PhD scholarship program

The aim of the Norges Bank scholarship program (NBSP) is to promote the study of macroeconomics at top- rank international economics PhD programs. The NBSP is designed to provide financial scholarships to full-time PhD students in economics specializing in macroeconomics, with emphasis on monetary policy or financial stability at top-ranked research institutions. 

1. The program

The program will provide financial support to students who are accepted at top-ranked research institutions with the intention of specializing in the field of macroeconomics with emphasis on monetary policy or financial stability.

Subprogram 1 – Junior Researcher

 An internship (Junior Researcher) at Norges Bank is available for students who are committed to applying to top-ranked PhD programmes in economics. The internship will take place 2 + 10 months prior to entering the PhD programmes, during which period the candidate will prepare and submit their applications. In addition, students will work as a Junior Researcher on relevant projects at Norges Bank. There will be no more than two students selected for internships per academic year. The duration of the internship is two months initially. Since relevant educational institutions require high scores on the GRE (Graduate Record Examination), the student will primarily focus on preparing for the GRE in this period. An extension of the internship by an additional 10 months is conditioned on attaining a sufficiently high score on the quantitative reasoning section of the GRE, which will be specified in the contract of employment. The internship is in any case limited to 12 months per student.

Subprogram 2 – Financial Scholarship

Norges Bank may award a financial scholarship in the amount of NOK 160 000 annually per student.

The financial scholarships will be awarded on an annual basis for the duration of one academic year at a time. The financial scholarship may be extended for another academic year as long as the student remains enrolled in the PhD program with adequate academic progress (see the diagram on the last page), up to a total of five academic years.

Norges Bank will award no more than three new entries per year. The Scholarship will be reduced by the same amount as the financial support awarded from other Norwegian entities.

Qualified candidates may apply to any of the two subprograms. The candidates will be evaluated for each subprogram separately. PhD students may apply to the scholarship program in any stage of their studies, but may only apply for a scholarship for the remaining stages of their PhD program. However, the financial scholarship for the final year is only available to students who previously have been awarded a scholarship from Norges Bank.

2. Eligibility

Subprogram 1

Applicants must fulfill the following minimum criteria to be considered for the internship.

  1. The applicant is a Norwegian national, or an EEA- national who is a resident of Norway and has employee status in Norway.
  2. The application and documentation is complete and accurate and received by the deadline. Requirements for the application are set forth in the application form.

Subprogram 2

Applicants must fulfill the following minimum criteria to be considered for the scholarship. In addition to fulfilling these criteria, applicants will be subject to the Norges Bank Scholarship Committee's (NBSC) discretionary evaluation subject to the mandate for the committee.

1. The applicant is a Norwegian national, or an EEA-national who is a resident of Norway and has resided in Norway for a continuous period of at least five years prior to the time of application. And;

a. has employee status in Norway; or

b. has a permanent residence in Norway; or

c. is a spouse/cohabitant with a child of a person mentioned in a) or b).

2. The applicant has been accepted at a top-ranked PhD program in economics at one of the education establishments listed in section 3.1 or another equally top-ranked PhD program at a comparable institution.

3. The application and documentation are complete and accurate and received by the deadline. Requirements for the application are set forth in the application form.

3. Assessments and selection of educational institutions

The committee on Norges Bank's PhD Scholarship Program (NBSC) will assess the candidates and education institutions and programs.

3.1 Education institutions

The following, all of which (as of date) offer top-ranked PhD programs in economics, represent educational institutions that may fall within the eligibility requirement set forth in section 3(2): Massachusetts Institute of Technology, University of Chicago, Stanford University, Harvard University, Princeton University, Yale University, Northwestern University, New York University, UC Berkeley, UC Los Angeles, University of Minnesota, University of Pennsylvania, Columbia University, London School of Economics, University of Michigan and University of Wisconsin–Madison.

These institutions constitute examples of education establishments that normally fall within the eligibility requirement set forth in section 3(2); however, the applicants are invited to document that the relevant education establishment and its PhD program has demonstrated that it can produce top placements in economics with specialization in macroeconomics for its graduates.

3.2 Assessment of applications and renewals

The applications and renewals will be evaluated by the Norges Bank Scholarship Committee (NBRC). The Committee shall at its own full discretion consider the education establishment and program to which the applicant has been accepted on a case-by-case basis.

There is a possibility of renewal for the period of the PhD program at the host institution, but limited to five consecutive academic years in total. The applicants must request annual renewals in a progress report where they document good standing and progress.

4. Application deadline

Applications for the internships or financial scholarships must be submitted by 1 April to Norges Bank as announced on the Norges Bank web site. The deadline for submitting a progress report and request for annual renewal is 1 September each year.

5. The obligations

Internship Junior Researcher

The Junior Researcher must enter into a standard Norges Bank agreement for temporary employment. The Junior Researcher is expected to prepare and submit applications for eligible PhD programs, write a research paper, which should be published in a Norges Bank series (e.g., Working Paper, Research Letter or Staff Memo) and provide research assistance to Norges Bank researchers, as decided by the Research Director.

For the scholarship recipient

The recipient must enter into an agreement with Norges Bank (Agreement), which sets out the obligations of the applicant under the scholarship program. The host institution may also as far as required be part of this agreement. Financial support is conditional on sound progress throughout the PhD program documented in annual progress reports.

Published 1 February 2013 11:00
Edited 2 December 2015 13:45

PhD scholarships awarded

Kaja Kierulf, Erling Skancke and Jonas Tungodden 

Ella Getz Wold and Sigmund Ellingsrud

Gro Mæle Liane, Mathis Mæhlum and Vegard Mokleiv Nygård


Please apply for the PhD scholarship or internship via Vacancies on Norges Bank's website.

Application deadline is 1 April each year.


Petter Meyer Tel. +47 22 31 64 82