Business

Doctor of Philosophy in Finance

The Doctor of Philosophy in Finance is a doctoral programme offered at Kenyatta University through the School of Business, Economics and Tourism, and at the University of Nairobi through the School of Business. It is designed to produce scholars capable of advancing research in finance, financial markets, corporate finance and financial economics. The programme addresses Kenya's growing financial sector and the need for evidence-based financial policy.

Students engage with advanced topics in financial theory, corporate finance, financial markets, investment analysis, financial econometrics, behavioural finance, international finance, banking and financial institutions, financial risk management and research methods. The curriculum emphasises original research that develops financial insights for Kenya's financial sector and capital markets.

Kenya's position as East Africa's financial hub, the growth of Nairobi Securities Exchange, mobile banking innovation and the need for financial regulation create demand for doctoral-level finance expertise. The programme supports Kenya's financial sector development and Vision 2030 economic goals.

Teaching is delivered through coursework, examination and thesis. At Kenyatta University, the programme is offered as a specialisation within PhD in Business through the School of Business, Economics and Tourism in Regular and Part-Time modes. Annual fees are KSh 244,800 for East Africans and KSh 306,000 for non-East Africans. At UoN, the programme is offered at Lower Kabete Campus.

Graduates pursue careers as university professors, finance researchers, financial analysts, investment consultants and financial policy advisors. They work in universities, Central Bank of Kenya, Nairobi Securities Exchange, Capital Markets Authority, banks and financial consulting firms.

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

Duration: 3-4 years
Public, up to: Ksh 244,800
Private, up to: Ksh 310,200
Job market: High

The programme

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

Practicalities

Study mode: Full-time, Part-time, Evening, Weekend
Attachment: 0 months
Average class: 8 students
Award: PhD

What you study

10 subjects

Advanced Financial Theory
Corporate Finance Research
Financial Markets and Institutions
Investment Analysis and Portfolio Management
Financial Econometrics
Behavioural Finance
International Finance
Banking and Financial Regulation
Financial Risk Management
Research Methods in Finance

Modules

12 in the programme

Advanced Financial Theory
Year 1Semester 13 creditsCore
Theoretical foundations of finance, exploring cutting-edge developments, theoretical frameworks, and research methodologies at the forefront of the discipline.
Ethical Theory
Year 1Semester 13 creditsCore
Advanced study of ethical theory, covering theoretical foundations, current research trends, and practical applications relevant to the Kenyan and East African context.
Financial Econometrics
Year 1Semester 23 creditsCore
Econometric methods for financial research, covering financial theories, analytical tools, and their application in investment and risk management.
Logic
Year 1Semester 23 creditsCore
Advanced study of logic, covering theoretical foundations, current research trends, and practical applications relevant to the Kenyan and East African context.
Corporate Finance Research
Year 1Semester 33 creditsCore
Research on corporate finance decisions, covering financial theories, analytical tools, and their application in investment and risk management.
Research Methods
Year 1Semester 33 creditsCore
Advanced study of research methods, covering theoretical foundations, current research trends, and practical applications relevant to the Kenyan and East African context.
Financial Markets and Institutions
Year 2Semester 13 creditsCore
Research on financial markets and institutions, covering financial theories, analytical tools, and their application in investment and risk management.
Metaphysics
Year 2Semester 13 creditsCore
Advanced study of metaphysics, covering theoretical foundations, current research trends, and practical applications relevant to the Kenyan and East African context.
Financial Risk Management
Year 2Semester 23 creditsCore
Research on financial risk management, covering strategic planning, organisational behaviour, and contemporary management challenges relevant to professional practice.
Epistemology
Year 2Semester 23 creditsCore
Advanced study of epistemology, covering theoretical foundations, current research trends, and practical applications relevant to the Kenyan and East African context.
Research Methods in Finance
Year 2Semester 33 creditsCore
Research design and methodology for finance research, covering quantitative and qualitative approaches, data collection techniques, and analytical frameworks relevant to doctoral-level research in.
Philosophy of Mind
Year 2Semester 33 creditsCore
Advanced study of philosophy of mind, covering theoretical foundations, current research trends, and practical applications relevant to the Kenyan and East African context.

Specialisations

Corporate Finance
Research on corporate finance decisions
Financial Markets
Research on financial markets
Behavioural Finance
Research on behavioural finance
Banking
Research on banking and financial institutions
Logic
Specialization in Logic, preparing graduates for careers such as university-lecturer.
Ethical Theory
Specialization in Ethical Theory, preparing graduates for careers such as philosopher.
Metaphysics
Specialization in Metaphysics, preparing graduates for careers such as policy-analyst-social-policy.
Epistemology
Specialization in Epistemology, preparing graduates for careers such as research-ethics-coordinator.
Specialisation Methods
Specialization in Specialisation Methods, preparing graduates for careers such as bioethicist.
Philosophy of Mind
Specialization in Philosophy of Mind, preparing graduates for careers such as applied-ai-ethicist.

A day as a student

A typical day involves analysing financial data using econometric software, reviewing finance literature, developing financial models, attending seminars on finance theory, meeting with supervisors to discuss research progress, and engaging with Central Bank, NSE and financial institutions for research data and collaboration.

The trade offs

In its favour

Kenya's financial sector growth creates strong demand
Advanced research skills open doors to academic and research careers in Kenya and internationally
Access to Central Bank, NSE and CMA for research
Graduates are well-positioned for leadership roles in their respective sectors

Against it

Requires strong quantitative and econometric skills
Requires significant time commitment, typically 3-4 years for PhD and 2 years for Masters
Research funding can be limited, requiring students to seek external grants
Limited number of supervisors in specialised fields may restrict research topics

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

Public205k to 245k

205k at Jomo Kenyatta University of Agriculture and Technology245k at Kenyatta University

Private250k to 310k

250k at Mount Kenya University310k at Kabarak 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

KU 244.8K/yr(ku.ac.ke); JKUAT 205K(kenyaeducationguide); Kabarak 310.2K; MKU 250K Acct&Fin.

HELB provides postgraduate loans. DAAD offers scholarships for postgraduate study. African Development Bank may provide grants for financial sector research.

Funding options

HELB Postgraduate Loan
DAAD Kenya Scholarship
African Development Bank Grant

Scholarships

5 recorded

DAAD Kenya Scholarship
ScholarshipKenyan
Postgraduate students in Kenya
HELB Postgraduate Scholarship
LoanKsh 200,000Kenyan
Kenyan postgraduate students
African Development Bank Grant
Grant
Financial sector researchers in Africa
DAAD Scholarship
ScholarshipKenyan
African graduates meeting academic criteria for postgraduate study in relevant fields
HELB Postgraduate Loan
LoanKsh 80,000Kenyan
Kenyan postgraduate students enrolled in recognised universities

Getting in

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

What you need

KCSE mean grade: Masters Degree
Alternative entry: At KU: Holder of non-executive MBA or equivalent in Business from KU or recognised institution; or Masters degree from KU in areas relevant to Business. At UoN: Master's degree in Finance or relevant discipline from UoN or recognised institution.

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

How you are assessed

5 components

Thesis Defence
Coursework100% of the mark
Research Seminars
Coursework20% of the mark
Continuous Assessment Tests
Coursework20% of the mark
Coursework
Continuous assessment30% of the mark
Assignments, econometric analyses and seminar presentations
Thesis
Thesis50% of the mark
Doctoral thesis research, submission and oral defence

Accreditation

Accredited by the Commission for University Education (CUE). Offered at Kenyatta University (School of Business, Economics and Tourism) as a specialisation within PhD in Business, and at University of Nairobi (School of Business, Lower Kabete Campus). KU programme offers Regular and Part-Time modes.

Accredited by

Commission for University Education
AcademicRequired
Statutory body responsible for accreditation of university programmes in Kenya
Commission for University Education (CUE)
Academic accreditationRequired
Mandatory accreditation for all university programmes in Kenya
Relevant Professional Body
Professional certification
Professional registration may be required depending on the field of specialisation

Where it leads

The roles it opens, and what you leave with.

Where graduates go

8 roles

Financial Policy Advisor
Moderate demandKsh 180,000 to Ksh 450,000
Policy advice at Central Bank and CMA
University Professor
High demandKsh 180,000 to Ksh 450,000
Teaching and research in business schools
Finance Researcher
High demandKsh 200,000 to Ksh 500,000
Research at financial institutions and think tanks
University Lecturer
High demandKsh 80,000 to Ksh 250,000
Teaches and conducts research in a university department, contributing to knowledge generation and student mentorship.
Research Scientist
High demandKsh 70,000 to Ksh 220,000
Conducts independent and collaborative research in research institutions, contributing to publications and innovation.
Consultant
Moderate demandKsh 75,000 to Ksh 240,000
Offers specialised expertise to organisations, drawing on advanced training and research experience.
Program Manager
Moderate demandKsh 60,000 to Ksh 190,000
Manages research and development programmes in NGOs, government agencies, or private sector organisations.
Policy Analyst
Moderate demandKsh 65,000 to Ksh 200,000
Provides research-based policy advice to government, NGOs, and international organisations.

Graduate outcomes

Graduates pursue careers as university professors, finance researchers, financial analysts and financial policy advisors. They work at Central Bank, NSE, CMA, banks, universities and financial consulting firms.

Where these fields lead

8 careers

Certifications

Industry links

Common misconceptions

Finance is just about accounting.
The field covers financial theory, markets, econometrics, behavioural finance and risk management.
There is no demand for finance PhDs in Kenya.
Kenya's financial sector growth creates demand for finance research and expertise.
Finance research is not rigorous.
The programme uses econometric methods, statistical modelling and empirical analysis.
Only bankers study finance PhDs.
The programme attracts economists, accountants and policy researchers.