The Department of Economics and Finance offers programs of study leading to the MA and PhD degrees in the following fields:

1. Econometrics (PhD)
2. Financial Economics (MA, PhD)
3. Resources, Environment and Energy (PhD)
4. Development and Growth (PhD)
5. Applied Microeconomics (PhD)

Administrative Staff

Chair
Johanna Goertz (725 MacKinnon, Ext. 56339)
jgoertz@uoguelph.ca
Graduate Program Coordinator
Rene Kirkegaard (707 MacKinnon, Ext. 53551)
rkirkega@uoguelph.ca
Administrative Assistant
Jessica Kannenberg (726 MacKinnon, Ext. 53235)
jessica.kannenberg@uoguelph.ca
Academic Assistant
Chloe Wilson (726 MacKinnon, Ext. 53898)
gradecon@uoguelph.ca

Graduate Faculty

This list may include Regular Graduate Faculty, Associated Graduate Faculty and/or Graduate Faculty from other universities.

MA Program

Admission Requirements

The university requires that students have the equivalent of an honours degree at the baccalaureate level.

Admission to the MA program requires that students have a solid background in economic theory and econometrics from a recognized undergraduate program. Normally, the Department requires a 'B+' average as a minimum.

Students whose background is not in economics but who are otherwise outstanding should consult the Department website for further information. Applicants whose background in economics is difficult to evaluate may be granted admission as a provisional graduate student for one semester. If, at the end of the semester, the Department is satisfied with the student's progress, it will recommend to the Assistant Vice-President (Graduate Studies) that the student be transferred to regular graduate student status.

Program offices should be consulted for admission deadlines.

Learning Outcomes

Upon successful completion of the Master of Arts in Economics program, graduates will have the capacity to:

1. Demonstrate an understanding of microeconomic and macroeconomic theory and econometrics through successful completion of core disciplinary courses. 
2. Develop an ability to critically select models and information and apply them appropriately to a variety of economic areas.  
3. Respond to a research question in economics through appropriate application of empirical and/or theoretical techniques. 
4. Acquire and adopt formal professional skills and behaviours expected of a practicing economist.
5. Demonstrate an ability to communicate an economic argument effectively in writing. 

Program Requirements

The MA program contains core courses in theory and quantitative methods.

The MA requires the completion of a minimum of 4.0 course credits. Most one-semester courses have 0.5 course credits. With approval from the Department, up to 1 credit of the required 4 credits can be taken outside the Department of Economics and Finance. However, students may, with approval, take additional courses from other Departments provided that their program includes at least six course equivalents (3.0 credits) from the Department of Economics and Finance. The minimum duration of the program is 2 semesters of full-time study as a regular graduate student. There are two options to the MA in Economics:

1. by course work, and
2. by course work and major research paper. 

Course Work and Major Research Project

A minimum of 4.0 credits is required, including:

1. The Economics Core (1.5 credits): 

   Course List

   Code	Title	Credits
   ECON*6020	Macroeconomic Theory I	0.50
   ECON*6500	Microeconomic Theory MA	0.50
   ECON*6140	Econometrics I	0.50
   or ECON*6180	Econometric Methods

2. Three additional courses (1.5 credits)
3. ECON*6940 Research Project (1.00 credit)

Course Work

A minimum of 4.0 credits is required, including:

1. The Economics Core (1.5 credits): 

   Course List

   Code	Title	Credits
   ECON*6020	Macroeconomic Theory I	0.50
   ECON*6500	Microeconomic Theory MA	0.50
   ECON*6140	Econometrics I	0.50
   or ECON*6180	Econometric Methods

2. Five additional courses (2.5 credits). At least two courses must have substantial research components (50% or more of the total course grade).

Course Work and Major Research Project in the Field of Financial Economics

1. The Economics Core (1.5 credits): 

   Course List

   Code	Title	Credits
   ECON*6020	Macroeconomic Theory I	0.50
   ECON*6500	Microeconomic Theory MA	0.50
   ECON*6140	Econometrics I	0.50
   or ECON*6180	Econometric Methods

2. The Finance Core (1.5 credits): 

   Course List

   Code	Title	Credits
   FIN*6000	Asset Pricing	0.50
   FIN*6200	Empirical Finance and Financial Econometrics	0.50
   FIN*6300	Security Analysis and Portfolio Management	0.50

3. ECON*6940 Research Project (1.00 credit)

Course Work in the Field of Financial Economics

A minimum of 4.0 credits is required, including:

1. The Economics Core (1.5 credits):

   Course List

   Code	Title	Credits
   ECON*6020	Macroeconomic Theory I	0.50
   ECON*6500	Microeconomic Theory MA	0.50
   ECON*6140	Econometrics I	0.50
   or ECON*6180	Econometric Methods

2. The Finance Core¹ (1.5 credits):

   Course List

   Code	Title	Credits
   FIN*6000	Asset Pricing	0.50
   FIN*6200	Empirical Finance and Financial Econometrics	0.50
   FIN*6300	Security Analysis and Portfolio Management	0.50

3. Two additional courses (1.0 credits). Students are encouraged to take:

   Course List

   Code	Title	Credits
   FIN*6400	International Finance	0.50
   ECON*6490	Money and Banking	0.50

¹

Note that all courses in the finance core have substantial research components (50% or more of the total course grade). 

PhD Program

Admission Requirements

Applicants to the PhD program should have a master's degree in economics with a minimum average of 80% (A-) in their postgraduate studies. Applicants without a master's degree but with an outstanding record at the baccalaureate level, may be admitted initially to the MA program in economics. For students who achieve a superior record and show an aptitude for research, The Board of Graduate Studies, on the recommendation of the Department, may authorize transfer to the PhD program without requiring the student to complete a master's degree.

Learning Outcomes

1. Demonstrate mastery of microeconomic and macroeconomic theory through the formulation and analysis of a variety of economics models.
2. Obtain a deep understanding and proficiency in econometrics through the application of mathematical and statistical techniques.
3. Demonstrate mastery of an applied field within the discipline of economics by critically surveying the literature and articulating a problem.
4. Formulate, design, and analyze empirically and/or theoretically an original question in economics.
5. Recognize, adapt to, and engage with disciplinary norms by developing professional behaviours specific to an economic environment.
6. Demonstrate an ability to communicate complex economic arguments effectively both orally and in writing.

Program Requirements

The objective of the PhD program is to train individuals who already have a strong background in economics to become independent and skilled researchers, in preparation for a career in academia, government or the private sector. Course offerings cover a broad range of topics in theoretical and applied economics. PhD candidates may write a dissertation in any of the areas of expertise of the graduate faculty in the Department.

Graduates are expected to have demonstrated competence at an advanced level in the core areas of Microeconomic theory, Macroeconomic theory, and Econometrics, to have demonstrated competence at the cutting edge of knowledge in their area of specialization and advanced competence in at least one other area, and to have demonstrated mature scholarship, research and communication abilities.

The program requires the satisfactory completion of a minimum of 6 core courses covering theory and, econometrics, and 4 elective field courses. The 6 theory and econometrics courses are taken in the first year. The remaining 4 courses are normally taken in the student’s second or third year and must be selected in consultation with the student’s Advisory Committee. Students with an existing master’s degree awarded by the Lang School of Business and Economics, who have already successfully completed some of the required courses as part of their graduate program, may have those course requirements waived with the permission of the Graduate Program Coordinator. In addition, students must complete a seminar course in the Fall and Winter semesters of their second and third year. Participation in the seminar course is encouraged in the fourth year.  The following sequence of milestones represents the typical path through the PhD program.

Year I: Core Courses

Students must complete the following courses in preparation for the comprehensive examinations in economic theory:

The comprehensive examinations in economics theory are written at the end of Year 1.

Year II: Dissertation Proposal

After the theory comprehensive exams are passed, students must prepare a PhD proposal under the supervision of a faculty member. Proposals are presented to the Department at a symposium, and upon acceptance the Graduate Program Coordinator will notify the Assistant Vice-President (Graduate Studies) that the student has passed the "Qualifying Examination" requirement as set out by the Faculty of Graduate Studies. At this point, the student becomes a "candidate" for the PhD.

Students are also required to complete the ECON*6900 Doctoral Research Seminar in the Fall and Winter semesters.

Year III and IV: Thesis

Submission and defence of an acceptable thesis on a topic approved by the student's advisory committee completes the requirements for the PhD. The thesis is expected to be a significant and original contribution to knowledge in its field and must demonstrate scholarship and critical judgement on the part of the candidate. 

Students are also required to complete ECON*6900 Doctoral Research Seminar in the Fall and Winter semesters of their third year and are encouraged to participate in their fourth year.

Collaborative Specializations

International Development Studies

The Department of Economics and Finance participates in the International Development Studies (IDS) collaborative specialization. Applicants for this collaborative specialization enter through one of the participating departments; course selections are based, in part, on the applicant's primary discipline. Those faculty members in the Department of Economics and Finance whose research and teaching expertise includes aspects of international development studies may serve as advisors for these MA and PhD students. Please consult the International Development Studies listing for a detailed description of the collaborative specialization including the special additional requirements for each of the participating departments. 

Courses