On completion of Part-I, the candidates will be required to take comprehensive examinations.  However, candidates who have earned a GPA of at least 2.75 in all the 14 courses together may also be allowed to take the comprehensive exam and finish their remaining Part‑I requirements later.  The comprehensive exam will comprise of the following: Microeconomics, Macroeconomics and one optional subject of the candidate’s choice.  The first comprehensive exams will normally be held within one month of the final exam of the fourth quarter.  The second comprehensive exams will be held within three months of the first comprehensive exams.

The candidates must earn at least a “C” in each component and, an overall minimum of ‘B’ grade in the comprehensive examinations. If the candidate fails to do so, he/she will be entitled another chance to appear at the said examination in which he/she will have to take the exam in only those components in which he/she failed to earn at least a “B” in the first attempt.

After qualifying the comprehensive exams, the candidate will be required to present a research proposal before the Faculty.  Following this, the Incharge, GSP, in consultation with the candidate, will constitute a Dissertation Committee.  This Committee will consist of at least two members not below the rank of Research Economist/Assistant Professor, one of which will serve as the Principal Advisor (PA).

The PA must have a Ph.D (or at least a rank of Senior Research Economist/Associate Professor).  At least one of the Committee members must be from the Teaching and Research Staff of the Centre. 

The dissertation proposal together with the Committee’s recommendations will be forwarded for the consideration and approval of the BASR, University of Karachi. 

The dissertation requires at least one year’s study and research prior to its formal submission to BASR, for evaluation.  It will carry 12 credit hours.  The candidate will be required to submit six copies of his/her dissertation, which must be written in English, along with an abstract not exceeding 1000 words.

The dissertation will be examined by a committee of examiners which will consist of two members of the candidate’s dissertation committee and one external examiner from outside AERC.  He will be an expert in the subject.  The external examiner will be appointed by the BASR from among eight names which will be recommended by the GSC of the AERC. 

The candidate will also be required to defend his/her dissertation orally before a Defense Committee which will consist of at least two of the above three examiners of the dissertation and the Incharge, GSP as a non-voting member.  The award of the degree will be contingent upon satisfactory report of the external examiner on the dissertation and positive recommendations of at least two members of the Defense Committee one of whom must be from outside the University/AERC.

All M.Phil. students will be required to do Part‑I of the programme as full time students at the AERC. 

During Part‑II period, the residency requirement will be regulated in accordance with the advice of the Principal Advisor, in consultation with the Incharge, GSP. 

Those candidates who are granted credit transfers will be required to remain full-time students at AERC for at least one academic year.

All those candidates who complete all the requirements of Part‑I of M.Phil but fail to complete any of the Part‑II requirements would be entitled for the Degree of MASTERS IN APPLIED SCIENCE (MAS) in economics.