Students with at least two semesters of calculus, a semester of matrix algebra, and an outstanding academic record in the Program are encouraged to continue in the Ph.D. Program of the Department. Those who enter the Program with strong mathematical, statistical, and economic training may choose to substitute higher level theory and econometric courses for the required core courses. Students electing to take Ph.D. level courses while in the Master's Program can, if admitted to the Ph.D. Program, use these to meet Ph.D. requirements and reduce the time necessary to complete that degree. Applicants interested in pursuing a Ph.D. should write for additional information.