The Finance PhD program requires you to complete:
- Area-specific requirements
- Course requirements as outlined below
- A second-year research paper
- A qualifying examination at the end of the second year
- Regular attendance of brownbag lunches and seminars
- One-page summer activity report in the first and second years of the program outlining proposed activities during the summer by June 15 of each year, as well as a post-summer summary of activities by September 15
- Preliminary Examination / Comprehensive Evaluation
- Dissertation Thesis Proposal Examination
- Final Dissertation Defense Examination
The Finance PhD program provides a sound foundation in the finance and economics disciplines, as well as in related elective courses.
Area-Specific Requirements
Course Requirements
Complete by end of second year the four required finance classes, namely Finance I to Finance IV, and required graduate level economics classes in the Department of Economics (Microeconomics I, Econometrics I, and Macroeconomics I) and take, in total, a minimum of 11 Graduate level courses. Specifically:
- Four required finance courses (Finance I to IV)
- Three required economics courses (Microeconomics I, Macroeconomics I, and Econometrics I)
- Electives to meet your specific needs or interests, which can include additional classes in economics (e.g., Microeconomics II, Macroeconomics II, and Econometrics II), mathematics, statistics, decision sciences, and finance
Second-Year Research Paper
Students are required to form a PhD faculty committee who will guide the student in developing and writing the second-year paper. This second-year paper will be presented in October or November of the third year (roughly at the 2.25-year mark).
Qualifying Examination
At the end of the second year, a finance-qualifying exam is offered based on Finance I to Finance IV. This exam is graded and evaluated by the finance faculty committee. The committee can fail a student in any part of the entire exam and determine if the student should take a new qualifier in any subject (or subjects) and/or retake the class that he/she failed in the qualifying exam.
Teaching Apprenticeship and Research Assistant Work
A critical part of the program is forming professional relationships with faculty members as well as learning about the research and teaching processes. Teaching apprenticeship assignments are made by the PhD coordinator in consultation with area faculty. A student who has completed his/her teaching apprenticeship hours may be eligible for additional compensation at the school’s pre-set hourly rate.
Students are encouraged to seek research opportunities with faculty with whom they wish to form closer professional relationships.
Preliminary Exam / Comprehensive Evaluation
The preliminary exam / comprehensive evaluation includes the second-year paper presentation, the performance in the courses and the qualifying examinations. The finance faculty use these inputs to evaluate the student after the second-year paper presentation. The faculty in conjunction with the student’s PhD faculty committee decides if the student passes the preliminary exam. If the student fails the preliminary exam, he/she may be given a second opportunity, as determined by the faculty, within 4 months of the first presentation. A student who fails in the second attempt may receive a terminal master’s degree in business upon meeting the relevant requirements as set by The Graduate School.
Dissertation Thesis Proposal Examination
We suggest students form a dissertation committee in the fall of their fourth year, with the proposal occurring in the spring of the fourth year. Students have until the end of the summer of the fourth year to complete this requirement. If your advisor supports an extension of this requirement, you can request an extension in consultation with your Faculty PhD Coordinator(s).
Final Dissertation Defense Examination
We expect students to defend their dissertation by the end of their fifth year in the program.
Finance Area Sample Program Schedule
The following is a pro-forma schedule that you might choose, depending on your background, experience, strengths, and interests. At the end of four full semesters (end of Year 2), you should have taken a minimum of 11 graduate-level courses to meet the finance area requirements.
|
Year |
Fall |
Spring |
Summer |
|
1 |
-Microeconomics I (Required) -Econometrics I (Required) -Finance I / Introduction to Finance (Required) -Optional: Macroeconomics I |
-Finance II / Empirical Corporate Finance (Required) -Finance IV / Asset Pricing (Required) -Microeconomics II / Econometrics II -Elective |
Research |
|
2 |
-Macroeconomics I (Required) -Two Elective courses in Economics or other fields |
-Finance III / Finance Theory (Required) -Two Elective courses in Economics or other fields –Qualifying Exam based on Finance I to Finance IV |
Form PhD faculty committee for Second-year paper Research and write paper |
|
3 |
-Presentation of Year 2 paper –Preliminary Exam / Comprehensive Evaluation |
Dissertation work |
Research |
|
4 |
Dissertation work committee formation |
Dissertation proposal defense |
Research |
|
5 |
Research |
Research Dissertation Defense |