Program Statistics
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Financial Economics
Degree Types: PhD
The PhD Program in Financial Economics is offered jointly by the Department of Economics in the Weinberg College of Arts and Sciences and the Department of Finance in the Kellogg School of Management. The joint program requirements are a combination of those for the existing PhD programs in each departments. The program prepares students for careers in college teaching and research, government and international agencies, or private business.
Students will have access to a broad array of faculty across different disciplines within economics that taps into the interdisciplinary strengths found within the Finance-Economics curriculum.
The study of finance aligns with numerous areas within economics: macroeconomics, public finance, econometrics, economic development and economic history. This is why a broad training in economics is essential for those who wish to do innovative work that straddles both finance and economics. Some examples include the financing and investment decisions of firms, households, and governments; the interplay between asset prices, capital markets and the macro-economy; and the role and limitations of financial institutions in facilitating access to credit.
Students will complete the existing first-year Economics program that provides a rigorous foundation in macroeconomics, microeconomics and econometrics. Students will then take courses in theoretical and empirical finance, as well as additional fields in economics such as economic theory, economic history, macroeconomics, industrial organization and regulation, labor economics, economic development, econometrics, international economics, and public finance. Students are trained in the most advanced techniques of theoretical and empirical research in order to make significant contributions to financial theory and practice.
Independent thesis research will be supervised by faculty drawn from both the Economics and Finance Departments.
Weekly workshop series in both departments provide a forum for faculty, students, and distinguished economists from around the world to meet and present their research.
Additional resources:
Program Contact
Contact Jo Ann Yablonka
Program Administrator
847-491-7465
Degree Requirements
The following requirements are in addition to, or further elaborate upon, those requirements outlined in The Graduate School Policy Guide.
Total Units Required: 18
| Course | Title |
|---|---|
| Core Courses | |
| ECON 410-1 | Microeconomics |
| ECON 410-2 | Microeconomics |
| ECON 410-3 | Microeconomics |
| ECON 411-1 | Macroeconomics |
| ECON 411-2 | Macroeconomics |
| ECON 411-3 | Macroeconomics |
| ECON 480-1 | Econometrics |
| ECON 480-2 | Econometrics |
| ECON 480-3 | Econometrics |
| Field Sequences | |
| Nine Approved Field Courses that must include: | |
At least two courses in Asset Pricing | |
FINC 585-1 | Asset Pricing I |
FINC 585-2 | Asset Pricing II |
FINC 585-3 | Asset Pricing III |
At least two courses in Corporate Finance | |
FINC 586-1 | Corporate Finance I |
FINC 586-2 | Corporate Finance II |
FINC 586-3 | Corporate Finance III |
Two approved Economics field sequences of at least two quarters each | |
At least one course in Economic History | |
ECON 420-1 | American Economic History |
or ECON 420-2 | European Economic History |
Other PhD Degree Requirements
- Examinations: satisfactory grades in each of the three core areas (microeconomics, macroeconomics, and econometrics); oral examination for approval of dissertation prospectus
- Finance Comprehensive Exam: Students must pass a Finance Competence Requirement. This can be done by achieving a 3.6 GPA across four finance doctoral courses (FINC 585-1 Asset Pricing I, FINC 585-2 Asset Pricing II, FINC 585-3 Asset Pricing III, FINC 586-1 Corporate Finance I, FINC 586-2 Corporate Finance II, or FINC 586-3 Corporate Finance III), or by passing a comprehensive Finance exam. The Exam takes place at the beginning of the summer quarter of the second year, typically in June.
- Research/Projects: two research papers presented in the student seminar (ECON 501-0 Graduate Student Seminar) or equivalent
- PhD Dissertation: original, independent research
- Final Evaluations: oral dissertation defense