Curriculum The PiF programme is divided into a coursework stage and a research stage. Successful students of the programme will be awarded the degree of a Ph.D. in Finance. Coursework Stage The courses of of the coursework ensure that graduates have the necessary fundamental knowledge to pursue their own original research. The coursework stage lasts between two and four semesters during which candidates have to take two compulsory subjects (Asset Pricing and Corporate Finance) and six core electives. During the coursework stage PiF students submit a research proposal to their thesis committee. This proposal forms the basis for their own research. Research Stage During the research stage PiF students focus on writing their doctoral thesis, which consists of at least three scientific articles. In addition, they are expected to give two presentations in the internal PIF brown-bag seminar where they receive feedback from the faculty and their fellow students on their own research.