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Department of Accounting, Economics and Finance Economics Program

Economics

Department of Accounting, Economics and Finance

CAREER OPPORTUNITIES

Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services.  They conduct research, collect and analyze data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.  Economists develop methods for obtaining the data they need. Preparing reports, including tables and charts, on research results also is an important part of an economist's job. 

Economics is often considered an ideal pre-professional undergraduate degree.  Over half the students pursuing an undergraduate degree in economics will continue into professional programs, which include law school, MBA programs, graduate programs in finance, or doctorate programs in areas such as marketing, management, economics or finance.  Economics graduates not seeking advanced professional degrees often work in banking, insurance, management, economic development enterprises, regulation, government, or international business relations.

PLAN OF STUDY

WHAT YOU WILL LEARN

    A degree in economics can provide you with the knowledge necessary to view and describe society and organizations from an analytical perspective.  Economics combines the foundation knowledge from business with the social sciences in an effort to understand human behavior not only by using psychology and sociology, but also by studying society through mathematics, statistics, and historical analyses.  Economics majors learn to make cost-benefit decisions and to apply policy analysis based on qualitative and quantitative research.  Ultimately, economic models help students analyze complex issues.  Critical thinking is a prerequisite to clear writing and oral presentation.  Economics helps develop the ability to organize thoughts and to write professionally for both technical and non-technical audiences.  These are essential skills in any occupation that can readily transfer to various careers and are valuable assets for professional degrees in law and business. 

Extracurricular Activities

The Economics Club is an organization that meets twice a month to informally discuss current issues in economics.  The organization has received multiple grants from the Koch Foundation, which provides funding for reading materials, lunches, guest speakers, travel, research support, and miscellaneous other activities.  The club allows students interested in economic issues to share ideas with peers and faculty members outside of the classroom environment.

Omicron Delta Epsilon (ODE), the International Honors Society for Economics students, was established at West Texas A&M University in 1970.  West Texas A&M University is host to the Nu chapter of ODE.  Admission to Omicron Delta Epsilon is recognized on the academic transcript of inductees at West Texas A&M University.

As an AACSB accredited business school, the College of Business is eligible to pursue Beta Gamma Sigma (International Honors Society for Business students).

Enactus is a student organization in the College of Business.  Enactus uses a business mindset and an entrepreneurial approach to improve the quality of life and standard of living of people in need and help businesses achieve profitability.


The College of Business supports an annual summer study abroad trip, which focuses on business and cross-cultural issues. Locations include Denmark, Sweden, England, Russia, Germany, Austria, Switzerland, and Cananda.


FAMOUS ECONOMIC MAJORS

HEADS OF STATE
George H. W. Bush, US President 
Ronald Reagan, US President
Gerald Ford, US President 
Stephen Harper, Prime Minister of Canada 
Manmohan Singh, Prime Minister of India
Ernesto Zedillo, President of Mexico 
Carlos Salinas de Gortari, President of Mexico 
Janez Drnovsek, Prime Minister of Slovenia
Duck-Woo Nam, Prime Minister of South Korea
Ruud Lubbers, Prime Minister of The Netherlands
Yuliya Tymoshenko, Prime Minister of Ukraine
Viktor Yuschenko, President of Ukraine 
Kofi Annan, Secretary General of the United Nations
Ellen Johnson-Sirleaf, President of Liberia 
Romano Prodi, Prime Minister of Italy

CEOs
Ted Turner, CEO CNN, Atlanta Braves/Hawks
Steve Ballmer, CEO, Microsoft
Scott McNealy, CEO, Sun Microsystems
Meg Whitman, CEO, Ebay Technologies
William Harrison, Jr., CEO, JP Morgan Chase
Richard Trumka, President of United Mine Workers
John Sweeny, President, AFL-CIO 
Donald Trump, Real Estate/TV Mogul
Warren Buffet, Financier
Sam Walton, Founder of Wal-Mart

LEGISLATORS, JUSTICES, AND GOVERNMENT OFFICIALS
Phil Gramm, US Senator
Sandra Day-O'Connor, US Supreme Court Justice
Dick Armey, US Congressman
George Schultz, US Secretary of State
Roy Romer, Governor of Colorado
Barbara Boxer, US Senator 
Anatoly Chubais, Deputy Prime Minister of Russia
Abdullah Gill, Deputy Prime Minister of Turkey 
Leszek Balcerowicz, President, Bank of Poland
Jim Bunning, US Congressman/Hall of Fame Baseballer
John Snow, US Secretary of Treasury
General Anthony Zinni, U.S. Marine Corps General

ACTORS/ENTERTAINERS
Arnold Schwarzenegger, Actor/Governor
Young M.C., Singer
Danny Glover, Actor
Robert Prosky, Actor
Peter Gallagher, Actor
George Wendt, Actor 
Gene Kelly, Actor/Dancer
Paul Newman, Actor 
Famke Janssen, Actress
Cate Blanchett, Actress
Lionel Richie, Singer/Songwriter 
Ray Manzarek, Musician; The Doors
Scott Adams, Cartoonist, creator of Dilbert 
Ben Stein, Actor/political speechwriter

PROFESSIONAL ATHLETES
John Elway, NFL quarterback
Bernie Kosar, NFL quarterback 
Mike Mussina, MLB Pitcher
Tiger Woods, Golfer 
Peter Vidmar, Olympic Gold Medalist Gymnast 
Jennifer Azzi, WNBA guard Utah Starzz 
Lenny Wilkens, NBA Coach/Hall of Famer 
Austin Carr, NBA player 
Bill Belichick, NFL Head Coach

 

CAREER CLOSE-UP

Credit Analyst
Average wage (TX) - $66,360
Average wage (US) - $67,230

Government Examiner & Regulator
Average wage (TX) - $55,200
Average wage (US) - $55,200

Insurance Adjusters
Average wage (TX) - $57,820
Average wage (US) - $58,780

Loan Counselor
Average wage (TX) - $40,930
Average wage (US) - $40,930

Loan Officer
Average wage (TX) - $67,840
Average wage (US) - $63,210

Office Manager
Average wage (TX) - $49,900
Average wage (US) - $49,900

Retail Manager
Average wage (TX) - $39,200
Average wage (US) - $39,130

Wholesale & Retail Buyer
Average wage (TX) - $58,030
Average wage (US) - $55,840

Wage information taken from http://wtamu.myplan.com

Prerequisites

  • Mathematics to solve problems.
  • Understanding written sentences and paragraphs in work-related documents.
  • Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Communicating effectively in writing as appropriate for the needs of the audience.
  • Ability to communicate information and ideas in speaking so others will understand.

Key resources

  • Duman Scholarship
  • Coffee Scholarship
  • Terry Scholarship
  • Lasater-Looney Scholarship 
  • Eggers Scholarship
  • Reynolds Scholarship
  • Hayward Scholarship
  • Davidson Scholarship
  • Harris Scholarship
  • Foust Scholarship
  • Abraham Scholarship
  • Edwards Scholarship
  • Pickens Scholarship
  • Terry Classroom
  • First Bank Southwest Classroom

PROGRAM COSTS

Cost Calculator

 

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