Top 10 Cheapest Online Doctorate in Finance Degree Programs 2024

Author: Brenda Rufener
Reviewed by: Julie McCaulley
Reading level: Grade 10
Original publication date: July 2019
Updates: 4

Key Takeaways:

• William Howard Taft University was our #1 pick for the cheapest online PhD in finance degrees, followed by Liberty University.
• An affordable online PhD in finance offers lower tuition costs, no relocation fees, and the ability to continue working while pursuing your degree.
• Online PhD in Finance degrees offer flexible scheduling, including self-paced study and asynchronous programming.

This article profiles the top 10 cheapest online PhD finance programs.

Until recently, online PhD degree programs were limited, and traditional programs were the norm. Recently, reputable and accredited public and private universities started offering online doctoral programs. This includes the online PhD and DBA in finance. We reviewed several schools to find the top 10 cheapest online PhD in finance programs.

Top 10 Cheapest Online PhD in Finance Programs Methodology

We looked at 30 colleges and universities listed by the NCES College Navigator. These schools offer online PhD in finance programs or closely related doctoral programs. Similar programs include Doctor of Business Administration (DBA) with finance courses or specializations. We narrowed our original pool of schools by applying the following criteria:

• Offerings of at least one online PhD in finance or closely related degree
• School and/or program reputation with rankings from U.S. News and World Report
• Affordable graduate tuition and fees of less than $20,000 per year

Some of the schools on our list offer stipends and tuition waivers. For clarity, we listed the school by raw affordability based on graduate tuition listed by NCES.

Below is our list of the top 10 cheapest online PhDs in finance.

Note: This ranking/article was originally published in July 2019 and was last updated in March 2024. The 2022 tuition updates may affect the ranking order, but the list has not been re-ordered.

#1 – William Howard Taft University

Online Doctor of Business Administration

Lakewood, Colorado

Website
Graduate Tuition/Fees: $4,610

William Howard Taft University has an online DBA. It focuses on business leadership and financial management. The program is conducted entirely online, with no campus visits or residential requirements. The flexibility and 100% online model make it a great option for mid-career professionals seeking to increase their knowledge and skills and further their career options. Courses may include:

• Conceptual Foundations of Accounting and Finance
• Global Business Practices and Challenges
• Global Strategic Management
• Negotiations and Dispute Settlement

William Howard Taft is accredited by the Colorado Commission on Higher Education.

Pros:

• Affordability
• Small class sizes

Cons:

• Not regionally accredited
• School has limited name recognition

#2 – Liberty University

Online DBA in Finance

Lynchburg, Virginia

Website
Graduate Tuition/Fees: $8,630

Liberty University offers an online DBA in finance for individuals possessing an MBA from a regionally or nationally accredited institution and a minimum 3.0 GPA. The Liberty DBA in finance is completed entirely online, making it an excellent option for working professionals seeking to advance their skills and knowledge through the attainment of the highest academic degree. Finance courses include:

• business valuation
• investments and derivatives
• managerial finance
• mergers and acquisitions

Graduates of go on to careers as financial managers, chief sustainability officers, chief financial officers, and corporate treasurers. U.S. News and World Report ranks Liberty University #98 in best online graduate business programs.

Pros:

• Strong focus on student success
• Very affordable

Cons:

• Conservative atmosphere may not be for everybody
• Limited student diversity

#3 – Kansas State University

Online Doctorate in Personal Financial Planning

Manhattan, Kansas

Website
Graduate Tuition/Fees: $11,786

Kansas State University offers an affordable online finance PhD focusing on personal financial planning. Graduates go on to careers in academia and private industry. The hybrid program blends online learning in the fall and spring semesters along with 10-day summer experiences. The Higher Learning Commission of the North Central Association of Colleges and Schools accredits the institution. The program is housed within the School of Family Studies and Human Services. The program is designed to be completed in five years or less and includes courses such as:

• Advanced Research Methods
• Clinical Research and Applications in Financial Counseling and Planning
• Estate Planning for Families
• Financial Therapy Theory and Research

Kansas State is ranked #147 in national universities by U.S. News and World Report.

Pros:

• A very tight-knit community
• Accepts dual and AP credits

Cons:

• TAs teach many of the classes
• Lack of student diversity

#4 – Atlantic International University

Online PhD in Finance

Honolulu, Hawaii

Website
Graduate Tuition/Fees: $13,000

Atlantic International University offers a cheap online finance doctorate. It prepares graduates for various occupations in private industry, higher education, and more. Additionally, the program focuses on key research areas in computer science within the context of financial decision-making and modeling. Students choose from a wide list of courses to tailor the degree to their career trajectory and interests. Featured finance courses include:

• Financial Economics
• Economic Statistics
• Empirical Applications in Finance
• Linear Statistical Methods
• Time Series Analysis

The program is completed entirely online. It is for working professionals who can’t attend traditional classes due to work and personal obligations.

Pros:

• Very flexible programming
• Affordable

Con:

• Does not hold U.S. accreditation

#5 – Johnson & Wales University

Online Doctor of Business Administration

Providence, Rhode Island

Website
Graduate Tuition/Fees: $15,156

Although not a PhD in finance online, Johnson & Wales offers an online Doctor of Business Administration. It provides advanced courses in finance and financial management. These courses include:

• Contemporary Issues in Finance
• Accounting
• Business Analytics and Intelligence

Other courses include:

• Advanced Strategies in Organization Development
• Contemporary Leadership Issues
• Problems and Methods in Marketing Management

The program is divided into eight-week courses, and completion usually takes three years. Students are provided with a lock-step dissertation model that they begin working on at the end of the first year. Johnson & Wales is accredited by the New England Commission on Higher Education. U.S. News and World Report ranks it #104 among the best online graduate business programs.

Pros:

• Professors teach all classes
• Graduation rate is higher than the national average

Cons:

• High student to faculty ratio
• Large class sizes

#6 – California Baptist University

Online DBA in Finance

Riverside, California

Website
Graduate Tuition/Fees: $14,914

California Baptist University provides an online DBA in finance. It can be completed in just three years, including the dissertation. The 50-unit program blends advanced theory with a praxis that develops students into outstanding business executives and leaders within various organizational contexts. The program’s structure allows students to work on only one course at a time every eight weeks. Strategic residencies are placed in the program that allows students to network with peers and faculty. Courses may include:

• Applying Economic Theory to Business
• Ethics in Organizations and Management
• Financial Analysis for Decision Making
• Orientation to the Doctorate in Business Administration

U.S. News and World Report ranks California Baptist #32 in regional universities West.

Pros:

• Well organized online curriculum
• Tutoring services available

Cons:

• Lack of student diversity
• Lack of financial aid availability has been reported

#7 – Franklin University

Online DBA in Finance

Columbus, Ohio

Website
Graduate Tuition/Fees: $12,060

Franklin University offers an online DBA in finance. It is for working professionals seeking a doctorate to prepare them for career advancement. The PhD in finance online can be completed in three years. It allows students an entire year to complete their dissertation. Additionally, upon approval, students can transfer up to 24 credits of previous coursework from other programs or institutions. In addition to advanced business concepts, such as:

• Accounting
• Finance
• Management

Students also dive deeply into the political, cultural, and ethical issues that drive and impact business decision-making.

Pros:

• Easy-to-use online platform
• Helpful supportive instructors

Cons:

• Advisors are sometimes inaccessible
• Lack of support for active military has been reported

#8 – Creighton University

Online DBA in Finance

Omaha, Nebraska

Website
Graduate Tuition/Fees: $19,676

Creighton University offers an online doctor of business administration in finance, two-thirds online and one-third residency. The program is accredited by the Association to Advance Collegiate Schools of Business International and draws students from over 26 states. The program is designed for working professionals to complete over three years. The program embeds seven residencies per year for the first two years and zero residencies in the third year. Courses may include:

• Applied Behavioral Research Design and Methods
• Applied Finance Research
• Applied Information Systems Research
• Survey of Innovative Business Pedagogy

U.S. News and World Report ranks Creighton University #1 in regional universities Midwest and #20 best online graduate business programs.

Pros:

• Supportive faculty
• Small class sizes

Cons:

• Some issues with the financial aid process have been reported
• Limited diversity

#9 – National University

Online PhD in Financial Management

La Jolla, California

Website
Graduate Tuition/Fees: $15,912

National University offers an online PhD in finance. It is designed for working professionals seeking the rigor and flexibility of a PhD program. Graduates are prepared for a variety of careers, such as:

• College or university faculty
• Research and private positions in investment banking, financial planning/analysis

The program consists of 60 credits divided into 20 courses that require 45 months to complete. The program blends rigorous research with practical application. Students engage in:

• Advanced financial statement analysis
• Financial business decision modeling
• Investment selection techniques
• Earning and risk management

U.S. News and World Report ranks National University #105 – #115 in regional colleges Midwest.

Pros:

• Diverse student community
• Great academic programming and resources

Cons:

• Large class sizes
• Impersonal, lack of individual attention

#10 – Cambridge College Global

Online Doctor of Business Administration in Quality Systems Management

Boston, Massachusetts

Website
Graduate Tuition/Fees: $19,035

Cambridge College Global offers an affordable online DBA in finance program. It focuses on systems management. The program is designed for professionals with professional and personal obligations. The degree readies graduates for top executive positions within business contexts and industries. that value leadership, analytical thinking, and complex problem-solving. Courses may include:

• Business Analytics and Decision-Making
• Business Operations and Supply Chain Management
• Financial Management and Fiscal Leadership
• Organizational Development and Change Management

U.S. News and World Report ranks Cambridge College Global #147 in best online MBA programs.

Pro:

• Supportive faculty

Con:

• Not a lot of statistical information available

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Frequently Asked Questions

What can I do by earning a cheap online finance doctorate?

An individual with an online Ph.D. in finance has a wide range of occupational options considering the transferability of skills and knowledge learned throughout the degree program that applies to most organizational contexts. Graduates can pursue careers as:

• Accountants and auditors
• Budget analysts
• Financial managers
• Financial researchers
• Financial economists
• Personal financial planning and management
• College and university faculty

Additionally, individuals with a PhD in finance may be qualified for executive-level positions such as:

• Chief Financial Officer
• Controller
• Chief Executive Officer
• Similarly related positions that oversee entire departments and organizations

It is common for investment banks, hedge funds, and private equity firms to hire finance PhDs as research associates performing quantitative analysis of financial organizations and instruments. Many research associates start off their careers performing finance research for a specific industry or sector such as biotechnology, software, and energy.

Finance PhDs are also employed by the government as economists. Specifically, the federal government hires individuals to perform economic research measuring and analyzing how economic activity impacts local, regional, and national economies both domestic and abroad. These positions pay well, but typically less than those in private industry. The research conducted by individuals with these positions helps to inform and influence government policy.

Along with applied work as private researchers and economists, many finance PhDs work as college and university faculty. The main charge for academic jobs include conducting and publishing research and teaching classes.

What is the job outlook for individuals with an online doctorate in finance?

The job outlook is expected to remain very strong for financial managers and researchers across all sectors of the economy. According to the Bureau of Labor Statistics, the occupational growth rate for financial managers is expected to be 19% during the time period 2016-2026. This is a much higher growth rate compared to the average occupation. For context, the average growth rate for all jobs during this same time period is expected to be 7%.

Job growth is driven by several factors. Specifically, in the fall out of the economic and financial crisis, organizations are seeking individuals with expertise in regulatory reform and risk mitigation. As financial institutions seek stability and profit, individuals with these skills will be in high demand.

As organizations increase cash reserves both domestically and abroad, individuals with financial management skills including cash and risk management will be sought after as organizations seek professionals who know how to manage finances in a global economy involving foreign markets.

As online money management continues to increase, banking institutions will continually need to adapt to the changing landscape where internet money management is the norm compared to traditional in-person banking. As such, finance PhDs with knowledge of online money management and IT platforms will be in high demand.

How much money can I make with an online finance doctorate?

According to the United States Government Bureau of Labor Statistics, the average salary (median pay) for a financial manager is $127,990 per year. Compare that to the median salary of $38,640 for all occupations and it is easy to see that individuals with an online finance PhD make attractive salaries. As with other occupations, variables such as industry, years of experience, and geographic location all play salient roles in determining pay. Financial managers working in professional, scientific, and technical contexts earn the highest average pay of $151,610 annually. Government financial managers earn the lowest of any sector with a median annual salary of $112,830.

Financial and budget analysts earn wages ranging from $101,410 for investment-related jobs to $81,420 for credit intermediation (online banking) occupations. Fund managers may make far more than the above stated salaries as many of these analysts earn bonuses based upon investment performance. It is not uncommon for high-yield analysts to make in the high six-figures and even seven-figures on an annual basis based on strong investment performance.

Individuals living in high-population metropolitan areas will find the highest paying jobs and the most job openings. California and New York employ the highest numbers of financial managers and also pay the highest salaries. New York-based financial managers earn an average salary of $210,510 annually.

What is the difference between an online finance PhD and a DBA?

There are several differences between an online finance doctorate and an online DBA (Doctor of Business Administration). Read on to find out the distinctions between the two degrees.

A PhD in management is generally for individuals seeking to become academics. These individuals work as professors, instructors, and researchers within academic institutions or think tanks where researching theory and publishing in peer-reviewed journals are the main objectives of the occupation. Research is primarily conducted as a means to contribute to the field of existing knowledge within the discipline. Additionally, PhD students are typically recent graduates with little professional experience. The DBA degree is designed for the seasoned professional seeking to gain practical knowledge and skills needed to succeed on the job. While research is an important part of the curriculum, DBA students engage in more applied research to directly integrate it into their careers. DBA students are typically older, non-traditional students with several years of experience.

The Doctor of Business degree is relatively new compared to the PhD. The PhD is universally recognized by academic institutions whereas the DBA is still developing. As such, students enrolled in PhD finance programs may be required to teach as well as publish their dissertation in a peer-reviewed academic journal. While DBA students complete dissertations as well, they can be applied projects and may not be required to publish in academic journals.

How long does it take to earn an online doctorate in finance?

Graduate degrees require a lot of time and dedication. A PhD is a well-respected and universally known degree that propels the graduate to the highest level of academic distinction. The time to complete an online PhD in finance is largely dependent on the student and the programmatic structure. Typical online programs take between 3-5 years to complete. The advantage of online programs is their ability to cater to students with full-time careers and other outside obligations that inhibit them from taking full-time course loads.

Because Doctor of Business Administration programs are designed for working professionals, there is an abundance that allows students to take courses on a part-time basis. Part-time coursework typically means taking one course at a time per term. For many graduate programs, including full-time PhD and DBA programs, full-time enrollment requires two courses per term, which can be taken concurrently or one at a time. It is common for DBA degrees to take approximately three years to complete, with PhD programs taking longer. In addition to minimum completion times, it is critically important that students know the maximum time allowed to finish the degree. Some programs give students up to ten years or longer to finish provided they have everything done but the dissertation.

CVO Staff

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• Online PhD/Doctorate in Accounting
• Cheapest Online Colleges
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• 30 Colleges Helping Students Manage Finances
• What is the Difference Between a Degree in Economics and a Degree in Finance?
• What Are the Prerequisites for a Master’s in Finance?

This concludes our list of the top 10 cheapest online PhD in finance programs.