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Program Requirements

Undergraduate training in economics, mathematics, engineering, or any other quantitative discipline is an excellent background for undertaking doctoral studies in the field of finance. The GMAT, or the GRE General Test, is required of all applicants, there are no exception.

Applicants are expected to have completed introductory courses in economic theory, mathematics (including calculus), and basic accounting principles. Students who do not meet these course requirements, but otherwise show promise, may be admitted on the condition that they remove any deficiencies during the summer that precedes enrollment, or soon thereafter.

Entering students must demonstrate competence in mathematics either by passing a waiver examination administered by the Department of Economics or by passing ECON 897, a non-credit course in mathematical analysis for economists held for six weeks at the end of the summer and prior to the beginning of the program.

Financial Aid
The Finance Department usually provides financial aid, for a period of four years, to students in good standing in the PhD program. Financial aid generally consists of tuition, plus a stipend.

Admission to Candidacy
Students are admitted to candidacy after satisfactorily completing the following:

  • Course requirements as described.

  • A preliminary written examination in finance, administered by the Finance Department. In general, students are allowed no more than one unsuccessful attempt to pass a preliminary examination.

  • A second-year research paper, approved by two faculty advisers and presented in a workshop. (A proposal for the contents of this paper and the names of the two faculty advisers must be submitted to the PhD Program Coordinator by April 30 of the second year.)
Unsatisfactory performance in courses, preliminary examinations, or the second-year paper can necessitate a student's withdrawal from the program.

Dissertation
During the third and fourth years, after admission to candidacy, the student conducts dissertation research under the guidance of a dissertation adviser and other interested faculty. It is expected that the dissertation will contain original research, meeting standards of quality roughly equivalent to those of the major academic journals in finance and economics. The student must fulfill the following requirements:

  • Write and defend a proposal for a PhD dissertation.
  • Write and defend a PhD dissertation.
The approval of both requirements rests with the student's dissertation committee, which consists of no fewer than three members, including the dissertation adviser and no more than five members, and is formed in accordance with the rules of the University of Pennsylvania and those of the Wharton School PhD program.