The INSEAD PhD in Management is a doctoral degree in business to prepare students for a career in academia It requires four to five years of full-time study - the first two years devoted to coursework, while from the third and fourth (or sometimes fifth) years dedicated to research and dissertation.[26] Students have the option to start their studies on either the Asia (Singapore) or Europe (France) campus,[27] and do an exchange in North America (USA) through the INSEAD-Wharton Alliance.[28] There are of eight areasof specialization: : Accounting, Decision Sciences, Entrepreneurship, Finance, Marketing, Organisational Behavior, Strategy, and Technology and Operations Management.[29] INSEAD offers fellowships, whereby students receive full tuition fee waiver, annual stipend and research support funding.[30]