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Degree requirements.

Law School and School of Management Joint J.D.-Ph.D. in Finance Program

(1) Course Requirements:

SOM : Eight courses, including the following five required courses:  Economics 500 (General Economic Theory: Microeconomics); Economics 501b (General Economic Theory: Microeconomics, which is the course covering an introduction to game theory ); Economics 550a and 551b (Econometrics I and II); MGT 740 (Financial Economics I); and two additional PhD level finance courses. Upon reaching Ph.D. candidacy, students are required to attend MGT 782 (Ph.D. PreSeminar: Financial Economics).

Law School : 71 credit units, which include the required first term courses taken in one semester (Contracts, Torts, Civil Procedure, Constitutional Law); Criminal Law; a course satisfying the legal ethics requirement; 6 credit units satisfying the experiential learning requirement; and Business Organizations.

(2) Pre-dissertation Writing Requirements:

Two papers are required: (1) a paper fulfilling the SOM second year research paper requirement and (2) a paper fulfilling one of the Law School writing requirements (substantial or supervised analytic writing).  Students present the second year paper in ECON 679 (Financial Economics Student Lunch). Note: an accepted SOM second year research paper will fulfill the student’s remaining law school paper requirement by registration for independent research credit with the student’s law school faculty advisor.

(3) Qualifying exam in finance: 

The section of the qualifying exam pertaining to MGT 740 and two additional doctoral finance courses taken.  The qualifying exam is currently taken after the student has completed all of the required graduate finance courses.

(4) Dissertation and oral defense.

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Yale College Programs of Study 2024–2025

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• Yale College Programs of Study /
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Ethics, Politics, and Economics

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• Summary of Requirements

Director of undergraduate studies:   Gregory Collins ; epe.yale.edu

The major in Ethics, Politics, and Economics joins the analytic rigor of the social sciences and the enduring normative questions of philosophy to promote an integrative and critical understanding of the institutions, practices, and policies that shape the contemporary world.

Introductory Requirements

Students must successfully complete eight introductory courses before they can declare as an EP&E major. Students are very strongly encouraged to complete these introductory courses before the beginning of their fifth semester, because of the demands of the overall EP&E course load and the related need to demonstrate ability to complete the major.

After completion of introductory requirements, students may declare the EP&E major, following the process outlined on the EP&E website.

Introductory courses required to declare the Ethics, Politics, and Economics major include the following:

1. The Ethics course PHIL 175 or Directed Studies *

2. A course in Other Perspectives, from disciplines such as Anthropology; Ethnicity, Race, and Migration; History; Sociology; Women's, Gender, and Sexuality Studies; or Directed Studies *

3. A course in Political Philosophy, choosing from PHIL 178 , PLSC 108 , 114 , 118 , 119 , or Directed Studies *

* Students completing two full terms of Directed Studies fulfill the first three introductory requirements.

4. A Political Science introductory course in one of the following Political Science subfields: international relations ( PLSC 111 ), comparative politics ( PLSC 116 ), or American politics ( PLSC 113 )

5. A course in Introduction to Microeconomics, choosing from  ECON 108 ,  ECON 110 or ECON 115

6. A course in Introduction to Macroeconomics, choosing from  ECON 111 or ECON 116

7. A course in Econometrics, choosing from ECON 117 , 123 , 135 , GLBL 121 , S&DS 230 , or S&DS 238

8. A course in Game Theory, choosing from EP&E 220 , 231 , 295 , 297 , or ECON 159

Major REQUIREMENTS

Students must take fifteen term courses including eight introductory requirements; Intermediate Microeconomics ( ECON 121 or 125 ); three core seminars with one selected from the Classics series of EP&E courses ( EP&E 212 , 213 , 214 , 215 , 216 , or 217 ) and the remaining two seminars selected from two of the three core areas of the major (Ethics, Politics, Economics); and three courses in the chosen area of concentration (which includes the senior requirement).

Intermediate Microeconomics  Students must take ECON 121 or ECON 125 .

Core courses  The major requires that students take three core courses: one course selected from  EP&E 212 , 213 , 214 , 215 , 216 , or 217 and two additional core courses from the major’s three core areas (Ethics, Politics, Economics), one of which must be an advanced seminar anchored in at least two of the major’s three core areas of ethics, politics, or economics. The approved core courses, specified annually, can be found on a list of approved EP&E core courses on the EP&E website and by searching Yale Course Search for attributes: YC EP&E Ethics Core ; YC EP&E Politics Core ; YC EP&E Economics Core .

Areas of Concentration  Each student defines an area of concentration with review by the DUS by the end of their junior year. The concentration enables students to frame an important problem and shape a systematic course of inquiry, employing analytical methods and substantive theories drawn from the three fields. For many students, the concentration treats a contemporary problem with a substantial policy dimension (domestic or international), but some students may wish to emphasize philosophical and methodological issues. The area of concentration culminates in the senior essay. 

Areas of concentration must consist of three courses appropriate to the theme, including the seminar or independent study course in which the senior essay is written (see “Senior Requirement” below.) At most, one of these three courses may be a lecture course. In designing the area of concentration, students are encouraged to include seminars from other departments and programs (see “graduate work” below.) Students are encouraged to include a seminar or a lecture that covers advanced research design and/or data analysis when the area of concentration requires it.

The following are examples of possible areas of concentration: distributive justice, government regulation of market economies, environmental policy, philosophy of law, gender relations, democracy and multiculturalism, contemporary approaches to public policy, war and coercion, war crimes and crimes against humanity, medical ethics, international political economy, philosophy of the social sciences, social theory and ethics, cultural analysis and political thought, and civil society and its normative implications. However, students may wish to frame their own area of concentration more precisely.

Credit/D/Fail  Students admitted to the major may take one of their Ethics, Politics, and Economics courses Credit/D/Fail, excluding the seminar in which the senior essay is written. Such courses count as non-A grades in calculations for Distinction in the Major.

Searchable attributes   YC EP&E Ethics Core ; YC EP&E Politics Core ;  YC EP&E Economics Core

Senior Requirement

A senior essay is required for the major and should constitute the intellectual culmination of the student's work in Ethics, Politics, and Economics. The essay should fall within the student’s area of concentration. Students may enroll in EP&E 491 to write a term-long essay; or in EP&E 492 and EP&E 493 to write a year-long essay. They must secure the approval of a faculty member who will serve as advisor for the essay. Alternatively, students may write their essay within a relevant seminar, with the consent of the seminar instructor to serve as the essay advisor, and approval of the DUS.

The senior essay reflects more extensive research than an ordinary Yale College seminar paper and employs a method of research appropriate to its topic. Some papers might be written entirely from library sources; others may employ field interviews and direct observation; still others may require statistical or econometric analysis. The student should consult frequently with the seminar instructor or adviser, offering partial and preliminary drafts for criticism. Students are encouraged to incorporate analysis using the tools of all three of the major’s fields.

Senior essays written in the fall term are due in early December. Senior essays written in the spring term and yearlong essays are due in mid-April. One-term essays are normally expected to be 40–50 pages in length; yearlong essays are normally expected to be 80–100 pages in length.

Graduate work 

Some graduate and professional school courses are open to qualified undergraduates and may be of interest to EP&E majors, especially as potential concentration courses (e.g., courses in the Schools of Nursing, Forestry and Environmental Studies, Management, and Public Health). Permission to enroll is required from the instructor as well as the appropriate representative of the graduate or professional program. EP&E requires that graduate and professional school courses carry one, full Yale College course credit, and it is important to note that not all such courses yield a full course credit in Yale College. See Academic Regulations, section L, Special Academic Arrangements , “Courses in the Yale Graduate and Professional Schools.”

summary of major requirements

Introductory requirements  8 introductory courses as indicated

Number of courses  15 (including intro and senior requirement)

Specific courses required   ECON 121  or ECON 125  

Distribution of courses  3 core seminars (one of which is EP&E 212 , 213 , 214 , 215 , 216 , or 217 ) and 2 from the 3 core areas, one of which must be an advanced seminar; 3 concentration courses including the senior requirement course

Senior requirement  Senior essay in area of concentration (in an advanced seminar or in  EP&E 491 or in  EP&E 492  and EP&E 493 )

15 courses (15 credits) required including intro courses and senior requirement

• 8 introductory courses, detailed on Overview page
• ECON 121 or ECON 125
• 1 from the Classics series of EP&E ( EP&E 212 , EP&E 213 , EP&E 214 , EP&E 215 , EP&E 216 or EP&E 217 )
• 2 from 2 of the 3 core areas (Ethics, Politics, Economics), one of which must be an advanced seminar
• Senior requirement is an essay in area of concentration (in EP&E 491 , or EP&E 492 and EP&E 493 , or relevant seminar)

Courses prerequisite to registering as an Ethics, Politics, and Economics major include one course from each of the following categories:

1.  The  Ethics course, either PHIL 175 or Directed Studies*

2.   A course in Other Perspectives, from disciplines such as   Anthropology; Ethnicity, Race, and Migration; History; Sociology; Women's, Gender, and Sexuality Studies; or Directed Studies*

3.  A course in  Political Philosophy, choosing from PHIL 178 , PLSC 108 ,  PLSC 114 , PLSC 118 , PLSC 119 , or Directed Studies*

*Students completing two terms of Directed Studies fulfill the first three prerequisite requirements.

4. A Political Science introductory course in one of the following Political Science subfields: international relations ( PLSC 111 ), comparative politics ( PLSC 116 ), or American politics ( PLSC 113 )

5. ECON 108 , ECON 110 or ECON 115

6.   ECON 111 or ECON 116

7.   Econometrics, one of ECON 117 , 123 , 135 , GLBL 121 , S&DS 230 , or S&DS 238

8.   Game Theory, one of EP&E 220 , 231 , 295 , 297 , or ECON 159

Further information can be found on the program website .

FACULTY ASSOCIATED WITH THE PROGRAM OF ETHICS, POLITICS, AND ECONOMICS

Director:  Ana de la O (Political Science)

Professors  David Cameron ( Political Science ), Stephen Darwall ( Philosophy ), Bryan Garsten ( Political Science ), Jacob Hacker ( Political Science ), Shelly Kagan ( Philosophy ), Giovanni Maggi ( Economics ), William Nordhaus ( Economics ), John Roemer ( Political Science ), Ian Shapiro ( Political Science ), Jason Stanley ( Philosophy ), Peter Swenson ( Political Science ), Steven Wilkinson ( Political Science )

Lecturers  Greg o ry C o llins, Elaine Dezenski ( Global Studies ), Kevin Elliott, Michael Fotos (Political Science), Karen Goodrow ( Political Science ), Robin Landis, Stephen Latham ( Political Science ), Mordechai Levy-Eichel  (Political Science), Max Lewis, Daniel Schillinger, Ximena Benavi de s Reverditt o

See  visual roadmap  of the requirements.

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• Undergraduate Program

Studying how initial resources, incentives, and constraints influence decision-making and the outcomes that these decisions produce

Welcome to the Yale Economics Program

Thanks for your interest in the economics major at Yale! Many people think economics is the study of phenomena such as recessions and inflation, and perhaps of financial markets as well. While these themes are important, there is so much more to the economics discipline.

For example, are you interested in understanding…

• What interventions help poor people to attain more prosperous outcomes?
• How national health reform is affecting the nation’s health and wealth?
• How international trade affects the environment?
• How the economic system interacts with political institutions?
• Why there are gender and racial wage gaps?

Then come explore economics at Yale. Learn more about our courses and requirements . 

DUS & Registrar

[email protected]

Office Address

115 Prospect St., Room 334 (Rosenkranz Hall)

Office Hours

Tue 2:45-4:00 -- please email to reserve a time slot.

NOTE 1: Office hours should be used only for non-routine consultations. Routine consultations (including on double majors) and specific questions are best handled by email.

NOTE 2: During teaching breaks (including the summer break) the DUS will not be available to communicate with students. Please contact the Economics Registrar if you have pressing questions.

[email protected]

(203) 432-3574

28 Hillhouse Ave, room A101A

• Requirements
• Courses Taken Outside of Yale
• Related Course Credit
• Senior Essay
• Double Majors
• Forms and Documents
• Frequently Asked Questions
• Opportunities
• Peer Mentors
• Student Resources
• Women in Economics

Peer Mentors meet with prospective and current majors to provide advice and information regarding Economics.

Congratulations to the 2024 Undergraduate Senior Prize Winners!

Many people think economics is the study of phenomena such as recessions and inflation, and perhaps of financial markets as well.

Why Choose Yale Economics?

Program on Ethics, Politics and Economics

Requirements of the Major

• Which courses fulfill introductory requirements
• Which courses fulfill core requirements
• Designing Your Concentration
• Directed Reading

Requirements of the major

Introductory courses  Introductory courses provide a basic familiarity with contemporary economic analysis and survey central issues in ethics and political philosophy. Such a background is necessary to understand theories that combine different approaches to the three areas of inquiry and to assess policies with complex political, economic, and moral implications. 

The introductory courses include one course from each of the following:

• Introduction to Ethics*: PHIL 175 or Directed Studies
• Political Philosophy*: PHIL 178; PLSC 108, 114, 118, 119 or Directed Studies
• Introduction to Political Science: PLSC 111, 113, 116
• Other Perspectives* : This course should be from history, sociology, anthropology, ER&M, WGSS or other disciplines, decided in consultation with the EPE DUS, or Directed Studies.
• Introductory Micro-Economics: ECON 108, 110, 115
• Introductory Macro-Economics: ECON 111, 116
• Econometrics: ECON 117, 123, 135; GLBL 121 or S&DS 230 , S&DS 238
• Game Theory: EP&E 220, 231, 295, 297 or ECON 159

*The three  Direct ed   Studies  courses qualify as substitutes for these three introductory requirements.

Students who officially test out of Introductory Microeconomics or Introductory Macroeconomics (through the Economics Department) must take instead, with the approval of the EP&E DUS, another course in Economics or a course in another department that lists the introductory course in question as a prerequisite.  Students are very strongly encouraged to complete these introductory courses before the beginning of their fifth semester, because of the demands of the overall EP&E course load and the related need to demonstrate the ability to complete the major.  The introductory courses needed to complete the EP&E major have been carefully selected because they provide students with a strong foundational knowledge across the disciplines that constitute the program. For this reason, EP&E students may not substitute courses other than those listed as prerequisite choices as they complete the program.

Core courses  The major requires that students take three core courses, Classics of EP&E - EP&E 213, 214, 215, 216, or 217, plus two additional core courses, one each in two of the remaining three fields. One of those two must be an advanced seminar that explores a combination of at least two of the three areas of ethics, politics, and economics ( a list of eligible 2023-2024 courses can be found here ; a list of eligible fall 2024 courses can be found here ).  The DUS can also offer guidance regarding appropriate courses to fulfill this requirement.

The Ethics core draws from courses on normative thinking from philosophy and political science (theory only), or from EP&E courses with Philosophy or Political Science listed as secondary departments.  

The Politics core includes courses offered by Political Science as the primary department, or EP&E courses with Political Science listed as the secondary department.

The Economics core comprises courses offered by Economics as the primary department, or Political Science courses cross-listed with Economics.

Each semester a new Requirements Progress Report must be filled out and sent to the EP&E registrar Kellianne Farnham .

Designing your Concentration

Each student is expected to define a particular area of concentration in consultation with the Director of Undergraduate Studies. Initial discussions with the DUS about the concentration should occur in the spring of the junior year, and final confirmation of the courses included in the concentration will be required in the spring of the senior year

The concentration is intended to enable students to frame an important problem and shape a systematic course of inquiry, employing analytical methods and substantive theories drawn from the three fields of inquiry.  Students should not only recognize the accomplishments of varied interdisciplinary efforts, but also attempt to represent and in some cases further develop those accomplishments in their own work. For most students, the concentration will treat a contemporary problem with a substantial policy dimension (domestic or international), but some students may wish to emphasize philosophical and methodological issues. 

Areas of concentration must consist of at least three seminars appropriate to the theme, one of which is the course in which the senior essay is written.  They may be drawn from any department in the university, so long as they are relevant to the student’s proposed area of study. In general, the courses chosen should collectively convey what each of the three main fields of inquiry combined in this major has to offer to the themes of their concentration. They are selected by the student in close consultation with the Director of Undergraduate Studies and, often, the senior essay advisor.  Students, of course, may want to take other relevant courses in addition to their three officially selected concentration courses and may only count one lecture toward this requirement.  In designing the area of concentration, students would be well advised to include general intermediate courses related to their interests.  The Director of Undergraduate Studies and the senior essay advisor will also require students to show adequate competence in data analysis when the themes of their area of concentration require it. Students should seek advice early in shaping a sufficiently rich area of concentration that draws on all three fields of the curriculum.

Directed Reading and Research

At any point in the major, students may develop a course of directed reading and research with a faculty advisor, in which case they should enroll in EP&E 471 and complete a Directed Reading and Research form along with their course schedule. Proposals for directed readings must include a course description, a reading list, a schedule of meetings with the advisor and a description of the written work to be completed.  More information can be found here.

If applicable, a Directed Reading and Research may count towards one of the three required courses in the concentration. 

Forms for the spring 2024 semester are due to Kellianne Farnham on January 23, 2024.

• All Headlines

Yale Behavioral Finance Summer School Spotlights Faculty Research in a Growing Field

The one-week program, an intensive PhD class in behavioral finance, brought students from across the U.S. and Europe to Yale SOM from June 10 to 14.

About 50 students from 21 different universities gathered at Edward P. Evans Hall earlier this month for the 2024 Yale Summer School in Behavioral Finance.

The week-long program is an intensive PhD course in behavioral finance taught by SOM faculty members who are leading practitioners in the field. Held every two years, the program draws graduate students in finance and economics.

“Behavioral finance is a vibrant field that is seen as increasingly important for understanding important facts about the financial world,” said organizer  Nicholas Barberis , the Stephen and Camille Schramm Professor of Finance. “Yet many universities still don’t offer a research-oriented doctoral class in the subject.

“This program makes up for that, and SOM is the natural host, given that modern behavioral finance started at Yale with the work of our colleague Robert Shiller and continues today through the research of multiple SOM faculty members.”

In addition to Barberis, this year’s faculty included SOM’s  James Choi and  Kelly Shue , both professors of finance. Four additional faculty from other schools also taught. This year’s program also featured a new focus on emerging aspects of behavioral finance research.

Over the past 30 years, Barberis said, behavioral finance researchers have focused on incorporating “high-level” elements of psychology—such as people’s beliefs and risk attitudes—into economic research. More recently, however, researchers have turned their attention to the impact of “low-level” psychological processes like memory, attention, and perception.

“One important theme of this year’s summer school was to learn about this new work and to figure out if it’s the way forward,” Barberis said. “Three  speakers covered the topic from different perspectives. I was excited to see the students’ enthusiastic reactions.”

Attendee Giuditta Perinelli, a PhD student at the Massachusetts Institute of Technology, said that the program’s curriculum benefitted her research in macroeconomic finance and behavioral corporate finance.

“I’ve always been interested in the behavioral approach, and my advisor encouraged me to attend the Yale summer school for its structured exploration,” she said. “The amount of material we’ve covered has been impressive. Nick [Barberis] touched on just about everything that’s in the literature.”

The opportunity to network was another bonus. “All the faculty were terrific, and they were so available,” Perinelli said. “We had lunch with them, and there were social outings and dinners, and we got the chance to really get to know people in the field.”

Attendee Vicente Garcia Averell, a PhD student at London Business School, said that while interest in behavioral finance is increasing at business schools worldwide, Yale SOM’s concentration stands out. “It’s rare to have this breadth of distinguished faculty in one place, all focusing on behavioral finance,” he said.

He was also surprised by the scope of faculty research. “There is so much going on,” he said. “It’s a giant community, and I can incorporate a lot of these findings into my own work.” Averell’s research interests include international finance, financial crises, and empirical asset pricing.

The Yale Summer School in Behavioral Finance is made possible through the generous support of the Lynne and Andrew Redleaf Foundation. Karen Spitzer, assistant director of SOM’s International Center for Finance, provided “ outstanding administrative support,” Barberis noted.

• Tuition and Fees
• Graduate Financial Aid

Tuition for full-time study at the Graduate School of Arts and Sciences for the academic year 2024-2025 is $49,500.

If you are a PhD student, you receive a fellowship that covers the full cost of tuition through at least your first five years.

If you are a Master's student, you will be responsible for paying tuition, or obtaining funding through your program or from external sources.

More information on Tuition & Fees is available in our Programs & Policies handbook. Please note that we do not charge many of the fees common to other schools (e.g. technology fee, library fee, gym fee, student activities fee).

See Student Accounts for billing and payment inquiries.

• Full-time study, per term: $24,750
• Full-time study in IDE, per term: $25,250
• Half-time study, per term: $12,375
• One-quarter time study, per term: $6,187.50
• Coursework, per course, per term (including audited courses): $6,187.50.
• Visiting Students, per term: $24,750
• Visiting Assistants in Research, per month: $425

Continuous Registration Fee (CRF), per term: $820

Yale Health Hospitalization/Specialty Coverage, twelve months: $3,110

• It is anticipated that tuition will be increased in subsequent years.
• It is anticipated that the Continuous Registration Fee will be increased in subsequent years.
• Other fees are subject to change without notice. For fees relating to registration and course enrollment, see Course Enrollment, under Academic Regulations.
• See Registration Status and Leaves of Absence, under Academic Regulations.
• Hospitalization fees are for single students. Rates are higher for students needing dependent coverage. Hospitalization/Specialty Coverage includes prescription coverage.

Graduate Financial Aid Office

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