Ph.D. Program in Economics: Program Requirements

General

The Degree of Doctor of Philosophy is awarded for mastery of subject matter and demonstration of research ability. It is given in recognition of the candidate's superior attainments and ability in his or her major field. A student must maintain high academic standards to retain matriculated status in a doctoral program, and his or her progress will be reviewed regularly by the Executive Officer and other members of the doctoral faculty.

Normally three or more years of full-time study and research beyond the bachelor's degree are needed to complete a doctoral program. A student may obtain an M.A. in the course of his/her study for the Ph.D. The M.A., however, is not a prerequisite for the Ph.D. A student may petition the Office of Associate Provost and Dean for Academic Affairs to waive any specific requirement for the Ph.D. degree.

All requirements for the Ph. D. degree must be completed no later than eight years after matriculation. A student who matriculates after the completion of 30 credits of acceptable work must complete all requirements within seven years.

Required Preparation in Mathematics

All incoming students are required to have completed courses in Intermediate Microeconomics and Intermediate Macroeconomics at the undergraduate level.

Further, all incoming students are required to have a knowledge of calculus and linear algebra (two courses of undergraduate calculus and one course in linear algebra, or the equivalent).

Successful completion (C grade or better) of undergraduate courses in these areas will satisfy this requirement. Those entering the program without adequate undergraduate mathematics preparation must satisfy the requirement by the end of their first year in the program. In addition, students are required to have had at least one course in undergraduate statistics and one course in undergraduate econometrics.

The core courses in Macroeconomics, Microeconomics, and Econometrics are taught on the assumption that students have the required preparation in economics and mathematics. Hence, those students not prepared may enroll in Macroeconomics, Microeconomics, and Econometrics only in special cases in which the instructor grants permission. These regulations may require that certain entering students delay taking the first Macroeconomics, Microeconomics, and Econometrics courses until their second year in the program.

The Faculty Mentoring Program

All graduate work is carried our under the direct and regular supervision of faculty. At the time of admission, the Executive Officer or Deputy Executive Officer acts as the student's mentor, and continues to do so until the student determines the field in which he or she would like to specialize.

At that time, in consultation with the Executive Officer or Deputy Executive Officer, the student will choose an adviser in his or her desired field of specialization. Typically, this adviser will also be the student's dissertation adviser. The faculty mentor will advise the student regarding issues such as advancing in a professional career. If the student decides to change his or her field of specialization, he or she may choose to change advisers. It is the student's responsibility to choose an adviser and to inform the adviser of his or her interests and intentions.

In addition to being advised by doctoral faculty, all new incoming students are assigned a student mentor as part of the peer advisement program.

The Student Program

All students must follow an approved program of study. Programs can be approved by either the Executive Officer or the Deputy Executive Officer.

A minimum of twenty courses (sixty credits) are required for the Ph.D., including two courses in Microeconomics; two courses in Macroeconomics; and two or three courses in Econometrics, depending on previous preparation. In addition, all students are required to complete a three-credit course in Economic History or the History of Economic Thought.

Further, students will participate in the ongoing program seminar in Applied Economics. Students must take the seminar two times for credit and have an option of taking it a third time for credit. The seminar may be audited in subsequent semesters. Attendance will begin following completion of the Microeconomics and Macroeconomics course requirements for the first examination. Each student must prepare and present a substantive research paper in the seminar as part of the program for the Ph.D.

A new, full-time student who has completed the mathematics requirements (see 1.C) would normally take the first Micro, Macro, and Econometrics courses during his or her first semester and the second course in each sequence in the second semester.Mathematics for Economists is recommended for all first-year students except those having an extraordinary background in mathematics (to be determined by the Executive Officer). First-year students might also take courses in Economic History.

The sixty-credit requirement for a full-time student without previous graduate work in economics is typically fulfilled as follows:

Core Courses (Micro, Macro, and Econometrics)

24 credits

Mathematics for Economists

4 credits

Economic History or History of Economic Thought

3 credits

Seminar in Applied Economics (two semesters)

6 credits

Advanced Level Field Course (2 courses per field )
(14 credits if Econometrics is one of the fields)

12 to 15 credits

Electives (which may include additional coursework in
the two advanced fields)

9 to 15 credits

Total

60 credits

Standards for Retention

The student's record will be evaluated at the end of each academic year, and his or her matriculation may be terminated for unsatisfactory scholastic performance.

To maintain a satisfactory standing in the program, the student must meet the following standards:

1. A quantitative standard -- The student must maintain a minimum cumulative average of 3.0 (a "B" average).

2. A qualitative standard -- The Graduate Center also defines satisfactory progress as having no more than two incompletes at any one time and completion of degree in a timely fashion (see The Graduate Center Bulletin and Student Handbook for additional details).

These requirements are interrelated. Together they provide an overall profile for each student's progression in the program and a means for determining the status of the student.

The First Examination

The First Examination consists of three sections, Microeconomics, Macro-economics, and Econometrics, and is designed to demonstrate the student's ability to use and apply what he or she has learned in the six core courses. "Core examinations" in these three fields will be scheduled twice a year, once a term, in June and January. To complete the First Examination successfully, students must pass core examinations in at least two of these three areas. The third area can be satisfied with an average grade of B or better in the first year courses for that area. Under one alternative, for example, a student would be regarded as having passed the First Examination if he/she has passed the core examinations in Microeconomics and Econometrics and obtained a B average in Macroeconomics I and II.

Students normally are required to attempt two core examinations within 18 months after entering the program. There are three possible exceptions to this rule. One is for students who enter in the Spring Semester (and cannot therefore start the Microeconomics, Macroeconomics, and Econometrics course sequence until the following September); these students will be subject to the same time limits as students who arrive in the following September. A second exception is for students who suffer illness or other health problem during the academic year. At the discretion of the Executive Officer, they may be allowed to reduce their course-loads and thereby extend the maximum period to take First Examination. A third exception is for certain students who hold full-time employment. Provided these students receive written permission from the Executive Officer in advance of starting the first year, these students may take reduced course-loads. Students in this category will be permitted to postpone a core examination in the area which has been postponed until the first scheduled examination date after they have completed the required course sequence in that area. It shall be understood that the criterion for granting this last employment-related exception is that the student be of exceptional quality and/or have experience that is valuable to the Economics Program. Inability or unwillingness to keep up with the normal course load during the first year shall not be considered appropriate grounds for this exception.

Students are permitted two attempts at core examinations in the three areas. If the student fails in his/her first attempt, the second attempt must be completed by no later than the end of the June which follows the second year of study in the program.

If a student in the first year fails to obtain a B average in a area course sequence for which he/she has chosen not to take the core examination, the student may register in one or both of the courses in the next semester in which the course is available. Under Graduate Center rules, successful completion of repeated courses do not result in course credit and the record grade is not counted in the student's Grade Point Average. However, if the grade is higher than the original grade the new grade may be applied in the program's assessment of whether the required B average has been obtained.

All attempts at core examinations (at most two in each of the three areas) must be completed by the end of the June which follows of the second full year of study. All course repetitions necessary in an attempt to obtain a B average in a course sequence must also be completed by the same date. Students may, if they wish, use the two-attempt core examination option at the same time that they attempt to satisfy an area with the B-average option.

Copies of old examinations are available from the Assistant Program Officer. Note that if a student appears for a First or Second Examination and does not hand in his or her examination book, he or she will fail the examination. There is, however, no penalty for signing up for an examination and then failing to appear for it.

Criteria for Advancement

Level I to Level II: Advancement from Level I to Level II requires the student to complete 45 credits and to pass all three parts of the First Examination (Microeconomics, Macroeconomics, and Econometrics).

Level II to Level III: Advancement from Level II to Level III requires the student to be Advanced to Candidacy. Advancement to Candidacy requires that the student complete 60 credits (at least 30 of which must be taken at the CUNY Graduate School) with at least a B average, and pass both parts of the Second Examination.

Advanced Fields of Study

Students may pursue advanced work in the following fields:

Public Economics, including subfields of Urban Economics and Public Finance
International Economics, including subfields of International Trade, International Finance, and Economic Development
Economics of Human Resources, including subfields of Labor, Human Resources, and Health Economics
Financial Economics, including subfields of Corporate Finance and Investments
Macro and Monetary Economics Theory and Policy, including subfields of Advanced Macroeconomics and Monetary Theory
Applied Econometrics, including subfields of Applied Econometrics, Forecasting, and Economic Statistics
Industrial Organization, including subfields of Market Structure, Antitrust Policy, and Innovation and Research and Development

Additional fields, such as Economic History, may be permitted with the approval of the Executive Officer.

Each field consists of at least two courses. These two courses should be completed before a student takes the Second Examination unless the student has approval of the Executive Officer or the Deputy Executive Officer to take the examination based on an alternative background. Detailed descriptions of the advanced fields, including required and elective courses and the names of faculty members with research interests in each area can be viewed on the Major Fields page.

The Second Examination

The Second Examination consists of written comprehensive examinations in the two advanced fields of study that the student has selected. The examination will not necessarily be course specific but will test the student's knowledge of current trends in the field and his or her ability to synthesize and apply the work done in the field. Reading and understanding beyond individual course requirements are necessary to complete the examination successfully.

The two parts of the Second Examination may be taken at different times. The student should take the Second Examination, at the latest, five months after the end of the semester in which he or she completed the sixty-credit requirement. As implied by its title, the Second Examination follows the First Examination. The standard practice at The Graduate School is that students must have passed the First Examination before they are permitted to take the Second Examination.

A student is permitted to fail any one part of either the Second Examination once but must pass on his or her second attempt.

Procedures for Dissertation Preparation

After successful completion of the Second Examination, or earlier, the student should speak to the Executive Officer about his or her research interest for a dissertation.

(1) The Executive Officer will appoint two faculty members to serve as a temporary dissertation committee and to work with the student in preparing a dissertation proposal.

(2) The Dissertation Proposal. After completing the Second Examination, the candidate works in consultation with faculty to develop a dissertation proposal. The candidate then presents a dissertation proposal to a seminar open to students and the faculty. After the proposal has been approved, the student works under the guidance of an advisory committee. Upon approval of the dissertation by this committee, the dissertation must be successfully defended at an oral examination.

There are no explicit time limits after passing the Second Examination (except for the overall time limits of The Graduate School). If, however, a temporary committee has not resulted in a successful dissertation seminar by one year after its establishment, the Executive Committee may dissolve the temporary committee and reconstitute another one.

Similarly, the permanent committee will be appointed for three years, and if the student has not submitted a dissertation by then, a new permanent committee may be appointed. All committee members should be continuously informed about the progress of the research.

The dissertation must be defended at an oral Final Examination. In addition to the three members of the permanent committee, two additional readers may be appointed to the oral examining committee by the committee chairperson in consultation with the Executive Officer.

The procedure outlined above may be modified with the approval of the Curriculum and Examinations Committee upon the recommendation of the Executive Officer.

Before the degree is granted the dissertation must be deposited in the Mina Rees Library of The Graduate School. Instructions for preparing the dissertation may be secured from the Registrar's Office.