The Business: Real Estate and Urban Economics, PhD prepares individuals for academic careers in research universities and research careers in industry and government agencies.
The program is academically rigorous and highly quantitative, providing a solid foundation in financial and economic theory and advanced empirical methodologies. In addition, through a customized program of elective courses and dissertation research, students will specialize in a particular area of real estate economics and finance.
Our faculty members contribute to significant advancements in the field, as evidenced by our recently published journal articles.
Student research is supported by faculty in the core areas of urban and real estate economics, affordable housing and policy analysis, real estate finance and investment, securitization and real estate capital markets, investment of commercial property, household finance, environmental economics and sustainable development and international real estate markets.
Admissions
| Fall Deadline | December 15 |
| Spring Deadline | This program does not admit in the spring. |
| Summer Deadline | This program does not admit in the summer. |
| GRE (Gradute Record Examinations) | Required. |
| English Proficiency Test | All domestic (including Puerto Rico) and international applicants whose native language is not English must submit scores from the Test of English as a Foreign Language (TOEFL). A recommended minimum TOEFL score of 106 (New iBT) and 27 Speaking, obtained within two years of the intended starting term, is needed for admission consideration. The school also accepts IELTS scores with a recommended minimum score of 7.5. The school accepts the Pearson Test of English as a substitute. International applicants who have completed a four-year bachelor's degree in a country where the official language is English may request a waiver of the English Proficiency Test requirement. A master's degree from an English-speaking institution does not qualify for a waiver of the requirement, unless you have completed a minimum of 4 years of education (undergrad and graduate) in a country where English is the native language. Being a citizen or permanent resident of the United States does not automatically exempt an applicant from the test requirement. The English Proficiency Test requirement may be waived if the applicant has studied full time for eight semesters or more at a college or university where the sole language of instruction is English in a country where English is the primary spoken language. A master's degree alone from an English-speaking institution DOES NOT qualify for a waiver of the test requirement. |
| Other Test(s) (e.g., GMAT, MCAT) | The GMAT is accepted as an alternative to the GRE. |
| Letters of Recommendation Required | 3 |
Admission consideration requires a four-year undergraduate degree or the equivalent, in any discipline, from an accredited institution. Work experience is not required. Applicants should have an undergraduate minimum grade point average (GPA) of 3.0 or higher on a 4.0 scale. In addition to academic credentials, test scores, personal achievements, motivation, communication skills (written and oral) and recommendation letters are considered in the admission process at both the master's and doctoral levels.
Please note: The Graduate Management Admission Test (GMAT) or the Graduate Record Exam (GRE), taken within five years of the starting term, is required of all applicants to the School of Business PhD and MS programs.
To learn more about the application and admissions process, visit PhD Admission Requirements.
How to Apply
Students interested in business degrees do not apply through the Graduate School application system and should instead refer to the School of Business Admissions page.
Minimum Graduate School Requirements
Review the Graduate School minimum academic progress and degree requirements, in addition to the program requirements listed below.
Major Requirements
Mode of Instruction
| Face to Face | Evening/Weekend | Online | Hybrid | Accelerated |
|---|---|---|---|---|
| Yes | No | No | No | No |
Mode of Instruction Definitions
Accelerated: Accelerated programs are offered at a fast pace that condenses the time to completion. Students typically take enough credits aimed at completing the program in a year or two.
Evening/Weekend: Courses meet on the UW–Madison campus only in evenings and/or on weekends to accommodate typical business schedules. Students have the advantages of face-to-face courses with the flexibility to keep work and other life commitments.
Face-to-Face: Courses typically meet during weekdays on the UW-Madison Campus.
Hybrid: These programs combine face-to-face and online learning formats. Contact the program for more specific information.
Online: These programs are offered 100% online. Some programs may require an on-campus orientation or residency experience, but the courses will be facilitated in an online format.
Curricular Requirements
| Minimum Credit Requirement | 51 credits |
| Minimum Residence Credit Requirement | 33 credits |
| Minimum Graduate Coursework Requirement | 26 credits must be graduate-level coursework. Refer to the Graduate School: Minimum Graduate Coursework (50%) Requirement policy: https://policy.wisc.edu/library/UW-1244. |
| Overall Graduate GPA Requirement | 3.20 GPA required. |
| Other Grade Requirements | n/a |
| Assessments and Examinations | Doctoral students are required to pass a comprehensive preliminary examination after they have cleared their record of all Incomplete and Progress grades (other than research and thesis). Students are also required pass the Microeconomics Theory Exam at the end of their first year in the program. Students must also complete a research paper the second summer of the program and an oral presentation of the research paper in the fall of the third year. Deposit of the doctoral dissertation in the Graduate School is required. |
| Language Requirements | There are no curricular language requirements for Business PhD students. |
| Graduate School Breadth Requirement | A doctoral minor or graduate/professional certificate is not required; breadth is achieved in other ways. |
Required Courses
This program prepares individuals for careers in research and teaching at the university level. The program is academically rigorous and highly quantitative, providing a strong foundation in financial and economic theory, as well as in mathematical and statistical techniques. Through a customized program of elective courses and dissertation research, students specialize in a particular area of real estate economics and finance. In addition to the required courses listed below, all PhD students are required to participate in the Teaching Improvement Program and Graduate Assistant Equity Workshop.
| Code | Title | Credits |
|---|---|---|
| Real Estate Courses | ||
| REAL EST 870 | Advanced Real Estate Finance Theory | 3 |
| REAL EST 875 | Advanced Urban Land Economics | 3 |
| REAL EST 978 | Research Seminar in Real Estate and Urban Land Economics 1 | 5 |
| Finance Courses | ||
| FINANCE 920 | Theory of Finance | 3 |
| FINANCE 970 | Seminar- Investments (Ph.D.) | 3 |
| or FINANCE 971 | Seminar-Corporate Finance (Ph.D.) | |
| or FINANCE 972 | Topics Seminar-Finance PhD | |
| Economics Courses | ||
| ECON 709 | Economic Statistics and Econometrics I | 3-4 |
| ECON 710 | Economic Statistics and Econometrics II | 3-4 |
| ECON 711 | Economic Theory-Microeconomics Sequence | 3 |
| ECON 712 | Economic Theory-Macroeconomics Sequence | 3 |
| ECON 713 | Economic Theory: Microeconomics Sequence | 3 |
| ECON 714 | Economic Theory; Macroeconomics Sequence | 3 |
| Other Requirement | ||
| GEN BUS 933 | Beginning a Research Career in Business | 1 |
| Breadth Requirement | 9 | |
| Additional Coursework 2 | 4-6 | |
| Total Credits | 51 | |
- 1
Starting in the second semester, students take the real estate workshop. This workshop is designed to help students make progress toward completion of their second-year paper and their dissertation. Students are required to take this course 5 times for credit. Students are encouraged to audit this workshop during their first semester and while working on their dissertation.
- 2
This could include the following courses: ECON 715 Econometric Methods, ECON 899 Recent Advances in Economics, REAL EST 990 Real Estate Independent Research PhD Thesis, REAL EST 999 Reading and Research-Real Estate PhD, and other non-research coursework decided with their advisor.
Breadth Requirement
At the beginning of the second year, each student proposes a set of three advanced courses that form a coherent package and enhance the student’s research skills. Students are free to choose PhD level elective courses offered by the economics, finance, agricultural & applied economics, mathematics, or statistics departments. It may also be appropriate to choose courses in computer science, law, psychology, accounting, marketing, or other areas taught at UW–Madison.
Summer Paper Requirement
During the first summer, students are normally preparing for the Microeconomics preliminary exam. During subsequent summers they are involved with research activities or supplementary course work. They may also be employed in assistantship positions or internships which enhance their knowledge and research skills. During the second summer, there is also a specific requirement to complete a research paper. This paper should be on a real estate Economics or finance topic and contain elements of original research which extend the existing literature. The topic may be either theoretical or empirical and should be chosen in consultation with one or more of the real estate faculty, who may also provide guidance during the paper’s development. The written paper should be submitted no later than the first day of the fall semester. The student will make an oral presentation of the paper to the real estate faculty early during that fall semester. In order to successfully complete this requirement, it is important for the students to choose a topic and begin data gathering and other preliminary work in the spring semester.
Examinations
Students must take the Microeconomics Theory Exam at the end of their first year in the program.
Graduate School Policies
The Graduate School’s Academic Policies and Procedures provide essential information regarding general university policies. Program authority to set degree policies beyond the minimum required by the Graduate School lies with the degree program faculty. Policies set by the academic degree program can be found below.
Major-Specific Policies
Prior Coursework
Graduate Credits Earned at Other Institutions
With program approval, students are allowed to transfer no more than 9 credits of graduate coursework from other institutions. Coursework earned ten years or more prior to admission to a doctoral degree is not allowed to satisfy requirements.
Undergraduate Credits Earned at Other Institutions or UW-Madison
No credits from a UW–Madison undergraduate degree are allowed to transfer toward the degree.
Credits Earned as a Professional Student at UW-Madison (Law, Medicine, Pharmacy, and Veterinary careers)
Refer to the Graduate School: Transfer Credits for Prior Coursework policy.
Credits Earned as a University Special Student at UW–Madison
With program approval students are allowed to transfer no more than 9 credits of coursework numbered 300 or above taken as a UW–Madison University Special student. Coursework earned ten or more years prior to admission to a doctoral degree is not allowed to satisfy requirements.
Probation
Refer to the Graduate School: Probation policy.
Advisor / Committee
Refer to the Graduate School: Advisor and Graduate School: Committees (Doctoral/Master’s/MFA) policies.
Credits Per Term Allowed
15 credits
Time Limits
Refer to the Graduate School: Time Limits policy.
Grievances and Appeals
These resources may be helpful in addressing your concerns:
- Bias or Hate Reporting
- Graduate Assistantship Policies and Procedures
- Hostile and Intimidating Behavior Policies and Procedures
- Employee Assistance (for personal counseling and workplace consultation around communication and conflict involving graduate assistants and other employees, post-doctoral students, faculty and staff)
- Employee Disability Resource Office (for qualified employees or applicants with disabilities to have equal employment opportunities)
- Graduate School (for informal advice at any level of review and for official appeals of program/departmental or school/college grievance decisions)
- Office of Compliance (for class harassment and discrimination, including sexual harassment and sexual violence)
- Office Student Assistance and Support (OSAS) (for all students to seek grievance assistance and support)
- Office of Student Conduct and Community Standards (for conflicts involving students)
- Ombuds Office for Faculty and Staff (for employed graduate students and post-docs, as well as faculty and staff)
- Title IX (for concerns about discrimination)
Any student who feels that they have been mistreated by a faculty or staff member has the right to lodge a complaint. Complaints may concern course grades, classroom treatment, program admission, or other issues. To ensure a prompt and fair hearing of any complaint and to protect both the student's rights and the person at whom the complaint is addressed, the grievance procedures below are used in the School of Business.
The person against whom the complaint is directed must be an employee of the School of Business. Any student or potential student may use these procedures unless other campus rules or contracts cover the complaint:
- If the student feels comfortable/safe doing so, the student should first talk with the person against whom the grievance is directed. Most issues can be settled at this level. If the complaint is directed against a teaching assistant (TA) and the student is not satisfied after discussion of the grievance with the TA, the next step would be to talk to the TA's supervisor, who is usually the course professor. If the complaint is still not resolved satisfactorily, the student may continue to step 2.
- If the complaint involves an academic department, the student should contact the chair of the department. The chair will attempt to resolve the problem informally. If this cannot be done to the student's satisfaction, the student may submit the grievance to the chair in writing. This must be done within 60 calendar days of the alleged unfair treatment.
- If the complaint does not involve an academic department, the procedure outlined in Step 4 below should be followed.
- On receipt of a written complaint, the chair will refer the matter to a departmental committee, which will obtain a written response from the person at whom the complaint is directed. This response shall be shared with the person filing the grievance. The chair will provide a written decision within 30 days to the student on the action taken by the committee.
- If either party is not satisfied with the decision, they have five working days from receipt of the decision to contact the dean's office (at the number below), indicating the intention to appeal. If the complaint does not involve an academic department in the school, the student must contact the dean's office within 60 calendar days of the alleged unfair treatment.
- In either case, there will be an attempt to resolve the issue informally by the appropriate associate dean. If this cannot be done, the complaint can be filed in writing with the Office of the Dean. This must be done within 10 working days of the time the appealing party was notified that informal resolution was unsuccessful.
- On receipt of such a written complaint, the Chief Diversity and Inclusion Officer will convene a subcommittee of relevant stakeholders pending the nature of the issue. This subcommittee may ask for additional information from the parties involved and may hold a hearing at which both parties will be asked to speak separately. The subcommittee will then make a written recommendation to the dean of the School of Business who will render a decision. Unless a longer time is negotiated, this written decision shall be made within 20 working days from when the grievance was filed with the Office of the Dean.
Questions about these procedures can be directed to the School of Business, Office of the Dean, 4339 Grainger, 975 University Avenue, 608-262-7867.
State law contains additional provisions regarding discrimination and harassment. Wisconsin Statutes 36.12 reads, in part: "No student may be denied admission to, participation in or the benefits of, or be discriminated against in any service, program, course or facility of the system or its institutions or center because of the student's race, color, creed, religion, sex, national origin, disability, ancestry, age, sexual orientation, pregnancy, marital status or parental status." In addition, the UW System prohibits discrimination based on gender identity or gender expression. Students have the right to file discrimination and harassment complaints with the Office of Compliance, 361 Bascom Hall, 608-265-6018, uwcomplianceoffice@wisc.edu.
The Graduate School has procedures for students wishing to appeal a grievance decision at the school/college level. These policies are described in the Graduate School’s Academic Policies and Procedures: https://grad.wisc.edu/documents/grievances-and-appeals/
Other
Virtually all PhD students in business are funded at a level that guarantees a minimum of five years of the following: full tuition remission; scholarship funding; a monthly stipend; comprehensive family health insurance plan, travel funding for students presenting at academic conferences.