Qualifying Exams

For the Ph.D. finance curriculum, there are two sets of written exams. The first set is the Preliminary Qualifying Exams (PQE), which are taken during August following completion of one full year in the program. The PQE asks specific problem-oriented questions that draw upon a knowledge-base that Ph.D. candidates are expected to have mastered. The second set is the Comprehensive Exams.

The following guidelines govern administration of the Ph.D. qualifying exams.

  1. The Ph.D. Qualifying Exam Committee typically shall offer Preliminary Qualifying Exams (PQE) during the period between the end of the second summer session and beginning of the fall semester. Students satisfying the scholastic requirements described in the Guide to Graduate Programs in Finance will be eligible to sit for the exam once they have successfully completed FI 512, FI 515, and FI 601. The PQE draws upon material typically studied in the following courses:

    • FI 510 Financial Management
    • FI 512 Money and Capital Markets
    • FI 515 Quantitative Investment Analysis
    • FI 601 Financial Management Theory

    Students with undergraduate backgrounds in finance likely will have studied material typically contained in FI 510. This course therefore is not on the list of required courses for the Ph.D. program (see Section B, Ph.D. Degree Requirements). Students with deficient finance backgrounds should take this course prior to commencing the program.

  2. The Preliminary Qualifying Exams will be prepared by the Ph.D. Comprehensive Exam Committee. The exam committee should seek input from the course instructors while preparing the exams. Students must register for the exam at least four weeks preceding the test date.
  3. Students earning a "high mark" on the Preliminary Qualifying Exams are eligible to continue in the Ph.D. program.
  4. Students earning a "low mark" on the Preliminary Qualifying Exams may pursue the following courses of action:
    1. The student may elect to complete 30 hours of graduate coursework and receive a master of science in finance degree. Course substitutions for specific MSF program requirements may be approved by the coordinator of the MSF program in order to facilitate completioin of the degree in a timely manner. A "low mark" is regarded as a passing mark on the master of science in finance comprehensive exams.
    2. If the student has two or fewer "C's" for all courses completed in the Ph.D. program, the student may request to retake the Preliminary Qualifying Exam the next time it is offered. The Ph.D. Qualifying Exam Committee will render a decision on the request.
  5. Students earning a "fail mark" on the Preliminary Qualifying Exams may elect to complete course and exam requirements for the MSF degree. (See the earlier section of this document.)

In addition to their program requirements, students continuing in the Ph.D. program are required to take the following four finance courses:

    • FI 602 Advanced Finance Theory
    • FI 610 Seminar in Financial Management
    • FI 614 Seminar in Investments
    • FI 624 Seminar in Financial Markets

They also are encouraged to independently study classic readings in finance, to take electives in their desired specialization area, and generally to begin development of their research program. The student should prepare manuscripts (for seminar courses and otherwise) as well as conference presentations (internal and external to the department).