The Binghamton University State University of New York offers fully funded PhD in Economics. The PhD program in Economics requires a minimum of 60 credit hours and normally takes four to five years of full-time study. Ph.D. students select two elective fields of specialization from Econometrics – applied and theoretical, Labor economics, Advanced macroeconomics, Environmental economics, and Development economics. Approximately two-thirds of full-time Ph.D. students in the Economics Department are supported by fellowships and assistantships carrying an annual stipend plus a tuition scholarship and medical insurance. These awards are based exclusively on academic merit.