The formal coursework in a PhD program is critical because it provides students an efficient way to learn frontier developments in the fields of interest and serves as a foundation for further scholarly research.

Microeconomic Theory

Finance doctoral students will take in their first year, a three-course sequence in microeconomic theory at the Economics Department. At the end of the first year, they will sit for the microeconomics theory qualifying examination and must achieve a minimum grade of an "M.A. Pass" on the examination. They will also take the three-course macroeconomics sequence in their first year (although the qualifying exam for macroeconomics is not required).

Research Tools Requirements

They would also undertake a research tool sequence of mathematical methods in economics, probability theory, and econometrics. This sequence extends into more advanced courses in the second year such as time series analysis and advanced econometrics.

Finance Major Field Coursework Requirements

The first year would also include a reading class to introduce students to financial research. Student will read assigned papers in various areas and discuss them in a seminar setting with faculty. At the end of the first year, students will sit for a qualifying exam on the papers covered by this reading class.

The second year features the Finance 920 course sequence. These covers the theoretical foundations of Asset Pricing and research methods in finance. After a student passes the general exam (discussed below) and attains candidacy, he/she will progress to take Finance 923, a seminar series on Research in Finance.

The Finance General Exam

The Finance General Examination is a single examination, consisting of written and oral portions, administered under the auspices of the Graduate Education Committee in conjunction with the student's Advisory Committee and the Graduate School. The General Examination is a test of the student's knowledge of the field and allied areas of study, of the capacity to undertake independent research, and of the ability to think and express ideas clearly.

The written portion of the Finance General Examination consists of the Finance Field Examination and the student's original research paper. The field examination covers the subject matter in the Finance 920 course sequence and other current developments in the finance literature. The original research paper will serve to the student's ability to conceive and complete a significant contribution to the field of study.

The oral portion of the General Examination, which lasts approximately two hours, is held after completion of the written portion. The oral portion normally must be completed within one month of completion of the written portion. The oral portion of the General Examination includes the content of the Finance Field Examination, The Research Paper, and the student's knowledge of the field.

Sample Coursework Schedule

Year One
Autumn
Econ701 - Optimization Techniques
Econ804 - Microeconomic Theory I
Econ806 - Macroeconomic Theory I
Fin899 - Finance Seminar (Readings class)

Winter
Econ805 - Microeconomic Theory II
Econ807 - Macroeconomic Theory II
Econ740 - Statistical Inference
Fin899 - Finance Seminar (Readings class)

Spring
Econ808 - Microeconomic Theory III
Econ809 - Macroeconomic Theory III
Econ741-Econometrics
Fin899 - Finance Seminar (Readings class)

End of Year One Examinations
Finance Qualifying Exam
Microeconomics Qualifying Exam


Year Two
Autumn
Fin920 - Asset Pricing Theory
Econ742 - Advanced Econometrics
Econ818 - Information Economics

Winter
Fin921 - Empirical Asset Pricing
Econ840 - Time Series Econometrics
Fin922 - Corporate Finance

Spring
Fin924 - Behavioral Finance
Econ842 - Advanced Econometrics

End of Year Two Examination
General Examination

Year Three
Autumn
Fin923 - Research in Finance

Winter
Fin923 - Research in Finance

Details of some of the above course offerings are available at the websites of the Finance Department and the Economics Department.

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