FINANCE

Chair of the Department: Morgan J. Lynge

Director of Graduate Studies: Roger E. Cannaday

Correspondence and Admission Information: Department of Finance, 340 Wohlers Hall, 1206 South Sixth Street, Champaign, IL 61820-6271; (217) 244-4515; Fax: (217) 244-9867; E-mail: finance@commerce.cba.uiuc.edu

URL: www.cba.uiuc.edu/finance/finance.htm

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 manage ment, 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 (except those for the M.S. with a specialization in international finance) are required to submit Graduate Management Admission Test (GMAT) scores. Most international applicants are also required to submit Test of English as a Foreign Language (TOEFL) 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.

graduate teaching experience

Experience in teaching is considered a vital part of the graduate program and is required as part of the academic work of all Ph.D. candidates in the program.

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 in Finance with a specialization in international finance is a one-year program designed primarily for practitioners in finance-related positions with international firms or agencies. All candidates are required to complete at least ten units of coursework 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 Graduate College apply, whic h 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 coursework from an accredited college in the U.S. or a recognized institution of higher learning in another country. In addition, most international applicants must take and achieve a satisfactory score on the TOEFL. The current minimum score on the paper-based TOEFL is 550 (213 on the computer-based test). Students submitting scores 607 (253) or below who are admitted to the program 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 tuition and fees for t he twelve-month program is $24,500, effective 2000-2001. Tuition and fees are subject to change annually. Applicants will not be admitted until evidence of financial support/ability is verified.

The program is designed to begin in early 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. Applicants who have acceptable recent graduate-level microeconomics and statistics
courses may be considered for initial enrollment in the fall semester. Such applicants should apply by June 1.

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 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 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 a rea. 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.