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1 Cover Sheet Entity X New Curriculum New Academic Program New Research Endeavor New Academic Service Endeavor New Academic Center or Institute Bachelor of Arts X Bachelor of Science Master of Arts Master of Science Doctor of Philosophy (Ph.D.) Post-Baccalaureate Certificate Post-Master s Certificate Certificate of Graduate Study CE Academic Certificate Other: N/A Academic degree to be awarded (if any) Exact name of degree: X untagged degree (e.g. Bachelor of Science) tagged degree (e.g. Bachelor of Science in Electrical Engineering) If new Undergraduate degree, granting College/School: College of Arts & Sciences Sponsoring department or academic unit: Department of Economics For degree programs please indicate the minimum GPA required for graduation: _2.0 as per CAS standards_ Please check all that apply regarding the following aspects of the program that may impact students financial aid and/or institutional compliance with federal regulations. Elaborate as appropriate in the body of the proposal. Location/Travel 50% off site substantial clinical/practicum travel required travel component required study abroad semester Delivery Method _X_standard delivery only online delivery only hybrid delivery Calendar (choose no more than one) _X_main campus calendar College of Medicine calendar Distance Education calendar Financial Aid online program with differential tuition rate External Collaborations degree offered jointly with another institution

2 APPENDIX A Format for Proposals for a New Curriculum, Academic Program, Research or Service Endeavor For purposes of full review of a new curriculum or academic program (includes academic units, majors, minors, degrees, continuing education post-baccalaureate certificates and graduate degree programs, certificates and tracks), research, or service endeavor (includes centers and institutes), a formal proposal is to be drawn up according to the following outline. All sections should be addressed; if a section is not applicable to the particular proposal, insert. When specific requirements are posted elsewhere for a particular activity, they should be incorporated into the proposal. (Examples include majors, minors, matrix centers, certificates of graduate study, and general degree requirements.) Proposal I. Program title, director, participating faculty, responsible academic unit, and description of the program, as it would be included in the University or Graduate College Catalogue. Title: Bachelor of Science in Economics Director: Chair of the Economics department Participating faculty: Economics department faculty Responsible academic unit: College of Arts and Sciences Description: The Bachelor of Science in Economics emphasizes the study of mathematics and quantitative techniques to accompany the study of economic theory and perspectives. II. Exact wording of degree to be awarded, if appropriate. Bachelor of Science in Economics III. Rationale for the curriculum, program, or endeavor: A. Philosophic goals statement The BS in Economics offers an alternative track in Economics for students who want more mathematical and quantitative training. It is excellent preparation for graduate study in economics and related fields such as business or policy, which increasingly include sophisticated mathematical models and statistical analysis. B. General and specific objectives. The BS in Economics will train students in economics with a strong foundation of mathematics and statistical techniques that will enable them to apply their knowledge of economic theories at an advanced level. Students in the BS program will have a solid understanding of economic theory as evidenced by their performance in the intermediate theory sequence. They will take Econometrics. Finally, their studies will be capped by a course on advanced economic analysis.

3 IV. Relationship of this curriculum, program, or endeavor to current mission and long-range plans of: A. Participating departments, programs, schools, and colleges The proposed BS program will enable the Economics department to challenge talented students and give them a more thorough preparation for graduate study than has been possible in the more limited parameters of the current BA program. This option will enable the department and the college to attract and retain high quality students. B. The University The University will benefit from a thriving Economics department with excellent students. V. Relationship to programs offered currently. The Economics Department currently offers a Bachelor of Arts in Economics. We expect some students who would have pursued the BA to pursue the BS instead. The BS is a new option for students who are interested in economics. VI. Indicate any other programs at the University which are similar in title or content and illustrate how they may overlap or differ. There are no other programs at the University which are similar in title or content. VII. What comparable programs, if any, are in existence today in reputable colleges and universities: A. What are the highlights of these programs and how do they compare with the projected program at UVM? We reviewed Economics departments at 40 institutions from various lists of UVM s peers and aspirants. 19 have BSs economics programs. Of these, 17 have dual BA/BS tracks (2 programs only offer as BS in economics). These programs are similar in structure to the projected program at UVM. Three or four of the larger departments have multiple specialty tracks (e.g., financial economics, quantitative economics), which we are not able to offer. B. Do universities engaging in regional participation with UVM offer these programs? In light of existence or absence of such programs, are there good reasons for promoting UVM or another university for offering this program? Although unsure of what universities engage in regional participation with UVM, we believe there is strong interest among students at UVM for a BS in Economics (see section IX for more details) and corresponding interest and capability among the Economics faculty at UVM to offer it. VIII. Evidence of communication with academic units likely to be involved in or affected by the program.

4 A. Indicate the effect (cost, enrollment, etc.), the program will have on other academic units. The BA in Economics requires Math 19. The BS in Economics will require Math 21, Math 22, Math 121, and either Math 122 or Math 124. The BS in Economics also requires CS 021 and CS 110. It is difficult to predict enrollment. Although a majority of Economics majors surveyed expressed interest in the BS program, the proposed program has been refined and expanded since that survey and we expect that perhaps 20% of our majors would choose the BS option. This level of participation would mean one to two dozen students per year in these courses. B. Faculty engaged in the development of a new program must discuss the proposal with each dean and chairperson/program director of an academic unit likely to be affected by the new program. All units whose courses are an integral part of the proposed program must be included. A letter of support, or at least a record of correspondence, from each such unit must be attached to the proposal. The Mathematics and the Computer Science departments support our proposal and correspondence is attached. C. The Graduate College Executive Committee must approve proposals for new graduate programs before they come to the Faculty Senate Curricular Affairs Committee. A letter indicating the approval and explaining the rationale for same must accompany the proposal. IX. Evidence of demand or need for program: A. Indicate justification of inauguration of program at this time: 1. Explain education, personnel needs, and social needs that exist (refer to specific authorities or studies consulted); The department recently underwent an Academic Program Review, which concluded in Spring One of the suggestions of the external reviewers was to consider development of a Bachelor of Science program. The reviewers report states, Many of the students we met with wanted increased quantitative preparation to help them with employment or graduate school. The Occupational Outlook Handbook prepared by the Bureau of Labor Statistics states, Employment of economists is projected to grow 14 percent from 2012 to 2022, about as fast as the average for all occupations. Job prospects should be best for those with a master s degree or Ph.D., strong analytical skills, and related work experience. (Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Edition, Economists, on the Internet at (visited April 29, 2015). 2. Anticipated enrollment or anticipated impact in case of a service or research endeavor for the first

5 five years (give supporting evidence for estimate); Economics majors were surveyed in March More than half of Economics majors surveyed stated that they preferred the BS program. However, the proposed program has been refined and expanded since that survey. We expect that perhaps 20% of our majors, then or 15 to 25 students per year would pursue the BS rather than the BA in Economics. 3. Indicate how this program will meet local and regional needs. If a doctoral program, include specific data on previous and present graduates. Graduates with strong training in economics are positioned to be valuable to both the private and public sector locally, regionally and beyond. 4. If a doctoral program, include specific data on previous and present graduate programs at master's level with the number of students and degrees awarded. X. Students (if curriculum or academic program): A. Indicate: 1. Evidence of a source of candidates As stated above, economics majors were surveyed in March More than half of Economics majors surveyed stated that they preferred the BS program. However, the proposed program has been refined and expanded since that survey, and we expect that perhaps 20% of our majors would choose the BS option. 2. Requirements for admission and retention of students Students in CAS may join the BS program freely without restriction. In order to remain in the program they must maintain a 2.0 GPS in the major and earn a B or higher in the two core theory courses, EC 171 (Intermediate Macroeconomic Theory) and EC 172 (Intermediate Microeconomic Theory). If the grade is below that level, the student may retake the course (for no credit) and the highest grade achieved in the class is used for the requirement. (In other words, if a student gets a B- and then retakes the course and gets a B, that student has met the requirement by virtue of earning a B even though the average of the two grades is below B.) 3. Selection process See above. Students in CAS may join the BS program freely without restriction. 4. Financial support available through the department and expected from the Graduate College or other UVM sources (Graduate Programs) There is no special financial support available through the department for students in the BS program. 5. Mechanism of advising students Students would be advised by faculty in the Economics department, as we do at present. We have

6 discussed possibly assigning certain faculty members as advisors for BS students. That arrangement would be beneficial for faculty to develop expertise and for the students to have knowledgeable advisors. Our decision on how best to handle the BS students will depend in part on how many there prove to be. 6. Prospects for employment or opportunities for further education of graduates. Salary surveys show that employers value economic majors. (In PayScale s College Salary Survey, Economics was ranked 28 th for starting salary and 15 th for midcareer salary, higher than any other social science major and higher than some natural science majors. Such surveys do not distinguish between BA and BS graduates, but we expect that the higher technical requirements of the BS program would make holders of such a degree at least equally attractive to employers, and these requirements would prepare students well for further education in economics, business or policy. XI. Programs of study: A. Indicate all courses to be included in the program: Using the format from the UVM Catalogue: Forty-two credits in Economics, fifteen credits in Mathematics and seven credits in Computer Science (or at least 6 credits of ancillary courses approved by the Economics department chair) as follows EC 011 Principles of Macroeconomics 3 EC 012 Principles of Microeconomics 3 MATH 021 Calculus I 1 4 MATH 022 Calculus II 1 4 MATH 121 Calculus III 4 MATH 122 or MATH 124 Applied Linear Algebra or Linear Algebra Six or seven credits in ancillary courses: 6-7 CS 021 and CS 110 Computer Programming I and Intermediate Programming or at least six credits of ancillary courses in mathematics, statistics, computer science, and/or the natural sciences approved by the chair of the Economics Department Four courses from EC EC 160 or EC 194 EC 196, three of which must be numbered EC 110 or higher EC 170 Economic Methods 3 EC 171 Macroeconomic Theory

7 Students must receive a grade of B or higher EC 172 Microeconomic Theory 3 Students must receive a grade of B or higher EC 200 Econometrics 3 EC 280 Advanced Economic Analysis 3 Three economics courses at the 200-level or higher 9 No more than three credits from the following courses may be applied toward the major: HON 218, HON 219, EC 297, EC MATH 019 and MATH 023 may be substituted for MATH 021 and MATH 022. Students pursuing the major must complete the natural sciences BS distribution requirement. 1. List existing courses envisioned as a part of a new program. What effect on enrollment is anticipated? All courses are existing courses except EC 280 (see below). There is no effect anticipated for EC 11, EC 12, EC 170, EC 171 and EC 172 as all Economics majors have to take those now. The BS program requires additional courses at the 100-level and 200-level. Each year there will be a few students wanting to take an additional course at the 100-level. There will be more pressure at the 200-level as the BS students will need to take two additional courses at this level. The Math and Computer Science departments stand ready to provide necessary capacity for their courses. 2. List required new courses or changes to existing courses in order to initiate program. (If new course or changes to existing courses are required, complete a "Course Change Form" for each course and submit request(s) concurrent with the program proposal.) EC 280 is a new course and has EC 200 as a prerequisite. It is required for BS students. Depending upon enrollments, we may make it available to BA students who have taken the prerequisite. A course proposal for EC 280 was submitted previously and approved at the CAS Faculty Meeting of October 13, Courses offered under the Special Topics course rubric (i.e., x95/x96) may not be listed as requirements for majors, minors or graduate degrees or certificates. The proposed requirements do not include courses offered under the Special Topics course rubric. B. Research endeavor (list arrangements for collaboration and/or supervision). C. Field work (clinical experience: arrangements for placement and supervision). C. Submit two sample programs or otherwise illustrate the selection of courses, course load, and research or service time distribution. Note that the curriculum in the Economics department is structured. In order to take EC 280, students must first complete EC 200. In order to take EC 200 and the other 200-level courses,

8 students must first complete EC 170, EC 171 and EC 172. In order to take EC 170, EC 171 and EC 172, students must first complete EC 11, EC 12 and Math 19 or Math 21. Finally, in order to take other EC 100-level courses, students must first complete EC 11 and EC 12. Courses in Math and Computer Science also follow a particular sequence. The sample programs below conform to these requirements. Sample 1 Sample 2 Semester 1 EC 11, Math 21 EC 0xx, Math 21 Semester 2 EC 12, EC 0xx, Math 22 EC 11, Math 22, CS 21 Semester 3 EC 170, EC 1xx, Math 121 EC 12, Math 121, Math 122 Semester 4 EC 171, EC 1xx, CS 21 EC 170, EC 171, EC 1xx Semester 5 EC 172, EC 1xx, CS 110 EC 172, EC 1xx, CS 110 Semester 6 EC 200, EC 2xx, Math 124 EC 2xx, EC 1xx Semester 7 EC 2xx, EC 2xx EC 200, EC 2xx Semester 8 EC 280 EC 280, EC 2xx As ancillary courses, the program requires two CS courses (totaling 7 credits) or at least 6 credits of ancillary courses approved by the Economics department chair. Computer Science gives students a valuable skill and a logical, disciplined way of thinking that is helpful when developing economic models and analyzing data, even if the work does not require computer programming. We believe it is an excellent complement to the study of economics. However, it may not be the best fit for some students in the BS program. By permitting students to petition for alternate ancillary courses from mathematics, statistics, computer science and/or the natural sciences, we give the option for students to present for consideration other courses that may be more closely aligned with their interests. For example, a student with a strong interest in environmental economics might petition to take GEOL 001 (Earth System Science) and GEOL 025 (Environmental Geology Survey) as ancillary courses. A student who intended to pursue graduate studies in economics might petition to take Math 052 (Fundamentals of Mathematics) and Math 141 (Real Analysis in One Variable). XII. Resources for the program: A. Faculty: 1. Biographies of present faculty who will participate. Include name, degrees, experience, publications, and present teaching, research and service commitments; Please see attached CVs for the Economics department faculty members, who are listed below. All will participate since the BS students will be taking courses along with other Economic majors for all their requirements, with the possible exception of EC 280. (Since EC 280 is required for the BS program, depending upon enrollments it may be necessary to restrict EC 280 to BS students or it may be possible to open it to BA students who have taken the prerequisites.) In addition, the department has been authorized to hire a new faculty member to begin in Fall Shirley Gedeon Bill Gibson Jane Knodell Marc Law Nathalie Mathieu-Bolh Donna Ramirez-Harrington

9 Stephanie Seguino Richard Sicotte Sara Solnick John Summa Catalina Vizcarra Art Woolf 2. Effect on, and adjustments in, present staff assignments; The adjustment in the balance of teaching assignments will depend upon how many Economics majors choose the BS option as well as how the number of majors and minors develops going forward. We have added sections at the 100-level as our number of minors has increased dramatically. However, a change in the minor requirements was recently approved to begin in Fall 2015, which gives students greater exposure to economic theory and may slow or reverse the growth in minors. Compared to the current BA program, the BS requires an additional 100-level course and two additional 200-level courses (including two specific courses, EC 200 and EC 280). We anticipate adjusting teaching assignments to meet student needs as enrollments respond to these changes in requirements and options. 3. New positions to be added and qualifications to be met: a. Director, if any; b. Other positions; As stated above, the department has been authorized to hire a new faculty member to begin in Fall We intend to seek an economist with expertise in econometrics in order to support the BS program. c. Indication of appointment prospects. See above. 4. Interdepartmental and inter-institutional cooperation planned. B. Library support: 1. Present an evaluation of the library resources available currently to support the program; Since the BS program simply represents a new option for Economics majors, we anticipate no change in student use of library resources. 2. Indicate additional demands to be made for this program with an estimate of the dollar cost of the additions. Not applicable

10 D. Equipment needs and plans to meet them. E. Physical space needs and plans to meet them: 1. Classroom and student study space; The Economics department uses a computer lab in L309 Lafayette, which is not currently used at all times. This lab can be used for EC 280. We have a seminar room that is suitable for 200-level classes, which is not currently used at all times. This room can be used to schedule 200-level classes. 2. Laboratory, research, and field experience space; 3. Office space XIII. Cost estimates: A. First-year costs in addition to current budget; B. Total costs for first five years in addition to current budget; C. Anticipated non-university support, if any, such as federal or industry grants. D. How program will be funded if no new money is available; E. Proportion of salary of any faculty member who would contribute to program. XIV. Schedule for curriculum, academic program, research, or service endeavor: A. Proposed starting date; Fall 2016 B. When will curriculum or academic program be offered-academic year, summer, part-time? Academic year and summer (we currently offer EC 11, EC 12 and a variety of 100-level courses in summer). XV. Evaluation: A. What criteria for evaluation will be applied? The BS Program will be evaluated when the department undergoes its regular Academic Program Review, using the criteria set forth for that process. B. How and by whom will the program be evaluated?

11 In the Academic Program Review process, the department is evaluated by the Curricular Affairs Committee of the Faculty Senate, with input from self-study conducted by the department and an assessment by external evaluators. XVI. Space for endorsements of proposal should be allowed for the following: A. Departments or programs involved; B. School or college curriculum committee for each department or program involved; C. School or college dean for each department or program involved; D. Executive Committee, Graduate College (graduate programs/tracks only); E. Dean of Graduate College (graduate programs/tracks only); F. Curricular Affairs Committee; G. Provost; H. President; I. Board of Trustees.

12 Abstract A one-page abstract should include essential information from the following sections of the program proposal: I, II, III, IX, XI, and XIV. The Chair of the Curricular Affairs Committee will the abstract of the proposal to all faculty, Department Heads/Chairpersons, Academic Deans and the presidents of the Student Government Association and Graduate Student Senate. The will indicate that the complete proposal is available at the Senate Office or on the Curricular Affairs SharePoint site. Comments are requested within 30 calendar days.

13 Abstract The Department of Economics proposes a Bachelor of Science in Economics as a new degree program. This program emphasizes the study of mathematics and quantitative techniques to accompany the study of economic theory and perspectives. The BS in Economics offers an alternative track in Economics for students who want more mathematical and quantitative training. It is excellent preparation for graduate study in economics and related fields such as business or policy, which increasingly include sophisticated mathematical models and statistical analysis. The BS in Economics will train students in economics with a strong foundation of mathematics and statistical techniques that will enable them to apply their knowledge of economic theories at an advanced level. Students in the BS program will have a solid understanding of economic theory as evidenced by their performance in the intermediate theory sequence. They will take Econometrics. Finally, their studies will be capped by a course on advanced economic analysis. The department recently underwent an Academic Program Review, which concluded in Spring One of the suggestions of the external reviewers was to consider development of a Bachelor of Science program. The reviewers report states, Many of the students we met with wanted increased quantitative preparation to help them with employment or graduate school. Graduates with strong training in economics are positioned to be valuable to both the private and public sector locally, regionally and beyond. The Occupational Outlook Handbook prepared by the Bureau of Labor Statistics states, Employment of economists is projected to grow 14 percent from 2012 to 2022, about as fast as the average for all occupations. Job prospects should be best for those with a master s degree or Ph.D., strong analytical skills, and related work experience. Economics majors were surveyed in March More than half of Economics majors surveyed stated that they preferred the BS program. However, the proposed program has been refined and expanded since that survey, and we expect that perhaps 20% of our majors would choose the BS option. We propose that the BS begin to be available in Fall 2016 with courses offered in the academic year and summer. Requirements for the BS in Economics will be as follows: 6 credits: EC 11 (Principles of Macroeconomics) and EC 12 (Principles of Microeconomics) 15 credits: Math 21, 22 and 121 (Calculus I, II and III) and Math 122 (Applied Linear Algebra) or Math 124 (Linear Algebra) 6-7 credits: CS 21 (Computer Programming I) and CS 110 (Intermediate Programming) or at least 6 credits of ancillary courses in mathematics, statistics, computer science and/or the natural sciences approved by the Economics department chair 12 credits: Four courses from EC EC 160 or EC 194 EC 196, three of which must be numbered EC 110 or higher 9 credits: EC 170 (Economic Methods), EC 171 (Macroeconomic Theory) and EC 172 (Microeconomic Theory) *Students must receive a grade of B or higher in EC 171 and EC credits: EC 200 (Econometrics) 3 credits: EC 280 (Advanced Economic Analysis) 9 credits: Three additional economics courses at the 200-level or higher *Students pursuing the major must complete the natural sciences BS distribution requirement. All courses are existing courses except EC 280, which was submitted previously and approved at the CAS Faculty Meeting of October 13, 2015.

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