PhD in Fnance
A Dual Degree Doctorate in Financial Governance and Institutional Decision-Making
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The PhD in Finance at Monarch is positioned within a broad governance framework. It is a research-intensive degree that examines finance as a decision-making structure: an institutional mechanism that influences corporate conduct, regulatory design, capital stewardship, and long-term strategic orientation. At the same time, financial governance does not operate in isolation. Institutional financial decisions shape, and are shaped by, broader societal expectations concerning accountability, transparency, stability, and public trust.
Finance is often described as a technical discipline concerned with asset pricing, portfolio theory, or market efficiency. Yet at its foundation, finance is a system of governance. It determines how capital is allocated, how incentives are structured, how risk is distributed, and how authority is exercised within corporations, financial institutions, and regulatory bodies. Financial architecture shapes strategic direction, executive behavior, and institutional accountability. It is therefore inseparable from institutional decision making and from the wider governance environments within which institutions operate.
Financial systems reflect governance choices. The structure of executive compensation, the oversight role of boards, the regulatory boundaries imposed upon institutions, and the mechanisms through which capital is deployed all embody assumptions about responsibility, risk tolerance, and organizational purpose. These assumptions extend beyond the firm itself and influence societal confidence in markets, regulatory legitimacy, and the stability of economic order. A doctoral inquiry into finance must therefore move beyond technical proficiency and engage critically with institutional design, leadership judgment, and the ethical dimensions embedded in financial decision making.
The primary focus of the program remains on the enduring frameworks that shape behavior within financial institutions and capital markets. The concern is not merely how markets respond in moments of volatility, but how governance systems condition those responses over time and how those responses resonate within broader societal structures.
Consistent with Monarch’s research philosophy, the program privileges qualitative inquiry and interpretive depth. Candidates are encouraged to explore the lived experiences of financial actors, including executives, board members, regulators, institutional investors, and policymakers, in order to understand how financial judgments are formed, justified, and implemented within complex institutional environments. Quantitative tools may be incorporated where appropriate, but they serve a broader analytical objective. They illuminate governance structures and decision-making processes rather than functioning as ends in themselves.
The PhD in Finance is particularly suited to experienced professionals in banking, corporate finance, investment management, regulatory institutions, and financial oversight roles who seek to elevate their practice through principled doctoral research. Graduates are prepared to contribute to academia, corporate governance, regulatory bodies, and institutional leadership contexts where financial authority intersects with accountability, societal expectation, and long-term stewardship.
Finance, when understood through the lens of governance, becomes more than a mechanism of capital exchange. It becomes a defining institutional force that shapes corporate purpose, economic direction, public confidence, and the legitimacy of economic systems. The PhD in Finance at Monarch is designed for those who wish to critically examine and meaningfully influence the governance structures that sustain modern financial systems and their broader societal implications.
What You Will Achieve
| Financial Governance & Framework Mastery | Develop a deep and critical understanding of financial governance structures, including capital allocation systems, board oversight mechanisms, regulatory architectures, and institutional accountability models operating within domestic and international markets. |
| Institutional Decision Making & Analysis | Gain the ability to examine how financial incentives, executive compensation design, risk management frameworks, and regulatory constraints influence strategic judgment and long-term organisational behaviour. |
| Capital Stewardship & Strategic Orientation | Evaluate how capital deployment decisions shape corporate purpose, investment priorities, institutional resilience, and long-term value creation within diverse financial systems. |
| Regulatory & Institutional Architecture Evaluation | Examine the structural design of financial regulation and oversight regimes, assessing how institutional frameworks condition behaviour within banking, corporate finance, investment management, and public financial systems. |
| Societal Accountability & Governance Implications | Develop the capacity to analyse how institutional financial decisions influence broader societal governance expectations, public trust, market legitimacy, and the stability of economic systems. |
| Research Design & Interpretive Financial Inquiry | Design rigorous doctoral research grounded in qualitative, comparative, or mixed methodological approaches aligned with Monarch’s emphasis on lived experience, institutional meaning, and governance-centred analysis. |
| Ethics & Responsibility in Financial Leadership | Develop the capacity to critically assess the ethical dimensions of financial authority, fiduciary responsibility, executive judgment, and the broader legitimacy of financial leadership within national and international contexts. |
| Scholarly Contribution & Publication Readiness | Build advanced scholarly writing skills to produce conceptually rigorous, publication-ready research that contributes meaningfully to discourse in financial governance and institutional decision making. |
| Thought Leadership in Financial Governance | Cultivate intellectual independence and reflective insight necessary to act as a thought leader capable of shaping financial governance practice and informing strategic decision making across sectors. |
Program Structure
The PhD in Finance at Monarch Business School Switzerland follows a clearly articulated structure designed to integrate financial governance inquiry, institutional decision making, and principled analytical reasoning. Each phase builds progressively toward the development of an original doctoral dissertation, guiding candidates from foundational preparation through conceptual exploration and ultimately to the synthesis and defence of their scholarly work. The design emphasises discipline in argumentation, methodological clarity, and reflective insight into how financial systems shape corporate conduct, regulatory design, capital stewardship, and long-term strategic orientation.
Monarch’s mentor-guided, multistage framework strengthens analytical precision and interpretive coherence. Through structured supervision and formal academic review at each milestone, candidates develop the capacity to analyse, critique, and reframe finance as an institutional decision-making architecture. This ensures that graduates emerge not only as capable researchers, but also as reflective scholars prepared to contribute meaningfully to discourse on financial governance and institutional accountability.
In accordance with European Qualifications Framework standards, the program incorporates a recognised intermediate qualification. Upon successful completion of all program requirements, candidates are concurrently awarded the Master of Philosophy degree as a Master-in-Passing. This credential formally recognises that, through completion of the PhD, the candidate has demonstrated full mastery of advanced doctoral-level competencies associated with the M.Phil. degree.
The following phases outline the academic framework of the Doctor of Philosophy in Finance, detailing the pathway from initial research preparation to manuscript completion and the oral defence before the Review Committee.
Preparatory Phase
The Preparatory Phase provides candidates with the conceptual and methodological grounding required for advanced research in finance as governance. During this stage, candidates complete core Research Skills modules addressing the philosophy of social inquiry, qualitative and interpretive research design, academic writing, and governance-centred reasoning within institutional contexts. The objective is to cultivate a disciplined understanding of how financial judgment is formed and justified within organisations, oversight regimes, and professional practice environments.
Proposal Phase
Building upon this foundation, candidates enter the Proposal Phase where they define the doctoral research question, establish the theoretical and institutional framework, and refine the scope and structure of the contemplated research. Under faculty supervision, candidates develop a formal research proposal demonstrating mastery of foundational literature, identifying conceptual gaps, and articulating the intended scholarly and practical contribution to financial governance and institutional decision making. Approval of the proposal marks formal entry into the doctoral research phase.
Research Phase
The Research Phase constitutes the central stage of doctoral inquiry. Candidates conduct sustained investigation into financial governance structures, institutional decision processes, capital stewardship models, and regulatory environments that condition organisational behaviour. Inquiry may involve conceptual analysis, comparative case study design, policy interpretation, or qualitative engagement with relevant stakeholders. Where appropriate, limited quantitative elements may be incorporated; however, the central emphasis remains interpretive and governance-centred, aligned with Monarch’s approach to extracting meaning from lived experience within professional and institutional environments.
Dissertation Phase
The Dissertation Phase represents the integration and formalisation of the candidate’s research journey. Findings, interpretations, and theoretical contributions are synthesised into a doctoral dissertation that advances understanding of financial governance and institutional decision making. The work must demonstrate originality of thought, methodological discipline, conceptual coherence, and a clear contribution to scholarly discourse. The dissertation should also show the candidate’s ability to link financial governance structures to broader institutional responsibilities and long-term strategic consequences.
Defense Stage
The program concludes with the candidate’s oral defence of the doctoral dissertation before the Review Committee. This presentation synthesises the research narrative, core findings, and governance implications, evidencing scholarly depth, intellectual independence, and contribution to the field. Candidates must demonstrate mastery of their theoretical framing, coherence of argumentation, and the relevance of their work to financial governance practice and institutional leadership.
The structured progression of the PhD in Finance ensures that each candidate develops the full range of scholarly and analytical competencies expected of a doctoral researcher. By the conclusion of the program, candidates demonstrate mastery in governance-centred financial reasoning, critical interpretation, and principled institutional reflection. Each graduate embodies Monarch’s expectation of the doctoral scholar as an interpreter of systems, capable of clarifying how financial structures shape decision making and how those structures may be strengthened through responsible governance.
Importantly, the program recognises that financial governance does not exist in isolation. Institutional decision making within corporations, banks, investment bodies, and regulatory agencies is inseparable from broader societal governance expectations concerning accountability, transparency, stability, and public trust. Candidates are therefore expected to examine not only the internal dynamics of financial institutions, but also the wider societal implications of financial authority. The doctoral inquiry must ultimately engage with how institutional financial decisions influence social order, economic confidence, and the legitimacy of governance systems themselves.
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Program Delivery & Admissions
- Delivery Mode: Online / Hybrid
- Format: Flexible / Asynchronous
- Admissions: Rolling Admissions
- Start Date: 1st of Each Month
- Pace: Standard & Extended Paths
- On-Site Workshops: Optional
- Location: Switzerland
Academic Foundations of the PhD in Finance
The PhD in Finance at Monarch is grounded in rigorous scholarship in financial governance and institutional decision making, combining conceptual depth, methodological discipline, and responsible interpretation of financial systems within broader societal contexts.
| • | Milestone-based doctoral framework emphasizing original research in financial governance, institutional design, and capital stewardship |
| • | Focus on governance structures, regulatory architectures, and decision-making processes shaping financial institutions and markets |
| • | Integration of methodological rigor with interpretive analysis of executive judgment, board oversight, and fiduciary responsibility |
| • | Examination of how institutional financial decisions influence societal governance expectations, accountability standards, and public trust |
| • | Structured for experienced professionals pursuing academic, regulatory, or institutional leadership roles |
| • | Close supervision by senior researchers specializing in financial governance, institutional accountability, and policy frameworks |
| • | Participation in Monarch’s global research community and publication opportunities through the MRPS. |
Flexible Doctoral Structure for Professional Scholars
Monarch’s doctoral programs are intentionally designed for working professionals, combining academic rigor with a flexible, hybrid study structure that supports sustained progress and successful completion.
| • | Designed specifically for working professionals balancing full-time responsibilities |
| • | Hybrid doctoral modality: primarily remote study with optional on-campus scholarly workshops |
| • | Rolling admission with no fixed start dates |
| • | Milestone-based progression rather than semester lockstep |
| • | Ongoing remote access to academic supervision and research platforms |
| • | Extended duration (part-time) pathways with reduced periodic tuition |
| • | Continuation periods @50% fees available when additional time is required. |
Research Domains in Finance
| • | The PhD in Finance welcomes research across a broad range of financial governance domains, including capital allocation systems, corporate finance structures, regulatory design, institutional risk oversight, banking governance, and international financial architecture. |
| • | Candidates are encouraged to pursue topics that advance conceptual understanding of financial governance and institutional decision making, using interpretive, comparative, historical, or policy-oriented perspectives to examine how financial authority is structured and exercised. |
| • | Your specific domain and research question will be refined during the Research Proposal phase with faculty supervision, with primary emphasis on conceptual clarity, structural analysis, and critical reflection on how financial governance systems influence institutional accountability and societal trust. |
Program Features
The PhD in Finance at Monarch Business School Switzerland is delivered through a structured, mentor-supported doctoral pathway designed to cultivate intellectual independence, institutional awareness, and principled scholarly contribution. The program combines academic rigour with professional relevance, enabling candidates to engage deeply with financial governance and decision making within complex organisational and regulatory environments.
| Governance-Centred Orientation | The PhD in Finance emphasizes original contribution to knowledge through the study of financial governance, institutional design, and decision-making structures. Candidates explore how capital allocation systems, regulatory frameworks, and executive incentives shape corporate conduct and broader economic stability. |
| Faculty Supervision | Candidates are guided by experienced faculty and research supervisors with expertise in financial governance, institutional accountability, and regulatory systems. Mentorship emphasizes critical reasoning, interpretive rigor, and responsible scholarly inquiry throughout the doctoral journey. |
| Flexible Structure | The milestone-based format accommodates both academic and professional researchers, allowing candidates to progress at a manageable pace while engaging deeply with institutional finance, governance frameworks, and decision-making analysis within complex organisational environments. |
| Research Phase | During the research phase, candidates engage in sustained inquiry that connects financial governance structures to institutional behaviour and societal expectations. While grounded in conceptual and interpretive development, the program promotes engagement with contemporary financial leadership challenges through scholarly publication, conference participation, and dialogue within regulatory and corporate communities. This ensures that doctoral research remains both academically rigorous and institutionally relevant. |
| Integrated Degree Framework | The program incorporates Monarch’s integrated degree structure, recognizing progression and completion through the Master-in-Passing (M.Phil.) in Finance pathway. This affirms mastery of governance-centred financial analysis and doctoral-level institutional interpretation. |
| Global Institutional Perspective | Candidates gain access to Monarch’s international research community, academic resources, and scholarly networks supporting global engagement in financial governance. The collaborative environment fosters cross-sector dialogue among academics, regulators, executives, and institutional leaders. |
Together, these features ensure that the PhD in Finance maintains Monarch’s standards of academic excellence while fostering thoughtful engagement with financial systems as structures of governance embedded within broader societal expectations.
Master-in-Passing
The PhD in Finance at Monarch Business School Switzerland incorporates a flexible and academically rigorous framework that recognizes both progression and completion through the Master of Philosophy (M.Phil.) in Research. The M.Phil. serves as an integral element of the doctoral journey, reflecting Monarch’s commitment to accessibility, academic excellence, and intellectual integrity within the social and economic sciences.
Master-in-Passing (Default Award)
Candidates who successfully complete all doctoral requirements are automatically granted the M.Phil. in Research in passing upon conferral of the PhD. This recognizes mastery of research design, theoretical synthesis, and analytical competence achieved throughout the doctoral program, and affirms the integrated nature of Monarch’s dual-degree structure.
Master-in-Exit (Terminal Award)
Candidates who choose to conclude their studies prior to completing the PhD program may qualify for the M.Phil. in Research as a terminal award by submitting a completed five-chapter master’s dissertation. The M.Phil. in this form does not require an original contribution to knowledge but represents a complete and academically defensible qualification that affirms the candidate’s capacity for structured research, critical reasoning, and interpretive analysis at a high scholarly standard.
Through both the Master-in-Passing and Master-in-Exit pathways, Monarch Business School Switzerland ensures that every candidate’s academic effort culminates in a meaningful qualification. This dual structure reflects Monarch’s philosophy of doctoral education—uniting scholarly independence with ethical reflection and the advancement of knowledge for public understanding and responsible leadership.
Financial Governance Research Philosophy
The Doctor of Philosophy (PhD) in Finance at Monarch Business School Switzerland is designed to cultivate scholars capable of rigorous institutional analysis, reflective decision-making inquiry, and principled evaluation of financial authority. The program’s intellectual foundation reflects Monarch’s commitment to academic rigor, individualized mentorship, and interdisciplinary engagement within the evolving field of financial governance.
Structured for advanced researchers and experienced practitioners alike, the PhD encourages candidates to explore finance not merely as a technical discipline, but as a system of governance embedded within broader societal expectations. Doctoral inquiry at Monarch strengthens the candidate’s ability to integrate conceptual analysis, institutional interpretation, and ethical reflection in examining how financial decisions shape organizational conduct, regulatory legitimacy, and public trust.
Admission & Entry Requirements
Admission to the PhD in Finance at Monarch Business School Switzerland is based on academic preparation, intellectual maturity, and demonstrated research potential. Applicants are expected to possess a solid grounding in finance or a closely related discipline, reflecting the program’s focus on governance, institutional design, and conceptual inquiry within financial systems.
Candidates must normally hold a recognized master’s degree in finance, economics, political economy, or a related field, and demonstrate the capacity for independent, critical, and reflective research. Prior experience in research, teaching, regulatory practice, or policy analysis is advantageous but not required.
Applicants holding a bachelor’s degree in finance with a record of high academic achievement may also be considered for admission upon the recommendation of the Dean, where their preparation is deemed sufficient for doctoral-level study in financial governance and institutional decision making.
Applications are reviewed by the Academic Board to ensure alignment between each candidate’s proposed research topic and Monarch’s supervisory expertise. Successful applicants are expected to exhibit intellectual curiosity, analytical rigor, and a clear commitment to advancing understanding of financial governance structures and their broader influence on institutional accountability, societal expectations, and public trust.
Tuition
All doctoral programs at Monarch Switzerland follow a milestone-based structure designed to support the research, writing, and analytical demands of advanced scholarly inquiry. Tuition is assessed on a quarterly basis for the duration of the candidate’s active registration in the program, ensuring uninterrupted access to supervisory guidance, academic resources, and institutional support throughout the research process.
Dual Pathway Structure
The PhD may be pursued through either the Standard Duration Pathway or the Extended Duration Pathway, both of which carry the same total tuition. This dual-pathway model enables candidates to select the pacing that best aligns with their professional responsibilities while maintaining full academic standing.
Under the Standard Duration Pathway (36 months), tuition is payable at €3,250 per quarter, with an optional monthly payment arrangement of €1,083 to support financial planning and continuity of study. Candidates who prefer a more gradual pacing may elect the Extended Duration Pathway (60 months), which carries a proportionally lower quarterly fee of €1,950 or a monthly equivalent of €650, while preserving full access to supervisory and institutional services.
Candidates who require additional time beyond the 36-month Standard Duration Pathway or the 60-month Extended Duration Pathway may continue their registration under Monarch’s continuation policy, which is assessed on an annual basis at 50% of the regular tuition rate. This continuation framework maintains academic standing and ensures uninterrupted access to supervisors, research platforms, and administrative services while allowing candidates the necessary time to complete their dissertation at a responsible and achievable pace.
Detailed information regarding billing cycles, payment procedures, and administrative policies is provided in the official Application and Information Package, available upon request. The global tuition table for all programs may be viewed here.
Who Should Apply
The PhD in Finance at Monarch Business School Switzerland attracts scholars and experienced professionals who wish to examine finance as a system of governance and institutional decision making. Candidates are motivated by a desire to analyse how financial authority is structured, exercised, and evaluated within corporate, regulatory, and societal contexts.
| • | Senior professionals in banking, corporate finance, investment management, or financial oversight seeking to deepen their understanding of governance structures and institutional accountability. |
| • | Regulators, policy advisors, and public sector leaders interested in examining how financial systems shape economic stability and public trust. |
| • | Board members and governance practitioners seeking to explore fiduciary responsibility, executive incentives, and strategic financial decision making. |
| • | Academics and researchers pursuing scholarship in financial governance, institutional design, and the societal implications of financial authority. |
| • | Professionals committed to advancing responsible financial leadership through rigorous, reflective, and governance-centred doctoral research. |
Doctoral Candidate Profile
Mr. Werner Vermeulen – South Africa / United States
PhD in Finance
Mr. Werner Vermeulen entered the PhD in Finance program as an experienced financial engineer within the international asset management industry. His professional background spans quantitative research, algorithmic strategy development, product architecture, and large-scale data implementation within leading global platforms. Having served as a Financial Engineer at QuantConnect and previously at WorldQuant, he brings deep technical expertise in systematic trading models, data-driven investment design, and institutional portfolio construction.
While rooted in advanced financial engineering, Mr. Vermeulen’s doctoral inquiry extends beyond technical optimization to examine the governance implications embedded within quantitative systems. His research explores how algorithmic frameworks, risk models, and automated capital allocation mechanisms influence institutional decision-making, investor behavior, and the distribution of financial authority within modern markets. By interrogating the assumptions coded into financial systems, his work reflects Monarch’s emphasis on finance as a structure of governance rather than merely a tool of execution.
Holding a Master of Science in Financial Engineering from WorldQuant University, a Post-Graduate Certificate from Edinburgh Business School, and a Bachelor of Commerce from the University of South Africa, Mr. Vermeulen combines academic rigor with professional practice. As a Chartered Financial Data Professional and member of the Chartered Institute for Securities and Investment, he operates at the intersection of quantitative innovation and institutional accountability.
Through his doctoral research, Mr. Vermeulen critically evaluates how financial models shape governance outcomes within asset management environments. His trajectory exemplifies Monarch’s vision of the scholar-practitioner in finance: a professional capable of examining not only how financial systems function, but how they structure responsibility, risk distribution, and strategic judgment within the broader architecture of global capital markets.
