Admission Requirements

Admission is highly competitive. About 20 outstanding students with a potential to distinguish themselves in research are admitted to the doctoral program each autumn.

Reviewers evaluate the applicant’s essays, academic background and performance, research interest and potential, prior exposure to academic research, strength of recommendations and standardized test scores.

The application deadline is January 1 of each year. International applicants are encouraged to submit their information earlier. Admitted students enroll the following autumn.

Applicants must hold a four-year bachelor’s degree from an accredited university (or expect to receive one by the time they enter the program). Non-U.S. residents should consult the International Applicants page for a list of degrees recognized by the University of Chicago as acceptable equivalents.

GMAT and GRE

Applicants must also complete the Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE). For most areas of study, applicants may take either the GMAT or GRE. Exceptions are:

• For Economics — GRE is required.
• For Finance — GRE is preferred; GMAT is acceptable. 
• For the Joint Program in Financial Economics — GRE is required.

Applicants must indicate the correct institution codes when taking the tests to have scores sent directly to the Chicago GSB PhD Program. For the GMAT, the PhD Program institution code is H9X-9F-05.  For the GRE, the PhD Program code is 1501. It is the applicant’s responsibility to ensure that test scores are submitted to the GSB Doctoral Program before January 1. To meet the application deadline, we recommend applicants take the required tests by September. GMAT and GRE Scores are valid for five years; older scores will not be considered.  Prior coursework or degrees at the graduate level (e.g. MBA or Master's degrees) do not exempt you from submitting either the GRE or GMAT as part of your application.

Fluency in English

The Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS) is required of international applicants whose native language is not English. For details on the test and our waiver policy, please see International Applicants information.

The Chicago GSB prides itself on a fair and impartial selection process. To find out more, read the Non-discrimination Statement.

Admission to Joint PhD Program in Financial Economics

Admission to the joint PhD program in Financial Economics requires admission to both the doctoral program in the Department of Economics and to the doctoral program at Chicago GSB, but interested parties need only apply to one or the other program. Students may enter the joint program at the beginning of their doctoral studies. Those seeking admission to the joint program should apply online to either the PhD program in the Department of Economics or Chicago GSB.  The GRE is required for all applicants to this program.

Students enrolled in doctoral studies in either the Economics Department or the GSB may apply to the joint program at any time within their first two years in residence. Such students will still have to meet all of the requirements of both programs.

Enrollment and financial aid throughout a student's matriculation in the joint program will be administered by either the Division of the Social Sciences or the GSB, as arranged by the two units. This designation will be for administrative purposes only and will not have programmatic implications. If a student's interests change, the Director of the PhD program in the Graduate School of Business and the Dean of Students for the Social Sciences will facilitate transfers out of the joint program and into the doctoral program in Economics or Business.

Actions