Department of Economics, School of Business
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What is economics?
Economics is the study of how people make decisions and how those decisions
affect other people and the overall level of economic activity. Since choice is
universal, the issues examined in economics are diverse; economists can analyze
the effects of a change in the federal income tax, or consider whether a change
in the price charged by a firm increases profits. From the economic
perspective, the decision-maker evaluates the costs and benefits of any
decision before actually choosing the best alternative. For example, reducing
the speed limit may save lives (a benefit) but it will increase travel time (a
cost).
- Visit the on-line debates hosted by South-Western College Publishing to see some issues of interest to economists.
- Here is a brief description
of the first course in economics at VCU, ECON 210
Principles of Microeconomics.
Why would anyone study economics?
Economics is a popular major at many colleges and universities. For
example, at Harvard University the most popular elective is Principles of
Economics and over 10% of the students major in economics. Also, CEO's of
Fortune 500 firms chose economics as a major more frequently by than any other
discipline. Why do so many students choose economics?
- Economics is a challenging intellectual pursuit. That economics is the only discipline in business or the social sciences awarded a Nobel Prize indicates the high levels achievable in this field.
- Economics is an extremely broad field. It spans liberal arts and business, ranges from public policy to pure theory, and involves both abstract thinking and analysis of data.
- Few other courses of study offer more professional opportunities. Students of economics find employment in a diverse array of occupations and industries, earn high salaries, and have good prospects for career advancement.
- Economics is excellent preparation for a wide range of graduate programs, including business, public policy and administration, law, and medicine. Economics majors tend to score well on admission tests required by graduate schools such as GMAT, GRE, and LSAT. The American Bar Association recommends study in economics, "particularly elementary micro-economic theory, and an understanding of the interaction between economic theory and public policy."
Where are the jobs and what do they pay?
Economics is an approach to decision
making that is valuable to all aspects of life. Individuals, employers and
graduate schools find the techniques used in economics "to draw correct conclusions"
very useful. For these reasons economics majors are found pursuing all sorts of
careers after graduation, and very often they are not in positions titled
"economist." If you're thinking of becoming a lawyer, economics is a
perfect major. If you're planning on becoming a CEO or running your own
business, economics is a perfect major. If you're planning on becoming an
investment banker, economics is a perfect major.
The most important skill that businesses want are people who can think and solve problems. Particular occupations may require special skills, but the needed skills change. The need for people who can think and solve problems does not. Economics is probably the major that best trains you to think in a way that's useful for solving problems. That's what's in it for you. It turns you into a thinking machine that businesses highly value. As a sidelight, becoming a thinking machine changes the way you view life and understand problems.
- Employment opportunities exist in such diverse fields as financial services, banking, real estate, insurance, health care, manufacturing, not to mention government and the Federal Reserve System.
- The list of possible occupations
includes bank examiner, claims adjuster, manager, consultant, purchasing
agent, entrepreneur, sales representative, financial planner, stockbroker,
and almost any job with the word "analyst" in its title - such
as business, credit, economic, financial, market research, risk, or
securities analyst.
A wide variety of data indicates that economics majors earn high salaries and have good prospects for rapid career advancement.
- The US Census Bureau reports that the mean yearly income for undergraduate economics majors was $41,916 in Spring 1993. This is only slightly below the average for engineering ($43,740) and compares favorably with business/management ($35,940), liberal arts/humanities ($25,236), social sciences ($26,916), and all majors ($31,500). (Click here to visit the Bureau of the Census to see salaries by major and level of education.)
- The College Placement Council Salary Survey reports that the average salary offer for Economics & Finance majors was $35,219. This was slightly lower than the average for Management Information Systems ($38,564) and higher than the averages for Accounting ($33,425), Business Administration ($31,597), Human Resources ($26,434) and Marketing ($29,902).
- In a survey of alumni of the economics programs at VCU administered in the spring of 2000, the estimated mean salary was approximately $60,000. 40% of the respondents indicated that their annual salary exceeded $70,000. (Click here for more information about salaries and careers obtained from the alumni survey.)
- Economics also appears to be a truly equal opportunity profession in that it is the one major where males and females earn almost exactly the same incomes. (Click here for a bar chart showing the median incomes for various majors by gender.)
- A Washington Post article
titled "Majoring in Money," (Sunday, March 24, 1996) listed the
Annual Earnings by College Undergraduate Major for Women aged 35-44 for
the top five majors - and economics was #1! The article described an
economics degree for women as "golden."
To help students find employment, the Department of Economics maintains a folder of current job opportunities that are well suited for economics majors. To review the postings, please contact Dr. Steven Peterson, the Undergraduate Coordinator for the Department. The University Career Center also offers a comprehensive array of services for students and alumni who are exploring career options and looking for jobs.
- Visit the VCU Career Links Web Page
- Visit the VCU Career Explorations
- Visit the VCU Career Center
- WWW sites for job
searches
Will economics prepare me for
graduate studies in law, business, public policy, or medicine?
Economics has traditionally been recognized as excellent preparation for
graduate studies in business and public policy. Economics majors tend to
score well on the tests required for admission, such as GMAT, and to
perform well in the programs after they enroll. Now economics is being
increasingly recognized as excellent preparation for the fields of law and
medicine. For example, economics majors tend to score well on LSAT,
the admission tests required by most law schools. (Click
here to see some data.) Moreover, the American Bar
Association strongly recommends study in economics, "particularly
elementary micro-economic theory, and an understanding of the interaction
between economic theory and public policy."
What about internships?
The Economics Department at VCU has established internship programs with
several partners in the Richmond metropolitan area. Some of our partners are:
Capital Research and Analytics, Division of Motor Vehicles, Federal Reserve
Bank of Richmond, Virginia Economic Development Partnership, Virginia
Employment Commission, and the Virginia Retirement System.
Can I major or minor in economics?
The Department of Economics at Virginia Commonwealth University offers a major
in either the College of Humanities and Sciences or the School of Business.
Students frequently choose the major in the College of Humanities and Sciences
when they are interested in careers in politics and public policy, law, or the
news media. Students who want to combine training in economics with exposure to
the business disciplines are encouraged to consider the major in the School of
Business.
- Click here to learn about the degree requirements for the major in the College of Humanities and Sciences.
- Click here to learn about
the degree requirements for the major in the School of Business.
Students at VCU can also minor in economics by taking six economics courses. The six courses taken for a minor must include ECON 210-211 and either ECON 301, 302, or 303. The other three courses may be chosen from any 300-400 level economics courses, including ECON 301, 302, and 303. An economics minor is especially useful for students majoring in mass communications or political science.
Students in the College of Humanities and Sciences should contact the Office of Academic Advising, 207 Hibbs Building, 900 Park Avenue, or phone 804/828-2333 to declare their intentions to major or minor in economics.
Students in the School of Business should contact the Undergraduate Studies Office, 3119 School of Business Building, 1015 Floyd Avenue, or phone 804/828-3710, to declare their intentions to major or minor in economics. Students declaring the major in the School of Business must have junior standing, a minimum cumulative grade-point average of 2.25, and have completed 54 credits in the foundation program including the following courses or their equivalent: ENGL 101-200, MGMT 171, MGMT 212, ECON 210-211, and ACCT 203-204.
What courses are available for an economics student?
All economics students must take principles. Junior and senior level courses
include policy oriented classes such as public finance, government and
business, urban economics, and environmental economics as well as theory
courses such as intermediate microeconomics and macroeconomics, international
trade, and labor. The Department also offers courses for students interested in
graduate studies or policy analysis such mathematical economics and
econometrics (statistical applications).
- Please visit the Undergraduate Bulletin to obtain a http://www.vcu.edu/bulletins/200203/ub/08.pdf complete list and description of economics courses offered at VCU.
- Here are preliminary lists of courses that will be offered in upcoming semesters.
Who are the instructors?
Nearly all of the economics instructors at VCU are full-time faculty; the rest
are highly qualified professionals drawn from the local business
community. The Economics Department does not use graduate students as
instructors for any classes.
Are scholarships and financial aid available?
Scholarships are available at the department, school, and university level.
The Department of Economics offers the Eleanor Snellings Scholarship. This scholarship goes to economics majors in the College of Humanities and Sciences or School of Business who have demonstrated outstanding scholarship, character, and service. The scholarship is typically an award of $750 per year. If more than one scholarship is granted in a year, lesser amounts may be awarded. To apply for the Eleanor Snellings Scholarship, please call 804/828-3710 in January and speak to the Undergraduate Studies office in the School of Business.
The School of Business offers a number of scholarships to students of all majors. To learn more about scholarships available through the School of Business, please call 804/828-3710 to speak to the Undergraduate Studies office.
- Here is information about scholarships and
financial aid offered and administered by the University.
Jennings Society
The Jennings Society is an organization for students with an interest in
economics. Typical activities include:
tours of local business organizations, hosting speakers, collecting and
distributing information about job and scholarship opportunities for economics
majors, and social events. To
learn more, please click here
to send an email message to the Society.
Newsletters
The Department of Economics distributes newsletters to students approximately
once a semester. Click below to
see the newsletter of your choice.
Please contact the Department of Economics office to make suggestions to improve this page.
Revised 10 September 2002