Admission criteria Both general and PEF-specific admission criteria apply for admission to the Ph.D. programme in Economics and Finance. General admission criteria Please refer to the general admission criteria for Ph.D. studies at the University of St.Gallen. Specific admission criteria for the PEF degree As a graduate of the following St.Gallen Master's programme you can be admitted to the PEF Ph.D. programme with a specialisation Finance or Econometrics without supplementary work: Quantitative Finance and Economics (MiQE/F) Evidence of proficiency in English If you are not a native English speaker or have not completed your Master's degree course completely in English, you must provide evidence of sufficient knowledge of the English language. The following examinations are recognised as evidence of this: University of St.Gallen English examination at proficiency level II External English examination at level C2 (e.g. Cambridge Certificate of Proficiency in English) Test of English as a Foreign Language (TOEFL) Entry level knowledge The PEF courses build on prior knowledge in core areas, which is generally attained by a competitive Master's education programme in economics and finance. Applicants therefore need to prove entry level knowledge in the main fields, as relevant to their desired specialisation. Specialisation in Economics: Advanced Microeconomics I and III, Advanced Macroeconomics I and III, Econometrics II Specialisation in Econometrics: Econometrics II, either Advanced Microeconomics I and III + Advanced Macroeconomics I and III or Theory of Finance + Advanced Mathematics and Statistics Specialisation in Finance: Econometrics II, Theory of Finance, Advanced Mathematics and Statistics GRE External as well as internal applicants have to provide a GRE test (Graduate Record Examination). To consider admitting an applicant we require a score of 160 (760 prior to August 1, 2011) in the quantitative section. Letter of motivation Please include a statement about your motivation for applying and specify your desired specialisation as part of the PEF. Letter of reference References from professors of other universities or from your supervisor at the HSG. Additional documents A research outline with remarks on your research interests Crediting Master's level courses: a list of up to two advanced Master's (or equivalent) courses and supply relevant information The Programme Committee will decide on admissions to the programme. Admission is confirmed in writing by the Dean of Studies.