Income from the Fund allows up to twelve Senior Fellows at any one time, with two Fellowships being held vacant to allow for appointments outside the normal schedule. There are currently 6 Senior Fellows and 4 Junior Fellows.
The Fellowships are for up to five years, but reviewed after three years, and are not renewable thereafter. Awards are non-pensionable.
There are two tiers of fellowship:
- Senior Fellowship: stipend set at £35k p.a.
- Junior Fellowship: stipend set at £20k p.a.
UTOs at the early stages of their career but with clear signs of academic distinction, ULs and USLs will normally be considered for Junior Fellowships; Readers will be discussed for Junior or Senior Fellowships based on the recommendation of their Departments and on the merits of the case; and Professors will normally be considered for Senior Fellowships.
Fellows are expected to:
- to further interdisciplinary research and study in the general area of financial economics;
- give an annual lecture on their work during the tenure of the Fellowship;
- submit an annual report to the Managers on their activities.