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Frequently Asked Questions

All Categories FAQs

  1. Why can't I get into Finance 221?
  2. Why can't I get into Finance 230?
  3. How do I find out about the CFA designation?
  4. Why can't I get into Finance 232?
  5. Can I apply for the Spring semester?
  6. Are all international applicants required to submit TOEFL scores?
  7. Do you accept GRE scores in place of GMAT scores?
  8. How long does it take students to finish the program?
  9. Do I have to take the SPEAK test as part of the admission requirements?
  10. Do you admit students who do not have a Master’s degree?
  11. Am I eligible to apply to the program?
  12. Last year, how many people applied and how many were admitted?
  13. Do you provide financial support?
  14. Are international students eligible for scholarships or financial aid?
  15. Why can't I get into Finance 300?
  16. Alumni
  17. Recruiters
  18. What Accy courses do you recommend for Finance majors?
  19. Does the Department of Finance enforce prerequisites?
  20. Can I minor in Business?
  21. I’ve completed my Finance requirements. Should I take additional Finance courses as Credit/No Credit?
  22. I want to get into Fin 232 or Fin 230, but the course was closed. What can I do?
  23. I am not a Finance major, but I want to take some Finance courses. What can I do?
  24. I am trying to get a dual degree in Finance and Accountancy, but I am currently registered as an Accounting major. What can I do to add Finance courses?


Answers

     
  1. Why can't I get into Finance 221?
    • Fin 221 is currently restricted to the following majors: all BUS, LAS Finance, LAS Economics, LAS Actuarial Science, and ACES (Ag Finance, Ag Accounting, or Consumer Economics).
      • Declared BUS minors are authorized for registration; see the BUS minor advisor in 1055 BIF if you have questions.
      • Any remaining spaces will open to other curricula at approximately noon after freshman registration. We usually have plenty of space in the course, but declared BUS minors have precedence over undeclared minors and students in ancillary curricula.
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  3. Why can't I get into Finance 230?
    • Fin 230 is one of our more popular courses. If you're interested and can't register you should attend the first few classes. It is instructor policy that you cannot add unless you attend class until you get to enroll. Attend and be sure that you get counted. We usually get them all in, even sophomores and juniors.
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  5. How do I find out about the CFA designation?
    • The Finance Department holds a CFA information session each fall. For more information on the CFA and the CFA examination visit our CFA Review or CFA Institute.
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  7. Why can't I get into Finance 232?
    • Fin 232 is among our most popular courses, and often closes early. If you are a business senior, attend class the first day and be sure to sign in. If you are not a business senior, your chances of being able to add the course are extremely low.
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  9. Can I apply for the Spring semester?
    • No. Admission to the Ph.D. program is only offered for the Fall semester.
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  11. Are all international applicants required to submit TOEFL scores?
    • International applicants are required to submit results of the Test of English as a Foreign Language (TOEFL), unless they satisfy one of the conditions for exemption listed below. Applicants must have a minimum score of 610 on the paper-based test or 257 on the computer-based test. Applicants are exempt from the TOEFL requirement if one or both of the following conditions are met:
      1. The applicant has completed at least two academic years of full-time study (as defined by the home institution) within five years of the beginning of the proposed term of enrollment, or the applicant has completed a graduate degree, in a country where English is the primary language and at a school where English is the primary language of instruction. That is, English must be both the language of the country and the language of instruction at the school.
      2. The applicant is from a country in which English is both the primary language and the official language.
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  13. Do you accept GRE scores in place of GMAT scores?
    • Yes, we accept GRE scores in place of GMAT scores.
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  15. How long does it take students to finish the program?
    • For most students, the program takes four to five years. Some students require more time to finish. Occasionally (but not often), students with previous graduate work in economics, finance, or statistics from a comparable university are able to finish in three years.
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  17. Do I have to take the SPEAK test as part of the admission requirements?
    • The SPEAK test is not required for admission. However, international students must take the SPEAK test after they arrive on campus. (The University of Illinois requires that graduate students whose native language is not English pass the SPEAK test before they can be appointed as Teaching Assistants.) The Department of Finance makes arrangements for students to take this test on campus during the first year of the program.
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  19. Do you admit students who do not have a Master’s degree?
    • Yes, we admit students who do not have a Master’s degree.
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  21. Am I eligible to apply to the program?
    • If you have an undergraduate degree from an accredited U.S. college or university, or the equivalent from a university in another country, you are eligible to apply.
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  23. Last year, how many people applied and how many were admitted?
    • 175 people applied and 5 were offered admission.
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  25. Do you provide financial support?
    • All admitted students receive financial support. Most first-year students receive financial support in the form of fellowships. In later years, financial support typically comes in the form of Research or Teaching Assistantships. Students who: (1) are making normal academic progress; and (2) have done satisfactory work in previous RA and/or TA appointments receive financial support for up to five years. Students who require more than five years to complete the program and have done satisfactory work in previous RA and/or TA appointments typically also receive financial support in the form of RA or TA appointments, but this is not guaranteed.
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  27. Are international students eligible for scholarships or financial aid?
    • All admitted students receive financial support, regardless of nationality.
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  29. Why can't I get into Finance 300?
    • It's probably the course controls. There are several groups affected:
      • LAS and BUS Finance majors (you must be coded as a major in Banner): If you're in this group, you MUST have the course to graduate. We will do our utmost to get you in, subject of course to fire regulations. See Tim Flanagin in 330E WH or email finance@illinois.edu.
      • MAS students (you must be coded as an MAS 4th or 5th year in Banner): Students in this group must also have the course to complete their degree. We will do our utmost to get you in, subject of course to fire regulations. See Tim Flanagin in 330E WH or email finance@illinois.edu
      • Non-Finance BUS majors: Our own majors (who must have it to graduate) are a higher priority. We have to let them in ahead of you. We will release seats on the date stated in the timetable copy.
      • Others: Finance 300 is restricted to those students who must have the course to graduate. If you're not on a limited list of majors who must have the course to graduate, I'm afraid you're out of luck. We can't keep up with the demand for this course. The bottom line is that the number of majors in Finance has expanded much faster than we've been able to hire faculty.
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  31. Alumni
    • Alumni
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  33. Recruiters
    • Recruiters
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  35. What Accy courses do you recommend for Finance majors?
    • The Department of Finance recommends that Finance majors in both LAS and BUS take 15 or more hours of Accountancy; this, combined with the strong Finance background achieved by our majors, is attractive to many employers. Required courses for Finance majors remain Accy 201 and 202.
      • The Accountancy Department usually sets aside some seats for a restricted set of majors (including LAS Finance and BUS Finance) starting with the first day of registration.
      • For those interested in financial reporting, we suggest Accy 301 as the next course of choice; should you wish to take additional courses beyond Accy 301, we would recommend Accy 303.
      • For those interested in managerial control and decision making, we would recommend Accy 301 and Accy 302, followed by Accy 304, followed by Accy 312. The Accountancy Department recommends that Accy 301 and 302 be taken concurrently. Further information is available at http://www.business.uiuc.edu/accountancy/
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  37. Does the Department of Finance enforce prerequisites?
    • YES, WE ENFORCE PREREQUISITES:
      • For FIN 221, you must have credit or concurrent registration in Accy 202 and Econ 203. Those working on the Business minor must have Accy 200 completed before registering in Fin 221.
      • For FIN 300, you must have completed FIN 221. Note that there is an exam of prerequisite material on the evening of day 7 of the semester.
      • For FIN 311, 321, 412, 422, 423, 451, and 461 you must have completed FIN 300.


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  39. Can I minor in Business?
    • The Business minor is designed for non College of Business students who wish to acquire some of the skills, perspective, and knowledge used in business. Comprised of 6 courses and 2 prerequisites, the new business minor will expose students to Microeconomics, Statistics, Accounting, Marketing, Organizational Behavior, and Corporate Finance. Declared minors have precedence over undeclared minors for registration in Fin 221. See http://www.business.uiuc.edu/undrgrad/Current/Minor.htm
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  41. I’ve completed my Finance requirements. Should I take additional Finance courses as Credit/No Credit?
    • Professor France’s advice is: “taking a course in your major Credit/No Credit is not a good idea. First of all, being a rational being with competing demands on your time, you will find yourself sloughing off the course, even if you start out with the best of intentions. Second, when I read a transcript, I assume that any course taken pass/fail translates to a bare C, for the reasons given above, and that therefore the student really won't have learned the material. I would be willing to bet that many recruiters think the same way I do.”
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  43. I want to get into Fin 232 or Fin 230, but the course was closed. What can I do?
    • These courses are among our most popular ones, and often close early. If you are a business senior, attend class the first day and be sure to sign in. If you are not a business senior, your chances of being able to add the course are extremely low.
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  45. I am not a Finance major, but I want to take some Finance courses. What can I do?
    • Some Finance courses will have space left when they open to more general registration, some will not. Check the dates and restrictions at see above.
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  47. I am trying to get a dual degree in Finance and Accountancy, but I am currently registered as an Accounting major. What can I do to add Finance courses?
    • We need to be sure all our majors get a first degree, so they will get first priority. In most Finance courses, registration is restricted to BUS majors after this initial period, so if we have space available, you should be able to get in then.
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