PcrG Requirements And Requirements For The MBA Degree (AP)

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1 THE UNIVERSITY OF CHICAGO Jint Prgram in Financial Ecnmics Department f Ecnmics and Bth Schl f Business Ecnmics Department Chair: Jhn List Directr f Graduate Studies: Azeem Shaikh Student Affairs Administratr: Rbert Herbst Jint Prgram Faculty Advisr: Lars Hansen Bth Schl f Business Faculty Directr, PhD Prgram: Pietr Vernesi Finance Dissertatin Area Advisr: Luigi Zingales Directr, PhD Prgram: Malaina Brwn Assistant Directr, Jint Prgram: Cynthia Hillman Jint Prgram Guidebk TABLE OF CONTENTS JOINT PHD PROGRAM REQUIREMENTS Intrductin... 2 I. Specialized Fields Of Ecnmics Fr The PhD Degree... 4 II. Requirements Fr The PhD Degree... 4 Residency Requirements... 4 Requirements Befre Admissin T Candidacy... 4 Requirements After Admissin T Candidacy III. Requirements Fr the MA and MBA Degrees IV. Funding V. TA Requirement VI. Rules fr Transfer int the Jint Prgram Nte that all infrmatin and plicies in this guidebk are subject t change. Fr supplemental infrmatin n the PhD Prgram in Ecnmics please cnsult the Graduate Prgram Guidebk at and fr infrmatin n the PhD Prgram at the Bth Schl f Business please see the PhD Prgram Guidebk at 1

2 Jint PhD Prgram in Financial Ecnmics Requirements Intrductin The Department f Ecnmics in the Divisin f the Scial Sciences and the Bth Schl f Business ffer a jint prgram f study leading t the PhD degree in Ecnmics and Finance. The aim f this prgram is t explit the strengths f bth spnsrs in training PhD students interested in financial ecnmics: Cre ecnmics training is valuable fr students seeking t d research in financial ecnmics, and advances in financial ecnmics have imprtant spillvers t ther areas f ecnmics. Students must satisfy the prgram requirements fr bth the PhD in Ecnmics and the PhD in Finance as utlined in this guidebk. Students will prpse and defend a single dissertatin t the satisfactin f the Department f Ecnmics and Bth Schl f Business. Upn cmpletin f this prgram, students will be awarded a Dctr f Philsphy degree in Ecnmics and the Finance area f study jintly frm the Divisin f the Scial Sciences and the Bth Schl f Business. The prgram includes curses and cmprehensive examinatin in the three Cre subjects f price thery, the thery f incme, and quantitative methds, as well as cursewrk in the thery f financial decisins and additinal finance cursewrk. In additin t these curses and the Cre examinatin, PhD requirements include a research paper in finance, certificatin f cmpetence in tw Specialized Fields f cncentratin (which can verlap with the finance cursewrk), three curses frm amng three different elective Fields fr the General Distributin requirement (fr mst students these three curses fulfill the Bth Crdinated Sequence requirement), wrkshp participatin, the apprval f a Thesis/Dissertatin Prpsal, and the cmpletin f the Dctral Thesis/Dissertatin. The typical curse lad is three curses per quarter fr tw years; this permits cmpletin f nine curses during the regular academic year. The cmprehensive examinatin fr the Cre subjects is given by the Department f Ecnmics in the Summer Quarter. The finance research paper, which cnstitutes the general exam in finance (alng with successful cmpletin f finance cursewrk), is due in September befre the start f the third year. A prgram f a typical PhD student cnsists f the fllwing sequence: First Year: First Summer: Secnd Year: Secnd Summer: Curses in price thery, the thery f incme, and quantitative methds t prepare fr the Cre examinatin. Cre examinatin. Thery f Financial Decisins curses; additinal curses t fulfill finance and Specialized Field requirements and participatin in Wrkshps. Certificatin in tw Specialized Fields, by exam, by GPA r with a paper (see belw). Identificatin f a Finance Research Paper tpic. Specialized Field Exam (if applicable) and Finance Research Paper. Third & Furth Years: Additinal cursewrk as necessary t fulfill remaining cursewrk requirements, including the general distributin requirement; participatin in Wrkshps. Decisin n a thesis tpic, and presentatin f a Thesis Prpsal Seminar. Admissin t Candidacy. Fifth Year: Cmpletin f the Dissertatin/Thesis and successful presentatin f the Dissertatin/Thesis at a public defense/lecture. 2

3 Deadlines: Reach candidacy by the Autumn quarter f fifth year in residence. Prpse the dissertatin within five years frm the date f matriculatin. Defend the dissertatin within seven years frm the date f matriculatin. These times represent generus upper limits. Mst students will cmplete their studies within five years f matriculatin. If, after careful mnitring and guidance frm the faculty and the Directr and Assistant Directr f the Jint PhD Prgram, students cannt meet the requirements fr candidacy within the allwed fur years, they may be placed n academic prbatin r may be advised t leave the Jint Prgram. Similarly, students wh reach candidacy within the allwed fur years but fail t defend a dissertatin within the three subsequent years may als be withdrawn frm the Jint Prgram. Students are advised t becme cmpletely familiar with the degree requirements cntained herein, as well as the department plicies utlined in the Department f Ecnmics Graduate Prgram Guidebk, and the plicies and cdes f cnduct utlined in the Bth PhD Guidebk and n the Scial Sciences website: Requests fr clarificatin f rules shuld be directed t the Assistant Directr f the Jint PhD Prgram in Financial Ecnmics. The rules are subject t changes by the faculty, and students in the prgram are urged t cnsult the mst recent guidebk. Grading Quality letter grades and the numeric values used t calculate GPA in the Department f Ecnmics are as fllws: A=4.0, A-=3.7, B+=3.3, B=3.0, B-=2.7, C+=2.3, C=2.0, C-=1.7, D+=1.3, D=1.0, D-=1.0, F=0. Students are required t take quality letter grades fr the curses used t meet the MA r MBA, the Specialized Fields fr which a GPA certificatin is allwed, the General Distributin requirements, and all finance cursewrk (except wrkshps). The level f quality grades necessary t meet each f these requirements is described in their respective sectins belw. The Bth grading system is used when cmputing GPA fr Bth curses and fr the Finance Area GPA fr the third year review: A+ = 4.33, A = 4, A- = 3.67, B+ = 3.33, B = 3, B- = 2.67, C+ = 2.33, C = 2, C- = 1.67, D+ = 1.33, D = 1, and F = 0. A grade f F cunts in the GPA calculatin even thugh the curse des nt cunt tward the degree requirements. Grades f P, I, R, S, U, and W d nt cunt in grade-pint calculatins. Nte that GPA is nt reprted n fficial University transcripts. The grade f P (meaning Pass ) indicates that the student has submitted sufficient evidence t receive a passing grade and may nly be used fr the fulfillment f the Research Paper Requirement and the Finance Wrkshp requirement. The grade f "I" (meaning Incmplete ) indicates that the student has nt yet submitted all the evidence required fr a final grade; if an "I" grade is nt changed t a quality letter grade it has the same meaning as a grade f "R". Bth cursewrk that receives an I must be changed t a quality letter grade n later than ne year after the end f the curse; therwise the curse cannt be cunted tward degree requirements. The grade f "R" (meaning Registered ) indicates that the student has registered fr a curse but has submitted n evidence f the quality f his/her wrk in the curse; n ther inference can be drawn frm the grade. Students may nt register fr a grade f R fr Bth curses. An "R" grade shuld be taken nly after careful cnsideratin f the pssible cnsequences and cannt be 3

4 requested after the last class meeting f a curse and cannt be changed t a quality grade at a later time (r vice versa). Quality letter grades are useful t bth the student and members f the faculty wh advise the student. The grades are valuable as predictive devices with respect t the successful cmpletin f the requirements fr a degree and are used in making merit-based funding decisins. Quality grades in the Cre curses may be cnsidered tgether with perfrmance n the Cre Examinatin t demnstrate cmpetence equivalent t a PhD Pass n the PhD Cre Examinatin. I. SPECIALIZED FIELDS OF ECONOMICS FOR THE PHD DEGREE 1. Advanced Financial Ecn (GPA certificatin) 2. Metrics & Stats (GPA certificatin) 3. Ecnmic Grwth/Internatinal Trade (GPA certificatin) 4. Financial Ecnmics (GPA certificatin) 5. Labr Ecnmics (TBD) 6. Industrial Organizatin (Paper certificatin) 7. Macrecnmics (TBD) 8. Mathematical Ecnmics (GPA certificatin) 9. Other (See Specialized Field Requirements) II. REQUIREMENTS FOR THE PHD DEGREE RESIDENCY REQUIREMENTS In additin t prgram requirements specified by the Department f Ecnmics and Bth, dctral students must meet University residence requirements as set frth in the Student Manual f University Plicies and Regulatins. See the sectin n the Residence System Fr Students in PhD Prgrams in the Student Manual at: CURRICULUM AND REQUIREMENTS BEFORE ADMISSION TO CANDIDACY 1. Cre Requirements The cre curses cnsist f Ecnmics (Price Thery), Ecnmics (Quantitative Methds), and Ecnmics (Thery f Incme). The Cre examinatin (given in the Summer Quarter f each year) tests students mastery f material in these nine curses. T be admitted t PhD Candidacy, a student must demnstrate cmpetence in this material either by: Receiving a grade f PhD Pass n the Cre Examinatin; r by: Perfrmance n the Cre Examinatin tgether with quality grades in Cre Curses that the Cre Examinatin Cmmittee judges t demnstrate cmpetence equivalent t (i). Students must apply t the Ecnmics Department t take the Cre examinatin by the last Friday f Spring Quarter using the Cre Exam Applicatin frm fund n the department website: (Fr mre infrmatin, see Sectin IV belw.) N mre than tw attempts are allwed t earn a PhD Pass n the Cre examinatin: ne in the summer f the first year and the ther, if necessary, in the summer f the secnd year. Please see 4

5 sectin 5 regarding the Secnd Year Paper in Finance; nte that the Finance Paper is due befre entering the third year even if a student must retake the Cre examinatin. Cre cursewrk fulfills the Bth supprt area requirement, which cnsists f six curses in ecnmics: at least tw price thery curses, at least ne (but nt mre than tw) thery f incme curses, and at least ne (but nt mre than tw) quantitative methds curses. Additinal details n the supprt area requirement can be fund in the Bth PhD Prgram Guidebk. N additinal cursewrk is necessary t fulfill the supprt area requirement, as lng as the student meets the GPA requirement f 3.0 fr these curses. 2. Optinal First Year Summer Paper in Finance Finance students wishing t write an ptinal research paper during the summer fllwing their first year in the Prgram may apply fr a grant t the Center fr Research in Security Prices (CRSP). Tw types f prjects are pssible: (1) Original Research: Submit an riginal paper t the PhD Office by the end f September f the first year. If the paper is an extensin f ne written fr a curse, the extensin must be substantial and the riginal paper must be submitted with the CRSP research paper. The Finance faculty will evaluate these papers and prvide feedback. (2) Junir C-authrship: Wrk as a junir c-authr with a Finance faculty member. The student must be signed n as a junir c-authr by a faculty member befre the summer quarter f the student s first year in the Prgram. (See Chapter 8 f the Bth Guidebk fr details abut c-authrship.) The requirements and prcedures are as fllws: Papers must have substantial financial cntent. The student must be in residence and wrk during his r her first summer in the Prgram. The student must submit an utline (see belw) f the prpsed paper t the PhD Office by the spring quarter deadline utlined by the PhD Office. Students writing an riginal research paper must submit an utline f the prpsed study r a cpy f an existing paper the student is extending t the tw Finance faculty members with whm the student wuld like t wrk. Students wrking as a junir c-authr with a Finance faculty member must submit an utline f the prpsed jint prject. The utline shuld be accmpanied by the apprpriate CRSP applicatin frm, signed by tw Finance faculty spnsrs. Students in the Jint Prgram are encuraged t wrk with ne faculty member frm Bth and ne frm the department f Ecnmics. A draft f the paper r research prject must be submitted t the PhD Office by the first day f autumn quarter. The paper r research prject will be evaluated by a cmmittee f three Finance faculty members. If it is apprved, the student will receive a grant f $5,000 befre the end f the autumn quarter. 3. Six Finance Curse Requirement Students must take at least six finance curses as stipulated belw: The fllwing fur required classes: B35901, B35902, B35903 Thery f Financial Decisins I-II-III; and B35904 Asset Pricing r B35912 Asset Pricing Thery. At least tw electives frm this list: B35905 Tpics in Empirical Finance 5

6 B35906 Behaviral Finance B35907 Tpics in Asset Pricing B35908 Research Prjects B35910 Asset Pricing and Macrecnmics B35913 Advanced Thery f Crprate Finance and Capital Markets B35915 Internatinal Macrecnmics and Finance B35132 Advanced Mdels f Optin Pricing and Credit Risk B33911 Ecnmics f Infrmatin Please nte that nt all f the curses n the electives list abve are ffered every academic year. Students shuld cnsult the Bth curse list published each year nline and the Ecnmics Guidebk and plan accrdingly. Students must btain a grade pint average f at least 3.5 ut f 4.0 in the six finance curses. Students must cmplete this curse wrk by the end f the spring quarter f their secnd year. At the discretin f the finance faculty, a student wh has passed the Secnd Year Paper in Finance Requirement (see belw) but wh has nt met the Six Finance Curse Requirement, may be allwed t cntinue in the Finance Dissertatin Area cnditinal n meeting the Six Finance Curse Requirement by the end f the spring quarter f the student s third year. Finance cursewrk can be used t fulfill bth f the required specialized fields fr the PhD in Ecnmics. Cmpetence in each specialized field is certified by exam, by GPA r by the cmpletin f a graded research paper. Methds f certificatin f cmpetence in financial ecnmics and advanced financial ecnmics as specialized fields are determined each year by the faculty teaching these curses. 4. Specialized Field Requirements Students must demnstrate cmpetence in tw Fields t be chsen frm the list in Sectin I abve. In rder t cmplete the Six Finance Curse Requirement by the end f year tw, students in the Jint Prgram will generally use Financial Ecnmics and Advanced Financial Ecnmics as Specialized Fields. Hwever, if Other is chsen as a Field, the prgram f wrk must be apprved by the Ecnmics Directr f Graduate Studies. The methd(s) fr certifying cmpetence in each Specialized Field will be chsen by the faculty teaching in that Field and annunced each Autumn. Specifically, the methds are: Certificatin with a GPA (3.0 average) in the Field curses Certificatin with a Preliminary Examinatin Certificatin with a Preliminary Paper. GPA Certificatin: Successful cmpletin within a single academic year f the required sequence f curses, taken fr quality letter grades with a grade pint average f 3.0 r better. N curse can be cunted fr GPA certificatin in mre than ne field. Preliminary Examinatin: Successful perfrmance n a written Preliminary Field examinatin. As preparatin fr the examinatin, students are expected t take the curses in that Field. Preliminary Paper: Successful cmpletin and evaluatin f a paper related t the Specialized Field by the end f the summer fllwing cmpletin f the field curses. 6

7 Specialized Fields must be declared n a written Applicatin fr Specialized Field Certificatin by the last Friday f the Spring Quarter f a student s first pst-cre year. N mre than tw attempts are allwed t earn certificatin in a Specialized Field: ne in the secnd year and the ther, if necessary, in the third year. Different fields may be chsen fr secnd attempts at Specialized Field certificatin. A student wh has nt received a PhD Pass fr the Specialized Field requirements after tw years f Field curses may nt cntinue fr the PhD degree. 5. General Distributin and Crdinated Sequence Requirements Demnstratin f cmpetence in at least three curses in three different fields utside f the tw Specialized Field Requirements chsen frm the Fields listed in Sectin I abve. Cmpetence is demnstrated with a grade f C- r better. General distributin curses may be used t fulfill the Bth s crdinated sequence requirement; hwever, t fulfill this requirement, an average grade f B (3.0) r higher is required acrss the three curses. Curse Credit Students may use graduate curses taken at in ther departments r at ther apprved institutins t satisfy the crdinated sequence/general distributin requirements with apprval f the Bth Finance area advisr, the Directr f the Bth PhD Prgram, and the Ecnmics Directr f Graduate Studies. Requests shuld be made thrugh the Assistant Directr f the Jint Prgram. Curse Overlap Generally, curses taken t satisfy the General Distributin Requirement cannt be used t satisfy any ther PhD curse r General Examinatin requirement. 6. Secnd Year Paper in Finance/Third Year Research Paper Requirement T fulfill the Secnd Year Paper in Finance Requirement, a student must submit an riginal research paper in early September at the end f the student s secnd year in the Prgram. There are n extensins t this deadline, regardless f whether r nt a student must retake any Cre exams. This paper is written under faculty supervisin; at least ne faculty member must be a Bth finance faculty member. After the Secnd Year Paper in Finance has been reviewed, the finance faculty will evaluate the student s verall perfrmance in the student s finance curses and research t decide if the student has successfully cmpleted the General Examinatin requirements in finance. Papers c-authred with faculty members r students (at Chicag r elsewhere), r where cauthrship is anticipated, may nt be used t satisfy any f the Finance research requirements fr a PhD (secnd-year paper r dissertatin). A student may fulfill bth the Bth Curriculum Paper Requirement and the Finance Paper Requirement with the same paper. Hwever, the student must als cmply with the Curriculum Paper submissin and paperwrk requirements (including presenting the paper in a wrkshp r brwnbag; see Bth PhD Guidebk fr additinal details n the Curriculum Paper requirement). The Secnd Year Paper in Finance may als be used t fulfill the Ecnmic Department s Research Paper Requirement (see belw fr additinal details). Alng with all Ecnmics students, students in the Jint Prgram are required t write a research paper under faculty supervisin by enrlling the Required Research Seminar. The Research Seminar (ECON ) shuld be taken in the student s third year f study. Students in the Research Seminar will meet weekly, thrughut the year. The requirement fr successful 7

8 cmpletin f the Research Seminar is a Research Paper. Students in the Jint Prgram may use the Research Seminar t refine the existing Finance Paper, anther existing paper, r t write a new paper. The final draft f the Research Paper is due n later than the end f the Spring quarter f the third year. The faculty supervisrs(s) must apprve by giving a grade f P (with a grade f A allwed fr utstanding papers). Unsatisfactry papers r thse with requested revisins will be due by the start f the Autumn quarter f the furth year. Students may nt register fr their furth year f study unless this requirement is cmpleted. 7. Wrkshp Requirements Frm the secnd year n int subsequent years students are required t attend at least ne Ecnmics Wrkshp r faculty-supervised Wrking Grup n a regular basis. Students may attend different wrkshps in different quarters r years, if preferred. This includes the standard Wrkshps as well as Wrking Grups listed as "600-level" Wrkshps. The 600-level Wrkshps require cnsent f the instructr, and he r she is nt bliged t grant permissin t everyne. Students are required t register fr the Bth Finance Wrkshp, B35600, fr a grade f Pass/Fail each quarter that it is ffered during their secnd and third years in the PhD Prgram. Attendance at least 70% f the wrkshps is required t btain a grade f Pass. Presentatin Requirement: Students must present their research at the University f Chicag tw times in each f the third and furth years. The curriculum paper presentatin and dissertatin prpsal may cunt tward this requirement. At least ne faculty member must be present at the presentatin. 8. Furth Year Registratin Requirements Befre registering fr their furth year in the prgram, students must prvide the Student Affairs Administratr f the Ecnmics department with: a shrt (ne-page) descriptin f their thesis prject; a brief (ne-paragraph) mem frm their (tentative) thesis cmmittee chairman giving his/her view f the prject. Questins regarding this requirement shuld be directed t the Assistant Directr f the Jint Prgram. 9. Thesis/Dissertatin Prpsal Students must write a thesis prpsal and give a thesis seminar (called a prpsal at Bth) fllwing the prcedures described belw. Remember t allw plenty f time in advance fr planning and scheduling the seminar. T gain frmal apprval, the student s dissertatin prpsal must be presented at a seminar. At this seminar, pen t all PhD students and faculty members, the student has an pprtunity t explain, defend, and mdify the dissertatin prpsal. The final decisin t permit the student t prceed with the dissertatin tpic is made by the dissertatin cmmittee cmpsed f the dissertatin chairpersn and at least three ther faculty members. The chairpersn authrizes the scheduling f the dissertatin prpsal seminar by sending an t the Assistant Directr (this must include the date f the prpsal). Please see the instructins belw fr additinal details n scheduling the dissertatin prpsal. Once scheduled, the PhD Prgram Office distributes a ntice inviting all faculty and dctral students in the 8

9 Department f Ecnmics and Bth t attend the seminar. This ntice must be sent ut n later than tw weeks prir t the date f the seminar. The student must prvide a cpy f the entire prpsal t each dissertatin cmmittee member and the PhD Prgram Office ne week befre the prpsal seminar. Students must be prepared t circulate a draft at any pint after the annuncement upn the request f Ecnmics faculty members. PhD Dissertatin Cmmittee There is n frmal prcess fr creating a dissertatin cmmittee. As a student prgresses t the dissertatin stage, he r she begins wrking with a faculty advisr. Fr example, the advisr may be ne f the student s Finance Paper readers. This advisr typically then becmes the chairpersn f the dissertatin cmmittee. As the student develps the dissertatin, he r she selects ther members f the cmmittee n the advice f the chairpersn, r by appraching ther faculty members wh have shwn an interest in the dissertatin tpic. Jint Prgram rules regarding cmmittee membership are as fllws: (1) The dissertatin cmmittee is cmpsed f fur members wh must be apprved by the Directr f the PhD Prgram. (2) All cmmittee members must be tenured r tenure-track faculty members. (3) At least ne member must be frm the Ecnmics department and ne member frm the Finance faculty at Bth. (4) At mst, ne cmmittee member may be a tenure track r tenured faculty member at a university ther than the University f Chicag. (When a Bth faculty member n a student s cmmittee departs the University prir t the student s defense, the Directr f the PhD Prgram may permit an exceptin t this rule.) (5) The cmmittee chairpersn must be a member f either the Bth Finance faculty r the Department f Ecnmics. Students are encuraged t have c-chairs (ne frm the Ecnmics Department and ne frm the Finance faculty at the Bth). (6) Emeritus faculty frm Bth and the Department f Ecnmics may serve as cmmittee members and/r as chairpersn f the cmmittee. (7) At least three cmmittee members, including the chairpersn, must be present at the dissertatin prpsal seminar; the cmmittee vte must be unanimus fr the student t pass the dissertatin prpsal seminar. Any cmmittee member wh will vte in absentia shuld sign in advance either the regular cmmittee apprval frm r an absentee member apprval frm that is available frm the PhD Office. (8) At least three cmmittee members, including the chairpersn, must be present at the dissertatin defense seminar; the cmmittee vte must be unanimus fr the student t pass the dissertatin defense seminar. Any cmmittee member wh will vte in absentia shuld sign in advance an absentee member apprval frm that is available frm the PhD Office. (9) Members f the dissertatin cmmittee change nly in exceptinal circumstances. Changes must be apprved by the faculty directr f the Jint Prgram and the faculty directr f the Bth PhD Prgram. All questins and requests shuld be made thrugh the Assistant Directr f the Jint Prgram. Scheduling the Thesis/Dissertatin Prpsal (1) The student sends the thesis prpsal paper t all cmmittee members wh discuss whether it is acceptable fr the prpsal seminar (referred t as a prpsal at Bth). (2) When the prpsal paper is deemed acceptable, the student wrks with the cmmittee members t find a mutually agreed upn day and time fr the prpsal. (3) N later than 2 weeks befre the chsen date, have the chairpersn f the cmmittee send an t the Assistant Directr, authrizing the scheduling f the prpsal seminar. If yu want t schedule a prpsal between days in advance, yu must get the permissin f yur entire cmmittee in rder t d s. Each member f yur cmmittee must 9

10 send the Assistant Directr an , indicating that apprval fr the scheduled day and time fr the prpsal. The prpsal cannt be scheduled less than 10 days in advance under any circumstances. The prpsal cannt be annunced withut the cmmittee chair s authrizing the prpsal date. (4) Send an t the Assistant Directr stating the title f yur dissertatin and the members f yur cmmittee. Indicate if any cmmittee members will be in absentia. Indicate if any member f yur cmmittee is frm anther department/schl f the University r anther university (give the members department/schl/university and address). (5) The Assistant Directr will bk a rm, prepare the frmal annuncements, and send them ut t bth the Ecnmics Department and Bth. Students must be prepared t circulate a draft at any pint after the annuncement has been made upn the request f Ecnmics faculty members. (6) N later than 1 week befre the prpsal seminar, prvide a cpy f the dissertatin prpsal t each f the cmmittee members and t the Assistant Directr (this may be accmplished in a single addressed t the cmmittee cpying the Assistant Directr). If yur cmmittee des nt receive a cpy by this date, yur prpsal will be cancelled and will need t be rescheduled fllwing the apprpriate scheduling guidelines. (7) Fllwing the prpsal seminar, yu will receive a letter infrming yu that yur chairpersn has been instructed t give yu, within 30 days, a mem utlining all the tasks yu need t d n yur dissertatin in preparatin fr the defense. Please make sure yu receive that mem and when yu d, infrm the Assistant Directr. If yu have truble btaining it, ask fr the assistance f the Assistant Directr. 10. Candidacy Requirements, Deadline and Academic Prbatin Students must be admitted t PhD Candidacy by the end f their furth year in residence. Certificatin f candidacy indicates that a student has reached the advanced stage f the PhD Prgram, permitting him/her t devte full-time attentin t writing a dissertatin. It is a University f Chicag requirement that eight mnths must elapse between admissin t candidacy and cnferral f the degree. The PhD Prgram Office reviews eligibility fr candidacy nce each year. Students have fur years frm the date f matriculatin in the Prgram in which t reach candidacy: Successful cmpletin f the Ecnmics Cre requirements Successful cmpletin f the General Examinatin requirements in Finance Successful cmpletin f an Apprved Crdinated Curse Sequence/General Distributin requirement Successful cmpletin f the Finance and Ecnmics 600-level wrkshp requirements Successful cmpletin f the Presentatin Requirement Successful cmpletin f the Finance Paper requirement (including presentatin in a Curriculum Paper wrkshp) Successful cmpletin and presentatin f a Thesis/Dissertatin Prpsal Students wh have nt been admitted t candidacy by the end f their spring quarter f their furth year may be placed n academic prbatin r may be advised t leave the Jint Prgram. Students nt yet admitted t candidacy by the deadline will remain n academic prbatin until the start f the first quarter fllwing their admissin t candidacy. 10

11 REQUIREMENTS AFTER ADMISSION TO CANDIDACY The Eight-Mnth Requirement Admissin t PhD candidacy must have been granted at least eight mnths befre the awarding f the PhD degree. The Thesis/Dissertatin The dissertatin has n prescribed length. T gain frmal apprval, the student s dissertatin must be presented at a dissertatin defense seminar. The dissertatin defense presentatin may be attended by any PhD student r faculty member, but final apprval f the dissertatin is made by the dissertatin cmmittee. Apprval by the dissertatin cmmittee is required t pass the dissertatin defense. The dissertatin chairpersn, in cnsultatin with the dissertatin cmmittee, determines when a student is ready t schedule a dissertatin defense and infrms the Assistant Directr wh then sends ut a ntice annuncing the defense. This ntice must be sent ut n later than tw weeks prir t the date f the defense. The dissertatin must be submitted t the student s dissertatin cmmittee and the PhD Prgram Office at least ne week befre the dissertatin defense. Students must be prepared t circulate a draft at any pint after the annuncement upn the request f Ecnmics faculty members. Additinal details n scheduling a dissertatin defense are listed belw: Scheduling the Thesis/Dissertatin Defense (1) Send the dissertatin t all cmmittee members wh discuss whether it is acceptable t prceed with the defense. (2) When the dissertatin is deemed acceptable, wrk with the cmmittee members t find a mutually agreed upn day and time fr the defense. (3) N later than 2 weeks befre the chsen date, ask the chairpersn f the cmmittee send an t the Assistant Directr, authrizing the scheduling f the defense seminar. If yu want t schedule a defense between days in advance, yu must get the permissin f yur entire cmmittee in rder t d s. Each member f yur cmmittee must send the Assistant Directr an , indicating that apprval fr the scheduled day and time fr the prpsal. Defenses cannt be scheduled less than 10 days in advance under any circumstances. (4) Send an t the Assistant Directr stating the title f the dissertatin and the members f yur cmmittee. Indicate if any cmmittee members will be in absentia. Indicate if any member f yur cmmittee is frm anther department/schl f the University r anther university (give the members department/schl/university and address). Fr defenses, als indicate infrmatin abut yur jb: title, institutin, lcatin (if knwn). (5) The Assistant Directr will bk a rm, prepare the frmal annuncements, and send them ut t bth the Ecnmics Department and Bth. Be prepared t circulate a draft f the dissertatin at any pint after the annuncement has been made (and up t three weeks after) upn the request f Ecnmics faculty members. (6) N later than 1 week befre the prpsal r defense seminar, prvide a cpy f the dissertatin t each f the cmmittee members and the Assistant Directr (this may be accmplished in a single addressed t the cmmittee cpying the Assistant Directr). If yur cmmittee des nt receive a cpy by this date, yur defense will be cancelled and will need t be rescheduled fllwing the apprpriate scheduling guidelines. Graduatin Prcedures (1) Reach candidacy. Generally this is dne at least 8 mnths befre graduatin. 11

12 (2) Successfully prpse and defend yur dissertatin. If yu have nt yet successfully defended yur dissertatin but plan t d s in time t meet the Dissertatin Office s deadline fr final dissertatin submissins in week 7, yu may still apply fr graduatin. (3) Submit an nline graduatin applicatin(s). All students must submit an applicatin t graduate with Bth (via the Intranet). Students wh entered thrugh the Department f Ecnmics must submit bth an applicatin t graduate with Bth and with the University (fllw the instructins received via frm the Scial Sciences Divisin Office f the Dean f Students). The deadline fr degree applicatin is at the start f the quarter in which yu intend t graduate. If yu are als getting the MBA yu must indicate this n yur applicatin with Bth (nte that yu may nly receive ne degree at Cnvcatin and the ther diplma will be mailed t yu r may be picked up in the Registrar s Office after Cnvcatin). Students may apply fr the MA in Ecnmics as sn as they have met the requirements (typically well befre graduating with the PhD); see Sectin III n instructins fr receiving the MA (students generally may nt receive bth the MA and MBA). (4) Verify with the PhD Office that there is a transcript n file fr each schl frm which yu have received a degree. If the file is incmplete, have an riginal transcript sent t the PhD Office. (5) If yu plan t take any required curses during yur intended graduatin quarter, be sure yu are aware f University and Bth prvisinal grades plicies, as well as the individual prfessr s prvisinal grades plicies, prir t bidding r registering fr yur final quarter s classes (see the Ecnmics Graduate Prgram Guidebk and the Bth PhD Prgram Guidebk fr mre infrmatin). (6) Cntact the Dissertatin Office (Regenstein Library 100B, ) early in the quarter in which yu intend t graduate t reslve any questins r prblems yu may have in preparing yur dissertatin. Please see University Wide Requirements fr the PhD Dissertatin and the Dissertatin Office website fr mre infrmatin: (7) If yu receive a cnditinal pass n yur dissertatin defense: a. Make the required revisins in the dissertatin manuscript. b. Submit the manuscript t yur chair t secure cmmittee apprval f the revised manuscript. c. Cmmittee chairpersn must ntify the Assistant Directr f the unqualified acceptance f the manuscript. The Assistant Directr must receive ntificatin f the unqualified acceptance f the manuscript befre the manuscript can be submitted t the Dissertatin Office. (8) Submit the manuscript electrnically t the Dissertatin Office in the frmat required by the Dissertatin Office by their deadline. After the Dissertatin Office prcesses it, the Assistant Directr will prcess the Departmental Apprval Frm as required by the Dissertatin Office. The deadline fr submitting a manuscript t the Dissertatin Office is listed n their website. Yu cannt graduate if yu d nt meet this deadline. If there is any questin as t the final submissin date, please cntact the Assistant Directr. Please recgnize that the Dissertatin Office ften requires frmatting changes after submissin f yur dissertatin; if these changes are nt made, yu are nt allwed t graduate. Yu must plan t remain in cntact with the Dissertatin Office and the Assistant Directr until yu receive cnfirmatin that yur dissertatin has been accepted by the Dissertatin Office. (9) Submit an electrnic cpy f yur final manuscript t the Assistant Directr. 12

13 Students wh apply t graduate but realize that they will nt be able t graduate must infrm the Assistant Directr that they need t be remved frm the graduatin list. Students wh are remved frm the graduatin list after Friday f week 4 f the quarter will be charged a degree cancellatin fee f $50 per degree. III. REQUIREMENTS FOR THE MA AND MBA DEGREE Requirements fr the MA in Ecnmics The Jint Prgram des nt admit students wh intend t earn nly a Master s degree. Hwever, students wh chse t leave the prgram r fail t meet prgram requirements will in mst cases find themselves eligible fr the MA degree. Alternatively, successful prgress tward the PhD degree nrmally results in a student meeting requirements fr the MA degree as well. Students may apply fr the MA thrugh the Divisin f the Scial Sciences (applicatin may be accessed using myuchicag.uchicag.edu) as sn as the requirements belw have been met. Students wh successfully cmplete the Jint PhD Prgram generally cannt be awarded bth the MA and MBA. Students wh are unsure f which degree best serves their gals may meet with the PhD Prgram Directr r the Jint Prgram Assistant Directr fr mre infrmatin. There are tw alternative sets f requirements that can be used fr the MA degree: A. Receiving a passing quality letter grade in the nine Cre curses: Ecnmics 30100, 30200, 30300, Ecnmics 31000, 31100, 31200, and Ecnmics 33000, 33100, a) At least five f the grades in these curses must be "B-" r better. b) In additin, a grade f M.A. Pass n the Cre Examinatin is required. B. Receiving a passing quality letter grade in nine curses f registratin in graduate level curses in ecnmics. a) At least five f the grades in these curses must be "B-" r better. b) The fllwing curses are required: Ecnmics 30100, 31000, and c) Tw f the curses must be in ne Specialized Field as specified in Sectin I abve. d) In additin, EITHER i) One field certificatin must be passed at the M.A. level. Nrmally this certificatin is in the field in which the tw curses are taken. ii) An M.A. Pass n the Cre Examinatin may be substituted. Nte: Fr the MA degree, nly ne f a student's nine curses may be cunted under the Other Field. That curse must be in the Divisin f the Scial Sciences, the Law Schl, the Bth Schl f Business, the Department f Mathematics, the Department f Statistics r the Harris Graduate Schl f Public Plicy Studies. Requirements fr the MBA A PhD student in gd standing wh wishes t wrk tward the MBA degree while in the PhD Prgram must submit the apprpriate MBA fr PhD Students checklist fr apprval t the PhD Prgram Office and must satisfy the academic plicies and standards f the MBA Prgram, as well as additinal standards f the PhD Prgram. A student may nt get the MBA after the PhD has been cnferred. 13

14 MBA classes cannt be taken in the first tw years f the Prgram unless they are a required part f the student s PhD curriculum as utlined in this Guidebk r there are nt enugh required PhD curses available fr a full PhD curriculum curse lad (during Autumn, Winter, and Spring quarters). MBA curses may nt be taken in the summer after the student s first and secnd year. After the first tw years in the prgram, students may take MBA curses ver the summer nly by petitining fr the Directr s apprval; the Directr will nly apprve thse curses that are an integral part f the student s dctral study. Upn btaining faculty apprval f the dissertatin prpsal in a prpsal seminar, a PhD student is eligible t apply t graduate with the MBA by fulfilling the fllwing requirements (as utlined in the MBA fr PhD Students checklist: New Curriculum [effective Summer 2009]) and submitting a cmpleted MBA fr PhD students checklist t the Directr. Requirements fr the MBA: (1) 3 curses ne curse in each f three fundatins area f Accunting, Micrecnmics and Statistics (2) 6 curses One curse in six f seven categries representing Functins (Finance, Marketing and Operatins), Management (Decisins, Peple, and Strategy), and the Envirnment in which firms perate (Macrecnmics and Glbal Institutin and Plitical Ecnmy (3) Cmplete 11 elective curses. At mst, ne independent study curse (B31901) is acceptable tward the MBA degree. N mre than 6 electives may be taken utside f Bth but at the University f Chicag. N wrkshps r curses taken pass/fail may be cunted. IV. Cnference and Research Funding Jint Prgram students may apply fr funding fr cnference travel and fr the purchase f data thrugh the Assistant Directr. All funding cmes as a reimbursement fr apprved expenses and can never be disbursed in advance. In rder t be reimbursed, students must (1) apply in advance f travel (nte that an advisr s recmmendatin is typically required) and (2) prvide adequate dcumentatin f all apprved expenses, which, in sme cases, includes bth a receipt f purchase and a credit card statement shwing prf f payment. V. TA Requirement All students in the Jint Prgram are required t fulfill the GAI Teaching Requirement by cmpleting 5 TA-ships in years 3 and 4. Students will receive 1 pint fr every sectin they TA and must reach 5 in rder t graduate. Mving frward, all Ecn-hme Jint Prgram students will be allwed t use Bth curses (bth MBA and PhD) r curses in the SSD t fulfill the GAI Teaching Requirement. Students are n lnger required t divide their teaching experience between Bth and SSD and may earn all 5 teaching pints in either Bth r the SSD. Hwever, curses utside f Bth r the SSD cannt cunt tward this requirement. N teaching will be allwed in year 1. While students may earn teaching pints in year 2, permissin is required. 2nd year students wh wuld like t teach must submit a 2nd Year TA Permissin Frm signed by either the Bth Finance Area Advisr r the Ecnmics Faculty Advisr, t the PhD Office Manager befre accepting any teaching assignments in year 2. 14

15 The Guaranteed TA-ship prgram guarantees students in their third and furth years the pprtunity t TA three sectins per academic year, with a payment f $3,000 per sectin. Securing guaranteed TAships is the respnsibility f the student. Additinal details n the curses cvered by this are prvided by each summer. VI. Rules fr Transfer int the Jint Prgram in Financial Ecnmics Students may apply t the Jint Prgram in Financial Ecnmics at the time f their applicatin t the Bth Finance PhD prgram r the PhD prgram in the Department f Ecnmics. Alternatively, at the end f the first year students may apply nce fr transfer int the Jint Prgram. Based n perfrmance in the first year and ther qualificatins, the admissins cmmittee may chse t make admissin cntingent n receiving a PhD pass n the Cre examinatin r n ther prgram requirements. All inquiries abut transfer int the Jint Prgram shuld be directed first t the Assistant Directr. APPLICATION TO TRANSFER INTO THE JOINT PROGRAM A. Deadline t apply: Applicatin Materials must be submitted t the Assistant Directr f the Jint Prgram n later than 5pm n the first day f Summer Quarter. B. Required Applicatin Materials: a. Unfficial transcript frm the University Registrar including Spring Quarter Grades b. Research statement explaining yur interest in the Jint Prgram and utlining yur gals fr yur curse f study c. Updated CV d. After reviewing applicatin materials, the admissins cmmittee may request in-persn interviews, as needed, during the mnth f July. Students are advised t remain inresidence during this perid t facilitate the scheduling f interviews. 15