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Doctoral studies

The Ph.D. is the highest degree awarded, and as such requires the highest level of proficiency and achievement, both in knowledge and in the performance of research presented in a written dissertation which also has to fulfill the stated requirements: it is expected to demonstrate candidate’s ability to engage in profound independent academic research, constitute an advance in scientific knowledge and it must satisfy formal criteria which are defined in regulations of the particular science field.
The programme is designed to prepare scholars of a particular science field who would be able to demonstrate mastery of knowledge in a specific subject area and create new knowledge.
A doctoral degree may be awarded to a person who has successfully completed doctoral studies and defended a doctoral dissertation or it may be awarded to a person who has defended a doctoral dissertation externally.
The PhD studies can be financed by the budget of the Republic of Lithuania, by the companies or enterprises financial resources or a PhD student‘s  personal finances.
VGTU has a right to organize PhD studies in these Social Sciences areas:
  • Management (03S) - faculty  has 4 Departments where PhD programme is organized on the basis of  business and international relations;
  • Econimics (04S) - faculty  has 3 Departments where PhD programme is organized on the basis of economics and financial economics.

Scientific Seminars for PhD students

In order to bring together the community of PhD students and to encourage discussions of undertaken scientific researches, the Faculty of Business Management organises seminars of PhD students
The major goal of the seminar – to discuss the scientific research questions, elaborated by PhD students, to get familiarised with their research results, to share the theoretical and practical application opportunities of their Thesis. The essential feature of the seminar – to support doctoral students in the process of their research and Thesis writing.
Every second Monday scientific seminars of PhD students are held in Room 704 at 3 PM. For a detailed seminar schedule please contact
Doctoral studies (more information)
International Seminar for Doctoral Students at VGTU
International seminar for doctoral students was held in VGTU Senate Hall. The seminar opens the conference "Social Sustainability and Economic Security: The Agenda for Entrepreneurship in the 21st Century", organized by Essex University together with OECD.

More than twenty doctoral students from both Lithuanian and foreign higher education institutions took part in the seminar. VGTU doctoral students, who wrote research works on entrepreneurship, made more than one third of the participants willing to improve their skills during the event.

The first to welcome the seminar participants was VGTU Vice-Rector for Research Antanas Čenys, who was glad about the fact that VGTU is a significant place for training of researchers. Last year, 58 students successfully defended their doctoral theses.

Together with Essex University professor Jay Mitra and Tallin University of Technology professor Gunnar Prause the participants of the seminar discussed such grand questions as how to write a successful article for a research journal, what theories and methodologies such article should be based on, and how to purify the object of the research.

Professor Jay Mitra pointed out that the most important thing for every researcher is to know why they write the thesis and what problem they want to tackle. Then all the issues can easily be solved.
The main scientific research areas involves:
  • Comprehensive evaluation of country and city competitiveness;
  • Integrated management of business value and risk;
  • Impact of foreign direct investment on country economy;
  • Decisions of optimal investment postfolio formation and investment allocation;
  • Development trends ofLithuanian commercial banks in the context of financial risks;
  • Modeling of financial system development solutions;
  • Formation of efficient country investment strategy;
  • Modeling of universally sustainable development management;
  • Problems and possibilities of company activity diversification;
  • Application of multicriteria evaluation methods to solve economic development and innovation fostering challenges.


The main scientific research areas involve:
  • 1. Innovation development research;
  • 2. High-tech development research;
  • 3. Sustainable business development research;
  • 4. Investment promotion and effectiveness research;
  • 5. Virtual forms of business organization research;
  • 6. Business environment research;
  • 7. Labour productivity enhancing research;
  • 8. Knowledge potential development research;
  • 9. Strategic management research;
  • 10. The real estate market research;
  • 11. Products and quality improvement research;
  • 12. International Business development research;
  • 13. Marketing research;
  • 14. Effectiveness research of public management;
  • 15. Competitiveness and business environment research.
With the improvement of economic situation in Lithuania, more and more people are looking for better opportunities to "employ" money. One of the most popular ways is the mutual investment fund; however, the economic crisis has proved, that without specific knowledge, the investments into such funds could be dangerous. While looking for safe investment opportunities, a student of Vilnius Gediminas Technical University (VGTU) with his colleagues, set up a hedge fund, the top priority of which is the research-based risk management. Already for the third year in a row, the hedge fund, according to its profitability, is about seventy per cent ahead of the prestigious globally operating funds, entering the "Morningstar" database.
The year of 2012 marked the beginning of the "Synergy Finance Tactical Asset Allocation Fund", based on the modern investment philosophy, when they reduce the psychological factor of fund manager to zero and make investment decisions systematically, after having processed the research results of the last fifty years. One of the first investment funds, managed by algorithmic principles in the Baltic countries, is using an innovative system, which periodically refreshes itself, adapting to the current market situation, and thereby allowing to generate a long-term positive investment return, regardless of the economic cycle's stage.
"We wanted to set up such a fund, when customers are protected against significant losses, and can expect the increase, corresponding to the profitability of the major assets groups. We are pleased that our idea has proven to be an attractive one for others – we have our loyal customers and partners. Their investments are profitable, while the fund itself is well appreciated by the financial experts both in Lithuania and abroad," - said Lukas Macijauskas, currently a PhD student at VGTU.
According to Lukas Macijauskas, he became interested in investment during the third year of his studies, when participating in the programme "Work and Travel", during which he spent a couple of summers in the United States. The person started to think how to invest the money earned. Interested in the investment, he not only began to study for Master's degree at the Faculty of Business Management at VGTU - corporate governance in investment management specialization, but also with his like-minded partners founded the investment management company "Synergy Finance".
Being responsible for the investment modelling and testing strategies, used in the activities of "Synergy Finance", he is currently conducting a study on market participants' behaviour and efficiency of their decisions, for his dissertation. The PhD student at VGTU is looking for the decision-making algorithm, which would allow, while exploiting irrational behaviour of market participants, to improve the ratio of profitability and risk in investment.
The investment system, developed by Lukas Macijauskas and his colleagues, based on facts and research, rather than opinions and forecasts, in 2014 allowed the Synergy Finance Tactical Asset Allocation Fund to outrun more than eighty per cent of the investment funds, available for non-professionals in Lithuania.
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