Studying Economics in Cornell

Cornell University is an Ivy League University founded in 1865 by Ezra Cornell and Andrew Dickson White. It is a private university that is also a federal land-grant institution in New York. They have around 23,620 students along with 1,695 professors and have managed to produce 61 Nobel Laureates within the 155 years the university has been functioning.

The university is comprised of 7 undergraduate colleges and another 7 graduate sections at its main campus. They have over 4000 courses spread across over 100 departments in their campuses with 102 graduate fields of study. Their economics department is part of both the ILR School and their College of Arts and Sciences. They offer programs that are favorable to students with different needs so that they can have a hassle-free experience in the department. There is also an option of taking economics courses for students from other undergraduate colleges at Cornell.

Undergraduate Programs in Economics at Cornell

Students applying for the undergraduate programs in the Economics department can choose from the Economics Major or the Economics Minor based on their preferences. Students will be learning methodological courses in their undergraduate courses which deal with subjects like Microeconomics, Macroeconomics, and Econometrics along with concepts like labor-market outcomes, banking sector, international trade, etc. The undergraduate tuition fee for Cornell University is approximately $57,222.

Economics Major

The Economics Major course deals with four main categories that deal with-

• Microeconomics and Macroeconomics- Introduction
• Microeconomics and Macroeconomics- Intermediate
• Statistics and Econometrics
• Economics Electives

Basic Admission Requirements

In order to apply for the Economics Major program students are supposed to complete a few courses in addition to the general college requirements

• ECON 1110
• ECON 1120
• MATH 1110

NOTE:
Students who passed from Cornell before 2017 must have a C grade or above in all three courses.
Students who passed from Cornell after 2017 must have a B- grade or above in all three courses.

Course Requirements for Economics Major

In order to complete the Economics Major course students are supposed to complete 12 courses with a minimum credit of 46 each with a grade of C- or above. These courses are

• Introductory Microeconomics and Introductory Macroeconomics
• Intermediate Microeconomic Theory
• Intermediate Macroeconomic Theory
• Statistics and Econometrics can be taken in the combination of ECON 3110 and ECON 3120 or ECON3130 and ECON 3140
• 3 courses of 4000-level or above
• ECON 4990-4991 which are 2-semester courses counting toward the 12-course requirement. This is an Honors Program.

Economics Minor

The Economics Minor program is offered to students who are in the ILR School. By registering for the program students will be automatically considered to be a part of their community of undergraduate economics students and they will also be eligible to be part of the Omicron Delta Epsilon. These students will also be invited to the economic events, speakers, and socials that are held in the department. The students who plan to do the course have to fulfill the following requirements

Basic Admission Requirements for Economics Minor

• Introduction to Microeconomics
• Introduction to Macroeconomics
• MATH 1110

NOTE:
Students who passed from Cornell before 2017 must have a C grade or above in all three courses.
Students who passed from Cornell after 2017 must have a B- grade or above in all three courses.

Course Requirements for Economics Minor

Students are required to complete 9 courses listed in the Department of Economics course section. They should receive a grade of C- or above in each course in order to clear the course. These courses must include

• Introduction to Microeconomics and Macroeconomics
• Intermediate Microeconomic theory and Macroeconomic theory
• Econometrics

After Graduation

Most students who complete their degree in economics move on to doing research in the same field or to other discipline like

• Master of Economics
• J.D
• Master of Applied Economics
• Master of Arts Program in social Sciences
• Master of Philosophy in Economics
• Master of Professional Studies, Accounting Specialization
• Master of Professional Studies in Information Science
• Master of Public Policy, Health Policy
• Master of Science
• PhD., Agricultural and Resource
• PhD., Economics

Students who plan to work after completing their major or minor in Economics often move on to fields like-

• Finance
• consulting
• Banking
• Another Business Field
• Paralegal

Graduate Programs in Economics at Cornell

The Ph.D. program at Cornell offers students the opportunity of focusing on their doctoral research providing them with the option of consulting field faculties who can guide the students by approving their topics and supervising them. The tuition fee for the PhD program is $20,800

Academic Prerequisites for Ph.D. in Economics

Cornell expects students to have a certain academic background which will make them eligible for applying to the course. These are-

• Students must have knowledge in microeconomics at an intermediate level. It is not necessary that they have an economics major.
• Students must have done at least 4 semesters of calculus and linear algebra and 2 semesters of advanced mathematics.
• Most students who apply have taken double majors in economics and mathematics which provides them an upper hand during admissions

Admission Requirements for Ph.D. in Economics

Students who are applying for the Ph.D. program must meet the following criteria

• Students must have a U.S. bachelor’s degree or any equivalent.
• Students must submit transcripts and state in detail about their postsecondary education.
• International students must submit TOEFL or IELTS scores.
• GRE test score
• 3 recommendation letters

Course Structure for Ph.D. in Economics

The five-year Ph.D. course at Cornell has been structured in the following manner-

• First Year-Students must qualify in Econometrics, Macroeconomics, Mathematics for Economists, and Microeconomic Theory in their first year.
• Second Year- Students must attend workshops in their second year. The workshops offered can be in topics like Applied Economics, Applied Microeconomics, Behavioral Workshop, Development Economics, etc.
• Third Year- Students should clear a candidacy exam called the A exam. If the student cannot clear the exam within the third week of their fourth year, they will not receive any more financial aid and can even be terminated from their Ph.D. program.
• Fourth Year and above- Students have to work on their Dissertation during this year and also clear the B exam. It is estimated that students will complete their Ph.D. at the end of their fifth year.

Financial Aid for Students doing Ph.D. in Economics

Cornell University provides financial aid for students not based on their financial needs but based on their merit and the potential students show in succeeding to be a teaching or research assistant. Since the students who are chosen for the program are exceptionally good at academics, financial aid is usually guaranteed for most students as long as they maintain their performance throughout their studies.

Students may get fellowships or assistant combinations in their first year and then they will be eligible to receive financial aid by being a teaching assistant or research assistant. These assistantships generally cover the fee for tuition as well as the medical insurance of the student during the duration of their course.