Department of Economics, School of Business

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What is economics?

Why would anyone study economics?

Where are the jobs and what do they pay?

What about internships

Can I join an Economics Club?

Will economics prepare me for graduate studies in law, business, public policy, or medicine?

Can I major or minor in economics?

What courses are available for an economics student?

Who are the instructors?

What courses will be offered in upcoming semesters?

Are scholarships and financial aid available?

What do alumni think of the Department of Economics?

Newsletters to Students

 

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).

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?

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.

A wide variety of data indicates that economics majors earn high salaries and have good prospects for rapid career advancement.

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.

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.

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).

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.

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