Ph.D. Programme

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. Our programme 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.


Programme Structure

The Ph.D. programme requires the completion of 240 ECTS. The teaching part of the Ph.D. program is 90 ECTS and the research part 150 ECTS. The main stages of the programme are the following:

A. Coursework

  • 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 without failing any class.
  • 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 Examinations

  • 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.
  • Ph.D. students are required to successfully pass a comprehensive examination by the seventh semester of studies at the latest.
  • The comprehensive examination is graded with either Success or Failure.
  • A student who fails the exam will have to repeat it during the following semester (and no later than the end of the seventh semester of studies).

C. Specialization - Submission of Research Proposal

  • 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.
  • 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.

D. Research - Submission of Dissertation and Thesis Defense

  • Upon succeeding in defending the Research Proposal, the student will conduct original research under the guidance of his/her Advisor.
  • The dissertation must be original and make an important contribution to the relevant subject.
  • The submission of the doctoral dissertation and then the public presentation of the student's dissertation can be completed at the earliest during the 6th semester from the admission of the student to the doctoral program.
  • Support of the dissertation before a five-member Examination Committee. This Committee is appointed by the Council of the Department upon the recommendation of the Postgraduate Programs Committee of the Department and the research advisor


Description of all courses can be found here


Semester 1
Code/Course 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
Semester 2
ECO 651 Microeconomic Analysis II (ECO 601) 7.5
ECO 652 Macroeconomic Analysis II (ECO 602) 7.5
ECO 653 Statistics and Econometrics II (ECO 603) 7.5
ECO 688 Current Topics in Economic Research I 7.5
Semester 3
ECO 788 Current Topics in Economic Research II 7.5
3 elective courses 7.5 credits each

Notes on Semesters 4-8:

  1. Students enter the research stage, complete the comprehensive exam, submit their research proposal, submit their dissertation and defend their thesis.  





Elective courses
Code/Course ECTS
ECO 605 International Trade (ECO 603) 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 665 Behavioral and Experimental Economics 7.5
ECO 673 Applied Microeconometrics 7.5
ECO 680 Applied Financial Econometrics 30


Notes on elective courses:

  1. Students may replace up to two Elective Courses with graduate courses offered by other University Departments, subject to approval from the Departmental Council.
  2. Students may replace up to one Elective Course with an advance undergraduate course offered by another University Department, subject to approval from the Departmental Council.
  3. 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.

Graduate's Prospects

Students who have graduated from the Ph.D. in Economics have found placements in Universities, both abroad (Essex, King's College, Innsbruck, Heze) and in Cyprus (University of Cyprus, Open University of Cyprus, Frederick), as well as positions at the public (Ministry of Finance, Parliament of Cyprus) and private sector (WS Financial and Investment Services, Hellenic Bank).

Requirements and conditions

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 (Add link to the new site of MECA)
  2. Very good command of the English language.
Documents Required for the Application:
  1. Application through the Online Application System of the University.
  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, Add correct link 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.)
Application process

Prospective students must apply through the Graduate School of the University of Cyprus.

The application must include:

  1. Copies of University Degrees or a statement of expected graduation in the month preceding enrolment in the postgraduate programme.
  2. University Transcripts as appropriate.
  3. Curriculum Vitae/Resume
  4. A short statement (max. two pages) of the student’s research goals and interests.
  5. Two (2) signed letters of recommendation.
Tuition fees
The tuition fees of the programme are €4,000 for students who already hold a Master’s degree and €6,500 for students who do not hold a Master’s degree. 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.

Karavitis Panagiotis

PhD Graduate, 2017
Senior Lecturer, University of Glasgow

My choice to join the PhD programme in Economics of the department of Economics, University of Cyprus was a crucial one for me. The department employs high quality academics who publish consistently in top tier academic journals of their field. The programme is based on strict academic criteria and provides financial and research resources among others to the PhD students. I had everything an early career researcher desire. Excellent scientific support, participation in weekly seminars and workshops. Upon finishing my studies, I achieved to receive an offer as an Assistant Professor, in one of the top UK universities.