Economics is the study of choice and decision-making in the face of scarce resources, both at the individual and group levels. Economists examine tradeoffs between different actions and behaviors; analyze different scenarios such as a change in prices, cultural values, or law; and seek to explain and predict human behavior.
Students often ask what the difference is between Economics and Finance. The areas are interrelated and inform and influence each other. Professionally, there is also crossover, with economists working in financial markets and financial experts working on economic policy. In broad terms, economics focuses on concepts related to overall markets, government policy, and decision-making influences. Finance tends to focus on individual businesses and individual people, including the study of assets and liabilities, and financial statements and reporting.
At UWM, students of economics have access to faculty members who are internationally recognized experts in their field. Focus areas for students to choose from include economic theory, quantitative methods including econometrics, public policy, law and the economy, labor economics, and international economic relations.
Many are surprised to learn about the diverse career paths a major in Economics can lead to. Individuals with strong analytical ability and skill working with data and statistics are in high demand in financial management, accounting, human resources, data management, law, marketing, insurance, and more.
Course of Study – Bachelor of Arts Degree
Complete 120 credits including 90 credits in the College of Letters & Science and with 36 of the 90 credits in L&S upper-level (numbered above 300) courses. The College requires that students must complete in residence at UWM at least 15 credits in upper-division (numbered 300 or above) courses in their major. Students are also required to complete University-wide General Education Requirements and the specific L&S requirements listed below.
To complete a major, students must satisfy all the requirements of the major as stated in this catalog. Students who declare their majors within five years of entering the UW System as a degree candidate may satisfy the requirements outlined in any catalog issued since the time they entered. Credits used to satisfy the major also may be used to satisfy other degree requirements.
University General Education Requirements (GER)
| Code | Title | Credits |
|---|---|---|
| Oral and Written Communication | ||
| Part A | ||
| Achieve a grade of C or better in the following course: | ||
| ENGLISH 102 | College Writing and Research (or equivalent) | |
| Part B | ||
| Course designated as OWC-B; may be completed through a major-specific course requirement | ||
| Quantitative Literacy | ||
| Part A | ||
| Earn at least 3 credits with a grade of C or higher in one of the following courses or an equivalent course, or achieve a placement code of at least 30 on the mathematics placement test (or other appropriate test, as determined by the Mathematical Sciences Department) | ||
| Mathematical Literacy for College Students II | ||
| Contemporary Applications of Mathematics | ||
| Introduction to College Algebra | ||
| Algebraic Literacy II | ||
| Introduction to Logic - Critical Reasoning 1 | ||
or PHILOS 111 | Introduction to Logic - Critical Reasoning | |
| College Algebra | ||
Or equivalent course | ||
| Part B | ||
| Course designated as QL-B; may be completed through a major-specific course requirement | ||
| Arts | ||
| Select 3 credits | 3 | |
| Humanities | ||
| Select 6 credits | 6 | |
| Social Sciences | ||
| Select 6 credits | 6 | |
| Natural Sciences | ||
| Select 6 credits (at least two courses including one lab) | 6 | |
| UWM Foreign Language Requirement | ||
| Complete Foreign Language Requirement through: | ||
Two years (high school) of a single foreign language | ||
Two semesters (college) of a single foreign language | ||
Or equivalent | ||
| UWM Cultural Diversity Requirement | ||
| One course from the Arts, Humanities, or Social Sciences must also satisfy UWM's Cultural Diversity requirement | ||
- 1
Math 111 and Philosophy 111 are jointly offered and count as repeats of one another. Students cannot receive credit for both courses.
College of Letters & Science Requirements
I. English Composition Requirement
Students must satisfy the English Composition Requirement with one of the following options:
1) Completing ENGLISH 102 with a grade of C or higher; or
2) by placing beyond ENGLISH 102 on the English Placement Test (EPT) (or other assessment as determined by the English Department); or
3) transferring a course of at least 2.5 equivalent credits from another institution that is equivalent to English 102, or a UWM higher-level expository writing course, with a grade of C or higher.
Note: This requirement is the same as the University General Education Requirement for Oral and Written Communication Part A. The College of Letters & Science does not have a specific requirement for a writing course beyond English 102, but students must complete the university-wide requirement for Oral and Written Communication Part B listed above.
II. Mathematics and Formal Reasoning
To satisfy the Mathematics and Formal Reasoning Requirement, students must satisfy the following two requirements:
1. Achieve a placement code of at least 30 on the mathematics placement test (or other appropriate test, as determined by the Mathematical Sciences Department) or earn at least 3 credits with a grade of C or higher in one of the following courses or an equivalent course:
| Code | Title | Credits |
|---|---|---|
| MATH 102 | Mathematical Literacy for College Students II | 3 |
| MATH 103 | Contemporary Applications of Mathematics | 3 |
| MATH 105 | Introduction to College Algebra | 3 |
| MATH 108 | Algebraic Literacy II | 3 |
| MATH 111 | Introduction to Logic - Critical Reasoning 1 | 3 |
| or PHILOS 111 | Introduction to Logic - Critical Reasoning | |
| MATH 116 | College Algebra | 3 |
| MATH 175 | Mathematical Explorations for Elementary Teachers I | 3 |
- 1
Math 111 and Philosophy 111 are jointly offered and count as repeats of one another. Students cannot receive credit for both courses.
Note: This requirement is the same as the University General Education Requirement for Quantitative Literacy Part A, listed above.
2. Complete one course (at least 3 credits) at the 200 level or above chosen from courses in Mathematics, PHILOS 211, or Letters and Science statistics courses:
| Code | Title | Credits |
|---|---|---|
| Complete one of the following: | ||
3 or more credits in any 200-level or above Math course | ||
| Introduction to Statistics in African and African Diaspora Studies | ||
| Introduction to Anthropological Statistics | ||
| Biostatistics | ||
| Economic Statistics | ||
| Quantitative Analysis in Geography | ||
| The Quantitative Analysis of Historical Data | ||
| Elementary Statistical Analysis | ||
| Elementary Logic | ||
| Political Data Analysis | ||
| Survey Research | ||
| Psychological Statistics | ||
| Introduction to Statistical Thinking in Sociology | ||
Note: This requirement is NOT the same as the University General Education Requirement for Quantitative Literacy Part B. To complete the BA, students must take one of the L&S approved courses. Not all of the courses listed here will satisfy the QL-B requirement.
III. Foreign Language Requirement
Placement testing may be used to satisfy all or part of this requirement. Language courses (including American Sign Language) other than English taken in high school may be used to satisfy all or part of this requirement. One year of high school language equates to one semester of college work.
Completion of the L&S Language Requirement also satisfies the university-wide Foreign Language GER, but not vice versa.
| Code | Title | Credits |
|---|---|---|
| Completed in one of the following ways: | 0-18 | |
Successful completion of the 4th semester of college work or equivalent in one language other than English (including American Sign Language) | ||
Successful completion of the 3rd semester of college work or equivalent in one language other than English (including American Sign Language) PLUS the 2nd semester of college work or equivalent in another language other than English (including American Sign Language) | ||
IV. International Requirement
See Approved Courses for the L&S International Requirement for course options.
| Code | Title | Credits |
|---|---|---|
| Completed in one of the following ways: | 9 | |
Complete 3 courses (min. 9 cr) in a single foreign language (not including literature-in-translation or American Sign Language) at the 3rd semester level and above | ||
Complete 3 non-language courses (min. 9 credits) with an international content chosen from at least 2 curricular areas. | ||
Complete 9 credits in combination of the two options above. | ||
V. Breadth Requirement
Along with completing the University General Education Requirements of 3 credits in the Arts (A); 6 credits in the Humanities (HU), Social Sciences (SS), and Natural Sciences (NS/NS+); and a course with the Cultural Diversity (CD/+) designation, L&S students must complete the Breadth requirement.
| Code | Title | Credits |
|---|---|---|
| Arts | ||
| Select 3 credits | 3 | |
| Humanities | ||
| Complete 12 credits of L&S courses with Humanities Breadth designation; no more than 6 credits from a single subject area. * | 12 | |
| Social Sciences | ||
| Complete 12 credits of L&S Courses with Social Science Breadth designation; no more than 6 credits from a single curricular area. * | 12 | |
| Natural Sciences | ||
| Complete 12 credits of L&S Courses with Natural Sciences Breadth designation, including at least one laboratory or field course; no more than 6 credits from a single curricular area. * | 12 | |
| Cultural Diversity | ||
| Complete 3 credits in a course with Cultural Diversity (CD) designation. ** | 3 | |
- *
Students should check their course selections carefully with the list of approved L&S Breadth Courses. Students are advised to select at least 6 credits worth of courses in each of the Humanities, Social Science, and Natural Sciences areas that can satisfy both the campus-wide General Education Requirements and the L&S Breadth requirement.
- **
Students are advised to select a course that satisfies the Cultural Diversity requirement as well as a Humanities or Social Science breadth/GER requirement.
VI. The Major
The College of Letters and Science requires that students attain at least a 2.0 GPA in all credits in the major attempted at UWM. In addition, students must attain a 2.0 GPA on all major credits attempted, including any transfer work. Individual departments or programs may require higher GPAs for graduation. Some departmental majors require courses from other departments. Contact your major department for information on whether those credits will count as part of the major GPA. The College requires that students must complete in residence at UWM at least 15 credits in upper-division (numbered 300 or above) courses in their major.
Research Requirement
Within their majors, students must complete a research experience approved by the L&S faculty. A list of courses satisfying the research requirement in each major can be found here.
VII. The Minor
The College of Letters and Science requires that students attain at least a 2.0 GPA in all credits in the minor attempted at UWM. In addition, students must attain a 2.0 GPA on all minor credits attempted, including any transfer work.
Economics Major Requirements
To major in economics, students must earn grades of at least C in ECON 103 and ECON 104, attain at least a 2.0 GPA on all credits in the major attempted at UWM, and attain at least a 2.0 GPA on all major credits attempted when any transfer work is included along with the UWM work. The major in economics requires a minimum of 30 credits plus a research requirement including the following:
| Code | Title | Credits |
|---|---|---|
| Required 1 | ||
| ECON 103 | Principles of Microeconomics | 3 |
| ECON 104 | Principles of Macroeconomics | 3 |
| ECON 210 | Economic Statistics 2 | 3 |
| ECON 301 | Intermediate Microeconomics | 3 |
| ECON 302 | Intermediate Macroeconomics | 3 |
| Electives 1 | ||
| Select at least one course at the 400 level or above (excluding ECON 415) | 3 | |
| Select 12 additional credits in ECON, 3 of which must be in an approved research requirement course (see below). | 12 | |
| Total Credits | 30 | |
- 1
At least 15 credits must be in upper-division (300 level and above) economics courses taken in residence at UWM
- 2
BUS ADM 210 or MTHSTAT 215 may be substituted for ECON 210 and will count in the major GPA.
Research Requirement
All majors in economics must complete an independent research experience by selecting, from the list below, a 400- or 500-level course in which they will write and present a research paper. The contents of the paper and the presentation of the results will be arranged with the faculty member teaching the course.
Eligible courses include:
| Code | Title | Credits |
|---|---|---|
| Economic Applications of Game Theory | ||
| Economic Forecasting Methods | ||
| Statistics for Economists | ||
| Public Economics | ||
| Industrial Organization | ||
| Labor Economics | ||
| Economics of Human Resources | ||
| International Trade | ||
| International Finance | ||
| Mathematical Economics I | ||
| Introduction to Econometrics | ||
| The Economics of Water | ||
| Independent Work |
Optional Concentrations
The Department offers three optional concentrations within the major. While completing the major requirements outlined above, students may elect to complete one of the following sets of requirements:
International Economic Relations
| Code | Title | Credits |
|---|---|---|
| Choose three of the following courses: | ||
| Introduction to International Economic Relations | ||
| Economic Development | ||
| International Trade | ||
| International Finance | ||
Quantitative Methods
| Code | Title | Credits |
|---|---|---|
| Choose three of the following courses: | ||
| Research Methods for Economics | ||
| Economic Forecasting Methods | ||
| Statistics for Economists | ||
| Introduction to Econometrics | ||
Graduate Preparation
| Code | Title | Credits |
|---|---|---|
| Choose two courses each from the quantitative methods module and the economic theory module as follows: | ||
| Statistics for Economists | ||
| Mathematical Economics I | ||
| Introduction to Econometrics | ||
| Mathematical Economics II | ||
Additional Economics Modules
For courses that meet the requirements of the following modules:
- General Economics;
- Economic Theory;
- The Economics of Public Policy;
- Strategy, Law, and the Economy; and
- Labor Economics
Please see below.
| Code | Title | Credits |
|---|---|---|
| General Economics | ||
| Introductory Economics | ||
| Principles of Microeconomics | ||
| Principles of Macroeconomics | ||
| Economics of Personal Finance | ||
| First-Year Seminar: | ||
| Independent Study | ||
| Economic Statistics | ||
| Economics of Discrimination | ||
| Selected Topics in Economics: | ||
| Internship in Economics, Lower Division | ||
| Study Abroad: | ||
| Ad Hoc: | ||
| Honors Seminar: | ||
| Selected Topics in Economics: | ||
| Internship in Economics, Upper Division | ||
| Study Abroad: | ||
| Ad Hoc: | ||
| Independent Work | ||
| Economic Theory | ||
| Intermediate Microeconomics | ||
| Intermediate Macroeconomics | ||
| Economic Applications of Game Theory | ||
| Mathematical Economics I | ||
| Mathematical Economics II | ||
| The Economics of Public Policy | ||
| Money and Banking | ||
| Environmental Economics | ||
| Public Economics | ||
| Health Economics | ||
| The Economics of Water | ||
| Strategy, Law, and the Economy | ||
| Analysis of American Industries | ||
| Economics and Law | ||
| Economics of Antitrust Laws | ||
| Industrial Organization | ||
| Labor Economics | ||
| Economics of Employment and Labor Relations | ||
| Labor Economics | ||
| Economics of Human Resources | ||
Letters & Science Advising
During your time at UWM, you may have multiple members of your success team, including advisors, peer mentors, and success coaches. Letters and Science students typically work with at least two different types of advisors as they pursue their degrees: professional College Advisors and Faculty Advisors. L&S College Advisors advise across your entire degree program while departmental Faculty Advisors focus on the major.
College Advisors are located in Holton Hall and serve as your primary advisor. They are your point person for your questions about navigating college and completing your degree. College Advisors will:
- assist you in defining your academic and life goals;
- help you create an educational plan that is consistent with those goals;
- assist you in understanding curriculum, major and degree requirements for graduation, as well as university policies and procedures;
- provide you with information about campus and community resources and refer you to those resources as appropriate; and
- monitor your progress toward graduation and completion of requirements.
Faculty Advisors mentor students in the major and assist them in maximizing their development in the program. You will begin working with a Faculty Advisor when you declare your major. Faculty Advisors are an important partner and will:
- help you understand major requirements and course offerings in the department;
- explain opportunities for internships and undergraduate research and guide you in obtaining those experiences; and
- serve as an excellent resource as you consider potential graduate programs and career paths in your field.
Students are encouraged to meet with both their College Advisor and Faculty Advisor at least once each semester. Appointments are available in-person, by phone or by video.
Currently enrolled students should use the Navigate website to make an appointment with your assigned advisor or call (414) 229-4654 if you do not currently have an assigned Letters & Science advisor. Prospective students who haven't enrolled in classes yet should call (414) 229-7711 or email let-sci@uwm.edu.
Accelerated Program Option
This program is offered as part of an accelerated graduate program. For more information, see Accelerated Graduate Degrees.
Honors in the Major
Departmental honors are awarded upon graduation to students who achieve a 3.000 GPA on all UWM graded credits attempted, a 3.500 GPA on all credits that count toward the major, and a 3.500 GPA on all credits in advanced-level (numbered 300 and above) courses that count toward the major.
College of Letters and Science Dean's Honor List
GPA of 3.750 or above, earned on a full-time student's GPA on 12 or more graded credits in a given semester.
Honors College Degree and Honors College Degree with Distinction
Granted to graduating seniors who complete Honors College requirements, as listed in the Honors College section of this site.
Commencement Honors
Students with a cumulative GPA of 3.500 or above, based on a minimum of 40 graded UWM credits earned prior to the final semester, will receive all-university commencement honors and be awarded the traditional gold cord at the December or May Honors Convocation. Please note that for honors calculation, the GPA is not rounded and is truncated at the third decimal (e.g., 3.499).
Final Honors
Earned on a minimum of 60 graded UWM credits: Cum Laude - 3.500 or above; Magna Cum Laude - 3.650 or above; Summa Cum Laude - 3.800 or above.