PhD in Business, Finance

Policies & Procedures Manual

Approved by the Finance Department, August 2013 for immediate implementation.
(Revisions will be made and announced as needed)

Revised October 24, 2024

Residency Requirements

The Ph.D. program is a full-time, on-campus program. As a result, fulfilling the Ph.D. program requires that all students fulfill the doctoral residency-year requirement as outlined by the Graduate School should be straightforward.  The residency-year requirement is satisfied by completing a minimum of 18 semester hours (9 of which must be graded) of graduate on-campus coursework during two consecutive semesters. Interruption of this two semester sequence by not taking courses during the summer semester does not constitute a break in continuity. Other requirements are listed in the Auburn University Graduate Bulletin.

Contact Information

It is the student’s responsibility to provide an up-to-date email (if other than AU email) address, postal address and phone number to the Ph.D. Advisor in Finance.  Email is the official form of communication for Auburn University; however, we also need up-to-date telephone numbers and home addresses.

On-Campus Presence

A large part of the doctoral education experience is the interaction with peers and faculty members.  This is a time to establish those relationships that will be beneficial in the years to come.  It is strongly encouraged that students take advantage of these opportunities by keeping a presence on campus.  Likewise, it is expected that all doctoral students be present and participate in departmental research seminars and other departmental activities, including department annual meeting, dissertation defenses, guest speakers, and other activities.

Transfer of Credit/Course Waivers

No more than nine credit hours may be transferred into the Auburn Ph.D. program.  All hours transferred MUST be approved in advance by the student’s Advisory Committee and must be included on the Plan of Study.

Incomplete Coursework

A grade of incomplete in a graduate level class must be resolved per the directions of the instructor but NO LATER than 6 months from the end of the semester in which the course was taken.  This applies regardless of the student's enrollment status.  A student not enrolled during the semester following the incomplete is not exempt from this rule.  Pending removal or recording as an F, an incomplete is counted as a C in determining eligibility for continued enrollment.  Failure to resolve an incomplete by the deadline established by the instructor or the 6 month period, whichever is sooner, will result in assigning a grade of F and automatic dismissal from the program.

Graduate Teaching and Research Assistantships

Typically, all qualified full-time Ph.D. students will be provided renewable financial support for up to five years through Graduate Research Assistantships or Teaching Assistantships.  To be eligible to solely teach a course as a GTA, the student must have at least 18 hours of graduate coursework in the area.  This means that individuals entering the Ph.D. program without prior graduate work will not be eligible to teach a course by themselves or independently grade assignments until the beginning of their second year in the program.  However, such students’ continuation of support will be based upon each student’s acceptable performance and progress in the program.  This will be determined at the time of an annual evaluation.   Students must seek permission from the department head to add other paid assignments to their Departmental Assistantship.  No cumulative total award can exceed 50%.   AU does not waive your tuition for summer unless you are on payroll, but, if it was waived for the previous two semesters, you are eligible to have your summer tuition be at in-state levels (you must request this from the Graduate School). 

International Graduate Teaching Assistants must meet the minimum requirements for employment, including but not limited to a satisfactory background check and proficiency in English. All graduate students are encouraged to take advantage of the programs offered in the Biggio Teaching Center located in Haley Center.  If a student receives low teaching evaluations (i.e. below 3), that student is required to work with a faculty advisor assigned by the department to improve her/his teaching skill.

PhD Program Structure

The program is a five-year full-time program.  Some support may be available to students who need six years to produce high-quality research.  The bulk of coursework is completed in the first two years.  After that, the student will work on publishable papers and dissertation research.  Students are permitted some flexibility in choosing their courses when designing their program of study with the approval of their Advisory Committee. 

Plan of Study

Students are encouraged to create an Advisory Committee as soon as they identify their research interests and complete the plan of study form.  The Plan of Study must be filed with the Graduate School as soon as possible but no later than one semester prior to the semester of graduation.  The Plan of Study Form, Form XV, and revisions forms are available on the Graduate School web page.

Advisory Committee

The Advisory Committee approves the Plan of Study, Dissertation Proposal, and Dissertation Defense. The chair of the committee may be changed during the student’s course of study.  The chair (or co-chair) must be a member of the Finance Department, be AU Graduate Faculty Level 2, and meet the criteria established by the department for AACSB accreditation.  In addition to the Chair, the committee must be composed of at least 3 other members of the AU Graduate Faculty.  At most, only one non-AU faculty member can serve on the committee.

Annual Evaluations of Student Progress

The Department of Finance’s goal is for all students to successfully complete the PhD program in a timely manner and acquire the knowledge, skills and attitudes needed to assure their future success. Therefore, it is departmental policy to evaluate student performance in the spring semester of each year. Student evaluations will include performance in coursework, teaching and research activities, meeting program deadlines, other scholarly activities, and citizenship. The evaluation procedure is as follows:

1. Students complete a signed Self-Report form. They are also evaluated by their faculty mentor and by the Finance Ph.D. Committee. They are given signed reports of the Committee evaluation.
2. When students are not meeting PhD program requirements, recommendations for specific actions will be communicated to students, which will specify criteria for maintaining departmental support and program involvement. An unsatisfactory report will typically result in the loss of Graduate Assistantship.

Research Involving Human Subjects

All graduate students undertaking research involving human subjects must arrange for the University’s Institutional Review Board (IRB) for the Use of Human Subjects in Research to review and approve the research.  As part of this process you will be required to take an on-line certification exam. To obtain approval, the student must complete the form "Protocol for Research Involving Human Subjects" which can be obtained from the Office of the Provost in Samford Hall.  Students cannot proceed with the research experience or proposal until this approval is obtained.  This is a university requirement.

The Qualifying Exam and Ph.D. Candidacy

Ph.D. students become eligible for candidacy after completing the required coursework, receiving approval for their Plan of Study, and successfully passing the qualifying exam. The qualifying exam consists of two components: a written examination and an oral examination.

1 Written Component -- Preliminary Examination

The purpose of the preliminary examination is to determine if a student is adequately prepared to pursue academic research by demonstrating a fundamental understanding of major finance topics. It is given to Ph.D. students at the end of the second year in the program, typical in early June. It is a comprehensive written examination based on the materials taught in all finance Ph.D. seminars. The instructors of finance Ph.D. seminars will be responsible for designing the questions.

The exam date will be communicated to the students via email at least one month in advance. A make-up exam will only be granted if it meets the Auburn University criteria for an executed absence. The makeup exam may include different questions from the original exam.

All examinations will be graded anonymously by the faculty and administered by the Department Graduate Program Officer (GPO). Each question will be graded on a scale of 1-5, and the score will be averaged. The grading scale for each question is as follows:

5 = Exemplary. Very complete, comprehensive, and well-integrated answer. Consistently uses the appropriate professional terminology. Integrates and cites supporting literature through answer. Approaches questions and problems critically.

4 = Good. Displays very few gaps in knowledge and understanding of concepts and principles. Integrates and cites supporting literature in parts of answer.

3 = Adequate. Displays a few gaps in knowledge and understanding of concepts and principles. Missing a few key concepts and/or literature.

2 = Inadequate. Inconsistent in use of professional terminology. Makes small critical errors. Displays some gaps in knowledge and understanding of concepts and principles. Limited integration and citing of supporting literature.

1 = Poor. Displays large gaps in knowledge. Demonstrates very limited, no knowledge, or erroneous knowledge of content area. Shows limited understanding of concepts and principles. Makes major and fatal critical errors; does not cite, mention, or integrate supporting literature. Does not make use of professional terminology.

A minimum average score of 3.75 is required to PASS the preliminary exam.  If a student fails the preliminary exam on the first attempt, the Department Ph.D. Committee may allow a retake before the start of the third year. Failure on the second attempt results in dismissal from the program.

2 Oral Component – Third-Year Paper Presentation

The third-year paper must be a solo-authored paper, with no co-authorship allowed with faculty or other students. The paper must demonstrate sufficient quality to be potentially publishable in a high-quality journal. Publication potential is determined by the Department Ph.D. Committee.

The process begins with a research paper proposal submitted at the beginning of their third year. The proposal should include a clearly defined research question and its importance, a literature review, an empirical design, and the preliminary outcomes The presentation of the third-year paper will take place during the first semester of the third year before the faculty in a departmental seminar for further critique and evaluation. The student may also be questioned on their mastery of the broad body of knowledge in the field.

After the seminar presentation, each faculty member on the Ph.D. committee will give a grade on a scale of 1-5, and the score will be averaged. The grading scale is as follows:

5 = Exemplary: outstanding presentation and Q&As

4 = Good: well-executed presentation and a few flaws in Q&As

3 = Adequate: good presentation and several flaws in Q&As

2 = Inadequate: noticeable inconsistency and limited understanding in presentation and Q&As

1 = Poor: lack of understanding of the topic and some substantial flaws in Q&As

A minimum average score of 3.75 is required to PASS the oral exam. If a student does not pass on the first attempt, the Ph.D. committee may permit resubmission of a revised paper and a second presentation during the second semester of the third year. Failure to pass on the second attempt results in dismissal from the program

3 P.H.D. Candidacy

After passing the qualifying exam (both written and oral components), students can schedule the General Oral Exam with the Graduate School to be formally admitted to candidacy. The exam is administrated by the student’s advisory committee and is normally expected during the first semester of the fourth year. Please note that the administration of the oral exam is contingent on successful performance on the qualifying exam. To comply with Graduate School requirements, the oral exam must be scheduled one week in advance on the “Application for General Oral Examination” form.  The student may begin work on their Ph.D. dissertation proposal upon successfully completing the General Oral Exam.

The Dissertation Proposal

Successfully passing the General Oral exam allows Ph.D. students to begin the development of their Dissertation. A Dissertation is intended to be original research that contributes to the body of knowledge in the field of study.  This process includes the following:

1. The student may propose a dissertation in classic form or in the form of three essays. If the three-essay format is chosen, at least one of the three essays should be completed in draft form. The remaining two essays should be developed to such an extent that the main idea, hypothesis, data, and methodology are clearly outlined. If the classic form is chosen, the Dissertation Proposal typically requires the student to complete the first three chapters of a dissertation (introduction, literature review, and methodology chapters). It includes a statement of justification for the research, explaining the importance of the research topic.  It includes an extensive literature review, which provides the conceptual understanding and focus for the research.  Finally, it includes a description of the research methodology to be used to carry out the research.  In most cases, students will have developed a “proof of concept” for the research by having conducted a pilot research project as part of their manuscript development process.  Having sample data and preliminary analysis of the concept allows the student to show the viability of the research project.

2. A formal dissertation proposal must be successfully defended and the appropriate paperwork submitted to the Graduate School during the first semester of the fifth year. After the Dissertation Proposal is completed, the student must present and defend his/her proposal before his/her committee.

Dissertation and Final Examination

The dissertation is a time-consuming process.  It is imperative that every student communicate on a regular basis with members of the Advisory Committee.  These individuals are dedicating a great deal of time and effort to assuring your success. 

Completion of the Dissertation and its defense is the final hurdle for completion of the PhD degree in Finance. The Guide to Preparation and Submission of a Dissertation, available in University or local bookstores, can be of help in this process. 

After the final draft of the dissertation is completed and approved by the student's Advisory Committee, it is submitted to the Graduate School for review.  An outside reader is appointed by the Graduate School to review and critique the quality of the Dissertation.  The Advisory Committee’s Chair may provide a list of potential names for outside readers to the Graduate School at any time prior to the completion of the first draft of the dissertation.  When the Graduate School has approved the dissertation, the student may apply to the Graduate School for his/her final Dissertation Defense (known as the Final Examination).  The application must be filed with the Graduate School at least ten working days prior to the final defense to allow time to advertise the defense. Dissertation defenses must be advertised to the entire department.

The student’s Advisory Committee conducts the final defense.  Successful completion requires unanimous support of the committee (the outside reader will attend but does not vote).  All faculty and PhD students are permitted and encouraged to attend the defense.  Final copies of the dissertation (two) must be submitted to the Graduate School by the deadline established for the semester of graduation.  All dissertations must be microfilmed by University Microfilms International of Ann Arbor, Michigan, which publishes the abstract in Dissertation Abstracts.  The student is required to pay for these services.

Time Limits

The dissertation must be successfully defended and the appropriate paperwork submitted to the Graduate School no later than August 15^th of the 6^th year in the PhD program.

It is important that all students familiarize themselves with the Graduate School procedures for the completion of the dissertation and graduation.  The summary of graduation procedures and the graduation check lists is available in the Graduate School and on the website for the Graduate School. It is the student's responsibility to meet the Graduate School’s requirements for graduation, which includes clearance for graduation one semester prior to completion, properly formatting the dissertation, meeting the specified dates for submission of drafts for Graduate School review, and submission of the final dissertation to meet graduation deadlines.  There are many forms that must be completed prior to the defense.  Please become aware of the necessary procedures and consult with the Graduate School (http://www.grad.auburn.edu/) in Hargis Hall.  This is imperative to timely completion and graduation.

Program Timeline

The Ph.D. program is structured to ensure steady academic and research progress throughout the five years of study. During the first two years, students complete all required coursework and prepare for the written qualifying exam, which is administered in June after the second year. Students who do not pass on the first attempt must retake the exam before the start of the third year. In the third year, students focus on developing and presenting their third-year paper, which serves as the oral component of the qualifying exam. If a second presentation is required, it must take place before the start of the fourth year. Upon successfully passing both components of the qualifying exam, students can schedule the Graduate School’s General Oral Exam, typically during the first semester of the fourth year, which formally admits them to candidacy. In the fifth year, students present their dissertation proposal in the fall semester and are expected to complete their dissertation defense in the spring or summer. This timeline is designed to provide clear benchmarks while allowing students to develop their research agendas in a structured and supportive environment.

While the expectation is that students complete all requirements within five years, cases where students require additional time will be considered on a case-by-case basis. Such extensions must be reviewed and approved by the Department Ph.D. Committee, taking into account the student’s research progress and overall performance in the program.

Program Dismissal Policies

Students may be dismissed from the PhD program for the following reasons:

1. Failure to satisfy the requirements of the qualifying exam in a timely manner. To be specific, the student will be asked to leave the program if she/he fails the written part of the qualifying exam (the preliminary exam) two times. The student will also be asked to leave the program if she/he does not receive a passing grade for the third-year paper presentation by the end of the third year. 
2. Academic Dishonesty. The Department of Finance follows the policies on academic dishonesty as established by Auburn University. Cheating in any form is not acceptable. Any incidence of suspected cheating will be dealt with through appropriate judicial channels. If a student is found guilty of academic dishonesty after following the procedure outlined by Auburn University, he/she will be dismissed from the Ph.D. program.
3. Deficient GPA. If a student’s cumulative graduate GPA falls below 3.0, the student will be placed on academic probation. If the cumulative graduate GPA remains below 3.0 after the next 9 credit hours (one semester) of graduate enrollment (graded and upgraded), the student will be dismissed from the PhD program.
4. Class failure. If a student earns an F in any course taken as part of their Auburn coursework toward the graduate degree, they will be dismissed from the program. A grade of incomplete in a class must be removed within 6 months or it will be automatically converted to an F. The 6 month limit applies regardless of whether or not the student is enrolled.
5. Violation of Professional Ethical Standards. Graduate students are expected to hold and display the highest levels of professional standards of behavior. Violations of professional standards leading to dismissal from the program include, but are not limited to, the following:
   1. Abuses of teaching responsibilities/authority. Graduate students with teaching assignments are expected to conduct themselves in ways, which correspond to accepted standards of teaching. Abuses include inappropriate behaviors, such as sexual harassment, discrimination based on sex, religion, age, race, color, national origin, or disability, grade "selling," excessive class cancellations, and general neglect and dereliction of teaching duties.
   2. Violations of Confidentiality Arrangements. Most graduate students will engage in some form of research. Oftentimes this research requires the use of human subjects and arrangements of confidentiality. Violations of the researcher/research subject trust are serious professional offenses and reflect badly on the profession and Auburn University. Violation of agreements with, or abuse of, research subjects are grounds for dismissal from the program.
   3. Scholarly misconduct. Plagiarism, data fabrication, data stealing, or authorship misconduct (e.g., omitting a rightful author or claiming another's work as your own) with regard to scholarly materials are serious professional offenses and are grounds for dismissal from the program. Falsification of information or misrepresentation of credentials including resumes.
6. Lack of Program Progress. Based on a student’s annual Faculty review, inadequate progress can cause a student’s dismissal from the program.

7. Failure to Satisfy the Deadlines, Criteria, or other normal expectations for continuation in the program. If it is judged by the Ph.D. committee that a student is not making adequate progress or that his/her ability to complete the program in a timely fashion is in doubt, they may dismiss the student from the program.  In some cases, the GPO may formally communicate to the student their concerns and establish deadlines, criteria, or other requirements that must be met in order to continue in the program.
8. Appeal Process. Appeals to any dismissal decision must follow the Appeal Policies set forth in this Policy Manual.

Appeal Policies

Students can appeal Faculty decisions as follows: the student should submit, in writing, the request for appeal and justifications for such request to the chair of the Finance Department.  An ad hoc PhD Review Committee, appointed by the department head, will review and rule on appealed decisions.  The committee will have full authority of the department in reviewing and deciding the case.

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