The Ph.D. program in Finance is designed to provide students with the advanced training and substantive knowledge necessary to pursue positions in finance at research and teaching institutions of higher learning.
Admissions
In addition to the minimum Graduate School admission requirements, to be considered for regular admission an application must include:
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Application Fee
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Resume
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3 Letters of Recommendation
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GRE score of at least 320 (verbal + quantitative), GMAT score of at least 600 (old version), or GMAT (new version) score of at least 565
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If required for an international applicant, an English language proficiency test score (TOEFL, IELTS, DET, or PTE score) that meets the Graduate School minimum
Students who do not meet these requirements, but who excel in other areas, may be considered for Admission with Permission to Continue.
See the Admission Criteria section of this catalog for more information.
Curricular Requirements
The courses listed below represent the minimum course requirements for the Ph.D. in finance. The required credit hours should be partitioned as follows:
| Required Courses | Hours | |
|---|---|---|
| Major Field Courses | ||
| FI 601 | Finance Theory I | 3 |
| FI 602 | Finance Theory II | 3 |
| FI 610 | Seminar In Finan Mgt | 3 |
| FI 614 | Seminar In Investments | 3 |
| FI 624 | Financial Markets | 3 |
| FI 698 | Research In Finance | 3 |
| Credit Hours Subtotal: | 18 | |
| Electives | ||
| Choose two courses from the approved list below: | 6 | |
| Money And Capital Mkts | ||
| Quantitative Investment Analys | ||
| Financial Engineering | ||
| Financial Risk Management | ||
| Economics Courses | ||
| EC 600 | Advanced Mathematical Economic | 3 |
| EC 610 | Seminar Microeconomic Theory | 3 |
| EC 660 | Game Theory | 3 |
| Tool Courses | ||
| EC 670 | Econometrics | 3 |
| EC 671 | Seminar : Econometrics | 3 |
| EC 597 | Special Topics In Economics (Causal Inference) | 3 |
| Finance Electives | 6 | |
| Choose 2 courses that complement the intended finance concentration area, with faculty/advisor approval. (see footnote 1.) | ||
| Dissertation | ||
| FI 699 | Dissertation Research | 18 |
| Total Hours | 66 | |
| Footnotes | |
|---|---|
| 1. | The department strongly encourages students take additional Tool classes when choosing their 6 elective course hours. |
| Research Development Courses | Hours | |
|---|---|---|
| FI 697 | Special Topics in Finance | 3 |
| FI 698 | Research In Finance | 3 |
| Footnotes | |
|---|---|
| 1. | Once a student has been admitted to doctoral candidacy, he or she should fill the remaining 9 credit hours taken each semester with FI 699. For example, a student in his/her fourth year who has completed all coursework should register for FI 698 and 6 credit hours of FI 699. A student in his/her third year who is still taking courses should also register for FI 698 and 3 credit hours of FI 699. |
Transfer Credit
In rare circumstances, Finance PhD students are allowed to transfer a credit for a course already taken and to substitute a required course by taking another graduate course. Approval must be granted prior to starting the class that is serving as a substitute.
Graduate School information on Transfer Credit.
Doctoral Plan of Study Requirement
Graduate School Information on the Doctoral Plan of Study can be found here.
Comprehensive Exams
Students are required to pass a Microeconomics Qualifying Examination, which is administered at end of the first year. The exam is generally administered on Monday of the first full week in June. To be eligible to continue in the Ph.D. program, a student must pass the exam.
Students who do not pass the exam when it is first administered will be given one chance to retake the failed exam. The retake exam is usually administered on Monday of the last full week in August prior to classes starting. If a student is absent from an exam without prior approval, it will be counted as a failed attempt. A student who has not passed the exam after two attempts will not be allowed to continue in the Finance Ph.D. program. The student may elect to complete 30 hours of graduate coursework and receive a MSF degree. Course substitutions for specific MSF program requirements may be approved in advance by the coordinator of the MSF program in order to facilitate completion of the degree in a timely manner.
If the committee determines, by majority vote, that the student has failed the Comprehensive Exam, it will provide its concerns in writing to the student, who will have one additional opportunity to successfully defend the research paper. A revised version of the research paper, with a separate response indicating how the committee’s concerns were addressed, must be submitted to the primary advisor and the academic coordinator of the Finance Ph.D. program, no later than September 1 of the student’s fourth year in the program. The student must then present the revised research paper to a committee of the faculty, constituted in the manner described above, no later than October 1 of the student’s fourth year in the program. The committee determines the outcome of the second presentation in a manner similar to that described above.
A student who has failed the Comprehensive Exam by failing to defend by May 1 of the student’s third year in the program must also successfully orally defend their research by October 1 of the student’s fourth year in the program. Procedures for the oral defense in this case are identical to those for a timely first attempt with the exception that no further attempts are permitted
In any event, failure to successfully defend by October 1 of the student’s fourth year in the program constitutes a second failed attempt. A second failure will result in dismissal from the program. Students dismissed for a second failure may apply for a MSF degree and are exempted from the MSF Comprehensive Exam requirement.
A student passing the Comprehensive Exam is eligible to defend a dissertation proposal. All dates specified herein are the latest dates at which the requirements can be met and students are encouraged to complete the research paper and orally defend it at the earliest possible date.
Admission to Candidacy Requirements
After passing the written comprehensive exam at the end of the second year and completing the second year’s course work, a student begins working on the dissertation. A student must ask a faculty member to serve as Chairperson of his/her Dissertation Committee. The Chairperson must be identified prior to the start of the third year. The Dissertation Chairperson must be approved by the Finance Ph.D. Coordinator and Department Head.
Continuous Enrollment Policy
Graduate School information on Continuous Enrollment.
Dissertation Requirements
A Dissertation Committee consists of at least 5 members, including the Dissertation Chairperson. The remaining faculty members of the Dissertation Committee are selected by mutual agreement between the student and the Dissertation Chairperson and do not have to be formally selected until a student is ready to propose a dissertation. One member of the Dissertation Committee must be from outside the student's major department.
The student and Committee Chairperson arrange a formal "Proposal Defense.” The Proposal Defense is a preliminary oral examination during which the student orally presents and defends the dissertation proposal. The Dissertation Committee may question the student's knowledge of the dissertation topic and offer suggestions for improvement. In unusual circumstances, the Dissertation Committee may direct the student to prepare further for the Proposal Defense and another meeting may be scheduled.
A student must propose his or her dissertation prior to April 30th of the fourth year to guarantee a fifth year of funding. A student who has not successfully proposed a dissertation by this time is viewed as not making sufficient progress towards a dissertation and may lose departmental funding.
Time Limits for Degree Completion Requirements
Graduate School information on Time Limits.
Academic Misconduct Information
Graduate School information on Academic Misconduct.
Withdrawals and Leave of Absence Information
Graduate School information on Withdrawals and Leave of Absence.
Academic Grievances Information
Graduate School information on Academic Grievances.
Grades and Academic Standing
Graduate School information on Grades and Academic Standing.
Graduate School Deadlines Information
Information on Graduate School Deadlines.
Application for Graduation Information
Information on the Application for Graduation.
Finance PhD Program Guidelines for Continuation of Financial Support
Acquisition of Financial Support:
All students in good standing in the Finance PhD program are normally supported by a graduate assistantship. Financial support is guaranteed through the first five years in the program for all PhD students who meet all Requirements for Continuing Financial Support. Except in extraordinary cases, students will not receive funding after the fifth year in the program.
Requirements for Continuing Financial Support:
1. The student must be in good academic standing in the Finance PhD program. Good academic standing is defined as follows: the student must earn and maintain an overall graduate grade point average (GPA) of 3.0 or better for all graduate courses undertaken at the University of Alabama (UA). Grades below “C” count in computing the GPA but do not carry credit toward a degree. If the student’s overall graduate GPA falls below 3.0, the student has one probationary academic semester to return to good academic standing. Financial support will be terminated if good academic standing is not restored by the end of the probationary academic semester. If the student earns more than one grade of “C” or at least one grade of “D” or “F” in graduate courses, the student will have a compulsory academic performance review by the PhD Program Coordinator and Department Chair. This review will determine whether the student should receive one probationary academic semester as above, face termination of financial support at the end of the current semester, be dismissed from the program at the end of the current semester or be dismissed from the program at the end of the following semester.
2. The student must remain free of any resolved finding of academic misconduct. Penalties, including potential loss of financial support, will be determined with guidance from the UA Graduate School and/or the UA Culverhouse College of Business.
3. The student must enroll in all required courses as directed by the Department of Economics, Finance, and Legal Studies and enroll in the required number of credit hours each semester as directed by the Department of Economics, Finance, and Legal Studies.
4. The student must receive a passing grade on the Microeconomics Qualifying Examination. The student must pass the exam within two attempts.
5. The student must receive a passing grade on the Finance Comprehensive Examinations: The written and oral parts. The student must pass each part of the exam within two attempts.
6. The student must attend all mandatory events; complete all mandatory annual training; comply with all rules and policies held by the University of Alabama, the Culverhouse College of Business, and the Department of Economics, Finance, and Legal Studies.
7. Graduate teaching assistants must adequately perform all duties assigned to them in a timely manner as defined by the instructor of record for all courses to which the student is assigned teaching and/or grading responsibilities.
8. Graduate instructors of record must comprehensively fulfill all teaching responsibilities and administrative obligations in accordance with departmental standards and timelines as specified by the PhD Program Coordinator and outlined in the faculty handbook.
9. The student must be admitted into candidacy by August 1st of the third year in the program.
10. Upon admission to candidacy, the student must enroll in FI 699 under the supervision of their Dissertation Chairperson. Continuous research progress is expected as directed by the Dissertation Chairperson and the student’s dissertation committee. The dissertation committee determines by majority vote if a student is making adequate research progress commensurate with their time in the program. If the committee determines the student is not making adequate research progress, the student will be granted one probationary semester (i.e., academic semester or full summer term) with financial support to remedy productivity deficiencies, as assessed by the dissertation committee. Failure to meet minimum research expectations by the end of the probationary semester will result in immediate termination of financial support.
11. The student must successfully complete an oral defense of their dissertation proposal by April 30th of the fourth year in the program.
Termination of Financial Support:
Students who fail to meet all of the above criteria will be subject to termination of financial support pending Department of Economics, Finance, and Legal Studies administrative review. Depending upon the severity of the infraction or the extent of non-compliance, the Department Chair and PhD Program Coordinator will recommend immediate termination of financial support, termination of financial support at the end of the current semester, or termination of financial support at the end of the following semester.