The doctor of philosophy (Ph.D.) is a full-time day degree program. Entering 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.

For students who do not complete their Ph.D. studies, and for continuing Ph.D. students, there are two master of arts (M.A.) options: one with a master's essay and one based on passing two comprehensive examinations given to all graduate students. In both cases, students take 30 credits (10 courses). For the option involving writing an essay, there is an oral examination. Students completing an M.A. degree are required to have taken two semester courses in microeconomic theory and macroeconomic theory, one course in statistical methods, and two courses in econometrics.

The Ph.D. program consists of coursework, qualifying examinations, and the dissertation. The Ph.D. requires 48 credits of coursework (16 courses). Because students are not permitted to take more than four courses a semester, coursework 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 semester. 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 multiple elective fields including, for example: 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 consists of written tests in microeconomic theory and macroeconomic theory. Students are expected to take these written tests after one year of coursework. The second part of the qualifying examination requires successful completion of two elective fields and must be fulfilled after passing the microeconomic and macroeconomic theory examinations. Each student must successfully complete the two elective fields by obtaining a minimum grade of B+ in two field courses.

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.

For further information, please see the department's Graduate Student Handbook.