A look inside the University of Minnesota Department of Economics

Minnesota is the only state where its public land-grant university is located in the same city as a Federal Reserve Bank.

“It’s a fortunate accident of history that the economics department is just two miles from the Federal Reserve Bank of Minneapolis,” says Tom Holmes, chair of the University of Minnesota Twin Cities Department of Economics. “That proximity has enabled a unique collaboration over many years—one that has significantly contributed to the excellence of both institutions.”

Now, an exciting new collaboration is aimed squarely at undergraduate students. The partnership, Broadening Excellence in Economics, strives to increase the pipeline of individuals into the economics profession. This initiative includes a new series of intermediate-level courses at the University of Minnesota, taught in partnership with the Federal Reserve, as well as a practical research training program at the Minneapolis Fed.

The inaugural Broadening Excellence in Economics program was held during the spring 2025 semester, bringing together undergraduate students for hands-on experience in economic research. The first course in the new series, Economics at Work: The Wealth of African Nations, focused on the multifaceted nature of African economies.

A leader in the field

The University of Minnesota’s Department of Economics is one of the best in the world, well known for generating groundbreaking research and collaborations with other leading institutions.

“We’re fortunate to be located in the heart of the vibrant Twin Cities economy, where our alumni are doing work with global reach,” says Holmes. “That makes it easy to create meaningful opportunities for students to learn from and engage with them."

That strength of community is often what sets the department apart, says Holmes. “I always tell our students that one of the best reasons to be an econ major is the other econ majors themselves.”

Being an economics major connects students to thousands of alumni. Around one-third of economics majors enter fields like finance, consulting, or similar areas, and a vast network of economics alumni can help students take their career paths even further. Current students can get real-world advice, job leads, and tips from graduates who've already made their mark in their careers.

“We want our students to understand how the world works—and to connect with our incredible alumni network,” says Holmes.

The department’s alumni network also supports off-campus experiences, including trips to Washington, D.C., and New York City, where students meet with economics professionals and explore a range of career paths.

Listening to the students

For years, many economics majors have supplemented their studies with business courses from the University of Minnesota Carlson School of Management. To formalize this trend, the economics department recently partnered with the Minnesota Carlson to create a new BA in Economics, Business Emphasis Degree. This degree offers a structured pathway for students interested in both economics and business, combining the strengths of both disciplines into a single, integrated program.

Holmes says that integration offers a competitive advantage. “It's a different niche that we think is extremely valuable,” he says. 

This story is adapted from the College of Liberal Arts