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Frequently Asked Questions

1. Can I apply for the Spring semester?
2. Are all international applicants required to submit TOEFL scores?
3. Do you accept GRE scores in place of GMAT scores?
4. How long does it take students to finish the program?
5. Do I have to take the SPEAK test as part of the admission requirements?
6. Do you admit students who do not have a Master’s degree?
7. Am I eligible to apply to the program?
8. Last year, how many people applied and how many were admitted?
9. Do you provide financial support?
10. Are international students eligible for scholarships or financial aid?

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Answers

1. Can I apply for the Spring semester?
   • No. Admission to the Ph.D. program is only offered for the Fall semester.
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2. Are all international applicants required to submit TOEFL scores?
   • International applicants are required to submit results of the Test of English as a Foreign Language (TOEFL), unless they satisfy one of the conditions for exemption listed below. Applicants must have a minimum score of 610 on the paper-based test or 257 on the computer-based test. Applicants are exempt from the TOEFL requirement if one or both of the following conditions are met:
     1. The applicant has completed at least two academic years of full-time study (as defined by the home institution) within five years of the beginning of the proposed term of enrollment, or the applicant has completed a graduate degree, in a country where English is the primary language and at a school where English is the primary language of instruction. That is, English must be both the language of the country and the language of instruction at the school.
     2. The applicant is from a country in which English is both the primary language and the official language.
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3. Do you accept GRE scores in place of GMAT scores?
   • Yes, we accept GRE scores in place of GMAT scores.
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4. How long does it take students to finish the program?
   • For most students, the program takes four to five years. Some students require more time to finish. Occasionally (but not often), students with previous graduate work in economics, finance, or statistics from a comparable university are able to finish in three years.
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5. Do I have to take the SPEAK test as part of the admission requirements?
   • The SPEAK test is not required for admission. However, international students must take the SPEAK test after they arrive on campus. (The University of Illinois requires that graduate students whose native language is not English pass the SPEAK test before they can be appointed as Teaching Assistants.) The Department of Finance makes arrangements for students to take this test on campus during the first year of the program.
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6. Do you admit students who do not have a Master’s degree?
   • Yes, we admit students who do not have a Master’s degree.
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7. Am I eligible to apply to the program?
   • If you have an undergraduate degree from an accredited U.S. college or university, or the equivalent from a university in another country, you are eligible to apply.
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8. Last year, how many people applied and how many were admitted?
   • 204 people applied and 7 were offered admission.
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9. Do you provide financial support?
   • All admitted students receive financial support. Most first-year students receive financial support in the form of fellowships. In later years, financial support typically comes in the form of Research or Teaching Assistantships. Students who: (1) are making normal academic progress; and (2) have done satisfactory work in previous RA and/or TA appointments receive financial support for up to five years. Students who require more than five years to complete the program and have done satisfactory work in previous RA and/or TA appointments typically also receive financial support in the form of RA or TA appointments, but this is not guaranteed.
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10. Are international students eligible for scholarships or financial aid?
    • All admitted students receive financial support, regardless of nationality.
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