Economics
Carnegie Mellon’s long history of innovative research in economics provides students with the knowledge and experience needed to understand how the economy works today and how it can work better in the future.
Economics Placement Exam
The Tepper School offers an Economics Placement Exam to students wishing to place out of 73-102: Principles of Microeconomics. The placement exam allows students to demonstrate their mastery of introductory microeconomic knowledge which then allows for appropriate placement in economics courses and economics-adjacent courses (e.g., business courses, public policy courses, etc.). The placement exam tests students’ understanding of microeconomic tools, methods, and intuition. It is used to determine the proficiency of students in majors which require introductory microeconomics. The placement exam is solely for assessment purposes and has no bearing on student grades or QPA.
Students do not have to take the Economics placement exam; it is okay if you decide not to do so! Before signing up for the exam, we encourage you to review the learning outcomes in the 73-102 Principles of Microeconomics course to learn more about the content covered in the course and the type of material that will be included in the placement exam. CMU has an excellent resource called the syllabus registry where faculty link the course syllabi each semester. A syllabus (or if you have more than one, syllabi) outlines the learning outcomes, class policies, office hour information, and assignments/exams. It is an important resource for all CMU courses. You can access the syllabus registry on Canvas (you will enter your Andrew ID and password to enter this site). The syllabi are organized by semester. If you scroll down to the most recent fall semester and click Economics, you will find the syllabus for 73-102-1.
If you've taken AP Microeconomics and feel confident in the topics included in the course, you should consider taking the placement exam. Once you receive your score, you can talk with your advisor about your placement. If you do earn a score that allows you to place out of 73-102 but decide after taking the exam that you still want to take the course, you can.
The exam is open to all students who begin their CMU career in Fall 2022 and later. Students are only allowed to take the exam once.
The placement exam will be administered asynchronously online via Canvas. Students should work with their academic advisors for testing access.
Advanced Placement, International Baccalaureate, and Cambridge A-level exams credits are granted upon admission to the University and are applied to a student’s overall undergraduate credits on their transcript; this credit does not waive any requisite (course requirements) in the undergraduate Economics program. Students earning AP, IB, or A exam credit who wish to place out of 73-102 must take the department’s economics placement exam.
Course pre-requisites are a set of courses (and sometimes conditions such as a minimum grade obtained) that must be completed prior to enrolling in the next level course. Pre-requisite waivers provides students with permission to enroll in a course without having taken a specific pre-requisite course. Students passing the CMU economics placement exam who elect to receive the 73-102 pre-requisite waver will have notations placed into their student record indicating that they have met the 73-102 requirement.
The placement exam will be administered asynchronously online via Canvas and will be open in summer 2024. Because the exam is asynchronous, students can take the exam any day they like during the testing window. Once students begin the exam (which is a combination of multiple choice, numerical answers, and short responses), they will have 50 minutes to complete it.
Passing the exam is the equivalent of earning a “C” or higher on the exam. Students who pass the placement exam may elect to have a prerequisite waiver for 73-102 placed into their student record (SIO). A prerequisite waiver will enable you to enroll in future courses that require 73-102 as a prerequisite.
Please note that no units are awarded for passing the exam.
Skipping 73-102 is an individual decision that should be made in consultation with one’s academic advisor(s).
The Undergraduate Economics Program encourages students to reflect on the following when making their decision: a) passing the exam is the equivalent of a "C" or higher; it does not imply excellence; b) downstream courses often refer to topics and examples from pre-requisite courses; and c) a goal of 73-102 is to introduce students to the analytical and data-centric CMU way of economic thinking. 73-102: Principles of Microeconomics has greater depth and breadth than high school/AP/IB/A-level economics courses.
The pre-requisite waiver is not intended to count as a general education requirement for any of the CMU colleges. The goals of the placement exam were not designed to align with any college's general education goals. Students are encouraged to meet with their advisor(s) for further clarification.
Earning a 73-102 pre-requisite waiver allows students pursuing any type of economics degree to "skip" 73-102. Students pursuing economics degrees may be asked to replace the 73-102 units with an additional economics elective. Please see the course catalog for more details about economics degrees, units per degree, and faculty contact honors.
The Undergraduate Economics Program recommends that students who opt for the pre-requisite waiver take 73-103: Principles of Macroeconomics.
“One of the things that stands out about Carnegie Mellon’s economics program is that a lot of courses are offered through the Tepper School. I’ve been able to dabble in all sorts of learning environments and become a well-rounded graduate.”
Ayushi Ray
Undergraduate Economics, Class of 2023
Study Abroad with the Tepper School
In today's global marketplace, immersion in a different culture provides a powerful perspective that complements students skills and broadens their options.
Discover the world while earning credit toward your Carnegie Mellon degree. The Tepper School of Business gives undergraduate students the chance to study abroad through carefully selected exchange programs that fit into most four-year schedules.
Why Study Abroad?
- Build global business perspectives and expand your network across markets and cultures.
- Earn CMU credit in programs reviewed for academic compatibility.
- Fulfill certain breadth requirements, like Cultural Analysis or Political and Social Institutions.
- Increase fluency in another language.
- Fulfill certain minor requirements.
- Keep your financial aid in most exchange programs while paying CMU tuition.
Study abroad can be experienced in many locations and is limited only by students' interests for exploration and challenge.
Carnegie Mellon's Study Abroad Office and Office of International Education are dedicated to helping students explore and realize their opportunities abroad.
Tepper School Departmental Exchange Programs
Below are the Tepper School undergraduate departmental exchange options. We recommend meeting with your academic advisor and OIE to confirm course plans, eligibility, and timelines. There are many additional programs available. Please check the study abroad portal for more information.
Bocconi University — Milan, Italy
Study business in the heart of Milan, a global capital of fashion, finance, and design. At Bocconi, you’ll take courses in management, finance, and economics while living in a city known for its energy and style. Spend your weekends exploring Italian culture, food, and history, all while earning CMU credit at one of Europe’s leading universities.
Hong Kong University of Science and Technology (HKUST) — Hong Kong SAR
Experience business and technology at the crossroads of East and West. HKUST offers world-class programs in analytics, management, and innovation, set on a stunning hillside campus overlooking Clear Water Bay. From bustling city streets to island escapes, you’ll get a true taste of Hong Kong’s fast-paced global economy and vibrant culture.
Seoul National University
Our newest exchange option takes you to South Korea’s premier university in the heart of Seoul, one of the world’s most dynamic cities. At Seoul National University, you’ll study business, economics, and the social sciences while experiencing a culture that blends centuries-old traditions with cutting-edge innovation. This program offers a fresh global perspective for Tepper School undergraduates.
Current Students
- Meet with your academic advisor to plan your undergraduate career to include study abroad.
- Research the location, program and institution you want based on your academic goals and how classes fit into your academic plan.
- Consult with the Office of International Education to understand the application process for your desired program, deadlines and preparing for study abroad.
- Consult the Tepper Undergraduate Handbook [PDF] to review the transfer course policies. Study abroad courses must be pre-approved before you travel and must adhere to the Tepper policies.
- Applications for Fall 2026 exchange programs will be opening soon. Questions can be directed to Jennifer Frick
Business Administration
The Tepper School undergraduate business administration program develops analytical, leadership, and problem-solving skills for global business careers.
An Unmatched Approach to Building In-Demand Skills
"Tepper students leave this program with considerable quantitative skills and experiences, something that is unique among undergraduate business schools. This gives us a leg up in the real world."
Alexandria Donohue
Undergraduate Business, Class of 2023
Meet the Undergraduate Programs Team!
Our team works with students to support their Tepper School and CMU experience, from orientation to graduation.
Students are always welcome to stop by our offices and say hello, in person!
Admissions
Undergraduate Programs
Tepper School Undergraduate Programs: Join the Intelligent Future℠
You, transformed into a next-generation leader, ready to tackle tough business problems with data-informed solutions. That’s a Tepper School undergraduate education.
The future needs thinkers and entrepreneurs who thrive where data and humanity connect: it demands leaders with vigor, imagination, and a collaborative spirit.
A Tepper School education prepares you for that future and for the uncertainties ahead. Here, we’ll equip you with the experiences and business skills to drive solutions for the toughest challenges.
Imagining What's Next
At the Tepper School, you’ll pursue your bold goals in an intimate setting. In small classes, you’ll find the support and attention needed to forge your future.
Being part of the Carnegie Mellon tech powerhouse, we’re not just navigating what’s new. We’re imagining what’s next. At Tepper, you’ll be at the heart of it all.
Explore Curricula
Business Administration
In your first year, you'll take core business courses while building foundational skills for analysis, communications, and context through additional courses, and pick a concentration to gain depth in a specific business area.
Economics
The Undergraduate Economics Program at the Tepper School offers a solid foundation built upon analytical rigor, asks data-informed questions about key societal issues, and provides a curriculum in which students are exposed to forefront research by the faculty doing the work.
Majors and Minors
In addition to our primary majors, the Tepper School offers other Carnegie Mellon students the chance to study business as an additional major or as a minor.
Majors
The Bachelor of Science in Business Administration Program prepares students through a broad undergraduate education based on management science, quantitative analytics and reasoning, leadership development, and communications skills. The curriculum is rigorous and flexible to accommodate student interests, academic, and career goals.
The curriculum includes a central core of courses in the functional areas of business, economics, mathematics, communications, and university courses in liberal arts and sciences. Students complete an in-depth study in one functional business concentration and additional business electives.Further, students also complete a minor from outside the Tepper School of Business to enhance their business education and take advantage of the excellence across Carnegie Mellon. The minor promotes students' intellectual knowledge and compliments the business education. The curriculum structure assists Tepper graduates to become leaders in complex global business, technical, and political environments.
Bachelor of Science in Business Administration Curriculum Details
The Bachelor of Science in Economics is our deep dive into economics. Compared to the Bachelor of Arts in Economics, students pursuing this major take an additional math course, an additional and more advanced economics data analysis course, and six economics electives courses. This major provides the most extensive and deepest study of economics. The major enables students to analyze complex economics and business problems by combining economic reasoning with advanced data analytic techniques. Many students pursuing this major organize the electives that they take into two economics concentrations.
Students completing this degree will be well-equipped to pursue graduate work (professional and academic) or enter directly into the business world or public service.
Our Bachelor of Arts in Economics provides a strong foundation in economic analysis and quantitative methods. In addition to the economics core* and economics elective courses, the curriculum has been designed for students to take "special elective" courses from a rich menu offered by other CMU humanities or social science departments. These courses explore economic and social problems from the perspective of history, politics, philosophy, and psychology.
Students graduating from this degree are well equipped for a wide variety of roles in management and business. Additionally, they are well prepared for further graduate degrees and/or graduate work in economics, decision sciences, government, and public policy.
The Bachelor of Science in Computational Finance is an inter-college program, offered by both the department of Mathematical Sciences in the Mellon College of Science (MCS) and the Tepper School of Business. Students who are accepted into this program may choose to have either MCS or the Tepper School as their home college. Those students in MCS will focus more on mathematics, while those in the Tepper School will take more business-related courses.
The Computational Finance program allows students to apply the disciplines of mathematics, probability and statistics for building mathematical models for the finance industry.
Students must apply to the Computational Finance program in the sophomore year. For details about its curriculum, please view the program's description in the Carnegie Mellon undergraduate catalog.
The Bachelor of Science in Economics and Statistics is designed for students with a strong interest in the application of statistics and empirical methods to economics and business. It is offered jointly by Carnegie Mellon's Undergraduate Economics Program and its Department of Statistics and Data Science.
The major's curriculum provides students with a solid foundation and advanced training in the theories and methods of economics and statistics. Viewing data through the lens of economics, students are trained to isolate and infer causes of economic and business outcomes, make forecasts, and make data-informed decisions.
Students graduating from this degree are well equipped for a wide variety of data science roles in management and business. Additionally, they are well prepared for further graduate degrees and/or graduate work in economics, decision sciences, and public policy.
Bachelor of Science in Economics and Statistics Curriculum Details
The Bachelor of Science in Economics and Politics is our newest major and is offered jointly by the Undergraduate Economics Program and the Institute for Politics and Strategy. It combines CMU's economics and political science cores, unique classes that relate the fields and advanced electives in both economics and political science. The major delivers an analytic and data-informed approach to the intersection of economics and political science. It also provides a practical perspective on policymaking through courses taught by faculty with influential government and policy experience and through the option of the CMU Washington Semester Program. The major is appealing to students interested in the design, evaluation, and political implementation of policy and, especially, to those considering careers in politics and public service.
Students graduating from this degree are well equipped for a wide variety of analyst roles in government and business. Additionally, they are well prepared for further graduate degrees and/or graduate work in economics, data analytics, government, and public policy.
Bachelor of Science in Economics and Politics Curriculum Details
The Bachelor of Science in Economics and Mathematical Sciences is designed for students who want to explore the application of mathematics to economics at an advanced and deep level. It is offered jointly by Carnegie Mellon's undergraduate economics program and its Department of Mathematical Sciences.
The Bachelor of Science in Economics and Mathematical Sciences offers an integrated curriculum that builds upon the synergies between economics and mathematics. It equips students with the mathematical tools and skills necessary for advanced economic model building, data science, and mathematical finance. Students graduating from this program are well placed for success in Ph.D. programs in economics, applied mathematics, statistics, and key functional areas of business including finance, accounting, marketing, and information systems.
Students pursuing this degree will be well prepared for the beginning of their research careers in academia, government, and industry.
Bachelor of Science in Economics and Mathematical Sciences Curriculum Details
The Tepper School offers an additional major in business or economics to students in any of the other schools and colleges at Carnegie Mellon. Combining either of these programs with another major can provide very strong career preparation for students.
Students must have cumulative QPA of 3.0 or higher and meet the requirements. For more information, view the Carnegie Mellon Undergraduate Course Catalog.
Minors
The Tepper School offers minors to students in any of the other schools and colleges at Carnegie Mellon. Many CMU students find it quite valuable to gain business knowledge and skills through one of the minors offered by the Tepper School.
- Business Administration
- Business Analytics and Optimization
- Financial Management
- Innovation and Entrepreneurship
- Operations and Supply Chain Management
- Product Management
- Economics
Students may apply for a minor when they have sophomore-year status and have successfully passed two courses for the minor with a 2.0 or higher grade point average. The business minor requirements should be reviewed in the Carnegie Mellon Undergraduate Course Catalog for your CMU year of entry as requirements can vary from class year to class year. The CMU policy is that the requirements identified in the Course Catalog in the year you started at CMU are the requirements you complete. There are no double-counting restrictions between the minor and the student's home college general education requirements.
Please note: BS in Mathematical Sciences with Operations Research and Statistics (MSORSTA) majors must complete 27 units of business electives for the Minor in Business Administration since their major also requires 70-122 and 73-102. Business electives cannot double-count with any other major or minor requirements.