Welcome to the Ph.D. program in the Department of Finance

Thank you for your interest in the University of Tennessee's Ph.D. program in Finance. The following information should answer most of your questions about our program. The toolbar at left has links to application forms and course descriptions. Our 2007 class is full.  You are welcome to apply for our 2008 class that begins in August, 2008.  Applications should be completed by February 1 if you would like to be considered for an assistantship.

Overview

This is a four-year, full-time, research-oriented program.  Although many of our students have already completed an MBA, it is not required for admission.  We do not offer a Masters degree in Finance, and it is not required for admission.  Students begin the program in the Fall, and take courses in the Fall and Spring semesters.  Summer is usually devoted to research and possibly teaching.

Admissions

We admit two to three students every year; two typically receive assistantships. The GMATs and GPAs of our students vary from year to year, with GMAT scores ranging in the 600s and 700s. We are interested in attracting talented, motivated students who have been successful in their careers to date.

Students must apply to BOTH the Graduate School and the College of Business.  There are two separate applications (links are at left).  Also note: We require the GMAT, not the GRE.

Deadlines: The UT Graduate School sets admission deadlines so check with them, at left, for the most current dates.  Assistantship decisions are made in March.

Assistantships

Assistantships are about $12,000 per academic year, paid over 12 months, and include a tuition waiver for a total value of $40,443 per year. In addition, some of our students receive grants for summer research. In the past, summer teaching (and extra pay) has been available, although we cannot guarantee its availability.

Usually, the first year assistantship is a research assistantship and subsequent years involve both teaching and research.

Tuition and fees for 2007-8 (fall and spring semesters) are estimated to be $19,902 per year for out-of-state students and $6,644 for in-state students.  Most of this is covered by the tuition waiver for students on an assistantship.  Living expenses will vary depending on your lifestyle and number of dependants.  The Graduate School estimates living expenses for a single student to be about $10,000 per year. 

International students should see the additional information below, and the links at left.

Interviews

Campus interviews are not mandatory, but we prefer to have one if possible. A Ph.D. program is a major undertaking for both the student and the University, and we want to be sure that we are a good match. If you are planning to be in the area, we suggest that you make plans to visit. If this is not possible, we require a telephone interview. However, a personal visit is much better for both of us.

Special information for international applicants

TOEFL
A Test of English as a Foreign Language (TOEFL) score must be submitted for all foreign applicants except those who have received a degree from an accredited U.S. institution within the past two years.  The Graduate School requires a minimum score of 550 for the paper-based test, and 213 for the computer-based test.  The score must be no more than two years old from the requested date of enrollment.

Test of Spoken English (TSE)
A TSE score is not required for admission to the Graduate School or to our program.   However, our assistantships involve teaching undergraduates after the first year and so every student on assistantship must have excellent spoken English skills.  In order for a foreign student to be certified to teach by the University, he or she must score at least a 50 on the SPEAK test, which is a locally-administered version of the Test of Spoken English (TSE) (The TSE is administered by the same organization that administers the TOEFL.  The SPEAK test is administered here at UT, and is free.) This is important:   Because all of our assistantships involve teaching after the first year, every foreign student in our Ph.D. program MUST score at least a 50 on the SPEAK test or on the TSE by the end of their first year in order to be eligible for continued support.  Graduating from another U.S. institution does not satisfy this requirement.

A further note about deadlines
The graduate school deadline for international applications is February 1.  Note, however, that even if you apply by this deadline, your application still might not be processed in time for you to obtain the proper visa to allow you to enroll.  If transcripts are delayed, or if you take a long time to provide any required financial information, your admission will be delayed.  It takes much more time to have transcripts translated and verified, to verify financial information, and to process an international application than it does for a domestic application.  We recommend that international students apply before January 1 if possible, to provide the best chance of enrolling.

Delay in receiving assistantship funds
Our experience in recent years is that Federal regulations and bureaucratic slowness here at UT will likely prevent new international students on assistantship from receiving a paycheck at the end of August.  The first paycheck will be at the end of September.  Thus incoming international students on assistantship should bring enough money to purchase books and pay living expenses until the end of September.

Contacts:

Finance Department, College of Business
Department of Finance,
427 Stokely Management Center,
University of Tennessee,
Knoxville, TN 37996-0540

Phone: 865-974-3216
Fax: 865-974-1716

Department Head
James W. Wansley jwansley@utk.edu

Director, Ph.D. Program
Phillip R. Daves
435 Stokely Management Center
pdaves@utk.edu