Students are required to complete a minimum of 16 graduate level courses, of which eight at most can be transferred from other programs, schools or universities. Up to four courses per semester may be counted toward the overall requirement of 16 courses. The eight courses taken in the first year usually consist of five required core courses in economics, finance, and econometrics courses (see below), two or three required accounting core courses (ACCT9300, ACCT9400, ACCT9410, ACCT9420, ACCT9430 depending on which courses are being offered that year), and sometimes one elective. In the second year, students take the remaining required accounting core courses (from the above list), and additional elective courses in economics, statistics, finance, management, or law . In the third year, students take any remaining electives, one of which can be the workshop colloquium (ACCT9810). Some students also occasionally construct individualized independent studies with faculty (ACCT9990), but only one independent study is allowed to count toward the 16 required CUs.