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Cambridge Endowment for Research in Finance (CERF)


CERF Scholarship Competition 2023 

For the eighth year, Cambridge Endowment for Research in Finance is offering a scholarship scheme. Applications are invited for doctoral funding starting in October 2023. Funding is for up to 3 years and includes university fees, college fees, and accommodation. There is an additional maintenance stipend of £20,000 for 2023-2024 (subject to review).

The scheme is open to PhD students within the University of Cambridge, from any department, who do research into all aspects of finance, financial institutions, and financial markets, and their relationship with the performance of the economy. 

Incoming doctoral students or students who are in the first year of their PhD can apply for funding. Funding is for a maximum of three years, and no money is given retrospectively for any time already spent on the PhD programme. 


Entry Requirements

  • Be a PhD student within the University of Cambridge, from any department, carrying out research in any aspect of finance, financial institutions, and financial markets, and their relationship with the performance of the economy 
  • You must be nominated by your PhD supervisor. A CERF Scholarship Application form must be received by CERF along with the nomination letter/email by 9 February 2023 (if you require the form in an alternative format or a hard copy, please contact )
  • Copies of the applicants' PhD application documents (including official transcripts and references) are required. Please ask your Department/Faculty administrator to forward a copy of your PhD application to by 9 February 2023. In addition, if your PhD application documents do not contain a structured project proposal, please add it structured as follows:

    (a) title of the project
    (b) research question(s) to be addressed 
    (c) any work which has led up to the project, or prior expertise in the area 
    (d) plan of research
    (e) methodology to be used
    (g) brief timetable and milestones
    (h) sources to be consulted 

  • Reference letters must be sent to  by 9 February 2023. The applications will be considered by a selection committee


Applicants will be informed about the outcome by the end of February 2023. Appointments are based on academic merit and the candidate’s research proposal. The selection committee reserves the right not to award any scholarships if applications do not meet the required standard or criteria. 

The recipient of a CERF scholarship will be expected to report on his/her research progress and actively engage with CERF by attending relevant seminars or meetings, and by giving the occasional research presentation. The CERF scholar may also be required to provide assistance, including providing support during events organised by CERF. The CERF scholar may be given office space in the CERF premises (subject to availability), and will be given the opportunity to interact with other researchers linked to CERF. 

Any queries regarding the CERF doctoral scholarship scheme should be addressed to

Application form  

Latest news

PhD advisor and co-author of CERF post-doc Xinyu Hou wins Nobel Prize in Economics

11 October 2022

Philip H Dybvig from Washington University is (joint with Bernanke and Diamond) a recipient of this year’s Nobel Memorial Prize in Economic Sciences for his research on banks and financial crises. Prof. Dybvig is the former PhD advisor of Dr Xinyu Hou who is currently a post-doctoral researcher at the Cambridge Endowment...