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Programs of Study, 1997-1999
University of Illinois at Urbana-Champaign
FINANCE
Chair of the Department: Morgan J. Lynge
Director of Graduate Studies: Roger E. Cannaday
Correspondence and Information: Department of Finance,
University of Illinois at Urbana-Champaign, 340 Commerce West Building, 1206 South
Sixth Street, Champaign, IL 61820-6271; (217) 333-2110; FAX: (217) 244-3102. E-mail:
finance@commerce.cba.uiuc.edu.
URL: http://www.cba.uiuc.edu/finance/finance.htm
GRADUATE FACULTY
Professors: P.F. Colwell, S. P. D'Arcy, J. E. Finnerty, J. A. Gentry, C. M. Kahn, J. Lakonishok, C. M. Linke, M. J. Lynge, Jr.
Associate Professors: R. E. Cannaday, L. K. C. Chan, N. Jegadeesh, H. Y. Park, G. G. Pennacchi, D. T. Whitford
Assistant Professors: A. Almazon, V.G. France, N. D. Pearson
Professor Emeritus: Ivan O. Bull
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, business finance, insurance and risk management, investments, and real estate and urban economics.
ADMISSION
The minimum required admission grade point average is 3.0 (A = 4.0). To be admitted without deficiencies, the applicant should have completed an undergraduate course in computer science, financial accounting, managerial accounting, and principles of economics and 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 (except those for the M.S. with a specialization in international finance) are required to submit Graduate Management Admission Test scores. Most international applicants are also required to submit Test of English as a Foreign Language scores. The test scores will be used by the Graduate Standards Committee, along with other information, in evaluating the applicant's qualifications for graduate study.
MASTER OF SCIENCE
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 with a specialization in international finance described below, and the M.B.A. with a track in finance as described under the section on business administration.
MASTER OF SCIENCE IN FINANCE WITH A SPECIALIZATION IN INTERNATIONAL FINANCE
The Master of Science Program in International Finance is a one-year program designed primarily for practioners in finance-related positions with international firms or agencies. All candidates are required to complete at least 10 units of course work in finance, economic theory, and quantitative methods. The program is designed to be completed in 12 months. However, certain participants may want to obtain more in-depth information about a specific area, or they may need additional time to complete the degree. Thus, it is possible to study for one or two additional semesters on campus. Additional costs are charged for further study beyond the prescribed program.
To be eligible for the program, applicants must have earned a bachelor's degree in finance, economics, or some related business discipline and have at least two years of full-time employment in a finance-related job. Applicants with undergraduate degrees in other fields may also qualify if they have completed three years or more of employment in a finance-related job.
The admission requirements of the University of Illinois Graduate College apply, which include completion of a bachelor's degree, with a "B" or better grade point average (3.0 on a 4.0 scale) during the last 60 hours of course work from an accredited college in the U.S. or a recognized institution of higher learning from other countries. In addition, all foreign applicants must take and achieve a satisfactory score on the Test of English as a Foreign Language (TOEFL). The current minimum score on the TOEFL is 550. Students submitting scores of 550 or above but below 607 may be admitted to the program, but will be required to take the English Placement Test before being allowed to register for classes. The results of the test will determine if the student must take remedial English courses while enrolled in the program. If necessary, intensive English courses can be taken prior to admission to the program at the student's or sponsor's expense. Admission of foreign applicants can only be completed after the financial certification requirement is satisfied. The total of tuition and fees for the twelve-month program is $21,000. Applicants will not be admitted until evidence of financial support/ability is verified.
The program begins in June of each year. The admissions process starts in January and applications are reviewed as soon as they are complete. Applications are considered as long as space is available, but candidates are advised to submit their application materials by March 15 for equal consideration.
DOCTOR OF PHILOSOPHY
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 eight units at this University or 32 semester hours or 48 quarter hours of acceptable work at another recognized university); the second stage comprises certain minimum course work, 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 units required for the second and third stages combined is 16. 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. Written preliminary examinations are required for two fields in finance and, if offered, for one elective area. 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 in February 1.
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