PhD scholarship programme

The NFI PhD Scholarship Programme offers financial support to students who have been admitted to top-ranked international PhD programmes in financial economics.

The scholarship is NOK 225 000 per academic year. The scholarship is awarded annually, with a possibility of renewal for the period of the PhD programme at the host institution, but limited to five academic years in total.

The recipient of the NFI PhD scholarship is not required to return to Norway or work for our institution upon completion of the PhD.


Applicants must fulfill the following minimum criteria to be considered for the programme: 

  1. The applicant is a Norwegian national or an EEA national. For an applicant who is a national of an EEA state (except for Norwegian nationals) it is also a requirement that the applicant has resided in Norway for a continuous period of at least five years prior to the time of application, and

    a) has employee status in Norway; or
    b) has a permanent residence in Norway; or
    c) is a spouse/cohabitant with, or a child of, a person mentioned in a) or b).

  2. The applicant has been accepted at a top-ranked PhD programme in financial economics at, for example, one of the educational establishments listed below, or another equally top-ranked PhD programme at a comparable establishment. 

  3. The applicant has been admitted on equal terms as other top students. 

In addition to fulfilling these criteria, applicants will be subject to the NFI's discretionary evaluation, which particularly takes into account the expert assessments and recommendations of the Scientific Advisory Board.

Assessment and selection of educational institutions

The NFI`s assessment and selection of the educational institutions and PhD programmes is based on the recommendations of the Scientific Advisory Board, which will evaluate whether the relevant educational institution and PhD programme is of the highest academic standard and can produce top academic placements in financial economics for its graduates.

According to the recommendations from the Scientific Advisory Board, the NFI has identified eligible educational institutions that normally qualify for the scholarship.  However, students who are accepted by other international PhD programmes are invited to submit an application for the scholarship.

Educational institutions

The following, all of which offer top-ranked PhD programmes in financial economics, represent examples of educational establishments that may fall within the eligibility requirement set forth above:

  • University of Pennsylvania (Wharton)
  • University of Chicago (Booth)
  • New York University (Stern) 
  • Columbia University (Columbia Business School)
  • Stanford University (Stanford Graduate Business School)
  • Massachusetts Institute of Technology (Sloan)
  • Harvard University (Harvard Business School)
  • Northwestern University (Kellogg) 
  • University of California–Berkeley (Haas) 
  • University of California–Los Angeles (Anderson) 
  • London Business School
  • London School of Economics
  • Swiss Finance Institute PhD programme
  • Hong Kong University of Science and Technology
  • Duke University (Fuqua)
  • Yale University (Yale School of Management)

The NFI's decision on whether other educational establishments and PhD programmes are of the equivalent quality as those listed above will be based on the assessment and recommendation of the Scientific Advisory Board. 

Assessment of applications and renewals

The applications and renewals will be evaluated by the NFI administration.

The NFI administration, as advised by the Scientific Advisory Board, shall at its own full discretion consider the educational establishment and programme to which the applicant has been accepted on a case-by-case basis.

The NFI will aim to award scholarships to applicants when the eligibility criteria are satisfied and the Scientific Advisory Board recommends that the relevant educational institution and PhD programme can be considered to be of the highest academic standard and can produce top placements in financial economics for its graduates.

There is a possibility of renewal for the period of the PhD programme at the host institution, but limited to five academic years in total. The applicants have to request yearly renewals in a progress report where they document good standing and progress. The deadline for submitting a progress report and request for annual renewal is 1 September each year.

All scholarship awards are subject to available funding under the NFI scheme.

Obligations of the recipient

The recipient must enter into an agreement with the NFI (Agreement), which sets out the obligations of the applicant towards the NFI. The host institution may also, if required, be part of this agreement. The agreement governs inter alia:

  • Period of PhD project
  • Compliance with host institution requirements
  • Payment details
  • Progress reporting and request for renewal
  • Intellectual property rights and publishing
  • Termination
  • Limitation of liability for the NFI (i.e. related to tax)

Apply to the PhD scholarship programme

The application period is normally from 1 January to 1 April each year. Please contact us if you have been admitted to a PhD programme at another time of the year.

Late or incomplete applications will normally not be considered. However, in order to pursue the objective of the programme, the NFI administration may in special cases and at its sole discretion allow the applicants to re-submit complete applications by a deadline determined by the NFI administration, or determine to postpone the deadline for applications.

Please print the below application form, and fill in the requested personal information. Attach required information as specified in the document.

Please send the application by mail to:

Norges Bank Investment Management
Att.: Ann-Kristin Engesæter
P.O. Box 1179 Sentrum
NO-0107 Oslo

Or by e-mail to:

Application form (PDF)

For more information please contact:

NFI PhD Scholarships awarded

Einar Kjenstad at Simon Business School, the University of Rochester.

Magnus Nybø at the University of Zurich (Swiss Finance Institute)

Marius Ring at Kellogg School of Management, Northwestern University

Erik Hapnes at the EPFL in Lausanne (Swiss Finance Institute)

Eirik Brandsås at the University of Wisconsin at Madison

Jon Håkon Findreng at the University of St. Gallen

Tobias Ingebrigtsen, University of California - Los Angeles (UCLA)

Last saved: 02/10/2018

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