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Frequently Asked Questions

Q.  What other courses should be taken by a sophomore who intends to be an economics major?

Q.  Can I declare the major early if I know I want to be an economics major?

Q.  If I take a statistics or quantitative methods course in another department, do I need to take ECON 200:  Quantitative Methods in Economics?

Q.  Can I get AP credit in economics?

Q.  Can I get transfer credit at SLU for economics courses taken at another college?

Q.  Why don't you allow transfer credit for business-related courses or teach more of these courses?

Q.  What economics courses should I take as a FY (first year) student?

A.   You should focus your efforts as a FY student on taking a wide variety of classes, particularly classes that fulfill distribution requirements.  If you think you may want to be an economics major you should take ECON 100: Introduction to Economics during the first year.  (This course also meets a distribution requirement.)  A 200-level economics elective is another option for second-semester FY students who have taken ECON 100 or the equivalent.  If you are uncertain about your math skills, MATH 113: Applied Statistics also meets a distribution requirement and may help prepare you for ECON 200:  Quantitative Methods in Economics.

There is no need to take more than one or two economics courses during the first year.  In the long run, you will be better off with a broad base of courses from various departments.  The first year is not the time to specialize.
 

Q.  What other courses should be taken by a sophomore who intends to be an economics major?

A.   As a sophomore you should plan to take three courses: ECON 200:  Quantitative Methods in Economics, ECON 251: Intermediate Microeconomic Theory, and ECON 252: Intermediate Macroeconomic Theory. The intermediate theory courses should not be taken during the same semester of the sophomore year and they cannot be taken if you are a FY student. ECON 200 can be taken in the second semester of the first year if you feel confident in your quantitative skills.  Generally, there is no reason to take more than one economic elective during your first two years of college.
 

Q.  Can I declare the major early if I know I want to be an economics major?

A.   We generally discourage the declaration of the major before official declaration week in the second semester of the sophomore year.  During first semester of the sophomore year we can arrange to change your advisor to someone in economics if needed.  However, for most students this is unnecessary.  You can always get advice concerning economics courses from economics faculty without any of them being your official advisor.
 

Q.  If I take a statistics or quantitative methods course in another department, do I need to take ECON 200:  Quantitative Methods in Economics?

Q.  Can I get AP credit in economics?

A.   You can get credit for ECON 100 if you received a score of 4 or 5 on the Advanced Placement examination in microeconomics or macroeconomics.
 

Q.  Can I get transfer credit at SLU for economics courses taken at another college?

A.   Generally you can receive transfer credit for an economics course as long as the course is similar to one already offered in the department or if the course could be offered in a liberal arts curriculum.  However, as a rule we do not accept transfer credit for intermediate theory courses (ECON 251, 252).  We also do not give transfer credit for business-type courses (i.e., management, marketing, advanced accounting, human resources course).   An exception would be three courses offered at Clarkson University as part of our 4+1 MBA and  pre-management programs.

Current SLU students must receive approval from the Chair of the Department of Economics before enrolling in any course at another college or university.  You should never assume the courses will be transferred without this prior approval.
 

Q.  Why don't you allow transfer credit for business-related courses or teach more of these courses?

A.   We understand the desire of students to take more practical, or specialized vocational-related courses.  However, we strongly believe in the efficacy of a liberal arts education.  It has been our experience, and the experience of others, that in the long run undergraduate students will be better off, and more productive, if they attend liberal arts universities like St. Lawrence.  Such universities seem to do a better job of developing the analytical, writing, and speaking skills vitally important in the modern global economy.  Scholarly research has also confirmed this. In a recent article (Black, Sanders, and Taylor, "The Economic Reward for Studying Economics," Economic Inquiry v.41, No.3, July 2003: 365-377) shows that among college graduates, economics majors generally earn more than similar individuals with business-related majors. Among individuals who pursue MBA or law degrees, economics majors earn more than those with business-related undergraduate majors.
 
 

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