First-year PhD students may have to take end-of-year certifying examinations in microeconomics, macroeconomics, and econometrics. These examinations are taken in the summer after the first year. They are graded pass or fail. If students receive a grade of B+ or better in both of the one-semester courses that make up the first-year sequence in microeconomics, macroeconomics, or econometrics, they are exempted from the requirement to take the certification exam in that field.