PhD Program in Finance 2007 of the Vienna Graduate School of Finance A joint initiative of Institute For Advanced Studies THE VIENNA GRADUATE SCHOOL OF FINANCE (VGSF) The Vienna Graduate School of Finance (VGSF) is a center of excellence in finance, located in Vienna, Austria. The VGSF’s main activities are academic research and PhD education. The VGSF offers a stimulating learning and research environment to outstanding students from around the world. VGSF graduates can look forward to a rewarding career at leading academic institutions in the USA, in Europe and elsewhere. LEADING ACADEMIC INSTITUTIONS Three leading Austrian academic institutions combine forces at the VGSF: Institute for Advanced Studies Vienna University of Vienna Vienna University of Economics and Business Administration. The VGSF is supported by the Austrian Science Fund (FWF) HIGHEST ACADEMIC CREDENTIALS The VGSF draws on a faculty specializing in all major fields of finance, including asset pricing, corporate finance, financial institutions, risk management, and market microstructure. Well-established within the research community, the faculty members also frequently interact and collaborate with leading international finance academics. VGSF FACULTY Engelbert Dockner, Josef Zechner (VGSF Program Director) University of Vienna Stefan Bogner, Alois Geyer, Stefan Pichler Vienna University of Economics and Business Administration Andreas Reschreiter, Klaus Ritzberger, Alexander Stomper Institute for Advanced Studies Vienna DISTINGUISHED INTERNATIONAL FACULTY Leading scholars in the field are regularly invited to teach advanced courses on a topic with high potential for future research. For example, in the last three years, courses have been taught by Kerry Back (St. Louis), David Bates (Iowa), Tomas Björk (Stockholm), Tim Bollerslev (Durham), Michael Brennan (UCLA), Zsuzsanna Fluck (Michigan State), David Lando (Copenhagen), Antonio Mele (LSE), Mojmir Mrak (Ljubljana), Stefan Reichelstein (Stanford), Neal Stoughton (Calgary), Suresh Sundaresan (Columbia), Russ Wermers (Maryland), Jan Werner (Minnesota), and Stanley Zin (Carnegie Mellon). THE VGSF PHD PROGRAM IN FINANCE The VGSF PhD program in finance consists of two years of rigorous coursework and two subsequent years of work on the PhD thesis. During the first two years, students attend courses covering all major topics in finance and the analytical methods required for research. In particular, we focus on: Corporate Finance, Market Microstructure, and Asset Pricing After passing the required exams, students start to conduct research projects of their own. They are expected to require four years to complete the program, including thesis preparation and defense. LIVING AND STUDYING IN VIENNA A sensationally beautiful city in the heart of Europe with a universally acclaimed cultural life, Vienna is an ideal location to work and study. With a population of one and a half million, of which 120,000 are students, it is cosmopolitan and very safe. Vienna offers many attractions: the natural beauty of the Vienna Woods; ski resorts an hour away; vineyards right in the suburbs; four friendly and attractive neighbouring countries very close at hand; and an exciting cultural life – to mention a few. As one of the great music capitals of the world, Vienna is the home of a world-famous Opera (the Staatsoper) and of the Vienna Philharmonic and is also a focal point for jazz and avante garde music. ADMISSION AND SCHOLARSHIPS VGSF students are expected to study full time in the PhD program. Therefore, the VGSF offers a limited number of scholarships which allow students to focus fully on their studies and research activities. APPLICATION AND INFORMATION The program is open for students from all countries with all academic specializations, provided they hold a Master degree or equivalent and have a sufficient level of formal training. Applicants should take a GRE and/or GMAT and a TOEFL test, and provide proof of basic proficiency in finance and/or economics (based on either the degree they hold or a sample of original written work). The application package should also contain a statement of purpose, as well as copies of any certificates and diplomas obtained during prior studies, along with certified translations into English. Finally, each applicant should arrange for at least two letters of reference to be sent directly to the address stated below. APPLICATION DEADLINE: February 15th, 2007 www.vgsf.ac.at Detailed information about the program, faculty, students, events and application procedure can be found at: Vienna Graduate School of Finance (VGSF) c/o University of Vienna Bruenner Strasse 72 1210 Wien (Vienna), Austria Phone: +43-1-4277-38186 Fax: +43-1-4277-38074 Mail: vgsf@vgsf.ac.at Web: www.vgsf.ac.at