Bachelor of Science | Farmer School of Business
What is Business Economics?
Economists study how people make decisions and the consequences of those decisions. For example, 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 provides 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. As a result, economics majors are in high demand across a variety of employers and graduate schools. Recent placements include Nielsen Consulting, JPMorgan Chase, Abercrombie and Fitch, and for graduate work, Harvard, Duke, and Ohio State. These skills are also 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
For the seventh year in a row, the Farmer School has been ranked in the Top 25 by Bloomberg BusinessWeek’s annual survey of the nation’s best undergraduate business programs. This year, we were ranked 23rd overall and 8th among public institutions. The Farmer School was again the top ranked institution in the state and the only Ohio school in the top twenty-five. Our undergraduate accountancy, Master of Accountancy, entrepreneurship and supply chain management programs consistently rank in the Top 25 in the country.
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.
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 one of the largest college career fairs in the country, with several hundred top organizations vying for our students every year. 98% of Farmer School 2013 graduates were either employed or enrolled full time in in graduate school within six months of graduation.* Our alumni are excellent examples of the quality of the educational experience we provide. More than 2,000 Farmer School alumni are presidents, CEOs, or owners of companies.
*Based on responses to our 2013 survey of graduates
What are the special admission requirements, if any?
Miami University’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 the FSB is competitive, and based on a holistic and comprehensive review process which considers many factors to establish the context of students’ achievements and demonstrated potential to be successful in its rigorous curriculum.
For Fall 2014, the middle 50% of students gaining direct entry into the FSB held an ACT Composite Score of 27-31 and/or a SAT (C+M) score of 1210-1360. In addition, the middle 50% held a GPA of 3.68-4.09 (on a 4.0 scale) and a class rank of top 6% to 23%. Twenty-five percent of the students offered direct admission had an academic profile that exceeded these ranges and 25% had a profile that fell below. The academic qualifications required for admission are wholly dependent on the strength of the applicant pool, and we encourage applications from candidates with diverse backgrounds.
Upon admission to the Farmer School, you will pay tuition and fees set by Miami University, as well as an additional per-credit hour business surcharge for most business courses. For additional details on tuition and fees, visit the One Stop for Student Success Services.
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
Oxford, OH 45056