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Frequently Asked Questions...

About:

Prerequisites, Admission to the Major, Assignment of Advisors
Math
The Major
Choosing Economics Courses
Study Abroad, Internships
Honors and Independent Study
The Job Market, Preparing for Graduate Study
CES, ODE, and the Visible Hand
Name that Economist

Prerequisites, Admission to the Major, Assignment of Advisors

I placed out of Econ 1110-1120 through AP credit, but I'm afraid that I'm really not ready for Econ 3130-3140. Should I take 1110-1120, just to be sure?
No. If you have AP credit in Economics and have also met the Calculus requirement, take 3130 or 3140.

Should I take first take 1110 then 1120, or vice versa?
Either way. It doesn't matter. Really.

How do I apply for admission to the major?
After you have completed the prerequisites, see the Director of Undergraduate Studies in the Economics Department. Bring a list of the courses you are using to satisfy the Arts College Distribution requirements (courses completed to date, plus courses in which you are enrolled during the current semester), and know who your current (old) advisor is. If you have completed the prerequisites and bring this information, the application process takes 5 minutes, and you will be admitted on the spot.

How do I get an Economics advisor? Can I pick my advisor?
When you are admitted to the major, you will be assigned an advisor. Yes, you can pick your advisor, provided the advisor you want is not booked up already. If you are not a major and need advice (related to Economics!), see the Director of Undergraduate Studies.

Can I change my major advisor?
Yes. See the Director of Undergraduate Studies.

Professor So-and-So teaches Econ courses. Why can't I choose him as my advisor?
Major advisors must be members of the Economics Department. Some Econ courses (primarily cross-listed courses), however, are taught be instructors who are not members. And a few members of the department do not advise undergraduates.

Math

I placed out of Math 1110 through AP (or I took Math 1110 a long time ago). How do I know if I really have enough math for Econ 3130/3140?
Print out our self-test, "Math for Econ 3130/3140", and give it a try. If you can do most of the problems, you are ready for 3130/3140.

I placed out of Math 1110. Should I take Math 1120?
Yes. You don't have to; it's not required for the major. But more math is certainly beneficial, both in Econ coursework at Cornell (you'll understand the material better, even if the presentation in class is not explicitly mathematical) and after Cornell.

How much math is used in Econ courses?
Only Math 1110 is required for admission to the major, and no further math is required to complete the major. The core courses -- Econ 3130, 3140, and 3210 -- assume a sound knowledge of differential Calculus, at the level of Math 1110. (The 3190-3200 sequence, which can be substituted for 3210, requires Math 1120.) After completing the core courses students averse to mathematics could manage to avoid calculus almost entirely by careful selection of courses. If you hate math, though, you probably won't be thrilled with Economics.

The Major

How many courses are required for the major?
Eight -- not including Econ 1110-1120 and Math 1110, which are prerequisites for admission to the major rather than requirements for the major itself. Every major must complete Econ 3130 (Micro), 3140 (Macro) and either 3210 (Applied Econometrics) or 3190-3200 (Statistics and Econometrics). The other five courses (or four courses, if you choose the 3190-3200 option) must be 3000- and 4000-level courses, chosen from among several dozen that are regularly offered by the Economics Department. There are a few restrictions concerning choice of courses; see The Major in Economics.

What's the difference between Economics and AEM (Applied Economics and Management)?
The Department of Applied Economics and Management, in the School of Agriculture and Life Sciences, offers an undergraduate business program that focuses on skills in such areas as accounting, marketing, finance, management, and human resources and organizational behavior. Economics, in contrast, does not provide specific business-related skills -- and, in fact, business courses are not applicable toward the Econ major. Instead, Economics tries to (1) provide a rigorous grounding in analytical and statistical techniques and (2) instill a proven method of framing problems and pursuing solutions -- a method that is applicable in personal, business, and governmental decision-making, and across a broad range of academic disciplines. In other words, a business degree prepares you for a particular career, whereas an Economics degree opens doors to many different careers, without providing (within the major itself) the skills specific to any one. Of course, you can always supplement your Econ major with business courses in other departments, to get the best of both worlds.

Can I minor in Economics?
No. The Department does not offer a minor.

Why can't I take more 4000-level courses?
The major requires a total of 8 courses, no more than 2 of which are 4000-level. In general, the 3000-level courses are the "mainstream" fields of economics -- international, public finance, industrial organization, and so on. Building upon Econ 3130 and 3140, these courses provide the student with sets of widely-applicable tools familiar to most economists. A 4000-level course, by contrast, typically deals with a more specialized topic area and does not focus primarily on developing a set of tools. Our 400-level courses, include, for example, "The Economy of China" and "The Economy of India" -- certainly worthwhile courses (or at least the instructors think so). But we don't believe that these country-specific courses should substitute for a course like "Development Economics" which provides tools useful in the study of China or India or any other case.
BTW, we encourage you to take more than two 4000-level courses. You just can't count more than two of them toward the major!

How big are Economics classes?
Introductory level (Econ 1110-1120): Two lectures per week, average 400 students, plus one discussion section per week, 25-30 students.
3000-level core courses (3130-3140, 3190-3200, 3210): Lectures, usually 60-90; discussion sections, 20-40.
Other 3000-level: In most cases, 20-60 (but some run much larger).
4000-level: Usually 50 or fewer; in some cases, 10 or fewer.
Econ 4909 (Honors Seminar): Limited to 12.

Do TAs teach Economics classes?
No. All classes are taught by Cornell faculty members or by visiting faculty (professors at other institutions, who are visiting for a year or two while on leave from their home universities). In introductory courses and in some of the larger 3000-level courses , TAs (teaching assistants) conduct discussion sections and grade exams.

If I major in Economics, will I have space in my schedule for a second major or a concentration?
Yes. The Econ major requires eight courses -- not very many. We encourage Econ majors to go beyond this minimum and to continue their coursework in math beyond Math 1110, or to complete a concentration or second major. The second major frequently complements or overlaps Economics (for example, a second major in Math, with a concentration in Mathematical Economics), but it is also possible to complete a second major that is pretty much unrelated to Economics. About 20 percent of Econ majors graduate with a second major or an interdisciplinary concentration. See Double Majors, Dual Degrees, Interdisciplinary Concentrations, Study Abroad, and Internships.

If I have a second major in Asian Studies in addition to my major in Economics, can I count Econ 4690 or Econ 4750 toward both?
Yes. And you can use Econ 4690 or Econ 4750 to satisfy the non-Western breadth requirement as well (in this case, triple-counting). Quite a few Econ courses, apart from counting toward the Econ major (and, of course, the social-science distribution requirement) will also count toward a second major or an interdisciplinary concentration.

Choosing Economics Courses

Are 4000-level courses more difficult than 3000-level?
No. Since we assign course numbers based upon the nature of the course -- mainstream "field" courses, versus more specialized topical courses -- the numbers do not reflect level of difficulty. Some 4000-level courses require only 1110-1120 as prerequisites.

I've taken Calculus, but no Economics. Should I take Econ 3010-3020? That way, I cut out two courses.
True -- If you pass 3010-3020 with grades of B or better, you don't have to take Econ 1110, 1120, 3130, or 3140. But 3010 and 3020 are not designed for Econ majors; rather, they are designed primarily for Engineering students who want to sample some Economics courses or satisfy the Engineering School's distribution requirements. 3010 and 3020 therefore assume a strong math background, and they do not necessarily treat every topic in the standard 3130-3140 sequence as thoroughly as do 3130 and 3140. Students who plan to major in Economics should take 3130-3140, which provide the necessary foundation for all subsequent Economics courses.

Can I count Econ-related courses in other departments toward the Economics major?
Not unless they are cross-listed with Economics (meaning they have an Econ course number) and are included in the Economics section of the course catalog. Accounting and other business courses do not count toward the major.

Can I take Econ 3130 and 3140 concurrently?
Yes, but we strongly advise taking them sequentially (in either order).

Is Econ 3210 (Applied Econometrics) more difficult than Econ 3190-3200? Doesn't 3210 combine two semesters worth of material into a single course?
No. The opposite is true: Economics 3190-3200 covers more material and in greater depth -- and has a stiffer Math prerequisite.

Can I substitute another Statistics course for Econ 3190?
No. Econ 3200 assumes knowledge of the topics covered in 3190, which are not necessarily covered in Stat courses offered in other departments.

Should I take Econ 3210 or Econ 3190-3200?
If you plan to enroll in a graduate program in Economics, might pursue a career that requires regular use of statistical analysis, or have a strong math ground and enjoy math-oriented courses, take 3190-3200. Otherwise, Econ 3210 will suffice. Note that Econ 3200 requires Math 1120, so if you aren't proceeding beyond the minimal math requirement (Math 1110), you can't take 3190-3200 in any case.

If I take Econ 3190-3200 instead of 3210, do 3190 and 3200 count as one course toward the major, or as two?
As two courses. If you choose 3190-3200, the major consists of 3130-3140 (or 3010-3020, with B or better), 3190-3200, and four additional courses, at least two of which are at 3000 level. With 3210, the major consists of Econ 3130-3140 (or 3010-3020, with B or better), 3210, and five more courses, of which at least three are at 3000 level.

Do most Econ courses require Econ 3130 and 3140?
No. While some require both 3130 and 3140, others require either 3130 or 3140, and a few require only 1110-1120. The department tries to offer a mix of courses serving both Econ majors (including those who have not yet completed the core courses) and non-majors who will never complete the core.

Should I complete Econ 3130-3140 and Econ 3210 (or 3190-3200) before enrolling in other Econ courses?
Ideally you might complete the core courses -- 3130-3140 and 3210 (or 3190-3200) -- during sophomore year, and then complete the rest of the major during junior and senior years. For most students, however, this is not very practical, especially for those getting a late start in the major or planning a year of study abroad. Most Econ majors take 3000 and 4000 level courses applicable to the major, and outside the core, before completing the core courses.

Can I take graduate-level Econ courses? Do they count toward the major?
Yes and yes. You can take a graduate-level course, with permission of the instructor and your advisor. Graduate courses generally require a very strong math background -- at least through Math 2220 and in some cases Math 4110 -- and a lot more work than a 3000- or 4000-level Econ course. Graduate-level courses count as 3000- or 4000-level courses toward the major. You might consider taking a course like Econ 6090 if you are a senior with the required math background and are planning to enroll in a PhD program in Economics.

Study Abroad, Internships

I want to study abroad, and I need to transfer Cornell Abroad credit toward my Econ major. Which study-abroad program is best?
It depends. If your main concern is having a broad selection of courses that are sure to transfer and apply toward the major, then institutions in the UK are probably your best bet. If you really want to study in a particular country other than the UK or at a particular institution, and you need one or two courses to transfer, you can those courses pre-approved. Gather information at the Cornell Abroad office, then bring course descriptions to your advisor or the Director of Undergraduate Studies. In almost every case, one or more Econ courses will be acceptable toward the major.

Can I take Economics 3130 (or 3140, 3190, 3200, 3210) Abroad? Can I take these during summer session at another university?
No. Take the three core courses (or four, if you choose 3190-3200 instead of 3210) at Cornell. During your semester abroad or your summer at another university, select courses that fulfill the five-course (or four-course) requirement outside the core.

Can I get credit for an internship?
No. In some cases it may be possible to design an independent research project that builds upon your internship experience. A project of this sort -- though not the internship itself -- might qualify for academic credit in Econ 4980 (Independent Study in Economics).

The XYZ Company offered me an internship, but I have to show that the work I will do as an intern counts as part of my undergraduate program. What do I do about this?
See the Director of Undergraduate Studies, with the specific requirements of the firm in question.

Honors and Independent Study

How do I arrange an Independent Research project (Economics 4980)?
First, figure out what you want to do. Then find a faculty member who is willing to supervise your research. (Most will be.) Decide upon the number of credits, the work to be done and the final product (a research paper, a presentation, whatever), and the grading criteria. Finally, do the paperwork: submit a proposal to the Arts College (Office of Undergraduate Advising, 172 Goldwin Smith) and add Econ 4980. See Opportunities for Research.

Does my independent Research supervisor have to be a member of the Economics Department?
Either a regular member of the department, or a visiting faculty member with an appointment in the department. If your research supervisor belongs to some other department, credit for your Independent Research work will be awarded in that department.

How do I apply for admission to the Honors Program?
Pick up application materials from the Economics Department office (404 Uris) around the middle of April during your junior year (or, if you are studying abroad, e-mail Ulrike Kroeller at uab1@cornell.edu to request these materials. In addition to a completed application, you will need to provide an unofficial transcript and arrange a letter (or letters) of recommendation. All application materials are due by the last day of classes, spring semester, junior year. See Opportunities for Research.

How hard is it to get into the Honors Program?
Varies year to year. Enrollment is capped at 12, and the number of applications in recent years has varied from 18 to over 30. GPA, especially in the major, and letters of recommendation are weighted heavily in admissions decisions.

How tough is the Honors Program, once I'm accepted?
Not all that tough, if you are really interested in research and willing to put in the necessary time and effort. Graduating with Honors requires completing a substantial and original research project, and writing a thesis based on the project. There is no hard and fast requirement concerning the length of the thesis, but most are on the order of 75-100 pages. A faculty committee decides whether or not the thesis is acceptable, and then decides upon the level of Honors to be awarded. Of the 12 students (max.) who enter the program each year, on average seven will graduate with Honors; in almost every case, those who do not complete the program withdraw voluntarily, usually because they discover that they really don't want to spend their senior year in the library. Over the past five years, most students who completed the program graduated cum laude, some magna cum laude -- and only three summa cum laude.

Does my Honors advisor have to be a member of the Economics Department?
No. If an economist in another department agrees to serve as your advisor, you may work with that person. A committee, including your advisor and at least one member of the Economics Department, will determine whether or not your thesis is acceptable. This arrangement is quite common, since there are dozens of economists at Cornell outside the department itself, many of whom are willing to work with Honors candidates.

Can I count Econ 4980 (Independent Study) and 4990 (Honors Seminar) toward the major, as 4000-level courses?
No. These courses never count toward the major. They do, however, count as Arts College credit (that is, toward the requirement of 100 credits in the Arts College, and they do count in your overall GPA.

The Job Market, Preparing for Graduate Study

What do Econ majors do after graduation?
Some majors go directly to grad programs -- primarily in Law or Finance -- but most go to work. The largest employer of Econ grads is the financial-services industry -- including Wall Street, mutual-fund companies, accounting firms, and so on. But Economics provides good preparation for a wide variety of careers beyond financial services, with recent grads going into purchasing, marketing, operations management, government service, journalism, and lots of other fields. Others work for a few years, then complete an MBA program. Among majors within the Arts College, Economics is one of the best, jobwise -- in terms of your chances of finding career-track employment and in terms of starting pay. See Placement.

If I want to get a job on Wall Street, will an Economics degree provide good preparation, or should I be looking at undergraduate business programs?
Cornell Econ BAs have been quite successful in landing Wall Street jobs, partly because corporate recruiters have high regard for the Econ major at Cornell (and for Econ programs more generally). The major provides a rigorous grounding in analytical techniques, and instills a method of thinking that serves Econ BAs well in a wide range of careers, including those on Wall Street. Experience suggests that many recruiters are looking for these broader problem-solving skills. On the other hand, the major itself does not provide the "nuts and bolts" -- specific business-related skills such as accounting, marketing, and so on. Taking courses in these areas (outside the Econ major) might clinch a job for you, after your Econ major gets you in the door.

I want to go on to a graduate program in Economics. Which math courses should I take?
Bare minimum: Math 2210-2220 (Linear Algebra and Multivariate Calculus). Recommended: Math 4110 (Real Analysis). And take Econ 3190-3200 instead of 3210.

What can I do to increase my chances of getting admitted to a good PhD program?
Take lots of math and do well on the math section of the GRE exam, by preparing for it and re-taking it if necessary. Get strong letters of recommendation; in order to do so, you might consider working on a research project with a member of the Economics Department (Econ 4980) or selecting some of the more advanced Econ courses, with small enrollments. Apply to graduate programs that match your interests and strengths. If you are not a native speaker of English, make sure you demonstrate your command of spoken English (since the programs to which you apply may require that you work as a TA).

I want to go to Law School. Should I major in Economics?
Yes. Economics is a popular undergrad major for Law School aspirants. Each year, several graduating Econ majors go directly to law schools (four in the Class of 1998, three in the class of 2000), and others work for a few years and then enter law school. In a recent survey, we found that, out of 59 Cornellians with 1991 BAs in Econ (59 respondents out of 118 majors), 10 held Law degrees. "Economics and the Law" has become an established field of study (represented on campus by Professor George Hay, an economist who teaches in the Cornell Law School).

CES, ODE, and the Visible Hand

How does the Economics Department recognize outstanding students?
In two ways. First, the Department awards Honors in Economics, to those students successfully completing our Honors program (described in "Opportunities for Research)." Second, we host the New York Kappa chapter of Omicron Delta Epsilon (The International Honor Society in Economics) and induct new members each year, from among members of the junior and senior classes with majors in Economics. Membership is limited to those students meeting requirements with respect to both overall GPA and GPA in the Economics major.

How can an Economics major pursue his or her interest in Economics outside the classroom?
The Cornell Economics Society is an independent organization registered with the Student Activities Office; it the largest and longest running undergraduate economics and pre-business association at Cornell. The Society meets every other week, and sponsors a speaker series and other events. New members are always welcome. The Economics Society publishes The Visible Hand, an undergraduate journal of economics news and analysis, and distributes this journal nationwide.