Your Future in Economics
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What do Supreme Court Justice Sandra Day O''Connor, former Secretary of State George Schultz, Sam Walton, founder of Wal-Mart, Former Congressman Les Aspin and Senator Bill Proxmire, Broncos quarterback John Elway, rock star Mick Jaggar, and Ronald Reagan have in common? Economics! The all studied economics in college.
Economics has something for everyone. It is among the most applied, most quantitative, and most scientific of the social sciences and at the same time the most theoretical of business subjects. It draws on history, philosophy, and mathematics and has something to say about a list of topics ranging from household spending to inflation to crime to environmental issues. Almost any issue of our time can be analyzed and evaluated in an economic framework.
Career opportunities for economists are excellent. Employers, expecially business firms, who are looking for liberal arts graduates often favor economics majors because these students have been through rigorous training. The demands of majoring in economics tend to drive away the less ambitious and seem to attract many of the better minds. Thus, a degree in economics is a valuable credential. A good grade-point average in economics courses speaks for itself and the pay-off can be large. The salaries of economists, both academic and nonacademic, tend to be higher than those of other social sciences. The three principal career paths in economics are:
The Academic Economist - Economics is taught at the high school level all across Iowa. At the collegiate level, Ph.D. economists are in demand, especially in the quantitative areas.
The Business Economist - The primary role of the business economist is to help firms understand and adapt to a changing economic environment. Business economists interpret and forecast the general economic climate, analyze conditions specific to their firm, and also aid the firm''s operational efficiency.
The Government Economist - The range of jobs for economists is as broad as government itself. Government economists work for agencies in the fields of agriculture, business, finance, labor, transportation, utilities, urban economics, and international trade.
As the table below indicates, students with a B.A. in economics generally obtain a good starting salary. In the three areas mentioned above, a master''s degree or doctorate is very useful and may even be necessary.
ECONOMICS MAJOR
(36-57 Hours)
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The economics major offers four alternative emphases for students: General Economics, Quantitative Techniques, Business Analysis, and Community Economic Development. The General Economics emphasis is the traditional program for students who plan no further study in economics after graduation. This emphasis is also highly recommended for students who are planning to go to law school. The Quantitative Techniques emphasis is highly mathematical and should be selected by those who plan on seeking advanced degrees in economics. The Business Analysis emphasis is for students who wish to study economics, but also desire business training. Economics students who plan on a future in the business community should select this emphasis. The Community Economic Development emphasis is designed to prepare students for work in community development. Job creation and local growth are important to public policy makers and this major provides expertise in this area.
Foundation: Required for all emphases:
920:053, 920:054, 920:103, 920:104, 920:169g, 920:181g (18 hours)
EMPHASES: All emphases require the 18 hours Foundation, plus:
GENERAL ECONOMICS (18 additional hours) Electives in Economics
QUANTITATIVE TECHNIQUES (33 additional hours)
Required: 920:168, 800:060, 800:061, 800:062, 800:050 or 800:076 (18 hours)
Electives in Economics (15 hours)
BUSINESS ANALYSIS (39 additional hours)
Required: Business core courses of
120:030, 120:031, 130:101, 150:080, 150:100, 150:153,
150:154, 150:175, 160:151, 920:020, 920:070 (33 hours)
Electives in Economics (6 hours)
COMMUNITY ECONOMIC DEVELOPMENT (24 additional hours)
Required: 130:101, 150:080, 920:125g, 920:148g, 920:177, 970:101 (18 hours)
Six hours from the following: 120:030, 160:140, 920:113, 920:117g, 920:123g, 940:132,
940:148, 970:121g, 970:164g
NOTE: To graduate with an Economics/Business Analysis major from the College of Business Administration, a student must earn at least 50% of the business credit hours required for the major at UNI. A student must also complete 920:053, 920:054, 920:103, and 920:104 with at least a C- in each course whether taken at UNI or an institution from which transfer credit for these courses is accepted; must earn a 2.20 cumulative grade point average at UNI; must earn an overall 2.20 grade point average in 120:xxx, 130:xxx, 150:xxx, 160:xxx, and 920:xxx courses taken at UNI; and earn a 2.5 or better, in all 920:xxx courses taken at UNI excluding 920:020, 920:024, and 920:070.
Students majoring in Economics/Business Analysis should take no more than 50% of their required credit hours in the College of Business Administration, excluding up to nine hours of economics, statistics, and decision techniques.
ADDITIONAL INFORMATION
To graduate with a major in economics with any emphasis, a student must:
complete 920:053, 920:054, 920:103, and 920:104 with at least a C- in each course whether taken at UNI or at an institution from which transfer credit for these courses is accepted; and
earn a 2.50 grade point average for all 920:xxx courses taken at UNI, except 920:020, 920:024, and 920:070.
note that 920:020 and 920:070 count toward an economics major only in the business emphasis and do not count toward the minor.
920:024 does not count toward the economics major or minor.
920:053 and 920:054 are minimum prerequisites for all 100(g) courses.
920:103g and 920:104g are recommended to be taken before other advanced courses in economics.
Not more than on emphasis may be declared in economics.
Students selecting the Business Analysis emphasis may not double major or minor in any other CBA field.
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ECONOMICS MINOR - LIBERAL ARTS
(18 Hours)
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Required:
920:053 Principles of Macroeconomics (3 hours)
920:054 Principles of Microeconomics (3 hours)
920:103g Intermediate Macroeconomic Theory (3 hours)
920:104g Intermediate Microeconomics Theory (3 hours)
Electives in Economics (6 hours)
Department of Economics, College of Business Administration,
University of Northern Iowa, Cedar Falls, IA 50614-0129,
Work phone: 319 273-2412, FAX: 319 273-2922.
