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 can declare a concentration in accounting or marketing.  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

* 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

* 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

* 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

* 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

* 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

* 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

* 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).