This article deals with the current reform of European doctoral education. It is argued that the concrete results of the reform can be better understood by analysing changes in the management of doctoral programmes. This rests on the case study of a Norwegian PhD programme in finance and is based on an analytical framework composed of three public management narratives: New Public Management (NPM), Network Governance (NG) and Neo-Weberian-State (NWS). The latter allows for a particular focus on the instruments, actors and objectives of governance. The article concludes that the examined doctoral programme's management story can be divided into two episodes. The first--the "internationalisation" episode--is shaped by the academic profession in finance which uses a wide range of constraining NPM instruments and applies them in a comprehensive manner to doctoral education in order to achieve its overall objective, namely to implement an internationally competitive PhD programme. The second--the "integration" episode--is about a recently developed policy instrument with relatively non-constraining NWS elements, used by the State to establish National Research Schools. The latter are principally aimed at the better development and coordination of doctoral training between small and large higher education institutions. Due to those differences between the two episodes in terms of constraining character and scope, the reform of the examined doctoral programme is strongly shaped by the first episode. Hence, the reform essentially consists in a doctoral programme with an international and academic character.