Faculty and students in the University of Virginia's Department of Economics examine economic events and arrangements through the lens of economic theory. The Department's undergraduate program emphasizes applications of economic theory to a wide variety of real-world events and arrangements in public policy, business, law, finance, and international trade. Training in the discipline of economics teaches students to think clearly and critically about complex issues. The graduate program equips doctoral students for academic careers and careers in economic research. The Department has around 30 distinguished faculty members who are committed to teaching undergraduates, to training graduate students, and to conducting economic research.
A Letter from the Director of Graduate Studies
Thank you for your interest in the graduate economics program. This web site describes our program and faculty. Let me begin with a brief description of our graduate program. The Ph.D. program provides training for careers in both teaching and research by emphasizing theory, quantitative methods and early involvement in research. The success of the program is reflected in our graduates' job placements, which include major universities, such as Chicago, Columbia, UCLA, Michigan State, and excellent undergraduate institutions, such as Carleton and Brandeis. In a recent survey, UVA ranked fourteenth among graduate programs in academic placement. Many students also find summer or permanent employment in the nearby Washington area, e.g., at the International Monetary Fund and the Federal Reserve Board of Governors.
About twenty-five people enter the graduate program each year. At any given time there are approximately one hundred students in residence. Classes are small and students are able to work closely with faculty. Graduate students are provided with computer labs, equipped with up-to-date PCs, and a wide selection of software.
Besides taking the core courses in microeconomics, macroeconomics, and econometrics, doctoral students choose two fields of specialization from: Industrial Organization, International Economics, Macroeconomics, Public Economics, Econometrics, Theory, and Labor. Virtually all graded courses can be completed by the end of the second year, so that students can begin dissertation research at an early stage (typically in the summer after the second year). During the third and fourth years, students are active in one or more of the regularly scheduled workshops: Theory, Applied Microeconomics, Macroeconomics, Public Economics, Econometrics and International Economics.
Let me make a few comments on the application process. First of all, we do not offer a terminal master's degree in economics. If you seek a terminal master's degree, ours is not a program you should be considering.
Applications and all credentials must be submitted through the Graduate School of Arts and Sciences. The Graduate School routinely returns applications if they lack a signature below the honor system statement at the bottom of page 3 or if the application fee of $60.00 has not been included. The Department of Economics does not waive the fee of $60.00, although the Dean of Admissions may in special circumstances. Please contact me directly if you think that your application may arrive late or if your application is returned to you for a reason that you think is inappropriate.
If you decide to apply for financial aid, it will not affect your chances for admission. Several forms of financial assistance are available to beginning graduate students in the Ph.D. program. Teaching assistantships are usually reserved for students with a strong background in mathematics, economics and demonstrated a proficiency in English. We typically offer fellowship money to supplement the teaching assistant stipend. TAs also receive a tuition waiver and health insurance. If you wish to apply for a fellowship or other financial aid for the academic year beginning September 2008, your application and all supporting documents should reach the Dean of the Graduate School by February 1, 2008. We admit students only for the fall semester. Most financial aid decisions are made in early April. Please note that you will need to present scores from the Graduate Record Examinations (GRE), but the GRE advanced test in economics is not required.
I look forward to seeing your application after the Dean reviews it.
Chris Otrok
otrok@virginia.edu
Director of Graduate Studies
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