The Ph.D. Program - Finance
Sample Finance Curriculum:
Term 0: Summer before start of Year 1
Preparatory material in mathematical economics will be assigned during the summer prior to the beginning of the fall semester.
Term 1: Fall of Year 1 (15 credit hours)
- MATH 605: Real Analysis I
- MATH 607: Probability and Statistics
- BUSN 705: Optimization Theory (Session 1: First 7 Weeks)
- BUSN 706: Producer and Consumer Theory (Session 2: Second 7 Weeks)
- BUSN 811: Empirical Corporate Finance I
Term 2: Spring of Year 1 (15 credit hours)
- MATH 608: Probability and Statistics
- MATH 603: Stochastic Processes
- BUSN 703: Research Seminar in Finance I
- BUSN 707: General Equilibrium Theory and Introduction to Game Theory
- BUSN 709: Econometrics I
Qualifying Examination: Summer of Year 1
All students are required to pass a qualifying examination administered and graded by the Finance Graduate Faculty.
Proficiency in Statistical Software:
During year 1, students are expected to develop proficiency in the use of statistical software such as SAS and STATA.
First-Year Paper: Summer of Year 1
All students are required to complete a first-year paper. The paper must contain an in-depth review of an area of the literature and should reproduce at least some portion (e.g., a key table) of the results of one of the papers reviewed.
The research paper comprises part of the grade for BUSN 703. All Ph.D. students are required to attend the Finance Seminar Series.
Term 3: Fall of Year 2 (12 credit hours)
- MATH 726: Linear Models
- BUSN 701: Finance Theory I
- BUSN 708: Economic Theory of Organizations
- BUSN 812: Empirical Corporate Finance II
Term 4: Spring of Year 2 (12 credit hours)
- BUSN 702: Finance Theory II
- BUSN 704: Research Seminar in Finance II
- BUSN 710: Econometrics II
- BUSN 813: Empirical Financial Markets I
Comprehensive Examination: Summer of Year 2
All students are required to pass a comprehensive examination in finance, administered and graded by the Finance Graduate Faculty.
Second-Year Paper: Summer of Year 2
All students are required to complete a second-year research paper. The paper should contain original research. At least three members of the Freeman School graduate faculty must review and accept the paper.
The research paper comprises part of the grade for BUSN 704. All Ph.D. students are required to attend the Finance Seminar Series.
Third, Fourth, and Fifth Years:
Research seminar courses will be offered in the third and fourth years of the program. Students must complete nine additional graduate elective credit hours in finance or related fields. Students are expected to work closely with their advisors and to devote most of their time to developing original research in finance. The goal should be to produce a paper ready for submission to a top-tier journal by the end of the third year.
Dissertation:
To graduate, a student must produce and successfully defend a dissertation consisting of original research in finance. Generally, it is expected that a dissertation will consist of two or three original research papers of publishable quality unified by an essay integrating and summarizing the overall contribution. A proposal of the dissertation must be presented and defended orally before the student's dissertation committee.
By the beginning of the fourth year of the program, each student should select a Chairperson of his Dissertation Committee to supervise his dissertation research. The dissertation committee will be chaired by the student's advisor and include, in addition to the Chairperson, at least two other members of the Freeman School graduate faculty. The Committee should have at least one member who is not in finance. Dissertation defenses are to be conducted publicly.
Teaching:
In addition to research activities, from the beginning of the third year onward, students will be expected to participate as teaching assistants and instructors to gain experience in teaching. Teaching in the Freeman School's Bachelor of Science in Management or Master of Finance program is a Ph.D. degree requirement.
Finance Ph.D. Courses:
BUSN 701, 702: Finance Theory I and II
BUSN 703, 704: Research Seminar in Finance I and II
BUSN 705: Optimization Theory
BUSN 706: Producer and Consumer Theory
BUSN 707: General Equilibrium and Introduction to Game Theory
BUSN 708: Economic Theory of Organizations
BUSN 709, 710: Econometrics I and II
BUSN 801, 802: Finance Theory III and IV
BUSN 803, 804: Advanced Research Seminar in Finance I and II
BUSN 811, 812: Empirical Corporate Finance I and II
BUSN 813, 814: Empirical Financial Markets I and II
BUSN 815: Investments
BUSN 999: Dissertation Research