Graduate programs in economics aim to train students in such a way to enable them to carry out independent research. For this purpose, the programs are designed to ensure that the students get a solid background in both economic theory and the techniques used in empirical research. While the Department offers both M.A. and Ph.D. degrees, the M.A. degree is considered, in principle, as an intermediate step that is passed en route to the Ph.D. The core requirements common to both programs leave little room for choosing the courses to be taken in the first year, but the students are offered considerable flexibility as to their choice of the fields of specialization later on.

Students admitted to graduate studies in the department are expected to have a strong background in undergraduate level economics and some training in mathematics and statistics. Sufficient (though not necessarily a pre-condition) background would consist of an undergraduate degree in Economics, or a year-long calculus sequence that includes multivariate analysis, a course in linear algebra, and a course in probability and statistics. (Also refer to the ``Graduate Admissions'' section in the introduction of this catalogue for the general graduate admission requirements.)

The Department in principle does not admit students who plan to terminate their graduate studies with a Master's degree. Students obtain this degree in preparation for a Ph.D. degree.

Prospective students must have completed Bilkent University's requirements for a Bachelor of Arts degree in Economics or approximately equivalent training. Since students will be required to take some of the same courses as the Ph.D. candidates, similar preparation in mathematics and statistics is generally expected. Degree requirements for Master of Arts in Economics are:

1. The core curriculum for Master of Arts in Economics degree must be successfully completed. The courses in the core curriculum for Master of Arts in Economics include the graduate level Microeconomic Theory (ECON 503-504), Macroeconomic Theory (ECON 505-506), Mathematics for Economists (ECON 515-516), Probability and Statistics (ECON 509-510) sequences, and Pro-Thesis Seminar (ECON 590) and the Master's Thesis (ECON 599) courses.

2. A Master's thesis must be submitted and successfully defended.

A grade point average of at least 3.00 must be maintained for the duration of Master's level work.

The program is two years dual Masters program. Full time students spend their first year at Bilkent University and their second at Tilburg University . Part-time students have the option to complete their education in Turkey in two years.

Students are expected to take 13 to 15 courses and write a Master’s thesis.

The initial year of the program in Bilkent University sets the groundwork and provides the participants with necessary skills to continue towards the second year in Tilburg University where they specialize in one of the five alternative fields. The Master’s thesis is completed at the end of the last year, approved by a joint committee from both universities.

After the completion of the program the students are granted:

• M.A. in Economics at Bilkent University

plus an M.Sc. degree in one of the following fields at Tilburg University

• Economics
• International Economics and Finance
• Mathematical Economics and Econometric Methods
• Operations Research and Management Science
• Quantitative Finance and Actuarial Sciences
  

The Ph.D. program in economics is a program requiring the attainment of scientific competence in conformity with international scientific standards. Admission to the doctoral program is by written application and an examination. It is expected that admitted students will be adequately prepared in calculus, linear algebra, and statistics. (Also refer to the ``Graduate Admissions'' section in the introduction of this catalog for the general graduate admission requirements.)

All students take a common core curriculum at the outset and later branch out in the desired fields of specialization. The fields may be chosen from fiscal economics, international economics, macroeconomics, mathematical economics, monetary economics, and econometrics. Well-prepared students should anticipate spending approximately two years in course work and another two years in seminars, independent study, and dissertation research. While exceptional progress may make a three-year program feasible, some types of research programs will require at least five years to complete.

A candidate for the doctorate must:

1. Successfully complete the core curriculum for Ph.D. degree in Economics. The courses in the core curriculum for Ph.D. degree in Economics include the graduate level Microeconomic Theory (ECON 503-504), Macroeconomic Theory (ECON 505-506), Mathematics for Economists (ECON 515-516), Probability and Statistics (ECON 509-510) sequences and Pro-Thesis Seminar (ECON 590) and the Ph.D. Dissertation (ECON 699) courses.

2. Successfully complete the course requirements for Ph.D. degree by earning at least 24 credits from the courses listed under ``Graduate Electives''. (Some graduate courses offered by other departments may be counted towards this requirement.)

3. Show competence in two comprehensive examinations in macroeconomics and microeconomics within the first three semesters after being admitted to the Ph.D. program.

4. Submit a detailed thesis proposal while taking the ECON 699 course and give a seminar on this work.

5. Submit and successfully defend a dissertation that represents a contribution to knowledge in the field.