Aalto Doctoral Programme in Business, Economics and Finance

We consider full-time dedication to doctoral studies vital and therefore have launched a funding programme that covers all new students willing to study full-time.

During the first and second year of studies, full-time doctoral students who make satisfactory progress in their studies and research are guaranteed annual gross income of €27 000 (approximately €25 000 after taxes), based on a combination of 50% employment contract and 50% personal grants. The employment contract provides students with occupational health care, paid annual leave and a pension contribution, a computer, and a communal working space with large screens and adjustable tables.

From the third year onwards, we expect our students to secure their funding from external sources. There are multiple financing sources for doctoral students in Finland.

We encourage and enable all of our doctoral students to present their work and build their networks in the key academic international conferences of their research area. Funding for travel and accommodation is usually provided if the conference participation is part of the student’s confirmed study plan.

We also encourage our students to gain international academic experience during their studies as visiting junior scholars at universities and research institutes abroad and to seek and secure employment abroad after graduation. Recently our graduates have landed excellent jobs as assistant professors in some of the best universities and business schools in the world.

The general eligibility criteria for higher education are defined in section 37 of the Universities Act (558/2009).

A master’s degree (MSc, MBA, MA) or its equivalent.

Eligible applicants for studies leading to an academic licentiate or doctoral degree:

• Relevant master’s degree awarded by a Finnish university or a Finnish university of applied sciences, or a corresponding degree completed abroad
  • have completed a relevant master’s degree awarded by a university;
  • have completed a relevant master’s degree awarded by a university of applied sciences;

  • have completed a relevant study programme abroad which in the awarding country gives eligibility for the corresponding level of higher education, or

  • are otherwise deemed by the university as possessing sufficient knowledge and skills for the studies

• In cases where the applicant has not yet completed a master’s degree,
  i) Expected completion of all course work, including possible thesis: no later than August 31, 2022
  ii) Expected graduation date: no later than November 25, 2022
  • Only studies included in an official transcript of records submitted with the online application form by the deadline (14 January 2022, 12:01) can be taken into consideration in the evaluation. Updated transcripts or any studies completed after the deadline cannot be taken into consideration.
• Students accepted to the programme must present evidence that they have fulfilled the criteria i) and ii) by the dates listed above.

Policy on the recognition of degrees awarded outside Finland:

Students holding a degree earned abroad are eligible for doctoral studies provided their degree gives them  eligibility for corresponding higher education in the awarding country. As a rule, degrees earned abroad are recognized at Aalto University provided that they have required studies of at least four years, including a thesis similar to the master’s thesis, and that such studies in the view of the school equip the student with the skills and knowledge needed to pursue doctoral studies at the school. The precondition for the recognition of European degrees is that the degree is a university degree combination earned in accordance with the Bologna Process principles (3+2 years)

Policy on the recognition of master’s degrees from Finnish universities of applied sciences:

Applicants with a prior degree earned abroad and corresponding to a relevant Finnish master’s degree from a university of applied sciences are treated equally to those with master’s degree from a Finnish university of applied sciences

Defining the requisite supplementary studies:

Each school defines the principles according to which doctoral students are assigned supplementary studies to ensure they have the prerequisite knowledge and skills for the doctoral studies

Applications with appendices must be submitted by 14 January 2022 by 12:01 PM (EET) at the latest. The GMAT or GRE test must be taken before the application deadline.

The following appendices are required; appendices must be available by the closing of the application time:

All material that you want to be considered in the application process should be in a language understood by the people evaluating applications. Generally, this means English or Finnish. If your documents are in some other language, you should contact your applied major’s professor beforehand.

1. Copies of academic degrees earned with supplements and a certified transcript of courses taken (with English translations);
   1. Scanned color copy of the original degree certificate*. Name the file according to format: Degree-certificate-lastname-firstname.
      *This document requirement does not apply to applicants with an incomplete degree. Their degree must be completed by 31 August 2022. If your degree is incomplete at the application phase, leave the upload attachment section for degree certificate blank.'
   2. Scanned colour copy of the original official transcript of study records.Name the file according to format: Transcript-lastname-firstname.

   3. If your degree certificate and the official transcript of records are not in Finnish, Swedish or English, scanned colour copies of authorised translations. The instructions for authorised translations are below (see "Translations"). Name the file according to format: Translation-transcript-lastname.

   4. If you have any other higher education degrees you wish to be taken into consideration in admissions, scanned colour copies of degree certificate and official transcript of records. If documents are not in Finnish, Swedish or English, scanned colour copies of authorised translations are required as well.
2. A student copy of a GMAT or GRE score from a test taken within the past 5 years and no later than January 14, 2022. If the applicant’s score can be found in the test owner’s database before the closing of the application time, no student copy is required. Successful applicants typically have a GMAT score well above 600. Please note that it is not possible to be admitted conditionally pending the completion of a GMAT or GRE test; the test must be taken before the closing of the application period;
   1. GMAT: The official test report must be sent directly by the test administrator to the Aalto University School of Business. The reports are sent by the test administrators electronically. At the test, applicants choose the higher education institution to which they want their test scores sent. Test scores need to be sent with the Aalto University School of Business GMAT program code, C1N-9F-82 (‘Aalto University School of Business Doctoral Program’).

      If you have taken the test earlier but not sent the results to Aalto, ask the test administrator to send your official results with the School of Business program code.

   2. GRE: The accepted exams are the GRE General Test and GRE Revised General Test. The GRE Subject Test is not acceptable. The official test report must be sent directly by the test administrator to the Aalto University. The test results are received electronically from the test administrators. The GRE test reporting code for Aalto University is 7364.If you took the test earlier but the test scores were not sent, ask the test administrator to send an Additional Score Report to Aalto University.

3. A student copy of a language test report from a test taken within the past 2 years and no later than January 14, 2022. If the applicant’s score can be found in the test owner’s database before the closing of the application time, no student copy is required. Please note that it is not possible to be admitted conditionally pending the completion of a language test; the test must be taken before the closing of the application period;
4. CV;
5. A statement of purpose in English of 1000 words or less describing your motivation for PhD studies and your career objectives;
6. One selected academic work: either a copy of your master’s thesis, or another independent research output that you consider best representative of your work (in English or another language agreed with the School of Business admissions);
7. Two (2) letters of recommendation, which the referee must send directly to [email protected]
8. Copy of a valid passport or an official government-issued identification card with photo and information on citizenship. Upload a copy only of the personal information page of the passport (not all pages). Name the file according to format: Passport-lastname-firstname.

The recognized English language tests and minimum  core requirements for doctoral admissions:

1.  IELTS (Academic): 6.5, and 5.5 for Writing
2. TOEFL:
   • iBT (Internet-based Test): 92, and 22 for the Writing section or
   • PDT (Paper-Delivered Test): Reading 22, Listening 22, and Writing 24
3. C1 Advanced: A, B or C
4.  C2 Proficiency: A, B, C or Level C1
5. Pearson Test of English Academic (PTE A): 62, and 54 for writing;

An English language test is not required in doctoral admissions for applicants who have:

• earned a degree taught in Finnish, Swedish or English in a higher education institution in Finland.

• earned a degree in an English-medium programme at a higher education institution in an EU/EEA country. The language of the degree must be stated unambiguously in the degree certificate or its appendix, or in the transcript of records or other official document issued by the awarding higher education institution.

• earned an English-medium higher education degree in Australia, Ireland, Canada, Switzerland, New Zealand, the United Kingdom or the United States while residing in that country.

• received his or her primary and secondary education in English in Australia, Canada, EU/EEA country, Ireland, New Zealand, Switzerland, the United Kingdom or the United States while residing in that country.

A minimum of one half of the degree must be completed in a country and higher education institution that meets the requirements for exempting the student from taking an English test.

Please note that it is not possible to apply conditionally on the language tests - the tests must be taken before the closing of the application period.

Applicants meeting the general eligibility criteria for doctoral studies are evaluated and ranked according to the evaluation criteria decided in advance for the programme. 

Applications will be evaluated by academic departments based on previous academic performance, research potential, motivation, performance in standardized tests and references. Candidates must be available for a potential interview.

The applicants are compared to each other and the best applicants are admitted. Since the number of study places is restricted, not all eligible applicants can be offered admission. Study options are not obligated to fill all available study places. It is not possible to give information on the progress of individual applications during the evaluation.

Doctoral candidates may be admitted to such research field represented at the university where the university can offer the candidates sufficient supervision and support in the field of their thesis topic. The right to pursue a degree is granted to a specific school.

The Dean decides on admissions based on major subjects assessments.

If an applicant wants to apply to more than one major, each of them requires an independent application, with complete appendices. Also, in each application, the applicant must indicate if the discipline on that application is their preferred or secondary choice. (Only one of the applications can be primary; all others should then be indicated as secondary.)

For further information, please contact the faculty of your desired major.

Register for the application system, download and fill out the electronic application form. Instructions are below.

It is possible to save the unfinished application and continue later for submitting it but please make sure to submit it by the deadline January 14 2022 at 12.01 PM (EET). After submission and the due date, your application is final.

Scan and save all enclosures, except for official GMAT/GRE test reports and referee letters, as attachments to the electronic application. The office of the doctoral programme obtains the official GMAT and GRE reports from the test organizer's database. Referees should send their recommendations directly to the office of the doctoral programme.

To avoid a last-minute rush on the lines, it is recommendable to submit your application before the day of the deadline. It is also recommendable to have the required attachments at hand when you start drafting the application.

If your master's degree is not completed by the application deadline, the degree certificate can be sent to the office of the Doctoral Programme by 25 November, 2022, preferably sooner. Otherwise, your application is conditional.

Applicant’s guide to the online application system

The application system normally functions best with the Chrome and Mozilla Firefox browsers. If you use another browser and headlines on the form seem to overlap, you can try to diminish the view to 75%.

Registration as a user

When applying to the University, start by creating a user account for the system.

1. Choose the language on the upper part of the screen.
2. Register as a user: Create a local user account.
3. Give an email address that is exclusively in your personal use.
4. The learning services of the Doctoral Programme may contact the applicants by email during and after the selection process. It is very important that you give an email address that is valid throughout the entire selection process. If your contact information changes after submitting your application, please inform us as soon as possible at [email protected]
5. Do not write anything else in the fields except what has been asked. The information you give will be printed on the letter of acceptance exactly the way you write it on the registration form.
6. Please make sure that you write nothing but your address in the address field. Provide your name using capital initials, as Firstname Lastname. Do not use CAPS LOCK or any letters other than those in Latin script (for example, do not use русский or中国).

Aalto University's internal users

If you have an Aalto University WebLogin account, log in and enter your contact information in the User details view of the application system (System > User details). Otherwise your contact information will not show on your application form. You can move on to ‘Filling in the application form’.

• After completing the registration form, you will receive a confirmation email at the email address you indicated on the form. Activate the user account that the system offers to you by clicking the link in the message. The email address you have been given on the registration form will become your user name. 

Filling in the application form

1. Log in to the Applicant’s guide on the online application system. Fill in the online application form and follow the instructions to submit it.
2. Follow the instructions on the application form. By clicking the symbol, you will get more information about a specific question.
3. Your session will expire in 120 minutes if you don’t keep it active. Unsaved data will be lost.
4. You can save your application form if it is incomplete; that makes it possible to return to modify the application and submit it later.
5. After you have completed the application form, click the Save button.

Adding appendices

Adding appendices to the application:

• Scan the appendices, each to a different file, and save them on your computer.
• Go to the application form and fill it in
• Click the title of the tab in which you intend to save the appendix (see picture below)
• You will see a green cross and a link ‘Add file’. Click the link.
• Browse the intended file and save it
• Repeat the same with the other appendices
• When you are ready to submit the application form, click the Submit button on the Case details page. The application must be submitted in the system before the application deadline.
• After you have submitted your application, you can save and print a copy of the application for yourself. Download the application as a PDF file (see picture below) and print it. You can only print the form after it has been submitted!
• In certain internet browsers, you must first save the downloaded PDF file on your computer (right click PDF icon → Save as) and open it there before printing.

If your contact information changes during the process

If your contact information changes during the application period or the selection process, you are responsible for updating it in the online application system. Log into the application system and select User details from the navigation tree on the left. You must confirm the changes with your password. Please note that your username will remain the same despite any changes made to your email address (i.e. the email address you used in your original registration).

Please make sure to keep your contact information updated during the whole process, even after the end of the application period. The Student Services of the Doctoral Programme in Business, Economics and Finance sends email updates to the address given on the registration form. An official letter of the results of the student selection is sent to the address shown in the User details.

During a single term, a person may accept only one study position leading to a degree in Finland (Finnish Universities Act 558/2009).

An admitted applicant has to accept (or reject) the offered study place within four weeks of the date of the admission letter and enroll as an attending doctoral student. It is possible to enroll as a non-attending student in your first year of study only on grounds referred to in the Universities Act (Yliopistolaki 558/2009, Section 39), such as:

• military service referred to in the Conscription Act (Asevelvollisuuslaki 1438/2007), the Non-Military Service Act (Siviilipalveluslaki 1446/2007) or the Act on Voluntary Military Service for Women (Laki naisten vapaaehtoisesta asepalveluksesta 194/1995). Military service in other countries than Finland is not an acceptable reason for enrolment as a non-attending student;
• maternity, paternity or parental leave; or
• inability to start studies due to personal illness or injury.

We organize the application process once a year.

Anyone who is interested in doctoral studies at the Aalto University School of Business participates in the same application process. You may have financing of your own, another doctoral degree, you may be a citizen in Finland, Scandinavia or some other country. If you have already some scientific qualifications like relevant  publications, they can be considered in the admission process.

A link to the application with instructions will be added to this website closer to the admission period. The form is electronic. The applicant scans and saves all appendices to the form, except a GMAT or GRE report and referees' recommendation letters. No paper appendices are required.

There is no tuition fee in the School of Business Doctoral Programme and usually most of the literature can be obtained through the University library. The students have to cover their living expenses.

Two. They should be sent direct to the office of the Doctoral Programme. They can be printed on paper or sent by email. In both cases they should come direct from the referee to the doctoral program. However, if you completed your master's degree at Aalto University School of Business and your pro gradu supervisor is a member of the School's faculty, recommendation letters many not be necessary but it is best to ask about this from the department.

The funding arrangements are made when the admission process is over and we will contact the admitted students about the procedure.

A GMAT or GRE General Test is a necessary part of your application and we require the test from all applicants. The School of Business receives the official test results direct from the test organizer’s database, so please do not order printed score reports to be sent to School of Business.

In the last application procedure we received applications from 167 applicants and out of them, 35 were admitted. The rate varies from year to year so the previous years’ rates may not be relevant this time.

“Selected academic work” which figures on the list of appendices should be chosen by the applicant. It can be a master’s thesis, if you graduated recently or have not graduated yet, or a research report or publication or some other piece of scientific work which you consider relevant in the application process.

You will start your doctoral studies at the beginning of September.  However, if you so wish, you are entitled to start studying immediately after you are admitted. If that is the case please contact [email protected]  for an earlier start.

The Graduate Management Admission Test (GMAT) and Graduate Records Examinations (GRE) are standardised tests that are administered in English and used internationally as one of the evaluation criteria for student admissions particularly in the field of business. The tests measure analytic and linguistic skills as well as quantitative reasoning skills.

Aalto University does not organise GMAT or GRE test. In questions concerning the tests, please contact the test organisers.

Graduate Management Admission Test (GMAT)

The GMAT consists of four sections:

• Analytical Writing Assessment (one essay theme), 30 minutes
• Integrated Reasoning (12 questions), 30 minutes
• Quantitative (37 multiple-choice questions), 75 minutes
• Verbal (41 multiple-choice questions), 75 minutes

Aalto University considers only the Total Score when evaluating applicants for a doctoral programme in business and economics. Only the Quantitative Section and Verbal Section comprise the Total Score. The Analytical Writing Assessment and Integrated Reasoning sections do not affect the Total Score and they are not considered in the admissions. Applicants may opt to not do the Analytical Writing Assessment and Integrated Reasoning sections at all, if they wish.

For more information on the test, visit the test administrator’s website: www.mba.com

Graduate Record Examinations (GRE)

The accepted exams are the GRE General Test and GRE Revised General Test. The GRE Subject Test is not accepted.

Structure of the GRE test:

• Verbal Reasoning: measures ability to analyse and draw conclusions from discourse; reason from incomplete data; identify author's assumptions and/or perspective; understand multiple levels of meaning, such as literal, figurative and author's intent, select important points; distinguish major from minor or relevant points; summarise text; understand the structure of a text, understand the meanings of words, sentences and entire texts; understand relationships among words and among concepts.
• Quantitative Reasoning: measures ability to understand quantitative information, interpret and analyse quantitative information, solve problems using mathematical models, apply basic mathematical skills and elementary mathematical concepts of arithmetic, algebra, geometry and data interpretation, includes real-life scenarios.
• Analytical Writing: measures ability to articulate complex ideas clearly and effectively, support ideas with relevant reasons and examples, examine claims and accompanying evidence, sustain a well-focused, coherent discussion, control the elements of standard written English.

The GRE score is converted into a GMAT Total Score based on the GRE Comparison Tool for Business Schools provided by ETS (Educational Testing Service). When converting the score, the Verbal Reasoning Score and Quantitative Reasoning Score of the GRE test are taken into consideration. The Analytical Writing section has no bearing on admissions process.

For more information on the test, see www.ets.org/gre.

You can take both tests in any of hundreds of test centres around the world. Find a test centre closest to you on the test administrator’s website.

• In Finland, the GMAT test is organised by SwanIT Oy (LGF), located in Espoo (Address: Metsäneidonkuja 8, Spektri Business Park, Trio Building, 1^st floor, postal code FI-02130 Espoo.) The test centre only provides the facilities for taking the GMAT test. To learn more about the test contents, to register for it and pay for the test, visit the test administrator’s website www.mba.com. As you register for the test, you must write your name exactly as it is printed on the identification (ID) documents that you will present on the day of the test. The test costs approximately 250 USD.
• You can book the GRE exam time on the test administrator’s website. When registering online, you should first create a My GRE Account. In Finland, the GRE test centre is Nuevo Mundo, located at Arabiankatu 12 (7^th floor), 00560 Helsinki. The test costs approximately 205 USD.

You should carefully familiarise yourself with the test structure and contents before the test. The test organisations provide prepping software on their websites. Prep books are also available.

• For tips on how to prepare for the GMAT and free GMAT prep software, go to www.mba.com.
• The GRE website has a ‘Prepare for the Test’ section and on that page, you can download the Powerprep Software, which you can use to practise for the test.

Booking a test time and taking the test early enough is the applicant’s responsibility. You should check the score-sending schedule with the test administrator. Aalto University does not organize the test and cannot respond to any questions on sending the test scores.

GMAT or GRE test result is obligatory for all applicants to the School of Business Doctoral programme. 

Applications without GMAT or GRE test score are rejected.

The best official score that is still valid and received by Aalto University will be considered in the admission. You cannot combine scores attained on different test dates. The date of completion of the GRE/GMAT test is marked on the electronic application form.

The documents must be in Finnish, Swedish or English. If the original degree certificate or transcript of records was written in some other language, an official translation of the document must be submitted.

The translation is official if it has been done by the higher education institution that awarded the degree or by a certified translator (authorized translator). The translations must have the certified translator’s stamp and signature.

In Finland, the Finnish National Agency for Education (www.oph.fi/en) maintains a register of authorized translators who are based in Finland.

Admission criteria and process applies to all applicants, including all Aalto graduates. Aalto graduates are also required to take either GMAT or GRE.