2 year phd programs uk

Studentships and doctoral training

Get a studentship to fund your doctorate.

UKRI studentships offer funding for doctoral research. They also offer you access to training, networking and development opportunities to help you build a research and innovation career.

Our expectations for research organisations, supervisors and students are set out in the statement of expectations for doctoral training .

You could get:

• a minimum stipend of £19,237 per year for your living costs, which is paid to you in regular instalments
• support for your tuition fees (minimum £4,786 per year)

The stipend is usually non-taxable and does not need to be paid back. Some research organisations may offer more if you study in London, or they or one of their collaborators might decide to top up the payment. This will be outlined in the studentship advert from the research organisation.

We normally pay the support for tuition fees directly to your research organisation.

The levels given here are for the academic year 2024 to 2025. UKRI’s approach to doctoral stipend and fee levels will be reviewed through the  new deal for postgraduate research .

Additional support for your doctoral studies

As a UKRI-funded doctoral student, you may be able to access additional funding to cover the cost of other related training and development opportunities.

This could include:

• conference attendance
• language training
• overseas research visits
• internships or placements with a non-academic partner

The availability of support will depend on the research organisation and the training grants they have on offer. You should contact the research organisation you are interested in applying to, to find out what you could get.

Extra support if you have a disability

If you have a disability, you may be entitled to a Disabled Students’ Allowance (DSA) on top of your studentship.

You should speak to your research organisation’s disability advisor to assess your needs. They can help put the right support in place, including a DSA application if necessary. You cannot claim DSA directly from UKRI.

DSA helps to cover the cost of any additional support that a person studying for a doctorate might need as a result of a disability, mental health problem or specific learning difficulty.

The allowance covers:

• non-medical personal assistance
• specialist equipment
• extra travel costs
• general expenses

Find out more about DSA in our framework .

If you are a research organisation you can download claim forms and guidance for DSA .

Who can apply

Any prospective doctoral student wishing to study at a UK research organisation, including prospective international students, can apply for a UKRI studentship.

All UKRI-funded doctoral students will be eligible for the full award, both the stipend to support living costs, and home-level fees at the UK research organisation rate.

How to find opportunities

Many UK research organisations offer some form of studentship funding from UKRI. These opportunities will depend on the subject you want to study and will normally be advertised by the research organisations.

Research organisations may have additional opportunities that do not involve UKRI. UKRI supports around 20% of all UK-based postgraduate researchers. You should speak to the research organisation you are interested in to find out what studentships are available.

You could also consider using a specialist website like   FindaPhD  to look for opportunities.

When to apply

Research organisations set their own deadlines for applications.

Many open for applications early in the academic year and close in January or February. This is not a hard and fast rule. It is important that you check the deadlines for the research organisation where you want to study.

How to apply

You cannot apply to UKRI for a studentship. You must contact the research organisation you are interested in studying with and use their application process.

For doctoral students who are already studying with a studentship, there are opportunities to get additional funding to support placements that are separate from your doctorate. Get training and development to support your doctorate .

Last updated: 29 October 2024

This is the website for UKRI: our seven research councils, Research England and Innovate UK. Let us know if you have feedback or would like to help improve our online products and services .

Choose start date: Start date: September 2025 Duration: Five to six years Deadline: 2 December 2024 Fee: Fully funded Location: London, UK Admissions Funding and scholarships

A fully-funded PhD for aspiring scholars seeking an academic career 

We believe that rigorous academic analysis can provide practical solutions to complex problems in society. Our fully-funded PhD programme provides students with the opportunity to conduct their own research in a world-leading university, finding solutions to key challenges in modern business. As a Business School, we rank first in the UK for research environment and second for management and business students, while Imperial College London ranks first in the UK overall for research (REF 2021). 

Starting with a one or two-year Master’s in Research (MRes), depending on your chosen research area, you will gain a strong theoretical grounding and thorough research training to prepare you for the PhD. As a doctoral student you will have the benefit of supervision from leading world scholars. You will develop the expertise and research skills necessary to pursue a career in academia with previous Imperial doctoral graduates finding success in other leading universities such as Copenhagen Business School, Tsinghua University, University of Amsterdam, University College London, and The Wharton School of the University of Pennsylvania.

97% world-leading or internationally excellent research (REF 2021) #1 in the UK for research (Imperial College London, REF 2021) 1% top one per cent of business schools worldwide to have achieved triple accreditation 6 research areas Explore the programme

Advance your academic success at a world class research institution

2nd in the world (Imperial College London, QS World University Rankings 2025)

3rd in Europe (Imperial College London, Times Higher Education World University Rankings 2024)

#1 city for students (London, QS Best Student City Rankings 2024)

Build your career with our global reputation

With particular expertise in finance, entrepreneurship, health, and sustainable business, the Business School is recognised as leading the field. Benefit from strong industry partnerships and a diverse alumni network. 

A fully-funded programme

Every student on our Doctoral programme is offered full funding, including a full tuition fee waiver (Home/EU or Overseas fees) plus a living stipend for up to five years. Funding for a 6th year can be considered on a case-by-case basis, with the potential to undertake a teaching or research assistant studentship with one of the Business Schools research centres.  

World-class faculty

Our internationally admired faculty are leaders in their respective fields, bringing a wealth of experience and academic distinction. They are deeply invested in developing the research interests of our PhD students, fostering an environment of intellectual growth and innovation. 

Impact on industry

Working closely with businesses and governments, we drive policy and practice through inspiring collaboration and research excellence, giving you the opportunity to observe the impact of research on business and society. 

Inspiring intellectual community

Engage with a diverse cohort of fellow PhD students and researchers, creating an inspiring and collaborative environment that encourages intellectual development and professional connections. 

Programme content

The Business School Master’s in Research (MRes) is an integral part of the PhD, introducing theory and research methods in Finance, Economics and Management, providing you with a solid foundation for your doctoral studies. Depending on the research area you choose to specialise in, you will embark on a one or two-year MRes programme as shown below. 

*Please note programme content is subject to change. The modules mentioned below are just a sample of what is available in the programme.

Systematic Reviews

When starting new research, the first step is usually a literature review: scanning what is already known about a given topic and figuring out where the gaps are. However, novice researchers tend to be anything but systematic in their literature review: they have no method for scanning the literature, and they usually have little idea of what is relevant and what is not. The Systematic Review method opens a way to create research syntheses that add real value and novel insight – in a way that is potentially publishable in its own right.

Data Analysis Tools

This module covers: Probability: Inequalities and Entropy, Laws of Large Numbers, Normal Distribution, MGFs and Characteristic Functions, CLT, linear regression and least squares; Linear Algebra: Eigenvalues/Eigenvectors, PCA; Optimal Control: Value Functions and the Bellman Equation, Cross- Equation Restrictions.

Elective modules

After your required introductory modules, you will choose elective modules. In addition to the electives offered within the Business School as part of the MRes programme, you may elect to take a module from another department within Imperial, or at one of our partner institutions, subject to availability.

Advanced Topics in Organisational Behaviour

Applied Microeconometrics 1

Applied Microeconometrics 2

Asset Pricing Theory

Corporate Finance

Corporate Sustainability

Consumer Behaviour

Decision Making Under Uncertainty

Digital Marketing Analytics

Econometrics 1

Econometrics 2

Empirical Asset Pricing

Empirical Corporate Finance

Entrepreneurship

Financial Economics of Climate and Sustainability

Healthcare & Medical Analytics

Industrial Organisation

Innovation Management

Interdisciplinary Research

Logistics & Supply Chain Analytics

Machine Learning for Analytics

Machine Learning in Economic Analysis

Macroeconomics

Macro-Finance

Micro Development Economics

Microeconomics 2

Microeconomics 1

Optimisation

Optimisation & Decision Models

Organisational Behaviour

Organisational Theory

Qualitative Methods 1

Qualitative Methods 2

Quantitative Methods 1

Readings in Digital Business 

Readings in Social Networks: Social Capital

Retail & Marketing Analytics

Social Data Science

Social Network Analysis

Special Topics in Organisational Theory and Strategy

Stochastic Processes

Sustainable Behaviour

Topics in Empirical Banking

*These modules are available subject to capacity and timetabling constraints in other faculties and are differently weighted to the MRes Business electives

Research Project

You will develop your own research project, which is assessed via submission of a written thesis and an oral examination.

Year one compulsory modules for Economics and Public Policy pathway

Applied Microeconometrics  - This module will provide an introduction to the practice of applied microeconometrics. Students will learn the standard empirical methods in current use by applied researchers and be exposed to a handful of frontier approaches. The focus will be on implementation beyond simply estimating a parameter of interest: getting the standard errors right, validation and conducting appropriate robustness exercises, and adapting methods to fit new contexts.

Econometrics I  - The module has the objective to provide the students with econometric tools necessary to conduct their empirical research and discuss fundamentals of econometric theory behind them. Students will learn how to conduct - and how to critique - empirical studies in finance, economics and related fields.

Empirical Industrial Organisation - This module enables you to answer counterfactual economic questions based on structural modeling and estimation. 

Macroeconomics I -  The course will focus on building a strong foundation in macroeconomic theory, particularly in analysing dynamic optimization problems. These techniques will be applied to a wide range of models to deepen students' understanding of topics like business cycles, long run growth, unemployment, and inequality. 

Macroeconomics II  - This course covers research issues that arise in the intersection of macroeconomics and finance. Topics include portfolio choice, general equilibrium models with heterogeneous agents and dynamic asset pricing models.

Microeconomics I  - The module covers the main tools of microeconomic theory and focuses on preferences, consumer theory, choice under uncertainty, producer theory, and game theory. Time permitting, it introduces general equilibrium in competitive markets. The emphasis is on economic intuition as well as techniques. The fundamental concepts of microeconomic theory are discussed.

Microeconomics II  -   This module covers competitive equilibrium, markets with imperfect, competition and asymmetric information, general equilibrium, Social choice and mechanism design

Research Experience  – This module is intended to give students practical experience of research preparation for their dissertation the following year.  They will undertake research tasks under the supervision of a faculty member on a topic chosen by the faculty member.  Students can select those projects that fit their research interests.

Year one compulsory modules for Finance pathway

Applied Microeconometrics   - This module will provide an introduction to the practice of applied microeconometrics. Students will learn the standard empirical methods in current use by applied researchers and be exposed to a handful of frontier approaches. The focus will be on implementation beyond simply estimating a parameter of interest: getting the standard errors right, validation and conducting appropriate robustness exercises, and adapting methods to fit new contexts.

Econometrics I  - The module has the objective to provide the students with econometric tools necessary to conduct their empirical research and discuss fundamentals of econometric theory behind them. Students will learn how to conduct - and how to critique - empirical studies in finance, economics and related fields.

Macroeconomics I - The course will focus on building a strong foundation in macroeconomic theory, particularly in analysing dynamic optimization problems. These techniques will be applied to a wide range of models to deepen students' understanding of topics like business cycles, long run growth, unemployment, and inequality. 

Macroeconomics   II  - This course covers research issues that arise in the intersection of macroeconomics and finance. Topics include portfolio choice, general equilibrium models with heterogeneous agents and dynamic asset pricing models.

Microeconomics I  - The module covers the main tools of microeconomic theory and focuses on preferences, consumer theory, choice under uncertainty, producer theory, and game theory. Time permitting, it introduces general equilibrium in competitive markets. The emphasis is on economic intuition as well as techniques. The fundamental concepts of microeconomic theory are discussed.

Corporate Finance  - This module is taught in two parts, starting with a historical background, and then considering the theory of investment decisions, capital structure, financial innovation, and corporate governance.

Asset Pricing Theory  - The first part of this module deals with representative investors, portfolio choice and dynamic securities markets in discrete time before covering portfolio choice in continuous time and option pricing. The second part starts from the asset pricing implications of a general equilibrium Lucas-tree economy. Then, it discusses the main asset pricing puzzles implied by these economies. Finally, we will explore optimal portfolio choice, multiple trees economies and some of the latest attempts in the asset pricing literature to solve some of these puzzles.

Research Experience  - This module is intended to give students practical experience of research preparation for their dissertation the following year.  They will undertake research tasks under the supervision of a faculty member on a topic chosen by the faculty member.  Students can select those projects that fit their research interests.

Year one compulsory modules for Management and Entrepreneurship pathway

Introduction to the Practice of Research  - This module will introduce you to the craft of research. You will develop the skills and knowledge you need to effectively produce research questions and hypotheses, ensuring consistency between theory, research design, methods and measures, and developing a clear and compelling argument.

Qualitative Methods I  - This module covers research methods required in qualitative research. You will develop skills in all aspects of the research process, including research design, data collection, data analysis, theory building, writing up as well as reviewing papers and responding to referees. The module is essential for those who wish to author qualitative research but will also be useful for quantitative researchers.

Quantitative Methods I  - This module provides an overview of the primary quantitative methods employed in management research. It will enable you to develop the ability to interpret the results of your own research as well as to critically assess the findings presented in other studies. The emphasis will be on the practical application of different estimation models using STATA rather than on the econometrics and mathematical specification.

Organisational Behaviour  - In this module you will be introduced to a selection of most seminal papers in organisational behaviour with a particular focus on classic and contemporary theories, ongoing controversies, and ground-breaking empirical studies. The emphasis is on providing a foundational overview of the field.

Organisational Theory  - This module will expose you to the major theoretical perspectives and issues studied in organisation theory research. You will also be exposed to a set of approaches to understanding how and why organisations form, survive and grow.

Strategy  - In this module you will develop the fundamentals of strategy including the theories of competitive advantage, industry analysis, understanding of resource based view/knowledge based view, and corporate strategy.

Innovation Management  - This module will offer a thorough theoretical understanding of the key themes of innovation research, combined with practical insights into the challenges of innovation management in organisations. You will address topics ranging from technological change, creativity, the role of networks in innovation, and appropriability/value capture from innovation.

Entrepreneurship  - This module introduces students to the major theoretical threads and debates in the field of entrepreneurship. Students will learn to make connections between theory and empirical research, practice critiquing and identifying insight in research, engage with fundamental debates in the field and formulate directions how the field may be further advanced.

Elective modules for Economics and Public Policy pathway

Corporate Sustainability 

Machine Learning for Analytics, Marketing and Operations

Machine Learning in Economics Analysis

Qualitative Methods I

Qualitative Methods II

Stochastic Processes 

Topics in Environmental and Resource Economics

Topics in Health Economics

Topics in Household Finance

Elective modules for Finance pathway

Advanced Financial Statistics

Asset Allocation and Investment Strategies

Big Data in Finance I

Big Data in Finance II

Empirical Industrial Organisation

Innovation Management 

Macroeconomics 

Microeconomics I

Microeconomics II

Quantitative Methods I

Topics in Environmental and Resource Economics 

Elective modules for Management and Entrepreneurship pathway

Macroeconomics 1

Macroeconomics 2

Readings in Digital Business

Text Mining for Economics and Finance

During the second year, you will work on your MRes project which is formally assessed through project submission and an oral examination, and counts towards the overall MRes mark. You will submit your proposed Research Project title and a brief outline in early October of your second year followed by a progress report in early March, outlining your progress to date with the thesis. During the Summer term, students will submit their MRes dissertation. This will be followed by an oral exam.

Further specialist training

It is expected that you will undertake further training where you will delve deeper into your chosen field. Under the guidance of your supervisor, you will develop a training plan to identify which courses may be the most suitable for your training, whether at Imperial or externally. You will have the opportunity to give seminars on your research for constructive feedback and development.

Research plan 

When you begin the PhD you will choose a primary and secondary supervisor, based on your research interests. The supervisor-student relationship is the foundation for a successful doctoral thesis as your supervisor will help you develop your research question, identify research and teaching opportunities and support you through your studies and the academic job application process.

Early Stage Assessment 

The Early Stage Assessment (ESA) takes place in year one of the PhD and is assessed by a panel of faculty. The ESA outlines the research question, the work you have done to date and the future research activities to be carried out to complete the project. It comprises a written paper and a presentation to which all Doctoral students and research department faculty are invited. The purpose of the ESA is not only to assess your personal progress but it also gives you the opportunity to discuss your work at its early stages and get feedback and ideas from faculty to improve your research.

Armed with feedback from the Early Stage Assessment, you will work intensely on your thesis, focusing on the collection and analysis of empirical data and developing theoretical frameworks. Under the guidance of your supervisors, the thesis gives you the opportunity to conduct a substantial piece of original research. 

Seminars and conferences

Being part of the School’s inspirational research community is a crucial aspect of the doctoral experience – as is gaining familiarity with cutting-edge research from world-leading academics. Each department runs seminars where internal and external academics discuss their latest work. As well as providing insight into yet-to-be-published research, the seminars offer networking opportunities and visiting academics often lead special topic workshops for research students. The Doctoral programme also supports the participation of research students in international conferences where you can present your own research and participate in doctoral consortia.

Late stage review

The Late Stage Review takes place in year two of the PhD and follows the same principle as the Early Stage Assessment, in that its purpose is to assess your progress and provide you with feedback and advice on the direction and scope of your research.

Academic Job Market

You will also work on developing and polishing your Job Market Paper. You will have the opportunity to participate in workshops alongside support from your supervisors and faculty to help you be internationally competitive.

Our research areas

What our students say

“The programme structure is different from many other business schools because during the first year at Imperial we study the Master’s of Research (MRes), which is focused on developing strong foundations before continuing to the PhD programme. This also gives us additional time to discover opportunities and find the right paths for our research.”

Class profile 2023

75 students

48% female students

20 nationalities represented

Funding and scholarships

Request a brochure, career impact.

In recent years, our PhD students have joined leading universities, research centres and institutions such as Tsinghua University, University College London, Copenhagen Business School, the Bank of England, the University of Bath, King’s College London, National Chengchi University, the University of Sussex and Renmin University in China. Others have sought top positions in industry or founded successful start-ups.

The doctoral programme has been re-structured in recent years to focus more on academic development and it is anticipated that over the coming years placements will focus more on academia than industry.

Find out more about career outcomes

Meet your faculty

Our PhD programme provides close collaboration between leading Analytics & Operations faculty and doctoral students, developing your research interests and providing continuous support and guidance throughout the programme.  

Alexander Michaelides

Kalyan Talluri

Wolfram Wiesemann

Edward Anderson

Martin Haugh

Xiaocheng Li

Reza Skandari

Jiankun Sun

Carol Propper

Franco Sassi

Jonathan Haskel

Marisa Miraldo

Richard Green

Pedro Rosa Dias

Esther Bøler

Franklin Allen

Patrick Bolton

Ramana Nanda

Lara Cathcart

Enrico Biffis

Christopher Hansman

Clara Martinez-Toledano

Alan Hughes

Celia Moore

Markus Perkmann

Christopher Tucci

James Barlow

Ileana Stigliani

Mark Kennedy

James Eteen

Eduardo B. Andrade

Andreas Eisingerich

Rajesh Bhargave

Sven Mikolon

Michelle Rogan

Frequently asked questions, how long does it take to complete the doctoral programme.

The Doctoral programme is structured to take between four to six years full-time. In the first year, all students undertake a one or two year MRes programme depending on their chosen research area specialism. Subject to satisfactory academic progress, students then progress to the PhD which takes between 3-4 years.

When does the academic year start?

The Doctoral programme has one intake each year in September and is spread over four to six years.

Do you offer any distance learning or part-time research programmes?

It is not possible to enrol on the Doctoral programme on a part-time or distance learning basis. Students must be in attendance throughout the full period of study.

Can I transfer from my current Doctoral programme to Imperial College Business School's Doctoral programme?

It is not usually possible to transfer onto the Doctoral programme as it is unlikely that previous studies would perfectly overlap with the School’s expertise.

Can I come to Imperial College Business School as a visiting student?

Please visit Imperial College London's visiting students page .

Can I have a part-time job whilst enrolled in the programme?

The Doctoral programme is full time. Students are able to undertake part-time work if this does not break any relevant visa and/or scholarship conditions, however the programme offers a living stipend to support students during their studies.

How many students do you accept onto the Doctoral programme every year?

Admission onto the Doctoral programme is highly competitive as we accept around 15 students each year, from a total of approximately 200 applications.

Is there a workspace assigned to Doctoral students?

There is a designated workspace which includes a computer and relevant software assigned to all enrolled Doctoral students. You will share working space with other PhD students in your cohort.

How do I apply and what documents do I need to submit with my application?

All applications to the Doctoral programme are made via our online platform. You will either need to select 'Business (MRes 1YFT)' or 'Business (MRes 2YFT)' based on your research area of interest. Further information can be found on our  Doctoral programme page.

Please refer to the  How to apply page  to see application deadlines, what documents you are required to submit with your application and to view the selection process.

When is the application deadline?

To find out more about application deadlines for our Doctoral programme please  visit the How to apply page .

What do I need to include in my statement of purpose?

One of the most important parts of our application form is the ‘statement of purpose’ section. It should be no more than one or two A4 pages and should cover the following points:

Your motivation for undertaking the programme

A discussion of possible research areas that you might pursue and how these are a good fit for Imperial College Business School

What interests you most about your chosen field of study

Relevant past study, industry, or research projects

Long-term career goals

I haven't decided what area I want to specialise in for my PhD, what should I do?

You should browse the description of the different research groups in the Business School and the webpages of faculty members. This will give an overview of their research interests and current projects. The MRes gives you an opportunity to pursue potential interests through courses and a project prior to committing to the PhD

Do I need a willing supervisor prior to application?

No, although in your application you should list a member of  faculty  you have identified as a potential supervisor. You can demonstrate in your statement of purpose how your research interests are aligned to a potential supervisor and the Business School.

Checking the research profiles of faculty members and Business School projects will give you an indication of whether the Business School is a good fit for you. If no faculty are working in your area of interest it is unlikely that you would be shortlisted, as we may not be able to provide supervisory support during your PhD.

During the MRes year, you will become part of the research community at Imperial College Business School and interact with faculty and other PhD students during taught courses and at seminars, which we hope will influence and help shape your research ideas for the PhD.

Are all applicants interviewed?

Not all applications progress to the interview stage of the selection process, however we interview all shortlisted candidates before making an offer. In the case of overseas candidates we will arrange an interview by telephone or via Skype.

Is GMAT/GRE a compulsory requirement?

Yes. A GMAT/GRE score must be submitted before we will consider an application. Any applications submitted without a GMAT/GRE score will be considered incomplete until we receive a score. Please note that we do not make offers on the condition that a candidate achieves a satisfactory GMAT/GRE score. To see the GMAT/GRE scores we look for, please refer to the  Entry Requirements page .

Do you offer Doctoral funding and stipend?

We offer a fully funded Doctoral programme at Imperial College Business School – this includes a tuition fee waiver and a stipend for up to five years. The 2024-25 rate of the Graduate Teaching Assistant scholarship stipend is £25,000. Rates are reviewed annually and are expected to increase for 2025-26 in line with Research Council UK rates. Stipends are tax-free and the continuation of the stipend will depend on your satisfactory progress on the programme.

What living costs should I allow for in London?

Living costs vary considerably depending on the area of London you choose to live in and your choice of accommodation.

Read more about  estimated London living costs  and  accommodation for postgraduates .

Do you offer Doctoral scholarships?

Within Imperial, we also have funding opportunities from various external studentships, including EPSRC, ESRC, and the Imperial College President’s PhD Scholarships .

Students who are eligible for other PhD  funding opportunities  that may be available to them are expected to apply for them.

Explore more

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Study your doctoral programme at a global top 10 university offering world-class faculty, leadership coaching, global business experience, industry connections, specialist careers support and an exciting London location.