The curriculum reflects the fact that a sound knowledge of economics, finance, applied mathematics, and statistics is required to carry out significant research in risk management. Students spend the first year taking foundational courses in microeconomics, macroeconomics, applied probability, statistics, and econometrics. In the second year, several advanced elective courses are offered, which students can choose depending on their research interests. In addition, the department organizes a regular seminar series in which leading faculty from other institutions as well as the department’s faculty members present their research. Ph.D. students are expected to participate and actively contribute to these seminars as they constitute a vital portion of a doctoral education.
The general requirements are listed in the Graduate Catalog. However, RMI-specific requirements are listed here.
First Year and Second Year
Each student will take four classes each semester in the areas of economics, statistics, finance, and risk and insurance. These classes in the first year are set in the program of study.
Students take qualifying exams prior to the start of the second semester. The test date will be set sometime in early August and the results will be provided shortly thereafter prior to the start of school.
In addition, students are also required to write a summer paper in each of their first two years of the program. The paper will also be due in early August at a time of the faculty’s choosing. The purpose of the summer papers is to give students the opportunity to conduct original research on their own. In many cases, the summer papers lead to a thesis topic.
The faculty reviews each student’s progress and performance in the program at the end of the first year and second year. The summer paper and the qualifying exam scores will be used to determine whether the student continues in the program.
Third and Fourth Years
In their third and fourth years, students will teach, take additional seminars, and work on research projects and their dissertation. All students will teach one or two sections of an introductory class while they are here. We have appointed two faculty mentors to assist the students in the transition from student to instructor. We also require the students to take the teaching seminar offered by Robinson.