Ph.D. Program in Finance

Frequently Asked Question

General Requirements

1. Is there a foreign language requirement? There is no foreign language requirement for the finance Ph.D. degree.

2. I am a math major and don't have any background in business or finance. Do I need to complete a master degree in business or finance before I apply to the Ph.D. program? We encourage people with undergraduate or masters degrees in fields such as math, statistics, physics, and engineering to apply to the finance Ph.D. program. Although recommended, a master degree in business or finance is not required. However, you might need to take several leveling courses upon entering the Ph.D. program.

3. What courses should I take to prepare for the Ph.D. program? We recommend that students prepare by taking finance, math (calculus and linear algebra), statistics, economics, and computer programming courses.

4. I am an international student that is currently attending a U.S. University. My TOEFL score is more than two years old. Do I need to take the TOEFL exam again? The TOEFL score may not be more than 2 years old. The TOEFL score can be waived only for applicants who have completed and been awarded a University degree from a school in the United States, United Kingdom or Canada.

Admissions

1. When do classes start? The first class for new students is Fin 6331, "Foundations of Finance, " which is offered during second summer session (typically starting in the second week of July). This is an intensive course covering the foundational theories in finance and also computer programming and financial databases.

2. The application deadline for the Rawls College of Business for Summer semester is February 1. Is there an advantage to applying early? Yes. There are often unexpected delays in completing your application packet. Therefore, we recommend that you target to have your application completed and submitted (with supporting material) prior to January 1 so that you can address any unanticipated problems before the February 1 deadline.

3. How can I know if my application is complete? The finance department will send you an email after they receive your application. You can track the status of your application by going to the graduate status check website (the link for the status check is under the heading "admissions forms."

4. I'm having trouble getting part of my application completed. Is it OK to submit a partial application? We don't receive the application from the graduate school until the application has been completed. Therefore, it is important that check your application status at the graduate status check website and to submit any missing documents as soon as possible.

5. How soon will I know if I have been admitted? The finance department plans to start reviewing files shortly after February 1 and should be sending letters of acceptance to our top applicants in mid-February. A second set of applicants will be selected for our "wait list" and will be admitted if a space opens up. Applicants on the wait list should know whether they will be admitted sometime during the period from April 1 - April 15 (see the next question).

6. I was just admitted to the Texas Tech University Finance Ph.D. program, but want to also consider other Ph.D. programs. How long do I have before I need to make a decision? Following the resolution posted by the Council of Graduate Schools, we do not require applicants to make a decision prior to April 15.

7. I would like to apply to the Texas Tech Finance Ph.D. program, but it is after the February 1 deadline. Can I still be considered for admission? We continue to consider new applications received after the deadline until all of our slots are full. However, the earlier you submit your application, the better your chances of receiving full consideration.

8. I've taken the GRE. Do I need to take the GMAT? Although the finance department will consider applications with only a GRE score, we strongly recommend you also take the GMAT.

9. My GMAT is older that 5 years. Do I need to take the exam again? We need an official copy of your GMAT score. This is available from Educational Testing Service, www.gmat.org. If your official score is no longer available from Educational Testing Service, you should contact the Rawls College of Business to discuss possible options.

10. What is the minimum required GMAT score? There is no minimum GMAT score, and the GMAT is only one of many things we look at in deciding who to admit to the program. Our most recent entering class (2009) had an average GMAT score of 707.

11. Do you require a personal interview? A personal interview is not required, but always encouraged. Please set up an appointment with the Ph.D. program director if you would like to visit Texas Tech University and meet with the finance faculty.

12. Do you admit students in the Spring or Fall? No. Students are only admitted for Summer semester.

13. How many students do you admit per year? We typically admit between two and four students per year.

14. Do all students receive funding? Ideally, all students admitted to the program will receive an assistantship. However, in the past, we have admitted students without an assistantship who have funding from other sources. If you are admitted without an assistantship, you can be considered for an assistantship as one become available.