PhD in Business Administration

BELK COLLEGE of BUSINESS Ph.D. in Business Administration Major in Finance

Belk College of Business UNC Charlotte Friday Building 9201 University City Blvd.

Charlotte, NC 28223

phd-business.uncc.edu

MESSAGE FROM THE DEAN Thank you for your interest in the Ph.D. in Business Administration program at the University of North Carolina at Charlotte. As Dean of the Belk College of Business, I hope this brochure will inspire and encourage you to pursue your doctorate with us. I think you will find that UNC Charlotte and the Belk College of Business provide an outstanding environment for pursuing doctoral studies at an urban research university and business school.

Much of the positive momentum and energy you’ll find at UNC Charlotte is due in no small part to our location in one of the most dynamic business cities in the country.

Innovations and opportunities abound in the city we call home. Over the past 25 years, the Charlotte region has enjoyed strong growth, with a diversified economic base that includes some of the world’s best-known companies in banking and financial services, energy, manufacturing and distribution, health care and retail.

Our university’s strategic expansion has paralleled that of the Charlotte region. With today’s enrollment now exceeding 25,000 students, UNC Charlotte has grown in fewer than 40 years to become the fourth largest university within the University of North Carolina system. Since making the commitment to transform to a doctoral/research university, UNC Charlotte’s leaders and supporters have been steadfast in their dedication to providing students with the outstanding faculty, facilities and resources that form the hallmark of an exceptional academic experience.

STEVEN H. OTT Dean Dean Ott joined the Belk College of Business in 1999.

Prior to being appointed Dean in 2011, he served as the Founding Director of the Center for Real Estate at UNC Charlotte.

Within the Belk College of Business, you will find an innovative, vibrant intellectual community focused on excellence and integrity. The College strives to disseminate top quality academic and applied research in a variety of business disciplines and to provide academic programs that both meet and anticipate the needs of the global economy.

Dr. Ott’s academic research focuses on topics such as real estate capital markets, the financial analysis of real estate development decisions, applications of option pricing to real estate valuation, and the economics of public policy and real estate.

Our Ph.D. in Business Administration was established to augment the academic labor market by developing the next generation of leaders in research and pedagogy. We are committed to providing a strong foundation for the success of our doctoral students through a rigorous academic program and a dedicated team of faculty advisors. We also strive to create a culture that supports diversity and inclusion among faculty, staff and students.

Dr. Ott earned a master’s degree in Real Estate and Finance and a Ph.D. in Finance and Economics from the University of Wisconsin-Madison.

Again, I thank you for your interest in UNC Charlotte, and wish you all the best in your doctoral studies.

Steven H. Ott Dean page 3

MESSAGE FROM THE DEAN Thank you for your interest in the Ph.D. in Business Administration program at the University of North Carolina at Charlotte. As Dean of the Belk College of Business, I hope this brochure will inspire and encourage you to pursue your doctorate with us. I think you will find that UNC Charlotte and the Belk College of Business provide an outstanding environment for pursuing doctoral studies at an urban research university and business school.

Much of the positive momentum and energy you’ll find at UNC Charlotte is due in no small part to our location in one of the most dynamic business cities in the country.

Innovations and opportunities abound in the city we call home. Over the past 25 years, the Charlotte region has enjoyed strong growth, with a diversified economic base that includes some of the world’s best-known companies in banking and financial services, energy, manufacturing and distribution, health care and retail.

Our university’s strategic expansion has paralleled that of the Charlotte region. With today’s enrollment now exceeding 25,000 students, UNC Charlotte has grown in fewer than 40 years to become the fourth largest university within the University of North Carolina system. Since making the commitment to transform to a doctoral/research university, UNC Charlotte’s leaders and supporters have been steadfast in their dedication to providing students with the outstanding faculty, facilities and resources that form the hallmark of an exceptional academic experience.

STEVEN H. OTT Dean Dean Ott joined the Belk College of Business in 1999.

Prior to being appointed Dean in 2011, he served as the Founding Director of the Center for Real Estate at UNC Charlotte.

Within the Belk College of Business, you will find an innovative, vibrant intellectual community focused on excellence and integrity. The College strives to disseminate top quality academic and applied research in a variety of business disciplines and to provide academic programs that both meet and anticipate the needs of the global economy.

Dr. Ott’s academic research focuses on topics such as real estate capital markets, the financial analysis of real estate development decisions, applications of option pricing to real estate valuation, and the economics of public policy and real estate.

Our Ph.D. in Business Administration was established to augment the academic labor market by developing the next generation of leaders in research and pedagogy. We are committed to providing a strong foundation for the success of our doctoral students through a rigorous academic program and a dedicated team of faculty advisors. We also strive to create a culture that supports diversity and inclusion among faculty, staff and students.

Dr. Ott earned a master’s degree in Real Estate and Finance and a Ph.D. in Finance and Economics from the University of Wisconsin-Madison.

Again, I thank you for your interest in UNC Charlotte, and wish you all the best in your doctoral studies.

Steven H. Ott Dean page 3

CAREER OPPORTUNITIES PH.D. IN BUSINESS ADMINISTRATION CAREERS Excerpt from “Becoming a Business Professor,” an article published by AACSB International, June 2007 and data from “2011-12 Salary Survey Reports,” a report by AACSB International , 2012.

Why should you consider becoming a business professor?

There are several reasons: job security, an attractive income, flexible work conditions, intellectual stimulation, etc. Given the shortage of individuals holding a doctoral degree in business and increasing demand for their services, now is a particularly good time to become a business professor.

How strong is the demand for business professors?

In the field of business, the supply of new doctorates is less than the number of positions available. This is due to three major factors: many senior faculty are retiring or will soon retire; there is a significant increase in the number of students seeking degrees in business (a trend likely to continue); and lastly, an insufficient number of students enroll and complete doctoral business programs.

Demand for finance professors will remain healthy in the near-term and likely remain so in the long-term. Becoming a professor is a career choice that will pay dividends for years to come.

This faculty shortage has resulted in increasing salaries for faculty at business schools. In 2011, the average nine-month salary for an Assistant Professor (entry level) was $102,000 for faculty teaching in management, $138,000 for finance, $135,000 for accounting and $114,000 for marketing. Combined with additional compensation for activities such as summer teaching and research activities, consulting, executive program teaching, textbook writing, and sponsored papers and presentations, business faculty enjoy very healthy incomes.

A career as a business professor is an opportunity that has much to offer in terms of intellectual stimulation, income, lifestyle and numerous other attractive characteristics.

Demand for business professors will remain healthy in the near-term and likely remain so in the long-term. Becoming a professor is a career choice that will pay dividends for years to come.

D R . T O M H I E B E R T, ’ 0 9 Director of Management Program, West Point After completing the Ph.D. in Business Administration program in 2009, Dr. Hiebert accepted an appointment at West Point.

Dr. Hiebert now serves as the director of the Management Program at West Point.

Student Research: Dr. Hiebert conducted research on the home mortgage industry and the effect of the Department of Defense Base Realignment and Closure (BRAC) process on real estate prices in the communities surrounding bases affected by the closures.

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CAREER OPPORTUNITIES PH.D. IN BUSINESS ADMINISTRATION CAREERS Excerpt from “Becoming a Business Professor,” an article published by AACSB International, June 2007 and data from “2011-12 Salary Survey Reports,” a report by AACSB International , 2012.

Why should you consider becoming a business professor?

There are several reasons: job security, an attractive income, flexible work conditions, intellectual stimulation, etc. Given the shortage of individuals holding a doctoral degree in business and increasing demand for their services, now is a particularly good time to become a business professor.

How strong is the demand for business professors?

In the field of business, the supply of new doctorates is less than the number of positions available. This is due to three major factors: many senior faculty are retiring or will soon retire; there is a significant increase in the number of students seeking degrees in business (a trend likely to continue); and lastly, an insufficient number of students enroll and complete doctoral business programs.

Demand for finance professors will remain healthy in the near-term and likely remain so in the long-term. Becoming a professor is a career choice that will pay dividends for years to come.

This faculty shortage has resulted in increasing salaries for faculty at business schools. In 2011, the average nine-month salary for an Assistant Professor (entry level) was $102,000 for faculty teaching in management, $138,000 for finance, $135,000 for accounting and $114,000 for marketing. Combined with additional compensation for activities such as summer teaching and research activities, consulting, executive program teaching, textbook writing, and sponsored papers and presentations, business faculty enjoy very healthy incomes.

A career as a business professor is an opportunity that has much to offer in terms of intellectual stimulation, income, lifestyle and numerous other attractive characteristics.

Demand for business professors will remain healthy in the near-term and likely remain so in the long-term. Becoming a professor is a career choice that will pay dividends for years to come.

D R . T O M H I E B E R T, ’ 0 9 Director of Management Program, West Point After completing the Ph.D. in Business Administration program in 2009, Dr. Hiebert accepted an appointment at West Point.

Dr. Hiebert now serves as the director of the Management Program at West Point.

Student Research: Dr. Hiebert conducted research on the home mortgage industry and the effect of the Department of Defense Base Realignment and Closure (BRAC) process on real estate prices in the communities surrounding bases affected by the closures.

page 5

PROGRAM OVERVIEW PH.D. IN BUSINESS ADMINISTRATION - FINANCE MAJOR As a student in the Ph.D. in Business Administration program at UNC Charlotte, you will have the opportunity to develop a deep understanding of the theory and practice of finance and financial economics. From the first day that you arrive on campus you will have the opportunity to work on research projects with our exceptional faculty members. Your faculty mentor will help you define and establish your own research agenda. As you progress through the program, you will find that the strength of your knowledge and research in the Ph.D. program is a direct reflection of our highly accredited faculty. By the time you complete your dissertation you, too, will be considered an expert in your field. For more information about the Belk College’s nationally recognized scholars, please see our faculty profiles on pages 9-11.

The Ph.D. in Business Administration is a research-oriented degree program, designed to prepare graduates for academic teaching and research careers. As a student in the program, you will not only develop a mastery of the body of knowledge in finance, you will also have the opportunity to advance that knowledge through scholarly research.

Students admitted to the finance major of the Ph.D. in Business Administration program must complete a minimum of eighteen hours in doctoral-level finance courses. They will also minor in economics and complete a research methods sequence in mathematics. In addition, students receive formal training in pedagogy by shadowing top professors in the field and serving as teaching assistants.

The Belk College is accredited by AACSB International, the hallmark of excellence in education for degree programs in business administration and accounting.

The program typically takes four to five years to complete, depending upon the student’s background. Students may enter the program with a bachelor’s or master’s degree. Most of our students have academic backgrounds in business, mathematics, economics or finance. For an in-depth look at the Ph.D. in Business Administration curriculum, please see page 13.

Students admitted to the program will receive full financial tuition waivers and support, including a generous stipend package and health insurance coverage.

Admission requirements and financial aid information are available on page 14.

For additional information on the Ph.D. in Business Administration program, please visit phd-business.uncc.edu

L I N D S AY B A R A N , ’ 1 0 Assistant Professor of Finance Kent State University “As a student, I was awarded the TIAA-CREF fellowship as well as an internship experience.

These opportunities were a direct result of UNC Charlotte’s commitment to student success. Professors are dedicated to developing relationships within the business community.

Observing these characteristics confirmed that UNC Charlotte was the right place for me to further my education.”

Published: “Bondholder Wealth Effects in Going-Private Transactions,” with Dolly King, Journal of Banking and Finance.

“Cost of Equity and S & P 500 Index Revisions,” with Dolly King, Financial Management.

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PROGRAM OVERVIEW PH.D. IN BUSINESS ADMINISTRATION - FINANCE MAJOR As a student in the Ph.D. in Business Administration program at UNC Charlotte, you will have the opportunity to develop a deep understanding of the theory and practice of finance and financial economics. From the first day that you arrive on campus you will have the opportunity to work on research projects with our exceptional faculty members. Your faculty mentor will help you define and establish your own research agenda. As you progress through the program, you will find that the strength of your knowledge and research in the Ph.D. program is a direct reflection of our highly accredited faculty. By the time you complete your dissertation you, too, will be considered an expert in your field. For more information about the Belk College’s nationally recognized scholars, please see our faculty profiles on pages 9-11.

The Ph.D. in Business Administration is a research-oriented degree program, designed to prepare graduates for academic teaching and research careers. As a student in the program, you will not only develop a mastery of the body of knowledge in finance, you will also have the opportunity to advance that knowledge through scholarly research.

Students admitted to the finance major of the Ph.D. in Business Administration program must complete a minimum of eighteen hours in doctoral-level finance courses. They will also minor in economics and complete a research methods sequence in mathematics. In addition, students receive formal training in pedagogy by shadowing top professors in the field and serving as teaching assistants.

The Belk College is accredited by AACSB International, the hallmark of excellence in education for degree programs in business administration and accounting.

The program typically takes four to five years to complete, depending upon the student’s background. Students may enter the program with a bachelor’s or master’s degree. Most of our students have academic backgrounds in business, mathematics, economics or finance. For an in-depth look at the Ph.D. in Business Administration curriculum, please see page 13.

Students admitted to the program will receive full financial tuition waivers and support, including a generous stipend package and health insurance coverage.

Admission requirements and financial aid information are available on page 14.

For additional information on the Ph.D. in Business Administration program, please visit phd-business.uncc.edu

L I N D S AY B A R A N , ’ 1 0 Assistant Professor of Finance Kent State University “As a student, I was awarded the TIAA-CREF fellowship as well as an internship experience.

These opportunities were a direct result of UNC Charlotte’s commitment to student success. Professors are dedicated to developing relationships within the business community.

Observing these characteristics confirmed that UNC Charlotte was the right place for me to further my education.”

Published: “Bondholder Wealth Effects in Going-Private Transactions,” with Dolly King, Journal of Banking and Finance.

“Cost of Equity and S & P 500 Index Revisions,” with Dolly King, Financial Management.

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UNC CHARLOTTE FACULTY The Ph.D. in Business Administration is a combination of coursework and active collaboration with faculty. During your first semester, you will begin working with a research mentor who will serve as an advisor and help you establish your research agenda. As you progress through the program, you will select a dissertation advisor who will help you develop your topic and guide you in the completion of your dissertation.

The strength of the Ph.D. in Business Administration is a direct reflection of UNC Charlotte’s highly qualified faculty. The program draws primarily upon faculty from the Department of Finance and the Department of Economics in the Belk College of Business, with support from the Department of Mathematics in the College of Liberal Arts and Sciences.

FINANCE Finance faculty have published extensively in major journals including The Journal of Business, The Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial and Quantitative Analysis and Financial Management.

The Finance Department in the Belk College of Business at UNC Charlotte hires nationally recognized scholars with notable expertise in the areas of derivatives, fixed income, real estate, corporate finance, mathematical finance and financial econometrics.

In addition, many of our faculty serve on editorial boards and work as consultants to top businesses around the globe. Faculty research has also been featured in The Washington Post, The Charlotte Observer, CNN, CNBC and The Wall Street Journal, among others.

Members of the Belk College faculty hold degrees from some of the top universities in the world, and all are academically and/or professionally qualified by AACSB standards.

ECONOMICS Economics faculty publish both quantitative and theoretical papers in some of the best academic journals in the world, including American Economic Review, Journal of Urban Economics, Journal of Econometrics, Journal of Money Credit and Banking, Journal of Economic Dynamics and Control, Journal of Economic Behavior and Organization, Energy Economics, Real Estate Economics, and The Journal of Real Estate Finance and Economics.

The Economics faculty has a wide range of research expertise including the areas of energy economics, health economics, game theory, experimental economics, financial economics, monetary theory, growth theory, regional economics and public finance.

MATHEMATICS The graduate program in Mathematics at UNC Charlotte is supported by a strong research faculty of international stature. Current research interests range from mathematical finance and numerical analysis and scientific computation to probability and stochastic processes.

Through innovative applied research, our award-winning Ph.D. credentialed professors make significant contributions to applied and basic research by contributing to major journals and extending their services as consultants to top businesses around the globe.

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UNC CHARLOTTE FACULTY The Ph.D. in Business Administration is a combination of coursework and active collaboration with faculty. During your first semester, you will begin working with a research mentor who will serve as an advisor and help you establish your research agenda. As you progress through the program, you will select a dissertation advisor who will help you develop your topic and guide you in the completion of your dissertation.

The strength of the Ph.D. in Business Administration is a direct reflection of UNC Charlotte’s highly qualified faculty. The program draws primarily upon faculty from the Department of Finance and the Department of Economics in the Belk College of Business, with support from the Department of Mathematics in the College of Liberal Arts and Sciences.

FINANCE Finance faculty have published extensively in major journals including The Journal of Business, The Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial and Quantitative Analysis and Financial Management.

The Finance Department in the Belk College of Business at UNC Charlotte hires nationally recognized scholars with notable expertise in the areas of derivatives, fixed income, real estate, corporate finance, mathematical finance and financial econometrics.

In addition, many of our faculty serve on editorial boards and work as consultants to top businesses around the globe. Faculty research has also been featured in The Washington Post, The Charlotte Observer, CNN, CNBC and The Wall Street Journal, among others.

Members of the Belk College faculty hold degrees from some of the top universities in the world, and all are academically and/or professionally qualified by AACSB standards.

ECONOMICS Economics faculty publish both quantitative and theoretical papers in some of the best academic journals in the world, including American Economic Review, Journal of Urban Economics, Journal of Econometrics, Journal of Money Credit and Banking, Journal of Economic Dynamics and Control, Journal of Economic Behavior and Organization, Energy Economics, Real Estate Economics, and The Journal of Real Estate Finance and Economics.

The Economics faculty has a wide range of research expertise including the areas of energy economics, health economics, game theory, experimental economics, financial economics, monetary theory, growth theory, regional economics and public finance.

MATHEMATICS The graduate program in Mathematics at UNC Charlotte is supported by a strong research faculty of international stature. Current research interests range from mathematical finance and numerical analysis and scientific computation to probability and stochastic processes.

Through innovative applied research, our award-winning Ph.D. credentialed professors make significant contributions to applied and basic research by contributing to major journals and extending their services as consultants to top businesses around the globe.

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RESEARCH EXCELLENCE D R. C H R I S T O P H E R K I R B Y

DR. WEIDONG TIAN

PROFESSOR OF FINANCE & ECONOMICS

DISTINGUISHED PROFESSOR IN RISK MANAGEMENT AND INSURANCE

Dr. Christopher Kirby joined the Belk College in 2011. He earned his Ph.D. from Duke University and before coming to UNC Charlotte, Dr. Kirby held tenured appointments in economics at Clemson University and in finance at University of Texas at Dallas. Dr. Kirby has a particular research interest in understanding the implications of time-varying reward and risk characteristics in financial markets. Much of his recent work focuses on modeling time-series changes in volatility with applications to asset pricing, derivatives valuation, portfolio selection, and risk management.

Research Specialization • Asset pricing • Empirical finance • Financial econometrics

Published • Journal of Finance • Journal of Financial Economics • Review of Financial Studies

Research Specialization • Asset pricing • Derivative Market • Risk Management

Published • Review of Financial Studies • Management Science • Mathematical Finance • Finance and Stochastics • Journal of Risk and Insurance

D R. C. W. S E A L E Y

DR. JENNIFER TROYER

TORRENCE E. HEMBY SR. DISTINGUISHED PROFESSOR IN BANKING

PROFESSOR OF ECONOMICS CHAIR, DEPARTMENT OF ECONOMICS

Dr. Bill Sealey joined UNC Charlotte in 1996 from McGill University in Montreal, Canada, where he was a member of the Faculty of Management, the Bank of Montreal Chair of Banking and Finance, associate dean of the MBA program, chairman of the Finance area and co-director of the Applied Investments program. Dr. Sealey’s research focuses on how capital decisions are made by banks, the pricing of deposit insurance, and the role and importance of interest rate risk management at banks. He has also served as referee for international publications and granting agencies and has provided expert testimony in a wide variety of criminal and civil cases.

Dr. Jennifer Troyer earned her Ph.D. from Florida State University and joined the Belk College of Business in 1999. She has received multiple research grants, including funding by the Administration on Aging and the National Institutes of Health. In 2002, Dr. Troyer was awarded the Georgescu-Roegen Prize for best paper published in the Southern Economic Journal. Throughout her career, she has made significant contributions to the study of the economics of nursing home care and public policy.

Dr. Troyer currently serves as chair of the Department of Economics and teaches courses in health economics and econometrics at the Belk College of Business.

Research Specialization • Regulatory mechanism design in banking • Risk management at financial institutions • Regulation and management of financial institutions • Theory of financial intermediation

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Dr. Weidong Tian joined the Belk College of Business in 2008. Dr. Tian taught at the University of Waterloo prior to joining UNC Charlotte.

He has also held various asset pricing and risk management positions within the financial industry. Dr. Tian’s current research addresses recent risk management regulations and their effect on asset pricing and the financial system.

Published • The Journal of Finance • Journal of Banking and Finance • Journal of Financial and Quantitative Analysis • Financial Management

Research Specialization • Health economics • Industrial organization • Labor economics

Published • Southern Economic Journal • Journal of Health Politics, Policy and Law • Medical Care • Journal of Gerontology: Social Sciences

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RESEARCH EXCELLENCE D R. C H R I S T O P H E R K I R B Y

DR. WEIDONG TIAN

PROFESSOR OF FINANCE & ECONOMICS

DISTINGUISHED PROFESSOR IN RISK MANAGEMENT AND INSURANCE

Dr. Christopher Kirby joined the Belk College in 2011. He earned his Ph.D. from Duke University and before coming to UNC Charlotte, Dr. Kirby held tenured appointments in economics at Clemson University and in finance at University of Texas at Dallas. Dr. Kirby has a particular research interest in understanding the implications of time-varying reward and risk characteristics in financial markets. Much of his recent work focuses on modeling time-series changes in volatility with applications to asset pricing, derivatives valuation, portfolio selection, and risk management.

Research Specialization • Asset pricing • Empirical finance • Financial econometrics

Published • Journal of Finance • Journal of Financial Economics • Review of Financial Studies

Research Specialization • Asset pricing • Derivative Market • Risk Management

Published • Review of Financial Studies • Management Science • Mathematical Finance • Finance and Stochastics • Journal of Risk and Insurance

D R. C. W. S E A L E Y

DR. JENNIFER TROYER

TORRENCE E. HEMBY SR. DISTINGUISHED PROFESSOR IN BANKING

PROFESSOR OF ECONOMICS CHAIR, DEPARTMENT OF ECONOMICS

Dr. Bill Sealey joined UNC Charlotte in 1996 from McGill University in Montreal, Canada, where he was a member of the Faculty of Management, the Bank of Montreal Chair of Banking and Finance, associate dean of the MBA program, chairman of the Finance area and co-director of the Applied Investments program. Dr. Sealey’s research focuses on how capital decisions are made by banks, the pricing of deposit insurance, and the role and importance of interest rate risk management at banks. He has also served as referee for international publications and granting agencies and has provided expert testimony in a wide variety of criminal and civil cases.

Dr. Jennifer Troyer earned her Ph.D. from Florida State University and joined the Belk College of Business in 1999. She has received multiple research grants, including funding by the Administration on Aging and the National Institutes of Health. In 2002, Dr. Troyer was awarded the Georgescu-Roegen Prize for best paper published in the Southern Economic Journal. Throughout her career, she has made significant contributions to the study of the economics of nursing home care and public policy.

Dr. Troyer currently serves as chair of the Department of Economics and teaches courses in health economics and econometrics at the Belk College of Business.

Research Specialization • Regulatory mechanism design in banking • Risk management at financial institutions • Regulation and management of financial institutions • Theory of financial intermediation

page 10

Dr. Weidong Tian joined the Belk College of Business in 2008. Dr. Tian taught at the University of Waterloo prior to joining UNC Charlotte.

He has also held various asset pricing and risk management positions within the financial industry. Dr. Tian’s current research addresses recent risk management regulations and their effect on asset pricing and the financial system.

Published • The Journal of Finance • Journal of Banking and Finance • Journal of Financial and Quantitative Analysis • Financial Management

Research Specialization • Health economics • Industrial organization • Labor economics

Published • Southern Economic Journal • Journal of Health Politics, Policy and Law • Medical Care • Journal of Gerontology: Social Sciences

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CURRICULUM OUTLINE Students will progress through the Ph.D. in Business Administration in three distinct phases: pre-candidacy, dissertation proposal, and candidacy.

PRE-CANDIDACY In this phase of the program students complete coursework in the business core, finance, economics, and mathematics. Business core courses are designed to provide students with breadth of knowledge in each of the business disciplines. Students with an academic background in business may receive credit for the business core based upon previous undergraduate or master’s level coursework. In addition, students will serve as teaching assistants for one or more professors.

MAJOR COURSEWORK

• Financial Economic Theory • Investments and Portfolio Theory • Asset Pricing • Theory of Corporate Finance • Derivatives • Advanced Seminar in Finance

RESEARCH FIELD COURSEWORK • Partial Differential Equations for Finance • Stochastic Calculus for Finance • Numerical Methods for Finance Derivatives

MINOR COURSEWORK

• Microeconomics Theory I, II • Econometrics I, II, III QUALIFYING EXAMINATION

The Belk College of Business seeks to build an atmosphere which encourages free and open inquiry, leading to significant advances in both theoretical and applied knowledge.

page 12

After all coursework is complete, students sit for the Qualifying Examination.

The exam is offered once a year in June.

PRE-CANDICACY 1-3 years

DISSERTATION Upon passing the Qualifying Examination, each student begins formulating his or her dissertation proposal. Working with a dissertation advisor, the student selects and refines a topic. The student then makes a formal Dissertation Proposal to the advisory committee for approval. Once the advisory committee and the Graduate School approve the student’s topic, he or she enters the Candidacy phase.

DISSERTATION PROPOSAL 2-3 months

CANDIDACY After entering the Candidacy phase of the program, it typically takes a student two years to write his or her dissertation. The final step in this process is a formal presentation to the university community. Upon passing this final stage, the student graduates and begins an academic career.

DISSERTATION & CANDIDACY 2 years

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CURRICULUM OUTLINE Students will progress through the Ph.D. in Business Administration in three distinct phases: pre-candidacy, dissertation proposal, and candidacy.

PRE-CANDIDACY In this phase of the program students complete coursework in the business core, finance, economics, and mathematics. Business core courses are designed to provide students with breadth of knowledge in each of the business disciplines. Students with an academic background in business may receive credit for the business core based upon previous undergraduate or master’s level coursework. In addition, students will serve as teaching assistants for one or more professors.

MAJOR COURSEWORK

• Financial Economic Theory • Investments and Portfolio Theory • Asset Pricing • Theory of Corporate Finance • Derivatives • Advanced Seminar in Finance

RESEARCH FIELD COURSEWORK • Partial Differential Equations for Finance • Stochastic Calculus for Finance • Numerical Methods for Finance Derivatives

MINOR COURSEWORK

• Microeconomics Theory I, II • Econometrics I, II, III QUALIFYING EXAMINATION

The Belk College of Business seeks to build an atmosphere which encourages free and open inquiry, leading to significant advances in both theoretical and applied knowledge.

page 12

After all coursework is complete, students sit for the Qualifying Examination.

The exam is offered once a year in June.

PRE-CANDICACY 1-3 years

DISSERTATION Upon passing the Qualifying Examination, each student begins formulating his or her dissertation proposal. Working with a dissertation advisor, the student selects and refines a topic. The student then makes a formal Dissertation Proposal to the advisory committee for approval. Once the advisory committee and the Graduate School approve the student’s topic, he or she enters the Candidacy phase.

DISSERTATION PROPOSAL 2-3 months

CANDIDACY After entering the Candidacy phase of the program, it typically takes a student two years to write his or her dissertation. The final step in this process is a formal presentation to the university community. Upon passing this final stage, the student graduates and begins an academic career.

DISSERTATION & CANDIDACY 2 years

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ADMISSION REQUIREMENTS & APPLICATION PROCEDURES

All applicants seeking admission into the Belk College Ph.D. program must fulfill the general admission requirements of the Graduate School of the University of North Carolina at Charlotte. Additional requirements for admission into the program are listed below.

Application forms are available from UNC Charlotte Graduate Admissions: graduateschool.uncc.edu The Graduate School P: (704) 687-5503 Program Contact: P: (704) 687-7647 phd-business.uncc.edu

• A baccalaureate or master’s degree in business, economics, or a related field (such as mathematical finance, mathematics or physics) with a minimum undergraduate GPA of 3.5 on a 4.0 scale. In the case where an applicant holds a master’s degree, a minimum GPA of 3.25 on a 4.0 scale in all graduate coursework is required.

• A GMAT score of at least 650. The Belk College anticipates that most applicants that are admitted will have GMAT scores of 700 or higher.

Although the GMAT is the preferred exam, the program may accept GRE scores in lieu of GMAT scores, provided that the applicant scored at least 700 on the quantitative section and at least 500 on the verbal section.

• For applicants from non-English speaking countries, the following English proficiency tests and minimum scores are accepted: IELTS, 6.5; TOEFL, Paper-Based - 557, Computer-Based - 220, Internet-Based - 83; MELAB, 78. Non-native speakers of English may, at the discretion of either the Graduate School or the Program Committee for the Ph.D. in Business Administration, be required to enroll in English as a Second Language (ESL) courses at the English Language Training Institute at UNC Charlotte.

• Three letters of recommendation, one of which must be from a former professor.

• A statement of purpose from the applicant explaining his or her desire to pursue a finance doctorate.

Students are only admitted to the Ph.D. in Business Administration in the fall semester. For up-to-date application deadlines, please visit phd-business.uncc.edu

UNC Charlotte Institution Codes: GRE: 5105 TOEFL: 5105 GMAT: 5Z3-08-26

FINANCIAL AID SUPPORT The Belk College of Business anticipates admitting up to five Ph.D. students each year. The College currently offers a minimum stipend of $20,000 per academic year to admitted Ph.D. students.

For additional financial aid opportunities, please visit phd-business.uncc.edu

On the cover: Adam Smith’s Spinning Top, a sculpture by Jim Sanborn, was donated to UNC Charlotte in 1997.

The bronze sculpture, located outside the Belk College of Business, was created with perforated text in English and was designed as a metaphor to symbolize the importance of a thriving economy and the value of a strong mind. Adam Smith’s Spinning Top incorporates text from Adam Smith, the 18th century economic theorist.

Designed by Bright Yellow Jacket in Charlotte, NC. The University of North Carolina at Charlotte is committed to equality of educational opportunity and does not discriminate against applicants, students or employees based on race, color, national origin, religion, sex, age, sexual orientation or disability.

Produced in August 2012 by the Belk College of Business.

500 copies of this public document were printed at a cost of $1,553, or $3.11 per copy.

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ADMISSION REQUIREMENTS & APPLICATION PROCEDURES

All applicants seeking admission into the Belk College Ph.D. program must fulfill the general admission requirements of the Graduate School of the University of North Carolina at Charlotte. Additional requirements for admission into the program are listed below.

Application forms are available from UNC Charlotte Graduate Admissions: graduateschool.uncc.edu The Graduate School P: (704) 687-5503 Program Contact: P: (704) 687-7647 phd-business.uncc.edu

• A baccalaureate or master’s degree in business, economics, or a related field (such as mathematical finance, mathematics or physics) with a minimum undergraduate GPA of 3.5 on a 4.0 scale. In the case where an applicant holds a master’s degree, a minimum GPA of 3.25 on a 4.0 scale in all graduate coursework is required.

• A GMAT score of at least 650. The Belk College anticipates that most applicants that are admitted will have GMAT scores of 700 or higher.

Although the GMAT is the preferred exam, the program may accept GRE scores in lieu of GMAT scores, provided that the applicant scored at least 700 on the quantitative section and at least 500 on the verbal section.

• For applicants from non-English speaking countries, the following English proficiency tests and minimum scores are accepted: IELTS, 6.5; TOEFL, Paper-Based - 557, Computer-Based - 220, Internet-Based - 83; MELAB, 78. Non-native speakers of English may, at the discretion of either the Graduate School or the Program Committee for the Ph.D. in Business Administration, be required to enroll in English as a Second Language (ESL) courses at the English Language Training Institute at UNC Charlotte.

• Three letters of recommendation, one of which must be from a former professor.

• A statement of purpose from the applicant explaining his or her desire to pursue a finance doctorate.

Students are only admitted to the Ph.D. in Business Administration in the fall semester. For up-to-date application deadlines, please visit phd-business.uncc.edu

UNC Charlotte Institution Codes: GRE: 5105 TOEFL: 5105 GMAT: 5Z3-08-26

FINANCIAL AID SUPPORT The Belk College of Business anticipates admitting up to five Ph.D. students each year. The College currently offers a minimum stipend of $20,000 per academic year to admitted Ph.D. students.

For additional financial aid opportunities, please visit phd-business.uncc.edu

On the cover: Adam Smith’s Spinning Top, a sculpture by Jim Sanborn, was donated to UNC Charlotte in 1997.

The bronze sculpture, located outside the Belk College of Business, was created with perforated text in English and was designed as a metaphor to symbolize the importance of a thriving economy and the value of a strong mind. Adam Smith’s Spinning Top incorporates text from Adam Smith, the 18th century economic theorist.

Designed by Bright Yellow Jacket in Charlotte, NC. The University of North Carolina at Charlotte is committed to equality of educational opportunity and does not discriminate against applicants, students or employees based on race, color, national origin, religion, sex, age, sexual orientation or disability.

Produced in August 2012 by the Belk College of Business.

500 copies of this public document were printed at a cost of $1,553, or $3.11 per copy.

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BELK COLLEGE of BUSINESS Ph.D. in Business Administration Major in Finance

Belk College of Business UNC Charlotte Friday Building 9201 University City Blvd.

Charlotte, NC 28223

phd-business.uncc.edu