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Economics

Economics

In your world, timeless economic questions of pricing, incentives, resource allocation and market/consumer behavior will seek better answers using raw computing power, machine learning, advanced statistics and data analytic methods.

In the past, economic research relied heavily on theory and simulations. The center of gravity for economists has shifted away from theoretical models to lab-based and natural experiments, fueled by varying sets of real-world customer and market data.                                                                      

Today, Boler economics students and faculty find themselves in a new golden age of data exploration. Increasingly, high tech businesses, think tanks, policy makers, and businesses in every sector recognize the value that people trained to see and think through the broad lens of economics bring to an increasingly data-rich world.

What You Will Do

Historically, economists tracked and studied global and national macroeconomic trends — recessions, currency exchange rates — either to help a business better position itself for long run success or to help large financial institutions and government agencies intervene appropriately during challenges and crises.

In the data age, as the pace of both business and behavioral change quickens, economists focus on smaller trends across shorter time frames.

  • Do supply chain efficiencies improve a hybrid car maker’s profits?
  • Will changes in insurance rules and procedures impact health care labor markets?
  • Are default rates lower for consumers who secure a mortgage through an on-line app?
  • What causes someone to begin to book online travel, but then procrastinate?

While tech giants like Google, Facebook and Amazon capture most of the attention, as an economist you might work in teams using data to innovate across a range of settings: law firms, government agencies, national and regional banks, or non-profits.

Economics draws on important liberal arts frameworks — history, philosophy, mathematics — to address questions in diverse topics in business ( e.g. tax rates) and in such non-traditional areas as:

  • marriage and child-rearing
  • criminal behavior
  • social justice and discrimination
  • sustainability and ethics
What You Will Learn

The new “ordinary” business life is more global and extraordinary, you will need a broad understanding and specific skills to keep pace. The Boler Bachelor of Science in Economics combines the best of the liberal arts tradition with exposure to specific business skills. Your core courses will emphasize an ability to think critically, communicate orally, write, and solve problems as well as perform quantitative analysis.

The Bachelor of Science in Economics curriculum will challenge you to understand more detailed topics:

  • microeconomic and macroeconomic theory
  • market failure
  • domestic and global economic diversity
  • economic dimensions of individual, firm, and social problems

Your knowledge and experience will underpin an ability to use an economic way of thinking to identify solutions to problems that are unfamiliar. That’s why a major in economics provides a comprehensive background  valuable in many academic and professional fields. Law and business graduate programs see economics as strong preparation because of its logical, ordered approach to problem solving.

JOB OUTLOOK

Although the economics major does not provide the same level of specific training as accountancy or finance, it provides the logical structure that pays off in understanding the big picture — a very solid grounding for fast growing fields.

The emphasis that an economic  mindset places on logical thought and problem solving skills has universal value. Employers in banking and other financial institutions, technology, science, consulting firms, government service, and many others seek graduates with these skills.

Many emerging jobs that economics majors pursue rarely have “economist” in the job description or title. You might explore business analytics or data science opportunities, knowing that the former may require broader knowledge of psychology, political science or anthropology while the latter will require more statistics, math and programing skills.

Recent Job Placements

Economics Program Requirements

Bachelor of Science in Economics: 61-67 credit hours.

Business Core: 40-46 hours, including EC 499 Individual Research Project In Economics.

Major Courses: 21 hours, including EC 301 Microeconomics, EC 302 Macroeconomics, with 15 hours in upper division economics in addition to EC courses required in the business core.

Minor in Economics: 18 hours. EC 201-202 Principles of Economics plus 12 credit hours at the 300 or 400 level.

Comprehensive Examination All majors must take an economics comprehensive examination during their senior year counts for a portion of the EC 499 Individual Research Project In Economics grade. Consult the department for details.

Industry Statistics

$101,050 2016 average median salary
6% job growth expected for economists from 2014-2024 — about as fast as all other occupations.
Economists interpret and forecast market trends.
Certified Business Economist

Earn A Certified Business Economist Certification

JCU Students Can Now Earn CBE (Certified Business Economist) Certification In Conjunction With A Finance or Economics Degree

John Carroll University is now a partner with The National Association for Business Economics (NABE), offering students the ability to earn their undergraduate degree and CBE certification in applied economics and data analytics simultaneously.   

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Bloomberg

Bloomberg Certified

We encourage every Boler student to earn Bloomberg Certification. By completing the (free) self-paced Bloomberg Market Concepts (BMC) e-learning course, you gain a credential that tells employers you have a firm grasp of the gold standard financial markets data platform.

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Why Economics and Finance

  • Andrew Welki, Ph.D.

    Andrew Welki, Ph.D.

    Associate Professor of Economics
    Department of Economics and Finance

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  • Thomas Zlatoper, Ph.D.

    Thomas Zlatoper, Ph.D.

    Professor of Economics
    Department of Economics and Finance

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