A novel photocrosslinkable and melt processible terpolymer precursor for carbon fibers has been successfully synthesized and characterized. The terpolymer was synthesized by an efficient emulsion polymerization route and has a typical composition of acrylonitrile/ methyl acrylate/acryloyl benzophenone in the molar ratio of 85/14/1. This thesis describes a systematic variation of the polymerization variables in the emulsion polymerization which may further enhance the system. In particular, the effects of chain transfer agent, initiator, and surfactant concentration on the polymer properties were studied. / Master of Science