What is Economics – College of Business Administration
Economics examines trade-offs. It looks at scarcity and the assessment of extra benefits versus extra costs during decision-making. Economics builds an understanding of markets and how a market shock can affect outcomes in many markets. This field also looks at the impact of the aggregate economy on production, consumption, and trade. These are key foundations for decision-making by firms, policy-makers, and members of society. The economics major equips students with the ability to apply the analytics of basic managerial and macroeconomics to ongoing issues in business, policy, and the economy.
Career Opportunities in Economics – College of Business Administration
An economics major can provide strong foundations in business, public policy, and law. Majors pursue careers in business, consulting, all levels of government, and a variety of other fields. Students with goals of graduate study in economics can talk with faculty for additional class suggestions. Empirical courses, such as econometrics, build useful skills in data-based applied economics, which many employers value.
Salary Trends in Economics – College of Business Administration
For 2012-2013, the average accepted salary for UT graduates with a major in economics (Bachelor of Science in Business Administration) was $38,631. For additional salary information by occupation in the U.S. or individual states, visit the Bureau of Labor Statistics’ National Compensation Survey website.
High School Preparation
High school students should follow a college preparatory curriculum and take their high school’s recommended courses in Math, English, and Foreign Language. Appropriate electives include any business courses, as well as courses in computer software applications and written and oral communication. The College of Business Administration further encourages all high school students to 1) explore international business issues and opportunities, 2) participate in student organizations and clubs, and 3) volunteer in their community.
How to Major in Economics – College of Business Administration
Freshmen are admitted directly to the College of Business Administration at the point of admission into the University of Tennessee. Admission to the university is highly competitive and based primarily on academic achievement at the high school level and scores on the ACT and/or SAT.
Students admitted into the College of Business Administration must maintain a minimum 2.50 cumulative grade point average and earn a grade of C or better in the following tracking courses (or honors equivalents) prior to the completion of 75 hours.
- Mathematics 123-125 or 141-142 (6 or 8 hours);
- Written Communication (3 hours from English 255 or 295);
- Oral Communication (3 hours from Communication Studies 210 or 240);
- Accounting 200 (3 hours);
- Economics 201 (4 hours);
- Statistics 201 (3 hours);
- Management 201 (3 hours)
Students who are not directly admitted to the College of Business Administration or who are transferring from other educational institutions can apply for admission after completion of the tracking courses. Internal and external transfer students will be categorized as business exploratory majors until such time that they complete their requirements for admission. Prior to the completion of 75 hours, students seeking transfer admission must complete all tracking courses with a grade of C or better and have a minimum 2.50 cumulative GPA. Both criteria must be met when the major application is reviewed. Selection is highly competitive and based on academic achievement, commitment to pursuing a business discipline, and departmental capacity.
Requirements for Economics – College of Business Administration
All majors in the College of Business Administration are required to take a total of 120 hours to graduate: 59 hours of general education courses, 15 hours of pre-business core courses, 22 hours of business core courses, and 24 hours of courses in the major. Of those 24 hours, 18 must be taken in residence at the University of Tennessee. A minimum grade of C must be earned in every course counted towards the major. Additionally, students in the college must have a laptop by the second semester of their sophomore year.
Special Programs, Co-ops, and Internships
Global Leadership Scholars
The Global Leadership Scholars (GLS) program offered by the College of Business Administration promotes the development of international and intercultural awareness, leadership, and personal and professional growth. Through honors classes, seminars in leadership training, international experiences, and extracurricular activities, GLS students work together and with honors faculty to develop the skills necessary to become future international business leaders. Applications are accepted from first-year students in their second semester.
Economics 492 (1–3 hours) relates to internship or other supervised economic experience with a firm, government agency, or other relevant organization. Students must get approval prior to starting work, and register for credit. Students write a paper related to their work setting. Prerequisites are Economics 311 or 312 and 313.
The Economics Club is a resource for students interested in the field of economics. The club meets regularly to discuss economic issues, host speakers, engage in community service, and provide review sessions for Economics 201 students. The club also travels to Washington, D.C. each year to meet with policy-makers and private firms. Any student is welcome and encouraged to join.
Omicron Delta Epsilon, Beta Chapter
Omicron Delta Epsilon (ODE) is a prestigious economics honor society that includes faculty and student members across the nation. To qualify, a student needs to have taken at least 12 hours of economics and have at least a 3.0 cumulative GPA.
Highlights of Economics – College of Business Administration
Students may choose a traditional option (24 hours of economics), a collateral option (complementary coursework in accounting, business analytics, finance, management, or quantitative economics and mathematics), or a dual concentration in international business. Electives, as well as major coursework under the traditional option, consider topics such as industrial organization, as well as international, quantitative, monetary, regional/urban, environmental, labor, health, and public economics. Students planning to pursue graduate study in economics should elect the quantitative economics and mathematics collateral option.
Seeking to instill a global perspective in all of its students, the College of Business Administration challenges undergraduates to develop the requisite knowledge and skills to prosper in today’s global business environment. To help students meet that challenge, the college provides these critical tools: an enhanced core curriculum that covers international business topics in all relevant courses; extraordinary programs for international study and internships; and a unique opportunity to delve into the principles of international business through a collateral or concentration in international business.
The college requires all students pursuing a collateral or dual concentration in international business to have an international educational experience. Coursework in the international business collateral or dual concentration may be completed through a study abroad program.
Learn more about UT’s Ready for the World initiative to help students gain the international and intercultural knowledge they need to succeed in today’s world.
Academic Plan and Milestones
Following an academic plan will help students stay on track to graduate in four years. Beginning with first-time, first-year, full-time, degree-seeking students entering in the Fall 2013 semester, UT has implemented Universal Tracking (uTrack), an academic monitoring system designed to help students stay on track for timely graduation. In order to remain on track, students must complete the minimum requirements for each tracking semester, known as milestones. Milestones may include successful completion of specified courses and/or attainment of a minimum GPA.
Sample academic plans and milestones for the economics major (business administration) can be found using the links below.
- Collateral option: http://catalog.utk.edu/preview_program.php?catoid=16&poid=6318#uTrack
- Dual concentration with international business option: http://catalog.utk.edu/preview_program.php?catoid=16&poid=6319#uTrack
- Traditional option: http://catalog.utk.edu/preview_program.php?catoid=16&poid=6320#uTrack
For More Information
College of Business Administration
342 Haslam Business Building
Knoxville, TN 37996
Phone: (865) 974-5096
Fax: (865) 974-6106
The information on this page should be considered general information only. For more specific information on this and other programs refer to the UT catalog or contact the department and/or college directly.