MONARCH GLOBAL RESEARCH INSTITUTE
PhD in
Finance
GOVERNANCE · STEWARDSHIP · CONTRIBUTION
Examine financial authority. Advance responsible governance through sustained scholarly inquiry into capital, institutions and the decisions that shape public trust.
PROGRAMME BROCHURE · SEPTEMBER 2026
FINANCE AS A SYSTEM OF GOVERNANCE
Beyond the models.
Understand the decisions they shape.
How is financial authority structured, exercised and held accountable—and what does this mean for institutions and society?
36 or 60 months
Standard and extended pathways offer different study paces while retaining the same supervision standards and degree outcomes.
Flexible, faculty-guided study
Fully online and asynchronous learning, individual supervision and milestone-based review. Monthly entry, subject to admission.
A distinct scholarly purpose.
The PhD in Finance examines finance as an institutional decision-making structure. Capital allocation, executive incentives, risk oversight and regulatory design shape corporate conduct, strategic direction and long-term stewardship. They also influence public confidence and the legitimacy of financial systems.
Monarch’s approach privileges qualitative inquiry and interpretive depth. Candidates examine the experiences and judgments of executives, board members, regulators, institutional investors and policymakers. Quantitative tools may support the research where appropriate, serving a broader understanding of governance.
For scholars with institutional questions.
The programme is suited to experienced professionals in banking, corporate finance, investment management and oversight, alongside researchers exploring financial authority, accountability and societal expectations.
PLAN YOUR DOCTORAL STUDY
Programme facts
The PhD in Finance combines faculty-guided research with the flexibility of fully online, part-time study. Develop an original scholarly contribution while remaining active in your professional life.
| Institution | Monarch Switzerland |
|---|---|
| Department | Monarch Global Research Institute |
| Award | Doctor of Philosophy (PhD) in Finance |
| Study mode | Fully online, including the doctoral defence |
| Study format | Part-time |
| Standard duration | 36 months |
| Extended pathway | 60 months |
| Designed for | Experienced professionals and aspiring researchers |
| Residency | No relocation required |
| Language | English |
| Institution location | Switzerland |
Online study. Individual progress.
The programme may be completed fully online, including the doctoral defence. Candidates may select an in-person defence when offered by Monarch.
Completion depends on research progress and fulfilment of the programme’s academic requirements. Both pathways retain the same supervision standards and degree outcomes.
YOUR DOCTORAL JOURNEY
From an institutional question
to an original contribution.
Individual supervision and academic review guide five stages of sustained, governance-centred inquiry.
01 · Prepare
Build grounding in the philosophy of inquiry, research design, academic writing and governance-centred reasoning.
02 · Define
Develop your research question, theoretical framework, literature gap and intended contribution for proposal review.
03 · Investigate
Conduct institutional inquiry using appropriate conceptual, comparative, qualitative or policy-oriented methods.
04 · Synthesise
Integrate findings and interpretations into an original, methodologically coherent dissertation.
05 · Defend and contribute
Present and defend your research, argument and contribution before the Review Committee. This doctoral program may be completed fully online, including the doctoral defence. No relocation is required. Candidates may select an in-person doctoral defence when offered by Monarch.
Where might your inquiry lead?
Capital stewardship; boards and executive incentives; banking and regulation; institutional risk and resilience; quantitative systems and financial authority; public trust and market legitimacy.
YOUR SCHOLARLY CONTRIBUTION
Technical expertise.
Governance-centred inquiry.
Governance and institutional analysis
Critically evaluate allocation systems, oversight, incentives and regulatory structures shaping organisational decisions.
Research and ethical reflection
Design rigorous inquiry and assess fiduciary responsibility, executive judgment and societal implications.
Independent contribution
Develop a coherent argument that advances knowledge in financial governance and institutional decision-making.
Scholarly communication
Strengthen academic writing and communicate conceptually rigorous research to scholarly audiences.
Mr. Werner Vermeulen
PhD in Finance candidate · South Africa / United States
Werner entered the programme with experience in international asset management and financial engineering, including work at QuantConnect and WorldQuant. His background spans quantitative research, algorithmic strategy development and data-driven investment design.
His doctoral inquiry examines how algorithms, risk models and automated capital allocation influence institutional decisions and the distribution of financial authority.
He holds an MSc in Financial Engineering from WorldQuant University, a postgraduate certificate from Edinburgh Business School and a Bachelor of Commerce from the University of South Africa.
PROGRAMME PROFESSORS
Financial scholarship.
Institutional experience.
Complementary perspectives on financial governance, research and professional practice.
Dr. Rafiq Bhuyan
Main Programme Professor
Dr. Bhuyan earned his doctorate in Economics at Concordia University, Montreal, and a master’s in Finance at the University of Illinois. His research connects economics and finance with entrepreneurship and microfinance.
His academic career includes appointments in the United States and Kuwait, alongside extensive publication in scholarly and professional journals.
Prof. Sean Foley
Adjunct Programme Professor
Prof. Foley is founder and CEO of AltFi Services Group and brings over 25 years of financial leadership experience across public and private companies. Formerly CFO and a Board member of MUFG Investor Services, he also worked in audit and consulting at Ernst & Young and Deloitte.
As Vice-Chair and Audit Committee Chair of TelyRx, he oversees financial reporting, controls and public-company readiness. His interests include governance, treasury management and making financial knowledge accessible to individuals and entrepreneurs.
He holds a Bachelor of Business Administration from the University of Regina and is a retired, non-practising Chartered Professional Accountant (CPA).
PLAN YOUR DOCTORAL STUDY
Academic preparation.
Research ambition.
Bring a commitment to understanding finance through institutional inquiry and responsible governance.
Entry requirements.
Applicants normally hold a recognised master’s degree in finance, economics, political economy or a related field and demonstrate capacity for independent, critical and reflective research. 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 on the Dean’s recommendation where their preparation is sufficient for doctoral study.
Master-in-Passing
Candidates completing all doctoral requirements receive the M.Phil. in Research in passing upon conferral of the PhD.
Master-in-Exit
Candidates concluding before PhD completion may qualify for an M.Phil. in Research by submitting a completed five-chapter master’s dissertation and satisfying relevant academic requirements.
Two timelines. One scholarly standard.
The standard pathway is 36 months; the extended pathway is 60 months. Both retain the same supervision standards and degree outcomes. Optional on-site scholarly workshops complement fully online study.
Discuss your academic preparation, research interests and study plans with Admissions before applying.
YOUR NEXT SCHOLARLY CONTRIBUTION
What financial question
deserves deeper inquiry?
Bring your experience, intellectual curiosity and commitment to rigorous research. Explore how your inquiry could deepen understanding of financial governance, capital stewardship and institutional accountability.
Discuss your research interests →
Explore the programme →
Apply for the PhD →
MONARCH SWITZERLAND
Vorderbergstrasse 34 · CH-6318 Walchwil, Zug · Switzerland
umonarch.ch · administration@umonarch.ch
PhD IN FINANCE · 8 / 8
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