Welcome to the Ph.D. program in the Department of Finance
Thank you for your interest in the University of Tennessee Ph.D. program in finance. The following information should answer most of your questions about our program. The toolbar on the left has links to application forms and course descriptions. Applications should be completed as early as possible if you would like to be considered for an assistantship, but certainly no later than January 15.
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. UT does not offer a masters degree in finance. Students begin the PhD program in the fall, and take courses in the fall and spring semesters. Summer is usually devoted to research and possibly teaching.
Admissions
We typically admit two students each year with assistantships. The GMAT scores for our most recent class were 700 or above. We are interested in attracting talented, motivated students. Strong writing, computer programming, and quantitative skills are highly desirable.
Students must apply to BOTH the Graduate School and the College of Business Administration. There are two separate applications (links on the right). The Graduate School application is an on-line application and requires a $60 fee. The College of Business Administration application is a PDF file that you can download, print, complete, and return with reference letters. It does not require a fee. Please include a sample of your writing and a computer program that you have written, if available, with your College of Business Administration application. Also note: We require the GMAT, not the GRE.
Deadlines: The UT Graduate School sets admission deadlines, so check with them, (at right), for the most current dates. We will begin evaluating applications and making assistantship decisions in February.
Assistantships
Assistantships pay approximately $18,000 per academic year, paid over 12 months, and include a tuition waiver and health insurance for a potential total value of around $41,000 per year. College and University scholarships are also available on a competitive basis for additional financial support. Seven College of Business/ESPN scholarships are awarded each year to students entering a PhD program in the College of Business Administration, which are worth an additional $10,000 per year for up to four years. The University of Tennessee also awards several scholarships each year to students entering a PhD program at the University. The financial support from these scholarships ranges from $5,000 for one year to $12,000 per year for up to four years. 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 2010-11 (fall and spring semesters) costs are estimated to be $21,844 per year for out-of-state students and $7,748 for in-state students. Most of this is covered by the tuition waiver for both in-state and out-of-state students receiving an assistantship. Living expenses will vary depending on your lifestyle and number of dependents. The Graduate School estimates room and board for a single student to be about $11,000 per year.
International students should see the additional information below, and the links at right.
Interviews
Campus interviews are not mandatory, but we prefer to have one, if possible. A PhD 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.
Admission Requirement
US degree holders must have earned a minimum 2.7 out of a possible 4.0 GPA or a minimum of 3.0 during the senior year of undergraduate study. Applicants with previous graduate work must have a GPA of 3.0 or above on a 4.0 scale or equivalent on all graduate work. Individuals with degrees from international institutions must have earned a minimum of 3.0 on a 4.0 scale on all undergraduate work and a minimum of 3.5 on a 4.0 scale on all graduate work.
English Language Requirement
Applicants whose native language is not English are required to take and pass the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS). Passing marks are 550, 213, 80, and 6.5 for paper-based, computer-based, internet-based (iBT) TOEFL, and IELTS respectively. Official scores must be received directly from the appropriate testing service.
The University of Tennessee’s score reporting code for TOEFL is 1843. The score must not be older than two years. Applicants who have received a degree from an accredited US institution in the past two years are exempt from the TOEFL or IELTS requirement.
Special Information for International Applicants
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, therefore 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, a locally-administered version of the Test of Spoken English. (The TSE is administered by the same organization that administers the TOEFL. The SPEAK test is administered at the university, 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. However, 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 at the university 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.
Developing Mindful Leaders of Worthy Enterprise
Application Forms
Graduate School application (apply online)
College of Business application form
Graduate School
Information for international applicants
Our Doctoral Students
List of Past PhD Grads and Placement
Contact Us
Department of Finance
College of Business Administration
427 Stokely Management Center
916 Volunteer Blvd
Knoxville, Tennessee 37996-0540
Phone: 865-974-3216
Fax: 865-974-1716
Email to:
Department Head
James W. Wansley
Director, Ph.D. Program
Dr. Tracie Woidtke
Department of Finance
425 Stokely Management Center
The University of Tennessee
Join our Facebook group!