The M.A. and Ph.D. are full-time day programs. Entering M.A. and Ph.D. students are expected to have a basic knowledge of calculus (differential and integral) and linear algebra, which are used in the basic microeconomics and statistics courses. Courses 16:220:500, 501, 502, 504, 505, 506, and 507 are prerequisites for each elective field course.
The M.A. program offers students two options, one with a master`s essay and one without. Under the first plan, students take 30 hours of course work and complete a master`s essay. The oral examination in defense of the essay, which serves as the comprehensive examination for the master`s degree, includes tests on economic theory and quantitative methods. Students who complete 30 credits and pass the theory portions of the Ph.D. qualifying examination can earn the M.A. degree without writing a master`s essay. Students in the M.A. program are required to take two term courses in microeconomic theory and macroeconomic theory, one course in statistical methods, and two courses in econometrics.
The Ph.D. program consists of course work, qualifying examinations, and the dissertation. The Ph.D. requires 48 credits of course work (16 courses). Because students are not permitted to take more than four courses a term, course work for the Ph.D. requires at least two academic years to complete. Graduate and teaching assistants normally are not permitted to take more than three courses a term. The master of philosophy degree is available to doctoral candidates.
Ph.D. students take one course in mathematical methods, two courses in microeconomic theory, two courses in macroeconomic theory, 6 credits in statistical methods and econometrics, one course in economic history, and one course in either applied microeconometrics or macroeconometrics. The balance of the course of study is determined by each student`s requirements. To ensure breadth of coverage, each Ph.D. student is required to take at least two courses in two elective fields offered in the program.
There are nine elective fields: economic theory, econometrics, economic history, monetary theory, public finance, development economics and economic systems, international economics, labor and human resources, and industrial organization.
The first part of the Ph.D. qualifying examination is a written test in microeconomic theory and macroeconomic theory. Students are expected to take this part after one year of course work. The second part of the qualifying exam, consisting of exams in two elective fields, must be taken within 18 months of successful completion of the microeconomic and macroeconomic theory examinations. A student who fails any written examination must retake it at the next examination period. (Examinations are given twice yearly.)
Doctoral students also are required to complete a second-year research paper over the summer of their second year and write a dissertation proposal in the summer of their third year. The dissertation, which is written under the supervision of a faculty committee, must be defended in a final examination before the student`s committee.