Which is the best university for a PhD in finance?

Chicago and MIT are at the top university for a Ph.D. in finance. Then comes college like Stanford, Wharton, Berkeley, UCLA, and some other options are Duke, NYU, CMU, Northwestern, and Columbia.

Other schools are good but in a particular area. These include Harvard which is best in Corporate Finance, Maryland in Market Microstructure, Washington University in Mathematical Finance. 

You can also do finance as a field in the best economics departments. Besides the schools already mentioned that have great Finance Departments.

Finance Programs are remarkably hard to get into. The top schools get 200 to 400 applicants and choose 2 to 4 students per year. High GPA, GMAT, and strong math skills are expected from the students.