Requirements for Declaration of Major
To declare the economics major:
- Prospective majors must have completed at least two economics courses at the University and have achieved a grade point average of at least 2.300 in all economics courses completed at the University at the time of declaration. For purposes of this requirement, an approved statistics course counts as an economics course. The approved statistics courses are ECON 371, ECON 472 (previously numbered 372), MATH 312, APMA 312, and STAT 212. (APMA 311 may be substituted by engineering students.)
- Prospective majors must have received a minimum grade of C+ in either ECON 201 or ECON 301.
- All prospective majors must have received credit for at least one semester of calculus with a minimum grade of C. This requirement may be satisfied with transfer or AP credit but not with a course taken on a pass/fail basis. Prospective majors declaring after January 1, 2006, must have completed an approved statistics course. An exception will be made for students who have received permission from the Director of Undergraduate Studies to complete the MATH/APMA 310-312 sequence in their third year.
- Entering third-year transfer students may declare a major in economics before completing any economics courses at UVa. However, they must have completed the calculus requirement.
To graduate with a major in economics, students must complete the calculus requirement described above. In addition, students must complete the five core courses listed below plus fifteen credits of additional economics electives and have a cumulative GPA in economics of 2.000 at the time of graduation. Of the fifteen credits of additional economics electives, at least twelve must be earned in courses numbered 300 or greater. In addition, for students graduating after May 2006, at least six of the fifteen credits of economics electives must be numbered 400 or greater. The core courses required of all majors are ECON 201, 202, 301 (or 311), 302 and an approved statistics course. The approved statistics courses are ECON 371, ECON 472 (previously numbered 372), MATH 312, APMA 312, and STAT 212. (Students in the School of Engineering may use APMA 311). All of the core courses except ECON 302 must be completed by the end of the student’s sixth semester. Majors who fail to do this will be dropped from the program. Students are expected to complete ECON 302 prior to the beginning of their eighth semester. For more details on the procedure for calculating the economics GPA at the time of graduation, see the department’s undergraduate web page, www.virginia.edu/economics.
Transfer Credit Toward the Major or Minor
No courses taken away from the University’s campus in Charlottesville after matriculation may be counted towards the major in place of ECON 301, 302, or 371, or STAT 212 (transfer students who took these courses before matriculation should consult with the Director of Undergraduate Studies). In some cases, up to six credits of courses taken away from the Charlottesville campus may be counted among the 15 credits of economics electives toward the major. No courses taken away from Charlottesville may be counted toward the minor in economics, except ECON 201 and 202. To request permission to transfer a course, a student must confer with the Director of Undergraduate Studies in advance. Majors who plan to study abroad also must consult the Director of Undergraduate Studies in advance.
Distinguished Majors Program in Economics
The Department of Economics has a Distinguished Majors Program (DMP) for those who seek to graduate with high or highest distinction in economics. Students in the DMP must take ECON 472 (previously numbered 372) no later than the fall of their fourth year, enroll in ECON 411 in the fall of their fourth year, and write a thesis (ECON 496) under the supervision of a faculty member. Third-year economics majors with a cumulative GPA of 3.600 or better may apply.
Concentration in Financial Economics
Economics majors may declare a concentration in financial economics. The requirements for this concentration are the ordinary requirements for the major with ECON 303 Money and Banking, ECON 434 Theory of Financial Markets, ECON 435 Corporate Finance, and ECON 436 Topics in Quantitative Finance as three of the economics electives. In addition, students must complete COMM 201 Financial Accounting, and MATH 310 (or APMA 310) Introduction to Mathematical Probability. Math 310 must be completed on a graded basis before taking ECON 436. (Note that MATH 310 has MATH 132 as a prerequisite.) Economics majors may declare the finance concentration as soon as they have completed MATH 310 (or APMA 310) or after the last day to drop a class in the seventh semester, provided they have completed or are currently enrolled in MATH 310 (or APMA 310).
For Economics majors who will graduate between May 2006 and January 2007 and who want to complete the concentration in financial economics, the department will permit the substitution of MATH 514 and a fifth economics elective for ECON 436. In addition, students using this option must complete both ECON 434 and ECON 435. (Note that MATH 514 will not count as one of the ten courses in economics required for the major.) This arrangement is offered on a temporary basis and assumes that the department will not be able to staff ECON 436 in the spring of 2006. The arrangement will not be an accepted alternative in years when ECON 436 is offered. Further details about this option are given in the “What’s New” section of the department’s home page.
Concentration in Public Policy
Economics majors may declare a concentration in public policy no later than October 1 of their seventh semester. To declare it, students must have already completed ECON 301 or 311 with a grade of B or better, passed ECON 472 (previously numbered 372) or, if declaring in their seventh semester, be enrolled in it, and passed ECON 431 or, if declaring in their seventh semester, be enrolled in it. In addition to the 5 core courses required for the major, students with this concentration must pass ECON 372 and ECON 431 by the end of their seventh semester. In addition, by graduation they must complete ECON 488 and at least two courses from the list below:
ECON 304, ECON 305, ECON 331, ECON 333, ECON 408, ECON 415, ECON 416, ECON 418, ECON 420, ECON 421, ECON 422, ECON 423, ECON 433, ECON 442, ECON 443, ECON 451.
Students who concentrate in public policy are encouraged to take courses in the Department of Politics. Some of these courses deal with important aspects of policy development that are not covered in economics courses. PLAP 266, 338, 424, 471, and 513; PLCP 413 and 525; and PLPT 480 are especially relevant.
Requirements for Minor
Students who wish to minor in economics must complete ECON 201, 202, 301 or 311, an approved statistics course (listed above) and nine credits of ECON electives with a cumulative GPA of 2.000. At least six credits in economics elective courses must be earned in courses numbered 300 or above. None of the nine credits of economics electives offered for the minor may be taken via transfer credit or study abroad. They must also pass at least one semester of calculus (for example, MATH 121, 131, or APMA 109), which may not be taken on a credit/no-credit basis. Students may declare a minor as soon as they pass the four required courses, the calculus course, and attain a grade point average of at least 2.000 in all economics courses (including an approved statistics course) completed at UVa. College rules require that the minor be declared by the end of the add period in the semester before graduation, ordinarily the seventh semester. The procedure for declaring a minor in economics is described on the department’s undergraduate program web page.
Prospective Graduate Students
Any student seriously considering graduate work in economics should take ECON 472 and several mathematics courses. MATH 132 and 231 are essential. Beyond these, the most useful courses for a prospective graduate student of economics are MATH 310, 312, 325, and 331, and 351.
For more information, contact the Director of Undergraduate Studies, Department of Economics, 114 Rouss Hall, P.O. Box 400182, Charlottesville, VA 22904-4182; (434) 924-3177; Fax: (434) 982-2904; www.virginia.edu/economics