PhD Degree Requirements (48 hours)

Required Courses (42 hours)

Major Courses, nine hours	Course Number
Theory of Finance	FINA 9200
Investments and Capital Markets	FINA 9110
Corporate Finance	FINA 9120
Research Methodology	FINA 9130
Directed Study (survey and curriculum papers)	FINA 8990
Mathematical Finance (Options, Futures, and Other Derivatives)	FINA 9100

Minor Courses, nine hours	Course Number
Mathematical Analysis for Economists	ECON 8000
Microeconomic Theory I	ECON 8010
Microeconomic Theory II	ECON 8020

Research Methodology, 15 hours	Course Number
Statistics for Econometrics	ECON 8070
Introduction to Econometrics	ECON 8070
Econometrics I, II & III	ECON 8110/8120/8130

Elective Courses, six hours
MAJOR (six hours) Select from MBA courses and other FINA PhD seminars offered on an occasional basis.
Additional coursework may be required based on each student's background and needs.

A minimum of 16 courses (three hours each) for a total of 48 hours, not including FINA 9300 (dissertation) is required. Substitutions may be allowed if approved by the graduate coordinator. All electives must be approved by the graduate coordinator.

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Guidelines for Survey and Curriculum Papers

Prior to sitting for comprehensive exams at the end of the second year, each student must complete two papers: a survey paper and a curriculum paper. The requirements and guidelines for these two documents are spelled out below.

The Survey Paper

The objective of the "survey paper" is to provide the student with an in-depth understanding of an area of research with the intention that it might lead to ideas for a curriculum paper or a dissertation topic. The survey paper shall be under the guidance of a faculty member and be graded as pass or fail by the faculty member in conjunction with the graduate coordinator. Students should choose a faculty advisor for this project by the end of spring semester of their first year, and must complete and turn in the final draft by August 15 of the summer following the student's first year of study.

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The Curriculum Paper

The curriculum paper (CP) has multiple objectives. The primary objective is the experience of carrying a research project from beginning to end, where "end" is a first draft of a paper, not a polished version ready for journal submission. A secondary objective, but ultimate career-enhancing goal, is a publishable paper and a potential job-market paper. A third objective is to further telescope students' thinking about potential dissertation topics. Deadlines and faculty involvement in a CP are as follows:

1. Students should have a director and a reader for their CPs (the "CP committee"), which they should choose during the fall of their second year.
2. In conjunction with their CP committee, students should "independently" attempt to generate a topic for their CPs. Nevertheless, it is perfectly acceptable for the director or reader to lead to a student to a topic or even give a student a topic.
3. The first draft of the CP, which should be the student's work product, is due on July 15 of the second year, approximately one month following the written preliminary exams.
4. Each student will present his or her CP at a research seminar before the faculty as soon as possible during the semester following the written preliminary exams. The student should set the date for his/her CP presentation by working with the faculty member in charge of the department's seminar series, as well as the student's advisor and the graduate coordinator.
5. Clarification of student's work product: Because of guidance and feedback by the student's CP committee, student's work product enters a gray area. It is clear, however, that a student's CP, which is a first draft of a manuscript, should not be a co-authored paper. But, it is conceivable and in fact desirable, for CPs with strong potential for presentation at professional meetings and publication to evolve into co-authored work suitable for a top journal.

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Typical Course Sequence

This is a sample plan of study only. Note that while MBA courses are not specifically listed in the sample plan of study, all PhD students must demonstrate a mastery of MBA-level finance. Students are encouraged, and may be required, to take MBA classes as necessary in order to achieve this goal. Each student, with consultation from the graduate coordinator, must complete a preliminary program of study upon entering the program.

Year 1

Fall	Spring
ECON 8000: Mathematical Analysis for Economists	ECON 8080: Introduction to Econometrics
ECON 8010: Microeconomic Theory I	FINA 9110: Seminar in Investments b
ECON 8070: Statistics for Econometrics	FINA 9120: Seminar in Corporate Finance b
FINA 9200: Theory of Finance	ECON 8020: Microeconomic Theory II
Elective(s) a	Elective(s) a

Summer Semester
Written qualifying exams c
FINA 9130: Financial Research Methodology
FINA 8990: Directed Study in Finance (Survey paper)

Year 2

Fall	Spring
ECON 8110/8120/8130: Econometrics e	ECON 8110/8120/8130: Econometrics e
ECON 8030: Microeconomic Theory III	FINA 9100: Mathematical Finance b
Elective(s) a	ACCT 9120: Capital Markets Research in Accounting b
Curriculum paper	Elective(s) a
	Curriculum paper

Summer Semester
Written preliminary comprehensive exams d
Curriculum paper

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Years 3 and 4

ECON 8110/8120/8130: Econometrics e
FINA 9300: Doctoral Dissertation
FINA/ECON Elective(s) a

Students are required to present/defend their curriculum papers and complete their comprehensive oral exams in the fall of their third year. To increase richness and depth of knowledge, PhD candidates should seriously consider participating again in finance PhD seminars covering their specialization, and may be required to do so at the discretion of the graduate coordinator and/or their advisor.

Notes

(a) The graduate coordinator must approve all electives and/or course substitutions.

(b) Some PhD seminars may not be offered every year. Thus, you will take some in your first year and some in your second year, not necessarily in the order listed in this sample plan of study.

(c) All finance PhD students are required to pass two qualifying exams after their first year (typically offered in late May or early June). One is the Finance Qualifying exam, the content of which is determined by the graduate coordinator in consultation with the finance faculty - coverage includes all MBA-level finance as well as students' first-year coursework. The other is the Microeconomics Preliminary exam, which is administered by the economics department. One re-take may be allowed, and will be offered approximately two months after student made the first attempt (typically August). Failure of either exam means dismissal from the program.

(d) Preliminary (comprehensive) exams broadly cover corporate finance and investments. One re-take may be permitted; failure means dismissal from the program. The graduate coordinator and the written examination committee, with consultation from most finance faculty members, as well as faculty from other departments, write and evaluate the preliminary examinations.

(e) ECON 8110, 8120, and 8130 are offered in sequential semesters, but can be taken in any order once ECON 8080 is a completed.

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