Economics Major: Department of Economics - Northwestern University (2024)

• ECON 201Introduction to Macroeconomics
• ECON 202Introduction to Microeconomics
• ECON 281Introduction to Applied Econometrics
  • The ECON 281 requirement will be waived if you take ECON 381-1 Econometricsas a field course. For a discussion of econometrics options, please see our undergraduate advising FAQs page.
• ECON 310-1Microeconomics I
• ECON 310-2Microeconomics II
• ECON 311Macroeconomics

Six 300-level economics courses (in addition to 310-1, 310-2, and 311) are required.

Course Descriptions and Prerequisites

View the Course Catalog for more information on each our upper-level course offerings and the prerequisites for each course.

Upper-Level Course Substitutions

Students may count up to one non-economics class as a substitute. Any substitutions must be noted on a student's petition to graduate and approved by an economics adviser. This is usually done at the end of junior year.

Currently, the only permitted substitutions are:

• BUS_INST 304Corporate Finance
  • This course isnot allowable for students who have completed ECON 360-1 Foundations of Corporate Finance Theory or KELLG_FE 310 Principles of Finance.
  • This coursecannot be double-counted for the Economics major/minor and the Business Institutions minor.
• BUS_INST 321Business and Economic Institutions in Historical Perspective
  • This coursecannot be double-counted for the Economics major/minor and the Business Institutions minor.
• IEMS 373Introduction to Financial Engineering
• KELLG_FE 310Principles of Finance
  • This course isnot allowable for students who have completedBUS_INST 304Corporate Finance or ECON 360-1 Foundations of Corporate Finance Theory.
  • This coursecannot be double-counted for the Economics major/minor and the Kellogg Certificate.
• MATH 366-1Mathematical Models in Finance
  • This coursecannot be double-counted for the Economics major/minor and Mathematics.
• SOC_POL 330Economics of Social Policy (Up to an including Fall Quarter 2021. Starting Fall Quarter 2022 Economics majors should register for this course as ECON 333 and it will automatically count as an Economics elective and not as a substitution.)
• SOC_POL 331Economics of Inequality and Discrimination
• SOC_POL 332Economics of Education Policy
• SOC_POL333 Economics of Health, Human Capital, and Happiness

Additional Notes:

• Students double majoring in Economics and Mathematical Methods in the Social Sciences (MMSS) or Industrial Engineering and Management Science should see the section on dual majors for special arrangements.
• ECON 249 Business Strategy is designed for non-majors. Students in the Economics major or minor should take ECON 349 Industrial Economics which covers the same material at a higher level. ECON 249 does not countas an advanced field course or as a related course for the Economics major.

• MATH 220-1Single-Variable Differential Calculus
  • or MATH 218-1 and 218-2Single-Variable Calculus with Precalculus,
  • or higher-level mathematics course,
  • or AP or IB credit,
    
  • or engineering students can count courses in the GEN_ENG 205Engineering Analysissequence.
    
  • (Note that students entering in Fall 2023 or later cannot use an exemption from MATH 220-1 on the Northwestern Mathematics Placement Examination to satisfy this requirement unless they use it to register for and complete a higher-level mathematics course.)
• STAT 210Introduction to Probability and Statistics(for students intending to take ECON 281)
  • or MATH 314Probability and Statistics for Econometrics (for students intending to take ECON 381-1)
    
  • or MATH 385 Probability and Statistics for MMSS
  • or AP or IB credit,
  • or if you are required to take another statistics class for another major, or wish to take a higher-level statistics class, consult the Director of Undergraduate Studies about equivalent classes. But, STAT 210 or MATH 314 are thebest preparation for ECON 281 and upper-level economics courses.
  • STAT 210 covers probability at greater depth than does STAT 202Introduction to Statistics and Data Science. Consequently, STAT 202 is insufficient preparation for ECON 281. Students planning to major or minor in both Economics and Data Science should take STAT 210 rather than STAT 202.

Note: WCAS students may double count MATH 220-1 and STAT 210/MATH 314 toward the major and toward the Distribution Requirement in Formal Studies or the Foundational Discipline in Empirical and Deductive Reasoning.

Mathematical Experience for Northwestern Undergraduates(MENU)- A first-year math sequence for strong quantitative students. This program starts in the Fall Quarter of each year.

Kellogg School of Management Certificate Programs in Financial Economics or Managerial Analytics- These are four-course sequences that begin in the Fall Quarter of junior or senior year for students who demonstrate strong quantitative skills in prerequisite courses.

• Medill Integrated Marketing Communications(IMC) Certificate- A five-credit program designed to prepare students for entry-level marketing communications positions including advertising, direct, database, e-commerce, interactive marketing, PR, and corporate communications.