Ph.D. Program
Guide to Graduate Programs in Economics:
The Guide is designed to answer some of the most frequently asked questions concerning graduate programs in economics.
The economics Ph.D. program is designed to provide students with the advanced training and substantive knowledge necessary to pursue positions leading to careers in research and teaching at other institutions of higher learning, careers in economic analysis and forecasting within the private sector, and careers in public policy analysis within local, state, or federal government.
Application Deadlines
Contact Information
Degree Requirements
The department offers a Ph.D. in economics through both the College of Arts and Sciences and through the Manderson Graduate School of Business. The degree programs differ according to the courses students take to satisfy the statistics and quantitative requirements for the Ph.D. through the Manderson Graduate School of Business. The requirements for the degree through Arts and Sciences are described here, since the major requirements for both degrees are the same. This is the program chosen by most students, but a shift from one college to the other can be made after entering the program. A shift to the Graduate School of Business requires that the student complete the statistics requirement (ST 550-551 or equivalent) and a four-course quantitative methods requirement. This sequence can include the two econometrics courses, EC 571 and EC 671.
The Ph.D. is awarded to students who demonstrate competence in the several parts of the comprehensive examination and write a dissertation that demonstrates his or her ability to do independent research. The demonstration of competence requires an understanding of the literature and methodology of economics and the application of this knowledge to research. Another important element of the program at The University of Alabama is the integration of courses in finance into the set of core courses taken by students.
The coursework for the Ph.D. is an initial exposure to major contributions in the literature and applications of the methodology. Students acquire competence through study of the literature and development of research skills. The program is designed to develop this competence. The course requirements, in effect, help define the scope of the material to be mastered but are not, in and of themselves, sufficient for the examinations. (On the other hand, see the comment on the master's comprehensive examination about preparation and excessive worry.)
Course Requirements
The following courses are required for the Ph.D. in economics. They are listed in the order that they are to be taken. Students receiving financial aid are obligated to take these classes in the sequence detailed below. The economics faculty also strongly urges students who are not receiving financial aid to take the courses in the designated sequence.
The First Year
The courses in the first year of the Ph.D. program are designed to provide the student with the theoretical and econometric skills necessary to apply economic theory to practical issues as well as issues of government policy. It also introduces basic course work in finance early in the program.
- EC 570 Mathematical Economics (summer or fall)
- EC 610 Seminar in Microeconomics (fall)
- EC 611 Advanced Macroeconomic Theory II (fall)
- ST 554 Math Statistics (fall)
- EC 660 Game Theory (spring)
- EC 616 Seminar Monetary Economics (spring)
- EC 670 Econometrics (spring)
Qualifying Exams:
- Microeconomics
- Macroeconomics
As a part of the regular sequence in the economics Ph.D. program, students are required to pass a qualifying examination, which is administered at the end of their first year of study. The exam is normally offered in May, several weeks after the end of the spring-semester classes. The exam is comprised of two parts: microeconomics and macroeconomics. To be eligible to continue in the Ph.D. program, a student must pass both parts of the exam. If a student has successfully passed both parts of the exam by the end of August, the student will be allowed to continue in the Ph.D. program and financial aid, if any, will not be affected.
Students who do not pass one or both parts of the exam when it is administered in May will be given one chance to retake the portion(s) that they have failed in the second administration of the exam in August. A student who has not passed both parts of the exam will not be allowed to continue in the Ph.D. program, but is eligible to obtain a master’s degree. Students receiving financial aid from the University will be allowed to maintain their aid only until the end of the subsequent fall semester, assuming they have met all of their other requirements.
If a student is absent from an exam, it will be counted as a failed attempt.
The Microeconomics and Macroeconomics Qualifying Examination Committees will each consist of three faculty members. In general, the faculty members teaching the core classes will serve on the committees.
The Second Year
The courses taken during the second year apply economic theory to important fields of study. These classes are designed to prepare the student to do professional quality work on applied research topics and to complete a doctoral dissertation during the third and fourth years. Students receiving financial aid must take all six of the field courses offered during the second year. It is strongly recommended that other students who do not receive financial assistance take these six courses as well.
- EC 631 International Money and Finance (fall)
- EC 623 Public Sector Economics* (fall)
- EC 671 Seminar: Econometrics (fall)
- EC 676 Advanced Monetary Policy (spring)
- EC 630 International Trade Theory* (spring)
- EC 672 Financial Econometric Modeling (spring)
*Or other designated applied microeconomics courses
At end of the second year, a student should begin work on a research paper. In general, the paper will be a critical review of the literature in a particular area of interest to the student. The review will survey a number of published papers in such a fashion that it can be the basis for a dissertation proposal. Students should consult with the instructors of their field courses to select the appropriate papers to review. This paper will be due early in the beginning of the fall semester of the student’s third year.
The student’s paper will be judged to be acceptable or not acceptable by members of the appropriate field committee. The field committees will consist of at least two faculty members. If a paper is not acceptable, the student will be able to modify the paper as part of EC 698. However, unless a successful paper is submitted by the end of the fall semester, the student will be allowed to maintain their aid only until the end of the subsequent spring semester.
The Third Year
Third and fourth year students must take EC 698 (Research in Economics) during both the fall and spring semesters. At the end of their third year, students will make a presentation of their research topic to the entire faculty.
- Finance Elective (fall)
- EC 698 Research in Economics (fall)
- EC 699 Dissertation Research (fall)
- Finance Elective (spring)
- EC 698 Research in Economics (fall)
- EC 699 Dissertation Research (spring)
List of Potential Finance Electives
- FI 531 International Finance
- FI 512 Money and Capital Markets
- FI 514 Investments
- FI 515 Quantitative Investment Analysis
- FI 519 Financial Engineering
The Fourth Year
During the fourth year, the student should enroll in EC 698 and at least 6 hours of dissertation research each semester. It is anticipated that each student will enter the job market during the fall semester. By this point, the student should have written at least two journal-length papers for the seminar courses described above. These papers and the hours spent on dissertation research are expected to be adequate for a student to have at least one good paper for the job market as well as one or more additional working papers. Students who expect to succeed in the job market should also have defended their dissertation proposal by the end of the fall semester.
Normally, each qualified fourth-year student will be expected to teach one class each semester during the fourth year. A student who has not completed his or her dissertation by the end of the fourth year is expected to (return to campus to) defend a completed dissertation. No financial aid will be awarded after the fourth year.
The Dissertation
During the third year, a student is expected to commence their work on the dissertation. Officially this requires the formation of a Dissertation Committee. Students are transferred from the Program Committee to a Dissertation Committee at this point and formally begin work on the dissertation.
Writing a dissertation is the final test of research competence. It requires an understanding of relevant literature and methodology, and the ability to think independently. The student must find an original topic, plan a test of hypotheses, write and defend at a final oral examination, a document acceptable to the Dissertation Committee and to the Graduate School.
Summary and Cautions
Students considering the Ph.D. program should first examine the master's degree requirements. If entry into graduate work is from an undergraduate program, the most important part of planning is in making sure that the prerequisites have been met. Most undergraduate programs do not require a sufficient background in mathematics and some do not require intermediate theory.
Application Deadlines
Domestic Students
Fall Term - July 1
Spring Term - November 1
Summer - April 1
International Students
Fall Term - Outside the United States - January 15
Fall Term - Inside the United States - April 15
Spring Term - Outside the United States - June 1
Spring Term - Inside the United States - September 15
To be considered for funding for the fall term your application should be completed by no later than January 15.
GMAT and GRE Reporting
Institution Code (University of Alabama) - 1830Departmental Code (Economics) - 1801
For further information contact:
Debra Wheatley
Graduate Programs Secretary
Economics, Finance and Legal Studies
The University of Alabama
Box 870224
204 Alston Hall
Tuscaloosa, AL 35487
Phone: 205-348-6683
Fax: 205-348-0590
dwheatley@cba.ua.edu