Economics Economics

S C H O O L O F B U S I N E S S A D M I N I S T R AT I O N Economics The academic programs offered by Loyola University Chicago’s School of Business Administration (SBA) are made stronger by our dynamic location in the heart of Chicago, near jobs and internships. The SBA’s outstanding reputation and its connections to world-class enterprises help its graduates secure competitive positions with businesses, corporations, foundations, and other organizations. Students interact with Chicago’s leading businesses and not-for-profits through guest speakers, special events, and service opportunities. In 2009, BusinessWeek's ranking of the top undergraduate business schools recognized the SBA for its commitment to teaching in the area of ethics. Thousands of business majors at more than 100 schools nationwide were surveyed, resulting in a No. 1 ranking for Loyola in the specialty area of ethics. Located off North Michigan Avenue, Chicago’s Magnificent Mile, Loyola’s Water Tower Campus (WTC), home to the SBA, continues to expand living and learning opportunities for students. Recent WTC developments include the new state-of-the art School of Communication building; the 25-story Rev. Raymond C. Baumhart, S.J., Residence Hall and Terry Student Center; and the Loyola University Museum of Art. For more information about what’s new at Loyola, visit LUC.edu/undergrad/whatsnew. At top right: Chicago’s famous and picturesque Lake Shore Drive connects Loyola’s Lake Shore and Water Tower Campuses. THE MAJOR Loyola University Chicago offers two undergraduate programs in economics: of • BachelortheBusinessofAdministration (BBA) degree through School Business Administration • Bachelor of Arts (BA) degree through the College of Arts and Sciences The Department of Economics strives to: of principles, • Equip studentsofwith a knowledgebusiness, whichtheories, and concepts economics and will help them to become responsible and successful leaders in their chosen fields. Establish for • who planatofoundationtheirgraduate studies for students continue education. • Prepare students who are seeking careers in public and not-for-profit sector service. • Emphasize personal guidance for students. [CONTINUED] THE MAJOR [CONTINUED] CAREER MANAGEMENT SERVICES Loyola’s Career Management Services helps School of Business Administration (SBA) students find internships and jobs, learn job search and interviewing skills, and get coaching to make informed and satisfying career decisions. In addition, Career Management Services helps Chicago companies meet their recruiting needs. The SBA enables full-time junior and senior undergraduates to earn academic credit for an internship, while also giving them valuable on-the-job experience. Some interns get paid in addition to or instead of receiving college credit. Recently, paid economics interns earned an average of $13.53 per hour. Loyola students have recently interned at reputable companies like Allstate, Citigroup, Draftfcb, Morningstar, Philips Lighting Electronics, and Zela Insurance Services. According to the National Association of Colleges and Employers (NACE), the average starting salary for economics majors is $52,027. The undergraduate program in economics is academically strong given the number of faculty holding PhD degrees from well-known universities; the quality and quantity of faculty research from nationally and internationally known schools; the various leadership positions in professional associations held by faculty; and the quality of the universities that accept our students into their graduate programs. The department strongly encourages double majors and has many students who double major in finance, accounting, information systems and operations management, political science, music, modern languages, math, physics and biology. THE SCHOOL OF BUSINESS ADMINISTRATION Loyola’s School of Business Administration is fully accredited by the Association to Advance Collegiate Schools of Business (AACSB), a distinct advantage for graduates seeking employment. The School of Business Administration is dedicated to Loyola’s Jesuit tradition of educating responsible leaders for a rapidly changing global business environment. Class sizes are moderate, and students enjoy substantial personal attention from their professors. Virtually all faculty members have the highest degree in their respective fields and are qualified to teach courses in both the undergraduate program and in the Graduate School of Business. Many business students choose to study abroad while they earn Loyola credit. The most popular destination is Loyola’s John Felice Rome Center in Italy, an American-style campus in the heart of Western Europe. The Beijing Center for Chinese Studies is located just 15 minutes from the center of the city and provides students with a comprehensive education about China. Students may also select from any of Loyola’s more than 70 study abroad programs in 34 countries, including opportunities in Europe, Africa, Latin America, Australia, and more. FACULTY Louis P. Cain, PhD, Northwestern University: American economic and business history, urban economics, environmental economics Mine Cinar, PhD, Texas A&M University: economic development and growth, econometrics, game theory, global business Timothy Classen, PhD, University of Wisconsin–Madison: health economics, microeconomics Paul Gabriel, PhD, University of Kentucky: labor economics, microeconomics Roy T. Gobin, PhD, University of Illinois: fiscal policy and taxation, economic development and growth, macroeconomics Marc D. Hayford, PhD, Brown University: monetary and fiscal policy, macroeconomics Anastasios Malliaris, PhD, University of Oklahoma (economics), University of Chicago (mathematics): mathematical economics, futures and options markets, microeconomics, macroeconomics David B. Mirza, PhD, Northwestern University: international economics, futures markets Regina Trevino, PhD, University of Chicago: applied econometrics, industrial organization, health economics, applied microeconomics Bruce S. Vanderporten, PhD, Wayne State University: econometrics, urban economics, microeconomics, macroeconomics CAREER OPPORTUNITIES Private businesses such as manufacturing firms, retailing firms, banks, and financial institutions hire economics majors to analyze markets and forecast business conditions. Federal, state, and local governments also recruit economics majors for similar positions. Students wishing to continue their academic training find their undergraduate major in economics helpful when earning MBA, JD, and PhD degrees. PAGE 2 REQUIREMENTS FOR BACHELOR OF BUSINESS ADMINISTRATION (BBA) In addition to fulfilling the Core Curriculum requirements, business majors must complete: 330 334 335 336 346 350 355 360 364 368 370 395 399 Sport Economics Economics of Government Expenditures and Taxation Business Fluctuations and Forecasting Monetary and Fiscal Policy Econometrics Internship Program (elective credit only) Economics of Real Estate Economics of Labor China in the World Economy (Beijing Center only) Chinese Economic Performance and Reforms (Beijing Center only) Pricing and Industrial Organization Independent Study Seminar in Selected Topics in Economics Business Courses Students must complete 14 courses to develop a solid understanding of all areas of business. These courses include two accounting courses, three economics courses, and one course in each of the following areas: computer concepts and applications, finance, human resource management, internship and career planning, legal and regulatory environment of business, marketing, operations management, statistics, and strategic management. A Major To earn a business degree, students must complete at least one of the following majors: accounting, economics, entrepreneurship, finance, human resource management, information systems, international business, management, marketing, operations management, and sport management. MINOR Students who are pursuing other majors but who wish to expand their skills in this field may pursue an economics minor. The requirements are ECON 201 and 202, followed by four 300-level economics courses. See LUC.edu/sba/ minors.shtml for specific information about this minor. TRANSFER CREDIT The School of Business Administration (SBA) will allow program transfer credit for business courses taken elsewhere at the lower-division level provided such courses are also offered at the lower-division level at Loyola. These lowerdivision level courses are stipulated by the Association to Advance Collegiate Schools of Business (AACSB), the business school accreditation agency, as follows: ECONOMICS COURSES (ECON) 201 202 303 304 307 320 321 323 324 325 327 328 329 Principles of Economics I (Micro) Principles of Economics II (Macro) Microeconomics Macroeconomics History of Economic Thought Urban Economics Introduction to Futures Trading International Economics International Monetary Relations Economics of Development and Growth American Economic and Business History Environmental Economics Health Economics • Principles of Accounting (six credit hours) • Cost Accounting (three credit hours) • Principles of Economics: Macro and Micro (six credit hours) • Principles of Marketing (three credit hours) college algebra • Business Statistics (ifcredit hours) is required as a prerequisite) (three Law and the • credit hours) Regulatory Environment of Business (three • Managing People and Organizations (three credit hours) Loyola’s upper-division requirements in finance, intermediate economics, strategic management, and operations management will not be satisfied by courses taken elsewhere at the lower-division level or without junior or senior standing. Students transferring as juniors or seniors may be allowed to transfer credit after successful completion of an upper-division course taken at another institution if SBA deems that the subject matter is congruent to a corresponding Loyola course. PAGE 3 REQUIREMENTS FOR BACHELOR OF ARTS IN ECONOMICS (BA) In addition to fulfilling courses in the Core Curriculum and general electives, students enrolled in the College of Arts and Sciences must complete 10 economics courses including ECON 201, 202, 303, 304, and six elective courses in economics. Students enrolling in economics courses must have completed Mathematics (MATH) 131/161 and Statistics (STAT) 103, or the equivalent. Students wishing to pursue doctoral study in economics are advised to take additional mathematics courses including the calculus course sequence (MATH 161, 162, and 263); linear algebra (MATH 212); and two 300-level mathematical statistics courses (STAT 304, 305). Students should consult with their economics advisor about completing mathematics courses. • “Values Across the Curriculum” requirements: • 12 credit hours completed through the Core, major, or electives, focusing on: • Understanding and promoting justice • Understanding diversity in the United States and the world in the world • Understanding spirituality or faith in action • Promoting civic engagement or leadership a • Makes up about one-third ofby student’s Loyola academic experience, complemented the major and electives. courses from • Incorporates great flexibility with myriadCourses may which to choose for each required area. be completed at any time during a student’s Loyola education. For more information, please visit LUC.edu/core. CORE CURRICULUM desired knowledge, • Focuses on academic disciplines.skills, and values in addition to credit hours • Includes 45skills through of coursework, developing important 10 required areas of knowledge. • Important skills include communication, critical thinking, ethical awareness, information literacy, quantitative and qualitative analysis, research methods, and technological literacy. • Required areas include college writing seminar(s), artistic knowledge and experience, historical knowledge, literary knowledge, scientific literacy, societal and cultural knowledge, philosophical knowledge, theological and religious studies, and ethics. LOYOLA UNIVERSITY CHICAGO Undergraduate Admission Office 1032 W. Sheridan Road, Chicago, Illinois 60660 Phone: 800.262.2373 E-mail: admission@luc.edu Web site: LUC.edu/undergrad FOR MORE INFORMATION Assistant Dean, Undergraduate Program School of Business Administration Loyola University Chicago 1 E. Pearson Chicago, Illinois 60611 Phone: 312.915.6113 E-mail: sba-undergrad@luc.edu Web site: LUC.edu/sba To access this and other undergraduate program brochures—and any updated information—please visit LUC.edu/undergrad/academics. PAGE 4 Loyola is an equal opportunity educator and employer. Information in this brochure is correct as of 7/09.