Requirements to Declare the Major
Requirements to declare the major:
- Complete two graded economics courses at the University;
- Present an economics GPA of at least 2.3 for all economics courses completed at the University (that is, the final grades of all your Virginia economics courses, averaged together);
- Achieve a minimum grade of C+ in either ECON 201 or ECON 301. Neither retaking the course nor transferred course credit can be used to satisfy this requirement.
- All prospective majors must have received credit for either Math 122 or Math 132 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.
- Complete a statistics course [Econ 371, 372, or 472; Math 312; APMA 311 or 312; or STAT 212] with a minimum grade of C. (With permission from the Director of Undergraduate Programs, you may declare, and later complete statistics in your third year, using the Math/APMA 310-312 sequence.)
- Transfer students entering as second-years must meet all requirements. Third-year transfer students may declare in their first Virginia semester, provided they meet the calculus requirement.
- If the course used to satisfy the statistics requirement is not an Economics course, it does not enter the economics grade point average.
- The calculus and statistics requirements may be satisfied via appropriate transfer or AP credit.
When you are ready to declare the major:
- Print out (1)-(7) above. Review them carefully. Do you qualify?
- Print out and review the Requirements, FAQ and course offerings sections.
- Obtain a Major Declaration form from Garrett Hall.
- Before you come to the Economics Department, complete that form, as follows:
a) Fill in the personal information.
b) Fill in the course grid – prefix, number, title and term - with the eleven courses (completed, in progress, or planned) that will complete the requirements for the major. Include calculus and statistics. Write TR or AP in the “year” column if you are using transfer or AP credit. You will not be required to complete the particular elective courses that you list as planned. This form is just a first draft of your plans for the major. As you select electives, consult question 4 of FAQ.
- Print out your VISTAA form. You must bring this form with you when you declare.
- Bring the Declaration form and your VISTAA form (or transcript) to 2015 Ivy Road, Room 326. We will verify that you have satisfied the requirements to declare and will assign you to a major advisor.
- Take the declaration form to your advisor for review and signature. Return it to Room 326, where we will give you your copy of the document. Your declaration is not complete until we send the form to your school of enrollment.
Departmental Degree Requirements:
1. Pass the five required courses listed in paragraph 2. Earn 15 hours of elective economics courses, at least 12 hours of which must be in courses numbered above 299 and least 6 hours in courses above 399. No courses taken pass/fail may be used to satisfy degree requirements.
2. Complete ECON 201, ECON 202, ECON 301 or ECON 311, ECON 302, and one of the following courses: ECON 371, ECON 372, Econ 472, MATH 312, APMA 311 (SEAS only), APMA 312, or STAT 212. The required courses (except ECON 302) must be completed by the end of the 6th semester. Majors who fail to do so will be dropped from the program.
3. Majors are encouraged to take additional mathematics courses. A second semester of calculus is especially useful. Students considering the finance concentration or graduate work in economics should take MATH 131 and MATH 132 (or APMA 111) instead of MATH 121 and MATH 122.
4. Majors must achieve at least a 2.0 grade point average in the economics courses used to meet these requirements. If you fail and retake the same required course, both grades will enter the economics grade point average. When a course is passed and retaken, the second grade does not carry credit or enter the grade point average. If you take more than the minimum 15 hours of electives, the 5 elective courses with the highest grades, excluding transfer courses, will enter the economics grade point average. Students who have questions about their status as economics majors should see the Director of Undergraduate Studies.
5. Transfer credit for courses taken outside the University: No courses taken outside the University after matriculation may be counted towards the major in place of Econ 301 or 302. At most six hours of the fifteen hours of elective course credits may be in courses taken outside the University. No courses taken outside the University may be counted toward the minor in economics, except Econ 201, Econ 202 and calculus. To be sure that a course will transfer for economics credit, a student must receive approval in advance, from the Director of Undergraduate Studies.
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 International Economics
Economics majors may declare a concentration in international economics no later than October 1 of their seventh semester. To declare it, students must have already completed ECON 372 or 472, or be enrolled in it. In addition to the five required courses for the major (201, 202, 301, 302 and statistics), students must pass ECON 421, ECON 422, and any two of (i) ECON 451, (ii) ECON 423, or (iii) an area studies course within the department (ECON 309, 353, 355, 456, etc).
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