Finance
Director of Graduate Studies: George Pinteris (MSF); Heitor Almeida (PhD)
330 Wohlers Hall
1206 S. Sixth Street
Champaign, IL 61820
(217) 333-8153
Fax: (217) 333-1144
Major: Finance
Degrees Offered: M.S., Ph.D.
Graduate Minor: Finance
Graduate Degree Programs
The Department of Finance offers graduate work leading to the Master of Science and Doctor of Philosophy degrees. The following fields are available for specialization: banking and financial institutions, corporate finance, insurance and risk management, investments, and real estate and urban land economics.
Admission
The minimum required grade point average for admission is 3.0 (A = 4.0). To be admitted without deficiencies, the applicant should have completed one undergraduate course each in computer science, financial accounting, managerial accounting, and principles of economics as well as two courses each in calculus, probability and statistics, and financial management. Courses to remove deficiencies may be taken after beginning the program, but such courses will not count toward the departmental requirements for graduation. All applicants are required to submit Graduate Management Admission Test (GMAT) or GRE scores. Most international applicants are also required to submit Test of English as a Foreign Language (TOEFL) IELTS or iBT scores. The test scores will be used by the Admissions Committee, along with other information, in evaluating the applicant’s qualifications for graduate study.
Degree Requirements
*For additional details and requirements refer to the department's graduate programs and the Graduate College Handbook.
Master of Science
| Required Courses: | Required Hours |
|---|---|
| Core courses | 16 |
| Graduate level finance courses | 12 |
| Elective graduate coursework | 12 |
| Total Hours | 40 |
Minimum 500-level Hours Required Overall |
12 |
| Other Requirements:* | |
| Minimum GPA: | 3.0 |
Terminal master's: The Master of Science in Finance (terminal master's) is a one-year program designed primarily for practitioners in finance-related positions. The program is designed to be completed in 12 months, beginning in early June.
Admission requirements and other details about the program can be found at www.business.illinois.edu/msf.
Master of Science, Ph.D. only option
| Required Courses: | Required Hours |
|---|---|
| Total Hours | 32 |
Minimum 500-level Hours Required Overall |
12 |
| Other Requirements:* | |
| Minimum GPA: | 3.0 |
For Ph.D. students: A Master of Science degree is available for students in the Ph.D. program. Ph.D. students may earn a master's degree as they work toward the Ph.D. degree. Students interested in a terminal master's degree are not admitted to the Ph.D. program. Options available at this University for a terminal master's degree in finance include the M.S. in Finance (terminal masters) described below, and the MBA with a track in finance as described under the section on Business Administration - MBA.
Doctor of Philosophy
| Required Courses: | Required Hours |
|---|---|
| ECON 502, and prerequisites if required (ECON 500, 501, 506) | 4-16 |
| ECON 506 or MATH 464 | 4 |
| ECON 507 or 547 | 4 |
| At least two doctoral level courses beyond the minimum course requirements in econometrics and statistics, with a minimum grade of B in each | 8 |
| FIN 590, 591, 594 and 593 | 16 |
| Research Seminars in Finance | 16 min |
| Thesis Hours Required – FIN 599 (min/max applied toward degree): | 0 min |
| Total Hours | 96 |
| Other Requirements:* | |
| Students who concentrate in the specialty areas of real estate or insurance must also take FIN 597 or 595 | |
| Students who do not already hold a Master's degree or its equivalent prior to enrollment must also take additional finance courses to complete the requirements of the MS Finance degree | |
| Teaching experience | |
| Second-year paper | |
| Masters Degree Required for Admission to PhD? | No, earned during Ph.D. |
| Minimum GPA: | 3.0 |
| Qualifying Exam Required | No |
| Preliminary Exam Required | Yes |
| Final Exam/Dissertation Defense Required | Yes |
| Dissertation Deposit Required | Yes |
The first stage toward the degree of Doctor of Philosophy ends when the candidate receives a master's degree in finance or earns the equivalent credit (a minimum of 32 graduate hours at this University or 32 semester hours or 48 quarter hours of acceptable work at another recognized university). The second stage comprises certain minimum coursework, fulfillment of other departmental requirements, and successful completion of preliminary examinations. The third stage includes research, preparation of the dissertation, and the final examination. The minimum number of graduate hours required for the second and third stages combined is 64. A student plans courses and research with his or her adviser. Consideration is given to previous academic training, career objective, and the general requirements of the Graduate College and the department. The student should become familiar with these requirements and satisfy them as soon as possible.
To enter the third stage of the doctoral program, a candidate must pass preliminary examinations to test his or her qualifications for further advanced study and research. The examinations are written and oral. A written preliminary examination is required for the field of finance. An oral defense of the proposal for the dissertation is the final step in the second stage.
The Doctor of Philosophy is primarily a research degree, and the candidate must demonstrate the capacity for independent research by producing an original thesis on a topic within his or her major field of study. The subject of the thesis must be reported to the doctoral committee and to the Graduate College at the time of the preliminary examination. The candidate is admitted to the final oral examination by the dean of the Graduate College upon completion of the dissertation and the recommendation of the department.
The doctoral program generally begins in the fall semester, but admission for fall allows registration for the preceding summer session. The application deadline is February 1.
Additional details on the program may be found at www.business.illinois.edu/finance/phd/.
Graduate Minor
Note: Students within the major cannot minor in the same program.
| Required Courses: | Required Hours |
|---|---|
| FIN 521, 511, and 512 | 12 |
| Total Hours | 12 |
Minimum 500-level Hours Required Overall |
12 |
| Other Requirements:* | |
| In addition to the minor requirements, students must also complete the requirements of their major degree. The major department determines which and how many minor hours may also be applied to the major degree. Please contact your department for more information. |