A PhD in economics prepares students to teach at liberal arts and research universities; to work in state, federal, and international organizations; and to conduct research or work as a consultant for private industry. The program, with its low student/faculty ratio, is structured to develop high quality research and teaching skills as well as facilitate successful and timely completion of the degree. Sequences in micro theory, macro theory, and econometrics are offered in the first year, followed by qualifying examinations (micro and macro) in the summer. Coursework in the student’s chosen fields of specialization is completed in the second or early in the third year. The research components of the degree include a field specific research paper, completed in the third year, and a dissertation, typically completed in either the fourth or fifth year.