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Chair of the Department: Morgan J. Lynge
Director of Graduate Studies: Roger E. Cannaday
340 Wohlers Hall
1206 South Sixth Street
Champaign, IL 61820-6271
(217) 244-4515 | Fax: (217) 244-9867
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 (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 40 graduate hours
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, 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 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 the 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 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. 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 is February 1.
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