American College to Use $5 Million Donation to Create Doctoral Program

With a generous $5 million donation from New York Life Insurance Company, Pa.-based The American College of Financial Services will implement a new 12-course doctoral degree in business administration.

The school will begin accepting applications to the program in October. Students who want to apply have to hold a bachelor’s degree from an accredited school. Doctoral students will take part in three one-week residencies and at least one intensive debrief with faculty prior to their dissertation defense. The first residency will be July 2013. Additionally, students have to complete one course per quarter online for 12 quarters.

“New York Life is proud to establish this much-needed doctorate program to enhance the services provided by financial professionals,” New York Life President Chris Blunt said in a press release. “This doctoral program, with an unrivaled curriculum of financial literacy and retirement planning, is designed to create world-class scholars whose research and teaching will provide financial professionals with the advanced information needed to better serve the people who are counting on them.”

American College is a not-for-profit college devoted to financial services and known for its online and distance learning. The school offers graduate certificates as well as two master’s degree programs—Master of Science in Management and Master of Science in Financial Services—which include short residencies and course work completed online. American College is regionally accredited by the Middle States Commission on Higher Education.

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