University of Minnesota Department of Economics

In the second year, the typical student takes courses in specialized fields and may take additional work outside the department in mathematics, statistics, or, less commonly, business or one of the other social sciences. The typical second-year student writes at both of the preliminary examinations in microeconomic and macroeconomic theory.

In the third year, a student typically completes course work and preliminary exams and explores thesis subjects.

Work on the thesis occupies the fourth year and usually the fifth. While working on their theses, students participate in research workshops in which they and the faculty contribute to and learn from each other's research. Currently, workshops are organized in applied microeconomics, econometrics, macroeconomics and money, mathematical economics, international trade and development economics.

When the thesis is near completion, the student, aided by the department's placement efforts, explores the job market.

Each student must pass written preliminary examinations, often called "prelims." These include one each in microeconomic and macroeconomic theory and either one or two more in fields chosen by the student. Preparation for the theory exams includes the micro theory sequence (8101, 2, 3, 4) and the macro theory sequence (8105, 6, 7, 8) plus one to three months of independent study.

Normally students will spend the summer after the first year preparing for the theory exams, and sit for them at the beginning of the second year before Fall classes start. The exams are also offered in April. Some exceptionally well-prepared students sit for one or both of these exams in April of their first year. Field preliminary exams are generally taken in August and April of the third year.

Econometrics	International Economics
Economic Development	Labor Economics
Financial Economics	Mathematical Economics
Game Theory	Monetary Economics
Industrial Organization	Public Economics

With program approval, one examination offered by a related graduate program at the University of Minnesota may be substituted for one of the fields listed here. A student may also petition for a special examination in a field not listed above.

Students are allowed three to four hours to write each examination. Each examination is prepared by and graded by a faculty committee whose members do not know the identity of the students taking the exam. Copies of old examinations in each field are available for review. Sequences of two or three mini courses in each field help students prepare for examinations.

Although the preliminary examinations are rigorous and require considerable preparation, all but a small number of students pass exams within 36 months. This reflects the faculty's view that the principal function of the preliminary examinations is to set standards, while screening is the function of the selective admissions policy. Preparation for prelims is a critical phase of the educational process at Minnesota . Effective preparation requires more cooperation among students than would occur if students were competing for a limited quota of passing grades.

If you have taken a mathematical statistics course before enrolling at Minnesota, and intend to take prelims in fields for which only a one-year course sequence is offered ( e.g., industrial organization, monetary economics, public economics) you can complete all course requirements for the Ph.D., including econometrics and the supporting program, with three courses per term for two academic years. With micro and macro theory and Math 5615, 5616 in the first year, you can then take courses for two prelim fields and an econometrics sequence in the second year. Micro and macro theory sequences and two sequences in prelim fields will constitute the courses for your major. The math course and econometrics will constitute your supporting program. Some fields of specialization such as mathematical economics or econometrics may require more time, depending on your level of preparation when you enroll. But you should have time in your third year to enroll in advanced topics courses and workshops to explore possible areas for thesis research.

The supporting program is intended to broaden students' understanding of economics and equip them with special skills and knowledge. It consists of a minimum of twelve credits in graduate-level courses, which are approved by the student's adviser and the Director of Graduate Studies. Courses are typically chosen from economics, mathematics, and statistics. Courses in the fields in which the student writes preliminary examinations may not be used for the supporting program requirements. Students may take a minor program, as described in the Graduate School Catalog, in lieu of the supporting program. The minor program is selected with the approval of the minor department or departments.

Graduate-level work completed elsewhere may be used to satisfy part of the supporting program and other requirements.

The third-year paper competition is designed to help students start thinking about their thesis research. It is not required as part of the Ph.D. program, and there is no penalty for not doing it, but it can prove very helpful. A successful paper will provide a clearly articulated thesis proposal and research plan. A committee composed of faculty members who are not currently serving as advisors to third-year students, will judge the papers, award prizes and provide helpful feedback at the earliest stages of the dissertation process.

This examination is scheduled the term after the student has passed all of the written preliminary examinations and has completed all or most of the courses for the supporting program or minor. A four-member committee, suggested by the student and approved by the Graduate School , conducts the exam. The committee includes the student's adviser and two other members of the graduate faculty in economics, and an examiner with a graduate faculty appointment outside economics, to represent fields covered by the student's supporting program or minor. At the student's option, the questions asked by economists on the committee may deal with the subject of either the student's preliminary examination fields or a paper written by the student in the area of her or his proposed research. In recent years, all students have elected to be examined on proposed thesis research.

The purpose of the thesis is to provide evidence that the candidate is capable of conducting independent research in a professionally accepted manner. Thesis research should be concerned with significant problems involving analysis rather than mere compilation of data or the surveying of existing literature, and should be sufficiently limited in scope to permit thorough analysis. Although different formats may be appropriate for various projects, typically a piece of thesis research resembles an article in a high quality journal, and ideally only minor modifications are involved in subsequent preparation for submission to a journal. Sometimes a thesis consists of a single such article, but it is also common for a thesis to consist of two or three essays. The thesis must display substantial expository skill and mastery of the related literature and of relevant data sources. When the thesis is complete, it is submitted for approval to a three member faculty review committee, which includes the student's adviser. When approved, it is defended at the final oral examination. The final oral exam begins with a public seminar, and concludes with a private examination by a four-member committee, which includes the three reviewers and an additional faculty member.