FAQ

Economics

What programs does the Economics department offer?

The department offers two majors, one concentration and one minor.  The two majors offered are Economics and International Economics.  Students in both majors are eligible to apply for a concentration in Financial Economics and Econometrics in their sophomore year.  The minor in Business Economics is open to all students in the College of Arts and Letters with majors outside of the Economics department.

How many classes do I need to take to become an Economics major?

You will need to complete 6 core courses and 4 electives, and satisfy the math prerequisite of Calculus I and II (or A and B).  The 6 core courses include Principles of Microeconomics, Principles of Macroeconomics, Intermediate Microeconomics, Intermediate Macroeconomics, Statistics for Economics and Econometrics.  Two of the 4 electives must be 40000 level courses, and one of the electives must be writing intensive.

What is the recommended sequence of courses for the Economics major?

If you start the major late, other paths to completion are possible but this is the recommended sequence.  First year: Principles of Microeconomics and Principles of Macroeconomics (Calculus I and II, or A and B, if needed).  Second year: Statistics for Economics and Intermediate Microeconomics, followed by Econometrics and Intermediate Macroeconomics. This will complete your core requirements and all prerequisites for upper level electives.  You will need to take four electives in your junior and senior year, leaving plenty of room for study abroad.

Which math courses do I need to complete to become an Economics major?

A two semester sequence of Calculus.  This can be satisfied by Calculus I and II, or A and B.

What if I took Elements of Calculus?

If you earned a good grade, you may visit the math department and ask for an override to allow you to take Calculus B to complete the sequence required for the major.

Can I count Business statistics toward my Economics major if I declare a double major?

If you know early enough you want to double major in Economics, the preferable way is to take Statistics for Economics, which is a prerequisite for Econometrics.  These two courses will satisfy the Mendoza requirement for two statistics courses.  Unfortunately, the introductory statistics class in the business school does not meet the prerequisite requirement for Econometrics (you can check the list of courses that do satisfy on class search). If you already took the introductory statistics course at Mendoza, you can either take the second course in the sequence and continue to Econometrics, or you can take Statistics for Economics and then Econometrics. 

What if I have a statistics course completed as a requirement for another major?

You don’t need to retake Statistics for Economics.  If you plan to major in Economics, as long as your statistics meets the prerequisite criteria for Econometrics, you will be required to complete an extra economics elective instead of retaking the statistics class.  If you are completing the Business Economics minor, you will need to complete an extra elective in the major for which you completed the statistics course.

Which classes can I take over the summer or abroad?

No core classes may be transferred in from summer courses and the major only accepts one elective to be transferred in from a summer course or study abroad. (If you are a transfer student, the situation is different, contact the office of admissions/registrar for details).

How can I get an honors designation with my Economics major?

The entry criteria for applying are based on GPA restrictions and faculty recommendation.  The honors track also requires students to write a senior honors essay over the course of their senior year. The details can be found here.

Are there research/internship opportunities in the department?

Yes, there are.  However, for economics research positions, you generally will be required to have completed Econometrics.  The Wilson Sheehan Lab for Economic Opportunities http://leo.nd.edu/ offers internships, and other opportunities are available with individual faculty members as well. 
 

What kind of jobs can I get with an Economics major?

A degree in Economics will provide you with training in analysis, problem solving and critical thinking. This a broad and very attractive skillset.  Our graduates go on to careers in consulting, banking, marketing, management, government sector and many others. Employers include Amazon, Citigroup, Ford, Deloitte, Department of Defense, Facebook, Federal Reserve Board, GE, Goldman Sachs, McDonald’s, NBCUniversal, Nike, Target, etc. Please, check out the Career Center’s website for up-to-date statistics on the recent graduates.

If I want to go to graduate school, would a PhD in Economics be my only option?

No, our majors have successfully enrolled in Law schools, MBA programs, Masters in Public Policy programs, PhD programs in Economics, Medical schools, etc.


International Economics

What is the difference between Economics and International Economics?

The core economics requirements are the same.  In addition to the core classes, the Economics major requires 4 electives, while the International Economics major requires 2 electives with international focus, an Exploring International Economics class, and a senior research project.  Furthermore, the International Economics major is enhanced by an extensive course work studying a foreign language and culture.  The exact number of classes depends on your language placement and is finalized by the language departments.

Can I double major in Economics and International Economics?

No, only one major in the department is allowed.

How many classes do I need to take to become an International Economics major?

For the economics portion of the major, you will need to complete 6 core courses, an Exploring International Economics class (1 credit), 2 electives, a senior research project (3 credits or a full-year thesis) and satisfy the math prerequisite of Calculus I and II (or A and B).  The 6 core courses include Principles of Microeconomics, Principles of Macroeconomics, Intermediate Microeconomics, Intermediate Macroeconomics, Statistics for Economics and Econometrics.  One of the 2 electives must be 40000 level course.

What languages are offered as part of the International Economics major?

The program includes Arabic, Chinese, French, German, Italian, Japanese, Russian and Spanish.

How many language courses do I need to take for International Economics major?

The number of courses depends on your placement and only the appropriate language department can make the final call. Please, check the website of the department which offers your language of interest and meet with an advisor to determine the course requirements.

Do I have to study abroad if I major in International Economics?

Study abroad is strongly encouraged and contributes to your understanding of the culture.  Many students spend a semester abroad, some even a full year.  Some students who have a less flexible course load opt for a summer abroad program.

Does the senior research project have to be written in the foreign language?

No, the paper is generally written in English.  Your project should, however, include roughly a third of your references in the target language.  This requirement is relaxed for Arabic, Chinese and Russian, due to the limited ability to reach proficiency in such a short time.  Therefore, the sources may all be in English.  If you would like to write the paper in the target language, the option is there with the instructor’s permission.


Financial Economics and Econometrics Concentration

Can I apply for the Financial Economics and Econometrics concentration if I’m a student at the Mendoza College of Business?

No, the concentration is only available to Economics or International Economics majors who do not have the option to major in Finance or other business school majors.

What is the Financial Economics and Econometrics concentration?

It is a concentration to either the Economics or International Economics majors.  It is a set of specific electives, which are quantitatively rigorous and focused on the financial system.  It is an excellent way to enhance your data analysis skills, especially if interested in a career in investment banking, etc.  The electives specific to the concentration include a series of professional enrichment seminars, Financial Economics, Financial Econometrics, and Asset Pricing. Students are also required to complete two finance-related electives.

When do I apply for the Financial Economics and Econometrics concentration and what are the prerequisites?

Applications are submitted in the spring of your sophomore year.  You must have completed the Intermediate Microeconomics class, and ideally Econometrics but it may be taken in the fall of your junior year.

Can I still study abroad if I enroll in the Financial Economics and Econometrics concentration, given the fixed curriculum?

Yes, the spring course is offered both junior and senior year.  However, the fall semester courses are sequential and therefore fall study abroad is not possible. 


Business Economics Minor

Can I declare the Business Economics minor if my primary major is not in Arts and Letters?

No, the Business Economics minor is only available to students whose primary major in the College of Arts and Letters.  Even if you have a second major in AL but your primary major is in another college, you are not eligible.  Other colleges have similar minors.

Can I apply my Principles of Microeconomics, Macroeconomics or Statistics AP class toward the Business Economics major?

No, AP credits cannot be applied. However, you do not need to retake the course.  The AP credit will qualify you to take an upper level class to substitute for that course and still complete the minor requirement.

Which statistics class counts towards the Business Economics minor?

Any of your statistics courses will count towards the minor, it does not have to be Statistics for Economics.

Can I declare the Business Economics minor if I am majoring in Economics or International Economics?

No, it is only open to non-economics majors.