<p>I got AP Credit for Econ 101 and 102, and I took Econ 310 second semester of freshman year. I’ll be a sophmore this fall. I am schedule to take Econ 401… (i’m in engineering btw)… I’m interested in taking an econ minor, but I was wondering if someone here could tell me what kind of skills/info I would learn from an econ minor? Would it help me in ANY way if I wanted to start a company in the future? (yes, I’ll likely also be doing the Entrepreneurship program in CoE) or just increase general knowledge of finance/econ that would help me in the future? I know its kind of a broad question but answers are appreciated</p>
<p>Taking an economics course (especially higher level) will definitely help acquire financial knowledge required to start companies. However, its how you utilize this knowledge that truly matters. Starting a company is going to be difficult no matter what and you will need to strain your knowledge of resources to make the best out of it. Even if you do not succeed though, having an econ minor/ being in the entrepreneurship program in COE will undoubtly help your resume.</p>
<p>j89… hmm alright. Do you have any experience with the level 400s of econ at UMich? Btw, I am not an IOE Major… I’m actually planning on doing BME (biomed)</p>
<p>j89 or anyone else, could you elaborate?</p>
<p>I would have to disagree. I do not think economic theory is helpful in starting a company. Starting a company has nothing to do with Cournot or Stackelberg equilibrium, or maximizing a profit function. Nor does it have too much to do with understanding what will happen in a watered down sticky wage model when the price level decreases.</p>
<p>What econ will do for you is develop a certain way of thinking. It will show employers that you are interested in the area of economics, and that you chose demanding course work while a college (combining an Engin major with an Econ minor). But as far as entrepreneurship, I do not think you will gain many direct benefits.</p>
<p>Thank you giants92. This was the type of answer I was looking for. So if I am interested, I should just take the minor right?</p>
<p>do EGL. best of both worlds</p>
<p>What’s EGL?</p>
<p>^I think that was the entreprenuership minor type thing… What you were thinking of when you said “Entrepreneurship program in CoE”. Though I didn’t look it up, so…</p>
<p>EGL (Engineering Global Leadership) is basically Honors Engineering…</p>
<p>It consists of a cultural core (which includes a foreign language) and few classes from the business school. It also gets you a masters degree, if you pursue it to the full extent.</p>
<p>“EGL (Engineering Global Leadership) is basically Honors Engineering…”</p>
<p>that’s a general perception of the program but not quite true. EGL is run by Tauber Institute of Global Operations which is a joint institute of COE and Ross (there’s an office in the IOE building and another office in Ross). It has a ridiculous list of prestigious company on the advisory board of EGL like all of M/B/B, and big corporations. Most graduates either end up in M/B/B or start in the mid-band operations manager range which is rare for graduates fresh out of college</p>
<p>Do you apply for EGL after sophmore year? beginning of sophmore year? I also hear you need a 3.5+. I’m not quite there yet lol.</p>
<p>you need a 3.6+ and interview</p>
<p>Yes, Predator.</p>
<p>Getting back on topic here: first off you have to know that a minor is not sufficient really to go into that field when you are looking for a job or trying to start a job. That is really true. A minor is just a little bit of experience of another field of study but it really isn’t good enough to say you have sufficient experience in the field.
Your minor is good when you want to say that it has help give you another insight to your current major. For example, a BME major minors in Bio, then the Bioengineering/BME major can say, I have knowledge of such and such before being altered by any biotech and after being altered by biotech. It is also like ChemEng and Chemistry, they can say that they know of studying the matter in nature and experience with altering that matter.
If you minor in Econ, then it won’t really help you if you want to start a job or anything, to tell you the truth, you shouldn’t really start a job unless you have a BBA, MBA or a really good Econ degree (masters or doctors). I really wouldn’t recommending you trying to start a company with a minor. Because a minor is less classes usually half to three quarters, it doesn’t really give you any first hand experience with research as a major does (depends) and it definitely will not be a big hit to grad schools and employers that you just minored in Econ and wants a job that requires mainly a MBA or a good Econ degree. Your degree is going to be BS in BME.</p>
<p>hey guys sorry to bump this old thread but I’m still undecided on whether to do an Econ minor. I know for sure though that I want to get an Entrepreneurship Certificate.</p>
<p>just reading between the lines of what my interviewers usually have to say, i would say they really like the econ minor combination with the engineering degree, so I would say econ minor > entrepreneurship certificate</p>
<p>elaborate? cdz512 gave me the impression an Econ minor with BME really doesn’t show much since econ doesn’t have much relation to bme…</p>
<p>the idiot also thought that majoring in business would significantly increase your chance in getting into an MBA program, and compared MBA admissions with med school admissions “Honestly, do you believe that one can go into business school with no background on quantitative subjects? I think you believe that is so. Again that is literally the same as trying to go to med school without taking biology or chemistry.”</p>
<p><a href=“http://talk.collegeconfidential.com/university-michigan-ann-arbor/747550-ross-worth-4.html[/url]”>http://talk.collegeconfidential.com/university-michigan-ann-arbor/747550-ross-worth-4.html</a></p>
<p>bearcats, thank you. could you elaborate on why you say that from reading between the lines from your interviewers, why an econ minor looks good? is it because its a hard minor (and UM’s econ department is ranked high I believe)</p>