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Economics & Management Majors & Minors

Economics & Management

The study of economics broadens our understanding of economic behavior, domestic and international government policies and social institutions. It sharpens our abilities to think clearly and analytically about these and other matters. It may also help students reach a variety of specific career goals. For example, most majors take entry-level positions in business: they are hired by banks and other financial institutions, accounting and management consulting firms, and companies in manufacturing, public utilities and commerce. Some majors go on to earn graduate degrees in economics; they may then work in areas such as business, government service or academia. (Students considering graduate study in economics should consult with a department faculty member about the large number of mathematics courses that are highly recommended.) A background in economics is also excellent preparation for graduate study in law and business. Many of our graduates have gone on to reach exceptional levels of recognition and responsibility in education, government and industry. Students wishing to apply economics courses taken off-campus toward a major in economics must have prior approval from their economics advisor and the chair of the economics and management department. Students wishing to count economics courses taken off-campus toward the requirements of the Business Administration Minor or the International Business Program must have prior approval from the relevant program advisor and the chair of the economics and management department. It is not recommended that courses substituting for ECON 100, 220, 280, 294, 295, 350 and 480 be taken elsewhere. The Management Fellows Program provides selected students the opportunity to combine an economics major with a semester-long internship. For information about this special program, as it applies to economics majors, see the description in Section V at http://www.depauw.edu/catalog/section5.

Course Catalog

Requirements for a major

Economics

Total courses required Ten
Core courses ECON 100, ECON 294*, ECON 295, ECON 350, ECON 480 (or 485)

MATH 151 or MATH 136 is a prerequisite for ECON 294.
Other required courses Also required is at least one course from the following: ECON 410, 415, 420, 430, 440, 450, 465, 470, 490.
Number 300 and 400 level courses Three (may include ECON 350, ECON 480 or 485, and the required 400-level elective).
Senior requirement and capstone experience The senior requirement consists of completing ECON 480 or ECON 485 during the senior year. The senior requirement usually includes completion of ECON 480: Seminar. In exceptional cases, students may apply to complete an intensive, independent senior thesis which culminates in both a written thesis and a public presentation of the work. ECON 485: Independent Senior Thesis is a one-credit course that may be offered as 1 credit for one semester, or as 1/2 credit in each of two consecutive semesters. Application Form
Additional information Eight of the 10 required courses must be taken on campus.
Recent changes in major The option of ECON 485: Independent Senior Thesis for the senior requirement was added effective Fall 2011.
Writing in the Major Writing in the Economics major represents an opportunity for students to effectively articulate economic reasoning. Writing in economics and management generally occurs in a variety of formats, some of these include empirical research papers, analytical papers, and analyses of news article or peer-reviewed journal articles. Writing in economics is technical and the terms used, even if they are familiar words like "demand" and "supply," have very precise and specific meanings in economics. The discipline of economics also heavily uses mathematics to add precision to arguments and hypotheses. Almost all economics papers use theoretical mathematical models or statistical inferences using data as a way to conduct research. The ability to draw inferences from mathematical and statistical methods is essential to learn to think like an economist.

Economics and Management majors are required to write an empirical research in ECON 350, Statistics for Economics and Management, and multiple analytical papers in the capstone course, ECON 480, Senior Seminar. Students will also be evaluated on their ability to apply economic analysis (the logical development of arguments based on economic reasoning) to a variety of topics in micro- and macroeconomics. Students must pass these courses to satisfy this requirement. Additionally, students should expect to encounter many other classes throughout the curriculum that introduce them to these and other forms of writing, for example, 1) research papers in Econometrics, Health Economics, Labor Economics, 2) policy papers or briefs in Environmental Economics, International Economics, Economics of Development, 3) argumentative essays in Introduction to Economics, 4) journal article summaries in Investments and Portfolio Analysis, and 5) case studies in Business Policy and accounting classes.

Finance

Total courses required Eleven
Core courses ECON 100, FIN 220, FIN/ECON 293, ECON 350, FIN/ECON 360, FIN 480 (or 485)
Other required courses A total of 4 Elective courses.
  • At least one elective must be taken from the following list of Financial Economics and Financial Systems courses:

    Financial Economics and Financial Systems*:

    ECON 470: Money, Banking and the Financial System (ECON 295 prereq), Topics in Financial Economics (ECON 350 and FIN 294 (or ECON 294) prereqs), International Finance (ECON 295 prereq), Financial and Macroeconomic Crises (ECON 295 prereq), and Behavioral Finance and Economics (FIN 294 (or ECON 294), ECON 350, and ECON 360 prereqs).

    *These courses have an additional prerequisite beyond the core courses.

    Completion of a Practicum Experience approved by the Department of Economics and Management is required. This might include any of the following: completing a finance elective designated as a course with experiential learning components, e.g., FIN 365, completing one summer or semester long finance-related internships approved by the Department of Economics and Management, presenting in an academic conference, or preparing for and taking the Chartered Financial Analyst (CFA) test
Number 300 and 400 level courses Four (can include core courses).
Senior requirement and capstone experience The senior requirement consists of completing FIN 480 or FIN 485 during the senior year. The senior requirement usually includes completion of FIN 480: Seminar. In exceptional cases, students may apply to complete an intensive, independent senior thesis which culminates in both a written thesis and a public presentation of the work. FIN 485: Independent Senior Thesis is a one-credit course that may be offered as 1 credit for one semester, or as 1/2 credit in each of two consecutive semesters.
Additional information Eight of the ten required courses must be taken on campus.
Writing in the Major

Writing in the Finance major represents an opportunity for students to effectively articulate critical reasoning. Writing in finance occurs in a variety of formats, some of these include empirical research papers, financial reports (e.g., annual reports and financial statements), analytical papers, and analyses of news articles or peer-reviewed journal articles. The discipline of finance also relies heavily on mathematics to add precision to arguments and hypotheses. At an advanced level, finance papers use theoretical mathematical models or statistical inferences using data as a way to conduct research. The ability to draw inferences from mathematical and statistical methods and communicate these inferences in writing is essential.

Finance majors are required to write an empirical research paper in ECON 350, Statistics for Economics and Management, and multiple analytical papers in the capstone course, FIN 480, Senior Seminar. Students are expected to demonstrate through their writing an understanding of finance theory and its practical applications and the role of financial decisions on the global financial system. Such writing should include effective/persuasive argumentation by distilling and analyzing essential elements of an argument to enhance decision making. This includes writing that reinforces student understanding of the core areas of the major: investments, corporate finance, and financial economics and financial systems. Students must pass these courses to satisfy this requirement.

Requirements for a minor

Accounting and Finance for Decision Making

Total courses required Six
Core courses ECON 100, FIN 220, ECON 280, FIN/ECON 293, FIN/ECON 360*

*Prerequisite: ECON 350 preferred, but other statistics courses are acceptable (BIO 375, COMM 350, MATH 247, MATH 341, MATH 441, MATH 442, POLS 318, PSY 214, SOC 401)
Other required courses One additional course from: ECON 398, Business Policy; ECON 470, Money, Banking and the Financial System; MATH 336, Introduction to Financial Engineering; or other elective as determined by the chair of the Economics department.
Number 300 and 400 level courses Three

Business Administration

Total courses required Six
Core courses ECON 100, FIN 220, and ECON 280 or FIN/ECON 293
Other required courses

Selected Core (choose one): FIN/ECON 293, ECON 398, PSY 364*, MATH 422*

Quantitative Analysis (choose one): BIO 375*, COMM 350, ECON 350, MATH 247, MATH 341, MATH 441*, MATH 442*, POLS 318, PSY 214*, SOC 401

Elective (choose one): PACS 100, COMM 326, COMM 335*, CSC 121, FIN/ECON 293, FIN/ECON 360*, ECON 398, ECON 420*, ECON 430*, ECON 470*, KINS 406, MATH 331*, MATH 336, MATH 422*, MATH 423*, PHIL 230, PHIL 233, PSY 254*, PSY 364

  • At least four of these courses must be outside the student's major(s) and other minors.
  • Students with a minor in Business Administration are required to attend at least six Management Center lectures during their junior or senior year. (The McDermond Center for Management & Entrepreneurship must be notified of a student's intention to complete this minor during the spring of their junior year.)
  • Completion of an internship approved by the Department of Economics and Management is required.
  • Courses that have a prerequisite in addition to the core or quantitative course requirement are designated with *.
Number 300 and 400 level courses 1

Economics

Total courses required Five
Core courses ECON 100, ECON 294*, ECON 295

MATH 151 or MATH 136 is a prerequisite for ECON 294.

Other required courses Also required are two additional courses from the following list: ECON 140, 235, 250, 262, 290A, 310, 315, 320, 342, 350, 360, 375, 390A, 410, 420, 430, 440, 450, 470, 490A.
Number 300 and 400 level courses One

International Business

Total courses required eleven
Core courses ECON 100, FIN 220, ECON 280 or FIN/ECON 293, ECON 295, ECON 420, two courses of foreign language beyond the intermediate level, an internship
Other required courses A minimum of four elective courses related to the international area of specialization, of which at least two must be from the departments of history and political science, is required (electives must be approved by the International Business Advising Committee).
Number 300 and 400 level courses three