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When analyzing data, economists use many of the same statistical tools as other disciplines. However, economists have a tradition of formally combining data analysis with economic models, giving a different perspective on data and how to think about data analysis. This certificate will introduce students not majoring in Economics to this economic approach to data analytics.

An economist’s approach to data analysis has two distinguishing features. First, economists traditionally interpret observational data through the lens of an economic model. This often leads to an explicit derivation of the data-generating process, typically involving individual optimization. Second, economists tend to focus on identification and causal inference more than many other disciplines. This involves looking for combinations of data and empirical approaches that allow empirical relationships to be interpreted causally.
 
This certificate will introduce students to this perspective and these tools by teaching students a mix of microeconomic theory, statistics and econometrics, and hands-on experience analyzing real data.

How to Get in

There are no prerequisites to declaring the certificate; students are encouraged to declare as soon as they are comfortable. Declaration of the certificate occurs via an online form, but students are encouraged to schedule a meeting with an Economics advisor.

Economics majors are not eligible to declare this certificate.

Requirements

The certificate requires at least 14 credits, from:

Complete one option from each category:
Microeconomics (complete one course):3-4
ECON 301
 Intermediate Microeconomic Theory
ECON 311
 Intermediate Microeconomic Theory - Advanced Treatment
Statistics (complete one option):4-8
ECON 310
 Statistics: Measurement in Economics
STAT 240
& STAT 340
 Data Science Modeling I
and Data Science Modeling II
STAT 303
& STAT 333
 R for Statistics I
and Applied Regression Analysis
Econometrics (complete one course)4
ECON 400
 Introduction to Applied Econometrics
ECON 410
 Introductory Econometrics
Data-Related Economics Elective (complete one course):3-4
ECON 460
 Economic Forecasting
ECON 570
 Fundamentals of Data Analytics for Economists
ECON 695
 Topics in Economic Data Analysis
Total Credits14

Residence and Quality of Work

  • Minimum 2.000 GPA on all certificate courses
  • At least 7 credits must be taken in residence at UW-Madison 

Certification Completion Requirement

This undergraduate certificate must be completed concurrently with the student’s undergraduate degree. Students cannot delay degree completion to complete the certificate.

Learning Outcomes

  1. apply microeconomic models to understand and interpret individual behavior and market outcomes as the result of individual optimization
  2. estimate the value of unknown parameters and test theories using formal hypothesis tests
  3. summarize the conditions required for a statistical association to represent a causal relationship; evaluate the extent to which those conditions hold in particular settings; interpret the results when those conditions don’t hold
  4. download, clean, and analyze large economic datasets using modern statistical software

Advising and Careers

Academic Advising

If you are wondering how this certificate can fit into your academic plans or help with your career goals, be sure to meet with an advisor. Our academic advisors can help you create an academic plan and ensure you are making the most of your academic experience.

Economics Career Development Office

The Economics Career Development Office (ECDO) provides career advising to help economics students explore career options and search for jobs and internships including reviewing application materials (cover letter and resume). Career advisors work with students to develop an individualized job/internship strategy based on the student’s background and career goals. Career advising is open to declared economics majors, anyone considering majoring in economics, or students pursuing the Economic Analytics certificate who would like economics-specific career advice. Set up an appointment or email your questions to econcareers@ssc.wisc.edu. 

SuccessWorks

SuccessWorks at the College of Letters & Science helps you turn the academic skills learned in your classes into a fulfilling life, guiding you every step of the way to securing jobs, internships, or admission to graduate school.

Through one-on-one career advising, events, and resources, you can explore career options, build valuable internship and research experience, and connect with supportive alumni and employers who open doors of opportunity.