Doctoral Research Scholarship Fuels Passion of Finance PhD Candidate

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Ms Thabile Nkosi, a scholar from Empangeni in KwaZulu-Natal and an alumna of Empangeni High School, has been awarded a UKZN Doctoral Research Scholarship as she embarks on her PhD in Finance at UKZN’s School of Commerce.

The doctoral scholarship is awarded to the top five percent of applicants who demonstrate outstanding research capability and maintain an academic average of at least 75%. 

Nkosi holds a Master of Commerce in Finance, obtained cum laude, and a Bachelor of Business Science degree. She is also a member of the Golden Key International Honour Society in recognition of her consistent academic excellence.

Her academic journey has been guided by a deep-rooted passion for finance and quantitative analysis, inspired by a family of academics and engineers who fostered a love for learning from an early age.

“Balancing academic responsibilities with personal commitments has not been easy. There were many sacrifices, late nights, missed family time but the support of my family and supervisors, Drs Hilary Muguto and Lorraine Muguto, helped me stay focused.

“Receiving this scholarship is both an honour and a motivator. It validates the effort I’ve invested and reflects the confidence the Institution places on my research potential,” she said.

Nkosi’s doctoral research examines how investor emotions - such as fear or confidence - influence interconnections within stock markets in emerging economies and their resilience to risk. She aims to understand how events or changes in one region can trigger volatility in others - an increasingly important issue in today’s unpredictable global economy.

“My PhD is highly motivated by my strong interest in quantitative analysis and a desire to understand how economic and geopolitical factors influence financial markets and investor behaviour,” she explained. 

“Thabile possesses a rare combination of academic excellence, humility, and quiet determination. From the moment we began working with her at honours level, it was clear she was destined for great things. She consistently goes beyond what is required, and her cum laude master’s graduation reflected that. What sets her apart is not just her intellect, but her hunger for growth and her teachable spirit. Watching her grow in depth and confidence has been a joy. Any supervisor would be honoured to walk this journey with her,” said Drs Hilary and Lorraine Muguto.

Looking ahead, Nkosi aspires to join a corporate research team where she can contribute to evidence-based decision-making within the financial sector. She also hopes to publish research that adds value to both the School of Finance and the wider academic community.

Words: Ayanda Radebe

Photograph: Nkosikhona Gcabashe