On this page you will find useful information regarding the Ph.D. Programme in Economics.

More information about the programme is available in the Postgraduate Prospectus of the Department.

 General Information


The goal of the Ph.D. Programme in Economics is to provide training to individuals to become high quality researchers in line with international standards. Our aim is for our graduates to be able to successfully compete for employment at Universities, research institutions, public policy organizations, and the private sector. In addition to this, it aims at creating a dynamic research community at the University of Cyprus that will also raise the level of economic research in Cyprus and will infuse public debate on economic policy with scientific methods and rigorous analysis.

Past graduates of the programme are now employed in renowned Universities abroad, such as the University of Essex, University of Glasgow, Nottingham Business School in China and University of Innsbruck, as well as in several academic institutions in Cyprus.

To apply to the programme click on the following link: 

Online application form

Initial deadline for applications: 30/06/2021

Applications received by the initial deadline will be evaluated in the beginning of April with priority. The programme will be accepting applications after the deadline, which will be evaluated on a rolling basis for as long as there are available positions and scholarships.

 Admission Requirements

The minimum requirements for admission to the Ph.D. Programme are:

  1. A research-oriented Master’s Degree in Economics (similar in structure to the Master in Economic Analysis) and a strong background in Microeconomics, Macroeconomics and Econometrics.

    Note: Applicants who do not meet these requirements, but have a strong background in quantitative methods and wish to pursue a Ph.D. in Economics, are recommended to apply first for admission to the Master in Economic Analysis (see here)

  2. Very good command of the English language.
 Admission Process

Documents Required for the Application: 

  1. Application through the Online Application System of the University (see here).
  2. Two letters of recommendation.
  3. Copies of university degrees or a statement of expected graduation in the month preceding enrolment in the postgraduate programme.
  4. Transcripts as appropriate.
  5. Curriculum vitae.
  6. Motivation letter.
  7. English proficiency exam (This can be certified by international standardized tests such as GCE, TOEFL or other and are determined by the Department, see here).

Optional Documents (these documents are not required for the application and not submitting them will not harm an applicant’s chances of admission, but if available they would be helpful for the committee)

  1. Results of GRE Exam (UCY Institutional Code 4189)
  2. Grades on National University Entrance Examination, or respective international certificate (GCE, Baccalaureate etc.)

Evaluation of applications is done by the Departmental Committee of Graduate Studies, based on applicants’ performance in their undergraduate and postgraduate studies. Applicants may be called for an interview if this is deemed necessary. The Committee submits their recommendation to the Departmental Council, which has the final say on offering a position in the programme.

The Committee prepares individual curriculums for each student accepted. This will ensure that all students have the necessary skills and knowledge to proceed to the research stage of their programme.

Admitted students can have the opportunity to transfer credits from similar classes taken in other universities. Admission to the Ph.D. Programme does not automatically guarantee an exemption from taking the relevant coursework. Students admitted to the Ph.D. Programme are required to take at least some of the courses of the programme. However, it is possible to transfer up to 60 ECTS (roughly equivalent to one year of coursework), upon approval from the Departmental Committee of Graduate Studies. Thus, all students admitted directly to the Ph.D. Programme are required to at least some of the relevant graduate-level courses (with a minimum of 30 ECTS). Students cannot be exempted from the comprehensive examination.

Applicants who already hold any other Master’s degree typically receive much less credit for previous graduate-level coursework.


The Department makes every effort possible to ensure that the doctoral students have enough income to allow them to live independently during their studies. This is mainly accomplished through their employment as teaching assistants and research assistants, as well as through scholarships and participation in grants.

The Department covers the tuition fees of incoming full-time Ph.D. students. In addition to this, most students are offered financial aid in the form of scholarships or teaching assistantships, which allow them to cover their living costs.

Typically, the initial offer of financial support covers the first year of studies. Renewal of the support beyond the first year is usually offered to students who are admitted to the research stage of the Ph.D. programme and provided that the student complies with all duties towards the Department, as well as the rules of the University.

Students who are not financed during their first year of studies are still evaluated regarding the possibility of receiving financial support in subsequent years.

Students who are initially enrolled in the Master of Economic Analysis are also eligible for funding, although funding opportunities might differ.

The Department tries its best to clarify the financial support that incoming students should expect as soon as possible. Oftentimes, this is done already when the Department offers a position to the applicant in the programme or soon after that.

In the past decade, the Department has been able to provide financial support to all its Ph.D. students throughout their studies and to a substantial number of students enrolled in the Master in Economic Analysis.

 Programme Structure

Α. Coursework Stage

During the first two semesters, the students take two core courses in each of the three core areas of Economic Theory: Microeconomics, Macroeconomics and Econometrics, as well as one course of Analytical Methods and one course on Current Topics of Economic Research. During the third semester, students take field courses that give them the opportunity to acquire expertise in the research area they are interested in. Depending on course availability, a student might also take some field courses during the fourth semester.

To be eligible for admission to the research stage of the Ph.D. programme, a student needs to achieve an average grade of at least 6.5/10 in the 6 core courses of the first year of the curriculum (Microeconomics, Macroeconomics and Statistics & Econometrics) without failing any class. Students cannot repeat classes in order to improve their grades. However, the Department’s Committee of Graduate Studies can, in exceptional circumstances, allow students who have failed one class to repeat it.

Students who successfully complete the coursework stage, but do not meet the requirements to enter research stage of the Ph.D. Programme can graduate with a Master in Economic Analysis.


B. Comprehensive Exam

The second important step before entering the research stage of the programme is for a student to succeed in the comprehensive exam. For the comprehensive exam to take place, the student must first reach a mutual agreement with a faculty member who will agree to become the student’s main Advisor. For students who are required to take most part of the coursework stage, this is expected to happen before the end of their fourth semester of studies. For students who are exempted from most of the coursework, this is expected to happen slightly earlier.

In its current setup, the comprehensive exam consists of a written examination focused on topics related to the research area the student plans to work on. Typically, the examined material consists of a series of relevant academic papers that the student needs to study and understand in depth. These papers are chosen by the student’s Advisor.

The exam is administered by a three-member committee, which is usually consisted of faculty members of the Department and one of them is the student’s Advisor.  The committee is also responsible for the timing of the exam which should ensure that it takes place within the required time frame. The thee-member committee is appointed by the Departmental Council after a suggestion from the Department’s Committee of Graduate Studies and the student’s Advisor. A student who fails the exam will have to repeat it during the following semester (and no later than the end of the third year of studies, as specified by the University of Cyprus rules).


C. Research Proposal

The first milestone of the programme’s research stage is the submission of the Research Proposal. The student is expected to demonstrate the ability to study a new subject in an original way and his/her knowledge of the appropriate research methods. She/he is also expected to present some supportive preliminary results.

Students are required to have prepared and successfully defended their research proposal by the end of their third year of studies, including the time spent in the coursework stage. For students who are exempted from a substantial share of their coursework, this is expected to happen earlier. A necessary requirement is that the proposal is defended between two and four semesters after the student has succeeded in the comprehensive exam.

The committee examining the Research Proposal consists of three members proposed by the student's Advisor and appointed by the Departmental Council after a suggestion from the Department’s Committee of Graduate Studies and the student’s Advisor. The committee is chaired by the student's Advisor.


D. Dissertation Submission and Thesis Defence

Upon succeeding in defending the Research Proposal, the student will conduct original research under the guidance of his/her Advisor. This research should be oriented in leading towards the writing of the student’s Doctoral Dissertation. A completed Dissertation typically consists of a series of papers that have the potential to be published in established international academic journals.

When the student considers the Dissertation to be completed, and upon the approval of the Advisor, he/she should submit it to the Department and start preparing for its subsequent public presentation. The submission of a Doctoral Dissertation and its subsequent public presentation may be completed at the earliest during the sixth semester of the student’s enrolment in the Ph.D. programme. The Doctoral Dissertation needs to be submitted at the latest during the first month of the final semester of studies.

The Thesis Defence is conducted according to the relevant rules of the University of Cyprus. The candidate presents the Dissertation in an open lecture, with duration 30-45 minutes, before a five-member Examining Committee. During the Thesis Defence, the candidate gives a brief oral summary and answers questions on the content and results of the Ph.D. Thesis. The candidates are expected to defend the Thesis, demonstrate its originality and justify deviations from previous results in the literature.

The Examining Committee is set up by the Departmental Council at the suggestion of the Department’s Committee of Graduate Studies and the student’s Advisor. The Examining Committee is made up of three members of the Department’s faculty, one of which is always the student’s Advisor and they are typically the same members that examined the student’s research proposal, and two external members. The Chair of the Examining Committee is a member of the Department’s faculty, but not the student’s Advisor.

Detailed information regarding the Rules of Postgraduate Studies can be found in the webpage of the Graduate School.

Required Courses
CODE Course Name ECTS
ECO 601 Microeconomic Analysis I 7.5
ECO 602 Macroeconomic Analysis I 7.5
ECO 603 Statistics and Econometrics I 7.5
ECO 604 Analytical Methods in Economics 7.5
ECO 651 Microeconomic Analysis IΙ (ECO 601) 7.5
ECO 652 Macroeconomic Analysis IΙ (ECO 602) 7.5
ECO 653 Statistics and Econometrics IΙ (ECO 603) 7.5
ECO 688 Current Topics in Economic Research I 7.5
ECO 788 Current Topics in Economic Research II 7.5
Note: The courses in brackets are prerequisites
Elective Courses
CODE Course Name ECTS
ECO 605 International Trade 7.5
ECO 606 International Finance 7.5
ECO 610 Money, Banking and Financial Economics              7.5
ECO 611 Labour Economics            7.5
ECO 612 Industrial Organisation and Policy 7.5
ECO 613 Public Economics 7.5
ECO 644 The Economics of Firm Financing 7.5
ECO 664 Analysis of Economic and Financial Data 7.5
ECO 673 Applied Micro Econometrics 7.5
ECO 680 Applied Financial Econometrics  7.5
  1. Students who will not continue to the research stage of the Ph.D. in Economics and want to be awarded a Master in Economic Analysis should write a Master Thesis.
  2. Students may replace up to two Elective Courses with graduate courses offered by other University Departments, subject to approval from the Departmental Council.
  3. Students may replace up to one Elective Course with an undergraduate course offered by another University Department, subject to approval from the Departmental Council.
  4. Any course considered by the Departmental Council to have low attendance can be taught as a Reading Course or as an Independent Study (ECO 693 and ECO 696). Students cannot select more than two Reading Courses.

For more details on the content of each course, see the Postgraduate Prospectus.

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 Additional Information

The Coordinator of the Department’s Committee of Graduate Studies is responsible for guiding doctoral students from the time of admission up to the selection of a research Advisor. The research Advisor follows each student’s progress in research and other tasks, and provides the necessary guidance. 


Student Responsibilities

Students who receive financial support by the Department are usually employed as teaching assistants. As part of their teaching duties they may be required to teach tutorials, grade quizzes, problem sets and assignments, prepare class material, help students who conduct their theses or face learning difficulties, or a combination of the above. When needed by their role, students are required to hold weekly office hours.

In addition to the above, students are required to proctor a number of partial and final exams, during both exam periods. Proctoring responsibilities are not limited to the courses a student teach.

Students enrolled in the research stage of the Ph.D. programme are required to attend in each semester at least 80% of the seminars of the Departmental Seminar Series and of the School’s Brownbag Seminar Series. Attendance is confirmed by a faculty member who needs to sign the relevant document at the end of the seminar.

Students enrolled on a full-time basis in the research stage of the Ph.D. programme are required to present once a semester in the Departmental Seminar Series.

The Coordinator of the Department’s Committee of Graduate Studies is responsible for overseeing doctoral students’ completion of these requirements.


Funding sources and Scholarship Applications

The main sources of funding available to students are scholarships offered by the University, teaching fellowships offered by the Department, and participation in internally or externally funded projects.

The Department makes every effort possible to utilize all available resources that allow it to financially support its Ph.D. students. To ensure that, it requires students to apply for available internal and external scholarships and supports them in their applications. Students who are instructed to apply for a certain source of funding and refrain from doing so should not expect the Department to guarantee them a different source of financial support.

 Job Market Placements

The Department of Economics has awarded 22 Doctorate Degrees so far. Students who have graduated from the Ph.D. in Economics have found placements in Universities, both abroad and in Cyprus, as well as positions at the public and private sector.

Past Placements:


Almarina Grammozi

London School of Science and Technology



Snezana Eminidou

University of Innsbruck



Antri Konstantinidi

University of Cyprus

Special Scientist


Elena Savva

Ministry of Labor



Panayiotis Karavitis

University of Glasgow



Chen Yu

Heze University

Assistant Professor


Kyriakos Petrou

Cyprus International Institute of Management



Alexandros Polycarpou

Parliament of Cyprus



Maria Michael

Ministry of Finance



Marina Glushenkova

Nottingham Univ. Business School in China

Assistant Professor


Sotirios Kokas

University of Essex



Maria Matsi

Ministry of Finance

Economic Officer


Pantelis Mitsis

Cyprus Institute of Marketing



Ioanna Stylianou

University of Central Lancashire (UCLan), Cyprus



Constantinos Courouyiannis

WS Financial and Investment Services

Senior Analyst


Adamos Adamou

Commission for the Protection of Competition



Constantinos Vrahimis

Hellenic Bank



Sofia Andreou

University of Cyprus

Research Associate


Neofyta Embora

University of Cyprus

Research Associate


Paris Nearchou

University of Cyprus

Special Scientist


Elena Ketteni

Frederick University



Christina Christou

Open University of Cyprus