Below, you can read about requirements for a major in economics.
Many Economics students complete a double major. Learn about complementary programs that are often taken in conjunction with Economics.
Core Courses in Economics (6)
- Economics 201 Introduction to Macroeconomics
- Economics 202 Introduction to Microeconomics
- Economics 281 Introduction to Applied Econometrics*
- Economics 310-1 Microeconomics I
- Economics 310-2 Microeconomics II
- Economics 311 Macroeconomics
* The Economics 281 requirement will be waived if you take Economics 381-1 as a field course.
Advanced Field Courses in Economics (6)
Six 300-level economics courses (in addition to 310-1, 310-2 and 311). As of September 2019, students may count up to one non-economics class as a substitute. Currently, the only permitted substitutions are:
- BUS_INST 304 Corporate Finance (not allowable for students who have completed ECON 360-1 Foundations of Corporate Finance Theory or KELLG_FE 310-0 Principles of Finance)
- BUS_INST 321 Business and Economic Institutions in Historical Perspective
- IEMS 373 Introduction to Financial Engineering
- MATH 366-1 Mathematical Models in Finance
- SOC_POL 330 Economics of Social Policy
- SOC_POL 331 Economics of Inequality and Discrimination
- SOC_POL 332 Economics of Education Policy
Any such substitutions must be noted on a student's petition to graduate and initialed by an economics adviser. This is usually done at the end of junior year.
Students double majoring in Economics and Mathematical methods in the Social Sciences or Industrial Engineering and Management Science should see the section on dual majors for special arrangements.
Note that Economics 249 Business Strategy is designed for non-majors. Majors should not take this course, but should take Economics 349 Industrial Economics which cover the same material at a higher level. Economics 249 does not count either as an advanced field course or as a related course for the Major in Economics.
Courses in Related Fields (5)
- Mathematics 220-1 Single-Variable Differential Calculus. The Mathematics 220-1 requirement may be fulfilled by taking Mathematics 218-1 and 218-2 Single-Variable Calculus with Precalculus, or by advanced placement in mathematics, or by completion of a more advanced calculus course. Engineering students can count courses in the General Engineering 205 Engineering Analysis sequence as meeting the Mathematics 220-1 and the related course requirements.
- Statistics 210 Introductory Statistics for the Social Sciences or Mathematics 314 Probability and Statistics for Econometrics. If you have AP statistics credit, or are required to take another statistics class for another major, or wish to take a higher level statistics class, you should consult the Director of Undergraduate Studies about substituting this for Statistics 210.
WCAS students may double count Mathematics 220-1 and Statistics 210 / Mathematics 314 toward the major and toward the distribution requirement in Formal Studies.
- Three additional courses in related fields, no more than one of which may be at the 100-level. Courses in the following departments and programs fulfill this requirement: Anthropology, Business Institutions, General Engineering 205 Engineering Analysis, History, Mathematics, Political Science, Psychology, Sociology, Statistics, and the Kellogg School of Management. Courses in other departments require the approval of the Director of Undergraduate Studies.
All core, field, and related courses must be taken for a letter grade (not P/N) and must be passed with a grade of C- or higher. It should be noted that to calculate your "Economics GPA" you should not count your five related courses. The courses that you are required to count are all 6 core courses and all 6 300-level economics field courses.
Most dual majors need to satisfy the full requirements of both Departments or Programs. However, there are some exceptions for students dual majoring with:
The Northwestern Career Advancement Office released a report showing that 96% of Northwestern students are employed, enrolled in graduate/professional school, or pursuing other career-related activities within six months of graduation.
Economic Majors fared better at 98% being employed or enrolled in graduate/professional school, or pursuing other career-related activities within six months of graduation. 42% of students went into Business & Financial Services and 29% went into consulting.
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