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Admissions

Credit Guide for Economics, Business, and Finance

The Department of Economics, Business, and Finance offers three different majors, each of which is open to transfer students. Students may choose to major in business, economics, or finance. 

Students who major in business will be able to declare a concentration in accounting, beginning in the fall of 2016, or in marketing, beginning in the fall of 2017.  Students may also choose to have a second major or a minor from a different department.  Popular minors for our students include communication, a foreign language, history, international relations, politics, and sociology.

This document is a resource that offers guidance about appropriate preparation for a successful transition to Lake Forest College.  The first section describes the general requirements and framework for satisfying them in a timely manner.  The second section specifically evaluates classes offered at four nearby community colleges and indicates which classes will count toward the department’s graduation requirements.  Transfer advisors, Admissions, and the Registrar’s Office can use this guide to credit students for these classes and to acknowledge prerequisites for higher level classes being satisfied as indicated by the mapping. For courses not listed in the mapping, authorization by the Department Chair is required to count the class toward a major or minor requirement.

General Preparation for Transfer Students

Transfer students will need some prior preparation if they expect to graduate on time.  Ideally, students will have completed seven of the required courses for their major before the beginning of their junior year.  If students declare a major in the department at the beginning of their junior year, they need to have a minimum of five of the core classes that count toward their major in order to graduate in two years.  Students with this level of preparation should be able to complete the major and participate in an internship, if desired.  Internships are highly recommended, but are not required and do not replace courses required to complete the major

In general, students entering their junior year should have completed most or even all of the core requirements for the desired major.  Those expectations are listed below.

Important courses for every major:
  1. An introductory course in economics; if a two-course macro/micro sequence is offered, both courses should be taken.
  2. A course in statistics, ideally including an introduction to regression analysis.
  3. Completion of the math requirement (calculus for economics and finance majors, preferably calculus for business majors). Business majors who take finite math will be able to complete the major, but will not be qualified to several higher-level quantitative courses that might be of interest. 
Additional courses for a business major:
  1. A first course in financial accounting.
  2. A course in marketing theory.
  3. A course in business ethics.
Additional courses for a finance major:
  1. An introductory finance course that requires a prerequisite of statistics and/or accounting.
  2. A first course in financial accounting.
Additional courses for an economics major:
  1. Intermediate macro and micro theory courses (typically only offered at four-year institutions).

Students may be able to count additional transfer courses toward other department requirements, including up to two elective courses, with the approval of the Department Chair.  Courses accepted by the Registrar which do not fulfill department requirements will still count as credit toward graduation under most circumstances.

Students transferring from a four-year institution will probably find considerable overlap between the courses offered at their original school and those offered by our department.  Those courses will be evaluated by the student’s advisor and the department chair on a case-by-case basis.

Community College Transfer Guide

Students who enter Lake Forest College from one of the nearby community colleges can use this guide to choose courses that will automatically count toward the department’s requirements.  Please check the department website for the specific requirements for electives and concentrations.

Students who are interested in eventually transferring to the department are welcome to contact Professor Jeff Sundberg for pre-advising assistance.

College of DuPage County Transfer Guide
College of DuPage County Class Lake Forest College Department Class
MATH 2134 Calculus for Business and Social Sciences
OR
MATH 2231 Calculus and Analytic Geometry I

MATH 110 Calculus
MATH 1533 Finite Mathematics MATH 160 Math Methods (Business only)
ECO 2201 Macroeconomics and the Global Economy
AND
ECO 2202 Microeconomics and the Global Economy

ECON 110 Principles of Economics*
MATH 1635 Statistics BUSN/ECON/FIN 130 Applied Statistics
MARKE 2210 Principles of Marketing BUSN 225 Marketing Theory
MARKE 2225 Consumer Behavior BUSN 300-Level Elective
ACCOU 1140 Financial Accounting BUSN 230 Financial Accounting
ACCOU 2241 Intermediate Accounting BUSN 330 Intermediate Accounting
ACCOU 1150 Managerial Accounting BUSN 331 Managerial Accounting
BUSIN 2210 Principles of Finance FIN 210 Financial Management
PHIL 1114 Business Ethics PHIL 203 Business & Professional Ethics
ECO 2210 Money and Banking
OR
ECO 2220 Comparative Economic Systems

ECON 200-Level Elective

* Students can request credit for ECON 110 with only ECO 2201 OR ECO 2202.

No courses satisfy the requirements for BUSN 210 (Managerial Economics), ECON 210 (Intermediate Microeconomics) or ECON 220 (Macroeconomics).

College of Lake County
College of Lake County Class Lake Forest College Department Class
MTH 145 Calculus and Analytic Geometry I
OR
MTH 224 Calculus for Business and Social Sciences

MATH 110 Calculus
No classes fulfill Lake Forest’s Finite Math Requirement MATH 160 Math Methods (Business only)
ECO 221 Principles of Macroeconomics
AND
ECO 222 Principles of Microeconomics

ECON 110 Principles of Economics*
MTH 222 Elementary Statistics BUSN/ECON/FIN 130 Applied Statistics
BUS 122 Principles of Marketing BUSN 225 Marketing Theory
BUS 212 Business to Business Marketing
OR
BUS 214 Advertising
OR
BUS 215 Operations Management


BUSN 300-Level Elective
ACC 121 Financial Accounting BUSN 230 Financial Accounting
ACC 221 Intermediate Accounting I BUSN 330 Intermediate Accounting
ACC 122 Managerial Accounting BUSN 331 Managerial Accounting
No classes fulfill Lake Forest’s FIN 210 Requirement FIN 210 Financial Management
BUS 132 Business Ethics PHIL 203 Business & Professional Ethics
ECO 223 Money and Banking
OR
ECO 224 Public Finance
OR
ECO 225 Comparative Economic Systems


ECON 200-Level Elective

* Students can request credit for ECON 110 with only ECO 221 OR ECO 222.

No courses satisfy the requirements for BUSN 210 (Managerial Economics), ECON 210 (Intermediate Microeconomics) or ECON 220 (Macroeconomics).

Elgin Community College
Elgin Community College Class Lake Forest College Department Credit
MTH 126 Calculus for Business/Social Science MATH 110 Calculus
MTH 125 Finite Math for Business & Management MATH 160 Math Methods (Business only)
ECO 201 Microeconomics
AND
ECO 202 Macroeconomics
ECON 110 Principles of Economics*
BUS 140 Business Statistics BUSN/ECON/FIN 130 Applied Statistics
MKT 103 & 105, Marketing and Sales (both recommended) BUSN 225 Marketing Theory

ACC 245 Cost Accounting, ACC 261 Auditing
OR
any 200-level Marketing Class

BUSN 300 - Level Elective
ACC 200 Financial Accounting BUSN 230 Financial Accounting
ACC 235/6 Intermediate Accounting I and II (both expected)

BUSN 330 Intermediate Accounting

ACC 240 Managerial Accounting BUSN 331 Managerial Accounting
No classes fulfill LFC’s FIN 210 Requirement FIN 210 Financial Management
BUS 254 Business Ethics PHIL 203 Business & Professional Ethics

* Students can request credit for ECON 110 with only ECO 201 OR ECO 202.

No courses satisfy the requirements for BUSN 210 (Managerial Economics), ECON 210 (Intermediate Microeconomics) or ECON 220 (Macroeconomics).

Harper College
Harper College Class Lake Forest College Department Class
MTH 134 Calculus for Social Scientists
OR
MTH 200 Calculus and Analytic Geometry I

MATH 110 Calculus
MTH 124 Finite Math MATH 160 Math Methods (Business only)
ECO 211 Microeconomics
AND
ECO 212 Macroeconomics

ECON 110 Principles of Economics*
MTH 165 Elementary Statistics
OR
MGT 225 Applied General Statistics

BUSN/ECON/FIN 130 Applied Statistics
MKT 245 Principles of Marketing BUSN 225 Marketing Theory
MKT 255 Marketing Research
MGT 274 Operations Research
BUSN 300-Level Elective
ACC 101 Introduction to Financial Accounting BUSN 230 Financial Accounting
ACC 102 Managerial Accounting

BUSN 331 Managerial Accounting

ACC 201 Intermediate Accounting I BUSN 330 Intermediate Accounting
No classes fulfill Lake Forest’s FIN 210 Requirement FIN 210 Financial Management
PHIL 150 Business Ethics PHIL 203 Business & Professional Ethics
ECO 210 Money and Banking ECON 200-Level Elective

* Students can request credit for ECON 110 with only ECO 211 OR ECO 212.

No courses satisfy the requirements for BUSN 210 (Managerial Economics), ECON 210 (Intermediate Microeconomics) or ECON 220 (Macroeconomics).

McHenry County College
McHenry County College Class Lake Forest College Department Credit

MAT 171 Calculus for Business/Social Science
OR
MAT 175 Calculus with Analytic Geometry I


MATH 110 Calculus
No class meets requirements for Lake Forest’s MATH 160 MATH 160 Math Methods (Business only)
ECO 251 Microeconomics
AND
ECO 252 Macroeconomics

ECON 110 Principles of Economics*
MAT 220 Statistics BUSN/ECON/FIN 130 Applied Statistics
MKT 110 Principles of Marketing BUSN 225 Marketing Theory
ACC 151 Financial Accounting BUSN 230 Financial Accounting

ACC 250 Intermediate Accounting I
AND
ACC 251 Intermediate Accounting II

BUSN 330 Intermediate Accounting
ACC 152 Management Accounting BUSN 331 Managerial Accounting
No classes fulfill Lake Forest’s FIN 210 requirement FIN 210 Financial Management
BUS 235 Business Ethics PHIL 203 Business & Professional Ethics

* Students can request credit for ECON 110 with only ECO 2201 OR ECO 2202.

No courses satisfy the requirements for BUSN 210 (Managerial Economics), ECON 210 (Intermediate Microeconomics) or ECON 220 (Macroeconomics).

Oakton Community College
Oakton Community College Class Lake Forest College Department Credit
MAT 180 Calculus for Business and Social Sciences
OR
MAT 250 Calculus I

MATH 110 Calculus
MAT 143 Finite Mathematics MATH 160 Math Methods (Business only)
ECO 201 Principles of Macroeconomics
AND
ECO 202 Principles of Microeconomics

ECON 110 Principles of Economics*
MAT 190 Business Statistics BUSN/ECON/FIN 130 Applied Statistics
MKT 131 Principles of Marketing BUSN 225 Marketing Theory
MKT 236 Marketing Research BUSN 300-Level Elective
ACC 153 Principles of Financial Accounting BUSN 230 Financial Accounting
ACC 241 Intermediate Accounting I BUSN 330 Intermediate Accounting
ACC 154 Principles of Managerial Accounting BUSN 331 Managerial Accounting
No classes fulfill LFC’s FIN 210 Requirement FIN 210 Financial Management
PHIL 107 or BUSN 107 Business Ethics PHIL 203 Business & Professional Ethics

* Students can request credit for ECON 110 with only ECO 211 OR ECO 212.

No courses satisfy the requirements for BUSN 210 (Managerial Economics), ECON 210 (Intermediate Microeconomics) or ECON 220 (Macroeconomics).

Triton College
Triton College Class Lake Forest College Department Credit
Math 131 Calculus & Analytic Geometry
MATH 110 Calculus
MAT 124 Finite Mathematics MATH 160 Math Methods (Business only)

ECO 102 Macroeconomics
  AND
ECO 103 Microeconomics


ECON 110 Principles of Economics*

ECO 170 Statistics for Business and Economics BUSN/ECON/FIN 130 Applied Statistics
BUS 127 Principles of Marketing BUSN 225 Marketing Theory
Courses evaluated by transfer advisor BUSN 300-Level Elective
ACC 101 Financial Accounting BUSN 230 Financial Accounting

ACC 251 & 252, Intermediate Accounting I & II (both recommended)

BUSN 330 Intermediate Accounting
ACC 105 Managerial Accounting BUSN 331 Managerial Accounting
BUS 212 Principles of Finance (business majors only) FIN 210 Financial Management
HUM 126 Modern Business Ethics PHIL 203 Business & Professional Ethics

* Students can request credit for ECON 110 with only ECO 102 OR ECO 103.

No courses satisfy the requirements for BUSN 210 (Managerial Economics), ECON 210 (Intermediate Microeconomics), or ECON 220 (Macroeconomics).