Finance Curriculum
There are specific requirements for the doctoral program in each concentration. The concentration can specify how certain departmental requirements are to be met and can add requirements or increase minimum standards. Note that optional courses may be taken in addition to the required courses, not instead of them. Students must consult with their field advisor to ensure that their choices make a sensible program.

1st Semester:

PhDBA 239A (Discrete-Time Asset Pricing)

Math 104 (Real Analysis)

Econ 204 (Pre-requisite for Econ 201A, summer session class)

Econ 201A (Economic Theory)

Econ 240A (Econometrics)

Optional:

Stat 200A (Statistics)

Econ 202A (Macroeconomic Theory)

Math 195 (Stochastic Calculus)

Stat 205A (Probability Theory and Measure Theory)

2nd Semester:

Econ 201B (Information Economics, General Equilibrium)

Econ 240B or ARE 212 (Econometrics)

MBA 236A (Futures and Options Markets)

MBA 231 (Corporate Finance)

Optional:

Econ 202B (Macroeconomic Theory)

MFE 230Q (Introduction to Stochastic Calculus)

3rd Semester:

PhDBA 239C (Empirical Finance)

ARE 213 or Econ 241B (Econometrics)

Optional:

Econ 206 (Mechanism Design and Agency Theory)

Econ 209A (Theory and Applications of Non-Cooperative Games)

4th Semester:

PhDBA 239B (Continuous-Time Finance)

PhDBA 239D (Microstructure and Corporate Finance), offered every other year

PhDBA 297A (Microeconomic Theory for Business, not offered frequently)

Optional:

Econ 241A (Econometrics)

Written Examination

Given at the end of the second year, the exam consists of two parts given on consecutive days, eight hours each, closed book. The questions are primarily built on the required field courses listed above. In addition students may be asked questions that involve creative extensions to what they have learned.

Additional Requirements

Students are encouraged to focus on research early. During their first summer, students are required to produce a research paper that identifies an open question in the literature. Students present these ideas in a seminar early in the Fall semester of their second year. During their second summer, after the preliminary examinations, students work towards producing a polished research paper. This is done under the supervision of two faculty members who evaluate the work. Success in independent research is a requirement for satisfactory progress in the program.

Oral examination

Students submit and defend their dissertation proposals in the oral qualifying examination. The objective is to determine whether students have the intellectual capacity and academic preparation to complete the program. Successful completion of prior phases of the program and a well-defined research proposal are required.

Dissertations

A dissertation is the formulation and completion of a major research project and its written presentation. It is the last step in the program.

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