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At present, the doctoral program offers specialization in Finance. Students who wish to combine research interests in Finance with Accounting or Management Science should consult with the Ph.D. Program coordinators. The following description refers to the program in Finance.


Students are expected to complete at least 90 ECTS of coursework for the completion of the doctoral program.
Admittance to Doctoral Candidacy requires:

1. Completion of coursework

2. Successful completion of the comprehensive exams

3. Preparation of a research study

Doctoral students are expected to complete the above three requirements by the end of the fifth semester at the University of Cyprus. Under special circumstances, the Departmental Board may approve extension to the end of the sixth semester so that the above requirements for Doctoral candidacy are fulfilled, but the comprehensive exams must be successfully completed by the end of the fifth semester. The Ph.D. degree is granted after successful completion of a doctoral dissertation, which must be a new and substantial contribution to the relevant academic literature. The Dissertation must be defended orally before a 5-member faculty committee. The minimum time required for the completion of a PhD is three years, and the minimum time required for the completion of the doctoral dissertation is two years.


Α/Α Course Type Course Name Course Code Periods/
Period duration Number of weeks/
Academic semester
Total periods/
Academic semester
Number of ECTS
1st  Semester
1.  Core Basic Accounting AFN 515 1 1 13 13 2
2.  Core Financial Theory AFN 521 1 3 13 39 7
3.  Core Investments AFN 522 1 3 13 39 7
4.  Core Options and Futures AFN 525 1 3 13 39 7
5.  Core Statistics & Econometrics I ECO 603 1 3 13 39 7.5
Total: 30.5
2nd Semester
1.  Core Advanced Quantitative Business Methods AFN 523 1 3 14 42 6
2.  Core Theory and Methodology in Finance & Accounting AFN 627 1 3 14 42 6
3.  Core Statistics & Econometrics II ECO 653 1 3 14 42 7.5
4.  Elective Depth and methodology courses, from the departments of Economics, Mathematics, and Accounting and Finance 12
Total: 31.5
3rd Semester
1.  Core Financial Analysis and Capital Market Research AFN 626 1 3 13 39 7
2.  Core Stochastic Processes MAS 350 1 3 13 39 7
3.  Core Applied Financial Econometrics ECO 680 1 3 13 39 7.5
4.  Core Macroeconomic Analysis ECO 602 1 3 13 39 7.5
Total: 29
4th Semester
1.  Core Comprehensive Exams AFN 890 9
2.  Core Advanced Corporate Finance AFN 661 1 3 14 42 7
3.  Core Advanced Asset Pricing AFN 662 1 3 14 42 7
4.  Core Advanced Methods in Empirical Finance AFN 663 1 3 14 42 7
Total: 30
5th Semester
1.  Core Research stage AFN 882 15
2.  Core Research stage AFN 883 15
Total: 30
6th Semester
1.  Core Research stage AFN 884 15
2.  Core Research stage AFN 885 15
Total: 30
7th Semester
1.  Core Research stage AFN 886 15
2.  Core Research stage AFN 887 15
Total: 30
8th Semester
1.  Core Research stage AFN 888 15
2.  Core Research stage AFN 889 15
Total: 30
 After completion of 120 credits in  Research Stages, students can register in Writing Stages. TOTAL: 241

Doctoral Students Advising

After a student is admitted in the PhD Program, the Graduate Studies Committee and the Directors of the PhD Program provide guidance to the student regarding course requirements and preparation for the comprehensive exams according to the student’s prior knowledge. Each student’s program of studies may differ from other students since students may have different background in business, economics, statistics, etc. With the completion of the coursework (or most of it) the student may take the comprehensive exams. After the successful completion of these exams, the student must select the thesis advisor


The first 2 semesters of the doctoral program are similar to those of the M.Sc. program. The courses AFN 521 (Financial Theory), AFN 522 (Investments), AFN 525 (Options and Futures), AFN 626 (Financial Analysis and Capital Market Research), AFN 627 (Theory and Methodology in Accounting and Finance), AFN 661 (Advanced Corporate Finance), AFN 662 (Advanced Asset Pricing), AFN 663 (Advanced Methods in Empirical Finance) are required (55 ECTS). The PhD student will also select 36 ECTS from other master courses (of the department, or after approval of the economics, mathematics or statistics department, etc.) according ot his/her interests and research endeavors. It is expected that all students during their first and second year acquire knowledge  in mathematics, in modeling, in optimization and mathematical programming, in probability theory and statistics (a graduate or two undergraduate courses), in stochastic processes and in econometrics (two econometric theory courses). It is also expected that all students will have sufficient knowledge of computer programming (like in C/C++).

Holders of a master degree in a field relevant to the doctoral program, may waive some coursework after the approval of the department council. It is expected that all doctoral students according to their previous graduate studies, to complete a minimum of 54 – 60 ECTS of coursework at the University of Cyprus.

Pre-Dissertation Research

During the first summer of studies, students are expected to prepare a research project under the supervision of a faculty advisor. The Department appoints the Advisor, according to the student-faculty common research interests. The results should be in the form of a written paper describing the original contributions of the student’s work. The student should complete the project by the third semester of studies and submit it for approval to a three-member faculty committee. The Faculty Advisor will be presiding on that committee. The Department’s Chairperson in coordination with the Advisor appoints the other two committee members. This project may be completed for fulfillment of requirements of another course, or an independent study. A student who has completed a master thesis may waive this requirement.

Comprehensive Exam

Before entering doctoral candidacy, students should demonstrate their potential to produce knowledge. They must demonstrate adequate knowledge of their main and related fields and the relevant academic literature by successful completion of the comprehensive exam.

This exam (completed the latest by the end of the sixth semester in the doctoral program) must cover the field of studies and methodology. According to international experience, this requirement is fulfilled by 3-hour exams in each of the following topics:
1. Financial Theory and Investments
2. Financial Analysis and Capital Market Research
3. Futures and Options
4. Econometrics
The Committee of Postgraduate Studies appoints the Academic Committee (that must be approved by the Department council) that administers the written exams. Every topic is graded by two faculty members. No faculty member may grade more than two topics for any student. A student has successfully completed the comprehensive exams if successful in all topics. If a student fails in more than one topic, must take again the exam in all topics. Doctoral students may sit for the exams at maximum two times. If a student fails on one topic may take the relevant exam on that topic once more.
The grading of the comps is on a Pass or Fail basis, according to the recommendation of the Academic Committee. Students who (through their comprehensive exams) fail to demonstrate ability for successful doctoral research, may be granted a masters degree (MA) following the Department’s recommendation.

Doctoral Candidacy and Dissertation Requirements

After formal entrance in doctoral candidacy, students are expected to devote their efforts completely towards their dissertation research, which will initially result in a dissertation proposal in coordination with their Research Advisor. (Students wishing to change Research Advisor after the successful completion of their pre-dissertation research may apply to the Director of Postgraduate Programmes.)
Usually doctoral students remain in candidacy for a period of two additional years. At the start of this period they submit and defend their Dissertation Proposal, and at the end they submit and defend their completed dissertation before an approved academic committee.

The Dissertation Proposal

The dissertation proposal must be defended before a three-member academic committee. The Department Chairperson in coordination with the Research Advisor appoints this committee. The Research Advisor will be president of the committee. The proposal should contain a complete and detailed definition of the problem under investigation, a comprehensive synopsis of the relevant literature and the unanswered research questions, and should provide the relation between the existing literature and the proposed one as well as the expected new contribution. It should also provide evidence that the proposed project is feasible within a reasonable time frame, which can be demonstrated through partial completion of the proposed research and fulfillment of some intermediate goals.

The Dissertation

The completed dissertation must be original research with significant contribution to the academic literature. The dissertation should be defended before a five-member academic committee, appointed by the Committee of Postgraduate Studies in coordination with the Research Advisor. Three of the committee members (the Research Advisor included) should be faculty of the Department. Two of the committee members may belong to other departments of the University, and one may belong to the faculty of another University.

Doctoral Candidates/ Requirements

While a student takes the comprehensive exams, may register to AFN 890 (15 ECTS). While the doctoral candidate works on the dissertation research, must complete at least 120 ECTS in four research stages (AFN 895: 30 ECTS, AFN 896: 30 ECTS, AFN 897: 30 ECTS, AFN 898: 30 ECTS). There are also the partial research stages AFN 881, AFN 882, AFN 883, AFN 884, AFN 885, AFN 886, AFN 887, and AFN 888 (15 ECTS each) for the case that the student may select to take courses (beyond the required ones) during the dissertation stages, or the AFN 890 (comprehensive exams) during the first enrollment in a dissertation stage. In the case that after the completion of 120 ECTS of dissertation stages the doctoral dissertation is not completed, the student may enroll in writing stages of 30 ECTS (AFN 791, AFN 792, AFN 793, AFN 794) or 15 ECTS (AFN 781, AFN 782, AFN 783, AFN 784, AFN 785, AFN 786, AFN 787, AFN 788) each.

Coordinators of Doctoral Program: Andreas Charitou & Andreas Milidonis

Placement (first) of our Ph.D Graduates

Placement (first) of our Ph.D Graduates

1. Topaloglou, Nikos (2005) Post Doctorate, University of Geneva, Switzerland
2. Koussis, Nikos (2006) Post Doctorate, Univ. of Berkeley, USA
3. Lambertides, Neophytos (2006) Lecturer, University of Aston, UK
4. Louca, Christodoulos (2006) Lecturer, University of Duhram, UK
5. Andreou, Panagiotis (2008) Lecturer, University of Duhram, UK
6. Constantinidou, Eleni (2008) Banking
7. Theodoulou, George (2008 Industry, Non-for profit organization
8. Georgiou, Ifigenia (2010) Lecturer, University of Aston, UK
9. Ioulianou, Sofoklis (2012) Industry, Public Sector
10. Kopita, Anastasia (2015) Lecturer, University of Warwick, UK
11. Papakyriakou, Panayiotis (2016) Lecturer, University of Southampton, UK
12. Taoushianis, Zenon (2019) Lecturer, University of Southampton, UK
13. Eythimiou, Maria (2019) Banking
14. Kaourma, Theofilia (2019) Researcher
15. Kallenos, Theodosis (2020) Central Bank of Cyprus
16. Floropoulos, Nikolaos (2020) Lecturer, U. Carlos III de Madrid, Spain
17. Loizides, George (2020) Researcher
18. Petrou, Zacharias (2021) Lecturer, University of Liverpool, UK