Master's candidates have two options for completion of degree requirements:

Under the thesis option, students take 30 credits of course work and complete a Master's essay. The courses include a minimum of 12 credits (four semester courses) in Economic Theory (Micro I and II and Macro I and II), 9 credits in Quantitative Economics (Statistics and Econometrics I) plus one additional course from the following: Econometrics II, Applied Econometrics for Microeconomics, Applied Econometrics for Macroeconomics, Seminar in Econometrics or Seminar in Applied Econometrics). Courses and fields are listed following. The essay topic is chosen in consultation with a faculty member who serves as Chairman of the student's M.A. committee, along with two other members of the economics faculty. Essays are expected to show insight and originality of interpretation. This option is used frequently by students who do not intend to study beyond the M.A. The oral examination in defense of the essay includes tests of economic theory and quantitative methods and serves as the qualifying examination for the Master's degree.

students who complete 30 credits (including course requirements listed above) and pass the theory portion of the Ph.D. qualifying examination are eligible for the M.A. degree without writing a Master's essay. This option is used frequently by students who wish to acquire a Master's degree en route to the Ph.D.

M.A. students progressing at a satisfactory rate will complete the degree requirements in two years or less. All candidates are expected to complete the program in 3 years.

Doctoral candidates complete 48 credits of course work, 24 credits of research, the qualifying examination in microeconomics and macroeconomics, 2 field examinations, and a Ph.D. dissertation. Courses include a minimum of 12 credits (four semester courses) in Microeconomics and Macroeconomics; six credits in Statistical Methods and Econometrics; one course in Economic History, one course in Applied Econometrics, and six credits in each of two elective fields. Students may offer microeconomics, economic history or econometrics as an elective field by taking two courses beyond the required courses in these subjects and passing the field examination. (Courses and fields are listed below.)

The qualifying examination consists of written tests in microeconomics and macroeconomics. These exams are taken in the summer of the first year after completion of the courses Microeconomic Theory I and II and Macroeconomic Theory I and II. In addition, Ph.D. students must take written qualifying field examinations in two elective fields. The field examinations are taken within 18 months of the successful completion of the microeconomic and macroeconomic qualifying examinations. Doctoral students are also required to complete a second-year research paper over the summer of their second year and write a dissertation proposal in the summer of their third year.

After passing the qualifying examinations in microeconomics and macroeconomics, Ph.D. students enter the research phase of the program. The doctoral dissertation is an original investigation of an economic problem, and is expected to make a meaningful contribution to knowledge within the discipline. Each student works closely with his or her dissertation committee, consisting of three members of the Economics faculty and one member from another department. The completed dissertation is ydefended by the candidate at a final oral examination.

Completion of the Ph.D. requires a minimum of four years of full-time study, or its equivalent, of which at least one year is devoted to research. The rules of the Graduate School provide that the Ph.D. must be completed within seven years from the date of initial enrollment. The average number of years for completion is five.