financial phd in germany

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Doctoral Program in Finance

You have been seriously and with growing interest studying Finance, Economics and Econometrics, and you are wondering whether you are able to make a genuine academic contribution of your own? You are interested in pursuing a PhD in Finance at a research-oriented university? You would like to become part of a research-active team with an exciting and innovative scientific agenda? Then you should consider joining our Doctoral Program in Finance (DPF). The DPF offers a strictly research-oriented education with a coursework component and a structured supervision process. The coursework component will teach you skills that will enable you to comprehend the most recent research in the areas of your interest. There is a commitment of an interactive and well-developed supervision process, supporting the development of your own research agenda and helping you to become an independent thinker in your field. It is part of our mission to make you visible as an independent researcher at the end of your studies, enabling you to apply successfully for academic positions all over the world. To help you get there, the DPF expects you to present your work once every academic year in a research seminar, and to actively participate in at least one international conference/workshop during your doctoral studies.

Requirements

Interested? Here is what you need: for a start, the DPF relies on a well-defined level of competence in core fields of modern finance, economics, and econometrics as, for example, defined in the core courses of our Msc. Program in Economics and Finance. However, the DPF is also open to applicants with backgrounds in other fields than economics. In this case, you may be asked to take the core courses (or a subset of them) in your first year here, in order to ensure your sound knowledge in those fields.

The coursework component of the DPF requires each student to take field courses worth 27 ECTS. The selection of these courses is part of the supervision agreement, so you are not left alone when you will decide on your course selection. Here are examples of the classes that are/ have been offered:

• Financial Economics
• Continuous Time Finance
• Empirical Asset Pricing
• Numerical Methods in Finance
• Statistics of Financial Markets
• Empirical Banking
• Current Topics in International Business Taxation
•  Financial Market Microstructure

Details and course descriptions can be found in the module handbook (see download section). Please note that this program may change from year to year, also in response to the qualification objectives of our program.

If you have successfully completed a Master program and have taken classes on PhD level during your studies, you may transfer credits to the DPF. However, this transfer is restricted to 18 ECTS.

Application

So, what next? Admission to the DPF is coordinated with the admission process as a doctoral student. Your best strategy is to get in touch with a potential supervisor of your thesis. How can you do this? Just browse our websites and explore our diverse research activities. You find a group of (financial) economists and a group of econometricians. Make an appointment and discuss your options. Then ask your potential supervisor to get the ball rolling: enroll as a doctoral student and apply for admission to the DPF. You may also submit an application without naming a supervisor. In this case the coordinator of the DPF will consider your application and approach potential supervisors for you. However, in order to avoid disapointment, we recommend that you explore our diverse research options first.

If you are enrolled in a Master program at the University of Tübingen, you may want to consider the PhD track. This track also allows you to start the supervision process in the second year of the program. After one year in the program, you may contact a potential supervisor and ask for supervision. This supervision will be based on an arrangement that specifies your (preliminary) research interest and should make acceptance as a doctoral student easier once you have completed your degree (although it does not guarantee that you will be accepted as a doctoral student). The main purpose is to offer academic guidance at an early stage.

Note carefully that the DPF itself does not offer any funding, albeit there are plenty of opportunities to work as research and teaching assistant. Furthermore, we are more than happy to give you advice on funding options. At the same time, the DPF does not charge any tuition fees.

I hope that you will consider joining our program. If you have any questions, please do not hesitate to contact us under joachim.grammig spam prevention @uni-tuebingen.de .

Joachim Grammig Professor of Econometrics and Empirical Economics Coordinator of the DPF

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Humboldt-Universität zu Berlin - Finance Group

Writing a doctoral dissertation in finance.

Students interested in the practical relevance of academic research in finance and who have a strong academic track record should consider writing a doctoral dissertation. The finance track of the Berlin School of Economics PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/ ) introduces students to research questions and methodologies that shape current research in financial economics, and prepares graduates for research careers in universities, central banks, and other research-oriented institutions.

Our PhD program consists of intensive course work in microeconomics, econometrics, and financial economics during the first year, and advanced specialization courses in finance in the second year. The core course in finance covers the main fields of financial economics, i.e., corporate finance, financial intermediation, and asset pricing. Elective courses from other fields in economics can also be chosen. Students must complete a minimum of 90 ECTS in order to finish the program. The typical study sequence in finance is as follows.

The finance faculty currently include Tim Adam, Max Bruche, Beatriz Mariano, Lukas Menkhoff, and Alex Stomper. We nurture a stimulating environment for research in finance. Our core strengths lie in the areas of corporate finance and financial intermediation, but we are also interested in research at the intersection of finance with other fields in economics (e.g. labor economics, international economics, or development) as well as outside economics (e.g. history, climate change.

We are conducting both empirical and theoretical research, and have access to many of the major databases in finance, such as EIKON, Compustat, Capital IQ, Bloomberg, and Morningstar. In addition, Prof. emeritus Richard Stehle has calculated the Fama-French factors for Germany since 1958. This data is available here . Funding for other financial data is available upon request.

Application  

If you would like to write a doctoral dissertation in finance you must first apply to the Berlin School of Economics (BSE) PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/content/application ). The application deadline is each year in February.

We do not supervise external dissertation projects. Every student wishing to write a dissertation in finance must first enroll and complete the BSE PhD Program.

Frequently Asked Questions concerning studies at the PhD level: https://www.wiwi.hu-berlin.de/de/professuren/vwl/wipo/faq_master_phd

2-year scholarships (€ 1.200/month) are available for applicants with outstanding academic credentials. Upon successful completion of the first- and second-year courses, students are eligible to apply for a research assistant (Wissenschaftlicher Mitarbeiter) position in the Finance Group. This position provides funding for another three years of doctoral study. In addition, there are external funding opportunities, such as the Kauffmann Dissertation Fellowship Program etc. Information on further funding opportunities are available from the Scholarship Portal .  

Starting April 1st 2013, the Humboldt-University will offer "Humboldt Research Track" scholarships at € 800 for the first time, in order to pave the way to a doctoral degree for exceptional Master students. The scholarship supports students during the transition phase between the completion of the master degree and the begin of doctoral studies. Additional information is available at: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship  

Scholarships for post-doctoral studies are available from the DAAD: https://www.daad.de/ausland/studieren/stipendium/de/22346-postdoctoral-researchers-international-mobility-experience/  

For more information on scholarships, please visit the website of the Humboldt-Graduate School: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship

Placement Students mentored by members of the finance faculty have been placed in universities such as Cass Business School, Copenhagen Business School, Ghent Univ., and Univ. of Georgia, in central banks and public sector institutions such as BaFin, Bundesbank, ECB, KfW, and OECD, as well as in the private sector, e.g. Deutsche Asset Management, HSBC Trinkaus & Burkhardt, or Munich Re.

Ph.D. Finance Curriculum

Advanced Financial Economics (4 SWS, 9 ECTS, SS)

This course covers the main areas in finance: corporate finance, financial intermediation, asset pricing, and investments.

Research Topics in Finance I (2 SWS, 6 ECTS, WS)

This course explores classic and current academic research on Financial Intermediation. It targets PhD and Master students who are currently looking for a topic for their own thesis. The course starts with a lecture-style presentation of the overarching research themes in the literature. Seminar participants will then present and discuss classic papers, as well as current unpublished papers that are still being presented at conferences.

Research Topics in Finance II (2 SWS, 6 ECTS, SS)

Discussion of current research topics in financial economics.

Finance Research Seminar (2 SWS)

This seminar is a series of research seminars given by external guests in the areas of finance and accounting. For the current seminar schedule click here .

Finance Reading Group (2 SWS)

Discussion of the research presented in the Finance-Accounting Research Seminar and other current events.

Finance Brown Bag Seminar (2 SWS)

In this seminar PhD students present their own work in an informal athmosphere.

Other recommended Elective Courses

· Microeconometric Evaluation Methods (Caliendo (Uni Potsdam), 6 ECTS)

· Applied Econometrics (Gassen/Wagner (ESMT), 9 ECTS)

· Time Series Analysis (Droge, 9 ECTS)

· Analysis of Panel Data (Droge, 9 ECTS)

· Applied Microeconomics (Steiner, 6 ECTS)

· Structural Econometrics: Discrete Choice Methods with Simulation (DIW, 6 ECTS)

· Structural Econometrics in Labor and IO (DIW, 6 ECTS)

· Introduction to Policy Analysis and Policy Advice (DIW, 9 ECTS)

· Empirical Accounting Research (Gassen/Olsson (ESMT), 6 ECTS)

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Ph.D. in Finance, fully funded

In cooperation with the graduate school of economics, finance, and management (gsefm).

The GSEFM offers a quantitative and research-oriented education featuring the structures of premier anglo-saxon graduate programs. Together with SAFE, it provides an environment where students can benefit from a unique research group in Finance spanning a wide range of topics as well as from the location in Frankfurt, the primary center for financial markets and central banking in continental Europe. The program does not charge tuition fees.

The GSEFM Ph.D. Program in Finance consists of two years of doctoral coursework with a qualifying examination at the end of the first year. Core courses in financial economics, econometrics, and mathematical methods (first year) and two to three elective courses (second year) ensure that students acquire a thorough knowledge of the theory of Finance before beginning their own research.

The Leibniz Institute for Financial Research SAFE, based at the same premises at Goethe University’s House of Finance, offers funding for the entire program to excellent applicants for the Ph.D. Program in Finance as well as to those for the Program in Economics who pursue financial economics as one field in their studies. Funding includes a scholarship of monthly €1,300 in the first program year and, conditional on passing the preliminary exams, an ensuing work contract as research assistant with sufficient time allocation to work on the thesis.

SAFE – short for Sustainable Architecture for Finance in Europe – is dedicated to interdisciplinary research on the financial markets and their players in Europe as well as to research-based, independent policy advice. It is committed to contributing to a sustainable and resilient financial system that promotes innovation and serves the needs of the economy and the society.

The GSEFM education combined with research work at SAFE offers exceptional global career opportunities in academia, international organizations, or financial regulation. ( List of recent placements )

SAFE aims to increase the proportion of female scholars among its research staff and will therefore give preference to female applicants in case of equal qualification.

Interested? Please visit the GSEFM website for more information on the Ph.D. in Finance and admission requirements . Please follow the instructions on the GSEFM website on how to apply and make sure you choose SAFE as first preference under the header "Application for Financial Aid" in the application form.

Do not send applications directly to SAFE. Only applications submitted via the GSEFM/Goethe University admission portal will be considered in the application process.

Download the fact sheet PhD in Finance/Economics, fully funded by SAFE

Contact for questions

Prof. Loriana Pelizzon, Ph.D.

Deputy scientific director, director research department "financial markets".

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Ph.D. and MSQ in Quantitative Finance

The Ph.D. Program in Finance at GSEFM is designed to ensure that students acquire a thorough knowledge of the theory of finance, of econometric and computational methods, as well as the structure of modern financial markets, before beginning their own research under faculty supervision. In the first year of the program, students attend core courses in financial economics, econometrics, and mathematical methods. Furthermore, students attend courses in microeconomic or macroeconomic theory. At the end of the first year of studies, students must pass qualifying examinations in finance, econometrics, and microeconomics or macroeconomics. In the second year of the program students complete field courses in two to three fields of their choosing and begin to work on their own research. All students are required to have a faculty advisor by the end of their second year in the program. The role of the faculty advisor is to help the student to make the transition from coursework to research and to identify suitable dissertation topics. By the end of their third year in the program students will need to have completed their first research paper. The dissertation is completed in the fourth year of the program. The dissertation must be a major piece of research, and its chapters must have the potential for publication in an international scientific journal.

First-year students in the MSQ Program in Quantitative Finance enroll in the same set of courses as the first-year Ph.D. Program in Finance students. If completing their first year of studies with strong success, the MSQ Program in Quantitative Finance students are then eligible and strongly encouraged to join the Ph.D. Program in Finance from their second year of studies onwards. The MSQ Program in Quantitative Finance is completed with a Master thesis written in the final months of the second year of studies.

Ph.D. Program Structure

Pre-Semester: Mathematics, Statistics and Econometrics

First Semester: Advanced Econometrics 1 (8 CP), Advanced Financial Economics 1 (8CP), Advanced Macroeconomics 1 (8 CP) or Advanced Microeconomics 1 (8 CP), Mathematical Methods (8 CP)

Second Semester: Advanced Econometrics 2 (8 CP), Advanced Financial Economics 2 (8 CP), Advanced Macroeconomics 2 (8 CP) or Advanced Microeconomics 2 (8 CP), Programming Languages (4 CP)

Qualifying Examinations

First Semester: Field Courses, Workshop Attendance

Second Semester: Field Courses, Seminar, Workshop Attendance 

Fields Offered:

Development and International Economics (including Cross-Country Studies, Development Microeconomics, Economic Growth, International Trade)

Econometrics (including Bayesian Econometrics, Dynamic Panel Models, Econometrics of Duration and Transition Data, Long Memory in Time-Series, Non-Parametric Econometrics)

Finance (including Asset Pricing, Corporate Finance Theory, Empirical Banking, Household Finance, Option Pricing, Taxes and Finance)

Macroeconomics (including Consumption and Saving, Economic Growth, Family Macroeconomics, Household Finance, Monetary Theory and Policy, Monetary and Fiscal Policy, Numerical Methods in Macroeconomics)

Marketing (including Bayesian Modelling for Marketing, Customer Management and Social Media, Pricing and Online-Advertising, Structural Models and Competition)

Microeconomics and Management (including Behavioral Auction Theory, Behavioral Economics, Decision Making under Risk and Ambiguity, Economics of Taxation, Empirical Labor Economics, Empirics of Contracts, Experimental Economics, General Equilibrium Theory: History, Incentives in Organizations, Intergenerational Economics, Modeling Group Behavior Using Game Theory, Taxes and Finance)

Historical and Normative Foundations of Economics (including History of Economic Thought, Normative Foundations)

During either the third or fourth year in the program, students may spend one or two semesters abroad for a research stay at an internationally top ranked Ph.D. program. Such stays are facilitated by the faculty advisor.

First Year Courses

The details of the course offerings will differ somewhat from year to year, depending on the faculty member teaching the course in question. The following list summarizes typical first-year course contents. For more details on these courses in any given year as well as the field courses, it is best to consult the course syllabi typically retrievable on individual faculty members’ websites.

More about our PhD Program and our Research Associates Program

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• PhD Program

The Berlin School of Economics PhD Program provides outstanding doctoral students with a vibrant, intensively networked research community. The program develops the students’ talents in a unique combination of a high-level, academic research environment together with applied, policy-oriented research opportunities. Students receive state-of-the-art coursework training and can select from a wide array of specializations. For each specialization, a professional research environment is provided by Berlin’s universities and economic research institutes.

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Program structure and curriculum

All PhD tracks offered in the PhD Program share the same structure and general curriculum. The program’s curriculum is divided into a qualification and a dissertation phase:

Qualification Phase

During the qualification phase (about three semesters), students acquire methodological and research-oriented training in mandatory course work in economic theory, applied economics, business studies, econometrics, and economic policy. Students define their research area and find supervisory support from two supervisors. They write research proposals that are discussed with faculty members individually and in seminars in order to provide early feedback on the scientific potential of research ideas. This is a central part of the PhD Program, in which the students have full flexibility in the choice of their research topics and of the supervisors. During this phase, students are funded through stipends that allow for this flexibility. In total, students have to complete a  minimum of 90 ECTS credits  in order to finish the qualification phase of the program.

Dissertation Phase

During the subsequent dissertation phase (about three years), students write a doctoral thesis while having the opportunity to apply their knowledge in the professional research environment that is provided at the Berlin universities and research institutes participating in the Berlin School of Economics. In this phase, students are typically employed at their supervisor’s chair or in research groups at research institutes.

The PhD will be awarded by one of the institutions in the Berlin School of Economics with the right to award doctoral degrees. In most cases, the PhD is awarded by the institution the student’s first supervisor is affiliated with.

The following chart gives an overview of the general structure of the PhD Program:

Researchers Guide

This guide includes academic advices from the researchers of the Berlin School of Economics.

Special thanks to the INSIGHTS Team, researchers of Berlin School of Economics, Agne Kajackaite, Aleks Zaklan, Alexander Kriwoluzky, Ally Xin Lin, Annekatrin Schrenker, C. Katharina Spieß, Christian Basteck, Ciril Bosch-Rosa, Dorothea Kübler, Francis de Véricourt, Georg Weizsäcker, Gyula Seres, Hande Erkut, Hannes Ullrich, Jana Hamdan, Levent Neyse, Lisa Bruttel, Lutz Weinke, Mira Fischer, Müge Süer, Nikolaus Wolf, Peter Haan, Robert Stüber, Sebastian Schweighofer-Kodritsch, Simone Maxand, Vincent Meisner, and Pablo Brañas-Garza.

You can download the web version

or print the printable version

Also note the compiled information on our website about support and resources, for example Mental Health.

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How to Apply for a PhD in Germany: Programs, Funding, & FAQs

Germany is an excellent destination for both young and experienced researchers. 

The European country is third behind the U.S. and China for research & development expenditure . Plus, it is home to some of the most prestigious (and affordable!) research universities in the world.

If you’re considering doing a PhD in Germany, you will need to follow these steps:

The main steps to doing a PhD in Germany:

• Find a PhD Program and a Supervisor
• Decide Between Individual and Structured PhD Programs
• Meet All Requirements & Prepare Your Application
• Apply for Doctoral Studies
• Secure Funding
• Get a Student Visa or Resident Permit
• Arrive in Germany and Begin Your PhD Program

Why Pursue a PhD in Germany?

If you’re not yet sure if you should choose Germany for your PhD studies, here are some compelling reasons why you should consider it:

• Top-tier universities. Four German universities are ranked in the top 100 global universities, and many more are in the top 200.
• Large international student community. Germany welcomes a diverse and thriving international student community. Over 458,210 international students are currently studying in the country.
• Quality research institutions. There are over a thousand publicly funded research institutions (universities, universities of applied sciences, research institutes, businesses, and government bodies) that you can choose from in Germany.
• High investment in research and development. Germany’s public expenditure in the research and development sector reached a record high of 112.6 billion euros in 2021.
• Strong economy. Germany is known for its strong and stable economy. After completing your PhD, there are plenty of employment opportunities in the academic, business, and research sectors.

How to Apply for a PhD in Germany

From finding the perfect program for you to submitting your application and starting your PhD, here are all the steps you need to take:

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1. Find a PhD Program and a Supervisor

After all the years of studying leading up to this step, you most likely have a few areas of interest you want to do your research in.

This is the first important step: define your research focus by considering your interests and academic background. If you need more help, you can consult online resources from research universities. Or, even better, you can discuss your decision to pursue a PhD with academic communities online or offline and seek advice from current PhD students in Germany who can tell you more about their individual experiences.

If you already know what your research direction is, you can begin searching for suitable programs right ahead. 

• The German Academic Exchange Service (DAAD) has an extensive list of current opportunities, which you can look up at the  DAAD PhD Database . 
• Another option is to research universities in Germany individually to find the newest opportunities and offerings at each institution.

You will also have to find a supervisor. The best way to do this is to go to university websites and find faculty directories with profiles of professors and their research fields/current projects. Contact professors whose work aligns with your interests via email to inquire about supervision opportunities.

> Search PhD programs from 31,000 research institutions listed on the GERiT database .

Types of PhD Programs in Germany

There are two different paths you can take when pursuing a PhD: individual PhD programs and structured PhD programs. Each comes with its own set of advantages and requirements.

2. Verify That You Meet All Requirements & Prepare the Application

Requirements and application documents to apply for a PhD in Germany are specific to the institution and research area you’re applying to. But, as a general guideline, you should prepare the following:

• Academic degree recognized in Germany. You need a master’s degree or a German state examination (Staatsexamen) in a field relevant to the PhD program to qualify.
• Copy of master’s thesis. Submit a copy of your master’s thesis. The work should demonstrate your research skills and the depth of your academic work.
• Research proposal. Craft a clear and detailed research proposal that includes your intended research topic, objectives, methodology, and significance. 
• Statement of purpose. Write a statement of purpose why you want to do a PhD in your chosen field, your academic and career goals, and how this program aligns with them.
• Curriculum Vitae (CV). Prepare a detailed CV highlighting your academic achievements, research experience, relevant coursework, publications, and any other qualifications.
• Proof of language proficiency. Depending on the language of instruction, you may have to provide proof of language proficiency in English and/or German. You can do this with certificates like TestDaF and DSH for German or TOEFL and IELTS for English. Proof of previous studies in the language is also sufficient.
• Academic references. Provide contact information or recommendation letters from professors/ academic advisors who can attest to your academic abilities and potential.
• Predoctoral examination. Some programs ask that you pass a predoctoral examination as part of the application process.

3. Apply for Doctoral Studies

After finding a suitable PhD program and mentor, and making sure your academic qualifications are recognized, you can send in your application.

You can send in your application online or by post, depending on the hosting institution’s preferences. To make sure, check their guidelines and specifications. Admission committees are selective, so you may also have to attend an interview soon in the application process.

4. Secure Funding

You must demonstrate access to a minimum of €992 per month (€11,908 per year) to meet visa requirements and live comfortably while you’re in Germany. You can prove this through an admission agreement or relevant PhD contract, or you can open a blocked account with individual funds.

There are many ways to support yourself financially while pursuing a PhD in Germany:

• PhD scholarships. DAAD offers the highest number of doctoral scholarships. PhD students get an average monthly stipend of €1,139. 
• Paid PhD positions. Many universities and research institutions offer paid PhD positions in Germany. You will work on specific research projects on a contract and receive a salary.
• Research associate positions. You can also work as a research associate in a university, research institution, or company and receive a salary as compensation.
• Part-time jobs. Some PhD students/researchers work part-time jobs that are not related to their studies for extra income.

> Read more about the costs of studying in Germany.

> Discover PhD scholarships in Germany.

5. Get a Student Visa or Resident Permit

If the institution confirms your place in the PhD program, next in line is applying for a student visa or residence permit. The requirements for a German PhD visa or permit can vary depending on your nationality and circumstances: 

Visa Requirements

If you’re a citizen of the European Union (EU), the European Economic Area (EEA), or Switzerland, you don’t need a special permit or visa for a PhD in Germany. You can enter the country for research and work purposes with a valid passport or ID card.

Otherwise, you will need a visa and/or a residence permit to do your PhD in Germany. Nationals of some countries, including the United States, Australia, Israel, Japan, and Korea, don’t need a visa but must apply for a residence permit.

Depending on the circumstances, you need one of the following visas:

• Study visa. If you’re pursuing a full-time doctoral program.
• Research visa. If your focus is on research and you have a formal affiliation with a research institution in Germany.
• EU Blue Card. If your PhD contract pays a gross annual salary of at least €45,300 (or €41,041.80 in certain professions), you can apply for an EU Blue Card . This is a special residence title for international academics and other professionals.

Residence Permit Requirements

If you come to Germany on a visa, you will need to apply for a residence permit within three months of arrival. This also applies to nationals of countries outside the EU, EEA, and Switzerland who are exempt from the visa requirement.

You can apply for one of the following residence permits:

• Study permit. If you’re accepted into a PhD program at a German university, apply for a study-based residence permit. It lasts up to two years, extendable.
• Research permit. If you’re a researcher with the right qualifications for doctoral programs, apply for a research permit. This requires a contract with a research institution for your project.
• EU Blue Card. With a PhD offer that has a minimum salary of €45,300 per year, or €41,041.80 for some bottleneck professions , you may be eligible for the EU Blue Card. Apply for this permit if you meet the criteria.

> For more specific information tailored to your situation, we recommend contacting the German embassy or consulate in your home country. You can also use this visa navigator.

6. Arrive in Germany and Begin Your PhD Program

The most exciting step of all is near—time to unpack your bags and begin your life as a PhD student or researcher in Germany. Once you’re settled in, there are some formalities you need to take care of.

The international office at the university or another representative can guide you best on this. However, here are some of the main things you need to do once you arrive in Germany:

Register Your Residence

Shortly after your arrival, you must register your residence at the local registration office (Einwohnermeldeamt or Bürgeramt). This is mandatory, and you typically have a window of two weeks to complete this process. 

Get Health Insurance

Everyone in Germany is required by law to have health insurance coverage. This includes international PhD students. Depending on the source of your funding, you are eligible for one of the following health insurance coverages: 

• Doctoral candidates with an employment contract are automatically insured with a state-regulated health insurance provider (Gesetzliche Krankenversicherung-GKV) in most cases.
• Doctoral candidates without an employment contract (with a fellowship or private funding) can choose between:
• Voluntary health insurance coverage with a state-regulated provider.
• Coverage with a private health insurance company.

There are some exceptions in which you can use your insurance from your home country. These apply to students from a European Union (EU) country or other countries with social security agreements with Germany.

Open a Bank Account 

You should open a German bank account as soon as possible. Most financial transactions in Germany, including receiving your stipend or salary, are done through a German bank account.

Enroll at the University

If your PhD program is part of a university degree, you need to enroll as a student at the university. Follow your university’s instructions to submit the necessary documents to the enrollment office. These usually include your admission letter, passport, proof of health insurance, and semester fee.

After you complete this process, you will receive an Enrollment Certificate (Immatrikulationsbescheinigung). This is a very important document that you most likely need in the future.

Frequently Asked Questions (FAQs)

There’s a lot of planning involved if you’re considering doing a PhD, especially if it’s in a foreign country. We’re sure you’ve got more questions, and we’re here to help.

How Long Does It Take to Get a PhD in Germany?

A PhD in Germany usually takes between three to six years to complete. Just like in other countries, it can take longer or shorter than expected, depending on several factors. The type of PhD you choose (structured programs can be more rigid), your subject area, and individual progress can all make a difference in the time it takes to get a PhD in Germany.

Are PhD Programs in Germany Tuition-Free?

The majority of PhD programs in Germany are tuition-free, at least for the first six semesters. However, if need to enroll at a university for your PhD, there is a small semester fee you need to cover. The fee can be higher or lower depending on the university, but it usually falls within the range of €100 to €350.

Is German Mandatory to Pursue a PhD in Germany?

You don’t necessarily have to know German to do a PhD in Germany. In fact, most PhD programs in Germany are in English, especially in fields such as science, engineering, and humanities. In these programs, you can both write your thesis and communicate with your advisor and peers in English.

There is of course the chance that the program you’ve chosen is in German or requires knowledge of German (in most cases, in addition to English). In this case, you have to prove your proficiency through a recognized language certificate or proof of previous studies in German.

Even if German isn’t mandatory, we strongly encourage you to learn the basics. They will be super helpful in daily interactions and getting accustomed to life in Germany.

How Much Does a PhD Student Earn in Germany?

Most PhD candidates in Germany receive financial support in the form of a salary or grant. This includes candidates affiliated with universities, research institutes, or company collaborations.

The majority of doctoral positions are structured under either the Collective Agreement for Civil Service TVöD (Tarifvertrag für den öffentlichen Dienst or the Collective Agreement for the Civil Service of Individual Federal States TV-L (Tarifvertrag der Länder). Since universities are funded by their respective federal government, if your PhD is affiliated with one, your salary will be structured under the TV-L.

Doctoral positions fall within the TV-L 13 category, with a salary range spanning from €4,188 (Tier 1) to €6,037 (Tier 6). The difference between the tiers (Stufe) depends on prior experience in the field. If you don’t have any research experience, you will fall under Tier 1 and progress to the other tiers throughout your PhD.

Your salary will ultimately be determined based on a wage agreement that specifies the contract tier (Stufe) and working hours (percentage-based). Many entry-level PhD students start with tier 1 contracts that are not full-time. For example, if your contract places you in Pay Group E-13 Tier 1 of the TV-L and you work at 75% capacity, your monthly gross salary will be €3,141.

> Learn more about pay ranges for PhD students using this convenient calculator .

Can I Work While Pursuing a PhD in Germany?

Part-time work is an option in most cases unless it’s strictly stated otherwise in your contract. Whether or not you are allowed to work on the side as a PhD in Germany depends on the working hours stated in your PhD contract, supervisor, and other specific circumstances. 

However, since the PhD is considered a job in itself, it’s usually frowned upon to have a side hustle. Even if you have a 50% contract, a PhD is demanding and requires long hours of work and research. If you choose to work on the side, make sure to find the right balance between work and your PhD commitments. To be on the safe side, it’s best to talk to your supervisor and go over all the legal and contractual obligations related to your PhD.

What Is the Process for Defending a PhD Thesis in Germany?

Here are the main steps to defending your PhD thesis in Germany:

• Submit your thesis. The first step is submitting submit your thesis and supporting documents in adherence to all the formal requirements. A commission will be formed, and in some cases, you can suggest reviewers.
• Oral defense. The next step is preparing and undergoing an oral defense, which can take between 30 minutes to 2 hours. During this time, you will present your research and discuss it with the committee. The defense can be either public or private.
• Receive the title and publish your work. The outcome of the discussion determines your final grade, to be received after the defense. If everything goes well, you’re granted the Ph.D. title and have about two years to publish your dissertation.

What Are the Career Prospects Like After Doing a PhD in Germany?

Career prospects after a PhD in Germany are quite promising. 

The most common paths for PhD holders in Germany are either in academia as professors or post-doctorate researchers or in industry positions. 

Technology, healthcare, and finance, in particular, are some of the most in-demand industries in Germany. The country’s strong economy and research-oriented environment make it an attractive place to develop your career.

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• Study for a PhD in Germany: Programs, Funding & Opportunities
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When considering a  PhD in Germany , you’ll encounter a diverse and globally recognised academic environment rich in opportunities for research and academic growth. To apply, you’ll typically need a Master’s degree or equivalent , and language requirements vary by program. Germany offers internationally-oriented  structured PhD programs , which last three years and include compulsory units for ECTS credits. You’ll work closely with a PhD supervisor and research training group. As an international candidate, you’ll find various  scholarships and grants  to support your studies. With tuition fees waived at  public universities  and diverse PhD programs often taught in English, Germany provides an ideal destination to study abroad.

Key Takeaways

• Applying for a PhD in Germany requires a minimum of eight semesters of academic study, usually a Master’s degree or equivalent.
• Language prerequisites for PhD programs in Germany vary, but many are taught in English, especially structured programs.
• Financial support options include DAAD grants, stipendiums, and research positions at universities, which cover living expenses and provide income.
• Structured PhD programs in Germany last typically three years and involve compulsory units for ECTS credits.
• International students without a Master’s degree may be admitted with a Bachelor’s degree in exceptional cases.

Why Undertake a PhD in Germany?

Germany offers many compelling reasons to pursue a PhD:

• High-quality research and education : German universities and research institutions have an outstanding reputation globally, providing access to cutting-edge research facilities and expertise across various disciplines.
• No tuition fees : Most public universities in Germany do not charge tuition fees for PhD students, regardless of nationality, making it an affordable option for international students.
• Excellent funding opportunities : There are numerous scholarships and funding programs available for PhD students in Germany. The German Academic Exchange Service (DAAD) alone supports over 4,000 international doctoral students annually.
• Strong industry connections : Germany has a robust research ecosystem with close ties between academia and industry. Many PhD programs offer collaborations with companies, providing valuable experience and potential career opportunities.
• International environment : German universities welcome international researchers, creating a diverse and multicultural academic community. PhD theses and dissertations can often be written in English.
• Career prospects : A German PhD is highly respected globally and can lead to excellent career opportunities in academia, international research institutions, or industry. Many PhD graduates find employment in Germany’s thriving industrial sector, making it a favourable place to work in Germany post-study.
• Work-life balance : PhD students in Germany typically receive employment contracts with benefits such as health insurance, pension contributions, and vacation days.
• Research freedom : Germany values academic freedom highly, with constitutional protection for research and scientific pursuits.
• European mobility : As a PhD student in Germany, you can easily travel to other European Union countries for research or study purposes.
• Cultural experience : Germany offers a rich cultural landscape, high quality of life, and relatively moderate living costs compared to other developed countries.

In short, Germany provides an ideal environment for pursuing a PhD, combining academic excellence, affordability, strong funding support, and promising career prospects in both academia and industry.

What is it like to study and live in Germany as a research student?

Academic environment.

The research culture in Germany places a strong emphasis on independent research and critical thinking, with high expectations for original contributions to your field. Students regularly participate in seminars and colloquia to present and discuss their ongoing research. Supervision tends to be less structured than in some other countries, with regular meetings with supervisors but an expectation that students will take significant initiative in their work. Being part of a research group often offers additional opportunities for collaboration.

German universities are well-equipped with extensive digital resources and state-of-the-art laboratories. Students also have numerous opportunities to attend and present at international conferences. While many PhD programs, especially in STEM fields, are conducted in English, learning German can greatly enhance your overall experience and career prospects.

Day-to-Day Life

Germany is known for valuing a healthy work-life balance. PhD students typically work 38-40 hours per week and enjoy generous vacation time, usually around 30 days per year. Most PhD students live in shared apartments (WGs) or student dormitories, with rent in major cities ranging from €300 to €800 per month. The country boasts excellent public transportation systems, and many students use bicycles for daily commuting. Often, a student ID includes a public transport ticket for the local area.

The social life for students in Germany is vibrant, with active student communities organising regular events and activities. There are numerous opportunities to join sports clubs, cultural groups, and student organisations, along with international student networks that offer support and socialising opportunities.

Financial Aspects

Many PhD positions in Germany are funded, providing a salary rather than requiring tuition payments. Typical monthly salaries range from €1,500 to €2,500 before taxes. Additional funding opportunities are available through scholarships and research grants. Average monthly expenses, including rent, range from €850 to €1,000, and health insurance, which is mandatory, costs around €80 to €100 per month. Students can also take advantage of various discounts for cultural activities and museums.

Support Services

German universities offer robust support services for abroad students. International offices assist with visa processes, accommodation, and integration, providing orientation programs and language courses. Career services offer guidance on job searching and career development, organising career fairs and networking events. Mental health support and counseling services are also available, ensuring access to quality healthcare through the German health insurance system.

Challenges and Opportunities

While navigating German bureaucracy can be challenging, patience and attention to detail can help manage administrative processes. Initial culture shock is common but typically subsides over time, offering the opportunity to experience German culture and traditions firsthand. Building an international network of researchers and professionals is a significant benefit, with potential collaborations with industry partners. The strong job market for PhD graduates, especially in STEM fields, is an added advantage, and the option to stay in Germany for job searching after graduation (with an 18-month visa extension) provides further opportunities.

The Two Paths to a PhD in Germany

In Germany, doctoral candidates can choose between Individual Doctorates and Structured PhD Programs. The Individual Doctorate remains the most common path, chosen by over 75% of doctoral students, while Structured PhD Programs are gaining popularity, especially among international students, with about 25% opting for this route.

Individual Doctorates: Flexibility and Independence

Supervision and Structure : Individual Doctorates are characterised by their flexibility and self-directed nature. Candidates are supervised by a single professor, known as the Doktorvater or Doktormutter, and the research process is highly flexible. This approach demands a high degree of personal initiative and responsibility, with no fixed curriculum or mandatory coursework.

Research Focus and Duration : In this model, candidates often propose their own research topics, enjoying greater freedom in choosing their research direction and methodology. The duration of an Individual Doctorate typically spans 5-6 years, though there’s no strict timeframe as it depends on individual progress and the specific research project.

Funding and Employment : Individual Doctorate candidates often work as part-time research associates at universities. However, they may need to secure their own funding or scholarships, which requires proactive effort on the part of the doctoral student.

Structured PhD Programs: Guidance and Collaborative Learning

Supervision and Structure : Structured PhD Programs offer a more defined approach to doctoral studies. Candidates are supervised by a team of advisors and follow a predefined curriculum. This model includes regular progress checks, guidance, and mandatory coursework, seminars, and colloquia.

Research Focus and Duration : Research topics in Structured PhD Programs often align with existing program themes or research groups, and candidates may be part of larger research projects or collaborations. These programs are usually completed in 3-4 years, following a more defined timeline due to their structured nature.

Funding and Additional Benefits : Structured PhD Programs often come with funding or stipends and may offer more opportunities for paid doctoral positions. They also provide training in academic and scientific methods, as well as opportunities to develop soft skills such as presentation techniques.

Comparing the Two Approaches

International Orientation : While Individual Doctorates can be conducted in German or other languages depending on the field and supervisor, Structured PhD Programs often have a strong international orientation and frequently use English as the primary language.

Networking and Collaboration : Structured PhD Programs offer extensive opportunities to broaden research networks and encourage collaboration with peers and interdisciplinary work. In contrast, networking in Individual Doctorates depends largely on individual initiative, with fewer built-in opportunities for peer collaboration.

Entry Requirements for undertaking a PhD in Germany

The entry requirements for undertaking a PhD in Germany are generally similar for both home and international students, with some additional steps for international applicants.

Here are the specific requirements:

General Requirements for All Applicants

• A master’s degree or equivalent (e.g., German Staatsexamen) in a relevant field
• Strong academic record, typically with a GPA of 3.0 or higher
• Research Proposal : A detailed outline of your intended research topic , objectives, methodology, and significance
• Curriculum Vitae (CV) : Highlighting academic achievements, research experience, publications, and relevant qualifications
• Statement of Purpose : Explaining your motivation for pursuing a PhD , academic goals, and how the program aligns with your objectives
• Academic References : Letters of recommendation or contact information for professors/advisors who can attest to your academic abilities
• Master’s Thesis : A copy of your master’s thesis or equivalent research work
• For German-taught programs: TestDaF or DSH certificates
• For English-taught programs: TOEFL or IELTS scores
• Interview : Many programs include an interview stage

Additional Requirements for International Students

• Qualification Recognition : Ensure your foreign degree is recognised in Germany. You may need to submit your credentials to uni-assist for evaluation
• Visa Application : Apply for a student visa at the German embassy in your home country
• Health Insurance : Obtain valid health insurance coverage for Germany
• Residence Permit : Apply for a residence permit for study upon arrival in Germany

Application process for applying to a PhD in Germany

The application process for a PhD degree in Germany can vary depending on whether you’re pursuing an individual doctorate or a structured PhD program, and whether you’re a home or international student.

Here are the key steps and requirements:

General Application Process

• Choose your path : Decide between an individual doctorate (traditional route) or a structured PhD program.
• A master’s degree or equivalent in a relevant field
• Strong academic record (typically a GPA of 3.0 or higher)
• Proficiency in English and/or German, depending on the program
• For individual doctorates, contact potential supervisors directly
• For structured programs, search for openings at universities or research institutions
• Curriculum vitae (CV)
• Copy of your master’s degree certificate
• Master’s thesis (or a copy)
• Research proposal
• Statement of purpose
• Academic references
• Language proficiency certificates (e.g., TestDaF, DSH for German; TOEFL, IELTS for English)
• Follow the specific guidelines of the university or program
• Applications may be submitted online or by post
• Many programs, especially structured ones, include an interview stage
• This may be in person or via video conference

Considerations for International Students

International students face some additional steps and requirements:

• Qualification recognition : Ensure your foreign degree is recognised in Germany. You may need to submit your credentials to uni-assist for evaluation.
• Provide proof of German proficiency (TestDaF or DSH) for German-taught programs
• For English-taught programs, submit TOEFL or IELTS scores
• Apply for a student visa at the German embassy in your home country
• You’ll need an admission letter from a German university
• Health insurance : Obtain valid health insurance coverage for Germany
• Residence permit : Apply for a residence permit for study purposes upon arrival in Germany. This typically lasts for two years and is extendable.

Application Process for Structured PhD Programs

Structured programs often have a more formalised application process:

• Check for specific application deadlines, which may occur once or twice a year
• Submit initial application materials online
• Visits to the institution
• Meetings with potential supervisors and current students
• A short presentation of your previous research
• A panel interview

Application Process for Individual Doctorates

For individual doctorates, the process is more flexible:

• Identify a potential supervisor whose research aligns with your interests
• Contact the professor directly with a brief inquiry
• If the professor expresses interest, submit a full application including your research proposal
• The professor may invite you for an interview or further discussion
• If accepted, you’ll need to formally enroll at the university

Remember that the specific requirements and processes can vary between universities and programs. Always check the official website of the institution you’re applying to for the most up-to-date and accurate information.

Typical Cost of a PhD in Germany

The costs of pursuing a PhD in Germany are generally similar for both home and international students, with a few key differences:

Tuition Fees

• Most public universities in Germany charge no tuition fees for PhD students, regardless of nationality
• There is a small semester contribution (administrative fee) of up to €300 per semester for all students, which typically covers student services and public transport

Living Costs

• The average annual living costs in Germany range from €10,200 to €12,000
• This includes rent, food, health insurance, and other daily expenses
• Costs can be higher in major cities like Munich or Berlin

Breakdown of Monthly Expenses (approximate)

• Rent: €280-€400 (shared flat or student residence)
• Health insurance: €80-€100
• Public transport: Often included in semester contribution
• Other expenses (phone, internet, leisure): €100-€200

Visa for International Students

• Non-EU students must prove they have access to about €11,208 per year (€934 per month) to cover living costs as part of their visa application.
• Visa application fee: approximately €75

Health Insurance

• Mandatory for all students, including PhD candidates
• Costs around €80-€100 per month
• EU students may be covered by their home country’s insurance through agreements

Additional Costs

• Research-related expenses (e.g., conference attendance, materials) are often covered by the research group or university
• Language courses (if needed): €200-€500 per course

In short, the main costs for PhD students in Germany are living expenses, as tuition is generally free. The overall experience is affordable compared to many other countries, especially considering the lack of tuition fees. International students should factor in additional costs for visa applications and potentially language courses. However, with many funded positions available, pursuing a PhD in Germany can be financially viable for both home and international students.

Funding Sources for PhD students in Germany

Many PhD positions in Germany are funded, offering a salary (of typically €1,500-€2,500 per month before taxes) rather than requiring payment of fees.

The main funding sources and opportunities for PhD students in Germany include:

• Doctoral Programmes in Germany: Supports international PhD students to complete their doctoral degree at a German university or research institution. Provides monthly payments of 1,300 euros, health insurance, travel allowance, and annual research allowance.
• One-Year Grants: For international doctoral candidates to carry out research as part of a doctoral project for up to one year.
• Bi-nationally Supervised Doctoral Degrees/Cotutelle: Supports doctoral degrees at the student’s home university with integrated research phases in Germany.
• Research Training Groups: Established by universities to promote early career researchers. Funded for up to 9 years, providing structured training and qualification programs.
• Collaborative Research Centres: Offer opportunities for PhD students to pursue research across disciplines and institutions.
• Individual Doctoral Projects at Max Planck Institutes
• International Max Planck Research Schools ( IMPRS ): Structured PhD programs at 68 locations
• Max Planck Schools: Joint graduate programs in specific interdisciplinary fields
• Individual Doctoral Projects at Leibniz Institutes
• Leibniz Graduate Schools and Leibniz ScienceCampi: Structured doctoral programs
• Individual Doctoral Projects at Fraunhofer Institutes: Opportunity to complete a doctorate while working on cutting-edge technology projects
• DLR-DAAD Research Fellowships: For PhD students in fields like space, aeronautics, energy, and transport
• PhD Fellowships: For early career researchers in basic biomedical research
• Travel Grants: For PhD students and postdoctoral researchers
• Marie Skłodowska-Curie Doctoral Networks: Structured doctoral training within European institution networks
• ERA Fellowships – Green Hydrogen: Funding for research projects in green hydrogen
• Green Talents: Competition winners can complete a research stay at a German institution
• Munich Aerospace PhD Scholarships: For research in aerospace-related fields
• Many PhD positions are offered directly by universities and research institutes, often tied to specific research projects or programs
• These typically provide a salary (often around 1,500-2,500 euros per month before taxes) rather than requiring payment of fees

Top Universities in Germany for PhD study

As of 2024, the top universities in Germany for PhD study in STEM subjects include:

Technical University of Munich (TUM)

• Ranked as the best university in Germany for engineering and technology
• Offers structured PhD programs through the TUM Graduate School
• Known for excellence in research and strong industry connections
• Provides interdisciplinary training and professional skills development for doctoral candidates

Technical University of Berlin (TU Berlin)

• Ranked 2nd in Germany for engineering and technology
• Offers doctorates across various STEM fields through its Faculty of Electrical Engineering and Computer Science
• Provides structured support for international doctoral candidates
• Known for interdisciplinary research and collaboration

Karlsruhe Institute of Technology (KIT)

• Ranked 3rd in Germany for engineering and technology
• Strong focus on energy, mobility, and information technologies
• Offers both individual and structured doctoral programs
• Emphasises international collaboration and industry partnerships

RWTH Aachen University

• Ranked 4th in Germany for engineering and technology
• Considers doctoral studies as the first part of professional practice, with an application-oriented focus
• Offers both individual doctorates and structured PhD programs
• Strong emphasis on industry partnerships and applied research

Technical University of Dresden

• Ranked 5th in Germany for engineering and technology
• Known for its research in microelectronics, materials science, and bioengineering
• Offers structured PhD programs and graduate schools
• Strong focus on interdisciplinary research and innovation

When choosing a university for PhD study, prospective students should consider factors such as:

• Specific research areas and expertise of potential supervisors
• Availability of funding or paid positions (many PhD students in Germany work as research assistants)
• Language requirements (some programs require German proficiency, while others are conducted in English)
• Opportunities for international collaboration and research stays abroad
• Post-graduation career prospects and industry connections

Prospective PhD candidates should thoroughly research potential supervisors and reach out to them directly to discuss research opportunities before applying to a program.

Your journey to  PhD study  in Germany awaits. With its exceptional research landscape, structured programs taught in English, and excellent  funding opportunities , Germany offers a unique experience for international students.

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How to finance your PhD

How much does it cost to get a doctorate in Germany?

Tuition is free for doctoral studies for at least the first 6 semesters at all public universities in Germany. The German Studentenwerk (German Student’s Union) says an average student in Germany needs around 800 euros per month to cover living expenses such as rent, food, clothing, transport, work supplies, recreation etc. Students enrolled at university also have to pay a “semester contribution” every semester. This fee covers the cost of the important student ID card. The student ID card serves as a semester ticket for cheap or free use of public transport, and allows you reduced rates at the student cafeteria and many other places such as swimming pools, museums, cinemas, etc…

Scholarships and funding programmes

Research is a serious business in Germany, with funding programmes available from several sources. The DAAD alone, Germany’s largest provider of scholarships, provided funding for more than 51,600 foreign scholars around the world. In addition, many other public and private bodies provide financial support to doctoral students. Important donors include Germany’s federal and state governments, the European Union and a large number of charitable foundations that have set themselves the goal of supporting research and junior researchers.

For more information on funding opportunities for doctoral candidates, go to: DAAD scholarship database: www.funding-guide.de Other funding databases: www.research-in-germany.org > funding databases Selected funding programmes for PhD Students: www.research-in-germany.org > funding programmes for phd students

Job offers for doctoral students and roles for scientists

In addition to scholarships and funding programmes, there are employment opportunities at universities and research organisations. Furthermore, you may want to consider the private sector, with many German companies having generous research budgets.

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/ PhD programme Yes Joint degree / double degree programme Yes Description/content Frankfurt School of Finance & Management is one of Europe’s leading business schools with an internationally recognised

Degree Doctor of Philosophy ( PhD ) in Medical Research – Cardiovascular Science Teaching language English Languages Courses are held in English only. PhD theses are written only in English. Full-time

Dissertation Writing-up Fellowships for the Department 'Law & Anthropology'

PhDs in anthropology. The fellow should be prepared to participate in the activities of the Department during the fellowship period, and is expected to submit a working paper that addresses the topic

Researcher (PostDoc)

Job posting (PHY 04/2024) The Leibniz Institute for Baltic Sea Research Warnemünde (IOW) has a temporary vacancy (subject to financing ) as a Researcher (PostDoc) for the period 01.11.2024

Degree Doctoral degree (Dr rer nat) / PhD In cooperation with Center for Earth System Research and Sustainability (CEN), Hamburg Cluster of Excellence "Climate, Climatic Change, and Society" (CLICCS

Senior Research Fellow / Post-Doc (f/m/d)

the research fields Green innovation and entrepreneurship (e.g., entrepreneurial finance , startup innovation network, business model innovation, entrepreneurship in the Global South) Corporate climate goals and

Postdoc (f/m/d) Socio-Economic Panel

Mentoring of researchers Your qualifications: University degree in sociology, economics or a related field Doctorate / PhD in one of the above-mentioned fields is an advantage Strong publication record

Postdoctoral Researcher in Production and Resource Economics

international Horizon Europe- financed collaborative projects (e.g., AGRO-WELL, RETOUCH Nexus, INCiTiS-Food, NOVASOIL) or nationally funded projects. The successful candidate is also expected to be actively

PhD Student (m/f/d) Immunology and Cell Biology

We are announcing a part-time position as PhD Student (m/f/d) in the Research group Immunology and Cell Biology Topic: Regulation of the human proteasome network under mitochondrial protein import

Post-doctoral researcher (m/f/d) in ‘‘Marine Microbial Natural Product Chemistry’’

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PhD in Germany: Top Universities, Admissions 2024-25, Fees, Scholarships

Veda Burman

| Updated On - Apr 30, 2024

The top PhD universities in Germany do not charge any tuition fee from international students. You might need to pay a semester fee between 100 and 325 EUR (8,900 to 28,930 INR) to pursue PhD courses in Germany. After completing a PhD degree in Germany, graduates annually earn an average salary of 69,000 EUR (61.43 lakhs INR).

Best Universities in Germany for PhD

Germany is a center for higher education, with few top-ranked yet affordable institutions offering doctoral programs. Some top PhD universities in Germany and their corresponding details are as follows:

Why Study PhD in Germany?

• In Germany, a majority of the PhD programs are tuition free, at least for the first 6 semesters. The German government sponsors these programs. You will only need to pay a minimal semester fee between 100 and 325 EUR (8,900 to 28,930 INR).
• According to UNESCO, Germany has enrolled over 28,000 Indian students including PhD scholars every year, higher than any other EU member state.
• Germany allows students to pursue doctoral programs without a masters degree. Students with a bachelors degree can directly pursue doctoral studies in Germany with satisfactory eligibility criteria.
• As a student, you can work for 120 full-days or 240 half days per year to earn extra pocket money.

PhD in Germany Admissions

The admission requirements for doctorate in Germany vary based on the chosen university and subject. The common requirement for PhD in Germany eligibility criteria for international students are listed below:

• Diploma, Magister, or Master’s degree with above-average aggregate from a recognized university
• At least 2.5 GPA in German grading system or B+ overall grade
• IELTS: 7.0 (with 6.5 in each band)
• TOEFL iBT: 80 - 100
• German language proficiency proof: TestDaf: Level 4
• GRE: 160 overall score or above
• Germany student visa

PhD in Germany Eligibility Criteria

The eligibility criteria for admission to the PhD programs in various German universities are as follows:

PhD in Germany Cost

The German universities do not charge any tuition fee for PhD programs. You might need to pay a semester fee between 100 and 325 EUR (8,900 to 28,930 INR) across some universities. Besides, you can estimate to spend around 850 EUR per month as the cost of living in Germany . Following are some top-ranked universities and their respective fees:

PhD in Germany Scholarships

Although the doctoral programs in Germany are fully funded, candidates are still required to make the ends meet and bear the living costs. Therefore, such candidates may look forward to the following scholarships in Germany :

PhD in Germany Salary

Students with PhD in Germany secure an average salary of 69,000 EUR per annum. The average salary of Doctor of Philosophy (PhD) ranges between 45,000 to 94,000 EUR per annum. Doctor of Science (DS) degree holders annually earn between 42,000 to 120,000 EUR. The average salary of doctoral candidates pursuing jobs in Germany according to their levels of experience are as follows:

Note: The stage duration (time spent) of each of the 6 levels of experience increases by 1 year per stage. The contractual term at first level is at least 12 months with no interruption.

PhD in Germany is pursued by international students for a combination of benefits. The top public universities in Germany offer tuition-free education, removing the financial burden from students. You can get research opportunities from industry experts in Germany. After completing education, you can get employed as research associate for Postdoc positions in German higher education institutions.

Ques. Is it free to do PhD in Germany for Indian students?

Ans . Yes. The public universities in Germany offer PhD programs without any tuition fees. The universities might charge a minimal semester fee to Indian students. You can estimate to pay between 100 and 325 EUR (8,900 to 28,930 INR) as semester fees in the German universities for pursuing a PhD program.

Ques. Do PhD students get paid in Germany?

Ans . Yes, some German universities provide financial support to PhD students through grants, stipends, and scholarships. You can also pursue part-time jobs while pursuing PhD, with permission from your university to earn some pocket money.

Ques. How many years is a PhD in Germany?

Ans . PhD programs in Germany can be around 5 years long or more. However, PhD in Germany is available within 3 years span across some universities. According to experts, the average time taken for PhD in Germany ranges between 3 and 4 years.

Ques. Is it easy to get PhD in Germany?

Ans . No. PhD in Germany requires you to be involved in research and activities on a particular subject or multiple subjects. The entry requirements for PhD programs in Germany for international students vary with the university and specialization. The most important requirements for admission to PhD in Germany are as follows:

• IELTS : 7.0 (with 6.5 in each band)
• German Proficiency proof: TestDaf: Level 4
• GRE Score: 160 overall score or above
• Germany Student Visa

Ques. Is a PhD in Germany taught in German?

Ans . PhD in Germany is taught in both the languages, German and English. You can choose the university and specialisation, based on the proficiency of language. If possible, German language proficiency is recommended to enhance your chances of securing admission to your dream university.

Ques. Can I pursue PhD in Germany without a Master’s degree?

Ans . PhD in Germany can be pursued by exceptionally performing Bachelor’s degree graduates. Moreover, candidates possessing an international Graduate Diploma with 2.5 or more GPA may also apply.

Ques. Is German PhD valid in India?

Ans . Yes. PhD degrees offered by prestigious universities in Germany are valid in India. You can pursue a faculty post in the Indian universities with a PhD from Germany. You can also look for postdoc opportunities or suitable employment opportunities for you with a PhD from Germany.

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Accounting Concentration

This concentration is one of the three concentrations offered in Frankfurt School's Doctoral Programme.

It is offered by one of the most productive faculties in Europe. Ranked among the top in Europe of Brigham Young University’s prestigious research ranking, Frankfurt School’s Accounting group is known for its innovative research in capital markets and managerial accounting.

We train our students in applying state-of-the-art techniques to address questions that advance contemporaneous accounting research. Our faculty is at the forefront of their research area and shapes the profession not only through originality, but also by their editorial work and involvement in global research initiatives. Our doctoral programme, uniquely positioned in Germany, includes a structured coursework programme that provides students with methodological skills as well as with an in-depth knowledge of economics, finance, and accounting. The faculty has a proven track record of working closely with doctoral students throughout the programme and has placed students in some of the best research schools in the world.

Accounting research has little to do with refining the workings of double-entry bookkeeping. Instead, scholars examine a broad range of questions about the role of information in markets and within firms. Accounting research is strongly related to practice, studying questions such as the enforcement of international accounting standards or the way firms use incentives and performance measures to motivate employees. Accounting research is also empowered by the latest theoretical insights from economics, finance, psychology and related disciplines (sociology, linguistics, even biology) and has recently made significant strides forward by adopting methods developed by (big) data science. Accounting, contrary to some stereotypes, therefore is one of the most exciting fields of research in business.

Sample Publications

Frankfurt School publishes in the top outlets for accounting research. To get a sense for the kind of research we conduct, please click on the following sample publications:

Grounded strongly in economics and quantitative methods, our faculty encourages students to explore creative, new ideas in a rigorous way.

We prefer students to extend the boundaries of the field by incorporating insights from adjacent areas such as finance, management, and the behavioral sciences rather than making incremental technical improvements.

The accounting concentration offers the following courses to help students achieve those goals:

Mathematics & Statistics

Calculus of Several Variables Functions of Several Variables Implicit Functions and Their Derivatives Quadratic Forms and Definite Matrices Unconstrained Optimization Constrained Optimization Concave and Quasiconcave Functions Economic Applications Eigenvalues and Eigenvectors Advanced Linear Algebra Advanced Analysis Basic Probability and Statistics

Econometrics I

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate, and in some cases improve, prior empirical studies.

Microeconomics

1. Demand Theory 2. Expected Utility Theory 3. General Equilibrium Theory 4. Non-Cooperative Game Theory a) Dominant strategies and applications b) Nash Equilibrium and applications c) Subgame Perfect Equilibrium and applications 5. Principal-Agent Theory 6. The Theory of Incomplete Contracts

Performance Measurments & Incentives

This module provides an introduction to academic empirical research on performance measurement and incentives. It covers topics such as financial and nonfinancial performance measures, subjective performance evaluation, target setting and target ratcheting, relative performance evaluation and management control systems.

The Accounting Seminars offer new insights into a broad range of accounting, managerial or economic issues. The seminars are a forum for mostly external researchers to present and discuss their work, employing rigorous methodological approaches, including theoretical models, empirical-archival methods or experimental methods.

Econometrics II

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate, and in some cases improve prior empirical studies.

Game Theory

The course aims to familiarise students with the basic concepts of game theory. Students learn different classes of games and a variety of solution concepts to predict strategic behaviour in these games. They will learn how to capture practically relevant situations in a game and the necessary tools to solve these games.

Causal Inference

Coming soon

Empirical Asset Pricing

Industrial Organization

Accounting Information & Capital Markets

This module provides an introduction to the key areas of financial accounting research. It covers topics such as value relevance of accounting information, accounting-based valuation, earnings management, contracting and accounting, disclosure, text-as-data in accounting, information intermediaries, real effects in accounting, corporate governance, financial reporting regulation, political ecomony of accounting etc.

Advanced Topics in Accounting

Topics to be discussed include: 1: Advances in startup valuation and venture capital 2: Advances in difference-in-differences 3: Innovative performance measures in management accounting 4: Advances in disclosure research

Students can choose up to three elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the programme office help the student identify appropriate courses.

PhD Brownbag

Master Thesis / 2nd year paper

The second year paper is the first piece of the student’s very own presentable research work. It can also be used to obtain a Master’s degree in Business Research and Analytics.

Research (Dissertation and Defence)

Upon passing the Qualifying Exam at the end of the 2 nd year, students enter the research phase of the programme. Students dedicate themselves to their research projects, produce scholarly papers and present their research at international academic conferences. They also have the opportunity to interact with international scholars visiting Frankfurt School to present research in the seminar series.

Research at FS

Why do managers so often underestimate the risk of their strategic decisions? Management professor  Stevo Pavicevic  tries to answer this question in his work:

"Making decisions is at the heart of professional lives of managers. Despite managers' best efforts, their decisions are often hopelessly erroneous. Here at Frankfurt School of Finance and Management, we investigate why managers make poor strategic decisions, and more importantly, how firms can build safeguards into the decision-making process to reduce the risk of flawed decisions."

Decision making is also important in marketing professor  Tetyana Kosyakova’s  projects her focus is on consumers rather than managers:

"My research is mainly in the area of choice and Bayesian modeling. Currently I am working on a series of projects, which focus on developing the methodology for estimating consumer preferences based on consumer choice (or purchase) data when consumers are making choice decisions given a large choice set.

A typical purchase decision from a large choice set could be a consumer picking a yoghurt in a supermarket, given a large yoghurt assortment on a dairy shelf or a consumer configuring a laptop given multiple options for processor, memory and other technical features. Traditional models don’t scale to large choice sets or large product assortments due to difficulty of likelihood evaluation. My work is aimed at contributing to this research area."

Dr. rer. Pol students at Frankfurt School often work closely together with faculty members on (larger) research projects. Digitalisation and its corporate impact is at the core of a project of accounting professor  Matthias Mahlendorf :

"In a joint project with Dr. rer. Pol students and international coauthors, we are currently investigating how senior managers develop their expectations about their company's future performance.

This is important, because many firms are currently investing in new approaches (such as Google's "Objectives and Key Results", OKR) as well as in predictive analytics. These tools have the potential to solve some challenges that firms have struggled with for decades, such as slack building in performance goals and biased forecasts. However, we need solid research to distinguish between hype and actual improvements."

Research at Frankfurt School often centres on big problems in society, including climate change and wealth inequality. Take, for example the work of finance professor  Yigitcan Karabulut :

"My current research interest lies in household finance, with a particular emphasis on studying the factors that contribute to household wealth dynamics and their implications for the evolution of wealth inequality. In other words, I examine why some families are poor and some are wealthy and how this changes over time. Lately I am working mostly to understand the impact of robots on differences in wealth."

After a lot of hard work, the tangible output of research is a publication in a scientific journal. We asked Professor  Sascha Steffen  about the paper that is closest to his heart:

"Even though it is not my best published paper, I am very happy about my paper on the "dash for cash" of firms during the current COVID crisis. It was not only the first paper that scrutinized this but also unearthed some subtle drivers of corporate cash holdings.

First, cash does not seem to be just "negative debt" (or a waste of resources that some literature seems to suggest) but there is an economic rationale for holding cash. Second, credit risk matters for cash holdings (which has been somewhat neglected in the literature); it is not only default risk, though, but there is a "cliff risk" for firms to become downgraded to non-investment grade which significantly affects cash holdings."

Accounting Faculty

Affiliated faculty.

Frankfurt School is among the few schools in Germany and even in Europe to offer fully-fledged coursework, which prepares students for the demands of dissertation research, on a par with what has traditionally only been available in top schools in the U.S. The programme has achieved remarkable successes:

Doctoral students have been invited for visiting scholarships in top schools in the U.S. (e.g., MIT) and in Australia (e.g. University of Melbourne).

The accounting faculty has placed their doctoral students at renowned international research institutions in Europe, in Australia and in the U.S.

Doctoral students have presented their dissertation work in highly visible and competitive conferences such as the Singapore Management University Accounting Symposium and the MIT-Asia conference.

Become an integral part of the Accounting group

We want our students to share the faculty’s passion for research. Students are an integral part of the Accounting group, benefiting from the many workshops, conferences and visitors participating in our lively, informal, but intellectual culture.

We encourage students to work together with faculty members on their research ideas and students have easy access to all the group’s research resources, including essential databases such as WRDS, IncentiveLab and many more.

Doctoral students have their own discretionary annual research budget.

The annual Doctoral Boot Camp provides students with an informal setting to present their research ideas, proposal, and early draft papers to the entire faculty and receive constructive feedback.

Faculty members play key roles in the profession, serving as editors, editorial board members or reviewers for major journals in the field (including, Journal of Accounting and Economics, Journal of Accounting Research, The Accounting Review, Accounting, Organizations and Society, Management Science, Contemporary Accounting Research, Review of Accounting Studies).

Student funding and scholarships

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years conditional on the continued satisfaction of all academic programme requirements.

From the first year onwards doctoral students will receive EUR 1,820 for the period of 5 years.

Furthermore Frankfurt School covers costs related to research, including conferences and overseas visits.

Application process

1. target group.

Outstanding graduates of a Bachelor‘s or Master’s programme in business administration, finance, management, accounting or related fields who aspire to launch an academic career.

Candidates in the final year of a Master’s or Bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents. Please note that you need a certified English or German translation for all documents, that are not originally in German or English. The application platform will be open between 15 September 2021 and 15 January 2021.

Required Documents

• CV and list of publications (if existent)
• Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
• Certified copy of your University Degree Certificate or equivalent and academic transcript of records
• Official GMAT or GRE results
• Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
• Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with faculty? Is the research of any member of the FS faculty of interest to you?
• Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: background, extracurricular activities, work experience.

Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform: http://apply.interfolio.com/79802

Create a profile by clicking on the button “Apply now”.

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”.

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to a skype interview with faculty members.

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctorate Proceedings. It is based on the overall portfolio of the candiate and the interview. The results will be communicated after the final decision.

Isabeau Köhncke Recruitment Officer

Lianna Mirzoyan Recruitment & Admissions Manager

PhD Finance programs in Germany

Law and finance.

Goethe University Frankfurt

Business administration european and asian management.

University of Applied Sciences Bremen

International finance and investments.

University of Ulm

University of Gottingen

International business.

University of Applied Sciences Mainz

Finance, accounting and taxes, money and finance, international taxation.

University of Hamburg

The Times Higher Education World University Rankings is the only global university performance table to judge research-intensive universities across all of their core missions: teaching, research, knowledge transfer and international outlook.

Laws in Finance

Management and technology.

Technical University of Munich

International finance.

Berlin School of Economics and Law

Economics and finance.

University of Tübingen

Otto Beisheim School of Management

Laws in international banking, securities and finance (for graduates from asia).

International School of Management

Financial engineering.

Karlsruhe Institute of Technology

Financial services management.

University of Applied Sciences Kaiserslautern

Corporate financial management.

GISMA Business School

Finance and investment.

Berlin School of Business and Innovation

Deadline information, best universities with finance in germany.

Bachelor Finance programs in Germany

Master Finance programs in Germany

Most Popular Finance programs in Germany

PhD Finance programs in Germany

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