Course Name: BSc Economics

Course 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 centers 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.

Number of semesters: 8

Requirements:

Minimum Eligibility Criteria for Admission

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)
   

Applicants who apply to multiple schools are considered separately for each school. Admission in a specific school is based on merit and the availability of seats.

I. Academic Background

• 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 (60% marks or above) and FA (60% marks or above)/FSc/ ICS/ICOM (65% marks or above)
    
  • O’ Levels results (in at least 6 subjects) with an average grade of at least ‘C’and A’ Levels in at least 3 principal subjects¹ with at least 2 Bs and 1 C grade such that there should be no more than 1 C grade and no grade less than a C. No credit will be given for General Paper.
    
  • American High School Diploma (HSD) (65% 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)
    
• 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 2015 are eligible to apply for admission if they fulfill one of the following academic qualifications:
  
  • Successful completion of Matric (with at least 60% marks) and FA 1st year (60% marks or above)/FSc/ICS/ICOM 1st year (65% marks or above)
    
  • O’ Levels results (in at least six subjects) with an average grade of at least ‘C’.
    
  • American High School Diploma (9th, 10th, 11th & 12th year’s first semester) results with 65% marks or above/Grade point average of B- or above
    
  • International Baccalaureate (first year) results at least 28 out of 45 points
    

  If shortlisted for admission, applicants will be given a conditional offer. Applicants who are made a conditional offer must subsequently meet one of the following conditions for admission to LUMS by August 2015:
  

  • Successful completion of FA/ICS/ICOM/FSc. FA (60% marks or above)/FSc/ICS/ICOM (65% marks or above)
    
  • A’ Levels in at least 3 principal subjects¹ with at least 2 Bs and 1 C grade such that there should be no more than 1 C grade and no grade less than a C.
    
  • No credit will be given for 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
    

To join LUMS in Fall, applicants who are made a conditional offer must subsequently meet the conditions stipulated by the Admissions Committee.

Note:

• Candidates who have either completed or are in the last year of completion of 12 years of education which does not lead to FA/ICS/ICOM/FSc/A’ Levels or International Baccalaureate Certification 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 linkhttp://www.ibcc.edu.pk
  
• 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 I–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 2015, applicants must improve their A’ Level grades in November 2014³. Applicants planning to improve their grades by taking June 2015 exams are not eligible for the Fall 2015 session.
  
• Applicants should be aware that, the presentation of incorrect/false/forged/fraudulent information or document in connection with admission to the LUMS Undergraduate Programme is a criminal offence and the University reserves the right to initiate appropriate action. Action may include, but is not limited to cancellation of an application for admission, an offer of admission, or of an enrolment.
  
• All 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.
  

  All applicants must submit their online admission application on or before February 18, 2015 10:00 am (PST).
  

II. Performance in the Admission Test

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

All applicants must successfully submit their complete online admission application on or before February 18, 2015 10:00 am (Pakistan Standard Time).

In order to be considered for the “First Round” of admissions applicants are required to take the SAT Reasoning Test (SAT I) latest byJanuary 24, 2015.

On a space available basis students taking SAT I in May 2015 will be considered for the “Second Round” of admission.

Applicants are strongly encouraged to take SAT I by January 24, 2015 in order to be considered for the first round of admission to avoid any disappointment due to the unavailability of seats in the second round.

Important Note for all applicants:

1. SAT I taken after May 2015 will not be considered for this year’s admission.
   
2. May 2015 SAT scores of those who have already taken SAT by January 2015 and applied for the “First round” of admission will not be considered for admission evaluation.
   
3. Each applicant should submit only one application for Fall 2015 session.
   
4. When registering for SAT, use your name as it will appear on your LUMS application. 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).
   
6. In order for your application to be considered complete and for us to make an admissions decision, we must have official test scores submitted directly to LUMS by the testing agency on your behalf.
   
7. The college code for reporting SAT scores to LUMS is 0513.
   
8. Applicants are required to submit score(s) of the SAT Reasoning Test (SAT I) to the LUMS Admissions Office soon after the announcement of result. The copy of student report should also be sent along with all other supporting documents.
   
9. 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.
   
10. “Application processing fee waiver” is available for applicants with high financial need. Decision to grant a fee waiver will be taken after evaluation.
    

III. Submission of a completed application form and supporting documents

Applicants must submit complete online application form on or before February 18, 2015 10:00 am (Pakistan Standard Time).

The deadline to submit all supporting documents along with the proof of payment of Admission Application Processing Fee in ONE Packageis February 19, 2015; 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 February 18, 2015 10:00 am (PST), applicants will be able to print a system generated Application Processing Fee payment voucher. The voucher can be paid:

• Online, immediately by visiting http://pay.lums.edu.pk; or
  
• In cash, the next day by presenting the payment voucher along with the requisite amount at any Allied Bank branch throughout Pakistan.
  

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 as 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.

Click Here for detailed document checklist.

Details on Major Preference(s)

Applicants are required to mention their major preference(s) for BS Programme of SBASSE & BA/BSc.(Honours) Programme of MGSHSS & SDSB through the online admission application form. However, allocation of a preferred major cannot be guaranteed at the time of admission. 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. 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.

Note:

• Students interested in Electrical Engineering are required to have taken Mathematics, Physics and Chemistry in FSc/A’ levels.
  
• Students can 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.
  

Disclaimer

• All admission decisions taken by the University are final.
  
• LUMS strives to provide equal access to qualified applicants from all segments of society. Applicants with disabilities can request reasonable facilities during the admissions process. All such requests must be supported by documentary evidence, including details of previous accommodations obtained during academic career. Please contact the Admissions Office for further details.
  
• Applicants should be aware that, the presentation of incorrect/false/forged/fraudulent information or document in connection with admission to the LUMS Undergraduate Programme is a criminal offence and the University reserves the right to initiate appropriate action. Action may include, but is not limited to cancellation of an application for admission, an offer of admission, or of an enrollment.
  
• It is the sole responsibility of the applicant to provide complete, correct and timely information to the Admissions Office. Applications without complete and correct information or documents will not be considered for admission.
  
• All information submitted through online application should be supported by the provision of attested copies of relevant transcripts and certificates². Any information will not be considered valid if an attested official proof/document is missing. Documents sent/postmarked after February 19, 2015 will not be processed.
  
• The University reserves the right to change dates and deadlines for admissions. Please keep informed of any changes by visitingwww.lums.edu.pk periodically as well as the LUMS online application site.
  

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

² Transcripts and certificates should be attested from School’s administration.

³ Applicants taking their A’ levels or AS level exam in November 2014 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.

Course Duration: 4 years

How to apply:

Dear Applicant, Thank you for showing your interest in LUMS.
For the convenience of applicants, we have outlined the steps to complete the online admission application. Please carefully read the instructions given below, before you start filling out the application form. In case you face any problem, please email us at helpdeskAO@lums.edu.pk.

Best of luck!
LUMS Office of Admissions

Instructions

Browser settings:

This application is best viewed at 800 x 600 screen resolution with the text size of your browser set to medium. To set the text size to medium in Microsoft Internet Explorer, go to the View menu item in the title bar on the top of the browser, click on the Text Size menu item and then select Medium.

Account creation

To create an online application account with LUMS Online application system, you are required to have a valid email address.

Please use your Yahoo or Gmail account to create your online application account. Applicants are advised to have at least two active email addresses so that in case of any problem with their email account they can still correspond with the LUMS Office of Admissions through their second email address.

It is advised to create only ONE ACCOUNT for the online application submission. Applicants submitting more than one application for the same degree program during a single admission cycle will be disqualified without any warning.

Please note down your sign in details after creating your account i.e. your user name and password information and do not share this with anyone else. You will need these to re-enter the system.

Submission of the complete application:

There are 7 steps to complete the LUMS Online Application:

STEP 1: Carefully read the instructions given at the upper right side of each section of your online admission application.

STEP 2: Fill out complete information in each section;

STEP 3: Submit your online admission application after a thorough review of provided information latest by the stipulated deadline;

STEP 4: Download System generated fee voucher to make a payment for the Application Processing and LUMS Test(s) Registration
Fee (if applicable);

STEP 5: Make the payment of appropriate fee on or before the deadline stated in the fee voucher;

STEP 6: Print the “Mailing Label” and paste it on the envelope having supporting documents;

STEP 7: Send all supporting documents along with the proof of payment in ONE PACKAGE latest by the stipulated deadline.

How to fill out the Online application:

• Access LUMS website http://www.lums.edu.pk.
  
• Click on the tab “Admissions and Aid” on the main page.
  
• Click on the link “Apply Online“.
  
• Click on the link “Application”
  
• Window will display “LUMS Online Admissions“.
  
• Add lumsadmission@lums.edu.pk to your e-mail address book to avoid blocking of messages from LUMS as SPAM.
  
• Click on “Create New Admission Account“.
  
• If you are a first time user then enter the required information in the fields on “Create New Account” page.
  
• Please note that all fields marked with “*” are mandatory fields.
  
• Complete these sections and click on “Create New Account“.
  
• Your account will be created and you will receive an activation email from LUMS Admissions Office.
  
• After the activation of your account you can log in to the “LUMS online admissions” application system.
  
• Please select the programme from the list; you intend to apply for. Application created/submitted for a specific programme will not be considered for any other programme so select the programme carefully.
  
• You will be assigned a “Tracking ID“. The Tracking ID is unique to you. Make sure you write it, along with your full name, in any correspondence with the LUMS Admissions Office throughout the admission cycle.
  
• You can log in to your LUMS application account by using user name and password.
  
• Click the “General Information” tab.
  
• Read the “Instructions to fill out the online application form” carefully.
  
• “Minimum Eligibility criteria” and “Important dates for Admissions” are also mentioned here. Any important “News or Announcement” regarding admissions will also be displayed at this tab throughout the admission cycle.
  
• Click on “Application Form” tab. You will be able to view the instructions to complete the application form.
  
• Click on each of the Sections in the “Application Form” to provide the required information. After you enter the required information for a section always remember to press the “Save” button to save your data/changes.
  

Please note that some of the application sections offer predefined options in drop down lists (for example names of educational institutions). If a drop down list is missing an option that you wish to select, you can enter this information using the “Other/not listed” field. Please save this information by pressing the “Save” button.

• The links for instructions given at the top of each section will help you to complete the section. Read the instructions carefully.
  
• The comments displayed at the top of each section show the status of section completion. For example “Information updated successfully” shows that the information is complete. In case of any missing information applicant will be asked to provide the required details.
  
• Fill out all sections completely and precisely.
  
• Applicants are required to upload their most recent passport size picture according to picture uploading instructions. Applications having invalid picture format will not be processed for test registration.
  
• Once you have completely filled in the information for all sections correctly, the status for all section will change to Complete. You will be able to see the status of each section on the main page.
  
• You can complete your application in multiple sessions.
  
• To exit, click on “Log out” button on the upper right corner of the window.
  
• In order to change your current password, use the link given at the upper right corner “Change Password” of the Application’s page.
  
• Please don’t share your log in details with your friends and colleagues.
  

Make corrections to your data

• If you want to make changes to information that you have entered previously, simply re-enter the correct information and save it again.
  
• The save option only saves your data in the database. The data will not be transferred to Admissions Office till the information your online application is submitted.
  

Submit your application

• At any point, you can view and print a copy of your application by clicking the “View & Print Application” button.
  

Please note that the screening of applications will be done on the basis of the information provided by the applicant so make sure that you fill out the online application form very carefully.

You will be able to submit your application once all sections in the application form show the status as complete.

• When you are satisfied and ready to send it to the university, click on the check box given at the bottom of application page to agree to the given conditions. You will only be able to submit your application if you check the “Undertaking“. Carefully read the Undertaking statement and click the check box once you agree with its content.
  
• This will enable the “Submit” button near the bottom of the page. Press the “Submit” button to submit your application.
  
• Once the application is submitted, you can no longer make changes.
  
• On submitting your online application you will receive a confirmation email from LUMS. Please print this email and keep it for your record. If you do not receive any email, please recheck your application submission status and if there is any problem contact the Admissions Office.
  
• On submission of your online application, your application will be converted to the PDF format, hence no changes can be made.
  
• After the successful submission of your online admission application, you will be able to view and print Mailing Label and Fee Voucher (for the appropriate application processing and/or test fee).
  
• Print a system generated Application Processing and LUMS Test Registration Fee (if applicable) payment voucher for making payment(s) at Allied Bank Branches throughout Pakistan.
  
• Print the mailing label and paste it on the envelope containing all your supporting documents before mailing it to the LUMS Admissions Office
  
• We would appreciate if you can take out a few minutes after the submission of your online application to fill out the online marketing survey. Your feedback will help us to improve our marketing efforts.
  

Payment Procedure:
After the successful submission of the online application form through the LUMS Online account on or before the deadline (see the important dates on LUMS website), you will be able to print a system generated Application Processing and/or LUMS Test Registration Fee payment voucher. Please print the fee voucher for making payment(s) at Allied Bank Branches throughout Pakistan. The voucher can be paid:

•  
• Online, immediately by visiting http://pay.lums.edu.pk; or
  
• In cash, the next day by presenting the payment voucher along with the requisite amount at any Allied Bank branch throughout Pakistan.
  

Note:

• Since admission to LUMS is very competitive, meeting the minimum eligibility criteria (available at LUMS website www.lums.edu.pk ) for the programme does not guarantee your admission. Applicants are encouraged to achieve well beyond the minimum requirements to enhance the chances of their selection.
  
• Applicants should be aware that, the presentation of incorrect/false/forged/fraudulent information or document in connection with admission to the LUMS Degree Programme is a criminal offence and the University reserves the right to initiate appropriate action. Action may include, but is not limited to cancellation of an application for admission, an offer of admission, or of an enrolment.
  
• LUMS will NOT consider applications that are incomplete or are missing the required documents or have not been submitted by the deadline.
  
• The preferred method of communication with the LUMS Admissions Office regarding all enquires is through email. Email us athelpdeskAO@lums.edu.pk or use the link “Ask LUMS Admission” given at the upper right corner of online application form and give us 48 working hours to get back to you regarding your query.
  
• Online application and required supporting documents should be submitted on or before the stipulated deadline.
  
• Submission of Application Processing Fee and/or Test Registration Fee should be done on or before the stipulated deadline.
  

Details of Application Processing & LUMS SBASSE Subject Test Registration Fee (if applicable):

þThe application processing fee of Rs. 4,700 (for applicants applying to all programmes)

þThe LUMS SBASSE Subject Test Registration Fee of Rs. 1,750 (if applicable)

Payment Procedure:

After the successful submission of the online application form through the LUMS Online account on or before February18, 2015; 10:00 am (PST), applicants will be able to print a system generated Application Processing and LUMS SBASSE Subject Test Fee payment voucher (if applicable). Applicants must print the fee voucher for making payments at Allied Bank Branches throughout Pakistan. The voucher can be paid:

• Online, immediately by visiting http://pay.lums.edu.pk; or
  
• In cash, the next day by presenting the payment voucher along with the requisite amount at any Allied Bank branch throughout Pakistan.
  

þTwo Teacher Evaluations;

þOther supporting documents (if applicable);

o Creative Space/Essay/Personal Statement

o Additional Information Documents

þSupporting documents for Financial Aid (if applicable);

• Income certificates of all earning members of the family – This includes salary slips of last three months for salaried persons, pension book for retired, financial statements for self employed or businessman and a certificate/proof/ legal affidavit in case of any other income
  
• Retirement Order/ Final Settlement Letter in case any one of your parents or guardian is retired
  
• Income Tax Returns of all earning members & of business in case of businessman for 2014
  
• Wealth Statement for 2014
  
• Bank Statements (for the last year) of all bank accounts in the names of all the family members and in the name of business in case of businessmen
  
• Utility Bills (last three months) – Electricity, Gas, Phone.
  
• Rental Lease Agreement (if the residence or any other property is being leased for residence or business purposes or if excess property is leased to any other person/ party for income purposes)
  
• Copies of Saving Certificates/ Bonds/ Shares/ CDC Statement
  
• Loan Document(s) of Loan outstanding as a liability (loan sanctioning document & payment plan) and loan receivable from any relative, financial institution, agency or organization
  
• Medical bills/ expenditure related documents (if any of the family member is suffering from any fatal/ serious disease). Please also provide a brief history of the medical ailment.
  
• Credit Card Statements for last 6 months (if applicable)
  
• Property ownership documents (house, plots, agricultural land, flat, shops etc). Allotment letter in case the property has been provided by the employer
  
• Vehicle(s) Registration documents of the vehicles being used by the family. Allotment letter in case the vehicle has been provided by the employer
  
• Mortgage/ Lease document(s) (in case house, car or any other property has been taken/ given on lease)
  
• Fee receipts & Fee Concession (Scholarship/Loan) document(s) of sibling(s)/ dependent(s) – from any institution including LUMS
  
• Fee receipt & Fee Concession (Scholarship/Loan) document from the last institution the applicant attended
  
• Domicile Certificate of the applicant only
  
• Copies of CNIC/ B – Form of Applicant and Parents/ Guardian
  
• Complete Photocopy of Passport of Applicant and Parents/ Guardian (All 36 pages)
  
• Any other document(s) demonstrating financial need
  

LUMS Financial Aid Office may request additional information, or conduct a physical audit, in order to properly evaluate your financial need. Please respond promptly to avoid delays.

Also send a copy of this checklist along with your documents clearly stating the reason for not submitting a certain document.

All data and documents submitted with the Financial Aid form will be treated as confidential.

Applicants must print and paste the “Mailing label” on the envelope containing their supporting documents before sending it to the LUMS Admissions Office.

Disclaimer:

• Applications or documents received after the stipulated deadline will not be processed.
  
• It is the responsibility of the applicant to provide correct and timely information to the Admissions Office. Applications without complete and correct information or documents will not be considered for admission.
  
• All information submitted through online application should be supported by the provision of copies of relevant transcripts and certificates. Any information will not be considered valid if an official proof/document is missing.
  
• The University reserves the rights to change dates and deadlines for admission. Please keep informed of any changes by visiting www.lums.edu.pk periodically as well as the LUMS application site.
  

Transcripts and certificates should be attested from School’s administration.

Applicants taking their A’ levels or AS level exam in November 2014 are required to submit the final result within three days of its announcement; however, they must provide this information through online application form and submission of a copy of the “Statement of entry “along with all other supporting documents is mandatory.

Curriculum:

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
 

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

Economics Core Courses
 

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 yearlong 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).