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May be elected as a departmental major
Effective Date: Fall 2014 (text updated Fall 2015)
Prerequisites to the Major
ECON 101 and 102 and MATH 115, each completed with a grade of C or better. MATH 120 may not be substituted for MATH 115. MATH116, 121, 156, 185, 186, 215, 216, 255, 256, 285, 286, 295, or 296 may be substituted for MATH 115.
To declare an Economics major,schedule an appointment with an Economics Department advisor. Students must complete the prerequisites to the major before declaring and must have a GPA of 2.0 or better in the major.
Students interested in advanced economics are strongly encouraged to continue the study of mathematics beyond MATH 115. Note that MATH 116 (Calculus II) is a prerequisite for ECON 451 and that MATH 215 (Calculus III) and MATH 217 (Linear Algebra) are prerequisites for ECON 453.
Requirements for the Major
An Economics major must include a minimum of 29 credits, distributed as follows:
- Core Economic Theory
- ECON 401, completed with a grade of C– or better.
- ECON 402, completed with a grade of C– or better.
- Core Statistics and Econometrics
- STATS 250(Basic), or STATS 426 or ECON 451 (Intermediate), or ECON 453 (Advanced), completed with a grade of C– or better.
- ECON 251(Basic), or ECON 452 (Intermediate), or ECON 454 (Advanced); completed with a grade of C– or better.
Students interested in economic research and/or in applying to doctoral programs in economics or finance are encouraged to elect the advanced sequence, ECON 453 and 454. These courses develop a deep, foundational understanding of the empirical methods used in economic research. This sequence will be especially useful to students intending to apply to doctoral programs in economics or finance.
- Electives: 15 additional credits in upper-level (300 and 400 level) ECON courses, including at least nine credits in courses with ECON 401 or ECON 402 as a prerequisite.
ECON 401 and 402, and ECON 250, 251, 451, 452, 453, and 454 do not count toward the elective requirement for the major.
All students intending to major in Economics should endeavor to complete the core requirements in economic theory and in statistics and econometrics before the second term of the junior year.
Ann Arbor campus requirement
Any courses for the major to be taken elsewhere than the Ann Arbor campus of the University should be approved in advance by an economics department advisor.
At least 12 credits in the major, including ECON 401, ECON 402, and at least three of the credits in upper-level economics electives in courses with ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus (excluding STDABRD and transfer courses).
Qualified students are encouraged to consider an Honors plan in Economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors plan during the first term of the junior year.
Honors majors are required to complete the requirements for a regular major in Economics. An Honors plan must include ECON 451 and 452, or ECON 453 and 454. In addition, Honors majors must complete a senior Honors thesis. The senior Honors thesis includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors majors are given priority in election of one section of ECON 495 (Seminar in Economics).
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