Department of
Economics
Table of Contents
Page 1: Getting started instructions
Page 2: Major & Degree requirements
Page 5: FAQ - Major & Degree requirements
Page 10: Additional registration info
Page 14: Graduation Planning
Page 16: Preparing for Career in Economics Info
PAGE 1: Getting started instructions
Please follow the appropriate instructions to register for courses, also please utilize the notes section in Degree
Works Audit. Should your Degree Works Audit have received an update prior to the Advisor reviewing your course
work OR if notes are not available within the Degree Works Audit, the packet will have course options that you are
able to consider-if you have not taken them already.
Transfer Orientation Instructions
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III.
Declare your Major: If you are certain about Economics, please be sure to do this in order to avoid an “MJ” Major
Declaration hold in the future.
1. Type in the following URL: www.cas.usf.edu/declare (OR locate the icon on the desktop)
2. Click the blue link that states “declare your major online.”
3. Sign on using your Net ID.
4. Fill out the page with your name, U#, and other information. At the bottom of the page, pick your major
from the drop down box.
5. You do not have an MJ hold on your registration.
6. Press “Declare” once at the bottom of the page.
7. Please note that this declaration will take about 48 hours to process in the system.
Searching and Registering for courses.
1. Please open your Student Oasis account (log into myusf; select “my resources” from the green bar at the top; then
“Oasis”); then click student; registration; select term and submit once you have identified correct term (I,e:
Summer 2015 or Fall 2015); if you desire to see if you have any holds you can select registration status and you
should be able to identify any holds on your account here; you will then want to select “Register, Add or Drop
Classes” as this is where you will put the CRN numbers for the courses that you desire to register for (if you need
to change your schedule (I,e: add/drop a course) you can do so here during registration until add/drop wee; you
can also use the “Week at a Glance” option to see the how courses have been scheduled up to a point;
Degreeworks (if needed). The third tab will be the course schedule page.
2. You can get to the course schedule page by going back to www.usf.edu. Click on the green bar that says
“Academics.” On the left side of the page in green lettering, click on “Courses and Calendar.”
3. Then, on the right side of the page, click “Class Schedule Search.”
4. At the top of the page, click on “Summer 2015” or “Fall 2015” from the drop down box. Then, click “Tampa” from
the campus box. A large section will open up below.
5. Economics courses can be found by searching Department: Economics; Capstone Exit and Writing Intensive Exit
course can be found by using the bottom right of the class schedule search; Foundations of Knowledge and
Learning courses can also be found using the bottom right of the class schedule search (NOT the left); Gordon Rule
Communication courses can be found using the bottom left of the class schedule search; Specific courses can be
found using the subject and course number; Non-Major Upper Level (3,000 or 4,000) courses can be found by
typing the number “3” or “4” into the “Number” box on the class schedule search; Use your handout and speak
with the advisors to determine the best schedule for you.
6. Once you find a course that you want to take, copy the CRN and go back to the Oasis page
7. On Oasis, under Student, under “Add or Drop Courses,” paste the CRN in an empty box and press submit. Every
time you find a course you want, immediately put the CRN into Oasis and press submit. Once you get a course
listed on Oasis, move on to your next requirement.
Log into Oasis and DegreeWorks (if student needs to open Degree Works Audit)
1. Open a new tab and go to www.usf.edu.
2. From here, click on “myUSF,” which is on the top right of the page in the dark green bar.
3. A dashboard will open up. Click on “Oasis.”
4. Click on “Student.” This page is very important, and you will come back to it in a minute.
5. Click on “Degreeworks.” A new page will open up that has your information at the top with your test scores (if
you scroll a bit down).
6. Refer to your test scores and flow chart to determine math and science coursework needed
7. Refer to Degreeworks, about halfway down the page to determine FKL’s still needed.
8. If you have test credit or dual enrollment credit, please consult with an advisor
To schedule an advising appointment:
USF Students: http://eschedule.forest.usf.edu/login.aspx
Non USF Students: http://eschedule.forest.usf.edu/NonStudentlogin.aspx
PAGE 2: Major and degree requirements
B.A. ECONOMICS
Requirements for the Major in Economics 33 credits
Students must obtain a grade of “C-” or higher in all courses
required for the major or minor in Economics.
Grade point average of 2.0 or better must be maintained in Major or Minor coursework.
Location: CMC 206b. [email protected]. Ph: 813/974.4252 Fax: 813/974.6510
Core Courses: 18 Credit Hours
ECO 2013
Macroeconomics Principles(SB)
ECO 2023
Microeconomics Principles
ECO 3101
Intermediate Price Theory
2233 (C-) or MAC 2311 (C-)
ECO 3203
Intermediate Macroeconomics
) or MAC 2233 (C-) or MAC 2311 (C-)
ECO 4935
Analytical Tools for Economists
STA 2023
Introduction to Statistics
* Pre-Req
3 hrs
3 hrs
3 hrs
ECO 2023 (C-) + ECO 4935 (C-) or MAC
3 hrs
ECO 2013 (C-) + ECO 3101+ECO 4935(C-
3 hrs
3 hrs
Elective Courses: 15 Credit Hours
* Pre-Req
ECO 3622
American Economic History
3 hrs
ECO 3703
International Economics(In’l, MW/MI) 3 hrs
ECO 4105
Advanced Price Theory
3 hrs
ECO 4201
Advanced Macroeconomic Theory
3 hrs
ECO 4270
Economic Growth
3 hrs
ECO 4303
History of Economic Thought
3 hrs
ECO 4323
Radical Political Economy(MW/MI)
3 hrs
2023)
ECO 4400
Game Theory & Economic Applications 3 hrs
ECO 4401
Intro to Mathematical Economics
3 hrs
MAC 2241 or MAC 2233)
ECO 4421
Introduction to Econometrics
3 hrs
or better)
ECO 4504
Public Finance(PLC)
3 hrs
ECO 4704
International Trade and Policy(In’l)
3 hrs
ECO 4713
International Macroeconomics(In’l)
3 hrs
ECO 4905
Independent Study (S/U)
3 hrs
ECO 4914
Independent Research
3 hrs
ECO 4935
Special Topics
ECP 3125
Economics of Inequality, Poverty, & Discrim.
2023)
ECP 3201
Economics of Women and Work (MW/MI) (PLC) 3 hrs
ECO 2023)
ECP 3203
Labor Economics(PLC)
3 hrs
ECP 3302
Environmental Economics (MW/MI) (PLC)3 hrs
ECP 3413
Economics of Regulation and Antitrust(PLC)3 hrs
ECP 3403
Industrial Organization
3 hrs
ECP 3530
Economics of Health(PLC)
3 hrs
ECP 3613
Urban Economics
3 hrs
(ECO 2013 and ECO 2023)
(ECO 2013 and ECO 2023)
(ECO 3101 w/ B or better)
(ECO 3203 w/B or better)
(ECO 3101)
(ECO 2013 and ECO 2023)
(ECO 1000 or ECO 2013 or ECO
(ECO 2013 and ECO 2023)
(ECO 2013 and ECO 2023, and
(ECO 3101 and QMB 3200 w/ B
(ECO 3101)
(ECO 3101)
(ECO 3101)
(ECO 1000 or ECO 2013 or ECO
(ECO 1000 or ECO 2013 and
(ECO 3101)
(ECO 2023)
(ECO 2013 and ECO 2023)
(ECO 3101)
(ECO 3101)
(ECO 3101)
ECP 3623
Regional Economics
ECP 4006
Economics of Sports
3 hrs
ECP 4232
Collective Bargaining and Public Policy 3 hrs
ECP 4451
Law and Economics (PLC)
3 hrs
ECP 4505
Economics of Crime(PLC)
3 hrs
ECP 4510
Economics of Education
ECO 2023 w/ B)
ECP 4704
Economics of Business Strategy
3 hrs
ECS 3013
Economic Development (In’l)
3 hrs
ECS 4003
Comparative Economic Systems (In’l, MW/MI) 3 hrs
2023)
ECS 4430
Economic of Latin America (In’l)
3 hrs
ECO 2023)
(ECO 3101)
(ECO 3100 or ECO 3101)
(ECO 2023)
(ECO 2013 and ECO 2023)
(ECO 2013 and ECO 2023)
(ECO 3101 or ECO 2013 and
(ECO 3101)
(ECO 2013 and ECO 2023)
(ECO 1000 or ECO 2013 or ECO
(ECO 1000 or ECO 2013 and
Requirements for the Minor in Economics 18 credits
ECO 2013 Economic Principles: Macroeconomics
ECO 2023 Economic Principles: Microeconomics
Electives
Economics electives numbered 3000 or higher (may include QMB 3200)
ECO 1000, if taken before both ECO 2013 and ECO 2023, may be substituted for 3 hours of upper
level electives. At least 9 hours must be taken in residence at USF. See list of courses above.
**Note**
-MAC 2233 Business Calculus or MAC 2311 Calculus 1 (or the equivalent) is an acceptable
alternative to ECO 4935 and prerequisite for ECO 3101 and ECO 3203.
-QMB 3200 is an acceptable alternative to STA 2023.
-ECP 3703 (C), Managerial Economics (formerly ECO 3100), may be substituted for ECO 3101.
Students may not take both for credit.
-No more than 3 hours credit can be applied toward a major from ECO 4905 and/or ECO 4914.
-At least 12 hours of upper level credit must be taken in residence at USF-Tampa.
All students entering USF for the first time, in Fall 2012 or later, who earn 3D and/or F grades in any
of the following courses at USF: ECO 2013, ECO 2023, ECO 3101, ECO 3203, STA 2023 (or QMB
2100), and ECO 4935 (or MAC 2233, MAC 2311 or equivalent) will be required to change their
major to a major more appropriate to their goals and academic performance, and to a major
that is not conferred by the Department of Economics through the College of Arts and Sciences.
All continuing USF students who entered USF prior to Fall 2012 and who have not earned any D or
F grades in any of the following courses at USF: ECO 2013, ECO 2023, ECO 3101, ECO 3203, STA
2023 (or QMB 2100), and ECO 4935 (or MAC 2233, MAC 2311 or equivalent) by the beginning of
Fall 2012, will also be allowed 3 D and/or F grades in those courses before being required to
change their major to a major more appropriate to their goals and academic performance,
and to a major that is not conferred by the Department of Economics through the College of
Arts and Sciences.
All continuing USF students who entered USF prior to Fall 2012 and who have earned 1 or more D
or F grades in any of the following courses at USF: ECO 2013, ECO 2023, ECO 3101, ECO 3203,
STA 2023 (or QMB 2100), and ECO 4935 (or MAC 2233, MAC 2311 or equivalent) by the beginning
of Fall 2012, will only be allowed 2 more D and/or F grades in those courses before being
required to change their major to a major more appropriate to their goals and academic
performance, and to a major that is not conferred by the Department of Economics through the
College of Arts and Sciences.
Grade Forgiveness will NOT apply to the mandated requirement of changing majors.
Additional Requirements: Consult with Advisor
General Education: 36 hours- Choose either FKL or Liberal Arts depending on when you entered USF

English Composition – 6 hours
ENC 1101
 FKL categories – use if you entered USF Fall 2009 or later
ENC 1102
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2 courses (6 hours) in CAMA/CAQR Mathematics
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1 course (3 hours) in CANP Physical Science
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1 course (3 hours) in CANL Life Science
____________
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2 courses (6 hours) in CASB Social/Behavioral Sciences
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1 course (3 hours) in CAFA Fine Arts
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1 course (3 hours) in CAGC Human/ Cultural Diversity in a Global Context
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2 courses (6 hours)in CAHU Humanities
2 courses (6 hours) from above must also meet HHCP Human Historical Context and Process dimension.
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 Liberal Arts categories – ***Use if you entered USF prior to Fall 2009***
English Composition – 6 hours
ENC 1101
ENC 1102
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2 courses (6 hours) in CAMA/CAQM Mathematics
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2 courses (6 hours) in Natural Sciences
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2 courses (6 hours) in Social Sciences
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1 course (3 hours) in Fine Arts
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1 course (3 hours) in ALAMEA Perspectives
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2 courses (6 hours) in Historical Perspectives
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Exit/Upper-level Requirements: Choose either FKL or Liberal Arts depending on when you entered USF
 FKL categories – use if you entered USF Fall 2009 or later
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1 course (3 hours) in CPST Capstone

1 course (3 hours) in WRIN Writing Intensive
 Liberal Arts categories – ***Use if you entered USF prior to Fall 2009***
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1 course (3 hours) Literature and Writing Exit
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2 courses (6 hours) Major Works/ Issues Exit
Other University and College Requirements:
 120 hours – Total hours needed to be eligible for graduation
 30 of the last 60 hours – Must complete 30 hours of the last 60 hours of coursework at USF (Tampa)
 80 hours-Total hours must be taken outside Major
 48 hour rule – 48 hours of upper level courses (3000 level and above)
 Summer rule – Must complete 9 hours of credit during summer terms
 GPA Requirement - Students must earn an Overall 2.0 GPA and USF 2.0 GPA and 2.0 Major
 FLENT (Foreign Language Entrance Requirement)
 FLEX (Foreign Language Exit Requirement)
 Gordon Rule Communication and Computation
PAGE 5: FAQ - Major and Degree requirements
Hello Student!
Transfer Orientation:
http://www.ugs.usf.edu/academicadvising/docs/Registration_guide_blackboard.pdf
http://economics.usf.edu/undergraduate/using/
http://economics.usf.edu/data/ECO%20Handbook.pdf
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ECO 2013: Macroeconomics
ECO 2023: Microeconomics
ECO 4935: Analytical Tools for Economists: This course will provide you with all of the
mathematical tools you will need for an undergraduate economics major. Once developed,
each concept is immediately applied to an economic topic. Analytical Tools for Economists
may be used in place of calculus as the prerequisite for Price Theory. Students with a strong
background in math or who are thinking about graduate school in economics are encouraged
to take calculus instead. *(The Analytical Tools course should only be taken to meet ECO
3101/ECO 3203 pre-req. Even if Calculus is taken later, please note the Analytical Tools course at
WILL NOT count as an Economics Elective course at any point. Please take either the Analytical
course OR a Calculus course to meet pre-req requirements)
STA 2023: Students can also take this course instead of QMB 2100 and QMB 3200 and receive
the adequate Statistics needed to proceed through the Economics Major. *(Note: Students
who take the Analytical Tools course instead of Calculus should plan to take STA 2023 as QMB
3200 requires Calculus as a pre-req)
QMB 2100: Business and Economics Statics I *(Please note that in order to take QMB 3200:
Business and Economics Statistics II-one must have 60 credit hours earned and MAC 2311 or
MAC 2233)
QMB 3200: Business and Economics Statistics II *(Note: If you meet the appropriate prerequisites for this course, you will still need to contact the College of Business, in order to
receive a “permit” to register for the course. Information here: College of Business Permit
information: http://www.usf.edu/business/undergraduate/advising/permit.aspx
ECO 3101: Intermediate Price Theory (One must have: ECO 2023 and ECO 4935 or MAC 2311 or
MAC 2233) *(Note: If you have “Exam Credit” MAC 2233 or MAC 2311, you will need to
contact [email protected] to receive a permit for ECO 3101 as the system may not
recognize that “Exam Credit” and hinder you from registering.
Economics Elective course options (if open seats) for students that have ECO 2013 and/or ECO
2023: *(Note: Economic CORE and Elective options can be searched via the class schedule
search system, by selecting Department: “Economics” Status: “All” as this will bring up courses
with “open” and “closed” seating. You will also have a copy of the CORE and Elective courses
that are being offered for Summer 2015 and Fall 2015. Again, those that one would be eligible
to take based on having ECO 1000 or ECO 2013 and/or ECO 2023 are listed below. The
Department of Economics offers various Electives each semester, therefore, one must choose
based what is offered, interest, and having the appropriate pre-requisites. Please note, if you
have “Exam Credit” for ECO 2013 and/or ECO 2023, you will need to [email protected] to
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receive a permit for the respective Economics Elective that you desire to take as the system
may not recognize that “Exam Credit” and hinder you from registering.
o ECO 2023:
 ECP 3302: Environmental Economics (Fall)
o ECO 2013 and ECO 2023 required:
 ECO 3703: International Economics ( Summer & Fall)
 ECP 3413: Economics of Regulation & Antitrust (Fall)
 ECP 4505: Economics of Crime(Fall)
 ECP 4510: Economics of Education (“B” or better needed in both ECO
2013/ECO 2023) (Fall)
 ECS 3013: Economic Development (Fall)
 ECO 3622: American Economic History (Summer)
MAC 2233 (Business Calculus) or MAC 2311 (Calculus)
o Note: Student thinking of pursuing Graduate work in Economics may take Calculus as it
better prepares them; others might just take Business Calculus
o How to get into Calculus meet Pre-reqs or take CPT Exam
 MAC 2233 (Pre-reqs):
• ACT Math Minimum Score: 26
• or SAT Math Minimum Score: 590
• or MAC 1105 Minimum Grade: C
• or MAC 1140 Minimum Grade: C
• or MAC 1147 Minimum Grade: C
 MAC 2311 (Pre-reqs):
• SAT Math Minimum Score: 650
• or ACT Math Minimum Score: 29
• or MAC 1147 Minimum Grade: C
• or
• MAC 1114 Minimum Grade: C
• and MAC 1140 Minimum Grade: C
 CPT Placement Exam: http://uc.usf.edu/testing/cpt.asp
 CLEP: See CLEP Handout for more information or contact Advisor for CLEP
handout
 Exam Credit for MAC 2233 or MAC 2311:
http://www.ugs.usf.edu/student/crbyexam/exams.cfm
o Math Advisor Permit information: http://math.usf.edu/forms/permit.aspx
http://math.usf.edu/resources/advising/
Exit Course (Capstone Exit or Writing Intensive Exit): One must take One Capstone Exit (3credit
hours) and one Writing Intensive Exit course (3 credit hours) These are not specific to Major,
rather, Upper level general education exit courses that must be taken at the USF-Tampa campus
prior to Graduating. One can search for options that meet this requirement via the Class
Schedule search system-bottom right by selecting each respective exit course (Capstone or
Writing Intensive) one at a time (the search will not let you look for both courses together) You
can select Status: “All” in order to see courses with “open” and “closed” seating or simply view
“open” seating courses. Most courses should be an option for you to take unless they are
restricted to a certain Major (I,e: Chemistry) or to a certain class standing (I,e: Junior; Senior;
etc) The following link also has a list of the course options:
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http://www.ugs.usf.edu/gec/fkl/FKLrequirements.html *(Please just double check the class
schedule search as it the most accurate and up to date as I am not sure how often this list is
updated) Below are courses from each category that others have suggested:
Capstone Exit:
o ENG 4674
o EVR 4027 (online version only)
Writing Intensive Exit:
o ENC 3250
o ENC 3310
o ENG 4674
o LAE 4414
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Foreign Language (2 Semesters of same Foreign Language passed with a “C” or better needed in
order to receive a Bachelor’s of Arts in Economics. Note: Bachelor’s of Science within College of
Business will no longer exist after a few semesters. Only students who started with the program
and will currently finish are able to continue to pursue the program from my understanding)
o Foreign Language Requirements (FLENT and FLEX): FLENT or the Foreign Language
Entrance Requirement should be completed prior to entering USF. Students who
completed two years of the same foreign language in high school should submit an
official high school transcript to USF Admissions (Office of Undergraduate Admissions
4202 E Fowler Avenue, SVC 1036
Tampa, FL 33620)to complete FLENT. In addition to
the Foreign Language Entrance(FLENT) requirement all students applying for a Bachelor
of Arts degree from USF must demonstrate competency in a foreign language-this
requirement is known as the (FLEX) or the Foreign Language Exit requirement. To
demonstrate this competency, students may take either two semesters of a beginning
college-level foreign language or one semester of a higher-level course and earn a letter
grade of “C” (no “S” grades) or above in the appropriate level course or demonstrate
equivalent competency by passing an examination.
o Note: There are Testing (Placement or CLEP) out options, please see Orientation folder
for more information, in addition, consult with your Advisor ([email protected]) as
well as the World Languages Advisor for options: [email protected]
o As of right now, please note that Sign Language is accepted within the College of Arts
and Sciences Economics Major
o By reviewing your Degree Works Audit or by searching Department: “World Languages”,
Foreign Language options (except for American Sign Language-search Subject: “ASL”)
available for the respective semester should come up. Please pay attention to the
comments and instruction for respective courses as it will tell you to call a certain
number for a permit-a permit is what is input in the system for one to be able to register
for a course at times.
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Upper Level Credit: Students need 48 credit hours at a 3,000 or 4,000 level
o College of Arts and Sciences ECO Major will give you 24 credit hours (depending on what
you already taken)
o Exit Courses: Capstone and Writing Intensive Courses will give you 6 credit hours
o Thus, you may only need to take 18 additional credit hours at a 3,000 or 4,000 level-at
most-depending on what you come in with to meet this goal. Some students choose to
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pursue a Minor with these “additional” credit hours instead of taking “random” 3,000 or
4,000 level courses
o Note: The “Number” option on the Class Schedule search to search by “3” or “4” to
search for 3,000 or 4,000 Upper Level course work
o Upper Level Courses Options (if you plan to take the “random” 3/4,00 level route, below
are other recommendations:
 MUL 3001
 ARH 3001
 SPM 3012
Gordon Rule Courses: Should you have any of these courses to fulfill, you can also search via
the Class Schedule search-bottom left (if facing computer screen) in order to find courses that
meet this requirement.
o Gordon Rule Communication: Students must take 12 credit hours to fulfill the Gordon
Rule Communication requirement. *(Note: 6 credits hours should be applied from
English I and English II, thus leaving the student with 6 credit hours in order to meet this
requirement)
 REA 2105
o Gordon Rule Computation:
 Math (MAC 2233 or MAC 2311) and Statistics (STA 2023 or QMB 2100)
courses should satisfy this requirement
FKL Courses: Should you need any FKL courses, you can search via the Class Schedule search at the
bottom right (if facing screen) for the respective FKL that you need to fulfill (I,e: FKL English, FKL Life
Science, FKL Physical Science, FKL Social and Behavioral Science, FKL Fine Art, FKL Human Cultural and
Diversity in a Global Context, or FKL Humanities)
http://www.ugs.usf.edu/gec/fkl/FKLrequirements.html
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You should also be able to view course options here (in addition, learn how many courses one
must take to satisfy this respective category):
http://www.ugs.usf.edu/gec/fkl/FKLrequirements.html
No recommendations at this time *(Note: ECO 2013 (as of right now) counts as an FKL Social
and Behavioral Science courses)
FKL Math and Quantitative Reasoning Requirement: Note: Math (MAC 2233 or MAC 2311) and
Statistics (QMB 2100) courses should satisfy this requirement
Degree Works Audit:
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You should be able to access Degree Works through the MyUSF Log-in Portal via your student
OASIS account
Please use this helpful tool in order to keep track of your Degree progress, credit hours, notes
from Advisor, and other helpful information
ECO 4935:
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ECO 4935: No plans to offer Special Topic: Exit Requirement in Economics at all at this point
Currently, requirement being waived for students until further notice
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ECO 4935: (Special Topic) is also the “Special Topic” code for the Department of Economics,
therefore, other courses may be offered under the same Subject and number:
o Sometimes in Degree Works when students registered for courses with that same
Subject and Course number it may slip into the ECO 4935 (Exit Requirement) spacesometimes Advisor has had to move the course(once grades roll) into the Elective space
for the student
o Sometimes seeing these course options makes students think that they still need to
meet the (ECO 4935: Exit requirement) OR that they need to take that specific ECO 4935
course being offered to meet the (ECO 4935: Exit Requirement) when they do not.
College of Business vs. College of Arts and Sciences:
• (Internally) The main difference between the College of Business and the College of Arts and
Sciences is the College expectations: Students within the College of Business have Business Core
Classes (I,e: Finance, Marketing, Accounting) in which the College of Business students have to
take, in addition, the College of Business is a limited access program-meaning students must
meet certain requirements in order to strive to seek access into the College (I,e: Meet Pre-req
courses, GPA minimums; etc)
• Courses that overlap between the 2 Colleges: MAC 2233, ECO 2013, ECO 2023, QMB 2100, QMB
3200
• Unfortunately, Economics is no longer an option within the College of Business (the College of
Business previously offered a B.A. and a B.S. in Economics)As of right now, Economics is only
available within the College of Arts and Sciences as a Bachelor’s of Arts (B.A.)
o (Internally) The difference was:
 B.A.=2 semesters of same Foreign Language passed with a “C” or better
 B.S.=Typically, means no Foreign Language requirement
o In relation to career opportunities and Degree there was no real other difference here
• Please note the MAJOR (Economics) requirements for the College of Business and the College of
Arts and Sciences were exactly the SAME with the exception of the College of Business
requirements and Business Core Classes.
• For more information about the College of Business, please visit here:
http://www.usf.edu/business/
• College of Business Permit information:
http://www.usf.edu/business/undergraduate/advising/permit.aspx
Minors (and other Double Majors):
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See Minor or Major Advisor of interests *(Undergraduate Catalog:
http://www.ugs.usf.edu/catalogs.htm) (Web version)
To find Advisor contact information, here is a good place to start:
http://www.ugs.usf.edu/academicadvising/index.htm
PAGE 10: Additional registration Info
Course Evaluations:
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1st Step: Office of Admissions Evaluation
2nd Step: Once (Major is declared) respective College (I,e: College of Arts and Sciences, College of
Business, College of Public Health, etc) reviews students work
3rd Step: If after these reviews have occurred, which typically, take about a Semester from the
student attending School at USF-Tampa, then student can work with Major Advisor to have
courses evaluated by respective Department in which the course would fall under at USF-Tampa
Permits:
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Permits can only be entered in by the Advisor of the Department in which the course is taught
within-student would need to see the respective Advisor for permit (if student believes student
meet qualifications to receive permit)
Maybe able to provide Advisor with Unofficial Transcript; Scanned unaltered documents (I,e:
Scanned version of Unofficial Transcript with course; Screen shot with your information, the
course, the grade, Exam Credit, etc)
Some Departments have it set up to where students can request permits online; some
Departments students will need to e-mail the Advisor’s advising e-mail address for assistance.
To find out which Department a course is taught in click course subject and number within the
class schedule. To find Advisor contact information, here is a good place to start:
http://www.ugs.usf.edu/academicadvising/index.htm
How to schedule an appointment with an Advisor:
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E-scheduler on-line system Link:
https://webauth.usf.edu/login?TARGET=http%3a%2f%2feschedule.forest.usf.edu%2fadminlogin
.aspx
You should select the respective Department or College in which you are trying to gather
information from or meet with
Note: When trying to schedule an appointment with the College of Arts and Sciences Economics
Advisor: you should select Economics-College of Arts and Sciences; when trying to schedule an
appointment with the College of Business: you should select Business within the E-scheduler
online system.
Information on how to register for classes, Summer 2015 and Fall 2015 course options, Economics
Electives Pre-req information, and an Economics 4 year plan and much more information are included in
your packet.
As stated before, please feel free to schedule an appointment with the Advisor to speak about your
situation in detail. You are more than welcome to come in person or to speak with the Advisor over the
phone.
PAGE 14: Graduation Planning
YEAR ONE
FALL
ENC 1101 English Composition I/ Gordon
Rule Communication
XXX FKL NS Life Science
ECO 2013 Macroeconomics/FKL Social and
Behavioral Science
XXX FKL Humanities/Historical Context
and Process
SLS2901 Academic Foundations Seminar
Total Hours: 15
YEAR TWO
FALL
XXX 3/4XXX Major Selective/UL
XXX FKL Humanities/Gordon Rule
Communication
XXX 4 hrs Total Hr Elective
XXX FLEX/Foreign Language I
Total Hours: 14
SPRING
ENC 1102 English Composition II/Gordon
Rule Communication
ECO 2052 Analytical Tools for Economics
or MAC 2XXX Business Calculus or
Calculus
ECO 2023 Microeconomics
Create an Employ-A-Bull account
Consider student organizations:
http://involvement.usf.edu/search.htm
XXX FKL Human/Diversity & Global
XXX FKL Fine Arts
Total Hours: 15-16 *(Depending on
Calculus)
SPRING
STA 2023 Introduction to Statistics I or
QMB 2100 Business & Economics
Statistics
XXX FKL Social & Behavioral Sciences
XXX FLEX/Foreign Language II
XXX 4 hrs Total Hr Elective
Total Hours: 14
YEAR THREE
FALL
SUMMER *(Need at least 9 credit hours)
Visit Career Center and/or TRAC office
consider Minor options
ECO 3101 Intermediate Price Theory
SPRING
ECO 3203 Intermediate Macroeconomics
XXX FKL NS Physical Science
XXX 3/4XXX Major Selective/UL
XXX 3/4XXX (4) Total Hr Elective/UL
XXX 3/4XXX (4) Total Hr Elective/UL
XXX 3/4XXX Major Selective/UL
XXX 3/4XXX Total Hr Elective/UL or QMB
3200 Business & Economics Statistics
Total Hours: 15
XXX 3/4XXX Total Hr Elective/UL
XXX Writing Intensive/Gordon Rule
Communication
Total Hours: 15
YEAR FOUR
FALL
XXX 3/4XXX Major Selective/UL
SPRING
XXX Total (4) Hr Elective
XXX FKL Capstone
XXX 3/4XXX Major Selective/UL
XXX Total (4) Hr Elective
XXX Total Hr Elective
XXX 3/4XXX (4) Total Hr Elective/UL
XXX 3/4XXX Total Hr Elective/UL
XXX Total Hr Elective
XXX 3/4XXX Total Hr Elective/UL
Total Hours: 16
Total Hours: 16
Total Hours:
SUMMER *(Need at least 9 credit hours)
Graduation check-in & consider
Graduate School
Consider possible Internships or Study
Abroad opportunities
Total Hours:
SUMMER *(Need at least 9 credit hours)
Start completing Graduate School
applications
Visit the Career Center for Job Search
Prep (Resume; Cover Letter;
Interviewing; Career Library)
Beginning Junior semester: Apply for
ECO Accelerated program
Total Hours:
SUMMER *(Need at least 9 credit hours)
In Fall or Spring complete Graduation
check and apply for Graduation
Final semester Complete Accelerated
program transition application
Total Hours:
If already taken:
•
QMB 2100 Alternative Courses: STA 1014; STA 2122; ENG 3443; STA 2023; PSY 2204; PSY 3213; PSY 3204
•
QMB 3200 Alternative Courses: STA 3024
•
ECO 3101 Alternative Courses: Managerial Economics(Old number: ECO 3100 or New Number: ECP 3703--Neither offered anymore)
•
Major Residency: 12 credit hours of Upper Level (Major) course work must be taken in Residence at USF-Tampa
This plan is not intended for students to self-advise, but rather as a general guideline to promote student success, decrease student debt, and facilitate a timely graduation. Please make
sure that you are meeting with your Academic Advisor on a regular basis to ensure that you are taking the proper coursework for your academic and career goals.
Milestones for Advising
First Year:
•
•
•
•
•
•
•
•
•
•
•
Attend every class and turn in every assignment on time
Work on improving and learning effective study habits
Use a planner to write due dates and schedule (they are free in MSC)
Learn University’s policies on plagiarism, cheating, and academic integrity
Learn educational systems such as OASIS, Degree Works, Canvas, Schedule Search, MyUSF
Utilize academic support services as needed such as The Writing Center and The Learning Commons
Become familiar with university administration such as Financial Aid, Office of Admissions, Registrar, and Cashier
Seek out connections with students and faculty from within your major
Get involved on campus in student organizations
Make appointments to see your advisor in each semester to release your AA hold and discuss progress and goals
Visit Career Center and/or TRAC office consider Minor options: http://www.usf.edu/career-services/ & http://www.ugs.usf.edu/trac/trac.htm &
http://www.ugs.usf.edu/catalogs.htm
•
Create an Employ-A-Bull account: https://www.myinterfase.com/usf/Account/LogOn?ReturnUrl=%2fusf%2fstudent
•
Consider student organizations: http://involvement.usf.edu/search.htm
•
Visit Myplan: http://www.myplan.com/
•
Action(s):
o
___________________________________
Date completed: _____________________
o
___________________________________
Date completed: _____________________
Second Year:
•
Seek undergraduate research, study abroad, or internships
o
http://www.usf.edu/research-innovation/
o
http://educationabroad.global.usf.edu/
o
http://www.usf.edu/career-services/students/internships-and-co-op.aspx
o
http://gia.usf.edu/el/
•
Continue involvement in student organizations and plan to take on leadership positions in said organizations
•
Explore career goals by visiting the Career Center (SVC 2088)
•
If considering graduate schools of any type ( law school, health professions) after graduation, make an appointment to meet with these specialty advisors
o
http://gia.usf.edu/prelaw/
•
Continue to maintain consistent contact with your advisor
•
Discuss course selections and goals with your advisor
•
Graduation check-in & consider Graduate School:
o
http://economics.usf.edu/undergraduate/ba_ma/
o
http://www.usf.edu/career-services/students/considering-graduate-school.aspx
o
https://www.aeaweb.org/gradstudents/index.php
•
Action(s):
o
___________________________________
Date completed: _____________________
o
___________________________________
Date completed: _____________________
Third Year
•
Be involved in undergraduate research and or internships
•
Continue involvement in student organizations and plan to take on leadership positions in said organizations
•
Create resume; identify achievements and address gaps
•
Research career options and graduate programs
o
Start completing graduate school applications
o
Visit the Career Center for Job Search Prep (Resume; Cover Letter; Interviewing; Career Library)
o
Beginning Junior semester: Apply for ECO Accelerated program
•
Approach faculty about letters of recommendation
•
Take graduate school entrance exams
•
Continue to maintain consistent contact with your advisor
•
Discuss course selections and goals with your advisor
•
Meet with faculty to discuss and plan for letters of recommendation
•
Action(s):
o
___________________________________
Date completed: _____________________
o
___________________________________
Date completed: _____________________
Fourth Year
•
Review your Degree Works audit with your advisor for final graduation check
o
Apply for Graduation via Student OASIS Account & Register for Commencement Ceremony: http://usfweb2.usf.edu/commencement/
•
Maintain consistent contact with your Academic Advisor to discuss post-graduation plans
•
Continue work with the Career Center to build job seeking skills and implement post graduation plans
•
Prepare your final applications to graduate school
o
Final semester Complete Accelerated program transition application
•
Meet with specialty advisors (pre-law, pre-med, etc.) to finalize plans to attend graduate school
•
Meet with faculty to secure letters of recommendation that were previously agreed to
•
Submit resumes and begin interviewing
•
Action(s):
o
___________________________________
Date completed: _____________________
o
___________________________________
Date completed: _____________________
PAGE 16: Preparing for Career in Economics Info
AEAweb: What Is Economics?
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What Is Economics?
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Economics is the study of how people choose to use
resources.
Resources include the time and talent people have
available, the land, buildings, equipment, and other tools
on hand, and the knowledge of how to combine them to
create useful products and services.
Important choices involve how much time to devote to
work, to school, and to leisure, how many dollars to
spend and how many to save, how to combine resources
to produce goods and services, and how to vote and
shape the level of taxes and the role of government.
Often, people appear to use their resources to improve their well-being. Well-being includes the
satisfaction people gain from the products and services they choose to consume, from their time spent
in leisure and with family and community as well as in jobs, and the security and services provided by
effective governments. Sometimes, however, people appear to use their resources in ways that don't
improve their well-being.
In short, economics includes the study of labor, land,
and investments, of money, income, and production,
and of taxes and government expenditures. Economists
seek to measure well-being, to learn how well-being
may increase over time, and to evaluate the well-being
of the rich and the poor. The most famous book in
economics is the Inquiry into the Nature and Causes of
The Wealth of Nations written by Adam Smith, and
published in 1776 in Scotland.
Although the behavior of individuals is important,
economics also addresses the collective behavior of
businesses and industries, governments and countries,
and the globe as a whole. Microeconomics starts by thinking about how individuals make decisions.
Macroeconomics considers aggregate outcomes. The two points of view are essential in understanding
most economic phenomena.
The list of fields in economics illustrates the scope of economic thought.
Definitions of Economics from Historic Textbooks
"Economics is the study of people in the ordinary
business of life."
-- Alfred Marshall, Principles of economics; an
introductory volume (London: Macmillan, 1890)
"Economics is the science which studies human behavior
as a relationship between given ends and scarce means
which have alternative uses."
-- Lionel Robbins, An Essay on the Nature and
Significance of Economic Science (London: MacMillan,
1932)
Economics is the "study of how societies use scarce
resources to produce valuable commodities and distribute them among different people."
-- Paul A. Samuelson, Economics (New York: McGraw-Hill, 1948)
About the American Economic Association
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AEAweb: What Is Economics?
The Association has about 18,000 members from all over the world, most of whom are working
economists in academia, business, government, international and not-for-profit agencies. It was
founded in 1885 to promote the study of economics from all points of view. "The Association as such
will take no partisan attitude, nor will it commit its members to any position on practical economic
questions." The Association publishes seven journals. About 4,000 libraries subscribe to the journals
and individual members receive journals with membership. The Association also produces ECONlit, a
database to identify and locate books and articles in economics. The annual meeting of the Association,
usually in early January, attracts about eight thousand economists who present their work and discuss
current economic issues. The Association recognizes with awards the achievement of a small number of
economists who have made outstanding achievements in the advance of economic thought. The
Association promotes the market for economists by helping employers find applicants and vice versa.
The Association is headquartered in Nashville, Tennessee.
| AEA | Journals | Annual Meetings | EconLit | JOE | RFE | Members |
https://www.aeaweb.org/students/WhatIsEconomics.php[1/30/2015 2:29:25 PM]
AEAweb: Fields
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Fields
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What are the fields in economics?
Economists organize their discipline in fields from agricultural
economics to urban economics. Many economists specialize
in a field by publishing original essays on topics and teaching
courses in a specific field.
The fields are in two sets: Those that develop core skills and
those that emphasize application of the skills in specific
settings. The core itself involves two modes of analysis. The
Skills page gives simple examples. First, mathematical
description of economic phenomena allows derivation of
relationships. This mode of thought is called economic
theory. Mathematics allows arguing by deductive reasoning from stated premises to a conclusion. It
offers the internal consistency of mathematical proofs but requires no evidence of applicability.
The second core method looks for evidence based on observing economic phenomena. It draws
inference from persistent patterns. A consistent pattern that is distinct from the complexity and
randomness in nature is likely to have meaning. This mode of thought is called inductive reasoning.
It is the mode of analysis of economic historians, statisticians, and experimenters. The study of formal
methods for drawing inferences from statistical evidence in economics is called econometrics.
Many advances in economic understanding come from the interaction between deduction and induction.
When mathematical analysis yields new insights, the historians, statisticians, and experimenters look
for ways to judge whether available evidence is consistent with the theory. When observation shows
phenomena that are inconsistent with available theories, economic theorists look for new theories. The
core fields are in item C on the list of fields shown below.
Most economists concentrate their work and teaching in an applied field, that is, in the other categories
shown below. They study the history of the phenomena and adapt the core theoretical ideas of
economics to offer explanations. They develop a variety of methods to observe and measure events
and apply econometric methods to test hypotheses. For example, international economists study the
history of trade, balance of payments, and exchange rates. They will understand both the economic
theories and the econometric findings that explain international economic phenomena.
The fields of economics, however, have fuzzy boundaries because economic events are interconnected.
Every transaction has a buyer and a seller; each economic event has extended consequences. A change
in a wage rate will affect the cost of the goods the workers produce as well as change the income and
consumption patterns of the workers’ households. An economist working in one field will be aware of
connections to the rest of the economy.
Quick Links
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The fields of economics, then, are more signposts than fences. They include the core areas of
mathematical and statistical methods as well as the many arenas in which the core methods are
applied. Most undergraduate Programs include study in the core fields and in a selection of applied
fields. The standard classification of economic fields given below appears in the Journal of Economic
Literature . These field labels provide enduring markers on the terrain of economic thought.
Graduate Education
Research
Journal of Economic Literature Classification of Fields
-- Miscellaneous Topics
A. General Economics and Teaching -- The principles course in the economics curriculum develops
core ideas. The course also provides the big picture of how individual economic events fit together to
shape aggregate outcomes. Mastering basic ideas and getting a sense of how the parts fit into the
whole is an essential entry point to the study of other fields and more advanced ideas in economics.
The A category also includes discussion of the teaching of economics.
Job Market and Salary
B. Schools of Economic Thought and Methodology -- Economists who study the history of
economic thought investigate how the core ideas in economics have developed.
C. Mathematical and Quantitative Methods -- Econometricians develop methods to measure
https://www.aeaweb.org/students/Fields.php[1/30/2015 2:29:38 PM]
-- Gender and Race
-- Foreign Students
Contact Us
AEAweb: Fields
economic phenomena. They apply the scientific method by formulating hypotheses, gathering evidence,
and judging whether the evidence is consistent with the hypotheses. Mathematical economists develop
tools for finding optimal solutions to economic problems and advance ideas in game theory. Game
theory is the method for analyzing how one player chooses strategies in light of knowledge of the
possible strategies a rival might choose. Game theory is used to analyze many economic phenomena
including the interaction between firms. In recent decades, experimental economists have tested
economic theories in laboratories and in the field.
return to top
D. Microeconomics -- Studying how markets function and the role of prices is of central concern in
understanding economics. Investigation of the behavior of individual households, firms, and prices and
quantities of specific products like automobiles is called microeconomics. Behavioral economists study
the cognitive and emotional dimensions of economic decisions.
E. Macroeconomics and Monetary Economics -- The actions of individuals sum to the total activity
in a whole economy. In the aggregate, the total amount of products consumed by households and firms
must equal the total amount produced. The total amount firms pay to workers and investors must
equal the amount households receive in income. Study of the aggregate relationships in an economy is
called macroeconomics. Economic growth, the role of money and interest rates, and changes in the
overall level of prices and the aggregate level of unemployment are central concerns of
macroeconomics. F. International Economics -- International economists study trade among nations and the flow of
finance across international borders. Globalization and the deficit in the U.S. balance of payments with
other countries are current concerns.
G. Financial Economics -- Financial economists study the process of saving and investing with a
specific concern for how individuals and firms deal with risk.
H. Public Economics -- Public finance economists consider the role of government in the economy. Some focus on evaluating government programs and others focus on the design of tax systems. Public
finance economists are also interested in how the political process makes decisions. Issues of national
security and defense appear here as well the study of state and local governments.
I. Health, Education, and Welfare -- Some economists focus on the markets and government
policies that directly shape access to health care. Others focus on schools and educational policies. Still
others consider the economic circumstances of the poor and evaluate alternative government programs
to improve the well-being of the poor.
J. Labor and Demographic Economics -- Labor economists study employers’ decisions to hire
workers and employees’ decisions to work. They study how wages are set, the nature of incentives
workers face, and the role of minimum wage laws, unions, pensions plans, and training programs. They
are also interested in the formation of families, determinants of birth rates, migration, population
change, and aging.
K. Law and Economics -- Some economists use the tools of economics to study the incentives for
human behavior that are defined by the legal system. Property rights, for example, are essential for
markets to work well but they can be defined in a variety of ways that have different effects on the
well-being of people.
L. Industrial Organization -- IO is the study of individual markets, the nature of competition, and the
role of prices. Some economists study issues in anti-trust policy. Others study the role of advertising,
pricing policies, and how costs vary with the scale of operations. Some IO economists investigate
particular industries such as appliances, software, and electricity. In the last decade a number of
economists have studied economic issues in sports, recreation, and tourism.
return to top
M. Business Administration and Business Economics, Marketing, Accounting -- Business
economists study decisions made by firms. How do firms maximize profit? What prices should they set
and how much should they produce? What is the role of incentives within the firm, of entrepreneurship,
and leadership?
N. Economic History -- Economic historians explore changes in economic well-being and how
economic institutions have developed. The emergence of markets, the forces shaping the industrial
revolution, the sources of improvements in agricultural productivity, the influence of railroads and other
new technologies provide perspective on current economic issues.
O. Economic Development, Technical Change, and Growth -- Economists who are interested in
https://www.aeaweb.org/students/Fields.php[1/30/2015 2:29:38 PM]
AEAweb: Fields
the development of economies often focus on third world countries. Why have some countries
developed while others have not? How might the industrialized countries improve the prospects for
development around the world? Who gains and who loses with industrialization?
P. Economic Systems -- Analysts compare the capital market system to the various forms of
socialism and the transition from centrally planned to more market-based economic systems.
Economists sometimes address issues in specific countries like China, Cuba, and Poland.
Q. Agricultural and Natural Resource Economics, Environmental and Ecological Economics -Economists study farming, fishery, and forests with a focus on prices, markets, and changing
technologies. Natural resource economists study markets for energy (oil, coal, and electricity) and
mineral resources. Economists have played an important role in the evolution of policies to promote
clean air, water, and land. Economists model how global climate change and policies designed to
reduce its effects will affect the economy.
R. Urban, Rural, and Regional Economics -- Economists analyze the location decisions of
households and firms and the associated issues in housing, transportation, and local government.
Y. Miscellaneous Categories -- Data, dissertations, and book reviews are classified here.
Z. Other Special Topics -- Other special topics include the economics of the arts, religion, and
culture.
Each major field defined in the JEL has several subfields. Search for the field and subfield terms in
Wikipedia and Google for more information about each.
Economists add to our collective knowledge by publishing new work in each of the fields above as
explained in the finding facts & ideas page. Some of the latest work addresses issues of significant
current interest.
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AEAweb: Careers
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What careers follow the economics baccalaureate?
Economics majors are successful in a wide variety of careers. Although
various roles in businesses are most common, economics majors are
successful in law, medicine, government, non-profits, and international
relations, as well as in academic roles.
Career Earnings
One way to think about career opportunities is to consider the level of
earnings typically found with different levels and kinds of education in
different careers.
The Corporate World & the MBA
Most economics majors pursue employment in the private sector.
Graduates in economics succeed in many occupations. Some students
plan to earn the Masters of Business Administration (MBA) degree in
time. Others find employment with the BA is sufficient to fulfill their
aspirations.
Economic Consulting
Some economists with BA degrees find employment as research associates with economic consulting
firms. Consultants advise firms on business strategies, prepare economic evidence for court cases, and
develop analyses to influence public policy.
Law and Other Professions
Law school is also a common destination for recent graduates in economics. The careful reasoning in
economics is a good fit for law and many careers in the law influence significant economic decisions for
firms.
Government and Not-for-profits
Some students enter government service or choose jobs with non-profit entities. Governments at every
level hire economists for their facility with statistics and analysis.
Professors, Teachers and Researchers of Economics
Some graduates in economics are interested in academic careers. They are drawn by the love of the
study of economics and the prospect of teaching and writing about economics as a career.
Quick Links
What
is Economics?
What
is Economics?
For Undergraduate Students
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Students
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What's needed for Graduate
Study?
Opportunities to Learn and
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For Graduate Students
Graduate Study in Economics
-- Timeline
-- Funding
-- Mathematical Preparation
Graduate Schools
Career Earnings
-- Graduate Program Rankings
The US Bureau of Labor Statistics, Occupational Outlook Handbook (online in 2014) reports annual
wages for economists in 2010. For economists of all educational levels, the median earnings in 2010
were $89,450 with $48,250 at the tenth percentile and $155,490 at the 90th percentile. Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2013-14
Edition, Economists, on the Internet at http://www.bls.gov/ooh/life-physical-and-socialscience/economists.htm (visited July 8, 2014).
Median Annual Wages for Economists in May 2012 in the Top Five Industries Employing
Economists
(from the Occupation Outlook Handbook)
Finance and insurance
$110,580
Federal government, excluding postal service
$106,850
Scientific research and development services
$94,630
Management, scientific, and technical consulting services
$91,570
State and local government, excluding education and
hospitals
$63,880
https://www.aeaweb.org/students/Careers.php[1/30/2015 2:29:51 PM]
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Payscale.com reports its survey of people with Baccalaureate degrees (and no more) who are employed
full time, showing starting salaries (typically with two-years of experience) and mid-career annual
earnings. Here are selected occupations for the 2012-13 report.
College Major
Starting Salary Mid-career Salary
Chemical Engineering
$67,500
$111,000
Applied Mathematics
$50,800
$102,000
Statistics
$49,300
$99,500
Economics
$48,500
$94,900
Mathematics
$48,500
$85,800
Finance
$47,700
$85,400
Business
$41,400
$70,000
Political Science
$40,300
$74,700
Advertising
$37,800
$77,100
Sociology
$36,000
$56,700
Psychology
$35,200
$60,200
Source: http://www.payscale.com/college-salary-report-2013/majors-that-pay-you-back
Median earnings of economists by highest level of degree for persons of all ages observed in
2010 are given in the table below by gender.
Highest Degree
Women
Men
BA
$38,000
MA
$45,000
$42,000
$38,000
PhD
$90,000
$100,500
Source: National Survey of Recent College Graduates, https://sestat.nsf.gov/sestat/sestat.html
[Viewed 2013].
Earnings Differentials for Economics Majors
Thomas Carroll, Djeto Assane, and Jared Busker use a large national sample from the American
Community Survey developed by the Bureau of the Census with observations from 2009 to 2012 to
estimate earnings differentials for economics majors compared to other college majors. The table
below reports the estimated differential for economics majors compared to non-economics majors, on
average, when the statistical estimate adjusts for personal characteristics (age, ethnicity, citizenship,
and English proficiency). Percentage Earnings Advantage of Economics Majors by Highest Degree Completed
Adjusting for Personal Characteristics.
Highest Degree
Male
Female
BA
14.1
18.0
MA
31.6
24.5
5.6
20.8
Professional
https://www.aeaweb.org/students/Careers.php[1/30/2015 2:29:51 PM]
AEAweb: Careers
PhD
18.9
29.5
Source: Thomas Carroll, Djeto Assane, and Jared Busker, “Why it Pays to Major in Economics,” Journal
of Economics Education, 45:3, (2014) pp. 251-261. Table 3.
The BA row reports the average percentage earnings differential for men and women whose highest
degree is a baccalaureate. The MA row reports the differential for those with masters degrees in any
field. The Professional row reports differentials for those who highest degree is an MBA or law degree. The PhD row reports differentials for people who earned academic doctorates in any field.
The analysis also reports differentials while adjusting for occupational choice (not shown here). The
differentials show above fall by about half with adjustments for occupation. The implication is that
about half of the differential show above is accounted for by occupation. That is to say, about half of
the payoff from the economics major is in access to better paying occupations and about half, given
occupation. Differences by location have little effect.
Geographic Difference in Earnings
Winters and Xu also use the American Community Survey (2009-2010) to estimate earnings
differentials for economics majors compared to non-economics by state and metropolitan area. Economics majors accounted for 2.28 percent of college graduates.
Economics majors have a higher earnings differential in densely populated, urban states like New York,
Connecticut, California, New Jersey, Illinois, and Massachusetts. New York accounted for 3.99 percent
of economics majors and showed an 889 percent earnings differential for economics majors compared
to all others with no other attributes of people or jobs taken into account. Among metropolitan areas,
New York, San Francisco, Boston, Los Angeles, and Chicago show high differentials. Source: John V. Winters and Weineng Xu, “Geographic Differences in the Earnings of Economics
Majors,” IZA Discussion Paper # 7584, Forschunginstitut zur Zukunft der it, (2013) http://hdl.handle.net/10419/89939
Stability of Earnings and Employment
The Hamilton Project at the Brookings Institution provides an interactive summary of life-time
earnings for people with different college majors. Jordan Weissman compares economics to other
disciplines at “Want to Be Stinking Rich? Major in Economics,” Slate. The first figure below shows the median earnings by years into a career for all BAs in a given major who are employed full-time
including those with any subsequent graduate degree. The blue line at the bottom shows median
earnings for all holders of BA degrees. The green line shows economics and the orange shows finance
majors. The purple line at the top shows electrical engineers. The economics major starts just above
the finance major but shows a stronger trajectory, briefly topping the electrical engineers at about 15
years in the career but does not sustain the level of the engineers in the last two decades of the
career.
The figure on Lifetime Earnings below reports the total lifetime earnings on the vertical axis (in terms
of present value) with the percentage distribution from the lowest earnings to the highest along the
horizontal axis. At the 50th percentile, the figure below shows the total for each of the four lines in the
figure just above. Although all four groups show a substantial flip up among those in the top ten
percent—income distributions are usually skewed right as indicated by the flip here—the economics
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major has the largest flip. The economics major exceeds the electrical engineers at about the 65th
percentile and widens the gap particularly with engineering but also with finance up to the highest
earnings. The economics major then shows a wider dispersion of earnings but with a much longer right
tail, that is, a high probability of very high earnings than the other majors.
During recessions, economics majors and other high-earning majors show more advantage relative to
majors with lower average earnings. (See Joseph G. Altonji, Lisa B. Kahn, and Jamin D. Speer, “Cashier
or Consultant? Entry Labor Market Conditions, Field of Study, and Career Success,” Unpublished essay.
The essay is reported by Claire Cain Miller, “A College Major Matters Even More in a Recession,” New
York Times Upshot, June 20, 2014. Although most occupations show lower earnings in recessions,
those involving college degrees show a lower loss.Economics yields better relative outcomes in
recessions.
Mid-Career Earnings
The Center on Education and the Workforce at Georgetown University reports the median earnings of
adults working full-time for a full-year whose education stopped with the bachelor’s degree using data
from the 2010 Census. The table below is a subset of a report of 173 majors published on the Wall
Street Journal website at http://graphicsweb.wsj.com/documents/NILF1111/#term “From College
Major to Career”, October 24, 2013. The median earnings of economics majors is 32nd among all 173
majors.
The fifteen majors reported below are those with the highest median earnings among the 50 most
popular majors. Economics is in ninth place in median earnings in this group. The table reports the
percentage of the majors who are unemployed, the earnings at the 25th percentile (Q1), the median,
and at the 75th percentile (Q3). Economics has the widest dispersion between Q1 and Q3 with
Finance in second place.
Major Field
Unemployment %
Q1
Median
Q3
ELECTRICAL ENGINEERING
5.00%
$60,000
$86,000
$111,000
CHEMICAL ENGINEERING
3.80%
$60,000
$86,000
$117,000
MECHANICAL ENGINEERING
3.80%
$60,000
$81,000
$106,000
COMPUTER ENGINEERING
7.00%
$58,000
$81,000
$102,000
COMPUTER SCIENCE
5.60%
$50,000
$77,000
$102,000
CIVIL ENGINEERING
4.90%
$55,000
$76,000
$101,000
GENERAL ENGINEERING
5.90%
$47,000
$73,000
$101,000
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MANAGEMENT INFORMATION
SYSTEMS
AND STATISTICS
4.20%
$47,000
$71,000
$96,000
ECONOMICS
6.30%
$42,000
$69,000
$108,000
FINANCE
4.50%
$44,000
$65,000
$101,000
MATHEMATICS
5.00%
$42,000
$63,000
$95,000
COMPUTER AND INFORMATION
SYSTEMS
5.60%
$44,000
$62,000
$86,000
TREATMENT THERAPY
PROFESSIONS
2.60%
$40,000
$62,000
$81,000
ACCOUNTING
5.40%
$41,000
$61,000
$94,000
NURSING
2.20%
$48,000
$60,000
$80,000
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Corporate World & The MBA
Although the economics major does not provide training for specific occupations, it provides the logical
structure that pays off in understanding the big picture, the context for entering several fields in the
corporate world. Its emphasis on logical thought and problem solving skills has universal value. Many
employers seek to hire graduates with these skills.
Some students aspire to earn Master of Business Administration (MBA) degrees, typically expecting to
complete a two-year program in a graduate business school. Leading MBA programs expect applicants
to have had several years of significant business experience before enrolling. The average age of
students entering top MBA programs is 27 years. Bloomberg Business Week (search for MBA) provides
an online guide to MBA programs as does Peterson’s, BusinessDegreeOnline, and a number of others.
The better MBA programs give some preference in admission to applicants with technical backgrounds
including engineering, physics & math, and economics. Some areas of study in business like finance use
a significant amount of mathematics. Undergraduate study in business then is not a primary or even
necessarily a desirable path to an MBA. Of course, people who have developed their own successful
businesses or enjoyed considerable success in other ways also tend to be attractive to MBA recruiters.
The schools value success in many forms.
Students intent on careers as managers often seek a strong, general education. They want to learn
effective communication skills, to develop habits of logical thought, and to practice their problem
solving skills. Many undergraduate programs do this well; economics is often particularly effective.
In addition to careers as general managers and entrepreneurs, economics majors also often pursue
careers in specific occupations common to the corporate world. Economics majors with the BA degree
find jobs in the financial world, in marketing, and consulting. Some pursue one-year post baccalaureate
programs for entry into a target career. The Master of Accountancy (MAc), for example, will launch an
accounting career and go a long way toward completion of requirements for the Certified Public
Accountant title.
Students who have a specific occupational goal will often do well in enrolling in a program of training
specific for that occupation. For example, accounting majors readily get jobs as accountants on
completing a BA. Finance majors have a good chance of being employed as financial analysts or budget
officers. The broader horizons of the economics major are certainly not for everyone.
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[return to top]
Economic Consulting
Economics graduates with good analytic and communication skills find employment with consulting
firms. McKinsey & Company, Boston Consulting Group, Bain & Company, Accenture, Charles Rivers
Associates, Mathematica Policy Research, and NERA Economic Consulting are examples. Analysts with
consulting firms often work with data, develop models of specific markets, and provide testimony in
public hearings and in lawsuits. Many graduates find that a few years experience with a consulting firm
is a good lead into an MBA, law program, or graduate study in economics. Many consulting firms invite
application for employment through their websites.
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Law and Other Professions
The economics major is one of many common paths to law school. The Law School Admission Council
provides the official guide to law schools for the American Bar Association. The Guide emphasizes
extensive reading and library research, skill in synthesizing large amounts of information, and logical
thinking. In addition to general skills, the Guide points to breadth of knowledge of history, politics,
finance, human behavior, and diverse cultures.
Many careers in law involve shaping economic decisions. Writing and interpreting contracts, supporting
mergers and acquisitions, dealing with the tax system, addressing disputes of workers, landlords, and
vendors; all involve decisions with significant economic content and implications.
A recent analysis of scores on the LSAT test for law school admission reported for students who apply
to at least one ABA accredited law school shows economic majors earned relatively high mean LSAT
scores as shown in table 2. The LSAT score ranges from 120 to 180 with mean and median near 151.
The first quartile is near 144 and the third quartile is near 157; the 90th percentile is about 165. The
LSAT score along with undergraduate grade point average and the quality of the undergraduate college
are important influences in the admissions decisions of competitive law schools.
Table 2: Average LSAT Scores by Major, 2012-13.
Rank
Major Field
Average
Score
No. of
Students
1
Economics
159.1
2,468
2
Philosophy
158.8
1,879
3
Engineering
157.3
1,127
4
History
156.7
3,323
5
English
155.8
3,728
6
Finance
154.6
1,817
7
Political Science
154.3
12,215
8
Psychology
153.3
3,335
9
Accounting
153.1
1,106
10
Marketing
152.2
1,106
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11
Liberal Arts
151.9
1,177
12
Communications
151.6
1,729
Source: Michael Nieswiadomy, "LSAT Scores of Economics Majors: The 2012-13 Class Update," Journal
of Economic Education 45 #1, Jan 2014. Pp. 71-74 and “Law School Admission Test,” Wikipedia,
viewed Sept. 2, 2014.
Among the six disciplines with more than 2,000 students taking the LSAT, the 2,468 economics majors
received the highest average score at 159.1 as shown in the table. Looking more broadly at groups of
similar majors with at least 325 takers in each group, economics ranked second behind physics/math
(418 takers with mean 161.7) and just ahead of philosophy/religion (2,174 takers with mean 158.6).
Some economics majors enroll in medical and dental programs by adding enough science courses to
their undergraduate career to qualify for admission. Many undergraduate economics programs include
courses on health economics and students often report that the physicians like talking about economic
policy issues when they interview applicants to their medical schools.
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Government and Not-for-profits
Governments at every level hire economists to manage and evaluate their operations. The Office of
Personnel Management (OPM) of the Federal government provides information about Federal
employment opportunities. Their USAJobs site lists thousands of openings of all kinds in many locations
across the country. Search on "economist" to find information about specific current opportunities.
There are often openings for economists with BA, MA, and PhD degrees.
The OPM website also gives general information about Federal pay scales. BA economists with little
experience are (to simplify a bit) at grade GS-7, with MAs at GS-9, and new PhDs start at GS-12.
Although pay does differ with the cost of living in different locations, BA economists started at $31,209
or above in 2006.
The Federal Reserve Board and its affiliated regional Federal Reserve Banks also hire economists and
research assistants at various levels of education. Skill with statistics and in managing data will be
helpful for many entry jobs.
Economists are valued in the Foreign Service and civil service in the State Department, and as analysts
with the Central Intelligence Agency.
State governments have similar websites that list public service jobs with pay scales and application
procedures. Searching the Internet for "state employment" will usually yield an appropriate link.
International agencies of many kinds hire economists for a variety of roles. Additional languages,
strong communication skills, experience with diverse cultures, and statistical skills are often important.
The World Bank, for example, offers jobs for economists. The Bank has an internship program as well.
One way to learn about employment with non-profits is to go to the Idealist website and look for roles
in economic development or other areas of interest.
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Professors, Teachers and Researchers of Economics
The Doctor of Philosophy degree (PhD) in economics is necessary for a faculty position in economics at
most four-year colleges in the US. A masters degree is the typical credential for faculty at two-year
colleges. Although some students complete masters programs before entering PhD programs, many go
directly from BA programs into PhD programs. Completion of a PhD requires about six years of fulltime study. See the AEA website for information about graduate study. Holders of the Ph.D. often also
choose research careers outside of academics, including roles at the Federal Reserve, international
agencies, and government policy and evaluation departments as well as in private banks, investment
houses, and other for-profit ventures
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There are about 100 universities in the US who together produce about 1,000 new PhDs each year.
About half of the graduates are US citizens and the other half come from abroad. [John J. Siegfried and
Wendy A. Stock, "The Undergraduate Origins of Ph. D. Economists," Working Paper, May 2006]
Although the number of economics majors has grown significantly over the decades, the number of
new PhDs who intend to pursue careers in the US has declined. As a consequence, employment
opportunities for PhD economists in academia should be excellent in the decades ahead.
The Commission on Professionals in Science Technology (mentioned above, page 8) reports starting
salaries for assistant professors by field. At $78,567, economics is well above the average of $65,205
of all fields in 2006-07. The table below reports average salary offers to newly hired economists at each
academic rank by type of institution.
Average Academic Salary Offers for Senior Level Economists by Rank and Type of Institution,
2006-07
Rank of Academic Economist
All PhD Granting Institutions BA & MA Institutions
Senior Assistant Professor
$95,995
$80,167
Associate Professor with Tenure
$128,600
$82,333
Full Professor
$204,800
$97,500
Source: Nathan E. Bell, Nicole M. Di Fabio, and Lisa M. Frehill, “Salaries of Scientists, Engineers and
Technicians: A Summary of Salary Surveys.” The Commission on Professionals in Science and
Technology (CPST: Washington, DC 2007) selected curricula from page 268.
Academic economists at PhD granting institutions play leading roles in the development of new ideas in
economics and publish their work in the journals and books mentioned on the publications page. As
teachers, economists play an important role in supporting the undergraduate major in economics and
the various graduate programs.
A number of PhD economists hold faculty positions in MBA programs, law and medical schools, public
policy programs, and in a number of other fields. Economists on the faculty of leading professional
schools often earn premium salaries.
A number of for-profit and not-for-profit enterprises hire research economists as do many government
and international agencies. The National Association of Business Economics provides information about
business careers for economists. The career sites for government and not-for-profits mentioned above
also point to opportunities for researchers.
Current job openings for economists in academia and with some other employers appears in JOE, Job
Openings in Economics. Most of the jobs listed in JOE require graduate study in economics.
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