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A Major in EconomicsEconomics can be studied either as an Arts, Commerce or (from 2012) Science degree. This means that choosing Economics as your major gives you the maximum amount of choice over what else you study in your degree; i.e., in terms of other papers from Arts/Humanities or Commerce or Science.
Some introductory notesECON
111/BSNS 104: Since 2009, "Principles of Economics 1" has been coded "BSNS 104" for all students. ECON
112: One thing that we always tell Economics students at enrolment time is the usefulness of having some background in Maths. If you are interested in majoring in Economics – or even if you’re just considering it – we would encourage you to take a first-year Maths paper, such as FINQ 102 or MATH 160. You will find that having some basic algebra and calculus skills will make it easier to understand some of the topics you will encounter at 200- and 300-level. Also, for anyone intending to study Economics at postgraduate level (i.e., Honours, Postgraduate Diploma, Masters , etc.), 100-level Mathematics (e.g., FINQ 102, MATH 160, or their equivalent) and Statistics (e.g., BSNS 102, STAT 110, or their equivalent) are essential prerequisites for the ECON 200- and 300-level papers needed for entry into our honours and postgraduate programmes. Some definitionsYour "major" is the subject you take as your main area of study in your degree. In a three-year Bachelor's degree, the "major subject requirement" typically involves 100-level papers worth 36 points, 200-level papers worth 54 points and 300-level papers worth 72 points. All degrees must include at least one major subject. A "minor" refers to a degree's inclusion of a specific selection of papers in a particular subject area. In a three-year Bachelor’s degree, a "minor subject requirement" typically involves 90 points of papers in the subject, of which 54 points should be above 100-level and, of these, 18 points should be above 200-level. Minors are optional and may relate to subjects that are "outside" of the degree. For example, a BCom could include a minor in English or Mathematics; a BA or BSc could include a minor in Finance. More information about minors in Economics can be found here. A "double major" involves fulfilling the major subject requirements in both Economics and a second subject area (as set out in the Guide to Enrolment) in the same degree. It is popular way to study two subject areas (that may complement each other or be totally distinct) in depth in significantly less time than would be required for a double degree. The subjects most commonly combined with Economics in this way are: Accounting, Finance, Marketing, Philosophy, Politics, Psychology and Statistics. However, literally any Arts, Commerce, or Science subject can be taken as a second major alongside Economics. Some examples of double-major programmes are presented below (under each degree). A "double degree" involves enrolling for two degree programmes at the same time, e.g., BCom/LLB, BA/BCom, BA/BSc. Because you are allowed to cross-credit (i.e., double count) some points, completing two degrees does not take twice as long as completing one degree. For example, you can cross-credit up to 126 points if you are completing two three-year (or 360-point) degrees, so you would need a minimum of 594 points in total, not 720 points. A double degree must include majors in two subjects (i.e., one for each degree), but an advantage a double degree has over the double-major option within a single degree is that it has room for a third major subject and/or multiple minors. If you want to pursue a double degree, one practical advantage of including Economics in your programme is that it can be counted as Arts, Commerce or Science points, ensuring that the maximum cross-credit allowance can be easily achieved. As a subject of study, Economics combines very well with a wide range of other Arts, Commerce and Science subjects. It is also common for Law students to take a second degree with a major in Economics. Economics as a BCom majorThe Bachelor of Commerce (BCom) degree requires a minimum of 360 credit points. At least 180 of these points must be for papers above 100 level, and at least 72 of these 180 points must be for 300-level papers. Students may choose papers worth up to 90 points from outside Commerce. Students must choose sufficient papers (usually 162 points worth) to meet the major subject requirement of at least one Commerce subject. The degree is usually completed in three years. All students enrolling in a BCom for the first time after 2009 need to include the following papers in their degree programme:
Although you need to complete these seven BSNS papers at some stage, you do not need to complete them all in your first year. In fact, we strongly advise you against taking all the BSNS papers in your first year of study, as doing so will restrict your choice of major and minor subject options. For Economics majors, it does not matter in which order the BSNS papers (other than BSNS 104: Principles of Economics 1) are taken. However, as BSNS 102 (Quantitative Analysis for Business) is a prerequisite for ECON 210 (Introduction to Econometrics) and some ECON 300-level papers also make use of statistical analysis, there would be some advantage in taking BSNS 102 earlier rather than later. The major subject requirement (BCom) In order to fulfil the requirements of the Economics major in the BCom, you will need to complete the following papers:
* To take ECON 271, you must have first passed FINQ 102 or an equivalent 100-level MATH paper (e.g. MATH 160). Examples of BCom programmes in Economics Below are some examples of programme structures for a BCom Economics major – but please note that they are just suggestions that show how you might arrange your study. There are many ways in which you might structure your programme, and we will discuss your options with you during the course advising period at the start of the semester. (Papers shown in bold type are compulsory for the degree as described. All other papers have alternatives.) Example 1: BCom (major: Economics)
Example 2: BCom (major: Economics, minor: Marketing)
Example 3: BCom (double major: Economics and Finance)
Example 4: BCom (majors: Economics and Accounting)
Economics as a BA MajorThe Bachelor of Arts (BA) degree requires a minimum of 360 credit points. At least 180 of these points must be for papers above 100 level, and at least 72 of these 180 points must be for 300-level papers. Students may choose papers worth up to 90 points from outside Arts. Students must choose sufficient papers (usually 162 points worth) to meet the major subject requirements for at least one Arts subject. The degree is usually completed in three years. The major subject requirement (BA) In order to fulfil the requirements of the Economics major in the BA, you will need to complete the following papers:
* To take ECON 271, you must have first passed FINQ 102 or an equivalent 100-level MATH paper (e.g. MATH 160). Examples of BA programmes in Economics Below are some examples of programme structures for a BA Economics major – but please note that they are just suggestions that show how you might arrange your study. There are many ways in which you might structure your programme, and we will discuss your options with you during the course advising period at the start of the semester. (Papers shown in bold type are compulsory for the degree as described. All other papers have alternatives.) Example 5: BA (major: Economics)
Example 6: BA (major: Economics, minors: Finance and Mathematics)
Example 7: BA (double major: Economics and Geography)
The Multidisciplinary "PPE" MajorPhilosophy, Politics and Economics (PPE) are available as a single multidisciplinary major in the BA. There are natural affinities and common roots among several strands of Philosophy, Political Studies and Economics, and PPE programmes have an established pedigree, including the long-established course at Oxford University. The aim of this programme is to give a broader exposure to the range of approaches in these three disciplines than would be gained within any one of the traditional single-discipline majors. For BA students, PPE provides an attractive and intellectually
stimulating combination of analytical approaches and develops a
range of skills for which there is a clear demand. If you are seeking
to avoid "placing all your eggs in a specialised basket"
the PPE major fits in with a possible "insurance" trend
towards more generalist studies. Details of the specific requirements
are shown in the box below.
* To take ECON 271, you must have first passed FINQ 102 or an equivalent 100-level MATH paper (e.g. MATH 160). Economics as a BSc MajorThe Bachelor of Science (BSc) degree requires a minimum of 360 credit points. At least 180 of these points must be for papers above 100 level, and at least 72 of these 180 points must be for 300-level papers. Students may choose papers worth up to 90 points from outside Sciences. Students must choose sufficient papers (usually 162 points worth) to meet the major subject requirements for at least one Science subject. The degree is usually completed in three years. The major subject requirement (BSc) In order to fulfil the requirements of the Economics major in the BSc, you will need to complete the following papers:
Examples of BSc programmes in Economics Below are some examples of programme structures for a BSc Economics major – but please note that they are just suggestions that show how you might arrange your study. There are many ways in which you might structure your programme, and we will discuss your options with you during the course advising period at the start of the semester. (Papers shown in bold type are compulsory for the degree as described. All other papers have alternatives.) Example 8: BSc (major: Economics)
Example 9: BSc (major: Economics, minors: Electronics and Energy Management)
Example 10: BSc (double major: Economics and Chemistry)
Combining Economics and StatisticsEconomics and Statistics are naturally complementary subjects and there is a strong demand for graduates who have well-developed analytical skills, and an understanding of economic and statistical techniques for analysing economic, financial and other data. Economics and Statistics may be combined either by completing a double major in a BA or a BSc, or as a single "Economics & Statistics" major in a BSc or a BCom. Details of an example programme satisfying the requirements for the BSc major in Economics & Statistics is shown in the box below (you would also need a further 72 points to complete the degree). However, from 2012 no new enrolments in the "Economics & Statistics" single major will be taken. Economics will be able to be taken as a standalone major in the BSc (along with Statistics, or any other Sciences subject, as a second major) from that date. Students who had enrolled in the "Economics & Statistics" single major prior to 2012 will be permitted to complete it. Alternatively, if they prefer, they can switch to a double major in both Economics and Statistics (in either the BA or the BSc, which requires only one [or possibly two] extra ECON 200-level papers over and above the requirements for the "Economics & Statistics" single major).
* To take ECON 271, you must have first passed FINQ 102 or an equivalent 100-level MATH paper (e.g. MATH 160). Majoring in Another Subject?An understanding of Economics is becoming increasingly important in a wide range of careers. If you are a business student, the study of Economics is essential to your achieving a "well-rounded" education. This is because Economics is a base discipline from which each of the functional areas of business (such as Finance, Marketing, Accounting or Operations Management) has derived some of its principles and ideas. Including ECON 112 in your degree along with BSNS 104 gives you the flexibility to be able to carry on to higher-level courses in Economics. If you want to keep this option open, we strongly advise you to take BSNS 104 in Semester 1 of your first year, followed by ECON 112 in Semester 2; this avoids timing problems in trying to catch up later on. Note that BSNS 104 does not assume a prior knowledge of Economics, although if you’ve taken Economics at school this will be helpful preparation. Economics papers are also an excellent complement to courses such as Law, Political Studies, Philosophy, History, Geography, Languages, Psychology, Ecology, Environmental Management, Energy Management, Mathematics and Statistics. Once you have done the "basics" at first year, you can go on to do some of our 200-level papers – such as "Environmental Economics" and "The World Economy". These papers show you how the economic theories you have learned at 100 level can be applied to a variety of areas of topical interest. So, even if you don’t have room for a full major in Economics, a few papers or even a minor in Economics would be an excellent complement to any degree. Some examples of Economics minors that are tailored to suit particular interests can be found here.
Keeping open the option of postgraduate study in EconomicsIf you wish to keep open the option of studying Economics at the postgraduate level (i.e., Honours, Postgraduate Diploma, Masters, etc.), there are certain papers that you must include in your undergraduate degree programme. Not all of these papers are compulsory for a standard Economics major and so, to avoid delaying your entry into postgraduate study, your undergraduate major should be designed as shown below. More details on our postgraduate programmes can be found here.
Questions?If you have any questions about incorporating a major or minor in Economics into your degree programme, please contact the Department.
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