INVITATION TO APPLY
The Vienna Graduate School of Finance – a jointinitiative of the University of Vienna, the Institute for AdvancedStudies, Vienna, and the Vienna University of Economics and BusinessAdministration – invites applications for the course starting inSeptember 2007 for its doctoral program. Upon admission, applicants canexpect to obtain a top-quality education for an academic career or ahighly specialized position in business or international institutions.

HIGHEST ACADEMIC CREDENTIALS
The Vienna Graduate School of Finance drawson the academic resources of three established academic institutions,with a faculty specializing in various fields of finance, includingasset pricing, corporate finance, financial institutions, riskmanagement, and market microstructure. Well-established within theresearch community, the local faculty not only focuses on questions offundamental theoretical and empirical importance in finance, but also onpolicy-oriented issues and practical applications.

DISTINGUISHED INTERNATIONAL FACULTY
Leading scholars in the field areregularly invited to teach advanced courses on a topic with eitherimportant practical applications or high potential for future research.For example, in the last three years courses have been taught by KerryBack (St. Louis), David Bates (Iowa), Tomas Björk (Stockholm), MichaelBrennan (UCLA), Stefano Demichelis (University of Pavia), ZsuzsannaFluck (Michigan State), Nicolae Garleanu (University of Pennsylvania),David Lando (Copenhagen), Antonio Mele (LSE), Mojmir Mrak (Ljubljana),Stefan Reichelstein (Stanford), Neal Stoughton (Calgary), Ruey Tsay(University of Chicago GSB), Russ Wermers (Maryland), Jan Werner(Minnesota), and Stanley Zin (Carnegie Mellon).

PROGRAM
The program consists of two years of intensive course work,followed by thesis writing. All courses are taught in English. Inaddition to good language skills, good skills in mathematics andstatistics are advantageous to successfully complete the program.

APPLICATIONT
The program is open for students from all countries with allacademic specializations, provided they hold a Master degree orequivalent and have a sufficient level of formal training. Applicantsshould take a GRE and/or GMAT and a TOEFL test, and provide proof ofbasic proficiency in finance and/or economics (based on either thedegree they hold or a sample of original written work). The applicationpackage should also contain a statement of purpose, as well as copies ofany certificates and diplomas obtained during prior studies, along withcertified translations into English. Finally, each applicant shouldarrange for at least two letters of reference to be sent directly to theaddress stated below.

SCHOLARSHIP
Successful applicants will receive very financial support.Approximately 4-6 applicants will be admitted to the program.

Please send your application package no later than February 15th, 2007,to the following address: VGSF - Prof. Josef Zechner, University ofVienna, Department of Finance, Brünnerstrasse 72, 1210 Vienna (Wien),Austria.

FOR FURTHER DETAILS AND AN APPLICATION FORM PLEASE SEE:
http://www.vgsf.ac.at or Contact: vgsf@vgsf.ac.at