phd finance usc

Emphasis - Finance

Develop skills for financial analysis, decision making, and value creation

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Provides a robust set of theoretical frameworks, analytical techniques, and market and industry knowledge to enable students to excel in a range of finance and economics-oriented careers.

Description

The Finance and Business Economics Emphasis allows students to learn tools and frameworks to guide financial decisions and develop sound financial strategy. Students also learn how financial markets function and roles of various institutions. This foundation prepares students for a broad array of entry level positions and career opportunities across the financial services industry and within corporations, government and non-profits. The emphasis also provides the foundation for students to pursue graduate study in law, economics and business.

Students who choose the Finance and Business Economics Emphasis can pursue positions in investment and commercial banking, economic and financial consulting, investment management, and corporate financial management and strategy, among others.

Requirements

This Emphasis is available only to current Marshall undergraduates who have attained sophomore standing and have completed at least one semester in residence at USC.

Students must complete BUAD 306 (Business Finance) or BUAD 308 (Advanced Business Finance) prior to declaring the Emphasis. The Emphasis requires completion of at least twelve (12) units of Finance and Business Economics (FBE) upper division coursework. Upper division courses are numbered 300-499. Please note most courses that have an ending of "x" may not be used toward the upper-division elective requirement. Additional details are available in the catalogue .

Please note that students can only declare one Emphasis.

Emphasis Faculty Advisor

Professor Ty Callahan Email Address: [email protected]

Recommended Coursework

View our recommended coursework here

FAQs related to the Emphasis in Finance

Which course can help students determine if this emphasis is right for them.

The core finance course, BUAD 306: Business Finance or BUAD 308: Advanced Business Finance, is a requirement that must be completed before declaring this emphasis and is the best course to help students decide if this Emphasis is right for them. We encourage students interested in this emphasis to enroll in BUAD 306 or BUAD 308 as early as possible. In addition, BUAD 308 is recommended for students interested in pursuing this Emphasis. 

Why should students interested in the Finance emphasis take BUAD 308?

BUAD 308 is a bit more fast-paced in comparison to BUAD 306 because it is intended for students interested in pursuing the Finance emphasis and/or a career in finance. What distinguishes BUAD 308 from BUAD 306 is its in-depth exploration of core subjects, including discussions on economic theory, additional practical application involving data and real-life cases, and an extension to other courses within the FBE department curriculum. 

What other resources/experiences can help students determine if this Emphasis is the right fit?

In addition to the Finance and Business Economics emphasis faculty advisor, students can consult their BUAD 306/308 professor, or any professor in the Finance and Business Economics department. Student organizations and Marshall Undergraduate Career Services are also excellent resources to explore FBE-related career opportunities and connect with students, staff, alumni and professionals to gain personal insights and advice.

What qualities/skills are good for students to have when going into this Emphasis?

There is no dominant quality or skill aligned with Finance and Business Economics-related careers. The range of positions across corporate finance, financial services, investment management and financial and economic consulting is vast. Typically, employers seek candidates who combine strong analytical and critical thinking skills with excellent communication and interpersonal abilities. Actively exploring industry and career opportunities as you enhance your skills and refine your interests throughout your undergraduate experience is the best way to align your class choices with your career ambitions.

What skills or knowledge will students gain from this Emphasis?

Students have flexibility to choose classes that provide a breadth of knowledge and skills as a finance generalist; OR to choose classes that provide a depth of knowledge and skills aligned with a specific sub-field or career path. Some representative skills and knowledge include: financial modeling and valuation, institutional and market knowledge, financial strategy including risk management and capital raising, and investment and wealth-management strategies and techniques.

For what careers or industries will this Emphasis prepare students?

The Finance and Business Economics Emphasis can prepare students for careers in investment or commercial banking (including sales and trading, financial strategy advisory, underwriting, valuation, and M&A advisory), investment management (including research and valuation, portfolio management, private wealth management, and private equity), financial and economic consulting, and corporate financial management (including financial planning, risk management, valuation and corporate development, corporate treasury, and financial analysis and strategy).

Can students satisfy these requirements when they study abroad?

Students who participate in the Marshall International Exchange program (IEP) may fulfill up to 6 units towards this emphasis while studying abroad. In order for the courses to be applied towards this emphasis, students must complete approved classes while abroad (a list of approved classes for each exchange location can be found on the  IEP outgoing website ). Students will work with the International Programs office to ensure that the approved classes they take abroad will be applied towards their emphasis.

For International Students

This emphasis is a STEM program

This emphasis has been approved by the university to be STEM-eligible. This allows students who have completed this degree to apply for the STEM OPT Extension. Please note that this extension is not guaranteed but is approved by federal departments beyond the university’s purview. We strongly advise students to carefully read the Office of International Services instructions ( here and here ) which explain the STEM OPT extension eligibility and proceed accordingly.

On my I-20, why does the degree say Management Science instead of Business Administration?

This emphasis has been approved by the university to be STEM-eligible under the Department of Education CIP code of 52.1301 designation of Management Science. The degree stated on the I-20 refers to this designation. Students can find a memo of support from the department for the CIP code designation here .

MS Finance (MSF)

Master of science in finance.

The MS in Finance is a full-time, 16 month program providing a flexible and rigorous STEM curriculum to prepare students to launch a career in finance or pivot to a new industry within the finance sector.

This finance program prepares early and mid-career professionals for careers across a variety of functions including commercial and investment banking, asset management, quantitative research and trading, risk management, venture capital, and private equity, consulting, sales and trading, impact investing and fintech. In addition to the typical finance and consulting career opportunities, MSF students are uniquely positioned, due to our geographic advantage, to explore careers in tech, media and entertainment, life sciences and other growth industries.

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PROGRAM PROFILE

Pacing:  Full-Time

Program Length:  16 months (Starts in August and Graduates by next December)

Format: In-Person

Class Schedule:  Weekdays on campus

Student Profile:  Early-Career and Mid-Career Professionals

STEM Designation:  STEM Certified

MSF Program Benefits

Industry preparation.

The program prepares students for careers across a variety of functions including commercial and investment banking, asset management, quantitative research and trading, risk management, venture capital and private equity, consulting, sales and trading, impact investing and fintech.

CUSTOMIZABLE CURRICULUM WITH WORLD-RENOWNED FACULTY

MSF students start their experience in core classes within their cohort. During this time, our program has overlapping cohorts, allowing for unique bonding and mentorship experiences. Starting in the spring semester, students choose from an extensive range of electives including various topics in finance, strategy, entrepreneurship, and data science. This allows opportunities for collaboration and learning with students in our Marshall MBA programs and other specialized master’s programs. This diversity enhances the classroom experience and provides unique networking opportunities.

The Trojan Family: Lifelong + Worldwide

Our program enables students to connect with the Trojan family alumni network. USC has over 400,000 alumni across the globe, with strong ties to greater Asia.

In addition to the typical finance and consulting career opportunities, due to our geographic advantage students are uniquely positioned to explore careers in tech, media and entertainment, life sciences and other growth industries.

Regardless of where you are on your career path, the Marshall Graduate Career Services (GCS) team is ready to help you transition to the next level. Through personalized career advising and training programs. GCS career strategists support your professional development and job-search skills by helping you plan your career progression, explore opportunities, develop networking techniques and refine your interviewing skills.

Discover Los Angeles With A One-Of-A-Kind Student Experience

Students in the MSF program benefit from the resources of a vibrant campus community located in the heart of one of the most diverse and dynamic cities. The MSF program goes beyond the experience in the classroom. Our program provides special events and programming to support all aspects of student life. Past events have included USC Football tailgates, “Meet the Faculty” over In-n-Out, Thanksgiving dinner, Lunar New Year celebration and alumni networking events. Our Marshall Masters in Finance Association (MMFA) leadership also contributes to the student experience through career exploration programs, organized beach days, escape rooms and hikes.

MS FINANCE CURRICULUM

Academic overview.

The MS in Finance experience starts mid-August with a week-long math boot camp and orientation featuring critical team building, alumni networking events, and program and expectations overview. The fall term courses provide a solid foundation in key finance, economics and accounting principles and develop your quantitative abilities.  By spring semester, you begin to learn investment analysis and portfolio management, and financial analysis and valuation. Now is the time to start specializing, with electives spanning topics such as hedge funds, fixed income securities and real estate finance.  During the final fall semester, you delve into issues around corporate financial policy while increasing your knowledge in a wide range of subjects, ranging from mergers and acquisitions to trading and exchanges to venture capital and private equity.

Core Curriculum

• FBE 506 Quantitative Methods in Finance
• GSBA 510 Accounting Concepts and Financial Reporting
• GSBA 511 Microeconomics for Management
• GSBA 548 Corporate Finance
• GSBA 542 Communication for Management

Some electives choices that MSF students can choose from:

• Venture Capital and Private Equity
• Entrepreneurial Finance: Financial Management for Developing Firms
• Applied Finance in Fixed Income Securities
• Hedge Funds
• Trading and Exchanges
• Business Law and Ethics
• Law for Structuring, Financing, and Managing Businesses
• Management of Financial Risk
• Mergers and Acquisitions
• Behavioral Finance
• Theory of International Trade
• Economics of Urban Land Use: Feasibility Studies
• Introduction to / Intermediate / Advanced Financial Analysis: Practicum (only 1 level is approved)
• Advanced Real Estate Law
• Mortgages and Mortgage-Backed Securities and Markets
• Real Estate Finance and Investment
• Special Topics

For more detailed descriptions of each course please visit the USC Schedule of Classes.

APPLYING TO THE MSF PROGRAM

Application deadlines.

Important Dates:

Application opens: October 1, 2023 Classes begin: August 26, 2024 Orientation: Week of August 19, 2024

*We will continue to accept applications after February 1, 2024. However, applications received after this date will be considered on a space-available basis. Priority will be given to students who apply by the Round 1 (Dec 1) and Round 2 (Feb 1) deadlines. Applications will be reviewed on a rolling basis until the Fall 2024 intake is full or by the May 31 final deadline.

No international student applications will be accepted after April 15, 2024, due to immigration timelines.

Notification period can extend to May 31, 2024.

All deadlines are at 11:59 pm ET (8:59 pm PT).

Career Prospects

Ms finance — class of dec 2022.

• MS FINANCE $ 87,888 AVERAGE SALARY
• MS FINANCE 96 % EMPLOYED WITHIN SIX MONTHS OF GRADUATION

MSF Class of 2022

Msf class of 2021, msf class of 2020, msf student life, the marshall masters in finance association.

The Marshall Masters in Finance Association is a student-run organization that fosters community, professional development, career exploration and networking through corporate and alumni outreach, in addition to providing an avenue through which students can engage in extracurricular enrichment.

GRADUATE STUDENT ORGANIZATIONS

REQUEST INFORMATION

For more information about this program, please fill out the form below. If you have further questions you may  EMAIL  the admissions team directly. 

MSF FACULTY

Message from the director: julia plotts.

Decision-making is an essential management skill that can both drive and impede financial performance. The USC Master of Science in Finance Program (MSF) enables emerging business leaders to gain the knowledge and skills necessary to meet the challenges and complexities of our business world. Our graduates become competent investors and financial analysts, responsible business professionals, skilled leaders, team players and ethical decision makers.

Our program is flexible, innovative and allows a degree of specialization that enables students to embark on careers across a variety of functions. We are committed to offering innovative classes, a collaborative culture and connections to the Trojan family. USC Marshall MSF experience includes learning from world-class researchers, accomplished practitioners and guest lecturers.

We are excited to provide a comprehensive overview of our program. Please visit all the sections of our website to learn more about the program and email us if you have any questions.

The right fit: Successful Marshall MSF students bring a passion for learning about finance and the evolving markets. They are collaborative team players who take advantage of opportunities during their USC journey. They have a strong desire to be challenged and think critically and innovatively. We are excited to get to know you through your application to our program. We look forward to hearing from you.

— Julia Plotts, Masters of Finance Program Academic Director and Professor of Clinical Finance and Business Economics

SELECT MSF FACULTY

Gerard hoberg.

• Charles E. Cook Community Bank Chair of Finance
• Professor of Finance and Business Economics

Gerard Hoberg's research is primarily in the area of empirical corporate finance with a focus on innovation, mergers, IPOs, disclosure, informational environments, and industrial organization. His work often focuses on issues relating to important theories that have proved difficult to test, and to issues that are of importance to regulatory agencies and financial stability. He is known for methodological contributions that bring technologies from computational linguistics into finance.

Christopher S. Jones

• Department Chair, Finance and Business Economics

Christopher Jones conducts research on empirical asset pricing and financial econometrics. He is an expert on option pricing and volatility modeling and also conducts research on the term structure, mutual fund performance, and stock return predictability. He has published in the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. He currently serves as an associate editor of the Journal of Finance. Before coming to USC, Professor Jones was on the faculty at the University of Rochester.

Selale Tuzel

• Associate Professor of Finance and Business Economics

Selale Tuzel conducts research at the intersection of macro-finance and real estate, both at the theoretical and the empirical front. Her work has been published in many top finance, management, and economics journals, including the Journal of Finance, Journal of Financial Economics and the Review of Financial Studies.

• ALL MSF FACULTY

STAY CONNECTED

Stay informed + stay connected.

GRADUATE STUDENT RESOURCES INFORMATION

Graduate students have access to resources in and out of the classroom throughout their academic career at the USC Viterbi School of Engineering. Student support services and resources are available in a number of ways including financial, career, mentorship, and wellness.

FINANCIAL SUPPORT

USC aims to fully fund all of its doctoral students. This generally consists of tuition, a stipend for living expenses, and a health benefits package.

Additional Financial support opportunities (internal fellowships, travel awards, WiSE awards…)

• GSG Travel Grants
• WiSE Awards and Grants
• Nationally Coveted College Scholarships
• FastWeb.com’s Graduate Scholarships
• Petersons’ Graduate Scholarship Search Engine
• External National Fellowships and Scholarships Information

CAREER SUPPORT

• Viterbi Career Connections
• Career Success Navigator
• Graduate Student Career Plan
• Viterbi Career Events
• VINE (Viterbi Industry Networking Event)
• Student Profiles

Viterbi Graduate Mentorship Program The Viterbi Graduate Mentorship Program is designed to help new Viterbi graduate students adjust smoothly to life at USC and Los Angeles. Participating new students (mentees) will be paired up with current Viterbi graduate students (mentors).

Viterbi Link Viterbi Link is your exclusive online mentoring platform where engineering alumni and/or current peer mentors share their career-, industry-, or school-related experiences and information

WELLNESS & SAFETY

Student Wellness The University is dedicated to fostering a healthy and safe campus environment. Information on a variety of services including: medical, counseling, wellness and health promotion that are available for students.

Safety Safety of students is the #1 priority of USC. USC is trying every effort and would like to do more to protect students as well as educate students to protect themselves. 

Student Organizations We encourage all graduate students to join student organizations throughout USC. Organizations exist for multiple affiliations, interests, professions, and more. USC has more than 800 student organizations that host programs, events, seminars, and other gathering

Published on November 8th, 2019

Last updated on August 18th, 2023

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Major Financial Data Resources

• SDC Platinum

LSEG Workspace  (formerly Refinitiv) provides financial data, news, analytics and productivity tools, as well as investment research reports from most major brokers/investment banks. 

Access to LSEG Workspace is by self-registration and is limited to Marshall students, faculty and staff.

Students are limited to 150-page downloads daily. 

Bloomberg terminals are located here: 

• 4 terminals in the Business Library located in Fertitta Hall (JFF)
• 1 in the Accounting Library (ACC)
• 2 in JKP - on the 2nd floor (computer lab at the north end), and 3rd floor (Room 300)
• 3 in Bridge Hall for Investment Studies students only (2nd floor)

Terminal use is limited to current USC students, staff and faculty. Non-USC patrons and alumni are not allowed access.

USC students outside of Marshall may only use the terminals located in the  Business Library . Non-Marshall students can request a daily guest password from the Circulation desk. This password allows access to the computers; simply click the Bloomberg icon and login using the username and password listed at the base of the monitors.

Note that the Bloomberg Market Concepts course is is available through the Bloomberg terminal by typing ​​​BMC<GO>

Getting Started with Bloomberg

• How to Create a Bloomberg Login
• Getting Started on the Bloomberg Terminal
• Bloomberg Basics
• Introduction to the Bloomberg Terminal
• Top 10 Functions to Get Started with Bloomberg

Functions Cheat Sheets

• Fixed Income
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• Emerging Markets
• Charts & Technical Indicators
• Portfolio Management
• Company Valuation Codes

Datastream  is a global financial database which contains current and historical data on stocks, indices, bonds, funds, futures, options, interest rates, commodities, and economic indicators.

Data is derived from national governments, central banks, the International Monetary Fund, OECD, major investment houses, stock exchanges, and a team of researchers.

Datastream is limited to Marshall students, faculty and staff and is provided through LSEG Workspace. 

SDC Platinum  is a historical financial transactions database that provides detailed data on new issues, M&A, bonds, syndicated loans, private equity, project finance, poison pills and more. 

SDC Platinum is limited to Marshall students, faculty and staff and is provided through LSEG Workspace. 

Virtual Lab access to SDC has been discontinued.

Wharton Research Data Services (WRDS)  is a collection of databases designed for standardized quantitative analysis. Available datasets include Audit Analytics, BoardEx, Compustat, CRSP, IBES, ISS, TAQ and more.

Undergraduate students may acquire a Day Pass by entering their USC email under 'Connect to WRDS'.  

Graduate students and faculty are eligible to register for personal accounts  here , which allows for saving data on the WRDS server.

Note that WRDS suspends access for all students during the summer.

Getting Started with WRDS

• Introduction to Web Queries, etc.

FactSet   is a financial markets data platform that provides global company and industry data, analytical tools and data feeds.  It is used by financial professionals worldwide. Request an account with your USC email. ​​Within 7-10 business days you will receive an email with directions to setup your account.

FactSet Web is issued by default for all undergraduate students.

Graduate students and those involved with the Marshall Student Investment Fund can have access to the desktop application if needed.

All other desktop requests are determined by FactSet on a case-by-case basis.

Getting Started with Factset

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S&P Capital IQ  is the research division of S&P Global, one of the world's largest providers of ratings, data, research, and the S&P Dow Jones Indices. Cap IQ provides detailed research and analysis of the stock market to a variety of investing stakeholders.

Use Cap IQ to access detailed financials and transactions data on public and private companies. Users can screen for companies by defined criteria; e.g. those in a specific industry with an market cap over $1 billion; recent M&A deals; or any criteria for which you need a list of comparable companies, or "comps".

Register with your USC email under 'New User' at upper right. To download the Excel plug-in, go to My Capital IQ/Downloads. Login to the USC VPN before accessing.

To download the Excel plug-in, go to My Capital IQ/Downloads. This allows you to quickly build and manipulate financial models and spreadsheets by accessing company financials, estimates, market data, transactions, ownership, fixed income data and more, directly within Excel.

Getting Started with CapIQ

• Capital IQ User Guide
• Performing a Relative Valuation in CapIQ
• How to Screen in Capital IQ
• Capital IQ Basics
• Creating Company Lists
• Screening for M&A in Capital IQ

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• URL: https://libguides.usc.edu/finance

The Master of Science in Finance (MS) is designed to provide individuals with the necessary skills and knowledge to become experts in finance and thus advance their careers. The program provides individuals with tools, ideas and frameworks that will aid them in applying finance principles to businesses.

The program lays the groundwork with core courses in accounting, economics, finance and statistics. The foundation is supplemented with courses on the role of finance in corporations, investment analysis and portfolio theory, and forecasting and risk. In addition, students personalize their degree with a choice of elective courses covering topics like real estate, mergers and acquisitions, and hedge funds.

Admission Requirements

Applicants must satisfy most, but not all of the general admission requirements for Marshall graduate programs. GMAT or GRE scores are required. Full-time work experience is not required for admission to the MS, Finance.

Admission decisions are based on consideration of the applicant’s previous academic record, resume, test scores (if provided), letter of recommendation and responses to several questions included in the application. Individuals who are admitted must have completed the equivalent of a four-year U.S. bachelor’s degree prior to the start of summer classes.

Application Procedure

Prospective students apply to begin the program in the summer term. Applications are submitted online through the USC Graduate Admissions Website at gradadm.usc.edu/ . International applicants are advised to see the instructions for international students published in the USC Graduate Admissions Website ( gradadm.usc.edu/apply/international-students/ ).

A complete application includes the online application form, an application fee, responses to several questions, test scores (if applicable), one letter of recommendation, and transcripts from all institutions attended since the applicant last applied to USC. (Current USC students and USC alumni are not required to submit an application fee or transcripts from institutions attended prior to USC. Applicants who have never applied for admission to USC must submit official transcripts from all institutions of higher education attended.) For additional information, including application deadlines, visit marshall.usc.edu/MSF .

Degree Requirements

The Master of Science in Finance degree requires 36 units including nine required courses (27 units) plus 9 units of course work chosen from a list of electives. The schedule is designed so that the program is completed in one calendar year.

Students who have taken (at USC or elsewhere) one or more of the required summer core courses (at the graduate/post-baccalaureate level) may petition to waive out of the duplicate courses. It is expected that individuals holding accredited graduate degrees in related fields may be able to waive out of some or all four required courses, reducing the total number of units required to earn the degree to as few as 24. Waivers must be requested in an attachment to the application for admission and approved by the program director prior to the start of summer classes.

A cumulative GPA of at least 3.0 for all course work applied to the degree and an overall graduate GPA at USC of at least 3.0 are required for graduation.

Summer Core

• FBE 506a Quantitative Methods in Finance Units: 1.5
• GSBA 510 Accounting Concepts and Financial Reporting Units: 1.5, 2, 3

(3 units for this program)

• GSBA 511 Microeconomics for Management Units: 1.5, 3
• GSBA 548 Corporate Finance Units: 2, 3

Additional Required Courses

• FBE 506b Quantitative Methods in Finance Units: 1.5
• FBE 524 Money and Capital Markets Units: 3
• FBE 529 Financial Analysis and Valuation Units: 3
• FBE 531 Corporate Financial Policy and Corporate Governance Units: 1.5, 3
• FBE 543 Forecasting and Risk Analysis Units: 3
• FBE 555 Investment Analysis and Portfolio Management Units: 3

Complete at least 9 units from the list below.  

• FBE 523 Venture Capital and Private Equity Units: 3
• FBE 527 Entrepreneurial Finance: Financial Management for Developing Firms Units: 3
• FBE 532 Corporate Financial Strategy Units: 3
• FBE 533 CEO Pay, Corporate Governance, and the Politics of Finance Units: 3
• FBE 535 Applied Finance in Fixed Income Securities Units: 1.5, 3
• FBE 540 Hedge Funds Units: 3
• FBE 554 Trading and Exchanges Units: 3
• FBE 557 Business Law and Ethics Units: 3
• FBE 558 Law for Structuring, Financing, and Managing Businesses Units: 3
• FBE 559 Management of Financial Risk Units: 3
• FBE 560 Mergers and Acquisitions Units: 3
• FBE 563 Theory of International Trade Units: 3
• FBE 565 Economics of Urban Land Use: Feasibility Studies Units: 3
• FBE 571 Introduction to Financial Analysis: Practicum Units: 3
• FBE 589 Mortgages and Mortgage-Backed Securities and Markets Units: 3
• FBE 591 Real Estate Finance and Investment Units: 3

Total Units: 36

PhD in Health Economics

• Admission and Financial Aid
• Requirements for Degree Completion

Located in Los Angeles on the USC University Park Campus, the USC PhD program in health economics offers students the opportunity to help shape the future of health care through groundbreaking research and innovative policy solutions. Our multidisciplinary program offers rigorous training in microeconomics, econometrics, cost effectiveness analysis, welfare economics, public finance, epidemiology and health status measurement. Students in the program work closely with our world-renowned faculty, gaining the practical research experience needed to launch their careers.

Our program offers numerous benefits to help position our students for future success. All of our PhD students are fully funded, including tuition remission and stipend, for up to five years through teaching and research assistantships or competitive fellowships.  Many of our students participate in internships that offer real world experience and networking opportunities in industry, policy analysis and consulting.  Our department’s affiliation with the Leonard D. Schaeffer Center for Health Policy & Economics provides opportunities for students to work closely with distinguished faculty from across USC on impactful projects. Bolstered in part by our strong alumni network, our students are highly sought after for positions in academia, government and industry.

“I chose the Health Economics PhD program at USC for three reasons: the strong concentration of health economics faculty here as compared to traditional economics departments, the rigor of economics training compared to other applied programs, and quality of life (i.e., location in sunny Southern California and funding from a USC School of Pharmacy fellowship).”

Laura Henkhaus

Phd, health economics ’19, data scientist, hill physicians medical group.

What are you looking for?

Suggested search, financial support.

Each student entering the PhD in Economics program is offered a five-year financial support package: two years of support via fellowship (years 1 and 5) and three years of support via graduate assistantships (years 2, 3, and 4). During the first year, each student will be on a fellowship and their financial support will be renewed yearly afterwards, contingent upon passing the Core Theory Examination and maintaining good academic standing.

Effective AY2024-25, the five-year financial support package includes a $40,000 yearly stipend, health and dental insurance, and coverage of most mandatory university fees.

Program Funding

The Graduate School Fellowship is merit-based and supports two years of study, usually years 1 and 5. The other three years of study (usually years 2, 3, and 4) are supported via graduate assistantships (TAships or RAships). All who apply for admission to the PhD in Economics program are considered for the GS Fellowship. The GS Fellowship provides a monthly stipend and tuition, up to 12 units for each fall semester and up to 12 units for each semester. The Graduate School Fellowship also covers health insurance and dental insurance fees.

An annual teaching assistantship provides a student with a monthly stipend and covers tuition costs, normally up to 12 units for each fall semester, 12 units for each spring semester, and 12 units for each summer term (if summer coursework is necessary). Teaching assistants must be on campus before or by the first day of classes and must attend all the course’s lectures, hold office hours (at least three hours per week), as well as grade assignments and exams. TAs must remain in town until the final examinations have been graded. TAs work an average of 20 hours per week. First-time TAs must attend the mandatory Dornsife College TA Training the week before classes begin and attend the weekly TA Workshop offered by the Department. All new TAs must enroll in ECON 593x: Practicum in Teaching the Liberal Arts (2.0 units).

Some international students must sit for an English proficiency test and be cleared to teach in order before working as a TA. Please contact the International Teaching Assistant (ITA) Coordinator at [email protected] or (213) 740-0079 to schedule the exam or request an exemption. Based on test results, some international students may be required to take an American Language Institute (ALI) course in addition to other coursework and duties.

• Handbook for Teaching Assistants (TAs), Research Assistants (RAs), and Graduate Assistant Lecturers (ALs)
• USC Center for Excellence in Teaching
• USC Dornsife Teaching Assistant Handbook

Research assistants are usually hired by individual professors. The precise nature and pay for each research assistantship can vary. A full research assistantship provides a monthly stipend and covers tuition costs, usually up to 12 units per corresponding semester. An RAship also covers health insurance and dental insurance fees. Other mandatory fees are each student’s responsibility to pay. The Department, CESR, and/or Schaeffer Center may advertise some RA positions during summer terms.

• Conference Travel Limited funding is available for conference travel to those who are invited to present research papers. The Department will cover up to $500.00 per conference trip. Please submit a copy of the invitation or conference program that shows you as a presenter along with receipts for reimbursement.

Limited Department funding is available for summer terms via the following sources:

• Outstanding TA Award
• Outstanding Second-Year Paper Award
• Outstanding Third-Year Paper Award
• Summer Research Award*

*The announcement for Summer Research Awards is emailed to PhD students during the preceding spring semester.

Additional Funding Opportunities

During the three years that students are on graduate assistantships (TAships or RAships), they can apply for other fellowships and assistantships. The following research centers are USC frequently hire economists to work as RAs:

• The Los Angeles Behavioral Economics Laboratory (LABEL)   frequently invites PhD in Economics students to apply for fellowships addressing NIH- and NSF-funded projects in experimental economics and neuro-economics.
• The  Center for Applied Financial Economics (CAFE)  frequently invites PhD in Economics students to apply for fellowships.
• The   Center for Economic and Social Research (CESR)   frequently seeks to hire research assistants.
• The   Schaeffer Center for Health Policy and Economics (Schaeffer Center)   frequently invites PhD in Economics students to apply for fellowships addressing health economics, and the center frequently seeks to hire research assistants.

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• Ph.D in Public Policy and Management

Ph.D. in Public Policy and Management

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The Ph.D. in Public Policy and Management prepares students to shape the direction of public affairs research. Our curriculum combines interdisciplinary training in public policy and management; rigorous methodological training; and specialization in a policy area or field such as economics, sociology, political science, or organizational theory.

Ph.D. students engage with world-renowned research centers, receive expert faculty mentoring, and collaborate with faculty in research. Teaching and research seminars along with faculty-student workshops support professional development and prepare students for employment at  leading universities or research institute.

Learn about the application process →

Application Deadlines

John Romley , Ph.D.

Associate Professor of Public Policy and Pharmaceutical & Health Economics Faculty Director, PhD Programs

Julie Kim , Ed.D., M.Ed. Assistant Dean of Student Affairs Managing Director, Doctoral Programs

For admissions information, please email [email protected]

Fields of S tudy

Working closely with faculty mentors, Ph.D. in Public Policy and Management students focus on and develop substantive expertise in core areas that leverage the Price School’s renowned research strengths in:

• Homeland Security
• International Development
• Nonprofits and Philanthropy
• Social Policy & Justice
• Sustainability and the Environment

All Ph.D. students are supported for four years through a combination of fellowships and graduate assistantships that provides year-round full tuition, a competitive stipend, and health and dental insurance. Students beyond their fourth year obtain support through teaching or research assistantships, or funding from USC and/or outside sources. Ph.D. students have access to stipends for conference travel.

Learn more about funding »

Research in a Supportive E nvironment

Price School faculty mentor Ph.D. students to contribute to the scholarly foundations of their chosen field. Many Ph.D. students publish and present their work at conferences, often co-authoring papers with faculty.

Recent Ph.D. Student Publications

Arthur Acolin , J. Bricker, P.S. Calem, and S.M. Wachter (2016). A Renter or Homeowner Nation?  Cityscape , 18.1: 145-157.

Cynthia Barboza-Wilkes , Bill Resh, and Carmen Mooradian (2020). Unpaid Work? Emotional Labor Assessments and Episodic Recall Bias in Public Engagement, Journal of Behavioral Public Administration , Vol. 3(2), 1-11.

Yi Chen , Bryan Tysinger, Eileen Crimmins, and Julie Zissimopoulos (2019). Analysis of Dementia in the US Population Using Medicare Claims: Insights from Linked Survey and Administrative Claims Data, Alzheimer’s & Dementia: Translational Research & Clinical Interventions , Vol 5(1), 197-207.

Andy Hong  with Lisa Schweitzer, L. Marr, and W. Yang (2015). Impact of Temporary Freeway Closure on Regional Air Quality: A Lesson from Carmageddon in Los Angeles.  Environmental Science and Technology , 49(5): 3211-3218.

Sushant Joshi , Teryl Nuckols, and Jose Escarce (2019). Regression to the Mean in the Medicare Hospital Readmissions Reduction Program, JAMA Internal Medicine , 179(9), 1167-1173.

Hui Li  with Shui-Yan Tang and Carlos Lo (2016). Nonprofit Policy Advocacy under Authoritarianism.  Public Administration Review .

Matthew Miller  (2015). Social Finance in Black Geographies: A Statistical Analysis of Locations in Los Angeles County.  Harvard Journal of African American Public Policy , 21: 78-91.

Noah Miller , Adam Rose, Dan Wei, Toon Vandyck and Christian Flachsland (2018). Achieving Paris Climate Agreement Pledges: Alternative Designs for Linking Emissions Trading, Review of Environmental Economics and Policy , Vol. 12, No. 1: 170-182.

Maria Francesca Piazzoni (2018). The Real Fake: Authenticity and the Production of Space , Fordham University Press.

Vincent Reina  with Raphael Bostic and H. Schwartz, R.K. Green, L.M. Davis, and C.H. Augustine (2015). The Preservation of Affordable Rental Housing: An Evaluation of the MacArthur Foundation’s Window of Opportunity Initiative.  RAND Corporation report .

Jovanna Rosen  (2016). Climate, Environmental Health Vulnerability, and Physical Planning: A Review of the Forecasting Literature.  Journal of Planning Literature , 1-20.

Eun Jin Shin (2017). Ethnic Neighborhoods, Social Networks, and Inter-household Carpooling: A Comparison Across Ethnic Minority Groups, Journal of TransportGeography , Vol. 59, pp. 14–26.

Xize Wang  with  Marlon Boarnet  and D. Houston (2016). Can New Light Rail Reduce Personal Vehicle Carbon Emissions? A before-after, experimental-control evaluation in Los Angeles,  Journal of Regional Science .

Featured Research Centers

Bedrosian Center on Governance

The Judith and John Bedrosian Center on Governance and the Public Enterprise, an applied research center at the USC Sol Price School of Public Policy, is dedicated to understanding and fostering effective democratic governance as an essential component in ensuring the betterment of communities. The Bedrosian Center fosters effective governance by building the capacity of public and nonprofit institutions; shaping public dialogue across public, private and nonprofit sectors; and promoting and supporting innovative scholarship.

Sol Price Center for Social Innovation

The Sol Price Center for Social Innovation was established with the recent gift to name the USC Sol Price School of Public Policy. This new center aims to advance ideas, strategies, and practices that enhance the quality of life for people in urban communities. The center will provide opportunities for direct student engagement across all of the Price School’s primary disciplines.

Center on Philanthropy and Public Policy

Established in 2000, the Center on Philanthropy and Public Policy promotes more effective philanthropy and strengthens the nonprofit sector to advance public problem solving. Its research focuses on trends and patterns in philanthropy and the nonprofit sector, philanthropic strategies for social impact, and challenges in philanthropic stewardship and leadership.

Center for Inclusive Democracy

Center for Inclusive Democracy (CID), is a nonpartisan research center serving the U.S. Founded and directed by Dr. Mindy S. Romero, CID moved to the USC Price School, Sacramento in 2018. CID conducts a range of national and multi-state research initiatives exploring voting behavior, civic engagement, electoral and economic research, the intersection of social justice and democracy, and more.

Schaeffer Center for Health Policy and Economics

The Schaeffer Center for Health Policy and Economics at USC aims to promote health and value in healthcare delivery through innovative research and policy in the US and internationally. The center brings together policy experts and health economists from the USC Price School and the School of Pharmacy. It uses a novel approach to advance economic, health services and to train a new generation of global health policy leaders.

What are you looking for?

Graduate orientation.

Orientation marks the official beginning of your graduate student career at USC. Explore the various programs and resources available to guide your transition into advanced-level studies, and introduce you to student life at the University Park and Health Sciences campuses.

Summer Orientation

This program is designed for students admitted to the following fall semester. Learn more about Welcome Trojans Orientation , as well as options for departmental orientation sessions.

Winter Orientation

This program is designed for students admitted to the following spring semester. Learn more about Welcome Trojans Orientation , as well as options for attending an orientation session offered by your department.

Connect With Us

Have questions? Contact the Office of Orientation Programs directly.