Undergraduate Catalog 2021-2022

Mathematical Economics, Bachelor of Science (731P, 731)


Program Coordinator

Melanie A. Autin, melanie.autin@wku.edu, (000) 000-0000

Alex Lebedinsky, alex.lebedinsky@wku.edu, (270) 745-3150
 

The BS in Mathematical Economics is for students wishing to pursue either a graduate degree in economics or a highly applied, analytical occupation with a heavy emphasis on quantitative skills such as an actuary. This degree does not require a second major or a minor. The BS in Mathematical Economics offers two concentrations: General concentration and Actuarial Science concentration.

International students who complete this program may qualify for the STEM OPT extension (the CIP Code of the program is 45.0603).

The General concentration in the BS in Mathematical Economics requires a minimum of 49 hours. This major is strongly recommended for students considering either a PhD in Economics or highly applied, analytical occupations, especially in data analytics. Because doctoral programs in economics are highly mathematical, this degree combines the economics coursework with the mathematics courses that are necessary to succeed in an economics doctoral program.

The Actuarial Science concentration in the BS in Mathematical Economics requires a minimum of 61 hours. This degree is strongly recommended for students pursuing careers as actuaries. Actuaries are professionals who specialize in modeling and managing risks. Actuaries typically work for health, life, and property insurance companies, but individuals with actuarial training may work in many other areas such as banking, investment, energy, government, employee benefits, predictive analytics, and many more.  Actuaries use a combination of strong analytical skills, business knowledge, and an understanding of human behavior. It takes five to seven years on average to become an actuary after completing an undergraduate degree. To become an actuary, one must pass a series of exams to earn an actuarial designation by either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). Students in the Actuarial Science concentration will take courses that will help them prepare for the first two actuarial exams. As a part of becoming an actuary, candidates must also earn Validation by Educational Experience (VEE) credits, which demonstrate that as students they received academic training in certain required areas. The course work in this concentration is designed for students to receive all three of the VEE credits required by the SOA: Economics, Mathematical Statistics, and Accounting and Finance.

Concentrations

  • General Mathematical Economics (MEGM)
  • Actuarial Science (MEAS)

Admission Requirements

Admission to the Mathematical Economics major requires:

  1. Completion of MATH 136, ECON 202 and ECON 203, and ECON 206 or STAT 301 with a minimum GPA of 2.0 in the courses listed.
  2. Completion of a minimum of 60 hours with a minimum GPA of 2.0 overall.
  3. Completion of a minimum of 12 hours at Western Kentucky University with a minimum WKU GPA of 2.0.

Program Requirements (49/61 hours)

A baccalaureate degree requires a minimum of 120 unduplicated semester hours. More information can be found at www.wku.edu/registrar/degree_certification.php.

Students who began WKU in the Fall 2014 and thereafter should review the Colonnade requirements located at: https://www.wku.edu/colonnade/colonnaderequirements.php.

The major in Mathematical Economics requires a total of 120 credit hours with a core of 18 hours in economics, 15 hours in mathematics, and 1 hour of an interdisciplinary seminar course. The concentration in general mathematical economics requires an additional 9 hours in economics and 6 hours in mathematics. The concentration in actuarial science requires an additional 3 hours in economics, 9 hours in mathematics, 15 hours in finance, and 3-4 hours in computer science. 

The program of study does not require completion of a second major or minor.

Core Courses

ECON 202Principles of Economics (Micro)3
ECON 203Principles of Economics (Macro)3
ECON 206Statistics3
or STAT 301 Introductory Probability and Applied Statistics
ECON 302Microeconomic Theory3
ECON 303Macroeconomic Theory3
Select one of the following:3
Regression and Econometric Analysis
Economic Forecasting
Regression Analysis
MATH 136Calculus I4
MATH 137Calculus II4
MATH 237Multivariable Calculus4
MATH 307Introduction to Linear Algebra3
ECON/MATH 497Senior Seminar in Mathematical Economics1
Total Hours34

Additionally, majors must choose a concentration in either General Mathematical Economics or Actuarial Science. 

General Mathematical Economics Concentration

ECON 306Statistical Analysis3
or ECON 307 Financial Data Modeling
ECON 464Introduction to Mathematical Economics3
Select 3 hours of 300- and 400-level economics electives3
MATH 331Differential Equations3
or MATH 310 Introduction to Discrete Mathematics
Select one of the following:3
Differential Equations
Introduction to Discrete Mathematics
Introduction to Mathematical Modeling
Probability and Statistics I
Partial Differential Equations
Numerical Analysis I
Total Hours15

Actuarial Science Concentration

ECON 307Financial Data Modeling3
MATH 310Introduction to Discrete Mathematics3
MATH 382Probability and Statistics I3
MATH 482Probability and Statistics II3
FIN 330Principles of Finance3
FIN 332Investment Theory3
FIN 334Financial Mathematics3
FIN 350Risk Management and Insurance3
FIN 437Corporate Asset Management3
CS 170Problem Solving and Programming3-4
or CS 180 Computer Science I
or STAT 330 Introduction to Statistical Software
Total Hours30-31

Finish in Four Plan

Actuarial Concentration

First Year
FallHoursSpringHours
BA 1701COMM 1453
ENG 1003MATH 1374
MATH 1364ECON 2023
FIN 3343HIST 101 or HIST 1023
Colonnade - Arts & Humanities3Colonnade - Natural & Physical Sciences w/ lab4
 14 17
Second Year
FallHoursSpringHours
ACCT 2003CS 170, CS 180, or STAT 3303-4
ECON 2033FIN 3303
MATH 3073ECON 206 or STAT 3013
MATH 3103MATH 2374
Colonnade - Literary Studies3Colonnade - Natural & Physical Sciences3
 15 16-17
Third Year
FallHoursSpringHours
ECON 3023ECON 3033
ECON 3073FIN 3323
MATH 3823FIN 3503
Colonnade - Connections Social & Cultural or Local to Global or Systems3MATH 4823
General University Elective3Colonnade - Writing in the Disciplines3
 15 15
Fourth Year
FallHoursSpringHours
ECON 465, STAT 401, or ECON 48013ECON 497 or MATH 4971
FIN 4373Colonnade - Connections Social & Cultural or Local to Global or Systems3
FIN 438*3General University Elective3
Colonnade - Connections Social & Cultural or Local to Global or Systems3General University Upper-Division Elective3
General University Elective3General University Elective3
 15 13
Total Hours 120-121

General Concentration

First Year
FallHoursSpringHours
BA 1753COMM 1453
ECON 2023HIST 101 or HIST 1023
ENG 1003MATH 1374
MATH 1364Colonnade - Arts & Humanities3
Colonnade - Natural Sciences w/ lab3Colonnade - Literary Studies3
 16 16
Second Year
FallHoursSpringHours
MATH 3073CS 170 or CS 1803-4
ECON 2033ECON 206 or STAT 3013
MATH 310 or MATH 3313MATH 2374
Colonnade - Natural & Physical Sciences w/ no lab3Colonnade - Social & Cultural or Local to Global or Systems3
Colonnade - Connections Social & Cultural or Local to Global or Systems3General Elective3
 15 16-17
Third Year
FallHoursSpringHours
ECON 3023ECON 3033
ECON 3063ECON 465, ECON 480, or STAT 4013
General upper-division Elective3Colonnade - Writing in the Disciplines3
General Elective3Colonnade - Connections Social & Cultural or Local to Global or Systems3
MATH 305, MATH 310, or MATH 3313General Elective3
 15 15
Fourth Year
FallHoursSpringHours
ECON 4643ECON 497 or MATH 4971
ECON 46513General upper-division Elective3
General upper-division Elective3General upper-division Elective3
General upper-division Elective3General Elective3
General Elective3General Elective2
 15 12
Total Hours 120-121