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Economics and Careers in Business
Students Going Directly into Business
The Department of Economics recommends that students interested in going into business immediately after graduation take Accounting 201 and 201 during their junior or senior years, Economics 101, 291, 292, 251 and field courses appropriate to the student's goals.
For example:
A student with a desire to work in a finance related job such as banking, corporate finance, stockbrokerage, etc., should consider Econ 262 (Financial Institutions and Markets), Econ 362 (Money and Banking), and Econ 361 (Corporate Finance) as appropriate field courses.
A student with an interest in international business should consider Econ 222 (Comparative Economic Systems), Econ 224 (Economic Development), and Econ 321 (International Trade).
Student Concerns about Business Careers
Students at liberal arts colleges are often concerned that they will be at a disadvantage in the job market upon graduation compared to students with degrees in business. This is not generally the case. In fact, average economics major starting salaries are usually higher than business administration and other business majors average starting salaries (except for accounting and MIS majors). That said, it is obvious that the student interested in business should acquire the skills and tools necessary to compete against business majors.
Econ 251 (The Economic Approach with Microsoft Excel), Dv3-252 (Statistics), Econ 253 (Econometrics) are courses that develop statistical and quantitative skills of use to the student seeking employment in quantitative business areas such as finance, insurance, and production management. In particular, Econ 251 will teach students to use mathematics and computer skills in economics analysis. It is strongly recommended that ANY student interested in business take Econ 251.
MBA-Bound Students
Masters in Business Adminstration programs admit students from all majors. The Department of Economics recommends that students considering an MBA major in a field that is intellectually appealing to them while taking at least a core of economics courses. Economics courses are extremely useful because they give business people the skills to analyze and anticipate the effects of changes in economic events on their businesses.
Econ 251, Dv3-252, Econ 253, 291, 292, and 361 are strongly recommended. Most MBA programs have courses similar to Econ 253, 291, 292, and 361; students taking 253, 291, and 292 at Wabash typically are exempted from these courses and thus have more time for business courses in their MBA program. Strong MBA programs require the equivalent of Mathematics 111 and 112. Accounting 201 and 202 are recommended.
Graduate School in Economics or Finance
For the student intending to earn a Ph.D. in Economics or Finance, Economics 353 (Topics in Econometrics), 491 (Advanced Micro), and 492 (Advanced Macro) are strongly recommended.
Because of the extensive use of mathematics in graduate economics and finance courses, we recommend taking as many Mathematics courses as possible. In fact, double majoring in Econ and Math is a good idea.
Students considering graduate study in Economics or Finance are strongly encouraged to discuss their interest with a professor in the Department of Economics in order to make an optimal decision about graduate study in Economics or Finance.
Economics and Law
Students Going to Law School
Economics is excellent major for law school. The combination of analytical thinking skills, quantitative reasoning, and oral/written expression of ideas is perfect training for the study of law.
The Department of Economics recommends that students interested in going law school take the following three courses:
Econ 231: Law and Economics
Phil 213: Philosophy of Law
PolSci 313: Constitutional Law
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Economics and Public Policy
Students Going to Graduate School in areas such as Public Administration, Applied Science, and Non-profit Management
Once again, an undergraduate Economics major provides excellent preparation for public and enviromental affairs programs. Depending on your interest, you may want to combine courses in Political Science or the natural sciences with your Econ courses.
