Undergrad FAQ
This information is provided for the informal guidance of students majoring in Economics. It does not supplant the formal statements of major, minor, and option requirements in the Calendar.
- Admission and Program Requirements
- Advising and Declaration of Major
- Economics and Business
- Program Requirements, Course Prerequisites, and ECON 225
- Economics, Mathematics, and Statistics
- Useful Web Sites
Admission and Program Requirements
Q. What are the requirements for admission to Economics?
A. Like most undergraduate majors, there are no admission requirements for economics per se. If you are an admitted UVic student you are entitled to take courses in economics and pursue a degree in the field.
Q. What courses should I take to get started?
A.What you should do to get started in Economics depends on who you are and what your interests are. Our first year courses include four non-specialist courses and two core courses.
Core first year courses:- Econ 103 Principles of Microeconomics
- Econ 104 Principles of Macroeconomics
- Econ 100 The Canadian Economy
- Econ 111 The Environment and the Economy
- Econ 112 Strategy, Conflict and Co-operation
- Econ 113 Introduction to Economics for Policy Analysis
These courses serve as pre-requisites for all higher level economics courses. If you have decided to do an economics degree, then you should plan on completing Econ 103, 104, Math 102 (or 100), and the UVic Academic Writing Requirement no later than your second year and preferrably in your first year.
If you are experimenting, then you might want to consider the following non-specialist courses to get a sense of whether Economics is right for you.
Non-specialist courses:
Econ 111, 112 and 113 provide an opportunity to see how the economic way of thinking can be applied to topics of contemporary interest. Econ 100 surveys economic principles and provides an overview of the Canadian economy. These courses are intended for students who would like to get a sense of what economics is about before starting on a degree program in economics. They also can be credited towards the Minor in Economic Policy.
Q.What are your most popular programs, and how do students progress through them?
A. Most students do either a BA Major or BSc Major. Those students intending to do graduate studies in Economics are best served by the Honours BSc. The Honours BA provides very good preparation for many other graduate programs, including Law. The Calendar, available in the bookstore or online at www.uvic.ca/calendar, is the definitive statement of program requirements. The Economics program requirements can be found here.
For students who enter UVic in first year intending to major in Economics, the schedule below shows normal progress through the required courses of our two most popular programs; progress through the Honours programs is similar, especially in the early years. Minimum grade requirements for individual courses are shown in parentheses; there may also be GPA requirements on groups of courses. The schedule does not show more general degree requirements, such as electives. In addition to the required courses listed below, a BA Major requires 10.5 units of upper-level Econ electives while a BSc Major requires 7.5 units of upper-level Econ electives. Students should also consult the Faculty of Social Sciences degree requirements. Be sure to also check your particular program (e.g. Majors, Honours, etc) requirements in addition to the Faculty requirements.
Notes:
i) The ECON 225 program requirement is satisfied if you receive a B+ or better in ENGL 135, 146 or 147 at UVic or have credit for ENGR 240 (in which case we encourage you to take ECON 410A or POLI 351).
ii) ECON 203 and 204 with GPA of at least 3.0 in the two courses.
iii) MATH 208 can be taken in the second year followed by ECON350 and 351 in the third year without causing delays.
iii)This timetable assumes a student enters with a high school math background sufficient to begin a first university calculus course. If this is not true, the math sequence must be adjusted.
iv) This timetable assumes the “traditional” undergraduate schedule: taking courses September through April of each year. Students on co-op, or who take summer session courses, will need to adjust this timetable.
| BA Major | BSc Major | |||
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| Fall | Spring | Fall | Spring | |
| Year 1 |
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| Year 2 |
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| Year 3 |
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| Year 4 | Two of 435, 450, 451, 452, 453, 454, 456, 457 or 468 | |||
Q. Which program should I take?
A. We offer a wide range of programs that appeal to the diverse aptitudes and interests of our students. The following comments provide an overview.
BA Major
The BA Major is well-suited for students who wish to combine their study of Economics with a broad range of electives in Economics and other subjects. It is recommended for students planning to pursue careers in fields such as finance, business, and accounting, or as preparation for study in professional graduate programs such as law, business administration and public administration.
BSc Major
The BSc program supplements the BA program with a number of courses which emphasize the more mathematical and quantitative aspects of Economics. It is best suited for students with an aptitude for mathematics and provides a good starting point for those planning graduate studies in economics and related areas (including finance), or a career in economic research.
Honours BA and BSc
The Honours program offers an enriched experience that includes small designated honours classes, a stimulating environment and an opportunity to engage in research under the personal supervision of faculty. It is an ideal program for those wanting to pursue graduate studies in economics.
BSc Major in Financial Mathematics and Economics
Advanced financial analysis, both theoretical and applied, draws on a range of sophisticated mathematical, statistical and computational methods. This program is intended to provide students with a strong foundation in these methods and is ideal preparation for further studies in mathematical finance, actuarial science as well as for employment directly in these areas. This program is offered jointly with the Department of Mathematics and Statistics and is aimed at students with an aptitude for mathematics.
Minor in Economic Policy
This provides students in other areas of study with a foundation in economic policy analysis and its applications. Although of value to anyone, it is perhaps best suited for students who have a general interest in policy, or an interest in a specific policy area.
Minor
A flexible program for students whose Major lies in another area.
Q.I intend to apply to the B.Comm. program, but if I am not admitted I would like to do an economics degree instead. What should I do to facilitate this?
A.Your interests are probably best served by the BA Major program. You should do as much of the Years 1 and 2 course work of that program as possible, using ECON 245/246 to satisfy the Math/Stats requirements for Commerce entry. Note that MATH 102, which is recommended by the Faculty of Business as a pre-commerce course, is a prerequisite for ECON 245 as well as being a program requirement for Economics. You should be sure to take MATH 102 in Year 1 rather than MATH 151; the latter does not substitute for MATH 102 in meeting the Economics requirements.
Q. In addition to the required courses and the broader economics requirements as detailed in the Calendar, are there any other considerations I should be aware of in planning my program?
A. Yes. Economics programs operate within the more general UVic and Faculty of Social Science degree requirements. A UVic degree requires 60 units of course credit, equivalent to 40 1-term courses. Your attention is directed to the following entry on Faculty of Social Sciences Program Requirements section of the Calendar. Be sure to also check your particular program (e.g. Majors, Honours, etc) requirements in addition to the Faculty requirements.
Advising and Declaration of Major
Q. How do I declare my program?
A. When you settle on a choice of program and your intended progress toward the degree, you will need to complete a Record of Degree Program form available from the Academic Advising Centre.
Q. How do I declare Economics as my major?
A. Majors can be formally declared once you have completed all your lower level (i.e. 100- and 200-level) program requirements, including the attainment of minimum grade requirements. Again, this is done at the Academic Advising Centre. For more information about the declaring your major please read HOW TO DECLARE YOUR RECORD OF DEGREE PROGRAM FOR A BA OR BSc IN ECONOMICS.
Q. Is there anywhere else I can go for advice specific to economics?
A. Yes. The Undergraduate Advisor in the Department of Economics for the academic year 2011-12 is Dr. Merwan Engineer; his office is BEC 350. You can phone or drop by the department to check on his current office hours, or phone him at 250-721-8536 or email ecadvice@uvic.ca for an appointment. Be sure to read the sections of the Calendar that relate to your questions prior to seeing him.
Economics and Business
Q. What is the relationship between the Department of Economics and the Peter B. Gustavson School of Business (BUS)?
A. Although they happen to be housed in the same building, the two are unrelated. The Department of Economics is a department within the Faculty of Social Sciences while BUS is, as its name indicates, its own Faculty. For this reason it is not generally possible to, for example, major in economics from within a B.Comm. Program or do a double major in economics and a business-related field.
Q. I'm planning to apply to Commerce, but think there is some chance I may wish to study Economics instead. How should I prepare?
A. Many prospective Commerce students end up becoming Economics Majors. The current Pre-Commerce requirements can be satisfied in a number of ways, however, only some also meet the Economics requirements. It is up to students to plan their programs in a way that leaves open the opportunity to pursue an Economics degree, possibly with a Business Minor and/or Finance Option. To be consistent with the Economics Majors requirements students should meet the Pre-Commerce requirements in the following way:
| Commerce Requirement: | Meet with: |
|---|---|
| Mathematics | MATH 102 |
| Statistics | ECON 245 and 246 |
| Computing | CSC 105 |
| Economics | Both ECON 103 and 104 |
Q.Are there any opportunities to study business from within an economics program?
A.Yes. First, the School of Business offers a Business Minor that can be done in conjunction with an Economics or General degree. Second, the Department of Economics offers two Options that can be done in conjunction with a BA or BSc Major or Honours degree: a Business Option and a Finance Option. For more information about these options, see the Economics section of the Calendar. Third, those interested in accounting or finance please see the Careers page.
Q.From the point of view of a student majoring in Economics, what is the difference between the Business Minor offered by BUS and the Business Option offered by the Department of Economics?
A.The two are similar: both give students an opportunity to obtain recognition for having taken a group of business-related courses within their Economics degree programs. In choosing between them, keep in mind the following points.
- The Minor requires more courses than the Option, although of course all can count toward the 60 units required for your degree. Both share COM 220/240/250/270. In addition, the Minor requires at least 3.0 units of upper level COM, ENT, or IB courses. If you are an international student the higher tuition fees of business courses may be an impediment to the Minor.
- The two have different minimum grade requirements. The grade requirements of the Option relate to some of the other courses that are requirements for your Economics degree: a GPA of 3.0 (C+) or better in ECON 203, 204, and 245, with a grade of at least C in each of 203 and 204. By contrast, the minimum grade requirements of the Minor relate to the business courses themselves: you must attain at least a C+ in each of COM 220/240/250/270.
- For students wishing to do the Finance Option, COM 240 can be double-counted with the Business Option but not with the Minor. If you wish to do the Minor, the five courses you choose for the Finance Option cannot include COM 240.
- The Minor and Option are recorded differently on your transcript. A Minor appears explicitly, in much the same way that a Major is recorded. Completion of an Option is buried within the text commentary of the transcript. For a student who completes the Business and/or Finance option within, for example, a BA Major, the degree title that appears on the transcript is simply BA Major Econ. However this is unlikely to be an important consideration for most students. Employers do not normally inspect transcripts. Instead they are guided by the description of your education that you give on a resume, where you would of course indicate the completion of a Minor or Option as part of your degree program. Neither a Minor nor an Option appears on the degree diploma itself.
Finally, be aware of the following fundamental difference between the Option and the Minor that may be important for students who are unsure whether they should major in economics as opposed to doing a General degree.
The Minor can be added to a general degree in economics and one other program area. Thus, in contrast to the Option, it is not necessary to major in economics to do the Minor. Note, however, that it is not permissible to do a general degree in economics and use the Minor as the other area of study.
Q. Is it possible to do both the Business Minor and the Business Option?
A. No. UVic degree requirements do not allow students to use the same courses toward two such certifications.
Program Requirements, Course Prerequisites, and ECON 225
Q. I notice that the requirements for my economics degree program have changed somewhat over the years. Which requirements apply to me?
A. Under UVic rules, if your student number is XX12345 then you are entitled to plan your program, and graduate according to, the requirements as stated in the year XX Calendar. If the requirements change in subsequent Calendars you can elect to take advantage of those changes if it is in your interest to do so.
Q. Am I grandfathered with respect to course prerequisites?
A. No. Under UVic rules, changes in course prerequisites take effect when they appear in the Calendar and apply equally to all students regardless of student number.
Q. I understand that ECON 225 involves a diagnostic test. How does this work?
A. A comprehension and writing test is given in ECON 225 in the first 7 calendar days of the term. It is essential that you attend the first class of ECON 225 at the beginning of term to learn the time and location of the test. Students receiving low scores on the test will be encouraged to attend supplementary language/writing tutorials that will run in parallel with the course.
Q.Are there any courses I can take, either at UVic or elsewhere, that substitute for ECON 225?
A.Yes: this requirement is satisfied if you have taken ENGR 240 or hae received at UVic a grade of B+ or higher in ENGL 135, 146, or 147.
Q. Given that program requirements evolve somewhat over time, how can I be absolutely certain that the courses I am taking will entitle me to the degree to which I aspire?
A. This is the purpose of your CAPP report. Make an appointment to see an advisor in the Academic Advising Centre to update your CAPP report to reflect your current plans.
Q. I do not have the prerequisites for a course. Is there any way I can take it?
A. Probably not. Careful consideration is given in setting course prerequisites, and they normally constitute essential background to a course. If you think your academic background includes equivalents to the stated pre-requisites, you fill out and submit the Pre-requisite Waiver form.
An exception is if a prerequisite statement says "or permission of the Department." This indicates that the course may be of interest to students with non-standard backgrounds, in which case the instructor is willing to interpret the prerequisites flexibly. Again, you should complete and submit the Pre-requisite Waiver form.
Economics, Mathematics, and Statistics
Q. The Calendar says that, although ECON 245/246 is the stats sequence that the department prefers and recommends, STAT 260/261 can be substituted. Are there any other courses that substitute?
A. Not at UVic. ECON 245/246 are calculus-based courses (245 has MATH 102 as a prerequisite) and so only calculus-based stat courses are allowed as substitutes. At UVic the only such courses are STAT 260/261. For the most part community college stat courses are not calculus based and so do not substitute.
Upcoming Economics Events
- 2012-02-24 - Lecture/Seminar - Department Seminar - Chloe Tergiman
- 2012-03-01 - Lecture/Seminar - Lansdowne Lecture - Matthew O. Jackson
- 2012-03-02 - Lecture/Seminar - Dept Seminar - Matthew O. Jackson
- View all events on the UVic Economics calendar