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. Application You may start the programme either in the spring or the autumn semester. The application is made online: Autumn semester: 1 February - 30 April (*- 15 August) Spring semester: 1 September – 30 November (* - 15 January) *A longer registration period for assistants and applicants with an HSG Master's degree. If you have already finished a degree programme at HSG, please apply using the rematriculation form. Admission to the PEF programme is based on the Programme Committee’s evaluation of the submitted application documents (‘sur dossier’). Admission is confirmed in writing by the Dean of Studies. You may find more information on the Quicklinks Admission. As a graduate of the St.Gallen Master's programme Quantitative Finance and Economics (MiQE/F) you can be admitted to the PEF Ph.D. programme with a specialisation Finance or Econometrics without supplementary work. More specific admission criteria for PEF: Master's degree from a recognized university You can apply for Ph.D. studies in Economics and Finance if you hold a Master's degree in economic sciences or social sciences from a recognised university, or in a discipline related to those taught at the HSG’s School of Economics and Political Sciences. A minimum average grade of 5.00 (not rounded) is required. This is equivalent to a minimum average grade of 2.00 (not rounded) in Germany and Austria. Depending on your previous university degree, additional programme-specific requirements may be imposed upon admission. Your degree programme will be recognised if the following criteria are fulfilled: • Your degree was awarded by a university, which is recognised in the country where you attended the course. • You have completed all course work at a recognised or accredited university. • You have completed at least half of the course work onsite at the university awarding the degree. • You fulfil the minimum requirements for unconditional admission to Ph.D. studies at your home university. Entry 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 which are 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 Evidence of Proficiency in English When you apply, you must prove that your proficiency in the English language, used as the language of instruction, is at level C1 (CEFR). The University of St.Gallen accepts the following as supporting documents for admission to this Ph.D. programme: • English as native tongue (= language of instruction at primary and secondary school) • Recognised Bachelor's or Master's degree completed in its entirety in English • Linguistic proficiency in English at level C1 (CEFR) gained at the University of St.Gallen • recognised language diploma at level C1 (CEFR), such as the IELTS Academic Score 7.0, Cambridge Advanced Certificate • TOEFL Internet-based Test (iBT) with at least 100 points. You need to state the University of St. Gallen's institution code when taking the test: 7202. GRE or GMAT score An application can only be made with the following minimum score: GMAT 680 points (total score), GRE revised 160 points (quantitative reasoning). Test results may not be older than 5 years and must be provided to us directly by GMAC or ETS before the closing date for applications. It is important to state the Institution Code of the University of St. Gallen. Should you have failed to do so, then instruct GMAC or ETS to provide us with your test results in a timely manner. (institution code GMAT 5RK-QG-07, GRE 7202) The Programme Committee may exempt applicants holding a Master's Degree from the University of St.Gallen from having to present test results. Motivation letter Please include a statement about your motivation for applying and specify research interests and your desired PEF specialisation. Reference letters Please provide references from professors of other universities or from your supervisor at the HSG. Additional documents For crediting Master's level courses, you may provide a list of up to two advanced Master's (or equivalent) courses and all relevant information related to their content.