Financial Education for Securities, Banking, & Insurance Professionals.


PhD In Financial and Retirement Planning

Program Mission Statement

The mission of the PhD in Financial and Retirement Planning is to equip students with advanced knowledge and skills needed to examine the theoretical foundations of financial services in order to expand existing knowledge, inform practice, and support ethical applications.

Program Distinctions

As the college of choice among financial services professionals, The American College is well-positioned to offer the PhD in Financial and Retirement Planning. The only doctoral program that awards a degree with an emphasis on retirement planning, the PhD in Financial and Retirement Planning provides a comprehensive curriculum that is both relevant and timely.

Leveraging its unique position as an industry insider, The American College bridges the gap between the worlds of academia and practice through its "Centers of Excellence". Major stakeholders in financial services such as New York Life, State Farm, and Penn Mutual have a vital connection to the College via the Centers. This important synergy helps ensure that the basic and applied research of the College is informed by real industry challenges.

Student Learning Objectives

After completing the doctoral program, graduates should be able to:

  1. Use theory to interpret and evaluate major trends, issues and opportunities in financial and retirement planning while considering the implications for investments; taxation; and insurance
  2. Create and expand knowledge within the financial services industry through rigorous research and scholarship
  3. Apply quantitative and statistical reasoning and analysis to explain and predict relationships among economic phenomena and other variables related to financial planning
  4. Identify and address ethical issues in the financial and retirement planning industry
  5. Practice the norms of scholarly inquiry and peer-review

To help ensure the achievement of stated learning objectives, student progress toward developing critical knowledge, skill, and attitudinal indicators will be assessed at key milestones throughout the doctoral program.

Student Profile

The doctoral program is designed for financial services professionals: e. g., financial advisors, estate lawyers, financial analysts, stock brokers, accountants, investment bankers, and insurance underwriters. Individuals who have successfully completed graduate coursework in the following areas also comprise the program's target population: personal financial planning, finance, economics, accounting, consumer science, law, or business administration.

Post-Doctoral Employment Options

Graduates of the doctoral program may pursue a variety of career options in financial planning:

  • researcher
  • consultant
  • college faculty
  • industry scholar
  • administrator in higher education
Overview
Admission
Financial Support
Program of Study
  • Program Overview

    The PhD in Financial and Retirement Planning is a part-time program that is delivered primarily online and enhanced with residencies that require travel to Bryn Mawr, Pennsylvania. The curriculum comprises fourteen doctoral-level courses in the major areas of financial planning, research methods, and quantitative measurement. There is also a financial planning core requirement that can range from 18 to 36 credits depending on prior coursework at the graduate level. In general, 72 credits are required to earn the Ph.D. in Financial and Retirement Planning including the dissertation requirement. However, actual credit requirements are determined on a case by case basis.

    Students take the sequence of courses in small cohorts. The courses are delivered via live/synchronous webinars, asynchronous learning activities such as discussion forums, and on-campus instruction during residencies. The American College uses Blackboard as its course management system and Adobe Connect for web-conferencing.

    There are three 1-week residencies in the doctoral program that are scheduled near the beginning, middle, and end of the Program of Study. In addition, the comprehensive exam and defense of the final dissertation also take place on the Bryn Mawr campus.

    Course materials typically consist of the syllabus, textbooks, and required articles that can be accessed through links on Blackboard. Textbooks will be shipped approximately six weeks prior to the start of a course. Students are responsible to print hard copies of course documents as needed.

    After successfully completing all required courses, student readiness for the dissertation phase is evaluated through a comprehensive exam that is administered several weeks after course completion.

    Once students pass the comprehensive exam, students will begin the dissertation process upon approval of the research proposal. The remainder to the doctoral program encompasses the execution, presentation, and defense of faculty-approved independent research.

  • Application Requirements

    To be considered for admission to the doctoral program, applicants are required to have the following documents in the application packet.

    • Completed application form
    • Current résumé or Curriculum Vitae (CV)
    • Official academic transcripts of graduate study
    • Official scores from GMAT or GRE
    • Essay
    • Three professional reference letters on company letterhead
    • Compliance with statement to disclose all criminal and professional violations
    • Application fee of $375 (non-refundable)

    *Note Faculty Admissions Committee will only review completed application packets.

    Application Download

    PhD Program Application Download »

  • Financial Support

    The Sidney M. Miller New York Life PhD Scholarship

    Purpose of Scholarship


    This New York Life PhD Scholarship is to honor Sidney M. Miller by providing financial support to worthy New York Life employees enrolled in The American College’s PhD in Financial and Retirement Planning Program. The vision for scholarship recipients is that they will use the PhD degree for the common/social good by elevating the profession through academic excellence in teaching, research, and overall thought leadership via writing and public speaking.


    Who Can Apply

    The scholarship is open to all field and home office individuals from New York Life who have been accepted into the American College’s PhD program in Financial and Retirement Planning and have a demonstrated financial need. Persons with 5 to 15 years experience in the financial services industry are encouraged to apply.


    Number of Recipients and Use of Scholarship Funds

    There will be two Sidney M. Miller New York Life PhD Scholarships awarded annually. The scholarship funds are to be used for tuition only. The recipient is to receive scholarship support for a maximum of 12 DP (Advanced) level courses, and the scholarship will pay a maximum of $1500 per course upon each course enrollment. The recipient must remain in good academic standing to continue receiving scholarship funds.


    Application Deadline

    All applications must be completed and submitted to the Executive Director, The American College PhD Program, at least three months before the first or next scheduled class.

    The Sidney M. Miller New York Life PhD Scholarship Download Application



    The Sy Sternberg and Fred Sievert Doctoral Fellowship

    Overview

    The Sternberg-Sievert Doctoral Fellowship was created to provide financial support to an individual who has both the desire and demonstrated potential to pursue a career in retirement planning research in an academic or industry setting. Funding for the Fellowship is provided by industry trailblazers Sy Sternberg and Fred Sievert who both dedicated years of service to New York Life as Chairman of the Board/CEO and President of the company, respectively.

    Description

    The Sternberg-Sievert Fellowship includes tuition and fees for the PhD in Financial and Retirement Planning as well as an annual $30,000 stipend for living expenses. The Fellow must be able to work at least 20 hours per week on The American College campus while pursuing the doctorate online. Primary responsibilities of the Fellow include assisting faculty with research projects and providing support to The College’s Centers of Excellence which include the New York Life Center for Retirement Income. In addition, the Sternberg-Sievert Fellow may be required to represent the Fellowship program at donor events and when media opportunities arise.

    Eligibility

    Applicants must be newly admitted to the doctoral program and be able to demonstrate financial need.

    A master’s degree in finance, economics, consumer science, actuarial science, or related discipline from a regionally accredited institution is required. Residence within commuting distance of The American College’s Bryn Mawr, Pennsylvania campus is highly preferred but not required.

    A demonstrated ability to read and interpret scholarly material is required; the capacity to write for scholarly publications is highly desirable; a background in data collection, data analysis, and/or experience using statistical software packages such as SAS or R is highly preferred.

    Applicants must have a professional appearance and be able to demonstrate fluency in both speaking and writing in the English language.

    Funding

    Tuition funding and stipend will be renewed annually for up to four years from starting the doctoral program and is contingent on annual satisfactory academic standing and job performance reviews as the Sy Sternberg and Fred Sievert Doctoral Fellow.

    To Apply:

    Indicate your interest in being considered for the Fellowship on the doctoral program application form and write a formal letter to the Doctoral Fellowship Committee that explains your interest in becoming the Sy Sternberg and Fred Sievert Doctoral Fellow. Your letter should include a discussion of the specific qualifications that you believe will maximize your effectiveness as the Sternberg-Sievert Doctoral Fellow. Add the letter to your application packet.

  • Program of Study

    Personal Financial Planning Core Requirement

    Before beginning doctoral-level study, all students must satisfy the personal financial planning core requirement. The American College defines core knowledge of personal financial planning as graduate-level academic credit for completed coursework of a "B" or better in a financial planning area at a regionally accredited college or university. Professional designations do not constitute foundational knowledge at the graduate-level and therefore, cannot be counted as credit toward the doctoral degree.

    The personal financial planning core requirement can be satisfied in one of the following ways:

    1. Applicants with a master's degree in financial planning from a regionally-accredited college or university
    2. Applicants who have completed a graduate-level concentration or minor of not less than 18 academic credits in financial planning from a regionally accredited college or university
    3. Students with an out-of-field graduate degree who do not have graduate-level credit in the personal financial planning core areas will be required to take six core courses to satisfy the core requirement
    4. Taking and passing the Challenge Exam in a maximum of two core personal financial planning areas

    Note: College graduates from regionally-accredited schools who do not have a graduate degree may be conditionally admitted to the doctoral program contingent upon written agreement to successfully complete the Masters of Science in Financial Planning (MSFS) from The American College.


    Doctoral Foundation Requirement

    Once the core requirement in personal financial planning has been satisfied, all students are required to complete two doctoral foundation courses before beginning advanced course in the program. The purpose of the doctoral foundation courses is to provide students with the analytical, statistical, and quantitative background necessary for advanced study. Each course is eight weeks in length and scheduled back-to-back in a two-course block. Students must earn a minimum of a "B" in both courses before enrolling in advanced courses.


    Advanced Course Requirement

    After completing the doctoral foundation courses, students will form one cohort and begin the advanced courses with the first on-campus residency in the program. This residency takes place on the Bryn Mawr campus and is one week in duration. In addition to an orientation to the PhD program, students will begin the first two advanced courses during the residency.

    Students are required to take all twelve advanced courses before taking the comprehensive exam. These courses are divided into the major areas of financial planning, research methods, and quantitative measurement. Transferred credits cannot be substituted for any of these courses.


    PhD Program of Study

    Course Name
    Course #
    Required
    Personal Financial Planning Core (3 credits per course)
     
    Survey of Financial Planning
    GS 898
     

    This course will introduce students to the process, procedures and study of personal financial planning. Topics covered in this course include credit management, education planning and understanding time value of money techniques. The ethical obligations of financial service professionals are also examined by approaching financial planning from multiple compensation models. This course reviews the legal and regulatory framework of insurance agents, broker/dealers and financial advisers engaged in the financial planning process.

     
    Financial Statements & Business Valuation Analysis
    GS 803
     

    The first part of this course teaches students the “language of business” — accounting. It deals with understanding and analyzing financial statements to evaluate the financial stability and performance of a company. The second part of this course provides students with knowledge of the fundamentals of equity valuation. Course grades are determined by the performance on an Examination on Demand® (EOD). Students are strongly encouraged to complete this course prior to taking either GS 811 (Security Analysis and Portfolio Management) or GS 819 (Mutual Funds).

     
    Security Analysis and Portfolio Management
    GS 811
     

    Studies two decision processes: setting the optimal asset-allocation mix (using modern portfolio theory) and analyzing and selecting securities within the asset class. While focusing primarily on the first, briefly reviews security analysis models, capital markets and historic risk/return aspects. Presents theory/practice of identifying optimal allocation of wealth among various asset classes. Presents techniques for quantifying expected risk and return for individual asset classes and portfolios; evaluating portfolio performance; portfolio distribution; applying the dividend discount model; and using options, futures and other investments.

     
    Qualified Retirement Plans
    GS 814
     

    Course covers qualified defined-contribution and defined-benefits plans, as well as similar arrangements, such as SEPs, SIMPLEs, 457 plans and 403(b) plans. Planning issues are emphasized, with a particular focus on the use of plans in small, closely held businesses. The course includes discussion of the more sophisticated strategies for the small business including ESOPs, 401(k) plans, age-weighted and cross-tested plans and fully insured 412(i) plans, as well as a detailed discussion of life insurance as a qualified plan investment and the tax treatment of retirement plan distributions. The course culminates with the analysis of a comprehensive case study.

     
    Personal Tax Planning
    GS 817
     

    Introduces current tax laws, new cases, revenue rulings and regulations for income tax planning. Presents strategies and techniques for tax reductions, including the laws governing income allocation, tax shelters, income shifting and deduction recognition and timing.

     
    Executive Compensation
    GS 842
     

    Covers executive compensation plans, emphasizing owner-employees of closely held businesses. Focuses on design of cash and bonus compensation, stock options and other forms of compensation with restricted property; life insurance, including split-dollar plans and other death benefits; nonqualified deferred compensation; health and disability plans; and various fringe benefits. Covers plan installation, financing and administration, as well as ERISA, tax, including sections 280G and 409A and other legal and accounting compliance issues. The course culminates with the analysis of a comprehensive case study.

    Doctoral Foundation Courses (3 credits per course)
     
    Foundations of Knowledge and Research
    DP 1398
     

    This course explores the nature of knowledge; how we obtain it and what justifies our belief in its credibility. Given the PhD’s emphasis on empirical research, this course helps students move beyond personal experience to determine the standards of evidence that should be used to critically analyze and evaluate the validity of truth claims.

     
    Foundations of Quantitative Analysis
    DP 1198
     

    This is course designed for three purposes. The first is to provide students with a review of basic mathematical terminology and process. The second is to highlight the relevance of statistical analysis in the fields of financial and retirement planning. The third is to introduce the student to the concepts of descriptive statistics and basic probability. This includes the concepts of inference and its importance in thinking about data, and the distinction between discrete and interval variables. To facilitate calculations in class, students are expected to bring a calculator to the class.

    Advanced Courses (3 credits per course)
     
    Seminar in Financial Planning
    DP 1000
     

    This course examines the major issues and seminal articles in the field of financial planning. Literature from numerous domains of financial planning will be reviewed including retirement, tax, investments, risk management and insurance. The course provides an introduction to reading and processing financial planning journal articles.

     
    Seminar in Ethics
    DP 1300
     

    The financial planning professional faces a series of unique ethical challenges during the course of their practice. Many factors, including; heightened regulatory scrutiny, economic pressures and an aging population, have increased the need for ethical behavior and consumer demand for practitioners who adhere to the highest ethical principles. In this seminar, students will study models of ethical decision-making and apply these models to ethical challenges they face in their daily business practice. Student will also investigate the regulatory framework that governs the financial services industry and explore how changes in regulation will impact their practice.

     
    Applied Statistics *prerequisite
    DP 1200
     

    This course covers statistical methods for researchers. No particular background will be supposed, but some experience with probability and statistics will make things easier. The focus will be on choosing appropriate methods and on implementing the methods in a statistical software package (SAS), but some attention will be paid to interpreting and writing up results. Comparison of samples, correlation analysis, and regression analysis will be covered for categorical, continuous, and multivariate data. The course will focus on the practical use of statistics in understanding and producing research as well as its utility in applied contexts. The course will touch on assumptions violations and treatment as they apply specifically to multivariate regression analysis.

     
    Research Methods I *prerequisite
    DP 1400
     

    This course covers the methodologies involved in doctoral level research. Covered will be the outline of the research process, including data collection, summary and analysis and interpretation; as well as assessing the limitations of the completed research. The course will also cover the necessary pieces of a research report. Prerequisite: DP 1200 Applied Statistics.

     
    Seminar in Accum. & Distr. of Financial Assets
    DP 1100
     

    The first part of this course is a broad survey of the investments literature. It emphasizes topics that are relevant to household financial decision-making and portfolio management. The second part of this course examines the literature on strategies used to decumulate a household’s investment portfolio over the retirement period.

     
    Seminar in Aging
    DP 1600
     

    This course addresses many issues faced when financial services professionals work with an older population. Topics include, what does the older population look like today, what is successful aging, and what are the physical and psychological changes that older people face. The course also addresses some of the challenges this group faces including a loss of financial capacity, the need for help with tasks of daily living, and proper health insurance coverage. Another important focus is happiness in retirement, including topics affecting life satisfaction such as work in retirement, and living arrangements. A final theme is working with advisors, focusing on the role of the financial advisor and communicating with clients.

     
    Applied Econometrics *prerequisite
    DP 1500
     

    This course begins with a review of the linear regression model, its assumptions, and how to perform sound empirical tests when those assumptions are violated. Students will also learn nonlinear models. Instrumental variables and dummy variables will also be discussed. As an applied course in econometrics, this course will involve considerable use of statistical software. Prerequisites: DP 1200 Applied Statistics and DP 1400 Research Methods I.

     
    Seminar in Behavioral Economics
    DP 2000
     

    Behavioral finance explores how deviations from the classic model of rationality impact decision making processes and outcomes. Researchers in behavioral finance challenge the assumption that human decision makers are self-interested, utility maximizers with unlimited cognitive resources and demonstrate that decision-making is impacted by various biases and heuristics. In this seminar, we will examine behavioral finance literature and apply its conclusions with special attention to the practice of financial planning. Prerequisite: DP 1100 Seminar in Accumulation&Distribution of Financial Assets.

     
    Research Methods II *prerequisite DP 1400
    DP 2100
     

    This course is intended for students to write their first draft of Introduction and Literature Review supporting their dissertation. Students will also discuss peers literature reviews. Prerequisite: DP 1400 Research Methods I.

     
    Seminar in Pensions & Employee Benefits
    DP 1700
     

    Examines the advantages and disadvantages of sophisticated techniques for improving income in retirement through qualified charitable split-interest arrangements, life insurance and nonqualified deferred compensation. Specific topics include charitable unitrusts, annuity trusts, and gift annuities; evaluating the viability of life settlement agreements including best industry practices. Also covers supplemental retirement income through such nonqualified plans as severance pay, golden parachutes, stock options, and restricted stock plans and ESOPs.

     
    Sem. in Public Policy in Financial & Ret. Planning
    DP 1800
     

    This course will cover the need for development of sound, creative policies to address the common need for economic security, financial planning, health care, and quality of life.

     
    Seminar in Doctoral Research
    DP 2198
     

    Special challenges in conducting original research are explored with an emphasis on writing the dissertation proposal. Students will have the opportunity to learn from fellow researchers while gaining invaluable feedback on the direction of their topic’s conceptual framework and research design strategy.

    Comprehensive Qualifying Exam for Candidacy (0 credits)
     
    Comprehensive Exam
    DP 2200
     

    Doctoral Dissertation (6 credits per course)
     
    Dissertation - Part I: Proposal & Planning
    DP 2300
     

     
    Dissertation - Part II: Defense & Delivery of Doc.
    DP 2400
     


Contact Us

Phone: 800-421-0654
Email: Send us an email
Hours: M-F 8AM - 5PM EST



Tuition & Fees

Doctoral-level courses: $3,350 per course - 14 required courses in addition to the comprehensive exam and dissertation requirements.

Master's-level courses: $1,450 per course - number of courses varies per student

Application Fee: $375


Tuition includes cost of textbooks and access to all other course materials.



Application Deadlines

  • For MS in Financial Services graduates: April 30, 2015
  • For applicants with less than 18 credits in graduate-level coursework in financial planning: December 18, 2014
  • Prerequisite graduate courses in financial planning begin January 6, 2015



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