Frequently Asked Questions

What GRE scores are required for admission?

Our experience has been that the quantitative GRE score is the most important, at least for native English-speaking graduate students. The median quantitative GRE score of our incoming students has been 750. Any score in the 700's is acceptable if other areas of the application are ok. Applicants with GRE quantitative scores below 700 may be admitted if otherwise well prepared. GRE scores substantially below 700 are disqualifying. An application may be rejected for extraordinarily low GRE verbal or analytical scores, but these scores are less important to us. The GRE verbal score, however, is important for non-English speaking applicants.

English is not my native language. What TOEFL score is required for admission?

This test is now given in two ways: the traditional paper and pencil test and a new computerized test.  The point scale on the new computerized test is not the same as on the old test.  A score of 250 on the computerized test is equivalent to a 600 on the traditional test.  The University of Virginia requires a minimum TOEFL score of 600 (250 computerized), although in rare cases they will make exceptions. Occasionally we have admitted exceptionally well prepared students with TOEFL scores in the high 500's. This is most likely if the person speaks a language like French, German, or Spanish that is similar to English, because it makes it relatively easy for the person to learn the necessary English. Since much of our financial aid involves teaching, in English, TOEFL scores are important to our financial aid decisions. We are more likely to offer aid to a non-English speaker if his or her TOEFL score is high.

What course background is required for admission?

Economic theory to at least the level of intermediate micro and macro economics, plus 3 semesters of calculus, a semester of linear algebra, and a statistics course. We will admit a student who lacks something from this list, if the application is otherwise strong. More math, and more economics, is recommended.

If my math background is inadequate, can I take remedial courses after I begin at Virginia?

The calculus, linear algebra, and statistics I mentioned as prerequisites are used in almost every class from the very first day of classes. Therefore, it isn't feasible to wait until you begin the graduate program to make up these deficiencies.

What undergraduate GPA is required for admission?

There is no firm cutoff, although we are unlikely to admit students who do not have a B average. We focus on grades in particular classes, such as classes in mathematics and economic theory. Low grades in these classes will be disqualifying.

What are my prospects for financial aid?

We receive approximately over 400 applications in a year, and admit approximately 125 students, of which about 25 accept our offer of admission. We have funds to offer aid to about 14 incoming students a year. Those offered aid generally have strong GRE's, strong GPA's, and solid backgrounds in mathematics and economics.

If I enter the program without aid, what are my chances of getting aid in my second year?

That depends on your performance and our budget. (Our budget is not altogether predictable.) Usually, 1 to 3 students who come without aid but are close to the top of their class receive aid at the end of the first year. Those whose performance is marginal are unlikely ever to receive aid. Of admit/no aid students who progress normally through the program, half or more usually receive aid by the end of their second year.

I got a letter from the University saying I've been admitted, but I haven't heard anything about aid. What should I make of that?

Admission decisions are made first, then aid decisions. Admission decisions are generally made in February. Then we begin making aid decisions. We make an initial round of aid offers to the strongest applicants in our pool. Many of these people applied to us as a backup and they are waiting to hear from Stanford or Chicago. Until they decide whether to take our aid offer, we are not free to extend it to someone else. This means that aid offers trickle out, as we get more and more information about who is accepting and who isn't. The process continues until April 15th. As April 15th approaches, there is often a last minute flurry of aid offers as candidates are forced to make their decisions. If you haven't heard about aid, and it is not yet April 15th, you are wise to sit tight. If you haven't heard about aid and it is after April 15th, it means you will not be receiving aid.

How long does it take to complete the Ph.D. program?

At Virginia, the median time to completion is six years. This is better than the national average, which is 7 years. On paper, our program takes only four years. In fact, some students do finish in four years. However, four years quickly becomes six if a student suffers setbacks in passing exams or picking a suitable dissertation topic. Some graduate programs advertise that they have a "four year Ph.D. program," meaning that the program lasts four years on paper. There are few schools at which students routinely finish in four years, so if you are comparing programs be careful to ask how long it takes the typical student to finish.

If I get a Ph.D. in Economics, what kinds of jobs would I be qualified for?

The American Economic Association, concerned that some people might be unable to compete for professional positions in economics because they were unaware of openings, has encouraged all employers to post job openings in a publication titled "Job Openings for Economists." Browsing through a few copies will give you a good idea of what kinds of jobs are available. JOE, as it is known, is available on the WWW.

Can you tell me about your Master's program?

We do not have a terminal master's degree program. We offer a Master's degree, but it is only awarded to those who begin the Ph.D. program and then don't finish it. Master's students take exactly the same courses the Ph.D. students take. If your ultimate goal is a Master's degree, you should consider a program that has a well-designed terminal Master's degree program. Some people might find that a good public policy program is really what they want. If you haven't considered this option, explore the master's program in public policy offered by William and Mary. William and Mary's program is not unique. If this looks like something you'd be interested in, you can find other schools offering similar degree programs.