Now Open: 2027 PhD Fellowship Applications Apply here

PhD Fellowship

Open to doctoral students pushing the frontiers of STEM – from applied mathematics and AI/CS to physics and statistics – Two Sigma’s PhD Fellowship invests in future leaders. Find eligibility, award details, the application timeline, and past recipients below.

Provisions of the Award

Fellowship recipients will receive an award for two consecutive Academic years (not to exceed $75,000 USD per Academic year) to cover tuition and fees plus a stipend for living expenses, paid directly to the university.
Fellowship recipients will also receive a one-time award of $10,000 USD paid to the Fellowship recipient directly which, as a condition of the fellowship, may only be used for tuition, fees required to enroll at or attend their university, and/or books, supplies, equipment, and course-related fees for courses at their university.
Runners-up will receive a one-time award of $10,000 USD paid to the Fellowship recipient directly which, as a condition of the fellowship, may only be used for tuition, fees required to enroll at or attend their university, and/or books, supplies, equipment, and course-related fees for courses at their university.
A Two Sigma Research Mentor will be assigned to the Fellowship recipients and runners-up.

Eligibility

Applications must be on behalf of full-time students currently pursuing a PhD at an accredited university in the United States.
Students must be in at least their 3rd year and must have at least 2 years remaining in their PhD program when the Fellowship begins (fall semester or quarter 2027).
Students’ research must be relevant to one of the disciplines listed below:
- Applied Mathematics –Topics of interest include: linear / nonlinear optimization, numerical analysis, financial mathematics, operations research, probability, differential equations, signal processing.
- Artificial Intelligence & Computer Science – Topics of interest include: machine learning & artificial intelligence, generative AI, LLM pre-, mid-, and post-training, deep learning, reinforcement learning, natural language processing, computer vision, robotics, computational biology.
- Finance/Econometrics – Topics of interest include: machine learning & empirical asset pricing, game theory, market microstructures, agent based models, behavioral finance, quantitative finance, volatility modeling and forecast, optimal execution, portfolio optimization, derivatives modeling, high frequency econometrics, theoretical asset pricing dynamic equilibrium models, stochastic models, option pricing, credit risk modeling, asset covariance estimation, inference, high-dimensional data, financial optimization-optimal execution, portfolio optimization, optimal hedging.
- Physics –Topics of interest include: applications of machine learning, simulation and big data techniques to physics, including particle physics, astrophysics, condensed matter.
- Statistics –Topics of interest include: statistical learning, statistical inference, Bayesian statistics, optimization, time series analysis, high dimensional statistics, non-parametric statistics.
Two Sigma employees, contractors/consultants, and relatives are not eligible.
Students that are already supported by another industry fellowship are not eligible. Government or non-profit organization funding is exempt.

Application

All application materials, aside from letters of recommendation, must be submitted by the student directly.
Applicants must submit their 750 word (max) research proposal; this word count does not include resources/listed references. Please submit as a .PDF file with the title: “Last Name, First Name Research Proposal”. Be sure to address all of the following guidelines:
- Audience: Your statement will be read by a committee of researchers with PhDs from a range of quantitative fields. Most will not work in your area, and few will share your domain knowledge. When preparing your research statement, assume the audience will be an expert reader who is unfamiliar with your subfield — it’s your job to give them the context they need.
- Topic: Pick one line of research from your PhD work so far: the one you’re most excited about; the one you’d want to present if you were selected as a finalist. Depth on a single topic is more important to us than a survey of everything you’ve worked on.
- What to cover:
  - Introduce your discipline. What is the broader field, and what questions does it care about?
  - Situate your work within it. What prior research led to the problem you’re working on?
  - Explain why it matters. Why would researchers in your field find this problem interesting or important?
  - Describe your contribution. What are you doing, and what have you found so far? What are some direct applications of your work? Note that you should spend at least half of your statement on this area.
Applicants must include a current version of their resume, ensuring that a current email, phone number and mailing address are included. Please submit as a .PDF file with the title: “Last Name, First Name Resume”.
Applicants must submit their Academic transcripts (PhD Graduate degree only-all years). Unofficial transcripts are acceptable. Please ensure the transcript you submit is not password protected. Please submit as a .PDF file with the title: “Last Name, First Name Transcript”.
Two letters of recommendation are required for each student– one must be from their current academic advisor, and the other must be from a professor in the department or related department who is familiar with their research.
Reference letters will only be requested for those who enter the second round of application review. An email from Two Sigma will be sent to your two provided referrals requesting they submit their letter of recommendation through a separate link. Please notify your referrals to expect this email prior to submitting your application. If your reference letters are requested, referrals will be able to submit their letters beginning in early October until 12:00pm ET on November 2, 2026.
Incomplete applications will not be considered.
All nominations and application materials for the Two Sigma PhD Fellowship must be submitted electronically via online application. Applications now live. Please click here to apply.

Research Proposal
Experience
Letters of Recommendation
Academic Performance

Applications Open

Applications are now live. Please click here to apply.

Applications Close

Applications close at 12:00pm ET on September 25.

Reference Requests

Applicants proceeding to the second round of review will be notified in early October. At this time, reference letters will be requested. References have until November 2 to submit their letters of recommendation.

Reference Letters Due

References have until 12:00pm ET on November 2 to submit their letters of recommendation. At that time all inputted information will be considered final and no further changes will be permitted.

Finalists Announced

Finalists will be notified of their selection for interview in December and will present their research at our NYC office in January.

Finalist Presentations

Finalists will travel to our NYC office in January to present their research to a panel of researchers and network with each other.

Recipients Announced

Following careful evaluation by a panel, winners will be notified of their selection in February/March. Recipients will be announced on the Two Sigma website in mid-March.

FAQ

Two letters of recommendation are required for each student– one must be from their current academic advisor, and the other must be from a professor in the department or related department who is familiar with their research. The second letter may come from a professor at a different university from the student, but this university must be located in the United States.

Payment of the Fellowship award is made as follows: (i) an award for two consecutive Academic years (not to exceed $75,000 USD per Academic year) will be paid directly to the university per university guidelines and policies; and (ii) a one-time award of $10,000 USD will be paid directly to the Fellowship recipient, subject to the conditions specified above. Runners-up will receive a one-time award of $10,000 USD paid to the Fellowship recipient directly which, as a condition of the fellowship, may only be used for tuition, fees required to enroll at or attend their university, and/or books, supplies, equipment, and course-related fees for courses at their university. If the Fellowship recipient is no longer eligible to receive funding pursuant to their university’s guidelines and policies, for example if they transfer to a different university or graduate program, the Fellowship award may cease. The Fellowship award will also be subject to agreement between Two Sigma and the university, and Two Sigma and the recipient, regarding the terms of the Fellowship award, and any applicable university guidelines and legal and compliance restrictions.

FAQs Continued

There are no specific criteria we highlight regarding the recommendation letters. We advise that your referrals essentially answer why they think you should be a recipient of our fellowship. That can include points about class/project performance, technical and/or soft skills, financial need, or any other areas they may deem relevant to highlight.

Topics

PhD Fellowship

The Future of STEM

Program Details

Evaluation Process

Research Proposal

Experience

Letters of Recommendation

Academic Performance