Economics PhD students typically begin graduate study by taking required courses in microeconomics, macroeconomics and research topics. Candidates also take mathematics courses. For example, MIT economics PhD students take statistics, which requires prior study of calculus and linear algebra. PhD students also select concentration areas and take courses in that area; the concentration helps students identify a topic which can be pursued in greater depth in the dissertation. Concentrations that a doctoral student in economics might select include political economics, economic development and economic theory. Economics seminars are also part of the curriculum for PhD students. At New York University, for example, economics PhD students attend a research seminar that corresponds to their selected concentration area.
The qualifying examination, which may also be referred to as the comprehensive examination, is designed to test a doctoral candidate's knowledge of specific economics topics. The examinations cover subjects such as economic theory, microeconomics and macroeconomics. In addition, students may be required to pass a qualifying examination in the concentration area. Qualifying examinations are written tests and are typically taken during the second or third year of study. Passing the exams is required before continuing in the program.
PhD studies in economics culminate with the presentation and defense of an original work of research known as a dissertation. Students select a research topic for the dissertation with the assistance of a faculty adviser. During the third year, candidates submit a proposal, the third-year paper, which forms the basis for the dissertation. Students also select faculty members that will make up the dissertation committee. The committee carries out a public oral exam of the degree candidate, and following the defense of the dissertation, the committee votes on whether or not to accept the defense.