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Q: What GMAT score is required for admission? |
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A: We have no set cutoff for GMAT scores. However, we do look at these scores very closely. The average score of our most recent group of admitted students was 713. Unless a student has a very strong prior academic record, it is unlikely that they would be offered admission with a score below 650.
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Q: What if I have taken the GRE instead of the GMAT?
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A: We prefer the GMAT, but we are willing to accept a GRE score instead of the GMAT. We look at all scores on the GRE test, with an emphasis on the quantitative section. Our typical admitted student will have GRE scores in the 95th percentile or above. Unless a student has a very strong prior academic record, it is unlikely that they would be offered admission with an overall score below the 90th percentile.
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Q: My GMAT is low, but I have a very strong undergraduate record. Do I have a chance?
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A: Possibly. We look particularly favorably on students who have done well (3.5 GPA and above) in demanding undergraduate and master's courses. We are particularly interested in students with a strong knowledge of multivariable calculus, linear algebra, differential equations, real analysis, advanced statistics, microeconomic theory, and game theory. Strong prior grades in these types of courses will be looked on particularly favorably. However, strong grades in a typical undergraduate or master's business program are unlikely to compensate for a low (below 650) GMAT score.
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Q: If I have a degree from a U.S. university, am I required to take the TOEFL test? |
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A: No. A degree from a U.S. school will exempt you from the TOEFL requirement.
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Q: Can I study part time? |
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A: No. The Finance program is an extremely intensive program requiring a very large time investment. Most of our students find that they study for at least twice as many hours a week as they did during their undergraduate or master's studies. You will be working very hard if you join us.
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Q: What types of students are in the program?
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A: Currently we have 12 students in residence. Over half of these students are international, drawn primarily from Europe and Asia. Most of our current international students have a prior degree from a U.S. school. Most, but not all, of our recent students have a master's degree. Our students' prior degrees are quite diverse and include engineering, economics, math, statistics, and finance.
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Q: What are you looking for in a student?
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A: We are looking for students who have strong analytical minds yet who are also creative thinkers. We find that some of these students have come from traditional business programs, but many others come from more quantitative fields including engineering, economics, math, statistics, and the natural sciences. Students with business education backgrounds should make sure that they have the quantitative skills to survive in a Ph.D. finance program. Students with more quantitative backgrounds should make sure that they are familiar with MBA level finance and are committed to using their quantitative skills to tackle finance research questions.
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Q: Who is eligible for financial aid? |
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A: All admitted students (domestic and international) are eligible for a graduate assistantship and in the past all admitted students have received 4 years of financial support including a tuition credit and a monthly stipend. Most students find that the stipend is sufficient to cover their living expenses.
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Q: How long does the program take?
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A: The program is designed so that a student can finish in 4 years. However, the length of the dissertation stage is hard to predict, and many students elect to stay for a fifth year.
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Q: What types of jobs do Finance Ph.D.s receive? |
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A: We train students for research and teaching careers at universities. Almost all of our recent graduates have secured positions at U.S. or international universities. A small number of students choose to pursue careers in consulting or industry. Our recent students have taken either temporary or permanent teaching posts at Tulane University, the University of Maryland, the University of Akron, Drexel University, Georgia State University, Beijing University (China), Oakland University, the University of Missouri at Kansas City, the University of New Hampshire, the University of Richmond, the University of Texas at Dallas, Wayne State University, and the State University of New York (SUNY) at New Paltz. Our department has become much stronger over the past five years and we expect to strengthen our placement record in the future.
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Q: Is work experience necessary for admission?
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A: Absolutely not. A few of our students have practical work experience in the financial sector. This experience often helps them in identifying research projects and/or datasets. However, many of our students have no past job experience. Finance research is highly theoretical and statistical and requires a very different skill set than what is typically needed in the business world.
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Q: How many students apply to the program? How many are admitted? |
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A: We typically received between 100 and 200 applications in any given year. We anticipate admitting 4 to 6 students for study commencing in the Fall of 2007. Competition for spots in the program is intense.
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