Business Economics
Degree
Bachelor of Science in Business | Farmer School of Business
What is Business-Economics?
Economists study how people make decisions and the consequences of the execution of those decisions. What are the key forces at work in the decision to buy a Mac or a PC? What factors determine the production of these goods and how is that production organized? How do these forces interact to determine the prices we pay for computers and the number of computers produced? How would a tax or a subsidy change the prices and quantities? Who gains? Who loses? How do these decisions aggregate to give overall employment and inflation? Economics provides a unified framework to think about choice, its consequences, and the ability of policy makers to change outcomes.
Although our major does provide specific skills in certain areas, such as econometrics, the key piece of human capital acquired by our majors is a well-honed and oft-practiced skill of critical thinking, especially with regard to problems that involve data and quantitative methods. These skills are rewarded well. In 2009, economics major earned the fifth highest starting salaries and mid-career earnings (behind four areas of engineering) and scored the second highest of any major on the LSAT exam.
What are the features of Miami's program?
Top national ranking
The Farmer School of Business is ranked in the top 25 undergraduate business schools, according to Business Week's seventh annual survey of the nation's best undergraduate business programs. The Farmer School placed 23rd overall and 8th among those programs offered by public universities and colleges in the U.S. In addition to being in the nation's top 5% of schools, the Farmer School was the only Ohio program in the top 25 and one of only two Ohio institutions in the top 50.
Educational leaders
The Department of Economics has roughly 20 faculty members who are actively involved in research and teaching. Several economics faculty have received teaching awards and published in the field of economics education. Members of our faculty work with government agencies, law firms, businesses, and consulting firms, and remain active in various professional organizations.
Accessibility
Roughly 90% of our courses are taught by doctorate-level faculty. The department encourages students to work on research projects with faculty and has an active departmental honors program. Faculty make extensive use of the most current computing and multimedia technologies in teaching.
Target school for recruitment
Miami has traditionally been a target school for Fortune 500 companies and the Big Four accounting firms. More than 88% of Miami business students secure employment within six months of graduation, while 10% continue with graduate education. Our alumni prove the quality of their career preparation. More than 2,000 Miami business graduates are presidents, CEOs, or owners of companies.
Are there special admission requirements?
Miami's Farmer School of Business is annually recognized as one of the nation's best undergraduate business schools. Each year, the number of first-year applications for the Farmer School of Business (FSB) exceeds the number of spaces available. Admission to FSB is holistic and comprehensive, considering many variables during the review process to establish the context of a student's achievements and demonstrated potential to be successful in its rigorous curriculum.
The middle 50% of students gaining direct entry into the FSB will typically have an academic profile as outlined below. Please note that an estimated 25% of students offered direct admission will have an academic profile that exceeds these ranges and an estimated 25% will have an academic profile that falls below these ranges.
- ACT Composite Score: 27–30
- SAT (CR+M): 1220–1340
- GPA (on a 4.00 scale): 3.48–4.00
- Class Rank: 7%–26%
Please note that for the 2012–13 academic year, there is an additional $75 per credit hour fee for most business school courses. This credit hour fee will increase to $100 per credit hour for the 2013–14 academic year. For additional details on tuition and fees, visit the Office of the Bursar.
What courses would I take?
All economics programs require at least 30 hours of economics, which cover principles and advanced microeconomic and macroeconomic theory. In addition, business economics requires business core courses that prepare you to help firms and organizations understand and adapt to a changing economic environment. This major also prepares you for graduate study in economics, law school, MBA programs, and public policy programs, as well as for business careers in financial service industries and similar positions.
What can I do with this major?
Economics majors are prepared to play significant roles in a wide variety of industries, including manufacturing, banking and investment, retailing, and consulting. Economics majors interested in the impact of changes in public policy are employed by government and nonprofit agencies, such as the Federal Reserve banks, while those interested in applying economic concepts to private sector issues often work for consulting firms.
Graduates interested in doing advanced economic research pursue graduate study in economics and may earn a Master of Arts in Economics at Miami in one year. If you complete a master's or doctorate in economics, you may choose between academic careers in teaching and research or more advanced positions in the private sector or government agencies.
Who can I contact for more information?
Farmer School of Business
Student Services Office
1022 FSB
Miami University
Oxford, OH 45056
513-529-1712
www.fsb.muohio.edu/advising
