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Ph.D. in Economics

The Ph.D. program at Berkeley is designed for students interested in pursuing advanced study and conducting original research in Economics. The Ph.D. degree is awarded in recognition of the recipient's qualifications as a general economist and of the ability to make scholarly contributions in fields of specialization. Additionally, the Economics Ph.D. program is residential, there is no remote enrollment option. 

In advancing to the Ph.D. degree, students pass through two major stages:

• Preparation for candidacy typically takes two to three years. During the first two semesters, students take courses to achieve competence in econometric methods, methods of economic history and fundamentals of microeconomic and macroeconomic theory. During the next two years, students prepare for examination in two fields of specialization of their choosing, prepare a dissertation prospectus, and take an oral examination. When these steps are completed, students are advanced to candidacy.
• Completion of a dissertation after advancing to candidacy typically takes one to two years. The dissertation must be based on original research and represent a significant contribution to the body of Economic knowledge.

The entire process takes approximately five to six years, although some students are able to complete the program in less time. Below is an overview of the program requirements by year and other pertinent information.

The UC Berkeley College of Letters & Science   provides students helpful resources, links, and tools for successfully completing the Ph.D. in Economics.

ECONOMICS GRADUATE STUDENT SERVICES

The economics student services mission is to advise our students holistically by providing a high standard of service in a supportive and collaborative environment.  professional and peer advisors work as a team to provide accurate information in a timely manner.  we partner with faculty to assist students in engaging with the campus and the global economic community.  we value fairness, diversity, and the important roles our students, faculty, and staff in the department of economics play at the university of california, berkeley..

If you or someone you know is experiencing financial, food, housing or other basic needs challenges - you can find support and services at:  http://tinyurl.com/UCB-BNC-C19 .

Meet the members of the Economics Graduate Student Services advising team!

Graduate Office Address:

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Berkeley Berkeley Academic Guide: Academic Guide 2023-24

About the Program

The Economics PhD program at UC Berkeley is designed for students interested in pursuing advanced study and conducting original research in economics. The PhD degree is awarded in recognition of the recipient's qualifications as a general economist and of the ability to make scholarly contributions in fields of specialization. New admissions to the graduate program are restricted to students pursuing the PhD degree. There is no external, terminal program for the MA degree.

Visit Department Website

Admission to the University

Applying for graduate admission.

Thank you for considering UC Berkeley for graduate study! UC Berkeley offers more than 120 graduate programs representing the breadth and depth of interdisciplinary scholarship. A complete list of graduate academic departments, degrees offered, and application deadlines can be found on the Graduate Division website .

Prospective students must submit an online application to be considered for admission, in addition to any supplemental materials specific to the program for which they are applying. The online application can be found on the Graduate Division website .

Admission Requirements

The minimum graduate admission requirements are:

A bachelor’s degree or recognized equivalent from an accredited institution;

A satisfactory scholastic average, usually a minimum grade-point average (GPA) of 3.0 (B) on a 4.0 scale; and

Enough undergraduate training to do graduate work in your chosen field.

For a list of requirements to complete your graduate application, please see the Graduate Division’s Admissions Requirements page . It is also important to check with the program or department of interest, as they may have additional requirements specific to their program of study and degree. Department contact information can be found here .

Where to apply?

Visit the Berkeley Graduate Division application page .

Admission to the Program

A degree equivalent to a US bachelor’s is required for admission to the program. An undergraduate degree in economics is not required for admission to the PhD program, provided that applicants have achieved an adequate background in economics and mathematics at the undergraduate level.

• Economics: All applicants are expected to have completed intermediate math-based economic theory courses. Further education in economics and economic theory is helpful, but not required.
• Math: Applicants must have knowledge of multivariate calculus, basic matrix algebra, and differential equations; completion of a two-year math sequence, which emphasizes proofs and derivations. Some knowledge of statistics and elementary probability is highly desirable, as is additional coursework in algebra and real analysis.

The GRE is also required. Please visit our website  for all department-specific requirements.

Doctoral Degree Requirements

Normative time requirements.

In advancing to the PhD degree, students pass through two major stages:

s1) Preparation for candidacy typically takes three years. During the first two semesters, students take courses to achieve competence in econometric methods, methods of economic history, and fundamentals of microeconomic and macroeconomic theory. During the next two years, students prepare for examination in two fields of specialization of their choosing, prepare a dissertation prospectus, and take an oral examination. When these steps are completed, students are advanced to candidacy.

2) Completion of a dissertation after advancing to candidacy typically takes three to four years. The dissertation must be based on original research and represent a significant contribution to the body of economic knowledge.

The entire process takes approximately six to seven years, although some students are able to complete the program in less time.

Time to Advancement

During the first two semesters of graduate study, students must take a set of eight core courses to satisfy requirements in mathematics, economic history, economic theory, and econometrics. Syllabi for current and recent economics courses, including the core courses described below, can be found on the   Economics Course Home Page Registry .

Preliminary Exams—Field Examination

All graduate students must take written qualifying examinations in two fields of specialization. Students prepare for these examinations in the second year by completing graduate courses offered in their chosen fields. 

Fields Available in the Economics Department

• Advanced Economic Theory
• Development Economics
• Econometrics
• Economic History
• Financial Economics
• Industrial Organization
• International Economics
• Labor Economics
• Macroeconomics
• Political Economics
• Psychology and Economics
• Public Finance

Alternative fields offered by another department or designed by the student may be substituted for one of the fields listed above if approved by the graduate committee. Alternative fields may include Economic Demography, Education and Economics, Health Economics, Law and Economics, Resource Economics, Urban and Regional Economics, or City and Regional Planning.

Students must complete at least one semester of any  department seminars   prior to taking their oral examination. This is typically done in the third year of study.

Dissertation Prospectus and Oral Examination (QUALIFYING EXAMINATION)

Students are encouraged to begin discussing possible dissertation topics with appropriate faculty members at an early stage. After completing the written field examinations, students choose a faculty member to serve as an advisor on developing a dissertation topic involving significant and original research, and to supervise the writing of a prospectus. The prospectus describes the research to be conducted, the techniques to be used, and initial findings. Students who cannot find an adviser on their own will be matched with a preliminary adviser at the beginning of the third year of study.

Qualifying Examination

When the prospectus is approved by the faculty adviser, the qualifying examination is scheduled. The examining committee consists of four faculty members who conduct an oral examination based on the student's areas of specialization and on the dissertation prospectus. A primary function of the oral examination is to aid the student in developing a dissertation and to determine whether the student is sufficiently prepared to complete original research successfully.

Time in Candidacy

Advancement.

Upon successful completion of the oral examination and selection of a dissertation committee, the student is advanced to candidacy. Following advancement to candidacy, students pursue research necessary for the completion of their dissertation.

Fourth Year Paper

In the fourth year students will work with their advisor to write a complete draft of a research paper. The topic can be on what was done for the orals examination, or something new. Students may be excused from this requirement under exceptional circumstances (e.g., lengthy field work), but they would need to submit a letter to the Graduate Chair from the student's advisor requesting an exception. 

Dissertation

Students are encouraged to select dissertation topics that can be completed in one to two years. 

Upon completion of the dissertation and its acceptance by the dissertation committee, the student is awarded the PhD degree.

Graduate Program Outcomes

Professional placement.

Students who have received, or will soon receive, the PhD in Economics are assisted by the department in finding suitable career positions. The department learns of available openings for qualified economists through an exchange of information with universities, colleges, government agencies, and research institutes.

The department staff coordinates and facilitates placement activities, and a faculty member oversees and advises placement. Serious effort is made to help students find positions in which their capacities will be both used and rewarded. The department has been highly successful in placing students, which is a reflection on the quality of its students and their training, and the importance the department places on this activity.

Past placement outcomes can be found on the department's website .

ECON 201A Economic Theory 4 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Basic preparation for the Ph.D. program including theory of the firm and the consumer, game theory. Economic Theory: Read More [+]

Rules & Requirements

Prerequisites: 101A-101B, 204, Mathematics 53 and 54; or equivalent

Hours & Format

Fall and/or spring: 15 weeks - 3 hours of lecture and 2 hours of discussion per week

Additional Format: Three hours of Lecture and Two hours of Discussion per week for 15 weeks.

Additional Details

Subject/Course Level: Economics/Graduate

Grading: Letter grade.

Economic Theory: Read Less [-]

ECON 201B Economic Theory 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic preparation for the Ph.D. program including agency theory and mechanism design, general equilibrium theory. Economic Theory: Read More [+]

Prerequisites: 101A-101B, 201A, 204, Mathematics 53 and 54; or equivalent

ECON 202A Macroeconomics 4 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Basic preparation for the Ph.D. program including aggregation theory, national accounting and index problems, survey of major short-term models, implications of various expectations hypotheses, wage price determination, the role of money and financial assets, theories of consumption and investment, disequilibrium theory, dynamic systems, and international considerations. Macroeconomics: Read More [+]

Prerequisites: 100A-100B or 101A-101B or equivalent. Mathematics 53 and 54 or equivalent

Macroeconomics: Read Less [-]

ECON 202B Macroeconomics 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic preparation for the Ph.D. program including aggregation theory, national accounting and index problems, survey of major short-term models, implications of various expectations hypotheses, wage price determination, the role of money and financial assets, theories of consumption and investment, disequilibrium theory, dynamic systems, and international considerations. Macroeconomics: Read More [+]

Prerequisites: 100A-100B or 101A-101B or equivalent. Mathematics 50A or equivalent

ECON 204 Mathematical Tools for Economics 3 Units

Terms offered: Summer 2024 3 Week Session, Fall 2023, Summer 2023 3 Week Session The course provides a rigorous abstract treatment of the elements of real analysis and linear algebra central to current research in economics. The course develops in the students the ability to read mathematical proofs and to compose simple proofs on their own. Mathematical Tools for Economics: Read More [+]

Prerequisites: Mathematics 53 and 54 or equivalent and consent of instructor

Fall and/or spring: 15 weeks - 2 hours of lecture and 1 hour of discussion per week

Summer: 3 weeks - 10 hours of lecture and 5 hours of discussion per week

Additional Format: Two hours of Lecture and One hour of Discussion per week for 15 weeks. Ten hours of Lecture and Five hours of Discussion per week for 3 weeks.

Mathematical Tools for Economics: Read Less [-]

ECON 206 Mechanism Design and Agency Theory 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2019 This course will study the optimal design of mechanisms in the presence of incomplete information and imperfect observability. The course will begin with the "classic" principal-agent problem and will then develop its applications to the "implicit contracts" theory of agency and to the choice of government policies for regulated industries. The second half of the course will treat the design of auctions, regulation with costly or imperfect monitoring, mechanism design with limited contracts. Mechanism Design and Agency Theory: Read More [+]

Prerequisites: 201B and 209A or consent of instructor

Fall and/or spring: 15 weeks - 2 hours of lecture per week

Additional Format: Two hours of Lecture per week for 15 weeks.

Formerly known as: 209B

Mechanism Design and Agency Theory: Read Less [-]

ECON 207A Mathematical Economics 3 Units

Terms offered: Fall 2023, Fall 2022, Spring 2022 Mathematical analysis of economic theory. The problems treated involve as wide a range of mathematical techniques and of economic topics as possible, including theories of preference, utility, demand, personal probability, games and general equilibrium. Also listed as IDS 213A-213B and Math 213A-213B. Mathematical Economics: Read More [+]

Prerequisites: Math 104 and 110 and Statistics 101

Additional Format: Two hours of lecture per week. Twelve hours per week including class time and preparation.

Mathematical Economics: Read Less [-]

ECON 207B Mathematical Economics 3 Units

Terms offered: Spring 2020, Spring 2015, Spring 2011 Mathematical analysis of economic theory. The problems treated involve as wide a range of mathematical techniques and of economic topics as possible, including theories of preference, utility, demand, personal probability, games and general equilibrium. Also listed as IDS 213A-213B and Math 213A-213B. Mathematical Economics: Read More [+]

ECON 208 Microeconomic Theory Seminar 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Microeconomic Theory Seminar: Read More [+]

Prerequisites: Consent of instructor

Repeat rules: Course may be repeated for credit without restriction.

Fall and/or spring: 15 weeks - 2 hours of seminar per week

Additional Format: Two hours of Seminar per week for 15 weeks.

Microeconomic Theory Seminar: Read Less [-]

ECON 209A Theory and Application of Non-Cooperative Games 3 Units

Terms offered: Fall 2013, Fall 2012, Fall 2011 This course will study both pure game theory and its application to such problems as oligopoly pricing, non-cooperative bargaining, predatory pricing, and optimal auctions. The focus will be on game theory as a modelling process as opposed to a body of known results. Theory and Application of Non-Cooperative Games: Read More [+]

Theory and Application of Non-Cooperative Games: Read Less [-]

ECON 209B Theory and Application of Non-Cooperative Games: II 3 Units

Terms offered: Spring 2016, Spring 2015, Spring 2014 The course will cover basic topics not covered in 209A; will provide a more thorough treatment of topics covered in 209A; will cover a selection of advanced topics. Theory and Application of Non-Cooperative Games: II: Read More [+]

Prerequisites: 209A or consent of instructor

Theory and Application of Non-Cooperative Games: II: Read Less [-]

ECON 210A Introduction to Economic History 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Survey of some central themes in world economic history. Required of all Ph.D. candidates in economics. Introduction to Economic History: Read More [+]

Introduction to Economic History: Read Less [-]

ECON 210B Topics in European Economic History 3 Units

Terms offered: Spring 2023, Spring 2022, Spring 2021 A survey of some central themes in European economic history. Topics in European Economic History: Read More [+]

Prerequisites: 210A

Topics in European Economic History: Read Less [-]

ECON 210C Topics in American Economic History 3 Units

Terms offered: Fall 2018, Fall 2016, Fall 2013 A survey of some central themes in American economic history. Topics in American Economic History: Read More [+]

Topics in American Economic History: Read Less [-]

ECON 211 Seminar in Economic History 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Economic History: Read More [+]

Seminar in Economic History: Read Less [-]

ECON 215A Political Economics 3 Units

Terms offered: Fall 2017, Fall 2016, Fall 2015 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

Prerequisites: 215A is a prerequisite to 215B

Instructor: Roland

Political Economics: Read Less [-]

ECON 215B Political Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

ECON C215A Political Economics 3 Units

Terms offered: Fall 2023, Fall 2022, Fall 2021, Fall 2010, Fall 2009 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

Also listed as: POL SCI C237A

ECON C215B Political Economics 3 Units

Terms offered: Prior to 2007 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

Prerequisites: ECON C215A is a prerequisite to ECON C215B , and POL SCI C237A is a prerequisite to POL SCI C237B

Also listed as: POL SCI C237B

ECON 217 Risk Seminar 3 Units

Terms offered: Spring 2024, Fall 2023, Spring 2023 This interdisciplinary seminar features seminar participants and guest speakers from academic institutions and financial services firms, presenting work on the analysis and management of risk in financial markets. Economics, statistics, finance, operations research, and other disciplines will be represented. Risk Seminar: Read More [+]

Prerequisites: Consent of instructor. Graduate standing

Credit Restrictions: Students will receive no credit for Economics 217 after completing Statistics 278B.

Additional Format: Two hours of seminar per week.

Grading: Offered for satisfactory/unsatisfactory grade only.

Instructors: Goldberg, Anderson

Risk Seminar: Read Less [-]

ECON 218 Seminar in Psychology and Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 A graduate seminar in the field of behavioral economics. Seminar in Psychology and Economics: Read More [+]

Instructors: Della Vigna, Koszegi, Rabin

Seminar in Psychology and Economics: Read Less [-]

ECON 219A Foundations of Psychology and Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 This course presents psychological and experimental economics research demonstrating departures from perfect rationality, self-interest, and other classical assumptions of economics and explores ways that these departures can be mathematically modeled and incorporated into mainstream positive and normative economics. The course will focus on the behavioral evidence itself, especially on specific formal assumptions that capture the findings in a way that can be used by economists. Economic applications will be used for illustrative purposes, but the course will emphasize formal theory. Foundations of Psychology and Economics: Read More [+]

Prerequisites: 201A-201B or consent of instructor

Foundations of Psychology and Economics: Read Less [-]

ECON 219B Applications of Psychology and Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 This course will build off of the material presented in 219A. It will expand on the psychological and experimental economic research presented there, but will emphasize a range of economic applications and especially empirical research. Applications of Psychology and Economics: Read More [+]

Prerequisites: 219A, 240A-240B or consent of instructor

Applications of Psychology and Economics: Read Less [-]

ECON 220A Industrial Organization 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Market structure, conduct and performance in the unregulated sector of the American economy. Public policies related to the promotion or restriction of competition. Industrial Organization: Read More [+]

Prerequisites: 201A

Industrial Organization: Read Less [-]

ECON 220B Industrial Organization 3 Units

Terms offered: Spring 2024, Spring 2023, Fall 2021 Continuation of 220A. The characteristics of regulated industries and the consequences of regulation for economic performance. Industrial Organization: Read More [+]

Prerequisites: 220A

ECON 220C Special Topics in Industrial Organization 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2020 See course announcement for current topics. Special Topics in Industrial Organization: Read More [+]

Special Topics in Industrial Organization: Read Less [-]

ECON 221 Seminar in Industrial Organization: Regulation and Public Enterprise 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Industrial Organization: Regulation and Public Enterprise: Read More [+]

Seminar in Industrial Organization: Regulation and Public Enterprise: Read Less [-]

ECON C222 Economics of Innovation 3 Units

Terms offered: Fall 2020, Fall 2018, Fall 2016, Spring 2016, Fall 2015 Study of innovation, technical change, and intellectual property, including the industrial organization and performance of high-technology industries and firms; the use of economic, patent, and other bibliometric data for the analysis of technical change; legal and economic issues of intellectual property rights; science and technology policy; and the contributions of innovation and diffusion to economic growth. Methods of analysis are both theoretical and empirical, econometric and case study. Economics of Innovation: Read More [+]

Fall and/or spring: 15 weeks - 3 hours of lecture per week

Additional Format: Three hours of Lecture per week for 15 weeks.

Also listed as: PHDBA C279I

Economics of Innovation: Read Less [-]

ECON 224 Economics of Institutions 3 Units

Terms offered: Spring 2016, Spring 2015, Fall 2012 This course develops the proposition that institutions have pervasive ramifications for understanding economic organization. A comparative institutional approach is employed whereby the transaction is made the basic unit of analysis and alternative modes of organization are assessed with respect to their comparative contracting properties. Economics of Institutions: Read More [+]

Economics of Institutions: Read Less [-]

ECON C225 Workshop in Institutional Analysis 2 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023, Fall 2015, Fall 2014, Fall 2013 This seminar features current research of faculty, from UC Berkeley and elsewhere, and of advanced doctoral students who are investigating the efficacy of economic and non-economic forms of organization. An interdisciplinary perspective--combining aspects of law, economics, and organization--is maintained. Markets, hierarchies, hybrids, bureaus, and the supporting institutions of law and politics all come under scrutiny. The aspiration is to progressively build toward a new science of organization. Workshop in Institutional Analysis: Read More [+]

Prerequisites: Economics 100 or 101; Business Administration 110 or equivalent; or consent of instructor

Also listed as: PHDBA C270

Workshop in Institutional Analysis: Read Less [-]

ECON 230A Public Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 The economic and policy analysis of government expenditures, taxes, and intergovernmental fiscal relations. 230A is not a prerequisite for 230B. Public Economics: Read More [+]

Public Economics: Read Less [-]

ECON 230B Public Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Government intervention changes opportunities and incentives for firms, families, individuals, service providers, and state and local government. This course considers the incentive effects of government expenditure programs. The primary emphasis will be in the examination of the effect of social expenditure programs on individuals and families. Most of the papers will be empirical. The course will not contain an explicit section on methodology and econometric techniques; instead, relevant econometric techniques (e.g., discrete choice, duration analysis) will be discussed in the context of the empirical literature. Public Economics: Read More [+]

ECON 230C Public Sector Microeconomics 3 Units

Terms offered: Spring 2009, Spring 1999 The economic and policy analysis of government expenditures, taxes, and intergovernmental fiscal relations. Public Sector Microeconomics: Read More [+]

Additional Format: Two hours of lecture per week.

Public Sector Microeconomics: Read Less [-]

ECON 231 Seminar in Public Sector Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Public Sector Economics: Read More [+]

Seminar in Public Sector Economics: Read Less [-]

ECON 234A Macroeconomic Finance 3 Units

Terms offered: Spring 2012, Spring 2011, Fall 2009 Introduction to macroeconomic finance. Course covers static portfolio choice, capital asset pricing model (CAPM), consumption based models, dynamic equilibrium asset pricing theories, and current issues in behavioral finance. Strong emphasis on household finance and risk-sharing. Course is both theoretical and empirical. Macroeconomic Finance: Read More [+]

Formerly known as: 236D

Macroeconomic Finance: Read Less [-]

ECON 234C Financial Decision-Making in Firms 3 Units

Terms offered: Spring 2017, Spring 2015, Spring 2014 This course provides a theoretical and empirical treatment of the core topics in corporate finance including internal corporate investment; external corporate investment (mergers and acquisitions); capital structure and financial contracting; bankruptcy; corporate governance. Financial Decision-Making in Firms: Read More [+]

Prerequisites: 240A-240B or equivalent

Financial Decision-Making in Firms: Read Less [-]

ECON C234C Empirical Corporate Finance 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022, Fall 2020, Spring 2020 This course provides a theoretical and empirical treatment of the core topics in corporate finance including internal corporate investment; external corporate investment (mergers and acquisitions); capital structure and financial contracting; bankruptcy; corporate governance. Empirical Corporate Finance: Read More [+]

Prerequisites: ECON 240A -240B or equivalent

Credit Restrictions: Students who have passed ECON 234C are not eligible to also receive credit for passing ECON C234C .

Additional Format: Three hours of lecture per week.

Instructor: Malmendier

Also listed as: PHDBA 239FD

Empirical Corporate Finance: Read Less [-]

ECON 235 Financial Economics Seminar 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course presents speakers who work on the boundary of economics and finance, on topics including asset pricing, behavioral finance, and corporate finance. Financial Economics Seminar: Read More [+]

Additional Format: One and one-half hours of seminar per week for eight weeks.

Financial Economics Seminar: Read Less [-]

ECON 236A Advanced Macroeconomics I 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Macroeconomic models; theory and practice of aggregate economics; rational expectations models; finance theory integrated with macro. Advanced Macroeconomics I: Read More [+]

Prerequisites: For 236A: 201A-201B and 202A-202B. For 236B: 236A

Advanced Macroeconomics I: Read Less [-]

ECON 236B Advanced Macroeconomics II 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Macroeconomic models; theory and practice of aggregate economics; rational expectations models; finance theory integrated with macro. Advanced Macroeconomics II: Read More [+]

Advanced Macroeconomics II: Read Less [-]

ECON 236D Behavioral Macroeconomics 3 Units

Terms offered: Spring 2021, Fall 2006 This course focuses on incorporating insights from behavioral economics into macroeconomic analysis. Behavioral Macroeconomics: Read More [+]

Prerequisites: Economics 202A or their equivalents. Economics 202B, Economics 219A/B will be useful, but not required Admission will be automatic for regular Berkeley PhD students. Undergraduate and master students who have an interest in economics graduate studies are also encouraged to consider taking the course, but with instructor's consent

Behavioral Macroeconomics: Read Less [-]

ECON 237 Seminar in Advanced Macroeconomics and Money 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Advanced Macroeconomics and Money: Read More [+]

Seminar in Advanced Macroeconomics and Money: Read Less [-]

ECON 240A Econometrics 5 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Basic preparation for the Ph.D. program including probability and statistical theory and the classical linear regression model. Econometrics: Read More [+]

Prerequisites: 100A or 101A or equivalent; 100B or 101B or equivalent; Mathematics 53 and 54, or equivalent; Statistics 131A or equivalent

Fall and/or spring: 15 weeks - 4 hours of lecture and 2 hours of discussion per week

Additional Format: Four hours of Lecture and Two hours of Discussion per week for 15 weeks.

Formerly known as: 240

Econometrics: Read Less [-]

ECON 240B Econometrics 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic preparation for the Ph.D. program including generalized least squares; instrumental variables estimation; generalized method of moments; time series analysis; and nonlinear models. Econometrics: Read More [+]

Prerequisites: 240A or equivalent

ECON 241A Econometrics 2 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Intended for students specializing in econometrics and others with strong mathematical backgrounds. Linear and nonlinear statistical models and their applications in economics. Special problems in analyzing data from non-controlled experiments. Econometrics: Read More [+]

Prerequisites: Econ 240A,B; linear algebra; multivariable calculus; basic probability and inference theory

ECON 241B Econometrics 2 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 This course will cover fundamentals of time series econometrics. It is intended both for students specializing in econometric theory and for students interested in applying time series methods to economic data. Econometrics: Read More [+]

Prerequisites: Econ 240A-B, or equivalent

ECON 241C Econometrics 2 Units

Terms offered: Fall 2023, Spring 2023, Spring 2022 The course covers topics in classic nonparametric and modern approaches to econometrics. Topics include (among others) decision theory, high-dimensional models, causal inference, and Bayesian methods. Econometrics: Read More [+]

Prerequisites: Econ 240A-B; linear algebra; multivariable calculus, basic probability and inference theory

ECON 242 Seminar in Econometrics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Econometrics: Read More [+]

Prerequisites: 240A-240B

Seminar in Econometrics: Read Less [-]

ECON 244 Applied Econometrics 3 Units

Terms offered: Fall 2024, Spring 2023, Fall 2021 Methods of applied econometrics, with emphasis on alternative modelling strategies and problems met in practice. Intended for doctoral students conducting empirical research. Applied Econometrics: Read More [+]

Applied Econometrics: Read Less [-]

ECON 250A Labor Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Fall 2021 Analysis of labor market behavior. Labor Economics: Read More [+]

Prerequisites: 250A is prerequisite to 250B. Consent of instructor

Labor Economics: Read Less [-]

ECON 250B Labor Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Analysis of labor market behavior. Labor Economics: Read More [+]

ECON 250C Labor Economics 3 Units

Terms offered: Fall 2014, Spring 2013, Spring 2012 Analysis of labor market behavior. Labor Economics: Read More [+]

Prerequisites: 250B

ECON 251 Seminar in Labor Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar for students at the doctoral dissertation level. Seminar in Labor Economics: Read More [+]

Seminar in Labor Economics: Read Less [-]

ECON 255 Spatial Economics 3 Units

Terms offered: Spring 2024 The course covers issues in spatial economics, from a variety of viewpoints, including public finance and economic geography. The class will introduce students to advanced tools for both theoretical and empirical analysis of spatial topics. Spatial Economics: Read More [+]

Spatial Economics: Read Less [-]

ECON 260A Comparative Economics 3 Units

Terms offered: Fall 2023, Fall 2021, Fall 2020 New issues raised by transition for economics. Political economy of reform: speed, sequencing, reform design, political economy of privatization. Allocative changes: speed of sectoral reallocation, price liberalization, output fall and macroeconomic dynamics, law enforcement, dynamics of institutional change. Comparative Economics: Read More [+]

Prerequisites: 260A is prerequisite to 260B

Comparative Economics: Read Less [-]

ECON 270B Development Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Problems of underdevelopment and poverty, policy issues and development strategies. Development Economics: Read More [+]

Development Economics: Read Less [-]

ECON 270C Development Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic macro-policy planning with investment project analysis. Development Economics: Read More [+]

ECON C270A Microeconomics of Development 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Theoretical and empirical analyses of poverty and inequality, household and community behavior, and contract and institutions in the context of developing countries. Microeconomics of Development: Read More [+]

Fall and/or spring: 15 weeks - 4 hours of lecture per week

Additional Format: Four hours of lecture per week.

Also listed as: A,RESEC C251

Microeconomics of Development: Read Less [-]

ECON 271 Seminar in Development Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Development Economics: Read More [+]

Seminar in Development Economics: Read Less [-]

ECON 274 Global Poverty and Impact Evaluation 4 Units

Terms offered: Spring 2016, Spring 2015, Spring 2013 Rather than simply describing the causes and symptoms of global poverty, this course will explore the variety of tools available for rigorously measuring the impact of development programs. Through weekly case studies of field research, the course will cover impact evaluation theory and methods. The course will culminate with a final project in which each student will design an impact evaluation of a policy or intervention. Global Poverty and Impact Evaluation: Read More [+]

Prerequisites: At least one prior term of intermediate economics (i.e., 100A or 100B) and some prior coursework in statistics

Fall and/or spring: 15 weeks - 3 hours of lecture and 1 hour of discussion per week

Additional Format: Three hours of Lecture and One hour of Discussion per week for 15 weeks.

Instructor: Miguel

Global Poverty and Impact Evaluation: Read Less [-]

ECON C275A Economic Demography 3 Units

Terms offered: Spring 2022, Spring 2019, Spring 2015 Economic consequences of demographic change in developing and developed countries including capital formation, labor markets, and intergenerational transfers. Economic determinants of fertility, mortality and migration. Economic Demography: Read More [+]

Instructor: Lee

Also listed as: DEMOG C275A

Economic Demography: Read Less [-]

ECON C275B Aging: Economic and Demographic Aspects 2 Units

Terms offered: Spring 2006, Spring 2004, Spring 2002 Course considers demographic and economic aspects of population aging. Aging: Economic and Demographic Aspects: Read More [+]

Fall and/or spring: 7.5 weeks - 2 hours of lecture per week

Additional Format: Two hours of lecture per week for seven and one-half weeks.

Also listed as: DEMOG C236

Aging: Economic and Demographic Aspects: Read Less [-]

ECON 280A International Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 The world economy as a general equilibrium system. The theory of international economics, trade policy. International Economics: Read More [+]

International Economics: Read Less [-]

ECON 280B International Economics 3 Units

Terms offered: Fall 2023, Fall 2021, Fall 2020 This course develops basic theoretical models for studying issues in open-economy macroeconomics. The current account and the trade balance, international capital market integration, developing country debt problems, the real exchange rate, fiscal policy in the open economy, and international policy coordination. International Economics: Read More [+]

Prerequisites: 280A is not prerequisite to 280B

ECON 280C International Economics 3 Units

Terms offered: Spring 2023, Spring 2022, Spring 2021 This course is an empirical treatment of open-economy macroeconomics and finance. Topics include trade elasticities, the determination of the trade balance and income under fixed and floating exchange rates, purchasing power parity, devaluation in small open economies, quantifying the degree of international capital mobility, implications for the effectiveness of monetary and fiscal policy, international interdependence and coordination, models of exchange rate determination. International Economics: Read More [+]

Prerequisites: 280B

ECON 281 Seminar in International Trade and Finance 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in International Trade and Finance: Read More [+]

Seminar in International Trade and Finance: Read Less [-]

ECON 291 Departmental Seminar 1 Unit

Terms offered: Fall 2024, Spring 2024, Fall 2023 A general interest seminar featuring speakers and topics of broad interest whose work will be important for all areas of economics. Departmental Seminar: Read More [+]

Prerequisites: 201B, 202B

Fall and/or spring: 15 weeks - 1.5 hours of seminar per week

Additional Format: One and one-half hours of seminar every other week.

Departmental Seminar: Read Less [-]

ECON 295 Survey of Research in Economics 1 Unit

Terms offered: Fall 2024, Spring 2024, Fall 2023 Presentations by departmental faculty of new research directions in different subfields of economics. Survey of Research in Economics: Read More [+]

Survey of Research in Economics: Read Less [-]

ECON 296 Special Topics in Economics 3 Units

Terms offered: Spring 2014, Spring 2013, Fall 2010 Topics of different sections to be announced annually. Special Topics in Economics: Read More [+]

Special Topics in Economics: Read Less [-]

ECON 298 Directed Group Study for Graduates 1 - 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminars for the group of selected topics, which will vary from year to year. Directed Group Study for Graduates: Read More [+]

Fall and/or spring: 15 weeks - 0 hours of independent study per week

Additional Format: Hours to be arranged.

Directed Group Study for Graduates: Read Less [-]

ECON 299 Supervised Independent Study and Research 1 - 12 Units

Terms offered: Fall 2024, Summer 2024 First 6 Week Session, Summer 2024 Second 6 Week Session Open to candidates for the Ph.D. degree who have passed the qualifying examination and who are engaged in research for the thesis, and in special cases, with consent of the instructor in charge, to graduate students who desire to do special work in a particular field. Supervised Independent Study and Research: Read More [+]

Summer: 6 weeks - 0 hours of independent study per week 8 weeks - 0 hours of independent study per week

Additional Format: Zero hours of Independent study per week for 15 weeks. Zero hours of Independent study per week for 8 weeks. Zero hours of Independent study per week for 6 weeks.

Supervised Independent Study and Research: Read Less [-]

ECON 301 GSI Practicum 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Course credit for experience gained in academic teaching through employment as a graduate student instructor. GSI Practicum: Read More [+]

Prerequisites: Appointment as graduate student instructor in department, consent of graduate advisor

Subject/Course Level: Economics/Professional course for teachers or prospective teachers

Instructor: Olney

GSI Practicum: Read Less [-]

ECON 375 GSI Pedagogy Workshop 2 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course is the pedagogy workshop for graduate student instructors (GSIs) in the Departments of Economics and Agricultural and Resource Economics (ARE), and satisfies the Graduate Division requirement for first-time GSIs. The goal of the workshop is to teach teaching. Through readings, discussion, assignments, and in-class activities, GSIs develop teaching skills grounded in pedagogical research. GSI Pedagogy Workshop: Read More [+]

Credit Restrictions: Not repeatable.

GSI Pedagogy Workshop: Read Less [-]

ECON 602 Individual Study for Doctoral Students 1 - 8 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Individual study in consultation with the major field advisor, intended to provide an opportunity for qualified graduate students to prepare themselves for the various examinations required of candidates for the Ph.D. A student will be permitted to accumulate a maximum of 16 units of 602. Individual Study for Doctoral Students: Read More [+]

Credit Restrictions: Course does not satisfy unit or residence requirements for doctoral degree.

Additional Format: Zero hours of Independent study per week for 15 weeks.

Subject/Course Level: Economics/Graduate examination preparation

Individual Study for Doctoral Students: Read Less [-]

Contact Information

Department of economics.

530 Evans Hall

Phone: 510-642-0822

Fax: 510-642-6615

[email protected]

Department Chair

Andres Rodriguez-Clare

609 Evans Hall

Phone: 510-643-1654

[email protected]

Graduate Chair

Yuriy Gorodnichenko

619 Evans Hall

Phone: 510-642-6649

[email protected]

Undergraduate Chair

Demian Pouzo

663 Evans Hall

Phone: 510-642-6709

[email protected]

Director of Student Services

Michelle Fong

551 Evans Hall

[email protected]

Assistant Director, Course Management

Isabel Burle

545 Evans Hall

[email protected]

Curriculum & Enrollment Coordinator

Blair Van Tassel

543 Evans Hall

[email protected]

Assistant Director, Graduate Student Services

Janene Vernard

541 Evans Hall

Phone: 510-642-6172

[email protected]

Assistant Director, Undergrad Student Services

Carlos Garcia

533 Evans Hall

Economics Undergraduate Advisor

Trinh Nguyen

Ashley Vera

Dinko Lakic

539 Evans Hall

Mildred Flores

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New PhD course focuses on intersection of climate economics, sustainability

Rising to a critical need for more research and leadership in climate finance, Berkeley Haas has joined a group of top universities worldwide in offering an innovative online PhD course focused on the intersection of climate economics and sustainability.

Professors Adair Morse and Panos Patatoukas , co-faculty directors of the Sustainable & Impact Finance Initiative (SAIF) at Haas , began co-teaching the online class called “Financial Economics of Climate and Sustainability” this semester. 

They join faculty members from more than 10 schools including Stanford, Harvard, Yale, Columbia, and Oxford, who are teaching this course to a global cohort of nearly 1,000 students from 127 schools across 30 different countries. 

The goal is to inspire a new generation of climate leaders to embark on new research that leads to innovative ways of thinking about climate finance, Patatoukas said. “Our job as instructors will be to give them the tools and the frameworks and provide ways for them to start asking interesting questions,” he said. “Overall, it’s a really good time to more formally train our students in this space. It’s rapidly evolving, it’s messy, it’s not perfect, but that makes it interesting and exciting and an area of growth that is full of opportunities.”

The course will help create change in two areas. First, it encourages students to work outside of their academic silos and come together to share ideas. “Sometimes, in a business school, we’re thinking about these problems in isolation, but this is definitely a field where everybody has to work with each other to come up with better solutions,” Patatoukas said. Second, the course will encourage students to publish cutting-edge research. “We feel like our students will have an easier time getting published in an area that is so impactful and new where basic questions remain open,” he said. 

Each week, professors from different institutions will teach topics including climate, sustainability, and economic theory; corporate carbon disclosure; introduction to climate science; climate and asset pricing; and climate and investment management. All students enrolled in the course for credit will be required to submit an idea for a research project or a plan to review a set of sustainability papers from outside of the course by the last class.

“The timing is perfect for this course,” Patatoukas said. “As consensus has grown worldwide over the climate crisis, a transition to net zero isn’t happening fast enough.”

That’s where mobilizing massive amounts of capital to fight climate change comes into play.  An estimated $4 trillion to $5 trillion a year in resources will need to be financed and distributed to address climate global needs, said Terhilda Garrido , interim executive director of SAIF. “Only a fraction will be provided by governments,” she said. “This course addresses our need to mobilize innovative climate finance quickly, train leaders in finance, and learn from each other, globally. Climate is a global issue requiring global collaboration.”

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PhD Financial Support

While funding packages vary by student, all admitted Ph.D. students receive up to five years of financial support through a combination of fellowships, Graduate Student Instructor (GSI) appointments, also known as teaching assistantships, and Graduate Student Researcher (GSR) appointments, also known as research assistantships. Funding consist of full payment of tuition and fees which include Student Health Insurance Program (SHIP) fees, Student Services fee, Campus fees, Class Pass fee, and Non-Resident Supplemental Tuition (NRST), and a living stipend. All funding packages are contingent on making satisfactory progress throughout the tenure of support.

As part of the funding package, U.S. citizens and Permanent Residents are expected to establish California residency at the end of their first year in California and to maintain residency throughout their studies. The NRST will not be paid for students beyond the first year (except for international students who are not eligible for California residency).

We encourage applicants to apply for fellowships from sources other than U.C. Berkeley. U.S. citizens and permanent residents are particularly encouraged to apply fellowships such as the National Science Foundation (NSF), Graduate Fellowships for STEM Diversity (GFSD), and the National Defense Science Engineering (NDSEG) fellowships.

Tuition/Fees/Cost of Attendance

Tuition and fees.

Current tuition and fees for Ph.D. students can be found on the Office of the Registrar's website (under "Graduate Academic" fee schedule). All tuition & fees are subject to change.

As a condition of enrollment all registered students at the University of California are required to meet the university’s health insurance mandate. Registered UC Berkeley graduate students are automatically enrolled in the Berkeley Student Health Insurance Plan (SHIP) as a way to meet this mandate but you may be eligible to waive enrollment in SHIP if you already have comparable insurance coverage that satisfies the University's requirement. Visit the Student Health Insurance Plan for more information.

Living Expenses

The UC Berkeley Financial Aid and Scholarships Office provides an annual estimate of the Cost of Attendance also known as the Graduate Student Budget which include living expenses for graduate students. This includes housing, utilities, food, books, supplies, personal, and transportation costs. Your expenses may be lower or higher depending on your lifestyle. The Graduate Student Budget is used to help determine the amount of financial aid you may be eligible to receive.

Residency for Tuition Purposes

Admitted PhD students who are U.S. citizens or permanent residents are expected to establish California residency by the end of their first year in California and maintain residency throughout their studies. Nonresident Supplemental Tuition (NRST) for out-of-state students will only be covered for the first year. International students with F-1 or J-1 visas/nonimmigrant status are not eligible to establish residency.

You must start the process of fulfilling the residency requirements as soon as you arrive. In order to meet the University of California residency requirements, graduate students must be in an eligible immigration status and satisfy the "Physical Presence" and "Intent to Remain in California" requirements by the residence determination date, which is the first day of instruction.

The residency classification process is not automatic. Visit the Registrar's Office to learn more about Applying for Residency (for Tuition Purposes) .

Financial Aid

Federal Student Loan Programs provide the major source of need-based financial aid funding for graduate students. Berkeley participates in the Federal Direct Student Loan and Work-Study Programs, which are administered by the Financial Aid and Scholarships Office .

Financial Aid for International Students

All F-1 and J-1 international students are required to show proof of funding for a minimum of one year with the expectation that they will continue to have access to that funding throughout their education. In some cases, there are unexpected changes in a student's financial situation that require them to seek external support to continue their studies. Visit the Financial Aid for International Students page.

Department Funding

Statistics ph.d. graduate student funding policy, ph.d. funding policy .

The PhD Graduate Student Funding Policy can only be viewed by current Statistics PhD students and faculty by clicking the following link (you must be logged in to your @berkeley.edu account): Current Ph.D. Funding Policy

Fellowships and Awards

Entering (newly admitted) students.

All admitted students are automatically considered fellowships and awards during the admissions review process. Fellowship offers are generally made to applicants in their department admissions offer.

Continuing Students

Continuing students are automatically considered for departmental awards which are distributed throughout the year.

Graduate Student Academic Employment

Most financial support will be a combination of Academic Student Employment (ASE) positions such as a Graduate Student Instructor (GSI) and Graduate Student Researcher (GSR).

Students must meet certain academic requirements and other eligibility criteria to qualify for graduate student academic employment. Graduate students are also subject to Graduate Council and Graduate Division policies regarding appointments including minimum enrollment requirements and limitations on percentage of appointment.

See our Student Positions hiring page for more information.

Travel Grants

The kag graduate student travel fund.

In 2002 Dr. Kamil A. Grajski (Berkeley Ph.D. ’87), acting upon the suggestion of his mentor and friend Dr. Leo Breiman, established this fund to support travel for graduate students in the Department of Statistics.

Eligibility and Criteria

• Must be a PhD student in Statistics
• Normally a student would receive a travel grant once during the course of their studies.
• Grant amounts will depend on the location of the proposed travel, but will generally be no more than $750 for travel within California, up to $1,000 for travel elsewhere in North America, and up to $1,500 for international travel.
• There are a limited number of awards given each year
• Priority will be given to students conducting or presenting research

Application

To apply, please complete the  KAG Graduate Student Travel Grant Application  which will be reviewed by the PhD Program Coordinator

• purpose of the trip and approximate budget
• written endorsement of a faculty advisor (via email)

The request can be made to cover travel, lodging and conference/registration fees.

Reimbursement and Report

A short report on the experience and how the trip benefited your studies must be submitted to the PhD Program Coordinator . All original receipts for which reimbursement is being requested or for which direct payment was made by the University must be turned in within 45 days after completion of travel.

Past Recipients & Reports:

• 2019 Lihua Lei
• 2018 Geno Guerra, Kellie Ottoboni
• 2015 Arturo Fernandez-Zuniga, Soeren Kuenzel, Miklos Racz
• 2014 Yuting Wei
• 2013 Hye Soo Choi, Wenpin Tang
• 2012 Yuval Benjamini
• 2009 Garvesh Raskutti, Chinghway Lim, Yueqing Wang, Ying Xu
• 2008 Choongsoon Bae, Jing Lei, Shankar Bhamidi, Vince Vu
• 2007 Ron Peled
• 2006 Na Xu, Peng Zhao, Donghui Yan
• 2005 Bo Li, Guilherme Rocha
• 2003 Chao Chen, Apratim Guha
• 2002 Alan Hammond, Serban Nacu, Gabor Pete, Lea Popovic

Industry Fellowships

There are industry fellowships PhD students are eligible to apply for directly through the department thanks to the generous support of our industry partners. You can find more information on our Industrial Relations page.

Additional Financial Resources

Graduate division.

An extensive list of campus and extramural fellowships and awards along with their corresponding deadlines and application materials can be found on Graduate Division's Graduate Fellowships and Awards page.

Campus Travel Grants

Graduate assembly travel award.

The Graduate Assembly (GA) offers up to $300 in travel reimbursement for registered graduate students presenting at a conference outside of the San Francisco Bay Area. Visit the GA Funding Information and Application for more information.

Graduate Division Conference Travel Grant

PhD students may apply for Graduate Division funding to attend professional conferences if they are presenting a poster or paper. Grant amounts depend on location of conference (up to $600 within California; $900 elsewhere in North America, including Canada or Mexico; $1,500 outside of North America). Doctoral students are eligible for two grants per academic career. Students must be in good academic standing, and must be registered for the term in which they are planning to attend the conference, which also includes payment of fees/tuitions. Students on filing fee are not eligible. Applications are due at least three weeks before date of travel. Visit the Doctoral Conference Travel Grant Application (CalNet login required) for more information.

Extramural Fellowships

Extramural fellowships are those awarded by governmental agencies, private foundations, and corporations. Many extramural fellowships are open to international students. Others, such as the National Science Foundation Graduate Research Fellowship and some government-sponsored fellowships, are awarded only to U.S. citizens.

The following are a few fellowships that might of interests to Statistics PhD students:

DOE Office of Science Graduate Student Research (SCGSR) program The SCGSR program supports supplemental awards to outstanding U.S. graduate students to conduct part of their graduate thesis research at a DOE national laboratory in collaboration with a DOE laboratory scientist for a period of 3 to 12 consecutive months—with the goal of preparing graduate students for scientific and technical careers critically important to the DOE Office of Science mission.

Fannie and John Hertz Foundation Graduate Fellowships Open to U.S. citizens in the applied and physical sciences who have a record of high scholastic performance. Provides a stipend, tuition, and fees.

Ford Foundation Predoctoral Diversity Fellowships Three year fellowships for U.S. citizens or nationals who have demonstrated superior academic achievement, are committed to a career in teaching and research at the college or university level, show promise of future achievement as scholars and teachers, and are well prepared to use diversity as a resource for enriching the education of all students.

Ford Foundation Dissertation Diversity Fellowships One year dissertation fellowships for U.S. citizens or nationals who have demonstrated superior academic achievement, are committed to a career in teaching and research at the college or university level, show promise of future achievement as scholars and teachers, and are well prepared to use diversity as a resource for enriching the education of all students. Provides a $28,000 stipend.

NSF Graduate Research Fellowships Awarded for study in mathematical, physical, biological, and social sciences; engineering; science education; and in the history and philosophy of science. For U.S. citizens, nationals, and permanent residents at or near the beginning of graduate study. Three years of support.

National Physical Science Consortium Fellowship The NPSC offers Ph.D.-track fellowships in the physical sciences and related engineering fields. It is open to all qualified U.S. citizens, with an emphasis on recruiting applications from historically underrepresented minorities. NPSC Fellows will receive one or two paid summer internships, as well as tuition, fees, and stipends for up to six years.

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Where Finance, Technology, Entrepreneurship, and Impact Intersect

The Finance Program at Berkeley Haas reflects the Bay Area at large; we live and excel here at the global intersection of finance, technology, entrepreneurship, and impact.

Finance is top-3 among career paths that out MBAs pursue. The San Francisco Financial District, which is a short train ride from Berkeley, is the finance hub for the western half of the U.S. This provides ease of access for students to meet with alumni and other finance professionals for individual networking and interviews and for professionals to come to campus for recruiting, networking, guest speaker roles, and as faculty.

The San Francisco Bay Area is also the global capital of the Tech and Venture Capital industries, which underlie much of corporate finance, M+A, IPO and investment activity.

The Finance Program is perennially ranked in the top 10 by U.S. News & World Report , with faculty members who are leading researchers or leading practitioners in M&A, asset management, private equity, venture capital, impact investing, and fintech.

MBA students lead Finance , Investment , Private Equity , Fintech , and Venture Capital clubs and participate in national competitions like the Alpha Challenge, Sustainable Investing Challenge, and private equity competitions.

Video: Finance student perspectives

Video: Finance Industry Club Spotlight (2023)

Sample Finance Coursework

• New Venture Finance
• Asset Management
• Private Equity
• Venture Capital
• Mergers and Acquisitions
• Corporate Finance
• Search Funds
• Sustainable and Impact Finance courses including Impact Investing Landscape
• Speaker Series courses in Investment Banking, Venture Capital, Investment Management, Private Equity, and Fintech
• Some finance students also choose to take quantitative finance courses in our Master of Financial Engineering program

Experiential Learning Opportunities in Finance

Haas Sustainable Investment Fund

The  Haas Sustainable Investment Fund is the first and largest student-managed socially responsible investment fund within a leading business school. You gain real-world experience in delivering strong financial returns and positive social impact. Since 2008, the student principals have more than quadrupled the initial investment to over $4 million.

Haas Impact Fund

Student teams receive training on sourcing, evaluating, and conducting due diligence for double bottom line impact investing opportunities, and then compete to analyze and pitch such ventures to a panel of judges, for up to $7,500 equity investment.

Impact Investing Practicum

Student teams lead projects for impact investing firms over ten weeks.

Hedge Fund Strategies

In Hedge Fund Strategies, student teams develop, test, and pitch their own investment strategies to a panel of investment professionals.

See the full list of Berkeley MBA experiential learning opportunities . 

Finance Scholarships and Fellowships

All scholarship and fellowship recipients are awarded scholarship money, are paired with a mentor in their field of interest, and receive priority enrollment in finance electives.

Investment Banking and Asset Management Fellowships

$5,000 scholarships and pairing with a mentor in investment banking or asset management, with applications in fall semester.

Entrepreneurial Finance Fellowship

For students with career goals in finance at startups, venture capital, impact investing, and fintech. $5,000 scholarships and pairing with a mentor in an entrepreneurial finance field, with applications in fall semester.

CJ White Fellowship

Scholarships of up to $100,000 and mentorship, awarded upon admission.

Finance Faculty Spotlight

Professor Ulrike Malmendier researches corporate finance, behavioral economics and finance, the economics of organizations, contract theory, law and economics, and law and finance. She is the recipient of the 2013 Fischer Black Prize in Economics, which honors the top finance scholar under the age of 40.

Professor  Annette Vissing- Jørgensen  studies empirical asset pricing and household finance (particularly stock market participation), private equity and entrepreneurship, and disclosure regulation. She teaches the core Finance course.

Professor Adair Morse is a Founding Faculty Director for the Sustainable and Impact Finance Initiative. She has taught Haas Sustainable Investment Fund, Haas Impact Fund, and New Venture Finance. She studies sustainable and impact investing, entrepreneurship, pension asset management, and served under Janet Yellen at U.S. Treasury.

Peter Goodson   is a member of the professional faculty and a private equity pioneer, having served as an early stage partner at Clayton, Dubilier & Rice, one of the first management buyout firms. He teaches Mergers & Acquisitions and Private Equity.

As executive director of strategic programs for the Berkeley Haas Finance Group, William Rindfuss d evelops programs to complement the finance curriculum and expands partnerships with the finance community and alumni. He previously worked as head of credit risk management for the West Coast at JPMorgan Investment Bank.

Meet more finance faculty .

Finance Co-Curriculars

The  Finance Club   organizes activities to assist members in evaluating careers in finance, including investment banking, and connects members with alumni and other finance professionals. The club runs a highly active calendar of events, in conjunction with other related clubs, that includes speakers, teach-ins, and workshops on topics from fintech to fixed income and financial modeling, as well as treks to firms such as Goldman Sachs, Morgan Stanley and JPMorgan.

The Venture Capital Club provides training and promotes fellowships, internships and jobs in venture capital.

The   FinTech Club   connects students with career opportunities and prepares them to succeed as leaders in the fintech space. The club hosts speakers on topics such as blockchain and fintech for good. 

The  Investment Club   supports student interest in investment and financial analysis and helps them conduct job searches in the investment management industry, with a focus on fostering relationships with West Coast firms. The club holds an internal stock pitch competition each year and fields teams for national competitions such as the UNC Alpha Challenge and the Cornell Stock-Pick Challenge. Students also lead treks to Bay Area and LA-based firms.

The   Private Equity Club   offers opportunities for professional development and industry exposure, focusing on the range between growth equity and leveraged buyouts. Members compete in LBO competitions.

Support for Finance Careers

Students leverage their co-curricular experience, the Berkeley Haas Alumni Network, and the Career Management Group to pursue careers in finance. They benefit from training and advising from CMG professionals, workshops, treks to and visits from target firms, networking events, easy access to alumni and other professionals, and promotion of internships and job opportunities.

Students have access to online training in financial modeling from Wall Street Prep and a workshop on Valuation by Training the Street.

Goldman Sachs, JPMorgan, Morgan Stanley, BlackRock, Parnassus, Square (and other FinTech startups) are just few of the employers who recognize the value a Berkeley MBA has to offer in finance. Additionally, firms such as Google and Amazon choose Berkeley MBA grads for in-house finance roles.

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Claudia Silva Fajuri

Fixed Income Strategy Associate BlackRock

"Haas brought me up to speed in different asset classes, current industry trends, and different investment philosophies. It also helped me develop useful managerial and leadership skills, and I gained both the hard and soft skills that were vital in my recruiting process. In my current role at BlackRock, I'm able to achieve my professional goal of improving access to financial securities and diversification for all kinds of investors."

Learn More about Claudia

Application Process

The goal of the application review process is to identify those candidates who are the strongest fit with our program.

If you do not have all of the necessary technical experience, you may apply with a plan in place to take the  prerequisite courses .

You may also find it helpful to review recordings of past online information sessions and events .

Applicant Qualifications

Technical Knowledge and Experience

Applicants should possess experience with computer programming (C++, Python) and familiarity with computers as a computational and management tool; statistical and econometric applications (Example: R); and machine learning concepts.

Communication Skills

Candidates should have excellent writing, speaking, and presentation skills (in English).

Work Experience

Post-university work experience is preferred but not required. The MFE also admits undergraduate students with strong academic background with little to no experience.

Application Requirements

Application fee.

A non-refundable $275 application fee is required in order to consider your application complete. You may submit payment using one of the following options:

• Credit Card: Preferred method of payment. Available through the online application.
• Check or Money Order: Mail a check or money order made payable to "UC Regents". Please make sure your name appears on the check.

English Language Proficiency

The UC Berkeley Graduate Division requires that all applicants who received their degrees from countries in which the official language is not English submit official evidence of English Language Proficiency regardless of the school's language of instruction.

To satisfy the English Language Proficiency Requirement applicants must fulfill one of the following:

• Regardless of the language of instruction, degrees from the following countries or regions do not meet this requirement: Bangladesh, Burma, Europe (non-U.K.), India, Japan, Korea, Latin America, Middle East, Nepal,  North Africa, Pakistan, People's Republic of China, Southeast Asia, and Taiwan.
• U.S. citizens who received their undergraduate degrees in these countries or regions also do not meet this requirement.
• Courses in English as a Second Language.
• Courses conducted in a language other than English.
• Courses that will be completed after you apply.
• Courses of a nonacademic nature.
• IELTS (International English Language Testing System): While TOEFL is preferred, you can submit scores from the Academic Modules of the International English Language Testing System (IELTS). Your overall BAND score must be at least 7 on a 9-point scale. For detailed information, please see:  http://www.ielts.org/

Transcripts

You must send scans of official transcripts from all undergraduate and graduate programs you have attended or are currently attending.

Degrees need to have been completed at an accredited institution before the start of the MFE program. Applicants should have sufficient training to undertake graduate study in the chosen field and a satisfactory scholastic average, usually a minimum of 3.0 in upper division work.

Candidates who already hold an advanced degree, please note that the  university policy prohibits awarding duplicate degrees . If you have questions, contact the MFE Office.

Prerequisites

Applicants need to demonstrate a strong quantitative background including linear algebra, multivariate calculus, differential equations, numerical analysis, and advanced statistics and probability. Check the  Prerequisite Course List  for details.

You should also have prior exposure in computer programming (C++, Python) and familiarity with computers as a computational and management tool.

In some cases, applicants may be admitted conditionally on the successful completion of one or more recommended courses before enrollment in the program. For more information please refer to our  Frequently Asked Questions .

Students will be asked to answer a series of essay questions in their application. Please answer the essay questions carefully and honestly. All responses should be prepared by the applicant without help from third parties. Application essays will be screened through anti-plagiarism software; please note that plagiarism may result in the denial of admission.  The Supplemental Information questions are intended for you to give us further information on areas that might not be covered elsewhere in the application. Please be sure to answer all of the questions. If a particular situation does not apply to you, you can enter "N/A" or "Not applicable" for your response.  If you have submitted an application to the Berkeley MFE program within the last two years, you are considered a reapplicant and should review special instructions on the  Reapplicants  page. 

Video Essay

A webcam and microphone are required for this section. Please be sure you are in a quiet and well-lit environment before you begin. You are allowed two attempts to record your Video Essay, and your response can be no longer than two minutes.

GMAT/GRE Score Report

We require either the GMAT or GRE. All GMAT and GRE scores are valid for five years and should not be older than April 1, 2020 for Spring 2025 entry. When ordering GRE scores, use institution code 4833 and department code 4399. For GMAT scores, use program code N2V-PT-87. If you have any other questions, don't hesitate to contact us.

When selecting score recipients on the day of the test or sending additional score reports through the GRE website, test takers should type the name or partial name of the department, e.g. "Business%", and the computer will list all department codes that match alphabetically. Test takers should NOT enter a department code number because the computer does not conduct a numeric match. Test takers are asked to enter the four-digit department code only if they are sending scores through the automated phone service. When sending scores online or on the day of the test, they should type in the name of the department, not the numeric code.

The GRE/GMAT is optional for prospective students who meet the following criteria:

• Have earned or will earn a Ph.D. degree before starting the MFE program at Berkeley.
• Have earned a four-year bachelor's degree from an accredited college or university in the U.S. Please note that an undergraduate degree from an institution outside of the U.S. is not eligible.
• Have earned a final undergraduate cumulative GPA of 3.70 or higher on a four-point scale at the time of degree conferral. Degrees from undergraduate institutions that do not grade on a 4.0 scale are not eligible. (GPAs cannot be rounded up to meet the minimum 3.70).
• Applicants who are applying prior to the completion of their undergraduate degree must have earned the required GPA at the time of application to be eligible. Applicants must maintain the required minimum GPA through the completion of their undergraduate degree.

If you meet the above criteria but would still like to submit a GRE or GMAT score, you may do so and the admissions committee will consider it along with the rest of your application materials. Additionally, while a test score is not required to submit an application, the admissions committee reserves the right to ask for a valid GMAT or GRE score to further assess an applicant's candidacy for admission. 

Letters of Recommendation

We require two letters of recommendation. Letters should come from individuals who are familiar with your training in quantitative methods, and their remarks should address your ability to apply your quantitative skills. Recommendation letters should be written by an individual in a position to evaluate you either professionally or academically (e.g., a supervisor, project leader, or instructor).  Recommendations from co-workers, tutors, friends, or family members are inadmissible.

Interviews are conducted on an invitation-only basis.   Please refrain from contacting the office to request an interview . You will be contacted by the MFE program office if an interview is necessary to make a decision on your application.

The purpose of the interview is for the admissions committee to gain a better understanding of your skill set and to understand what you may need to do in order to better prepare for the program should you be offered hold or admit status.

The interviewers are not members of the admissions committee, nor do the interviews determine the admissions decisions.

Interviews can cover a range of topics, but please note that if a subject is part of the prerequisite skill set for the MFE program, or if it is noted on your resume, then it may be covered during the interview.

Sometimes we interview a candidate more than once. This is because, at times, the admissions committee has further questions and wishes to know more about a candidate than was covered in the interview.

We ask that you do not contact the interviewers with questions about your admissions status  or about "how the interview went," as the interviewer will not be able to answer these questions.

If you do have questions, you are encouraged to send them to the admissions committee at  [email protected] .

Learn More & Apply

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Notice of Availability

In compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the University of California, Berkeley publishes an Annual Security and Fire Safety Report. This report includes current security policies plus crime and fire statistics for the previous three calendar years. The body of the report also contains contact information for various campus and community resources related to crime prevention and survivor assistance. A digital copy of the report can be accessed via the link below, or paper copies are available free of charge at 1 Sproul Hall.

Annual Security and Fire Safety Report (PDF)

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Berkeley MBA Blog

Engineering a greater role for women in financial research

“There seem to be fewer incentives for women to pursue careers in quantitative finance. Perhaps that is why women have not made very uniform advances in the industry,” Juliette Mayada Ould-Aklouche, MFE 24, observed.

The statistics bear her out: Women and men are almost equally represented in entry-level and mid-career positions in the finance sector, but men earn more and are promoted faster. As you look up the leadership ladder, women nearly disappear. Only one of the 50 largest U.S. banks is helmed by a woman and women hold less than 10% of senior positions in private equity and venture capital.

“Working in a technical role is even less obvious as a career path,” Juliette continued. Again, the numbers prove her point. Men outnumber women three to one among the ranks of financial engineers—a figure that has held steady for about a decade.

Nonetheless, Juliette is optimistic about correcting that imbalance and she is well-placed to do it. One out of three of Juliette’s classmates in the Berkeley Haas Master of Financial Engineering program is female, part of a three-year trend of steady expansion of the pipeline of highly qualified quants. And when MFEs graduate, they enter a field that has virtually no gender pay gap—a rarity in the finance industry.

Two initiatives support Juliette and her classmates. One is the Women’s Leadership Initiative , which helps women launch and advance their careers, connecting them to a strong support network of alumni and industry partners, providing professional development workshops, networking luncheons , and more. Another is the strong partnership between the program and Financial Women of San Francisco (FWSF). a group that has been “a source of insight and inspiration to professional women in the financial services profession” for 60 years.

Juliette’s first contact with FWSF happened before classes started, when she applied for one of the annual scholarships . “I did not receive a scholarship, but attending their events has been very valuable. Their social mixers are a great way to meet people and connect in a relaxed environment. You can really meet and talk with professionals almost as peers. I especially enjoyed a conference FWSF organized on ESG (environmental, social, governance) and impact investing that was held at BlackRock in San Francisco.”

A few months later, she returned to BlackRock as an intern in multi-asset portfolio management. “Unlike other MFE programs, our internships are in the winter. Being the only candidates in the marketplace is an advantage, and it probably leads to more focused attention on you during your internship. It was terrific to be at BlackRock where there are many other Berkeley Haas graduates,” she said. “The people in Career Management Services do a good job of matching us with offerings and helping us prepare our résumés and interview skills.”

Juliette, a graduate of one of France’s leading engineering schools, arrived at Berkeley Haas confident in her strong statistics and math skills and curious about finance. “I liked the dynamics of finance, how it is influenced by society and current events, and how it can influence those things in return,” she said. “And while New York is considered the hub of global finance, San Francisco is central to finance on the West Coast. I had lived in Paris and knew I wanted to study in a smaller city, where I would be less distracted by urban life and closer to nature. Berkeley and the Bay Area were perfect for that.”

Once in class, Juliette appreciated the “strong house” among Berkeley Haas faculty and other resources available to MFE students. She mentioned Professor Nancy Wallace , chief of the real estate group, who teaches Asset-Backed Securitization , and the O’Donnell Center for Behavioral Economics as two examples of “having access to real experts in a range of business and economic topics beyond financial engineering.”

In addition, Juliette continued, “I was familiar with time series models, but in our Empirical Methods in Finance class, Professor Martin Lettau showed me how to use them in a whole new way. Dmitry Livdan opened up a whole new world of options in Derivatives . ” Juliette equally appreciated classes like Equities and Dynamic Asset Management , taught by industry professionals. “Each class built on the others, so by the time you started your internship, you could put it all together.”

Juliette describes her cohort as a “medley of people. We have many nationalities and professional backgrounds, from tech to economics, from finance to machine learning. We have worked as statisticians and traders and hedge fund or asset managers. Yet, we all feel like we belong here. It is good to be in a place where your presence isn’t questioned, it is welcomed.”

Interested in having an impact through your own career? An MBA from a top business school can help you grow your network and leadership skills so you can take the next step towards a fulfilling career.

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Master of Financial Engineering

The Berkeley Master of Financial Engineering (MFE) degree offers two options of study: one-year graduate degree option and our part-time degree option (completed over two-years). Both are offered by the Haas School of Business and cover the same curriculum. Students enrolled in the MFE Program learn to combine finance, mathematics, data science and machine learning, and computer programming skills to optimize decision making. They enter careers in areas like portfolio management, trading, data science, quantitative research, and development, as well as strats and modeling among many others.

Graduates of the MFE Program find positions in hedge funds, fintech firms, commercial and investment banking, insurance and reinsurance, corporate treasuries, private equity and asset management. Specializations include asset/liability modeling/optimization, security structuring, derivative valuation, sales and trading, consulting, asset management, research, option-based securities valuation, special hedging, real-option investment analysis, and risk management.

Contact Info

[email protected]

2220 Piedmont Ave.

Berkeley, CA 94720-1900

At a Glance

Department(s)

Admit Term(s)

Application Deadline

See program website

Degree Type(s)

Masters / Professional

Degree Awarded

GRE Requirements

GRE or GMAT

Other Options