As you saw Michigan's got one. We started it for a number of reasons.
It formalized study for all the PhD students out there that were doing
dissertations on film with little to no training. It enabled us to
offer graduate seminars even though we were a program. It raised the
quality of our graduate assistants in undergrad classes, thanks to the
training they were getting in the seminars. And it was a first step
toward becoming a department (last month we became the Department of
Screen Arts and Cultures) and a PhD (looks like we'll admit our first
students next year).
Even with the new PhD degree, we will continue to offer the
certificate. There are plenty of students out there with subfields in
cinema/tv/digital media and the certificate serves them well. In a
substantial sense, it gives them formal training; in a more
superficial---but still important---way, it gives them something to put
on the CV.
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