Economics - Managerial Economics

Managerial Economics goes beyond the limits of traditional economics and business majors, blending a thorough grounding in economic theory with business knowledge and applications. Students in the Managerial Economics sequence receive in-depth training to economics and quantitative methods, problem-solving strategies, critical thinking and effective communication skills.

Students who study Economics will learn to use ideas developed by economists and to investigate current issues both in the public and private sectors.

Why Study Economics - Managerial Economics?

Managerial Economics bridges economic theory and business knowledge and applications to formulate rational managerial decisions. This sequence is designed for students who desire a more focused degree in Economics that combines the core skills in the discipline with a fundamental understanding of basic business tools including accounting, finance, and data management.

Managerial Economics prepares students to establish careers in every area of business and industry, including marketing, analysis, consulting, financial services, accounting, entrepreneurship, real estate and government. Many Managerial Economics graduates have entered advanced degree programs in Economics (M.A., M.S., and Ph.D.), business management (MBA), accounting (MPAc) and law (J.D.).

Related Skills

• Critical thinker
• Good math and computer skills
• Ability to prepare reports
• Strong oral and communication skills
• Flexible and adaptive to new ideas
• Logical thinker
• Ability to research and explain market phenomena
• Ability to collect data
• Ability to make sound predictions

Being Successful in the Field

• Obtain volunteer, part-time, summer, or internship experience to enhance career path. For example, complete a finance-related internship if interested in a career in banking.
• Earn a graduate degree in economics, business, or other related fields for increased marketability.
• Choose a career focus and structure curricular and extra-curricular activities to achieve goals.
• Do informational interviewing with professionals to learn more about fields of interest.

Related Fields

Government

• Cost Analysis
• Intelligence
• Foreign Trade Analysis
• Public Administration
• Transportation Management
• Urban Planning

Employers

Government departments involved in agriculture, business, finance, labor, transportation, urban economics, and international trade including: USDA, Department of Commerce, Bureau of Labor and Statistics, the United Nations, and the General Accounting Office

Strategies

• Become active in student government.
• Complete an internship in a government agency.
• Earn a graduate degree in economics, statistics, public administration, or related field for promotion and advancement.
• Become familiar with government hiring practices.
• Develop excellent computer, analytical, and quantitative skills.

Economic Market Research

• Research Analysis
• Consulting

Employers

• Market research firms
• Consumer goods manufacturing firms
• Business firms
• Consulting firms

Strategies

• Supplement curriculum with courses in business, political science, research design, survey design, statistics, and computer science.
• Earn a graduate degree to obtain advanced research and consulting positions.
• Obtain experience in business research.
• Become a student member in related professional associations.
• Getinvolved in student or community organizations to develop leadership skills.

Banking & Finance

• Credit Lending
• Operations
• Systems
• Trusts
• Securities: Sales, Research

Employers

• Commercial banks
• Regional banks
• Savings and loan associations
• National and regional brokerage firms
• Discount brokerage houses

Strategies

• Develop a solid background in business including finance, marketing, and accounting.
• Gain experience through part-time, summer, or internship positions in financial service firms.
• Develop strong interpersonal and communication skills in order to work well with a diverse clientele.
• Become the financial officer or treasurer of a campus organization.
• Get involved with an investments club.
• Earn an MBA for positions in investment banking.

Insurance

• Underwriting
• Sales
• Operations
• Claims

Employers

Insurance firms

Strategies

• Develop strong interpersonal and communication skills.
• Earn a business minor.
• Gain sales experience.
• Participate in campus organizations.

Healthcare

• Hospital Management
• Healthcare Analysis

Employers

• Private (LLC) corporations
• US Department of Health
• Hospitals
• Health Maintenance Organizations

Strategies

Earn a master's degree in public health or hospital administration. Gain experiencein healthcare through internships.

Other Business Areas

• Management
• Buying and Purchasing
• Human Resources
• Hospitality
• Sales

Employers

• Department, grocery, drug, specialty, and variety store chains
• Hotels, resorts, and tourism councils
• Restaurants
• Large corporations

Strategies

• Gain related business experience through internships or jobs.
• Demonstrate enthusiasm and flexibility.
• Secure leadership positions in campus organizations.
• Earn a business minor. Obtain sales experience.

Teaching

Employers

• Colleges and universities
• Secondary public and private schools

Strategies

• Earn a Ph.D to teach in post-secondary institutions.
• Gain research experienceby assisting a professor.
• Obtain certification for public school positions.
• Get experience working with young people.
• Develop strong public speaking skills.

Other Professions

• Bank Officer
• Bookkeeper
• Budget Coordinator
• Business Forecaster
• Business Manager
• Buyer
• City Manager
• Consultant
• Cost Analyst
• Credit and Loan worker
• Demographer
• Economist
• Entrepreneur
• Estate Planner
• Insurance Sales
• Insurance Underwriter
• Journalist
• Lawyer
• Litigation Analyst
• Loan Officer
• Market Researcher
• Politician
• Public Utilities Manager
• Research Analyst
• Retail Sales Manager
• Securities Analyst
• Statistician
• Trust Officer

Career Industry Liaison

Internship Coordinator

Applying to Illinois State

Applying by our priority deadline is encouraged for best consideration for your academic program and for scholarships. Start your application today!

Applying to Illinois State

Applying by our priority deadline is encouraged for best consideration for your academic program and for scholarships. Start your application today!

Minimum GPA

2.50

Middle 50% GPA

2.94 - 3.57

Required Courses

Earn a B or better in Finite Math (MAT 120), or earn a C or better in Calculus (MAT 121, MAT 145, or higher)

Recommended Courses

To find the course equivalencies at an Illinois community college, please review our Course Articulation Guides.

• Economics-Micro & Macro (ECO 101 and 102)
• Financial Accounting (ACC 131)
• Managerial Accounting (ACC 132)
• Using Microcomputer Productivity Tools (IT 150)
• Economic Reasoning Using Statistics (ECO 138)
• Applied Calculus (MAT 121) or Calculus I (MAT 145)

Academic Advising

Minimum GPA

2.50

Middle 50% GPA

2.94 - 3.57

Application Period

The deadlines for applying to this major are:

• Spring: February 28
• Summer: May 31
• Fall: September 30

Application Information

Current students can use the Apply to Your Program tool on My.IllinoisState.edu.

Major Requirements

2.50 average GPA in courses in the Economics major

Academic Advising