I. Course and Credit Requirements

All students must fulfill a number of course, research and course credit requirements in order to complete the Ph.D. program. The specific requirements are described below in the approximate order that you encounter them during the program.

A. Core Courses

The following eight courses form the core of the Ph.D. program:

• Economics 471-472: Modern Value Theory I & II
  
• Economics 475-476: Macroeconomics I & II
  
• Economics 481: Mathematical Economics
  
• Economics 483: Introduction to Mathematical Statistics (2 credits)
  
• Economics 484: Introduction to Econometrics (2 credits)
  
• Economics 485: Elements of Econometrics
  

The core courses are completed in the first year of study. Due to the sequential nature of these courses, entry to the program in January is not possible. All students must maintain a B average in order to remain in good standing in the Department. Moreover, a record consisting solely of B's and B+'s is considered marginal. Grades below B- are not considered passing. If such a grade is obtained in a first-year course, the course must be retaken.

B. Fields of Specialization and Qualifying Examinations

Each Ph.D. candidate must qualify in two specialized fields. Fields available vary from year to year depending on current faculty and student interest. Recent field courses offered have included Econometrics, Game Theory, General Equilibrium, Industrial Organization, International Economics, Labor Economics, Macroeconomics, Political Economy, and Positive Political Theory. Preparation for the qualifying examination ordinarily involves taking two graduate courses in that field, and further studying the field over the summer. If appropriate courses are not offered, it may be possible to arrange a reading course with one of the relevant faculty members. E.g., this has been done before for Economic History.

A student's preparation in a specific field area is evaluated by a written qualifying examination, graded by members of the Department specializing in that field. Examinations in two fields must be taken before beginning the third year of study. Examinations are usually scheduled in the end of July, with retakes (if necessary) in January. You get two attempts to pass each exam. The qualifying exams expire after five years.

In some fields of specialization, such as International Economics, students normally prepare by taking an obvious two-semester sequence (e.g., ECO 509-510). in those fields where only one course is offered, you should consult the faculty members responsible for the examination concerning topics to study. One option is to set up a reading course. In fields where there are many courses, such as macroeconomics, you should consult the relevant faculty members for guidance. The Department maintains a file of recent qualifying examinations to aid you in preparation.

C. Distribution Requirements

Your research, teaching, and employment opportunities will generally be enhanced by a broader understanding of economics. At a minimum, each student must take at least one course in each of two fields in addition to the qualifier fields. Excessive narrowness counts heavily against you on the job market, and we strongly recommend exceeding this requirement.

With the written permission of the Director of Graduate Studies, you may substitute a minimum of 4 credit hours of course work at the graduate level in an allied field for one of the distribution courses. Courses in mathematics, statistics, and finance may fall under this category. These courses must be distinct from your field area, and you must make the case that they sufficiently broaden your understanding of economics.

D. Credit Requirement

If you enter the program with a Bachelor's degree, university rules require ninety semester hours of course credit. Each student receives 4 credits for each 400-level course, and 5 credits for each 500-level course. While writing the third-year paper, you must register for Economics 493 (Master's Essay). When working on your dissertation, you may register for up to 10 hours per semester of Economics 595 (Ph.D. Research in Economics) in order to complete the credit requirement.

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II. Research and Teaching RequirementsA. Third-year Paper

By the beginning of the third year, you should be prepared to start research. During the third year, you must prepare a paper that demonstrates your research ability. This paper is frequently a preliminary investigation of a dissertation topic, but may be a self-contained paper that is unrelated to your dissertation. The paper must be completed by the last working day in May of the third year, and presented in an Economics workshop. A copy of the paper, approved and signed by the faculty advisor, must be turned in to theGraduate Studies office to be placed in your file. The Conibear Prize is awarded annually, usually in May, for the best third-year paper.

B. Dissertation Prospectus

Upon completion of the core courses, qualifying exams, and third-year paper requirements, you become a candidate for the Ph.D. degree. Each candidate will select and obtain the consent of a member of the Department faculty to act as principal dissertation supervisor. You are encouraged to seek advice from other faculty members as appropriate.

All students must submit a prospectus by September 15th of their fourth year. The prospectus should state the research problem, the techniques to be applied, and, if relevant, the sources of data to be used. The prospectus must be signed and approved by two faculty members. The primary purpose of the prospectus is to persuade the Department that the thesis dissertation plan is appropriate and manageable. The prospectus length need only be 3 to 10 pages.

By the end of the fourth year and/or beginning of the fifth year, in order to go onto the job market, the department requires you have a complete third-year paper, your prospectus, and it is strongly advised that at least a second paper be well underway.

C. The Workshop Program

Workshops are an extremely important aspect of the Ph.D. program. They provide students with insights into current research topics and offer a forum for students and faculty to present and discuss their recent research. There are five regular workshops: Money, Applied Economics, Economic Theory, International Economics, and Econometrics.

During the third and fourth years of study, which are primarily devoted to the dissertation, rather than course work, you must participate in one of the Department's ongoing workshops. This starts with registering for a workshop, and includes regular attendance and active participation.

Second-year students are encouraged to attend workshops, and we strongly advise advanced students to attend other workshops besides their primary workshop.

D. Teaching Requirement

The Department views teaching experience as an integral part of the Ph.D. program. The formal requirement is two semesters service as a teaching assistant (TA). Students are assigned to a variety of teaching activities based upon their individual skills and preferences, and demand for TA's. Typically, beginning TA's will grade and or lead problem sessions. More advanced TA's may have the opportunity to teach their own course, especially in the summer.

E. Final Oral Examination

After the dissertation has been completed and approved by your dissertation advisors (both your supervisor and any additional advisors), you must defend the dissertation in a final oral examination. The examining committee consists of your supervisor, at least one other member of the Economics faculty, an outside reader (from a department other than Economics), and a committee Chairman who is appointed by the University Dean of Graduate Studies. Questions in the oral examination are generally confined to the dissertation and closely related matters, but may cover broader aspects of economics. The committee is empowered to approve or disapprove the dissertation, to approve contingent on certain changes, or to require changes followed by reexamination.

If your qualifying exams have expired, you must repass them before defending your dissertation.

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III. Mathematics and Language Requirements

The Department views facility with modern mathematics and English as essential to the understanding and communication of research in economics.

A. Mathematics Requirement

Economics has become a highly mathematical field. All students who enter the graduate program should have a minimum preparation in mathematics which consists of one year of college calculus and one semester each of linear algebra and mathematical statistics. These are the equivalents of Mathematics 161, 162, 164 and 203 at the University of Rochester. A student who is deficient in this preparation is advised to repair the deficiency in the first year of graduate study. Additional courses in advanced calculus and statistics are extremely helpful.

Even if you are studying fields where more advanced mathematics is not required, you may find it helpful to enlarge your mathematics background by taking additional mathematics courses. Undergraduate courses which may be of interest include Math 207 (Linear Programming and the Theory of Games), Math 265-6 (Functions of a Real Variable I-II), and Math 208 (Introduction to Numerical Analysis). Each of these courses carries three hours of graduate credit.

An advanced mathematics or statistics background is required for some fields of specialization, such as General Equilibrium Theory or Econometrics. You should consult with the relevant faculty members for your fields concerning additional mathematics.

B. English Language Requirement

All students are required to pass an oral and written English proficiency examination by the second semester of the second year. Students from English- speaking countries may waive the exam with the permission of the graduate advisor. The Dean requires that all international students pass their English requirement before being a TA.

The English requirement reflects the department's conviction that proficiency in English is a basic prerequisite to a successful career as an economist. Unlike some of the other sciences, most significant work in economics is published in English-language journals. The investment in English proficiency pays returns in graduate courses, in expanding academic and other job opportunities, and pursuing a career as an economist.

The proficiency examinations are conducted by the University's Office of Special Programs, in conjunction with the Program in English as a Second Language (ESL). Students needing further instruction in English should do so through the University's ESL program. Intensive ESL instruction is also available during the summer. A fee is charged for the ESL courses.

C. Foreign Language Requirement

There is no formal foreign language requirement for the Ph.D. degree in Economics.

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IV. Fellowships, Scholarships and Prizes

The University of Rochester is a private institution. For 2006-2007, Graduate tuition is $1020.00 per credit hour which in the first year is $28,560 based on 28 credit hours, and living expenses are approximately $15,000.00 Many American and foreign students are offered financial aid each year. A variety of fellowship opportunities are available with support ranging from just tuition scholarships to tuition scholarship plus stipend. Financial aid is not necessarily tied to teaching or research assistantships.

The Department has the following general policies with respect to financial aid, reviews of student performance, and graduate student employment.

Disclaimer: The following reflects the 2005-2006 academic year, and has not yet been updated for 2006-2007. For an updated schedule of charges as they occur see the following web site and click on Graduate Studies : http://www.rochester.edu/adminfinance/bursar/graduate.htm

A. Departmental Financial Aid

Fellowships and tuition scholarships are available for Ph.D. work in Economics. Fellowships pay a cash stipend for the academic year, and include a full tuition waiver. Tuition scholarships pay no cash stipend, but offset the tuition costs of study. Financial aid in the form of research assistantships or teaching assistantships is generally not available to first-year students as the course load is demanding. To apply for financial aid as an entering student, you need only complete the designated section of the application.

A student who receives a fellowship for the first year of study may expect that fellowship to be renewed at a similar level for the next three years, provided his or her performance is commensurate with initial expectations. No financial aid is provided after the fourth year.

Full tuition scholarships are also generally renewed for three years for students who are in good academic standing. Moreover, a tuition scholarship may be upgraded to a fellowship the following year if performance is sufficiently strong. Entering students should not expect their tuition scholarships to be upgraded routinely. Department financial constraints and competitive considerations make this an unpredictable event.

Tuition scholarships for course credit are not ordinarily given past the third year or during the summer. In the fourth year, the tuition scholarship is only intended to cover a continuation fee for dissertation research. Therefore, you should expect to complete your course work in the first three years.

B. Dissertation Year Fellowships

We nominate students for two dissertation-year fellowships. Every year, up to three students are nominated for the prestigious Sloan Fellowship, and one student is nominated for the university's Ball Fellowship. These fellowships last for one year, and are intended to allow outstanding students to devote their full attention to the dissertation during their last year of study.

C. Reviews of Student Performance

One distinguishing characteristic of the Rochester Ph.D. program is that the entire faculty is involved in monitoring and encouraging student progress. The faculty reviews graduate student performance following each semester. Key elements in this review are course grades, qualifying examination results, status of third-year paper and thesis research, teaching assistance performance, and any other information the faculty may have concerning student progress. These reviews are important for determining awards and prizes, and changes in financial aid.

D. Prizes

The Department recognizes superior performance through a variety of prizes. These include the Kaplan Prize, awarded to the second-year student with the best overall course record, the Conibear Prize, awarded for the best third-year paper, and the Distinguished Teaching Prize, awarded by the Undergraduate Economics Council to the best teaching assistant. In addition to the recognition, all three prizes currently include a cash award.

E. Outside Support

A variety of external funding sources are available. These include fellowship and research programs offered by the US and foreign governments, financial institutions, and philanthropic or research organizations. The Department strongly encourages students to apply for outside funding, and guarantees that you will benefit financially from securing such support. Winning competitive fellowships is also considered a plus by the job market.

A partial listing of funding sources is available in the department office. Many of these programs require submission of a research proposal, a task which is greatly facilitated by having a finished and polished dissertation prospectus.

F. Employment Policy

The Department regards its awards as providing graduate students with the opportunity to undertake full time graduate study and research without bearing the full cost of this activity. In keeping with this view, we desire that graduate students receiving fellowships not undertake other employment commitments during the academic year. However, we do recognize that financial constraints may necessitate part-time employment. A guideline for the maximum amount of such outside employment compatible with maintaining a fellowship is one day per week, or, in teaching units, one course per term. We also remind you of the permanent income hypothesis, and the fact that finishing a year earlier, or with a higher quality dissertation can have significant future rewards.

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V. Professional and Ethical Behavior

The Department expects its graduate students to maintain high ethical and professional standards in educational and professional activities. In particular, graduate students are expected not to collaborate during unsupervised examinations or take-home examinations. At the same time, a certain amount of interaction on homework assignments is beneficial to the educational process. Students may consult with others on general points, but should prepare their own homework answers.

In research, students are expected to "give credit where credit is due," including references to published articles, unpublished working papers, private communications (including from referees), and course lectures.