BSc Economics

Overview

The Department of Economics seeks to contribute to questions at the frontier of economic knowledge by drawing on the regional laboratory of economic and social life in South Asia and by collaborating with academics based at global centres of excellence in economic research.

The BSc Economics programme offers a wide variety of courses, including Macroeconomics, Microeconomics, Econometrics, Development, Trade and Finance. Courses are geared towards both mainstream and heterodox theory and empirical evidence, which ensures that a broad base of perspectives, new ideas and applications are presented to students

* The medium of instruction at LUMS is English for all degree programmes offered. Assessments are accepted in English only.

Structure

The structure of the BSc (Hons) programme reflects two objectives; offering students an analytically rigorous programme in economics and exposing students to a broader liberal arts curriculum. A central component of the latter is the University Core Programme which consists of courses required of all undergraduate students enrolled at LUMS.

Economics Major Requirements

Graduation Requirements 130 credit hours
 University Core 8 credit hours
University Distribution 21-28 credit hours (7 courses)
Economics Major Requirements 51 credit hours (13 Courses)
Economics Core Courses 27 semester credit hours (7 courses)
Economics elective Courses 24 credit hours (6 courses)

Note: The remaining credit hours required for graduation can be from any specialisation area.

Economics Core Courses

Course Code Course Title Credits
MATH 101  Calculus I  3
ECON 111 Principles of Microeconomics 4
ECON 121 Principles of Macroeconomics 4
ECON 211 Intermediate Microeconomics 4
ECON 221 Intermediate Macroeconomics 4
ECON 230 Statistics and Data Analysis 4
ECON 330 Econometrics 4
  Total 27

Specific Courses Required

ECON 100 is a remedial course offered for students with little background in economic analysis.  It is not a core course and will not count towards the 51 credit hours Economics major requirements.
Senior Requirement: Each student must take at least TWO courses from amongst those listed at the 400 level. Students may not use a Senior Project or an Independent Study to fulfill this requirement.

BSc (Hons) Thesis

Students with necessary preparation may opt to work on a year long 8-credit hour senior thesis. The thesis will span two regular semesters and will not count towards the 51 credit hours of ECON requirements.

Economics Elective Courses

Students majoring in Economics are required to take any 24 credit hours (6 elective courses) such that at least two courses are at the 400 level (senior requirement).

 

Important Dates

Undergraduate Programmes - (SDSB / MGSHSS / SBASSE / SAHSOL)

ActivityDate
Online application activation
18 Oct 2016
Deadline to take SAT
21 Jan 2017
Deadline to apply for admission (online)
16 Feb 2017
05:00 pm
Deadline to submit supporting documents
17 Feb 2017
05:00 pm
SBASSE Subject Test administration
05 Mar 2017
Admission decisions
01 May 2017 to 30 Jun 2017
Notes: 

The University reserves the right to change dates and deadlines for admissions. Please keep informed of any changes by visiting www.lums.edu.pk periodically as well as the LUMS online application site.

Minimum Eligibility Criteria for Fall 2017 Admissions


Applicants must meet the minimum eligibility criteria in order to be considered for admission to the Undergraduate Programme. Meeting this criteria does not guarantee admission to the Undergraduate programme.

Students are selected for admission to LUMS Undergraduate Programmes based on the following factors:

  1. Academic Background
  2. Performance in the Admission Test
  3. Submission of a completed application form and supporting documents
  4. Interview (if called)

Admission in a specific school is based on merit and the availability of seats. 

 

 

Academic Requirements for Fall 2017 Admissions


The University is keen to attract students who are not only academically competent but also have the potential to contribute to the learning environment of LUMS.

Following are the minimum academic requirements for applicants applying to the Undergraduate Programme:

Applicants who have successfully completed FA/ICS/ICOM/FSc/A’ Levels/High School Diploma or International Baccalaureate (IB) are eligible to apply for admission if they fulfill one of the following academic qualifications:

  • Successful completion of Matric (70% marks or above) & FA (65% marks or above)/FSc/ ICS/ICOM (70% marks or above)
  • O’ Levels* results (in at least 6 subjects) with an average grade of at least ‘B’ in all subjects attempted; and A’ Levels in at least 3 principal subjects1 with at least 2 Bs and 1 C grade. No credit will be given for Advanced Subsidiary and General Paper.
  • American High School Diploma (HSD) 70% or above/Grade point average of B or above
  • International Baccalaureate (IB) at least 28 out of 45 points
  • Combination of the above
  • Any other equivalent qualification (minimum acceptable scores will be determined by the Admissions Committee)

If shortlisted for admission, applicants will be given a conditional offer. To join LUMS in Fall, applicants must subsequently meet all the stipulated conditions specified by the Admissions Committee by August 2017.

Note:

Candidates who have already completed their A' Levels (have taken the exam of minimum three A’ level principal subjects1) and do not meet the minimum grades requirement (specified in subsection 1) must improve their grades in order to be eligible for admission. A' Levels Exams are held in November and June. To be eligible for the admission in 2017, applicants must improve their A' Level grades in November 20162. Applicants planning to improve their grades by taking June 2017 exams are not eligible for the Fall 2017 session.

* Candidates who have either completed or are in the last year of completion of their education which does not lead to Matric/FA/ICS/ICOM/FSc. will be required to get an equivalence certificate from the Inter Board Committee of Chairmen (IBCC), Islamabad, Pakistan. For further information, please visit the following link http://www.ibcc.edu.pk. Applicants who have applied for equivalence certificate from Inter Board Committee of Chairmen (IBCC), Islamabad, Pakistan and have not received the certificate before the application submission deadline should submit it as soon as they receive it.

________________________________________________________________________

1Principal subjects (Full credit courses. Details can be checked with the British Council)

2Applicants taking their A’ levels or AS level exam in November 2016 are required to submit the final result within three days of its announcement; however, they must provide this information through online application form and by submitting a copy of the “Statement of entry “along with all other supporting documents.

 

Applicants who have not taken the final exams of their FA/ICS/ICOM/FSc/A’ Levels (in three principal subjects1)/High School Diploma or International Baccalaureate (IB) as yet and are expecting their final results by August 2017 are eligible to apply for admission if they fulfill one of the following academic qualifications:

  •   Successful completion of Matric (with at least 70% marks) and FA (first year) (65% marks or above)/FSc/ICS/ICOM (first year) (70% marks or above)
  •  O’ Levels* results (in at least 6 subjects) with an average grade of at least ‘B’ in all subjects attempted;
  •  American High School Diploma (HSD) (first year) (70% or above/Grade point average of B or above)
  •  International Baccalaureate (IB) (first year) at least 28 out of 45 points
  •   Combination of the above
  •   Any other equivalent qualification (minimum acceptable scores will be determined by the Admissions Committee)

If shortlisted for admission, applicants will be given a conditional offer. To join LUMS in Fall, along with other requirements specified by the Admissions Committee; applicants must subsequently meet one of the following academic conditions by August 2017:

  • Successful completion of FA (65% marks or above)/FSc/ICS/ICOM (70% marks or above)
  • A’ Levels in at least 3 principal subjects1 with at least 2 Bs and 1 C grade. No credit will be given for Advanced Subsidiary and General Paper.
  • American High School Diploma (minimum required grades for the 12th Grade HSD will be decided by the Admissions Committee)
  •  International Baccalaureate at least 28 out of 45 points

* Candidates who have either completed or are in the last year of completion of their education which does not lead to Matric/FA/ICS/ICOM/FSc. will be required to get an equivalence certificate from the Inter Board Committee of Chairmen (IBCC), Islamabad, Pakistan. For further information, please visit the following link http://www.ibcc.edu.pk. Applicants who have applied for equivalence certificate from Inter Board Committee of Chairmen (IBCC), Islamabad, Pakistan and have not received the certificate before the application submission deadline should submit it as soon as they receive it.

________________________________________________________________________

1 Principal subjects (Full credit courses. Details can be checked with the British Council)

 

Students may apply for admission to multiple schools through a single application. Applicants are required to mention their major preference(s) for BS Programme of SBASSE & BA/BSc.(Honours) Programme of MGSHSS & SDSB through the LUMS Online Admission Application form.

Students are admitted to a specific school from the beginning of the programme and are not assigned a major at the time of admission except those admitted to the BA-LL.B Programme in SAHSOL. Admission in a specific school is based on merit and the availability of seats.

Allocation of a preferred major cannot be guaranteed at the time of admission. Allocation of a major will be done according to the school’s policy and mainly determined by the students’ preference(s), their academic performance at LUMS and, in the case of MGSHSS, the capacity constraint in the subject area.

Students may request for a change in their programme/school at the end of first year at LUMS subject to academic performance and availability of space. However, such requests will be considered on a case to case basis by the concerned department.

 


  • Applicants who are admitted to, and join the LUMS UG programme having an assessed high need of financial assistance will be considered for the refund of paid SAT registration fee of one attempt.
  • Application processing fee waiver is available for applicants with high financial need. Decision to grant a fee waiver will be taken after evaluation.

Admission Test Requirement for Fall 2017 Admissions


New Redesigned SAT (SAT I) is mandatory for all applicants applying to the Suleman Dawood School of Business (SDSB), Mushtaq Ahmad Gurmani School of Humanities & Social Sciences (MGSHSS), Shaikh Ahmad Hassan School of Law (SAHSOL) for Fall 2017. The deadline to take SAT for Fall 2017 is January 21, 2017Click here to register for the New Redesigned SAT (SAT I). The Essay component of the New Redesigned SAT will be required for the Fall 2017 applications.

In order for your application to be considered complete and for LUMS to make an admission decision, have your official test scores submitted directly to LUMS by the testing agency (ETS) on your behalf. The College code for reporting SAT scores to LUMS is 0513.

Important Note:

  1. LUMS will only accept scores of the New Redesigned SAT for the Undergraduate admissions of Fall 2017.

  2. SAT I scores of exams taken before March 2016 will not be considered valid for Fall 2017 Admissions.

  3. SAT I taken after January 2017 will not be considered for Fall 2017 session.

  4. While registering for SAT I, applicants must use the same name which is mentioned on the LUMS Admission application and other academic credentials. Using a different name may prevent your scores from matching the rest of your application in our database.

  5. Applicants are required to report test scores of all attempts to the University by submitting a copy of score report(s). Best score of a single attempt will be considered for application evaluation.

Supporting Documents Requirement for Fall 2017 Admissions


Applicants must submit complete online application form on or before February 16, 2017 5:00 pm (Pakistan StandardTime).

The deadline to submit all supporting documents along with the proof of payment of Admission Application Processing Fee in ONE Package is February 17, 2017; 5:00 pm (Pakistan Standard Time).

Application Processing Fee

  • The application processing fee of Rs. 4,700

Payment Procedure

After the successful submission of the online application form through the LUMS Online account on or before the application submission deadline, applicants will be able to print a system generated Application Processing Fee payment voucher.  For further details regarding Fee payment options  Click here

Proof of Payment

A stamped copy of the payment voucher or a confirmation email of an online banking transaction constitutes proof of payment. Applicants are required to send a copy of payment proof along with all other required supporting documents in ONE package on or before the stipulated deadline.

Applicants must print and paste the “Mailing label” on the envelope before sending it to the LUMS Office of Admissions. Applications or documents received after the stipulated deadline will not be processed.

 

 

A merit ranking for interview short listing is established on academic performance and SAT scores of the candidates. Only short-listed candidates are called for interviews.

FAQs

Admission to the LUMS Undergraduate Programme is highly competitive and the University is able to offer admission to only a small fraction of applicants.

For the programmes offered by the MGSHSS/SDSB/SBASSE/SAHSOL, submit an online admission application through the following link: https://admissions.lums.edu.pk

Applicants with diploma may apply if they have secured minimum 65% marks or above, however, they are required to submit equivalence certificate issued by the IBCC, Pakistan.

No, applicants are evaluated on their academic grades regardless of the fact whether someone has taken the final exam through a school/college or privately.

Yes, LUMS does accept transfers from universities in Pakistan and abroad recognized by HEC, Pakistan.

For details on transfer you may contact Admission Office or visit the link https://admission.lums.edu.pk/transfer

No. Attending the first semester at LUMS is compulsory and deferment is not an option for undergraduates.

All admission decisions taken by the University are final. During admission evaluation process, some applicants are admitted, some are placed on a waiting list and the remaining applicants are denied admission. Acceptances are offered on a rolling basis between April to July. For this reason, your admission decision may arrive at a different time from a friend or classmate.

No, by default the LUMS online application system allows you to apply for the SDSB, MGSHSS, SBASSE and SAHSOL simultaneously.

Yes, by default the LUMS online application system allows you to simultaneously apply for the SDSB, MGSHSS, SBASSE and SAHSOL.

Applicants can mention their major preference(s) for BS Programme of SBASSE, BA/BSc. (Honours) Programme of SDSB, MGSHSS and BA-LL.B of SAHSOL through the online admission application form.

Applications are evaluated according to the preferences mentioned by applicants in this section. Based on the evaluation of each school, applicants are offered the highest preference they qualify for. This means that if an applicant qualifies for more than one school, one is sent an offer from the school of his highest qualified preference. Therefore, it is highly suggested to select school preferences very carefully.

Yes, an applicant can apply for admission if (s)he has appeared in retakes of November 2016, for the application of year 2017.

Applicants appearing for the November 2016 retakes must check the result awaiting option in the online application. Applicants must inform Admission Office, the estimated time period in which the result of any retake exam will be announced.

You should recheck the completion and proper submission of your application form.

Candidates who have either completed or are in the last year of completion of their education which does not lead to Matric/FA/ICS/ICOM/FSc. will be required to get an equivalence certificate from the Inter Board Committee of Chairmen (IBCC), Islamabad, Pakistan. For further information please contact:

The Chairman
IBCC
FBISE Building, H-8/4
Islamabad.
http://www.ibcc.edu.pk

Applicants must provide attested copies of original documents issued officially. Attestation of these documents is mandatory by concerned authority (School/College).

Documents sent to the Admissions Office cannot be returned as they are for administrative purposes. Please make sure to keep a copy for your own use before sending the documents to our office.

Yes, academic records from international universities if not in English must be accompanied by an official English translation along with other supporting documents

Minimum two Teacher Evaluations are required.

The recommendation form(s) should be from teacher(s) of your last institute. Recommendations from school/ college counselor(s) are not acceptable.

No. Admissions to LUMS takes place once a year and freshmen are admitted to the Fall semester only.

No, after the application submission, the application fee becomes non- refundable.

Since the number of students who accept our first round of admission offers varies each year, a small number of applicants stay on our wait list and in case space becomes available after the first round, students on the wait list are offered a place in the second round.

The number of candidates placed on the waitlist fluctuates from year to year, depending on the size and quality of the applicant pool.

The New Redesigned SAT Reasoning Test (SAT I) is mandatory for all applicants applying to the Suleman Dawood School of Business (SDSB), Mushtaq Ahmad Gurmani School of Humanities & Social Sciences (MGSHSS), Shaikh Ahmad Hassan School of Law (SAHSOL). The Essay component of the New Redesigned SAT will be required for the Fall 2017 applications. SAT I Registration can be done online through the following link: https://www.collegeboard.org.

Local applicants applying to the Syed Babar Ali School of Science and Engineering (SBASSE) are required to take the following two admissions tests in order to be considered for admission:

  1. New Redesigned SAT Reasoning Test (SAT I); and
  2. LUMS SBASSE Subject Test;

The SBASSE Admission Test for admission to the Fall 2017 semester will be held ONLY ONCE on March 05, 2017.

The deadline to take New Redesigned SAT I for Fall 2017 is January 21, 2017.

Applicants residing outside Pakistan and currently studying or having completed their last year of schooling abroad are required to submit official results of the New Redesigned SAT Reasoning Test  (SAT I) and at least 3 of the 4 SAT II subjects listed below:

  • Biology-M
  • Chemistry
  • Mathematics II-C
  • Physics

Applicants residing outside Pakistan and currently studying or having completed their last year of schooling abroad need to take all required SAT tests through College Board, USA latest by January 21, 2017 in order to be considered for admission. SAT scores must be reported to LUMS officially from the testing agency. The college code for reporting SAT scores to LUMS is 0513.

Applicants taking the SBASSE Admission test and also have taken (or are planning to take) the new SAT I and/or SAT II subject tests are encouraged to submit a copy of their SAT score reports as part of their admission application. The copy of the scores should be sent along with all other supporting documents OR reported directly from the College Board.

SAT Registration can be done online through the following link: https://www.collegeboard.org

Note: The Essay component of the New Redesigned SAT will be required for the Fall 2017 applications.

 

If you have not received SAT score report as yet then submit a printed copy of your online test scores.

Applicants are required to report test scores of all attempts to the University by submitting a copy of score report(s). Best score of a single attempt will be considered for application evaluation.

Application submission deadline for all UG applicants for the admission of Fall 2017 is February 16, 2017 5:00 pm (Pakistan Standard time).

No, there is no minimum score required for SAT I/SAT II.

Best score of a single attempt will be considered for application evaluation.

After the successful submission of the online application form through the LUMS Online account on or before the application submission deadline, applicants will be able to print a system generated Application Processing and LUMS Test Registration (if applicable) Fee payment voucher. For further details regarding Fee payment options Click here

In cash, the next day by presenting the payment voucher along with the requisite amount at any Allied Bank branch throughout Pakistan.

Test Registration Cards will not be mailed. Test cards will be available within the application in printable form starting February 24, 2017.

Test cards will be available within the application in printable form starting February 24, 2017. If any applicant is unable to view his/her Test Registration Card despite completing all the requirements then he/she can write to us at helpdeskao@lums.edu.pk

No. LUMS does not accept results of the ACT.

Test Centre can only be changed in special circumstances (provided a reason) and the applicant must inform the Admission Office latest by February 20, 2017. No request later than the specified date will be entertained.

Applications submitted after the deadlines are not accepted.

It is highly recommended to fill out the application form carefully. Changes cannot be made after the submission of online application. In sheer need an applicant can send the updated information to helpdeskao@lums.edu.pk with the specific header "Change in Application Form".

The admission process is a well deliberated and thorough process. Each year we receive a large number of outstanding applications. Unfortunately, all of them do not qualify because of the limited number of available seats. The decision regarding admission is final.

If your application is unsuccessful you will also receive a letter informing you of this. Due to the volume of applications the University receive, it is not possible to provide feedback on unsuccessful applications.

A mailing label has especially been designed for your convenience as it bears not only your name, tracking/application ID, schools applied to but also a complete address for correspondence. After the successful submission of your application form you will be able to print the mailing label. The LUMS Admissions Office will only accept a package that contains the “Mailing Label”.

Fees

The actual cost of studying at LUMS will vary by student depending on degree and course loads, on-campus or off-campus accommodation, year, and indirect expenses such as books, supplies, transportation, incidental and personal expenses, and any financial aid received. To assist parents and students to get a reasonable sense of the annual cost of studying at LUMS, the following estimates are shared based on typical student course loads and associated fees which are described in detail in the Fee Structure.

2014-15 Estimated Annual Costs for LUMS Undergraduates

Fee First Year Student Returning Student
Tuition Fees (based on full course load) Rs. 469,200 Rs. 469,200
Other Fees Rs. 89,950 Rs. 89,950
Lab Charges (SBASSE students only) Rs. 118,000 Rs. 118,000

* There is also a one-time refundable security deposit of Rs. 15,000 for incoming Freshmen.

In terms of tuition and university fees, the typical undergraduate student (SDSB/MGSHSS) taking a full load (12-20 credit-hours per semester) will incur the equivalent of around Rs. 45,000 per month (spread over 12 months), plus board and living costs which will vary by student. For undergraduate BS students in the science and engineering programme (SBASSE) this would be the equivalent of around Rs. 55,000 per month. (Note that this is only for planning purposes, fees are payable by semester).

Education is clearly one of the most important investments we make in our own and our children’s lives. Parents and students are advised to carefully understand the cost structure accordingly. LUMS is proud to offer generous financial assistance to a large proportion of its qualifying students, which range from partial to full coverage of tuition and living costs. While LUMS makes every effort to assist its students, it cannot guarantee financial assistance and all awards are reassessed each academic year based on performance, need and prevailing University policies. See details of LUMS financial aid programmes here.

Prospects

The Economics major helps develop clear and rational problem-solving skills useful in business, government, corporate and non-government sectors. The major not only provides an understanding of economics institutions and how they impact segments of the economy, but also empowers students with problem solving skills to address issues confronted by organizations, governments and citizens. The major provides rigorous quantitative tools that allow students to understand the domestic and global economic environment and analyze its impact.

The BSc Honours major is a quantitatively oriented programme that provides excellent preparation for graduate studies and careers in economics, business administration, non-government organizations and the corporate sector.

Admission Support

  • SAT ragistration dates
  • ST Registration
  • Testing requirment