PHD IN ECONOMICS AND FINANCE: REQUIREMENTS

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1 Via Sarfatti Milano PHD IN ECONOMICS AND FINANCE: REQUIREMENTS FIRST YEAR: MODULE AND SEQUENCE EXAMS ( FINALS AND GENERALS ) In their first year students attend 13 courses ( modules ) of 12 two-hour lectures each, over four quarters of teaching. The Modules are divided in three Sequences as follows: Sequence of Quantitative Methods: Mathematics, Probability, Econometrics 1 (Introduction), Econometrics 2 (Microeconometrics), Econometrics 3 (Time Series). Sequence of Microeconomics: Microeconomics 1 (Decision Theory), Microeconomics 2 (Game Theory), Microeconomics 3 (Information), Microeconomics 4 (General Equilibrium). Sequence of Macroeconomics (economics curriculum) Macroeconomics 1 (Introduction and Dynamic Programming), Macroeconomics 2 (Real Macroeconomics), Macroeconomics 3 (Monetary Macroeconomics), Macroeconomics 4 (Topics). Sequence of Finance (finance curriculum): Finance 1 (Corporate Finance 1), Finance 2 (Asset Pricing 1), Finance 3 (Corporate Finance 2) and Finance 4 (Asset Pricing 2). Each module is examined separately through a module exam ( finals ) with grades given on the following scale: A+, A, A-, B+, B, B-, C+, C and Fail. Module exams take place at the end of the corresponding modules. In addition to exams for each module, students must sit exams ( generals ). Sequence exams take place in June. Their retakes take place during the first week of September before the beginning of the second year courses. There are three exams, one for each. The requirements for admission to the second year of the PhD are as follows: 1. No more than five fails in the module exams. Students who fail more than five module exams are not admitted to the exams (generals) and leave the PhD without the MPhil. 2. Each section of the exams is separately graded. Grades are given on the following scale: A+, A, A-, B+, B, B-, C+, C and Fail. An average per each exam is computed by assigning equal weight to each section. An average of at least B- in each exam is required for admission to the second year. I. Those who fail to achieve an average of at least B- in a exam in June may sit in the corresponding retake in September. II. Those who fail to achieve an average of at least B- in each exam or retake, but achieve an average of at least C in each exam or retake, leave the PhD program and may be awarded the MPhil in Economics and Finance upon written request within two months. III. Those who fail to achieve an average of at least C in each exam or retake leave the PhD program without the MPhil. The Faculty Council formally decides admissions to the second year by the end of September. Students not admitted to the second year are not entitled the fellowship starting from the end of

2 SECOND YEAR: COURSE EXAMS AND FIELD PAPER In their second year, students attend 12 courses of 12 two-hour lectures each. They have to choose two fields and attend all courses of the chosen fields. In one of the chosen fields they have to write a field paper. Each second-year course is examined separately. Marks are given on the following scale: A+, A, A-, B+, B, B-, C+, C and Fail. Those who fail second-year course exams are allowed to retake them once. If they do not pass the course retakes for one or more exam, they leave the PhD without the MPhil. The field paper is assigned to each student during the second semester of the second year by one of the teachers of the second-year courses attended (or to be attended) by the student in one of her/his chosen fields. The field paper consists of an essay on any topic within the chosen field. The aim of the field paper is twofold: i) to reveal a student s understanding of the field in which the paper is assigned; ii) to identify a future thesis topic. In this latter respect, it should therefore display innovative content. Before the end of May, the teacher who assigned the field paper should inform the PhD Secretary regarding the topic of the field paper. The field paper has to be handed in by August 31 st. The field paper is graded jointly by the teacher who assigned it and by a second professor. Before the end of August, the PhD director chooses the second marker of the field paper. By the first week of September, if the two `graders find the field paper satisfactory, they assign a Pass grade (A+, A, A-, B+, B, B-, C+, or C) and the student is admitted to the third year. Otherwise they ask the student for clarifications and changes in a short referee report in written style. The student has then two weeks for dealing with the clarifications and changes, answering to the graders in written form and modifying the field paper if requested. If the graders finds the answers and the modified field paper satisfactory, they assign a Pass grade (A+, A, A-, B+, B, B-, C+, or C) and the student is admitted to the third year. Otherwise the student fails (F) and leaves the PhD. Students who obtained one or two Fails in the course exams/retakes and a Pass grade in the field paper leave the PhD, but may be awarded the MPhil upon written request within two months. Students who have obtained more than two Fails in the course exams/retakes or a Fail grade in the field paper leave the PhD without the MPhil. The Faculty Council formally decides admissions to the third year by the end of September. Students not admitted to the third year are not entitled the fellowship starting from the end of 2

3 THIRD YEAR: READING GROUPS, SEMINARS, THIRD YEAR WORKSHOP AND `ORALS In their third year students attend two reading groups and one regular seminar series. At the end of each semester, students have to send a report with a list of the conferences attended to the PhD Secretary. By December 15 th each student agrees on the subject and the plan of a first thesis paper with a teacher who acts as thesis supervisor (the teacher communicates the student s endorsement to the PhD Secretary). The plan of the first thesis paper is presented at the Third Year Workshop, which is held by January in front of the PhD faculty and fellow PhD students. After the workshop, students discuss the comments received with their supervisors in order to implement the plan. By June 30 th, students have to hand in their thesis projects to the supervisors. The thesis project consists of at least the complete draft of the first thesis paper and the plan of a second thesis paper. By the first week of July, if the supervisor finds the thesis project satisfactory, he/she proposes to the PhD Director the Oral Exam in front of the Oral Thesis Committee in September. The supervisor selects the members of the Oral Thesis Committee. The Oral Thesis Committee consists of the thesis supervisor and two other members of the PhD faculty (one of whom has to be external to the department of the thesis supervisor). The Oral Thesis Committee reads and grades the student s thesis project within one week from the exam. If the supervisor finds the thesis project unsatisfactory, he/she asks the candidate for clarifications and changes in a referee report written style. The student has then two weeks for dealing with the clarifications and changes, answering to the thesis supervisor in written form and modifying the thesis project if requested. If the supervisor finds the answers and the modified thesis project satisfactory, he/she proposes the Oral Exam in front of the Oral Thesis Committee. The subject of the thesis project and the composition of the Oral Thesis Committee are communicated to the PhD Director and Secretary by the student and the thesis supervisor before the end of July. The Oral Exam has to be held no later than September 25 th. Travel expenses for the external member of the Oral Thesis Committee are covered by the PhD budget subject to ex-ante approval by the PhD Director. Normally the orals exams are grouped together in one or two sessions before the end of September, attended by Director and/or Vice-Directors, along with the student s Oral Thesis Committees. After the oral exam, the advisors must send the grades result (A+, A, A-, B+, B, B-, C+, C and Fail) with a short evaluation report in written form. Students who are not admitted to the Oral Exam leave the PhD without the MPhil. Students who are admitted to but fail the Oral Exam leave the PhD and may be awarded the MPhil upon written request within two months. The Faculty Council formally decides admissions to the fourth year by the end of September. Students not admitted to the fourth year are not entitled the fellowship starting from the end of 3

4 FOURTH YEAR: FOURTH YEAR WORKSHOP AND FINAL EXAM In their fourth year students work on their dissertations. If available, they must attend and present their research findings at either the PhD research workshop (a reading group that normally meets twelve times each year) or the Fourth Year Workshop (normally held by January) or both, as decided by the PhD Director at the beginning of the academic year. By mid of September, the supervisor sends to the Faculty Council, via the PhD Director, a short report about the quality of the advisee research work and the possibility that the student will be able to complete the dissertation (which consists of at least three complete papers). Based on the supervisor report, the Faculty Council decides whether the student is either admitted to the PhD final exam or granted a one year extension or asked to leave the PhD program (with or without the MPhil) In order to give enough time to supervisors to assess dissertations, students are expected to send their dissertations to the supervisors before the end of July. SUBSEQUENT YEARS If they have been granted the one year extension, students must repeat in such year the fourth year requirements (with the possible exception of the workshops, upon authorization of the PhD Director). JOB MARKET During the last year of their PhD, students are expected to search for a job. The Job Market for Economics and Finance progresses in different steps that are explained in detail in a separate document. Students who intend to participate to the job market should present their Job Market Paper in front of the faculty before mid October, that is, at the beginning of their last year as PhD students. 4

5 APPENDIX 1: SUMMARY DEADLINES Second Year Student has to hand in the Field Paper by 31 st August Third Year Student has to present the plan of the first Thesis Paper at the Third Year Workshop Student has to hand in the Thesis Project Oral Exam in front of the Oral Thesis Committee by end of January by 30 th June by 25 th September Four Year Student has to present the research findings at the Four Year Workshop Student is expected to send the thesis to the supervisor Supervisor informs the PhD Director if the student can submit thesis by end of January by end of July by mid September Procedure for doctoral dissertation applicable until the 28th cycle included Student applies for admission to the final exam or late submission of thesis for one year* to CADES PhD Faculty Board admits student to final exam and proposes names of Board of Examiners for final PhD exam Student submits final thesis to Società Normadec following online procedure; Rector appoints Board of Examiners for final PhD exam Final PhD exam by 30 th September by 30 th October by 31 st January by 31 st May APPENDIX 2: SUMMARY TABLE OF PHD AND MPHIL REQUIREMENTS The following table summarizes for the first three years the requirements for admission to the subsequent year of the PhD program and for the award of the MPhil in case of missed promotion. The MPhil may be awarded only upon written request within two months from missed promotion. PhD Pass MPhil Fail First year Second year Third year No more than five Pass in all course Fails in the module exams/retakes and exams and Pass in the field an average of at paper least B- in each No more than five Fails in the module exams and an average of at least C in each More than five Fails in the module exams or an average of less than C in each No more than two fails in the course exams/retakes and Pass in the field paper More than two fails in the course exams/retakes or Fail in the field paper Be admitted and pass the Oral Exam Be admitted and Fail the Oral Exam Not admitted to the Oral Exam 5