In very special and rare cases, students who have already been admitted to the Ph.D. Program are granted permission to receive the S.M. in Economics. This degree is awarded upon the satisfactory completion of a program which has been approved by the chairman of the Graduate Committee, a year's full-time study and the presentation of a satisfactory thesis. In addition to the thesis, the master's program usually involves completion of 6 out of the Department's 8 core requirements in theory, a semester of econometrics, and two subjects in a special field.