Requirements for the Economics Major
Applying for Admission to the Major
Professional Practice/Internships
Undergraduate Teaching Assistants
The requirements for the Economics major are straightforward. In addition to University graduation requirements that must be satisfied by all students (and which may vary depending on your catalog year), you must complete a core set of courses and four or five electives (depending on your specific situation) to graduate with a degree in Economics. The core courses that all Economics majors must complete include:
| Course # | Course Title |
| ECO 105 | Principles of Economics |
| ECO 138 | Economic Reasoning Using Statistics (or approved substitute) |
| MAT 121 | Introduction to Calculus for Business and Social Sciences (MAT 145 Calculus I can be substituted for MAT 121.) |
| ECO 238 | Using Regression and Econometric Methods |
| ECO 240 | Intermediate Microeconomic Theory |
| ECO 241 | Intermediate Macroeconomic Theory |
| ECO 300 | Senior Project |
Economics Course Prerequisites
The following required courses for an Economics major have prerequisites:
| Course # | Course Title | Prerequisite(s) |
| MAT 121 | Intro to Calculus for Business | C or better in MAT 120 and either placement test or C or better in MAT 119 required (MAT 107 in past Undergraduate catalogs). |
| ECO 138 | Economic Reasoning Using Statistics | MAT 111 or 120 or 130 or 145. |
| ECO 238 | Using Regression and Econometric Methods | ECO 105; ECO/GEO/POL/PSY 138 or ECO 148 or MQM 100 Req. |
| ECO 240 | Intermediate Microeconomic Theory | ECO 105; ECO/GEO/POL/PSY 138 or ECO 148 or MQM 100 ; and MAT 121 or 145 required. |
| ECO 241 | Intermediate Macroeconomic Theory | ECO 105; ECO/GEO/POL/PSY 138 or ECO 148 or MQM 100 ; and MAT 121 or 145 required. |
| ECO 300 | Senior Project | ECO 240 and ECO 241 required |
These prerequisites apply to all students, regardless of the catalog year followed for graduation.
To enroll in ECO 240 and ECO 241 all prerequisites must be met. NO EXCEPTIONS WILL BE MADE.
Additional Catalog-Specific Requirements
UNDER THE 2006-07 and later CATALOGS, you must complete at least 33 hours in Economcis-the seven required courses and at least four Economics electives (12 hours). In addition, at least four hours must be at the 300-level and include one hour of ECO 300, which is part of the Department's capstone experience. To fulfill the Department's capstone experience, you must enroll concurrently in ECO 300 and another 300-level Economics course of your choice. You must complete at least 15 hours of senior college credit in the Department. STUDENTS UNDER THE 2006-07 and later CATALOGS MUST EARN A GRADE OF C OR BETTER IN ECO 105, ECO 138, MAT 121, ECO 238, ECO 240, ECO 241, AND ECO 300.
UNDER THE 1998-99 through 2005-06 CATALOGS, you must complete at least 31 hours in Economics-the seven required courses (because the 4-hour version of ECO 138/ECO 148 listed in the 2005-06 and previous catalogs is no longer offered, students must complete both ECO 138 and ECO 238 or approved substitute) and at least four Economics electives. In addition, at least four hours must be at the 300-level and include one hour of ECO 300, which is part of the Department's capstone experience. To fulfill the Department's capstone experience, you must enroll concurrently in ECO 300 and another 300-level Economics course of your choice. You must complete at least 15 hours of senior college credit in the Department. This limitation means that only three hours of Economics senior college credit transferred to Illinois State University will count toward the minimum 31 hours requirement. STUDENTS UNDER THE 1998-99 through 2005-06 CATALOGS MUST EARN A GRADE OF C OR BETTER IN ECO 240, ECO 241, AND ECO 300.
College of Arts and Sciences Foreign Language Requirement
Students majoring in Economics who are under the 2005-06 or later Undergraduate Catalog must also satisfy the College of Arts and Sciences' foreign language requirement.
Minimum qualifications for admission to the major in Economics:
A student currently enrolled at Illinois State University who want to be admitted to the Economics major must have:
Students wishing to apply for admission to the Economics major must download and complete the Application for Admission to the Economics Major or Minor. Submit your completed application form to the Economics department office, currently located in Room 106 Williams Hall.
Students will be admitted to the Economics major from a pool of qualified applicants on the basis of individual qualifications. The number of students admitted may vary from year to year depending on program capacity and qualifications of students in the pool. The Department of Economics reserves the right to maintain a balanced enrollment.
Applications for admission to the Economics major are accepted and processed ONLY during February, May and September of each year.
Students applying for admission to the Economics major will be notified of the status of their application, via campus email, according to the following schedule:
Application Closing Date |
Notification Date |
February 27 |
March 16 |
May 15 |
May 22 |
September 30 |
October 17 |
The philosophy of the Department of Economics is to require students to be personally responsible for their college education. The Department emphasizes students' involvement in planning their academic schedules to maximize opportunities for learning and growth in order to meet graduation requirements and advance career interests. All relevant information for planning students' course work is provided in students' Undergraduate Catalog and the Department's Undergraduate Web site.
Student's Responsibilities
Students are expected to have a complete understanding of the requirements for the Economics major and for graduation. Students should know which of the requirements they have completed and which requirements they still need to satisfy for graduation. Students should review Requirements for the Economics Major, Hypothetical Plans of Study, information for Transfer Students (if applicable), and the information in their Undergraduate Catalog to complete the major in Economics and to satisfy University graduation requirements. The Department respects its students' abilities to implement their own academic plans.
Before meeting with an Economics advisor, students must:
Students who do not complete these three steps will be asked to reschedule their appointment until they are fully prepared to discuss their semester schedule and academic plan.
Advisor's Responsibilities
The Undergraduate Program Director (UPD) advises all of the Economics department's undergraduate majors and minors. The UPD maintains an advising schedule during the regular academic year. Students wishing to meet with the UPD must call the Economics department's main office at 309-438-8625 to schedule an appointment. If a student knows he/she is not going to be able to make a scheduled appointment it is his/her responsibility to call and cancel the appointment in a timely fashion so that time slot can be made available to another student. Simple advising questions can be emailed to the UPD and will be answered as time permits. Depending on the nature of the question, the UPD can require that the student schedule an appointment to meet with the UPD. Due to resource constraints, walk-in advising is not available.
Advising will be available on a an extremely limited basis during the summer due to resource constraints. In particular, formal advising will only be available during the week immediately following the end of the Spring semester. Due to the department's move from Williams Hall back to Stevenson Hall, advising will begin on the first day of the Fall semester. Students can submit questions to the UPD via email at other times during the summer, but the ability to respond to those queries will be limited.
First-Year Students: One- and Four-Year Plans
In the case of first-year students, the decision of what to take and when is driven primarily by how the student performs on the Math Placement Exam. Ultimately, economics majors need to complete MAT 121 (or MAT 145). MAT 120 is a prerequisite for 121 and MAT 119 is a prerequisite for 120. If a student's math skills are weak, he/she must complete MAT 104 before proceeding to MAT 119.
Hypothetical first-year schedules
Option 1: Student places
into MAT 119 |
|
First Semester |
Second Semester |
ECO 103 |
COM 110 or ENG 101 |
ENG 101 or COM 110 |
Science inner core |
Science inner core |
MAT 120 |
MAT 119 |
ECO 105 |
Elective** |
|
Total Hours: 15 |
Total Hours: 14 |
Option 2: Student places
into MAT 120 |
|
First Semester |
Second Semester |
ECO 103 |
ENG 101 or COM 110 |
ENG 101 or COM 110 |
Science inner core |
Science inner core |
MAT 121 |
MAT 120 |
ECO 105 |
Elective** |
|
Total Hours: 13 |
Total Hours: 17 |
Option 3: Student
places into MAT 121 |
|
First Semester |
Second Semester |
ECO 103 |
COM 110 or ENG 101 |
ENG 101 or COM 110 |
Science inner core |
Science inner core |
ECO 138 |
MAT 121 |
ECO 105 |
Elective** |
|
Total Hours: 13 |
Total Hours: 16 |
** Assuming the student has completed ENG 101, ENG 249 would be an excellent elective in the second semester. ACC 131 and ACC 132 are also excellent choices if the students want to minor in Business Administration (strongly recommended).
Hypothetical four-year schedule
This scheduke assumes the student declares Economics as his/her major when enrolling a ISU and places into MAT 119. Electives should consist primarily of additional economics electives and business courses, e.g., ACC 131 and 132, MKT 230, MQM 220, FIL 185 and FIL 240. ENG 249 is also strongly recommended.
Year 1 |
|
First Semester |
Second Semester |
ECO 103 |
COM 110 or ENG 101 |
ENG 101 or COM 110 |
Science inner core |
Science inner core |
MAT 120 (also math inner core) |
MAT 119 |
ECO 105 |
Elective** |
|
Total Hours: 15 |
Total Hours: 14 |
Year 2 |
|
First Semester |
Second Semester |
MAT 121 |
ECO 2xx |
ECO 138 |
ACC 132 |
ACC 131 |
ENG 249 |
Middle Core |
Middle Core |
Elective |
Middle Core |
Total Hours: 16 |
Total Hours: 15 |
Year 3 |
|
First Semester |
Second Semester |
ECO 240 |
ECO 241 |
ECO 238 |
ECO 2xx |
MKT 230 |
MQM 220 |
Outer Core 1 (200 level) |
Outer Core 3 (200 level) |
Outer Core 2 (200 level) |
Outer Core 4 (200 level) |
Total Hours: 15 |
Total Hours: 15 |
Year 4 |
|
First Semester |
Second Semester |
ECO 3xx |
FIL 240 |
ECO 300 |
Elective |
ECO 2xx |
Elective |
FIL 185 |
Elective |
Elective |
Elective |
Elective |
|
Total Hours: 16 |
Total Hours: 15 |
TOTAL HOURS: 121
Note: By completing ECO 240 and 241 during the third year, a student has the choice of completing the capstone, i.e., ECO 300, in either semester of year 4.
Students considering transferring into the Economics major either from another program at ISU (i.e., internal transfers) or from another school (i.e., external transfers) after their second year have to be especially careful regarding the prerequisites that are built into the Economics major. In particular, both ECO 240 and ECO 241 must be completed before a student can register for ECO 300. In addition, both MAT 121 and ECO 138 are prerequisites for ECO 240 and ECO 241. What this means, in effect, is that a student transferring into the major who has not completed ECO138 and/or MAT 121 will require a minimum of three or, more generally, four semesters to complete the requirements for the major. (Students who have not completed the prerequisites for ECO 138 and/or MAT 121 will require even more time.)
Hypothetical Two-Year Schedule for Transfer Students
Year 3 |
|
First Semester |
Second Semester |
ECO 138 |
ECO 240 or ECO 241 |
MAT 121 |
ECO 238 |
ECO 2xx |
ECO 2xx |
Elective |
Elective |
Elective |
Elective |
Total Hours: 15 |
Total Hours: 15 |
Year 4 |
|
First Semester |
Second Semester |
ECO 240 or ECO 241 |
ECO 300 |
ECO 2xx |
ECO 3xx |
Elective |
Elective |
Elective |
Elective |
Elective |
Elective |
Total Hours: 15 |
Total Hours: 13 |
The actual number and type of electives the student takes in years three and four will depend on the specific university credit (e.g., total hours, senior hours, general education requirements) the student has accumulated prior to entering the Economics major. Finally, we encourage all students who are in the process of selecting a major to visit www.findyourmajor.ilstu.edu/ as part of the process of selecting a major.
Students should verify their specific Advance Registration date and time on iCAMPUS. The University Registrar's Web site identifies the dates for Advance Registration, and for Residual Registration and Program Change (see Important Dates). Students should register during Advance Registration for a wider selection of open courses.
Meeting with the Undergraduate Program Director is not required to register. Students should be able to plan which courses to register for by consulting the information in the Department's Undergraduate Web site (especially Requirements for the Major) and the Undergraduate Catalog. If advisement is needed, schedule an appointment with the Undergraduate Program Director before Advance Registration.
Students should complete the following steps in order to register:
Students wishing to obtain an override into an Economics course that is major blocked must complete this online request form. Students wishing to obtain an override to register for a non-major-blocked course that is full must contact the course instructor. The decision whether to approve the override request is left entirely to the instructor.
Two-Strikes and Out Policy
Students will NOT be given an override to enroll for a third time in any of the core courses in the major. (Exceptions to this policy may be considered in extreme circumstances.)
Any Economics major who needs to have his/her plan of study updated should use this online form. We will make the necessary changes in the mainframe as soon as possible.
Candidates for honors in Economics must fulfill the general requirements for participation in the University Honors Program and must be Economics majors with a grade point average of 3.30 overall and 3.75 or higher in Economics courses. Students will be expected to complete 6 hours of course work designated as honors course work within the Department of Economics. These could include ECO 105 honors and in-course honors at the 200- or 300-level. The in-course honors requires individual negotiation with the faculty member teaching the course.
In addition, the achievement of honors requires the writing of a substantial original paper. The student will enroll in Independent Honors Study, ECO 299, for 3 hours credit and will receive help from an assigned faculty member. At the end of the semester the student will make an oral presentation of the paper to a meeting of Department faculty and students. One copy of the original paper will be kept in the Department office and be available for inspection. Honors credit will show on the official transcript and will be stated on the diploma.
Students majoring or minoring in Economics also have the option of earning academic credit for an approved internship experience. The minimum requirements for enrolling in ECO 398 Professional Practice: Internship in Economic Research include status as an Economics major or minor, a cumulative GPA of 2.2, and 50 hours of academic credit completed at the time of application. Academic credit is earned at the rate of one credit hour for each 50 hours worked. To receive permission to enroll in ECO 398, a student must first submit a completed application form to the Economics office and receive the approval of the Department’s Professional Practice Coordinator. Successful applicants will be completing an internship or professional practice experience that requires the use of decision-making and critical-thinking skills.
The Economics department offers approximately four undergraduate teaching assistantships (UTAs) each academic year. Successful applicants are selected on a competitive basis. UTAs are assigned to a faculty member in the Department. The position involves 10 hours of work per week and pays $6.50 per hour. In addition, UTAs can register for 3 hours of credit for ECO 291. To be eligible, you must have at least a 2.75 GPA and have taken at least 2 ECO classes.
Applications are accepted in March of each year. A completed application
form must be submitted to the Economics department office in 106 Williams
Hall. Applicants will be informed of the results of the application process
by April 28.
Application for Admission to the Economics Major or Minor
Undergraduate Teaching Assistantship Application Form
F. Russell Glasener-Economics Advisory Board Scholarship Application Form
Scott M. Elliott Undergraduate Scholarship Application Form