At the Turku School of Economics, you can study finance in a Bachelor’s, Master’s or Doctorate degree. Officially the major is Accounting and Finance with a specialialization are of Finance.


A number of courses are available (compulsory core courses are LR03 Basic Course in Finance, LR05 Intermediate Finance, and LR8 Business Analysis and Valuation). More information on the study guide book.

Recommendations on (elective) courses for our students are available in the Moodle area called RAHA.

Note also that our students have actively participated in the CFA Research Challenge with great success.

Our finance students can join Aktiiva, the subject association of finance, accounting and business law as well as KY-Kasino, the Association of Academic Investors in Turku.


A number of courses are available, also in English (compulsory core courses are LRS28 Advanced Corporate Finance or LRS26 Yritysrahoituksen teoria, LRS31 Asset Pricing and Portfolio Theory or LRS23 Quantitative Methods in Finance. More information on the study guide book.

Recommendations on (elective) courses for our students is available in the Moodle area called RAHA.


The doctoral programme at the Turku School of Economics (TSE) is a four year programme consisting of 240 ECTS which includes coursework (60 ECTS) and research (doctoral dissertation, 180 ECTS). Funding is provided for the most promising applicants through the UTUGS fall application.

TSE is a member of the Graduate School of Finance and, as such, our doctoral researchers are also students at the GSF at the same time. GSF is a joint initiative of the leading Finnish universities to promote high-quality doctoral education in finance in Finland by organizing advanced level doctoral courses, seminars and workshops. GSF offers a well-structured teaching program for obtaining a Ph.D. degree in finance for students of the member universities. Through GSF, we are also a member of the Nordic Finance Network.

All doctoral researchers (aka PhD students) specializing in Finance at the University of Turku are required to take the following courses through the GSF: Theoretical Asset Pricing, Empirical Asset Pricing, Theoretical Corporate Finance, and Empirical Corporate Finance + one elective course. In addition, certain amount of general and elective studies are compulsory. Optimal execution plan for the studies beginning 2022-2023 is available here.

The courses available through the Nordic Finance Network (NFN) are also available. Non-financial courses (e.g. in minor) are typically organized by University of Turku (UTUGS), Turku School of Economics, the Finnish Doctoral Programme in Economics (FDPE), or the Finnish Doctoral Programme in Business Studies (KATAJA).

New applications are typically accepted in March and in September. All accepted doctoral researchers are assigned two supervisors, typically either prof. Alvarez Esteban or prof. Vaihekoski and one of our post-docs. In addition, a tutor (senior doctoral researcher) will be assigned. Note that you do NOT have to contact potential supervisors in advance to ask for more information about the programme. Contact the programme coordinator instead. We want to minimize time spent on answering these emails.

One or two students are accepted each year. The ideal application time is in March as the GSF coursework begins in August. For more general information (application deadlines, requirements, structure etc) of the Doctoral Programme of Turku School of Economics, use the following link.

All our past doctoral graduates have experienced full employment after graduation, most often in banks.