Financial Education for Securities, Banking, & Insurance Professionals.
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.
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:
- 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
- Create and expand knowledge within the financial services industry through rigorous research and scholarship
- Apply quantitative and statistical reasoning and analysis to explain and predict relationships among economic phenomena and other variables related to financial planning
- Identify and address ethical issues in the financial and retirement planning industry
- 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.
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:
- college faculty
- industry scholar
- administrator in higher education
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.
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
- 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.
The Sy Sternberg and Fred Sievert Doctoral FellowshipOverview
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.Funding
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.
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:
- Applicants with a master's degree in financial planning from a regionally-accredited college or university
- 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
- Students with an out-of-field graduate degree will be evaluated on a case-by-case basis to determine credit requirements for the personal financial planning core curriculum
- 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 StudyCourse NameCourse #RequiredPersonal Financial Planning Core (3 credits per course)Survey of Financial PlanningGS 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 AnalysisGS 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 ManagementGS 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 PlansGS 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 PlanningGS 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 CompensationGS 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.Foundations of Knowledge and ResearchDP 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 AnalysisDP 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.Seminar in Financial PlanningDP 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 EthicsDP 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 *prerequisiteDP 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 *prerequisiteDP 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 AssetsDP 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 AgingDP 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 *prerequisiteDP 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 EconomicsDP 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 1400DP 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 BenefitsDP 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. PlanningDP 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 ResearchDP 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 ExamDP 2200Dissertation - Part I: Proposal & PlanningDP 2300Dissertation - Part II: Defense & Delivery of Doc.DP 2400
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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: $1,500 per course - number of courses varies per student
Application Fee: $375
Tuition includes cost of textbooks and access to all other course materials.