Economics

Economics majors accepted into the Joint Degree Program will benefit from the integration of the breadth offered by a William & Mary liberal arts education and the depth and progression offered from a St Andrews degree. In addition, majors will benefit from the complementary strengths of the two departments. While both economic departments have strengths in applied economic theory, the Economics Department at St Andrews has particular strengths in the areas of dynamic macroeconomics, finance, household economics, competition and innovation and climate change. St Andrews also supports two research centers - the Centre for Dynamic Macroeconomic Analysis and the Centre for Research in Industry, Enterprise, Finance and the Firm. The Department of Economics at William & Mary has particular strengths in the area of health, experimental and international economics. In addition, William & Mary economics faculty are highly visible members of The Schroeder Center for Health Policy, the Thomas Jefferson Program in Public Policy, and the Reves Center for International Studies.

Requirements for the Joint Degree Program in Economics
Note: ECON is the prefix for Economics courses at W&M; EC is the prefix for Economics courses at St Andrews.

Required Credit Hours:

54 ECON credits (at least 21 of which are completed at William & Mary)

Progression in Years 3 and 4:  Students must earn 60 (WM)/240 (StA) credits, at least 45 (WM)/180 (StA) in Honours courses - that is, courses in the major at the 300(0) - 400(0) level.  Students must take 30/120 credits at each university.  Of the total 60/240, 23/90 should be at the 4000-level at St. Andrews, or at the equivalent level at W&M.*  Normally, no more than 7.5/30 credits below the 300-level may be taken in a single Honours year.​

*Some 300 level courses at W&M will count towards this requirement. See your major advisor for a list.

William & Mary home students must take at least 61 of their total 120 credits to graduate at William & Mary (or W&M summer school).

Major Computing Requirement:

Either course in introductory statistics (e.g. ECON307, EC2203).

Major Writing Requirement:

Either course in Econometrics (e.g., ECON308, EC3301).

Core requirements:

All majors in the joint program are required to take the following:

1.  In year 1, 1 course in Introductory Microeconomics (ECON101 OR EC1002) & 1 course in Introductory Macroeconomics (ECON102 OR EC1001); students studying at St Andrews will normally also take EC 1003 (students may not take both EC 1003 and ECON 331).

2.  In year 2, 1 course in Intermediate Microeconomics (ECON303 OR EC2001), 1 course in Intermediate Macroeconomics (ECON304 OR EC2002), 1 course in introductory statistics (ECON307 OR EC2203); students studying at St Andrews will normally also take EC 1003 (students may not take both EC 1003 and ECON 331)

To advance to Honours study, students in year 2 must average a C+ (11) on the first attempt in ECON 303 and 304, or in EC 2001 and 2002, and must pass on the first attempt ECON 307 or EC 2203 and EC 1003.

3.  In year 3, Econometrics (ECON308 OR EC3301); plus

  • At W&M, at least an additional 12 credits in Economics elective course (and see below*), or
  • At St Andrews, normally another 100 credits in EC electives (and see below*).

4.  In year 4, an Individual or Group Research Project at William and Mary (e.g., ECON 490, or ECON495 & ECON496), OR EC 4499 Dissertation at St Andrews; 

  • At W&M, at least an additional 9-12 credits in Economics elective course (and see below*), or
  • At St Andrews, normally another 80 credits in EC electives (and see below*).
  • Students are strongly advised (particularly in year 3) to take at least 9 W&M credits, or 40 St Andrews credits, from among the list below.  Please note that throughout, “OR” signifies anti-requisites (a duplication of material):  e.g., students may not earn credit for both EC 2001 and ECON 303, or for both ECON 410 and EC 3302).

ECON 410 OR EC3302

ECON 484 OR EC3303  

ECON 403 and/or ECON420; OR  EC3305

ECON 411 OR EC3306

ECON 407 and/or ECON 408; OR EC 4401

EC3304

Faculty contact:

Martin Schmidt
Department of Economics