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Business and Finance

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    • Presentation



      Prof. D. José María Marín Vigueras
      University Professor


      About the program


      The program aims to train researchers in the Management, Finance, Accounting, and Marketing areas  and promote their career development in prestigious universities and business schools.

      Getting our students in touch with the major problems of business economics provides them with a thorough and updated understanding of companies. Additionally, quantitative methods training allows students to undertake high quality empirical research.


      The Ph.D. in Business and Finance offers four different fields of specialization:

      • Accounting
      • Finance
      • Management
      • Marketing

      The Ph.D. program in Business and Finance is sponsored by the Business Administration department.

      As a general rule, a Master’s degree in Marketing Research, Business and Finance, or Management earned at a prestigious institution is required. The main way to access the program is our English-taught uc3m Master’s degree in Business and Finance.


      • Program regulated by RD 99/2011



      Administración de Empresas y Finanzas

      Acreditación internacional AACSB

    • International Scope
      Gráfico de datos de internacionalización del Doctorado en Administración de Empresas y Finanzas

      Our PhD program has a high international scope.

      Students' country of origin

      Our students come from a broad range of countries. This is the distribution of the students currently engaged in the PhD.



      We encourage our students to complete research stays from 3 to 6 months at prestigious universities. From 2010 to 2015, our students visited institutions such as: Bocconi University, Boston University, Columbia University, London School of Economics, New York University, The Wharton School, Tilburg University, University of North Carolina at Chapel Hill or Washington University at St. Louis.


      International PhD distinction

      40% of our PhD graduates from 2010-2015 received their PhD degree certificate with theInternational PhD distinction ('Doctorado Internacional')




      Job Market Candidates


      • See our list of job market candidates here.

      Job Placement


      In the last years, our PhD graduates have been placed at Universities and Business Schools such as:

      • Aalto University School of Business, Finland
      • BI Norwegian Business School, Norway
      • Cass Business School (London), UK
      • CBS, Denmark
      • CUNEF, Spain
      • Durham University, UK
      • ESADE, Spain
      • ESCP Europe Business School, UK
      • IE Business School, Spain
      • IE University, Spain
      • IESE Business School, Spain
      • Lancaster University, UK
      • Pontificia Universidad Católica de Chile, Chile
      • Rennes School of Management, France
      • Skema Business School, France
      • Stockholm School of Economics, Sweden
      • Tilburg University, The Netherlands
      • Universidad Alberto Hurtado, Chile
      • Universidad Autónoma de Barcelona, Spain
      • Universitat de les Illes Balears, Spain
      • University College London, UK
      • Universidad de Navarra, Spain
      • Universidade Nova de Lisboa, Portugal
      • University of Antwerp, Belgium
      • University of Bristol, UK
      • University of Glasgow, UK
      • University of Groningen, Faculty of Economics and Business, The Netherlands
      • University of New South Wales, Australia
      • University of Warwick, UK
      • University of Wisconsin, USA

      As well as in prestigious firms and institutions such as:

      • Analistas Financieros Internacionales
      • Arfima Trading
      • Banco Central do Brasil
      • Bank of China, London
      • BBVA Research
      • Honeywell
      • Orkestra - Instituto Vasco de Competitividad
      • Repsol



    Student profile


    Students must have prior postgraduate training in the fields of knowledge specific to the program: Commerce and Marketing Research, Business Finance and Accounting, and Business Organization. A training in quantitative methodology (Statistics and Operational Research, and Quantitative Methods for Business and Finance) is also strongly suggested. They must also have synthesis ability in regards to a particular discipline’s framework, be able to analyze problems from a critical perspective, and pursue new lines of research.

    Additionally, English skills (Cambridge Proficiency level) are required.


    Admission requirements

    As a general rule, applicants to the Ph.D. Program in Business and Finance must have a Bachelor’s degree and a Master’s degree in one of the specific fields of knowledge of the program (Commerce and Marketing Research (095), Business Finance and Accounting (230), and Business Organization (650)) or their respective equivalents from other countries in the European Higher Education Area (EHEA). All  graduate and postgraduate training credits must amount to a total of (at least) 300 ECTS credits, 60 of which must be Master’s degree credits.


    Other applicant profiles may be taken under consideration in exceptional cases:

    • Applicants with postgraduate training in other fields (Mathematics, Physics, or Engineering)
    • Applicants with postgraduate training in the Social Sciences area, in different fields from those of the Business and Finance program, providing valid proof of academic background in Commerce and Marketing Research, Business Finance and Accounting, and Business Organization.

    In all cases, the Academic Committee may require complementary training (up to 20 ECTS credits) in advanced subjects relevant to the line of research pursued by the applicant.

    Admission criteria


    Valid proof of advanced English skills (Proficiency level) shall be required for a student’s candidacy to be considered.

    These are the basic admission criteria and their respective assessment value:

    • Academic background (35%)
    • Suitability of the applicant’s training background (subjects, grades, and language skills) for the Ph.D. program’s lines of research (20%)
    • Research background (publications, seminars, etc.) (10%)
    • Motivation and suitability of the applicant’s interests in regards to the Ph.D. program’s lines of research (35%)


    Initial documentation requirements for applicants include: updated CV, a copy of previous degree certificates, and thesis project proposal, as well as a motivation letter stating the candidate’s interest in the program and their willingness to work on the lines of research of their choice. Applicants may also provide one or more recommendation letters endorsing their candidacy by doctor referees from any university; said letters are taken as a measuring tool of applicants’ merits and background according to experts who know them well. Referees must submit these endorsement letters directly to the Doctoral School at UC3M at

    PLEASE NOTE: The endorsement for a thesis project from a professor from the program is NOT required in the initial application process, and students are strongly discouraged to request such documents from the department faculty. Such endorsement may be required (and solicited) only AFTER the admission committee has verified that the candidate's application satisfies the preliminary requirements for admission.



    Admission criteria and procedures for part-time students are the same of those of full-time students.


    Seats available for the academic year: 15



    In addition to the elaboration of the doctoral thesis, students must take some activities aimed at improving their research skills and the scientific quality of their research work. These activities are:


    Specific training


    • Specialized research seminars at uc3m: Seminars set in the framework of the program’s research agenda and featuring notable researchers as speakers. 70% minimum attendance is required for seminars hosted by the department of Business Economics, which translates into 25 hours of specialized seminar training.
    • Advanced research courses: Short-term courses on a particular subject relevant to the specific fields of the Business and Finance doctoral training (finance, accounting, marketing, management), featuring notable professors external to the program. These courses have a duration of one week or less. All students must attend the course pertaining to their respective specialization area every academic year.   
    • Research meetings hosted by the department of Business Economics: Sessions coordinated by Universidad Carlos III de Madrid faculty members on a weekly basis, featuring Universidad Carlos III lecturers and other professors from nearby institutions. All students must deliver at least two presentations of their research work in these meetings throughout their doctoral training period.
    • Seminar or simposium attendance: It is mandatory for all Business and Finance students to participate as a speaker in at least one notable conference or simposium of international scope that is relevant to the doctoral student’s field of research.


    Research skills training 


    Research skills training is focused on abilities common to all disciplines for the development of scientific and educational skills and the improvement of the professional career. This training consists of different activities (short courses, seminars, etc.), which can be recommended by the Academic Committee of the program.


    Further information:


    • Research Lines

      1. Accounting: 

      • Financial Accounting/Reporting
      • Management Accounting

      2. Finance:

      • Asset Pricing
      • Banking
      • Corporate Finance
      • Corporate Governance

      3. Management:

      • Corporate Social Responsibility
      • Human Resources / Personnel Economics
      • Innovvation
      • Operations
      • Organizational Behavior

      4. Marketing:

      • Consumer Behavior
      • Quantitative Marketing
      • Services Marketing
      • Strategic Marketing
    • Scientific results

      Our PhD students publish the chapters of their thesis in the form of research articles in internationally reputed journals. This is a sample of the latest publications coming from the PhD thesis of our former PhD students:




      • Hasman, A., Lopez, A.L., Samartín, M., 2011. Government, Taxes and Banking Crises. Journal of Banking and Finance, 35, 2761-2770.
      • Menozzi, A., Gutiérrez-Urtiaga, M., Vannoni, D. 2012. Board composition, political connections, and performance in state-owned enterprises, Industrial and Corporate Change, Vol. 21 (3), 671-698
      • Groba J., Lafuente J.A., Serrano P. 2013. The impact of distressed economies on the EU sovereign market, Journal of Banking and Finance, Vol. 37 (7), 2520-2532
      • Rodriguez-Moreno M., Pena J.I., 2013. Systemic risk measures: The simpler the better? Journal of Banking and Finance, Vol. 37 (6)
      • Malagón, J., Moreno, D., Rodríguez, R. 2015. Time horizon trading and the idiosyncratic risk puzzle. Quantitative Finance, Vol. 15 (2)
      • Blanco, B., Garcia Lara, J.M, Tribo, J.A., 2015. Segment Disclosure and Cost of Capital, Journal of Business Finance & Accounting, Vol. 42 (3-4)
      • Di Meo, F., 2015. Overinvestment, Subsequent Earnings Management, and CEO Tenure. Spanish Journal of Finance and Accounting, Forthcoming



      • Berrone, P., Cruz, C.; Gomez-Mejia, L.; Larraza-Kintana, M., 2010. Ownership Structure and Corporate Response to Institutional Pressures: Do Family Controlled Firms Pollute Less? Administrative Science Quarterly, 55: 82-113.
      • Berrone, P., Fosfuri, A., Gelabert, L., Gómez-Mejía, L.R., 2013 Necessity as the mother of ‘green’ inventions: Institutional pressures and environmental innovations, Strategic Management Journal. Vol. 34(8): 891-909.
      • Avagyan V., Esteban-Bravo M., Vidal-Sanz J.M., 2014. Licensing radical product innovations to speed up the diffusion, European Journal of Operational Research, Vol. 239 (2), 542-555.
      • Esteban-Bravo M., Vidal-Sanz J.M., Yildirim G., 2014. Valuing customer portfolios with endogenous mass and direct marketing interventions using a stochastic dynamic programming decomposition, Marketing Science, Vol. 33 (5), 621-640.
      • Aksoy-Yurdagul, D. 2015. The Impact of Open Source Software Commercialization on Firm Value, Industry and Innovation, Vol. 22 (1)
      • Avgoustaki, A., 2015. Work Uncertainty and Extensive Work Effort: The Mediating Role of Human Resource Practices, Industrial and Labor Relations Review, forthcoming
      • Slavova, K., Fosfuri, A., De Castro, J. O. 2015. Learning by hiring: the effects of scientists' inbound mobility on research performance in academia. Organization Science, forthcoming.
    • Scientific publications

      Our faculty is very active in research-oriented activities. You can find a selection of the latest outstanding publications of our professors in this link.


    Thesis defense


    The doctoral thesis consists of an original research work developed by the doctoral student in the field of knowledge established by the program, which enables the student for autonomous work in the field of R+D+i.

    Universidad Carlos III de Madrid and its Doctoral School establish follow-up procedures to guarantee the quality of the student's training and supervision. They also facilitate the procedures for the proper evaluation and defense of the doctoral thesis.


    Further information:


    Requirements for thesis defense in Business and Finance

    Approval for the thesis defense by the Program is conditional on the Internal Thesis Evaluation. This evaluation is done by a committee formed by three members appointed by the Academic Committee of the Program. This committee includes a reputable external researcher — not affiliated with the Department of Business Economics of Carlos III University — and cannot include any of the members of the student’s Follow-up Committee. The committee must issue a favorable (PASS) report to initiate the steps towards thesis defense (plagiarism control, thesis deposit, and thesis defense).

    The thesis will consist of an original research work elaborated by the candidate containing at least two articles suitable for publication in JCR-indexed journals.

    Committees will be organized by fields of scientific knowledge.


    • Overview
      Información Práctica de los Estudios de Doctorado


      Our Ph.D. programs focus on the acquisition of skills and abilities required to undertake high-quality research work within the strategic framework and lines of research of the university. Students will be expected to work independently under supervision and guidance of top experts in their fields in order to produce novel, groundbreaking research work in the form of a dissertation.

      The Ph.D. thesis constitutes the expected outcome of the doctoral training, stating the specifics of the research work and results. The thesis must meet the high-quality standards required by the Ph.D. program and be subject to public defense and assessment by an independent thesis committee.

      A favorable assessment of the thesis enables Ph.D. students to request their official Ph.D. degree certificate, issued by the Spanish Ministerio de Educación, Cultura y Deporte. 



      Calendar of the Academic Year: October 1 - September 30

        Period Dates


      According to start date of each semester

      Applications for admission for the first semester of the 22/23 academic year with start date on the 15th of November, 2022, can be submitted from February 1st through August 31st, 2021 (Spanish peninsular time, CET)

      Applications for admission for the second semester of the 21/22 academic year with start date on the 30th of March, 2022, can be submitted until the 31st of January, 2022 (Spanish peninsular time, CET)


      New students can choose when to start their Ph.D. training: 

      • First semester's start date: November 15
      • Second semester's start date: March 30

      Continuing students (second and subsequent years) must obligatorily enroll at the first semester of each academic year.

      Enrollment period for new students:

      • Students starting first semester: September 1st through 30th (23:59 h., Peninsular Spanish time)
      • Students starting second semester: March 1st through 31st (23:59 h., Peninsular Spanish time)

      Enrollment period for continuing students:

      • September 1st through 30th (23:59 h. Peninsular Spanish time)
      Monitoring and annual assessment

      The Academic Committee of each Ph.D. program will assess the progress of Ph.D. students on their research projects on an annual basis.

      Further information on  Ph.D. monitoring and annual assessment

      June: All Ph.D. students 

      December: Only Ph.D. students whose June evaluation was unfavorable

      Thesis defense

      Students can defend their Ph.D. theses at any time of the academic year (except for August).

      Official enrollment at the time of thesis defense is required. 

      Calendar of thesis defense approval


    • Procedures
    • FAQ

      Ph.D. Studies

      Parque de las Moreras

      What is a Ph.D.?

      A Ph.D. is a period of training in skills and abilities required to undertake independent, high-quality research work in the realm of R&D under the supervision of top experts in their respective fields.


      What are the terms of access to a Ph.D. program?

      As a general rule, candidates are required to hold a Bachelor’s and a Master’s degree. Credits for both must amount to at least 300 ECTS credits.

      Additionally, specific requirements and candidate profiles are described in each program’s terms of access. Before applying for admission, it is strongly recommended to take the  Ph.D. Programs into consideration, as well as its lines of research, profiles of the scholars involved and final results (theses and scientific publications) as proof of the program’s quality and specialization.

      What is the duration of a Ph.D.?

      The regular duration of a full-time Ph.D. program is 3 years. This period can be extended up to 5 years.

      The regular duration of a part-time Ph.D. program is 5 years. This period can be extended up to 8 years. 

      You may apply, for justified reasons, for either an extension or a leave of absence from your Ph.D. training period to the Academic Committee of your program. Your request must be endorsed by your tutor/advisor. Further information:  Duration of Ph.D. studies


      Can I do my Ph.D. entirely online?

      No. All Ph.D. Programs require some face-to-face activity throughout the training period. The duration of face-to-face activity is established by each Program.


      How can I apply for a part-time enrollment status?

      You can state your part-time enrollment status upon admission or, once you have initiated your training period, by submitting a request for justified reasons to the Academic Committee of your program. Your request must be endorsed by your tutor/advisor. Further information:  Enrollment status for Ph.D. studies


      Must I take any other training in addition to my research work?

      Yes. There are three different types of additional training to be taken during your Ph.D.:

      • Complementary training. Applicable only to students whose terms of admission state this training as required.
      • Specific training. Activities within the framework of your Ph.D. program.
      • Research Skills training. Courses or activities focused on abilities common to all disciplines (communication, academic writing, stress management, etc.).

      Further information on Doctoral Training: Monitoring and Development of these FAQ.

      What is the outcome of a Ph.D.?

      The Ph.D. thesis is the intended outcome of the doctoral training period. The thesis must give account of the student’s scientific work and meet the quality standards established by the Academic Committee of the program. Theses are defended in a public dissertation event, where they are subjected to assessment by an independent committee.

      A favorable assessment enables students to apply for their official Ph.D. degree certificate issued by the Spanish Ministerio de Educación, Cultura y Deporte. An additional Doctorado Internacional distinction is awarded to students who met a number of specific requirements during their training period.

      What is an Interuniversity Ph.D.?

      Interuniversity PhDs are joint degree programs by Universidad Carlos III de Madrid in collaboration with other Spanish or international institutions. The outcome of these programs does not translate into multiple degrees but just one equivalent to the training undertaken by the student.




      How can I apply for admission to a Ph.D. program?

      Your application for admission must be submitted online. Signing in is previously required in order to get your login and password. Further information on how to carry out this process:  Apply for admission


      I have not completed my Master’s degree yet. May I apply for admission now?

      Yes. However, in the event of a favorable resolution of admission, it will be conditioned to your Master’s degree completion.


      When can I apply for admission?

      You can apply for admission any time of the year. Deadline for admission applications for the current academic year is March 1. All applications submitted thereafter will be considered for next academic year. 


      What documents do I need to submit?

      Scan in advance the documentation requirements to be attached to your application. The documents listed below are mandatory in all cases:

      • National Identity Document: DNI, NIE, or passport
      • Previous degree certificate or diploma (Master’s degree or equivalent), or proof of payment of issuance fees. Not required for former uc3m students
      • Academic transcript of previous degree (Master’s degree or equivalent), including grades. Not required for former uc3m students
      • Curriculum Vitae
      • Authorization of disclosure of educational and employment information
      • Ph.D. research proposal
      • Endorsement for thesis project

      Some programs may require additional documents, such as reference letters by notable researchers, foreign language skills certificate, etc.

      Please note: If your previous degree was earned at an international institution, you must also submit a certificate issued by said institution stating that your degree meets the requirements for access to Ph.D. level studies.

      Additionally, if your former institution is located outside the European Higher Education Area (EHEA)  you are required to submit your degree certificate or diploma legalized via diplomatic channels (or, when applicable, by the Apostille of The Hague Convention), attaching an official  Spanish or English translation if necessary.


      Can I choose when to start my doctoral training?

      Yes. As a new student, you must state in your application for admission whether you want to start your training in the first semester (November 15) or second semester (March 30).


      I want to apply for a scholarship or financial aid program. Must I do it before or after applying for admission to a Ph.D.?

      It is strongly recommended to apply first for your Ph.D. program of choice at uc3m, as most of the granting institutions require proof of admission (or application for admission) to a Ph.D.

      Further information on Scholarships and Financial Aid Programs of these FAQ.


      I submitted my application. When will I know if I am admitted?

      The review process of your application consists of two stages:

      • Administrative validation. Your application will be reviewed at the Doctoral School Office on campus to ensure that it meets the admission requirements. You will be contacted if necessary.
      • Academic evaluation. If your application has succesfully passed the previous stage, it will be forwarded to the Academic Committee of the Ph.D. program for review. You will be notified of the Committee's decision by certified mail sent to the postal address provided in your application.

      This process may take up to one-two months. You will be notified of the Committee’s resolution by e-mail.


      I have been admitted. When must I submit my enrollment form?

      In you are admitted to a Ph.D. program, you have to submit your online application for enrollment in the periods set by the university to that effect, according to the instructions indicated in your letter of admission, our website or the Enrollment section of this FAQ, including the payment of tuition fees. If you do not submit your enrollment for the academic year for which you were admitted, your admission will be cancelled.

      Doctoral training scholarships. Exemptions

      Campus Getafe

      What types of financial aid programs can I apply for?

      There is a wide variety of financial aid programs for doctoral training that cover partial or total tuition fees and, in some cases, allow uc3m to formally hire the Ph.D. student as a training researcher.

      Who are the awarding bodies?

      Here is a list of the most common scholarship and financial aid programs:

         - Formación de Investigadores del Ministerio de Innovación / Researchers Training by Ministerio de Innovación (formerly known as FPI scholarships)
         - Formación de Profesorado Universitario del Ministerio de Educación / University Faculty Training by Ministerio de Educación (formerly known as FPU scholarships)
         - Researchers Training by Universidad Carlos III de Madrid, awarded by the institution departments
         - Ph.D. Scholarships by La Caixa
         - Ph.D. Scholarships by Comunidades Autónomas (Autonomous Regions of Spain)
         - Scholarships by Fundación Carolina (for Latin American students)

      Further information:  Doctoral Training Scholarships

      When and how can I apply for these?

      Each granting body has its own application and awarding periods. It is strongly recommended to apply first for your Ph.D. program of choice at uc3m in all cases, as most of these institutions require proof of admission (or application for admission) to a Ph.D.


      Do I have to be admitted to a Ph.D. in order to apply for admission?

      It is not required in most cases, but, as pointed out previously, you must have at least submitted your application for admission in order to be eligible (check the awarding institution’s specific terms). Only if you are eventually granted the scholarship or financial aid will it be required to be admitted and enrolled on the program in order to accept the aid and be hired as a training researcher at uc3m.


      I received a scholarship or financial aid. Do I have to notify uc3m?

      Yes. As a recipient of any financial aids, it is recommended to notify the university for these to be applied upon enrollment. If your scholarship status is not registered in your self-enrollment application, please contact the Doctoral School Office, either in person or by e-mail at


      Where will I undertake my Ph.D. research work?

      Your research and teaching activities (when applicable) will be carried out at the department or Institute stated in your contract within the framework of your Ph.D. program under the supervision of the tutor and advisor(s) appointed by the Academic Committee.

      Who is in charge of managing my scholarship or financial aid program?

      Granting institutions usually delegate on uc3m the management of these aids according to the terms originally established by those and our own rules and regulations.


      Who is to evaluate the progress and outcomes of my research work?

      All our Ph.D. students must submit the progress of their research work for evaluation by the Academic Committee of their Ph.D. program. Recipients of any financial aid program must also provide this information to the granting body.


      Are there any other tuition fees exemptions?

      Yes. As a new student, if you are eligible for any of the following exemptions or discounts recognized by the Spanish administration, you must submit certified copies of the pertinent documents to the Postgraduate Office on campus before enrollment proceedings so that these exemptions apply upon enrollment.

      • Large Family status: Certified copy of the Large Family status card (general or special)
      • Disability: Certified copy of Disability Identification card (minimum 33% disability)
      • Other: Certified copy of proof of exemption for victims of terrorist attacks (including their spouses and children) or children of civil and military servants who perished in the line of duty.

      These documents must be valid for the academic year for which the exemption is requested.


      How to enroll

      Our Ph.D. Management service allows you to submit your enrollment data online. To access the application, just enter your ID or passport number and the four-digit password generated by our system upon initial registration. Forgot your code? You will need to print out your proof of enrollment and tuition fees invoice, when applicable.


      When to enroll               

      New students can choose the start date of the Ph.D. studies. Enrollment period varies accordingly:

      Students starting first semester:

      • Enrollment period: September 1st through 30th (23:59 h., Peninsular Spanish time)
      • Start date of Ph.D. training: November 15 

      Students starting second semester*:

      • Enrollment period: March 1st through 31st (23:59 h., Peninsular Spanish time)
      • Start date of Ph.D. training: March 30

      *In these cases, students benefit from a reduced tuition fee, applicable only for first-year enrollment.

      Your start date will determine the length of your Ph.D. training period.

      As a continuing student, the enrollment period is September 1st through 30th (23:59 h., Peninsular Spanish time) of each academic year.


      What modules should I register on my application?

      You must select the following modules of your enrollment application:

      • Ph.D. Monitoring for your doctoral training year. 

      Required in all cases. It will be registered by default in your application. 

      • Complementary credits.

      Only applicable if the Academic Committee of your program established these credits as obligatory in its admission resolution, in which case you have been properly notified in your admission letter. These credits will be registered by default in your application.

      Other activities of your doctoral training may not require enrollment. If so, our Postgraduate Offices are in charge of the registration process:

      • Specific training: Activities included in the syllabus of your Ph.D. program. 
      • Research Skills training: Required for students of all Ph.D. programs (6 credits minimum for the entire doctoral training period).  

      Please note: Upon completion of your Ph.D. training, it is required to be enrolled in both the Ph.D. monitoring of the academic year of your thesis defense and the Ph.D. thesis Defense and Assessment module in order to defend your thesis.


      What are the costs of tuition fees?

      These are the tuition fees for all your Ph.D. training:


      1. Academic fees
      • Academic monitoring of Ph.D. training year.  

      Ordinary fee (full-time, starting first semester): 390 €.

      Reduced fee* (full-time, starting second semester): 234 €.

      Reduced fee (part-time, starting first or second semester): 234 €.

                  *Full fees will apply in subsequent years.


      • Complementary training (only for students whose admission resolution establishes these credits as required for admission). 49,84 € or 69,93 € per credit, according to the field of research.
      • Specific training (only for activities or courses requiring enrollment). 49,84 € or 69,93 € per credit, according to the field of research.
      • Research Skills Training courses. 49,84 € per credit. For research skills credits earned at other institutions, enrollment at uc3m is required. A 25% fee will apply in these cases (12,46 € per credit).


      • Thesis defense. 143,15 €
      • Ph.D. Degree Certificate issuance. 229,86 €


      1. Administrative fees
      • Registrar’s Office expenses. 6,11 €
      • Academic record proceedings (first-year students only). 27,54 €
      • Student card issuance (TUI) (first-year students only). 6,11 €


      1. School insurance. 1, 12 €. Applicable to Spanish or international students (legal residents) under 28 years of age.


      Students who fail to fulfill the payment of these fees will be dismissed from the Ph.D. program.

      Further information:  Tuition fees


      How do I validate my first-year enrollment?

      Upon completion and payment of your enrollment, the Doctoral School will get in touch with you and set an appointment to provide the original documents to have your enrollment validated in compliance with the access requirements to Ph.D.



      According to your previous studies, the documents to be submitted are listed below: 

      1. If you have taken an official Master's degree at UC3M, you are not required to submit any documents. The Doctoral School will check your records accordingly.

      2. If your access degree for Ph.D. has been issued at a Spanish University or member states of the European Higher Education Area (EHEA), the required documents are: 

      • Access degree certificate for Ph.D. (Master's degree or equivalent) or payment receipt of issuance fees.
      • Grades certificate of access degree to Ph.D. (Master's degree or equivalent).

      3. If your access degree for Ph.D. has been awarded by a University in a country outside of the European Higher Education Area (EHEA), the required documents are:

      • Access degree certificate for Ph.D. (Master's degree or equivalent) or payment receipt of issuance fees.
      • Grades certificate of access degree to Ph.D. (Master's degree or equivalent).

      These documents must have been previously legalized through diplomatic channels (the Apostille of The Hague Convention, when applicable). Please bear in mind that this procedure must be carried out from the country of origin. Therefore, it is strongly recommended to do it well in advance. 

      Find which legalization procedure applies to your country:  Legalization of Foreign Degrees


      Original hard copies of the documents must be provided along with their photocopies. The Doctoral School will check both originals and their copies and have them certified. If the degree certificates and documents have an electronic signature or digital certification (with safe verification codes), these will be submitted by e-mail at

      All documents must be submitted in Spanish, English, French, Italian or Portuguese (certificates and degrees provided in other languages must have attached an official Spanish translation).  

      The submission period will be notified by e-mail.


      What are my rights and obligations as a uc3m student?

      Please refer to the following documentation issued by the regional authorities and uc3m. All of them apply to Ph.D. candidates at Uc3m.

      • Students Statute of the Region of Madrid (Estatuto del estudiante de la Comunidad de Madrid)
      • uc3m students Rights and Obligations (Carta de los derechos y deberes del estudiante en la uc3m)
      • Rules and Regulations of the Doctoral School at uc3m (Reglamento de la Escuela de Doctorado de la uc3m)
      • Good Practices of the Doctoral School at uc3m (Código de buenas prácticas de la Escuela de Doctorado de la uc3m)

      Additionally, you have access to the university's support services to students and researchers.

      Further information:  Rules and Regulations

      Ph.D. Studies: Monitoring and Development

      Biblioteca María Moliner

      How are my Ph.D. supervisors appointed?

      Ph.D. tutors and advisors are advanced members of the uc3m faculty or other research institutions who serve as mentors of your research work and keep track of your progress. They also facilitate your communication with the Academic Committee of the program.

      Tutors are appointed by the Committee upon your admission. Tutors must hold a Ph.D. degree and have ties with the program, as well as a proven track record in research of at least six years (or proof of equivalent qualifications).

      The Committee will also appoint an advisor within three months from initial enrollment on the program. Thesis advisors must hold a Ph.D. degree and have a proven track record in research of at least six years (or equivalent qualifications), as well as specific research experience in the field of your thesis. Advisors' may be based at any university, center or institute in Spain or abroad. A professor may be appointed as both tutor and advisor of a Ph.D. student.

      The Academic Committee may change these designations throughout your doctoral training period for justified reasons.


      Must I take any other training in addition to my research work?

      Yes. There are three different types of additional training to be taken during your Ph.D.:

      • Complementary training. Maximum: 40 ECTS credits. Applicable only to students whose terms of admission state this training as required. The Academic Committee will determine the credit-based courses or subjects in the admission resolution. As a general rule, this training must be taken during the first year.
      • Specific training. Students are also expected to participate in a number of activities relevant to their field of research: seminars, meetings, conferences, courses, etc. These activities may require prior enrollment at uc3m. Your tutor or advisor will confirm the contents of your specific training program.
      • Research Skills training. Minimum: 6 ECTS credits. All Ph.D. programs at uc3m require some training in research skills (or formación transversal) focused on abilities common to all disciplines (communication, academic writing, stress management, etc.). These credits can be earned at either uc3m or other institutions and require formal enrollment at uc3m in all cases, as well as the approval of your tutor or advisor.


      How is the progress of my research evaluated?

      The Academic Committee of your program will evaluate the progress of your research project and activity report on an annual basis in the month of June. Grounds for evaluation are to be registered in the following documents:

      • Research Plan. Not to be mistaken for the research proposal submitted when applying for admission. As a new Ph.D. student, you must elaborate an initial Research Plan within the first year of your doctoral training period. This plan will serve as a tracking tool of your project, listing the objectives and methodology of your research as well as a comprehensible timeline stating the periods estimated for the achievement of each goal. It must have attached your tutor or advisor's evaluation report in order to be submitted for assessment to the Academic Committee of your program.

      An annual update of this Plan must be submitted in subsequent years, with the corresponding tutor or advisor’s evaluation report, so that all parties involved in your doctoral training can track and assess your progress.

      • Activity Report. In addition to your Research Plan (initial or updated), it is also required to register any activity relevant to your Ph.D. research: courses, seminars, meetings, conventions, publications, international fellowship programs, etc. Be sure to have attached all certificates and/or work papers as proof of completion.

      In the event of an unfavorable assessment by the Academic Committee, you will be subjected to evaluation again in December.



      Can I join an international research visit program?

      Yes. Undertaking a period of research abroad is a requirement for Doctorado Internacional distinction eligibility. Among other requirements, your visit must have a minimum duration of three months; also, the report of activities and outcomes of your research at the host institution must be written in one of the languages used for scientific dissemination in your field of research (different from any of Spain’s official languages). Prior approval by your tutor/advisor and the Academic Committee of your program is required. The Committee will evaluate your visiting research reports and, if approved, submit your candidacy for the Doctorado Internacional distinction to the Doctoral School Board.

      Thesis defense

      Biblioteca Carmen Martin Gaite

      What is a Ph.D. thesis?

      The Ph.D. thesis is the intended outcome of the doctoral training period. The thesis must give account of the student’s scientific work and meet the quality standards established by the Academic Committee of the program. Theses are defended in a public dissertation event, where they are subjected to assessment by an expert committee.

      As a general rule, Ph.D. candidates must have been enrolled on their program for a minimum period of 24 months before initiating thesis defense proceedings.


      I have approval to proceed to the thesis defense. What are the stages of this process?

      Once you get approval for your thesis defense by your tutor, advisor and Academic Committee, a minimum span of 8 weeks (excluding holiday periods) is usually required to go through these stages:

      1. Plagiarism management procedure
      2. Thesis deposit. Three weeks.
      3. Approval of thesis defense and appointment of Thesis Committee by the Dean of Doctoral School. One week.
      4. Defense session logistics. Three weeks.
      5. Thesis defense


      What is the plagiarism management procedure?

      Once the Academic Committee of your Ph.D. program determines that your research period is done and your thesis is ready for deposit, a pdf file of the thesis will be submitted to the Doctoral School to proceed to the plagiarism management, in compliance with the Code of Good Practice of the Doctoral School.

      The results of this study will be at the disposal of the members of the thesis committee, should they be requested.

      Further information:  Plagiarism management


      What is the thesis deposit?

      The deposit of your thesis enables doctors and scholars of your field to review your work before the defense. The deposit period is 15 days (excluding August), after which all comments and observations by the experts will be reported to the Academic Committee and yourself. 

      Further information:  Thesis deposit


      Who is in charge of approving the defense? Who can be a member of the Thesis Committee?

      Once the deposit period is ended, the Academic Committee of the program, upon favorable assessment by the tutor/advisor, will submit their proposal for defense and appointment of Thesis Committee members to the Dean of Doctoral School.

      This Committee consists of three experts in the field of research of the Ph.D. candidate, two of which must be based outside uc3m.

      Further information:  Defense session. Appointment of Committee members


      How are defense logistics managed?

      Once all authorizations are signed, the Thesis Committee’s Secretary will appoint a date for the defense. The Doctoral School Office on campus will be in charge of the logistics of the event (room reservations, technical equipment, etc.) and the travel procedures of the committee members, when applicable.

      Additionally, the Postgraduate Office will submit a digital copy of the thesis to each member of the Thesis Committee at least 15 days prior to the defense session. This file will contain any allegation or comment submitted by the experts during the deposit period.

      Further information:  Defense session. Appointment of Committee members


      Do I have to pay any fees before the defense?

      Yes. The payment of thesis defense fees must be fulfilled before proceeding to defense. Additionally, payment of enrollment fees for the academic year in which the defense takes place must be up to date.


      How is my thesis assessed?

      All Committee members must receive a copy of the thesis 15 days prior to the defense event.

      Once the Ph.D. candidate completes his/her dissertation, the Committee can provide feedback or pose questions. Their global assessment will be given in terms of Fail (No Apto), Pass (Aprobado), Good (Notable) or Excellent (Sobresaliente).

      Theses with an Excellent (Sobresaliente) grade are eligible for the cum laude distinction. The committee members will subsequently cast their votes via separate secret ballot in closed session. Only if all votes are favorable will the committee submit their proposal for the thesis to be awarded the cum laude distinction to the university Chancellor. In this case, each member of the committee will finally cast their vote, anonymously and in a sealed envelope, for the thesis to be considered for the Outstanding Thesis Award by Universidad Carlos III de Madrid.


      How can I apply for my Ph.D. certificate?

      Your application for the official Ph.D. degree certificate, issued by the Ministry of Education of Spain, and the payment of the corresponding fees is managed by the Doctoral School Offices.

      Issuance of your certificate may take 6 to 12 months. Until then you may apply for a temporary certificate as proof of completion of your Ph.D. studies as of the date of your thesis defense.


      Where is my Ph.D. thesis published?

      Your thesis will be published in e-archivo, the open online repository of Universidad Carlos III de Madrid, and Teseo the Ph.D. database managed by the Ministry of Education. In the event of partial or temporary restrictions pertaining to the publication of your thesis, you must report them to the university.

      Glossary of terms

      Ph.D. Program. Array of training and activities oriented to the acquisition of abilities required to undertake autonomous research work in the realm of R&D. Each Ph.D. program establishes their own procedures and lines of research for the development of theses within the framework of their respective fields.

      Academic Committee. The coordinator/director of the program and two other Ph.D. members constitute a program's Academic Committee, the body in charge of the various training areas and research progress of the program, as well as the authorization of thesis defense of their Ph.D. candidates.

      Doctoral School. Academic body in charge of the management and coordination of all Ph.D. programs.

      Ph.D. Thesis. Original piece of research carried out by Ph.D. candidates in their field of knowledge. Presented as a written dissertation according to the quality, content and format guidelines set by the Ph.D. program for its public defense.

      Tutor. Supervisor in charge of tracking the training progress of the Ph.D. candidate and serving as a communication link between the researcher and the Academic Committee. Tutors must be attached to uc3m faculty with a proven research track record. Tutors are appointed upon approval of admission by the Academic Committee.

      Thesis advisor. Supervisor in charge of tracking the training progress of the Ph.D. candidate. Advisors are experts in the field of the Ph.D. candidate's research, not necessarily attached to uc3m faculty (if they are, they can also be appointed as tutors). Advisors are appointed within the first three months of the student's Ph.D. training period. A student may have more than one advisor.

      Specific training. Specific activities pertaining to the field of research of each Ph.D., designed to provide students with the knowleddge and opportunity for debate required for the development of their research work: seminars, meetings, conferences/dissertations, international research visits, etc.

      Research Skills training. Training activities oriented to the acquisition of skills common to all disciplines. All students are required to earn at least 6 credits (60 hours) throughout their doctoral training period. Enrollment on these courses is performed separately from their regular doctoral training.

      Complementary training. Maximum 40 ECTS credits. Training that the Academic Committee may deem necessary in their admission resoluction in order to complement the Ph.D. candidate's previous academic background. Enrollment on these credits will be required in addition to the student's regular doctoral training. These credits are usually earned during the first Ph.D. year. 

      Research plan. Document to be drafted within the first six months of Ph.D. training detailing the student’s research project to be subjected to annual evaluation every month of June. It must be approved by the tutor, the thesis advisor and the Academic Committee. This plan must be updated and submitted for review and evaluation purposes on a yearly basis.

      Ph.D. Activity report. A registration account of all training activities pertaining to the Ph.D. student's research. The tutor and thesis advisor must endorse these activities for them to be submitted to the Academic Committee for annual evaluation in June. 

      Student record. Academic details of every Ph.D. student as registered in uc3m databases, including activities and credits completed. This information is to be attached to the thesis in the final stages of defense approval.

      Academic transcript. Official document signed by the Head of Doctoral Studies certifying a student's academic record.

      Monitoring and assessment. Annual process by which the research progress and activities of a Ph.D. candidate are subjected to evaluation by the Academic Committee.

      Written Agreement. Document signed by all parties involved in a thesis research project (Ph.D. student, tutor, advisor/s, and Academic Committee) stating their roles and specific conditions pertaining to confidentiality agreements, copyright or use and distribution of research outcomes, where applicable, as well as conflict resolution procedures.

      Thesis public review. Procedure required to allow the academic community to review the student's thesis and issue comments and observations prior to the defense. The thesis is usually deposited at the university's intranet.

      Thesis defense. Academic event open to the public in which Ph.D. candidates defend their research work before a committee of experts in their field. The defense is followed by a question and answer session led by the defense committee in order for it to give their assessment.

      Defense committee. Committee consisting of three experts with proven track records of research in the field of the thesis, most of which must be based outside uc3m. The committee gives their assessment of the thesis and awards the cum laude distinction and the Outstanding Thesis Award candidacy, where applicable.

    • Itinerary
      Itinerario Estudiante de Doctorado
    • Regulations
    • Quality


      Implementation Year: 2016-2017


      The Academic Committee of the Ph.D. complies with the SGIC-UC3M. It is responsible for the quality analysis of the program and produces the Degree Reports ("Memoria Académica de Titulación").


      • Ph.D. degree's indicators


    Bienvenida Universidad Carlos III de Madrid

    Doctoral School Office | Getafe Campus

    Carmen Martín Gaite Building, Office 18.0.A15
    C/ Madrid, 135
    28903 Getafe (Madrid)


    • Presentation

      Ph.D. in Business and Quantitative Methods

      Conforming to Spanish Real Decreto 99/2011, from the academic course 2012-2013



      Prof. José María Marín Vigueras

      Catedrático de Universidad


      About the program:

      The mission of the program is to train researchers in the areas of Management, Finance, Accounting, Marketing and Statistics-Econometrics and enable them to develop their careers in prestigious universities and business schools. Familiarizing students with a thorough and updated understanding of companies. Training them in quantitative methods allows them to conduct high quality empirical research.


    • Academic Committee

      Prof. José Marín Vigueras
      Department of Business Administration. Director of the Program

      Prof. Neus Palomares Vilches
      Department of Business Administration

      Profª. Anna Todrà Simats 
      Department of Business Administration

    • Research

      A continuación se presentan las líneas de investigación del Programa de Doctorado en Economía de la Empresa y Métodos Cuantitativos:


      1.- Management and Marketing

      • International marketing research, modelling and firm competitiveness
      • Innovation, organizational behavior, and strategic management

      2.- Finance and accountability

      • Empirical accounting research and corporate governance
      • Financial Economics

      3.- Statistics

      • Statistical models and data analysis
      • Financial and macroeconomic prediction and analysis
      • Non-parametric methods and intensive computation in statistics
    • Thesis Defense

      Completed Ph.D. theses



      Ph.D. thesis defense and evaluation

      A Ph.D. thesis is a piece of original research in the field of the Program and is meant to prepare the candidate to do independent work in R&D.

      The Doctoral School implements follow up procedures for quality assurance in training, supervision and thesis evaluation



      *If you started your Ph.D. before February 11, 2011, the final deadline for presentation and defense of a Ph.D. thesis is February 11, 2016 (see Real Decreto 99/2011)


      Requirements for the defense of the Ph.D. thesis in Business Economics and Quantitative Methods


      Approval for the defense of the thesis by the Program is conditional upon the thesis seminar. The seminar will be evaluated by a panel of three members of the relevant department that will be appointed by the Director of the corresponding department, after consulting with the Program Academic Committee and the thesis supervisor. The panel issues a binding report and approval is necessary for the thesis defense. To allow the student to incorporate the recommendations made in the report, a minimum period of 1 month must be allowed between the Thesis Seminar and the Thesis deposit prior to its defense.


      The thesis consists of original research paper elaborated by the candidate that can lead to at least two articles in journals indexed in the JCR.

      The committees that assess submitted thesis are organized by areas of scientific knowledge.