The Top 10 Fully-Funded Ph.D. Programs in Business

According to the Education Data Initiative, the average cost of a Doctor of Philosophy (Ph.D.) is $106,860. That’s not a small amount of money! But there are many ways to cut those costs and, in some cases, eliminate those costs.

But how?

The overall cost of your doctorate depends on your specific circumstances. For example, earning your Ph.D. at a public university will likely be more affordable than at a private university. Currently, the average cost of a doctorate at a public university is $72,990. At a private university, you’ll pay an average of $101,810. So, to cut costs, you might consider a program at a public university.

Your choice of academic discipline and the length of the program also inform how much your doctorate costs. STEM fields are more expensive; the longer the program, usually between four and eight years, the higher the cost. The amount of financial aid received is another key factor in determining how much you must pay for your degree.

These factors can help reduce how much your Ph.D. costs. But a fully-funded Ph.D. program can eliminate your education costs by providing tuition reimbursements and stipends to pay for housing and other living costs. And there are many fully-funded Ph.D. programs in business to choose from!

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Methodology for Ranking the Top Free Business Ph.D. Programs

This ranking of free business Ph.D.s was devised using the following criteria:

• Offers quality, fully-funded Ph.D. programs focused on business-related concepts, technology, and research.
• Retention rates are at or above the national average.
• Faculty members represent working professionals who are experts in their fields and who can provide students with appropriate research assistantship opportunities.
• Provides fully-funded tuition expenses and/or stipend opportunities, scholarships, or assistantships.
• Notability among journalistic and academic resources.

Please see our methodology page to learn more about how we selected these fully-funded Ph.D. programs.

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Top Fully Funded Ph.D. Programs in Business

If you earn a Ph.D. in business from one of these programs, you will not only be an alumnus of a prestigious institution, but you will also be more competitive for challenging yet rewarding careers. Examples include C-level executives, business consultants, and college professors – and these jobs have a fast return on investment, too! Consider exploring one of the programs below to get your doctoral education in business.

Binghamton University

The Ph.D. in Management from Binghamton University’s School of Management is a STEM-designated program offering a fully-funded research assistantship. You’ll receive full tuition reimbursement and work one-on-one with a faculty member on your research projects. You may even work as a co-author for published journals.

Prominent Program Features:

The Management curriculum emphasizes theory and research practices to train you for positions as instructors in public and private academic settings. The Management coursework is designed in a way that encourages you to study relevant topics alongside your doctoral studies. Some outside courses include those in economics, psychology, and sociology.

You can choose from five specialization areas, too:

• Finance
• Leadership and Organizational Science
• Marketing
• Management Information Systems 
• Supply Chain and Business Analytics (this specialization is currently closed)

Graduates from this program have gone on to work as professors in prestigious colleges and universities across the globe, from Rutgers University in New Jersey to Warwick University in the United Kingdom.

Program Pros:

• Up to $29,500 per year in funding
• Multiple specialization areas
• 1:1 student-to-faculty ratio
• Accredited by the Association to Advance Collegiate Schools of Business (AACSB)

Program Cons:

• No online or hybrid option
• Fall admission only

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University of Southern California

The Marshall School of Business at the University of Southern California offers what they describe as one of the premier business Ph.D. programs in the world. Graduates of this program frequently go on to teach at some of the best business schools in the nation and throughout the world.

Prominent Program Features:

You are automatically awarded a full tuition fellowship when you are accepted to the USC Marshall School of Business Ph.D. program. This fellowship may also include a graduate assistantship with a monthly stipend to cover living expenses, health and dental insurance, and coverage of various administrative and institutional fees.

The Marshall School of Business gives its Ph.D. students full financial support for five years, but if need be, you are eligible for other awards after five years.

Each Ph.D. concentration involves high-tech research positions in which you are required to work with faculty members on projects that involve extensive use of skills in statistics, economics, computer science, communication, and more. Available specializations include the following:

• Accounting
• Data Sciences and Operations
• Finance
• Management and Organization
• Marketing

Program Pros:

• Multiple funding sources
• Guaranteed funding for five years
• Multiple specialization areas

Program Cons:

• Very highly competitive program

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Massachusetts Institute of Technology

MIT’s Sloan School of Management is considered a leader in education, and its Ph.D. in Management demonstrates this. The program involves the study of business and entrepreneurship through the lens of technology that is among the best in the nation.

Prominent Program Features:

As a student in this program, you’ll receive a scholarship that covers your entire tuition. You’ll also get free medical insurance and a fellowship stipend or salary as a teaching assistant or research assistant.

You will also receive a new laptop and have a conference travel budget! Funding may increase in future academic years, as well.

There are innumerable advantages to attending the Sloan School of Management for a Ph.D. in Business, such as utilizing the MIT Entrepreneurship Center and the various programs, classes, workshops, and competitions it funds each year. You will also engage in in-depth research projects that put you in the direct flow of business operations undertaken by MIT faculty members.

You can focus your studies on one of three areas: Behavior & Policy Sciences, Economics, Finance & Accounting, and Management Science. Nine research groups within these fields allow you to focus your research even more.

Program Pros:

• Comprehensive funding package including a laptop and travel budget
• Wide-ranging research opportunities
• Multiple specialization areas

Program Cons:

• The program is six years, even if you already have a master’s degree
• Very highly competitive program

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Fordham University

Fordham’s Gabelli School of Business offers a fully-funded Ph.D. program with multiple concentration options, allowing you to tailor your degree to your specific interests. Beyond that, you qualify for funding upon acceptance to the program.

Prominent Program Features:

Fordham University maintains relationships and partnerships with major businesses throughout New York City. As such, you will work alongside faculty members who are actively engaged with some of these organizations. You will also work closely with faculty in other ways, such as in your research projects and the design of a culminating doctoral course.

This Ph.D. curriculum has numerous diverse and exciting options in business:

• Accounting and Taxation
• Business Law and Ethics
• Communication and Media Management
• Finance and Business Economics
• Information, Technology, and Operations
• Leading People and Organizations
• Marketing
• Strategy

You can also focus your degree in one of two interdisciplinary tracks: Capital Markets or Strategy and Decision-Making.

Students who complete this exceptional program often go on to become expert researchers or professors at impressive colleges and universities. You might do the same!

Program Pros:

• Close ties with New York City-based businesses
• Excellent post-program placement services
• Hands-on mentoring from faculty

Program Cons:

• Full funding is not guaranteed
• Stringent requirements, including multiple comprehensive exams, teaching requirements, a Year 2 research paper, and a dissertation

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University of Pennsylvania

The Wharton School is one of the most highly respected schools of business at any college or university in the United States. In addition to being a top school, Wharton also offers all admitted students a full fellowship that covers tuition, health insurance, and a monthly stipend for living expenses for five years of study.

Prominent Program Features:

Wharton doesn’t just offer a single Ph.D. program. Instead, you can choose from nine concentrations and programs under the Business Ph.D. program:

• Accounting
• Applied Economics
• Ethics and Legal Studies
• Finance
• Health Care Management and Economics
• Management
• Marketing
• Operations, Information, and Decisions
• Statistics and Data Science

Rigorous, full-time classroom studies occupy the first two years in The Wharton School, and the next three years involve more research-based experiences and projects.

The nine available concentrations at UPenn are supported by highly experienced faculty members and business partnerships that allow you to complete real-world undertakings that have an actual impact. You will leave the program as a published expert who is ready to take on positions of higher responsibility and pay.

Program Pros:

• Wharton is one of the best business schools in the nation
• World-class faculty
• Multiple specialization areas

Program Cons:

• Very highly competitive program

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Bentley University

Bentley University’s McCallum Graduate School of Business offers a Ph.D. in Business with multiple funding possibilities. On the one hand, you can pursue the Bentley Ph.D. Fellowship or the Rauch Doctoral Fellowship. Both programs also offer a stipend to cover living expenses.

Prominent Program Features:

This program offers four concentration areas:

• Business Analytics
• Information Systems
• Management
• Marketing

In each instance, you process through a rigorous curriculum with coursework attuned to your specialization. You will also have ample opportunities to conduct original research. You will work closely with your advisors to devise a course of study that best fits your needs, too.

Both fellowships mentioned earlier are good for four years of doctoral coursework. You will be a research assistant for an assigned faculty member who is associated with your particular business specialization. You will also have opportunities to travel to business conferences and workshops with your faculty mentors, as well.

Program Pros:

• Multiple fellowship opportunities
• Accredited by the Association to Advance Collegiate Schools of Business (AACSB)
• Multiple specialization areas

Program Cons:

• Funding is only guaranteed for four years
• GMAT or GRE scores are required for admission

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Duke University

Duke University’s Fuqua School of Business is a top choice for many Ph.D. students. Not only is the program top-ranked, but it also offers a fellowship for accepted students that covers tuition, health insurance, and living expenses. The fellowship is renewable for five years, provided you’re in good academic standing.

Prominent Program Features:

This program prepares you to work in teaching and research positions. You will work alongside faculty members in the roles of both teacher and research assistant. You will be guaranteed to develop strong abilities in research methodology and communication at the Fuqua School of Business.

This prestigious school has some of the best graduation and retention statistics of any college or university in the country, which indicates the profound satisfaction of its students. The Ph.D. in Business Administration program provides exciting concentration options that are offered at very few other schools, such as a Decision Strategies specialization. Other specializations include the following:

• Accounting
• Finance
• Marketing
• Management and Organizations
• Operations Management and Strategy

Program Pros:

• STEM-eligible program
• Opportunities to work with leading business scholars
• Multiple specialization areas

Program Cons:

• Acceptance rates average between 2-8 percent
• Many students need more than five years to complete the program

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Rice University

The Jones Graduate School at Rice University offers a Ph.D. in Business that prepares you for academic and research work at the nation’s top universities. The combination of coursework and research experience you gain in this program helps you develop into a sought-after asset upon your graduation.

Prominent Program Features:

Financial assistance is granted in full to all Ph.D. in Business students at Rice University through various means. You’ll receive full tuition support and a $40,000 per year stipend, which is contingent in part upon your work as a research or teaching assistant. You will work closely with faculty members in their areas of business research for twenty hours each week.

Also included in the funding is a research support budget. You can use these funds for expenses such as books, supplies, professional membership dues, and travel expenses for academic conferences. You must continue making adequate progress towards your degree to retain your funding.

There are five concentration options available for Ph.D. students, all of which are covered by the assistantship:

• Accounting
• Finance
• Operations Management
• Organizational Behavior
• Strategic Management

As you complete the program, you will participate in interviews for teaching positions. These interviews could result in a lucrative employment opportunity after graduation.

Program Pros:

• Funding for tuition, living expenses, and work-related expenses
• Funding is available for every year of full-time study
• Multiple specialization areas

Program Cons:

• GMAT or GRE scores are required for admission

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Stanford University

Stanford’s Graduate School of Business is a top choice among prospective business students. The school is well known for its graduate-level programs, including its Ph.D. in Business. Not only is this program well-regarded, but it also offers full funding for accepted students.

Prominent Program Features:

Funding for this Ph.D. program includes five years of financial aid. Aid is provided in the form of tuition payment, a living stipend, and healthcare coverage. Additionally, you’ll have opportunities to work in assistantship positions in teaching and research applications.

Financial aid is dependent upon your progress in the program. You’ll have the full five years of funding if you maintain satisfactory grades and achieve program milestones. Based on current amounts, you can expect in excess of $52,000 per year in funding.

The Ph.D. in Business program itself is expansive and in-depth and also has seven unique concentration options that take students in vastly different avenues within the field of business:

• Accounting
• Economic Analysis and Policy
• Finance
• Marketing
• Operations, Information, and Technology
• Organizational Behavior
• Political Economics

You will be actively engaged with your professors on many research and classroom-based projects. Upon completing the program, you will emerge with a high level of skills and competency in business. You will also have a ready-made network of professional connections you can rely on to start your career.

Program Pros:

• Customizable program with opportunities for unique research
• Opportunities for collaboration with other Ph.D. students and professors
• Multiple specialization areas

Program Cons:

• Very highly competitive program

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Cornell University

The Samuel Curtis Johnson Graduate School of Management at Cornell offers a top-tier Ph.D. in Management focusing on business research and education. The program is preparatory for academic teaching and research positions at the nation’s top universities.

Prominent Program Features:

Cornell’s program is highly customizable to suit your specific interests. You will choose an area of study on which to concentrate. You will also build your own dissertation committee to help guide you through your research. Additionally, your coursework will draw from disciplines across Cornell to give you a holistic education.

Another feature of this Ph.D. in management is the opportunity for hands-on experience. You will work with other Ph.D. students to explore management theory and literature. You will also have many opportunities to conduct your own original research.

You can complete these activities with full funding in place. This program offers a tuition waiver and a stipend for living expenses.

Program Pros:

• Ivy League program
• Opportunities to conduct research in Cornell’s highly regarded research centers
• Customizable curriculum

Program Cons:

• Funding does not cover healthcare
• Very highly competitive program

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