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Applications will be accepted beginning October 2008 for admission to the PhD program in Fall 2009
The Ph.D. program in Business Administration with a specialization in finance is a research-oriented program designed to prepare students for careers in academics and business. The coursework in the Ph.D. program is designed to be an intensive course of study in both the theory and empirical application of finance. The course of study includes a combination of classroom instruction, a research tool, seminars, independent studies, and work with the Finance faculty. In addition to coursework, students are required to pass written and oral comprehensive examinations, write an acceptable dissertation and pass a final oral examination.
Ph.D. students in Finance are required to demonstrate a mastery of the core areas by passing comprehensive examinations in corporate finance and investments. These two areas are complementary and useful in other areas of Finance such as banking and insurance. Ph.D. students are required to take a Qualifying Examination in financial theory after completion of the first year. Students who fail this exam will be terminated from the program.
Students need a good background in calculus, statistics, and linear algebra. A deficiency in this area must be rectified as soon as possible after starting the program. Modern Finance is highly quantitative, and students are encouraged to fully develop their quantitative skills.
Ph.D. students are required to take Economics 973 (Micro-economics) and complete it with a grade of B or better. Economics 983 and 984 (Advanced Microeconomic and Macroeconomic Theory) are highly recommended.
Students must fulfill the minimum econometrics requirement by completing Econometrics 957 and 958 with a grade of B or better in each course. (A separate handout explaining how to prepare for econometrics course(s) is available from the Economics Department Graduate Office). Normally students are also expected to take Econometrics 959 (Econometrics Seminar) with a B grade or better. Taking a field in econometrics is encouraged.
Ph.D. students in Finance are required to take three major areas of concentration in Finance, and one outside the area of Finance.
Each student must undergo an annual review to determine their progress. The review is conducted with each student by a faculty committee.
A student who has achieved full graduate status has demonstrated ability in the fundamental subject matter of his\her major field and professional promise, has selected the areas of concentration, and has found a faculty member in the Finance Department to guide their research may request the Departments Graduate Committee to recommend to the Graduate College the appointment of a supervisory committee. The Graduate Committee shall recommend the appointment of the supervisory committee for a doctoral student when he\she has successfully completed the finance theory requirement, economics theory, and the econometrics requirement.
In special circumstances a student may petition the Graduate Committee to form a supervisory committee before completing the above requirements.
The Supervisory Committee of a Ph.D. student will usually meet within three weeks after its formation to approve a program of studies. A student must file a program of study before completing more than half of his/her program.
When a students course work is substantially completed and he\she has satisfied all core requirements and has passed the first-year Finance Theory Qualifying Examination, he\she will be expected to undergo comprehensive written examinations in his\her areas of specialization (majors and minors).
All Ph.D. students in the Finance program must pass the corporate finance and investments comprehensive examinations. In some instances, the investments area may be replaced by another area with the approval of the students committee.
Ph.D. students in Finance are eligible to take comprehensive examinations in an area only after the successful completion of all core courses in that area. A Ph.D. student in Finance must remove incompletes in the relevant area before taking written comprehensive examinations. Comprehensive examinations are scheduled twice a year, January and July.
If a student fails all or a portion of his\her comprehensive written examinations, he\she may be given a second opportunity, no earlier than at the next regularly scheduled comprehensive examinations.
After a successful defense of the topic, the student must submit the Application for Admission to Candidacy for the Degree of Doctor of Philosophy to the Graduate College. Candidacy for the Ph.D. degree commences as of the date of completion of the oral defense of the dissertation topic.
Every Ph.D. student must submit a tentative outline of their dissertation to the Supervisory Committee and defend the proposed topic and methodology before the committee as a condition of approval of the topic.
The doctoral dissertation involves a substantial research project and indicates evidence of the candidates ability to carry on independent, original research in his\her field. It, accordingly, reflects the candidates mastery of the appropriate scientific tools and to engage in fruitful research in the future.
The question, problem or hypothesis under investigation should be well defined and delimited so that it is manageable with the resources available. The dissertation should be a well-organized, tightly-written manuscript suitable for publication as a monograph or series of publishable papers.
The following suggestions are offered to students regarding the dissertation:
