Economics Area of Concentration

The economics AOC offers two tracks to both meet a range of student interests and provide solid training for future study/work in this discipline. Owing to extensive overlap in course requirements, students cannot pursue a double AOC in Economics and Quantitative Economics. The economics faculty also offers a secondary field (minor) in Finance – the requirements for which are listed below

REQUIREMENTS FOR A SINGLE AREA OF CONCENTRATION OR DOUBLE AOC IN ECONOMICS

ECONOMICS TRACK

The student must satisfactorily complete the required courses listed below plus five additional courses in economics (preferably with at least one course with a focus on quantitative analysis). Only one of the additional courses can be a tutorial.

• Introductory Microeconomics
• Introductory Macroeconomics
• Intermediate Microeconomics*
• Intermediate Macroeconomics*
• Mathematical Tools for Economists (or equivalent such as Calculus I)
• Introductory Statistics (or equivalent such as Quantitative Political Analysis I and/or II)

A Statistics course at the intermediate level is not required but highly recommended. Students are also recommended to engage in internships/summer research projects to complement their learning experience with applications from the world of work. A member of the economics faculty must be the thesis sponsor, who will be a signatory to the Thesis Prospectus/Area of Concentration form, along with at least one other member of the economics faculty.

*Except for a few very limited circumstances, course must be taken at New College even if you took a similar class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of said course you wish to transfer.

QUANTITATIVE ECONOMICS TRACK

The Quantitative Economics AOC allows students to graduate with a STEM degree by focusing on empirical and applied economics, as well as developing solid econometrics and mathematical modeling skills to analyze economic issues. This AOC provides students with a quantitative curriculum with advanced training in Econometrics, Mathematics, and/or Computer Science. Empirical and data analytical skills are increasingly demanded by employers, and graduates with this AOC will be able to solve sophisticated economic problems using both analytical and applied approaches. This AOC is also recommended for students interested in pursuing graduate studies in Economics, Finance, Statistics, and Data Analytics. Students are expected to conduct empirical research and must include a substantial quantitative economics component in their thesis project.

The student must satisfactorily complete the required courses listed below plus three additional courses in economics. Only one of the additional courses can be a tutorial.

• Introductory Microeconomics
• Introductory Macroeconomics
• Intermediate Microeconomics*
• Intermediate Macroeconomics*
• Calculus I
• Calculus II
• Introduction to Statistics, Big Data Economics or equivalent
• Econometrics*
• Probability I and II (combined to be one unit)

Inclusion of substantial empirical/quantitative component in the final thesis project.

A member of the economics faculty must be the thesis sponsor, who will be a signatory to the Thesis Prospectus/Area of Concentration form, along with at least one other member of the economics faculty.

*Except for a few very limited circumstances, course must be taken at New College even if you took a similar class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of said course you wish to transfer.

REQUIREMENTS FOR A SECONDARY FIELD (Minor) IN ECONOMICS

In order to earn a secondary field (minor) in economics, the student must complete the two-term introductory sequence, plus four other courses in Economics – one of which must be either Intermediate Microeconomics or Intermediate Macroeconomics.  As it relates to the latter requirement, none of these additional courses can be a tutorial. At least one member of the economics faculty must be a signatory to the Thesis Prospectus/Area of Concentration form. 

REQUIREMENTS FOR A SECONDARY FIELD (Minor) IN FINANCE

FULL AOC IN ECONOMICS and SECONDARY FIELD (Minor) IN FINANCE

The student must fulfill all the normal requirements for a disciplinary concentration in Economics, as listed above. In order to earn a slash or minor AOC in Finance, the student must satisfactorily complete the following courses: Introduction to Accounting and Financial Statement Analysis*, Corporate Finance*, Money and Banking*, International Business*, Public Finance: Taxation*, and Econometrics*. Only two of these classes can be double-counted for the Economics or Quantitative Economics AOC and the secondary field (minor) in Finance. 

*Except for a few very limited circumstances, course must be taken at New College even if you took a similar class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of said course you wish to transfer.

FULL AOC IN QUANTITATIVE ECONOMICS and SECONDARY FIELD (Minor) IN FINANCE

The student must fulfill all the normal requirements for a disciplinary concentration in quantitative economics, as listed above.  In order to earn a secondary field (minor) in finance, the student must satisfactorily complete the following courses:  Introduction to Accounting and Financial Statement*, Corporate Finance*, Money and Banking*, International Business* and Public Finance: Taxation*. Only two of these classes can be double-counted for the Quantitative Economics AOC and the secondary field (minor) in Finance.

*Except for a few very limited circumstances, course must be taken at New College even if you took a similar class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of said course you wish to transfer.

FULL AOC IN OTHER DISCIPLINE and SECONDARY FIELD (Minor) IN FINANCE

In order to earn the secondary field (minor) in Finance, the student must satisfactorily complete the following courses: Introductory Microeconomics or Macroeconomics, Introduction to Accounting and Financial Statements, Corporate Finance, International Business, Public Finance: Taxation, International Economics, and Introductory Statistics (or equivalent). At least one member of the economics faculty must be a signatory to the Thesis Prospectus/Areas of Concentration form. 

RECOMMENDED COURSES FOR STUDENTS SEEKING GRADUATE EDUCATION IN ECONOMICS

Students interested in attending graduate programs in Economics are strongly recommended to take – at minimum – Econometrics, Calculus I, Calculus II, Calculus III, Linear Algebra, Functional Analysis, Real Analysis, Differential Equations, Numerical Methods, Mathematical Statistics and/or Probability Theory, advanced courses inn Statistics, plus one or two computer programming courses. 

SAMPLE PATHWAYS TO COMPLETE AOC REQUIREMENTS

New College students must satisfy both the general education (Chart Your Course: CYC) and economics AOC requirements. In addition to the economics classes, you will need nine CYC classes. With so many opportunities each term, the pathway below is provided as an example of how a student could complete the requirements for graduation. We’ve put some checkpoints in place so that you make the most of your time at New College. Each term you will meet with a faculty advisor to discuss courses, tutorials, internships, and/or other academic experiences. Schedule a meeting with your faculty advisor to discuss which courses to take as well as how best to sequence them. Each student completes a Provisional AOC plan in the fifth contract to select an AOC, and each student submits a Thesis Prospectus/AOC form in the sixth contract.

NOTE: CYC courses are part of a college-wide requirement for graduation.

Four-Year Pathway in Economics

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Four Year Pathway in Quantitative Economics

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Four Year Pathway in Economics for Students Intending to Attend Graduate School

Alternative Thesis Project: Professional Field Experience Internship

The economics discipline offers students two options in completing their final senior’s project: (1) completion of an academic research project; or (2) under the co-sponsorship of Dr. Sherry Yu and Dr. Tarron Khemraj, the completion of a senior project in the form of a professional field experience internship accompanied by a written analytic/research component related to economic issues and policies. Everyone must take the oral baccalaureate exam.

The economics discipline promotes dialogue between academic research and new professional practices in professional settings that may include consultancy firms, business entities, regulatory authorities, public administrations, non-for-profit organizations, and communities. The general goal of this option is to provide students with an opportunity to apply and expand knowledge under professional supervision within a structured learning experience. Students are expected to commit a minimum of 180 hours to the practicum. Students choosing this option to fulfill their senior thesis project must adhere to the following guidelines.

Transfer students are encouraged to participate in the internship option for graduation at the two-year limit. However, transfers choosing the traditional academic senior’s thesis must have a thesis topic and thesis tutorial by the Fall of their first year. Students are strongly advised to speak with your academic advisor as soon as possible.

1. Timeline

In the Fall semester of the senior year, students must enroll in the Senior Practicum for Economics tutorial co-sponsored by the CEO and their thesis sponsor(s). During this semester, students will conduct a search and apply for field experiences/practicums in partnership with their CEO career coach and thesis sponsor. 

In the Spring semester and/or ISP period of the senior year, students will be engaged in the practicum by following the current internship guidelines provided by the CEO. An oral baccalaureate exam will also take place in the Spring semester for students to present their internship experience in front of their thesis committee members followed by questions and answers.

2. Analytic/Research component

The written requirement for this senior project is critical for students to demonstrate their writing, research, and analytical skills. Students should engage in active research on topics related to their practicum site by utilizing theoretical knowledge obtained from courses taken in the Economics discipline and apply them to their specific field experience. Examples may include: industry research and assessment, economic risks, economic issues, externalities, business ethics, market efficiency, competition, economic growth, resource allocation, risk mitigation, taxation, socioeconomic factors, inequality, social welfare, environmental economic policies/issues, incentives, market imperfections, and more. Students are strongly encouraged to identify economic issues encountered in their field experience, analyze and provide policy recommendations to address these issues. This analytic/research component should be written with high quality and be approximately 20 pages in length. Students should also explain what skills and knowledge they have applied from NCF coursework, discuss how this internship will help them with future career goals, and offer suggestions (to both NCF or the employer) to improve the professional field experience. 

3. Oral Baccalaureate Exam

The baccalaureate examination, conducted by the baccalaureate committee, is an oral defense of the student’s performance in three areas: senior project, area of concentration, and the undergraduate education in general. Students are expected to prepare a slideshow presentation and orally report on their field experience. Students will demonstrate their ability to apply the concepts and principles of economics in the internship, the ability to work effectively with the host organization on related economic issues, offer recommendations and solutions to economic problems based on their academic knowledge, and provide insights on how to improve the field experience in the future. The baccalaureate committee members will follow up with rounds of Q&A to assess students’ ability to express ideas and information orally. A satisfactory Baccalaureate Examination Report signed by all of the members of the committee will need to be submitted to the Office of the Registrar.