Courses totalling 52 credits (max. 10 Semesters) ensure that as a graduate of the Graduate Programme in Economics and Finance (GPEF), you will possess the required in-depth knowledge in your main specialisation.
During the coursework phase students achieve a broad and advanced knowledge of key areas of Economics, Econometrics and Finance, including theoretical and empirical research methodology. During the course phase students must complete compulsory courses, compulsory elective courses and a research proposal.
To help the students with the finance courses, the programme offers a two-week intensive course in mathematics as preparation at the beginning of the Ph.D. studies (applicants without a strong mathematical background may be required to complete this course).
A maximum of four semesters is planned for the coursework phase.
SPECIALISATION: ECONOMICS Students have to take three compulsory, Master level courses. | ||
|---|---|---|
| Course | Lecturer | Semester |
| 7,254 Advanced Macroeconomics II | Prof. Winfried Koeniger | Autumn |
| 7,256 Advanced Microeconomics II | Prof. Stefan Bühler | Autumn |
| and one of the following: | ||
| 8,312 Microeconometrics | Prof. Michael Lechner | Spring |
| 8,314 Time Series Econometrics | Prof. Matthias Fengler | Spring |
| 8,310 Asset Pricing | Prof. Gan Cao | Spring |
| 8,318 Financial Volatility | Prof. Francesco Audrino | Spring |
SPECIALISATION: ECONOMETIRCS Students have to take three compulsory, Master level courses. | ||
|---|---|---|
| Course | Lecturer | Semester |
| 8,312 Microeconometrics | Prof. Michael Lechner | Spring |
| 8,314 Time Series Econometrics | Prof. Matthias Fengler | Spring |
| and one of the following: | ||
| 7,254 Advanced Macroeconomics II | Prof. Winfried Koeniger | Autumn |
| 7,256 Advanced Microeconomics II | Prof. Stefan Bühler | Autumn |
| 8,310 Asset Pricing | Prof. Can Gao | Spring |
| 8,318 Financial Volatility | Prof. Francesco Audrino | Spring |
| SPECIALISATION: FINANCE Students have to complete four compulsory Ph.D. courses | ||
|---|---|---|
| Course | Lecturer | Semester |
| 10,284 Econometrics for Finance | Prof. Paul Söderlind | Autumn |
| 10,271 Microeconomics for Finance | Prof. Michèle Müller-Itten | Autumn |
| 10,270 Asset Pricing | Prof. Matthias Fengler | Autumn |
| 10,272 Corporate Finance | Prof. Marc Arnold | Autumn |
| ECONOMETRICS SPECIALISATION | ||||
| Course | Lecturer | Semester | ||
| 10,348 Causal panel methods (only in FS25) | Prof. Scott Cunningham | Spring 2025 | ||
| 10,350 Topics in Econometrics and Finance (not in HS26) | Prof. Lyudmila Grigoryeva | Autumn & Spring | ||
| 10,386 Time Series Methods in Financial Econometrics | Prof. Patrick Gagliardini | Autumn | ||
| 10,369 GSERM: Optimization for Data Science | Prof. Tobias Sutter | Spring | ||
| 10,365 GSERM: Computational Statistics | Prof. Francesco Audrino | Spring | ||
| 10,368 GSERM: Causal Machine Learning | Prof. Michael Lechner | Autumn | ||
| 10,398 Econometric Methods for Social Spillovers and Networks | Prof. Bryan Graham | Autumn | ||
| ECONOMICS SPECIALISATION | ||
| Course | Lecturer | Semester |
10,359 Advanced Public Economics | Prof. Domink Sachs | Autumn |
| 10,383 Macroeconomics and Inequality | Prof. Guido Cozzi / Prof. Winfried Koeniger | Autumn |
| 10,384 Political Economics of Development | Prof. Roland Hodler | Spring |
| 10,361 Empirical Health and Labor Economics (not in HS24) | Prof. Beatrix Eugster | Autumn |
| 10,381 Quantitative Macroeconomics: a practical approach for all | Prof. Guido Cozzi | Autumn |
| 10,352 Topics in Economics (not in FS26) | Prof. Samuel Häfner | Autumn & Spring |
| 10,388 Economics of Contracts (only in FS26) | Prof. Huseyin Yildirim | Spring |
| 10,351 Navigating your PhD | Prof. Kai Gehring | Autumn |
| FINANCE SPECIALISATION | ||
| Course | Lecturer | Semester |
| 10,276 Behavioral Finance (only in FS25) | Prof. Sebastian Ebert, GP SoF | Spring 2025 |
| 10,281 Empirical Corporate Finance | Prof. Markus Schmid | Spring |
| 10,278 Topics in Insurance Economics | Prof. Hato Schmeiser | Spring |
| 10,275 Banking and Contract Economics | Prof. Anastasia Kartasheva and Prof. Steven Ongena (University of Zurich & SFI) | Spring or Autumn |
| 10,279 Blockchains and Cryptocurrencies (only in FS24) | Prof. Bruno Biais, Guest Professor SoF FS24 | Spring 2024 |
| 10,277 Selected Recent Research Directions in Theoretical and Empirical Asset Pricing (only in FS23) | Prof. Fabio Trojani | Spring |
| 10,351 Navigating your PhD | Prof. Kai Gehring | Autumn |
During the course phase students have to hand in a detailed research proposal for their Ph.D. thesis and present it to their thesis committee in a colloquium. In the research proposal, Ph.D. students provide the thesis outline and discuss preliminary results. The research proposal is not graded, but it has to be accepted. Following the acceptance of the research proposal, students are admitted into the research phase. All courses have to be completted and passed. The research phase starts in the term when the research proposal is successfully defended.
In the Ph.D. seminars students present their research papers. They receive feedback from faculty and fellow Ph.D. students. The seminars offer a forum for an active scientific debate.
The finance Ph.D. seminars take place weekly, the schedule can be found here.
The Ph.D. thesis is written in English as a cumulative thesis. It consists of (at least) three articles that represent the quality standards of good international refereed journals. At least one of the articles has to be single-authored by the Ph.D. candidate.
At the end of the research phase, students have to submit the thesis and present it to the members of their Ph.D. Thesis Committee in a pre-defence examination. At this stage the Thesis Committee can ask for changes or corrections to the submitted manuscript. After having successfully passed the pre-defence, the public defence is held. The final version of the thesis is printed according to the HSG regulations.
After the acceptance of the thesis, the dissertation is presented in a public Ph.D. defence which concludes the doctoral studies. Students who successfully had their public defense, are awarded the degree Doctor of Philosophy in Economics and Econometrics or Doctor of Philosophy in Finance from the University of St.Gallen (Ph.D. HSG).