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. Due to extensive overlapping 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 Microeconomic Theory
• Intermediate Macroeconomics
• Mathematical Tools for Economists (or equivalent)
• Introductory Statistics (or equivalent)

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 real world applications. 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.

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, statistics, 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 Microeconomic Theory
• Intermediate Macroeconomics
• Calculus I
• Calculus II
• Statistical Methods for Economics
• 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.

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 Microeconomic Theory or Intermediate Macroeconomics. (For the purposes of this 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 Economics AOC 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 AOC in finance, the student must satisfactorily complete the following courses: Intro Accounting, 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.

Full Quantitative Economics AOC With a 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: Intro Accounting, 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. 

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, Intro Accounting, Corporate Finance, International Business, Public Finance: Taxation, Introductory Statistics (or equivalent) and Econometrics. At least one member of the economics faculty must be a signatory to the Thesis Prospectus/Areas of Concentration form.

Students interested in attending graduate programs in Economics are strongly recommended to take Econometrics, Calculus I, Calculus II, Calculus III, Linear Algebra, Real Analysis, Differential Equations, Numerical Methods, Mathematical Statistics and/or Probability Theory, advanced Statistics courses, plus one or two computer programming courses. These courses would provide students with additional quantitative training for advanced graduate work in Economics.

SAMPLE PATHWAYS TO COMPLETE AOC REQUIREMENTS

New College students must satisfy both the requirements of the Liberal Arts Curriculum (LAC), New College’s general education program, and the specific requirements for the Area of Concentration (AOC). 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’ll meet with a faculty advisor to discuss courses, tutorials, internships, or other academic experiences. Schedule a meeting with your faculty advisor to discuss which courses satisfy the LAC and which satisfy the AOC. 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.

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 thesis project: (1) completion of a senior thesis; 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. An oral baccalaureate exam must be held to fulfill the academic requirements for this area of concentration.

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 electing this option to fulfill their senior thesis project must adhere to the following guidelines.

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 rounds of Q&A.

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 10 to 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.

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.