application to policy and decision-making in the field.
Risk Management in Banking
Year 2Semester 23 creditsCore
Risk assessment and management in financial institutions, covering strategic planning, organisational behaviour, and contemporary management challenges relevant to professional practice.
Research Methods in Finance
Year 2Semester 33 creditsCore
Research design and methodology for financial research, covering quantitative and qualitative approaches, data collection techniques, and analytical frameworks relevant to doctoral-level research.
Departmental Seminars
Year 3Semester 13 creditsCore
Research presentations and peer review of doctoral work, providing a platform for doctoral candidates to present research findings, engage with peer feedback, and explore contemporary debates in.
Thesis Research
Year 3Semester 26 creditsCore
Doctoral thesis research and dissertation writing, involving original research, literature review, data analysis, and the production of a doctoral dissertation contributing new knowledge to the.

Specialisations

Development Finance
Research on finance for development
Financial Markets
Research on financial markets and instruments
Financial Inclusion
Research on expanding access to financial services
Banking Regulation
Research on banking regulation and supervision

A day as a student

A typical day involves analysing financial data using econometric software, reviewing literature on banking and finance, attending seminars on financial markets, meeting with supervisors to discuss research progress, and engaging with Central Bank of Kenya and Kenya Bankers Association for research collaboration.

The trade offs

In its favour

Kenya is East Africa's financial hub with strong career opportunities
Access to CBK, KBA and financial regulatory bodies for research
Research informs financial policy and regulation

Against it

Requires strong quantitative and analytical skills
Access to financial data can be restricted
Private university fees can be high

What it costs

Tuition at both ends of the market, and how to pay for it.

What it costs, and where

Against 331 business courses

Public170k to 320k

170k at Jomo Kenyatta University of Agriculture and Technology320k at University of Nairobi

Private200k to 333k

200k at Mount Kenya University333k at KCA University

Annual tuition in Kenyan shillings, rounded. The upright tick is the median for this field, so a bar sitting entirely to its right is an expensive programme by the standards of its own subject.

The fine print

UoN 288K+fees≈320K; JKUAT 170,167; KCA 332,500 Yr1; MKU 200K. All verified.

HELB provides postgraduate loans. DAAD offers scholarships for postgraduate study. The Capital Markets Authority may offer research grants for financial sector research.

Funding options

HELB Postgraduate Loan
DAAD Kenya Scholarship
CMA Research Grant

Scholarships

3 recorded

CMA Research Grant
GrantKenyan
Financial sector researchers in Kenya
DAAD Kenya Scholarship
ScholarshipKenyan
Postgraduate students in Kenya
HELB Postgraduate Scholarship
LoanKsh 200,000Kenyan
Kenyan postgraduate students

Getting in

The grades, the alternatives, and who accredits the award.

What you need

KCSE mean grade: Masters Degree
Alternative entry: Holder of a Master's degree in a relevant discipline from a recognised institution. Must submit a research proposal.

MSc or MBA in Finance, Banking, Economics or related field
Relevant Masters from recognised university

How you are assessed

3 components

Thesis
Thesis50% of the mark
Doctoral thesis research, submission and oral defence
Thesis Proposal Defence
Oral defence20% of the mark
Defence of research proposal before departmental panel
Coursework
Continuous assessment30% of the mark
Assignments, case studies and seminar presentations

Accreditation

Accredited by the Commission for University Education (CUE). Offered at KCA University (PhD in Finance) and the University of Nairobi (School of Business, PhD in Business Administration with Banking specialisation). The Co-operative University of Kenya also offers PhD in Finance.

Accredited by

Commission for University Education
AcademicRequired
Statutory body responsible for accreditation of university programmes in Kenya

Where it leads

The roles it opens, and what you leave with.

Where graduates go

4 roles

Central Bank Economist
High demandKsh 200,000 to Ksh 500,000
Economic research and policy analysis at Central Bank of Kenya
Financial Consultant
Moderate demandKsh 180,000 to Ksh 450,000
Consulting on financial sector development and regulation
Banking Executive
High demandKsh 250,000 to Ksh 600,000
Senior management at commercial banks
University Professor
High demandKsh 180,000 to Ksh 450,000
Teaching and research in finance and banking departments

Graduate outcomes

Graduates pursue careers as university professors, financial researchers, central bank economists and banking executives. They work at CBK, KBA, universities, commercial banks and financial institutions.

Where these fields lead

8 careers

Certifications

Industry links

Common misconceptions

A PhD in Banking and Finance is just about managing banks.
The programme covers financial theory, econometrics, monetary policy, regulation and development finance.
There is no demand for finance PhDs in Kenya.
Kenya's financial sector growth, fintech expansion and regulatory needs create strong demand.
Finance research is purely theoretical.
The programme uses econometric analysis, empirical research and policy-relevant studies.
Only bankers study banking and finance PhDs.
The programme attracts economists, mathematicians and business professionals.