Building a New Pipeline: BEE Program's First Year Success Reshapes Undergraduate Economics Education

When Ayaz Hussain walked into the Minneapolis Federal Reserve last May, he wasn't sure research was his path. "I had very little interest in research," the senior economics major admits. Two weeks later, everything changed. Now he's working on an independent research project, considering PhD programs, and thinking about economics in an entirely different way.

This transformation is exactly what the Broadening Excellence in Economics (BEE) initiative was designed to spark. As the program prepares to welcome its second cohort in spring 2026, the first year's results suggest a replicable model for addressing one of economics' most persistent challenges.

The Pipeline Problem

Economics faces a critical pipeline challenge: talented students often make pivotal academic and career decisions early in their undergraduate studies without understanding what economists actually do. BEE's solution? Reach students earlier, show them what economics really is, and provide sustained mentorship.

"If you want more of something, then you not only improve and retain more of what you have, but you also make sure that you attract more of what you would like to see," said Dr. Illenin Kondo, a senior research economist at the Minneapolis Fed and University of Minnesota PhD alumnus who served as both lecturer and mentor in the program.

Dr. Alessandra Fogli, assistant director and monetary advisor at the Minneapolis Fed, who spearheaded the initiative, sees BEE as essential to the Fed's public mission. "Strong policy depends on rigorous analysis informed by a wide range of perspectives," she said.

"By the time people are in graduate school or even assistant professors, it becomes too late to improve the pipeline," Fogli said. "The undergraduate level is where we start losing representation."

The Fed-University partnership has existed for decades at the graduate level, producing Nobel Prize-winning research and training countless PhD economists. But there was nothing at the undergraduate level—until now. BEE fills this gap by engaging talented undergraduates at a formative moment, giving them firsthand experience of how research informs policy.

Economics at Work

BEE's spring course deliberately breaks from traditional pedagogy. Instead of teaching tools first, "Economics at Work: The Wealth of African Nations" starts with questions, using African economies as a laboratory for economic thinking.

"At the heart of BEE is the conviction that economics is best learned through inquiry," Fogli said. The course poses intellectually demanding questions about growth, inequality, and labor markets, motivating rigorous analytical frameworks that allow students to interpret evidence and draw policy-relevant conclusions.

"Most of the time classes in econ use the United States as an example," Fogli said. "This class gives the opportunity to talk about experiences in different countries that have been overlooked for a long time."

The approach worked. The course attracted sixty-five students, many of whom might not have otherwise engaged deeply with economics.

"We talked about how certain policies can be very beneficial to countries who are less developed," said Jim Wettlaufer, now a junior. "That connection between policy and how it can stimulate economies—that was one of the bigger takeaways."

Co-taught by five Fed economists and three University professors, the course illustrates economics as a toolkit for real-world challenges. "What surprised me most was the student's curiosity," said Kondo. "One of the students came back three months later with questions about income inequality data—that displays both curiosity and feeling empowered enough to use the tools we have."

Immersive Research Experience

The twelve students selected for the May 2025 internship spent two weeks in the Minneapolis Fed's research division, working alongside top economists. Mornings featured lectures on sovereign debt, inflation, and trade policy. Afternoons were dedicated to collaborative research projects.

"The internship turns economics from abstraction into practice," Fogli said. Students join Fed research teams, work with data, interpret results, and see how evidence informs policy. 

"There's so many economists at the Fed with different types of fields that they're specializing in," said Wettlaufer. "It's a great opportunity to find out which field you want to get into."

August Dillow, now a junior, found the hands-on policy work significant. His group tackled stagflation, developing a policy proposal. "It was a cool project," he said. "It was a good first research project experience."  

What surprised Fogli most was how quickly students rose to the challenge. "In just two weeks, they went from classroom discussions to framing research questions, working with data, and presenting policy-relevant analysis," she said. "Their curiosity, discipline, and teamwork exceeded expectations."

Each student received one-on-one mentorship from a Fed economist. Kondo mentored Dillow, discussing career paths beyond academia. "A consultant is not the same thing as a financial analyst, which is not the same thing as someone in an academic role," Kondo said.

For Bingrui Wang, a senior, her mentor Wendy Morrison provided practical guidance on pre-doctoral programs and essential coding skills. "She told me how to apply for a pre-doc, which coding languages are most important—Python or R—and how to start research," Wang said. "That advice was really useful for me."

Students also met with representatives from community development, public affairs, and supervision departments, discovering that economists apply their analytical training across the entire Federal Reserve System. "I didn't know that not everyone at the Fed is doing work on monetary policy," Hussain said.

Measurable Impact                                                                  

Six months later, the results are tangible. Wang is applying to master's programs and pre-doctoral positions while working on an independent research project. Dillow and Hussain are working together on a housing price research project with Professor Thomas Holmes, examining rental markets in Dinkytown. 

Even students choosing different paths found value. Wettlaufer, planning a private sector career, appreciated understanding what economists actually do.

"If you like nerding out or talking shop about econ all day, then this is for you," Hussain recalled his mentor Todd Schoellman telling him—a realization that is shaping his future plans.

Building the Hive

BEE is building "The Hive," a network keeping alumni connected with mentors and each other. Last month, the inaugural class returned to the Fed for a seminar. Research assistants who supervised projects have volunteered for ongoing mentorship.

"What is important is that you have mentorship over time," Fogli said. "If you meet all these people and then they disappear from your life, it may not stick."

For year two, projects will be even more intentionally linked to ongoing Fed policy work. "We were genuinely impressed by the engagement and quality of work from last year's cohort," Fogli said. "Building on that success, we decided to link this year's projects even more closely to the Fed's ongoing research and policy priorities."

Each project now connects to a live topic, pairing students with economists actively working on it. "When students see that their work is not just an academic exercise but part of a broader institutional effort, it changes how they engage," Fogli said. "It builds ownership, motivation, and confidence."

Kondo sees BEE as pioneering a solution to economics' long-standing challenges. "The University of Minnesota, through this partnership with the Minneapolis Fed, is trying to create a new way of approaching what is in some ways a crisis in our field’s graduate enrollment."

The Fed-University partnership has proven it can produce Nobel Prize-winning research at the highest levels. Now it's proving it can build the pipeline from the ground up—one curious undergraduate at a time.

"Investing in BEE means investing in the strength and future of the economics profession," Fogli said. "By expanding the pool of future economists and showing how rigorous analysis helps us understand complex economic challenges, BEE broadens excellence and supports the Fed's public mission of fostering world-class research in service of better policy."