One of the Best Reasons to be an Econ Major: Inside UMN's Economics Community

Yes, the University of Minnesota’s Department of Economics is well known for generating groundbreaking research and collaborations with other leading institutions. But as department chair Tom Holmes notes, what also sets the department apart is the strength of its community. “I always tell our students that one of the best reasons to be an econ major is the other econ majors themselves.”

Student-Alumni Connections

“The Department of Economics is one of the best in the world,” Holmes explains—a claim backed by its long-standing commitment to top-quality research and a legacy of numerous Nobel Prizes awarded to its faculty and alumni over the years. 

But the department also prides itself on setting up its undergraduate majors for long-term success. Around one-third of students enter fields like finance, consulting, or similar areas, and the network of economics alumni can help students take their career paths even further. Current students can get real-world advice, job leads, and tips from graduates who've already made their mark in their careers. Being an economics major connects students to thousands of alumni, who often contribute back to the economics program and its students. 

“We want our students to understand how the world works—and to connect with our incredible alumni network,” says Holmes. “We’re also fortunate to be located in the heart of the vibrant Twin Cities economy, where our alumni are doing work with global reach. That makes it easy to create meaningful opportunities for students to learn from and engage with them."

But the department’s connections don’t stop at the state line. Its alumni network also supports off-campus experiences, including trips to Washington, D.C. and New York City, where students meet with economics professionals and explore a range of career paths. “That’s the family, if you will,” Holmes says.

Learning Together: More Than Classrooms 

The department’s student groups are a strong source of community-building. These groups include the Economic Student Organization (ESO), the Economics Undergraduate Student Board (EUSB), and the Women in Economics program (WIE).  

The organizations also provide a chance to build relationships between students in the College of Liberal Arts and the Carlson School of Management. “I’ve noticed that students are increasingly interested in networking and broadening the base of their interactions,” says Holmes. “Economics students are inviting finance and accounting students to economics events—and vice versa. This expanding pool of connections makes a lot of sense to me.”

Listening to the Students

The economics department has long prioritized aligning its curriculum with student interests. For years, many economics majors have supplemented their studies with business courses from the Carlson School of Management. To formalize this trend, the department partnered with the school to create a new BA in economics, business emphasis degree (BAB). This degree offers a structured pathway for students interested in both economics and business, combining the strengths of both disciplines into a single, integrated program. By incorporating Carlson School courses directly into the major, students now have greater flexibility and more options for gaining business-relevant experience within their economics degree—solidifying a path that many were already pursuing informally.

With the integration of the College of Liberal Arts core competencies, Carlson School classes, and economics courses, “We think we have a comparative advantage, and it's a different niche that we think is extremely valuable,” says Holmes.

Through its multiple degrees, economics students can tailor their education to their academic and career goals. This gives them the ability to create a versatile set of skills that will be advantageous in the real world. To offer multiple pathways for students, the economics department offers a bachelor of sciences (BS), bachelor of arts (BA), and a bachelor of arts, quantitative emphasis (BA-Q) majors in economics. The department also offers two minors: the economics minor and the econometrics minor. The minors emphasize theory and research respectively. The primary difference between the major pathways is the amount of math and statistics courses and the types of electives students are required to complete.

Partnership with the Federal Reserve

Minnesota is the only state where its public land-grant university is located in the same city as a Federal Reserve Bank. According to Holmes, “It’s a fortunate accident of history that the economics department is just two miles from the Federal Reserve Bank of Minneapolis. That proximity has enabled a unique collaboration over many years—one that has significantly contributed to the excellence of both institutions.”

An exciting new collaboration is aimed squarely at undergraduates. The program, Broadening Excellence in Economics, strives to increase the pipeline of individuals into the economics profession. As part of this effort, economics faculty and Fed economists are co-teaching a new course, Economics at Work: The Wealth of African Nations, offered each spring. 

The course connects foundational economic ideas with real-world global development challenges, drawing on both academic research and policy experience. Students in the course are invited to apply to a follow-up Research Training Program held at the Federal Reserve Bank of Minneapolis in May, immediately after the semester ends. 

The Power of Community

The department’s true strength comes from its people—students who create communities for learning, alumni who keep the door open to the upcoming classes, and the faculty who connect classroom ideas to the real world. Economics students are part of a community where support is readily available and where they have a powerful voice. The future for these students is extremely bright—and in Minnesota, they’re shaping it as a community.

This story was written by Sri Kotala, an undergraduate student in CLA.