Coursework Stage During the coursework stage students achieve a broad and advanced knowledge of key areas of economics and finance, including theoretical and empirical research methodology. During the course stage students must complete: compulsory courses, core elective courses and a research proposal. A maximum of four semesters is planned for this stage. However, the Programme Committee strongly recommends completing the course stage within two semesters. The average pass grade is 4.0. Compulsory Courses Students choose one of the three specialisations: Economics, Econometrics or Finance. For each specialisation there are three compulsory courses, each earning 4 credits. All compulsory courses are Master's level courses. For more detailed information regarding the compulsory courses and crediting possibilities follow the link compulsory courses. Core Elective Courses Students have to complete 6 core elective courses, each yielding 4 credits. Students need: at least 8 credits from core electives within their own specialisation, at least 8 credits from core electives offered in the complementary specialisations, i.e. students who specialise in "Economics" or "Finance" have to choose two elective courses from "Econometrics" and students who specialise in "Econometrics" have to complete two elective courses from "Economics" or "Finance, and 8 credits from courses freely chosen from any specialisation. Most of the courses are offered as two or three weeks blocks. There is an examination after each course. For more detailed information regarding core elective courses and crediting possibilities please follow the link core electives. Research Proposal At the end of the course stage students have to present a detailed research proposal for their Ph.D. thesis. The research proposal has to be accepted by the Ph.D. Thesis Committee. In the research proposal, Ph.D. students provide the thesis outline and discuss preliminary results. To be accepted: a research proposal handed in during the third term must consist of at least three outlines of papers. a research proposal handed in later must consist of at least one paper and two outlines. The research proposal has to be presented in a colloquium in front of the Thesis Committee. The colloquium is not public. The research proposal is not graded, but it has to be accepted. Following the acceptance of the research proposal, students are admitted into the dissertation phase. Please note: A change of programme is only possible during the coursework stage. Thesis Committee The Thesis Committee typically consists of three members: the (main) supervisor, a member of the Programme Committee, and an (external) co-supervisor. The Programme Committee may decide on additional members. At the latest, students must have a Thesis Committee in place by the time they submit the research proposal. The Programme Committee may accept later additional members on request.