Studying Economics and Accounting at Holy Cross

Frequently Asked Questions

An excellent opportunity for faculty-student collaboration is offered by the department Honors Program. This program offers a special opportunity for students to conduct independent research on topics of their own choosing under the guidance of faculty advisors. Each student presents a final paper in a public forum in the spring of the senior year.

Students may elect to pursue a major in Economics after they have completed at least one course in Economics at the College. Applications to the major are solicited in September and January each year. Admissions are not competitive (all applicants will be accepted).

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Enrollment in the Accounting major is limited to 32 students each year and admission is competitive. Compared to accounting programs at other institutions, class sizes are relatively small and students have an opportunity to work together on group projects, participate in microcomputer lab exercises and get to know the faculty. The majority of the faculty are CPAs with extensive field experience.

The Accounting major at Holy Cross is extremely well-regarded by professionals in the field. Each year, four of the five largest national accounting firms visit the campus to recruit summer interns and full-time staff. Over the last five years, approximately 70% of the majors have accepted positions with Big 5 public accounting firms, while the remainder joined firms in private industry, smaller regional accounting firms or enrolled in law or graduate school. 

In addition to studying economics and accounting and enrolling in a variety of liberal arts courses, our majors volunteer regularly at local charitable and social service agencies. Many of our majors also participate in intercollegiate or intramural sports or serve as residence advisors.  Their well-balanced program helps them develop into active, community-minded professionals.

Although the program is small, it has a reputation of excellence. Many of the student completing the program pass the CPA examination on their first attempt. Jon Monson '96 was awarded the silver medal on the May 1996 CPA examination after earning the second highest score of 57,000 national candidates. The faculty are regularly asked to nominate graduating students for the Financial Accounting Standards Board post-graduate internship program. Two students have completed this highly selective program since 1990. Our students are often selected to participate in national leadership conferences offered by the major public accounting firms.  In recent years, several Accounting majors have been selected for Phi Beta Kappa and two Accounting majors have been selected as College valedictorians.

Questions about the Accounting Program should be directed to the Accounting Coordinator,
Professor Karen Teitel (kteitel@holycross.edu).

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Economics majors enjoy a variety of career opportunities. Many graduates pursue careers in the consulting, banking and insurance industries. In general, the economics major can lead to careers in business, law, journalism, teaching, educational administration, politics, finance and banking, government service, public and private overseas service, and labor leadership. The Holy Cross Career Planning Office provides a wealth of information on careers and job opportunities for Holy Cross Economics and Accounting students. The Pre-Business Program may also be helpful for students preparing for a career in business.  The National Association of Business Economists (NABE) is a nonprofit organization for people interested in non-academic careers. They offer a free booklet on careers for business economists, which can be ordered from their www site.

Economics majors with strong math backgrounds are encouraged to apply to top graduate programs in economics, business and related fields. In recent years, Holy Cross economics students have entered Ph.D. progams at MIT, Stanford, University of Chicago, Ohio State, Emory, and others. The Job Openings for Economists publication lists academic and non-academic job openings for economists with advanced degrees. Many economics majors enroll in law school after graduation, work for several years and go on to top MBA programs, and some go directly to MBA and Ph.D. programs. Consult the Graduate Studies Page and the Holy Cross Pre-Law School Page for information on graduate and law school opportunities for Holy Cross graduates.

Accounting

Placement of graduating accounting majors is excellent with 60- 70% securing jobs in public accounting.  In the last five years, graduates have joined firms in Boston, Hartford, New York City, Chicago, San Francisco, Cleveland, Washington, D.C. and Atlanta. The Holy Cross Career Planning Office provides a wealth of information on careers and job opportunities for Holy Cross Accounting students. The Pre-Business Program may also be helpful for students preparing for a career in business. See the Accounting Home Page for more details.

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The Economics Organization provides an opportunity for students to meet with faculty in both scholastic and informal settings. In the past, the group has published a journal of student papers and organized the annual faculty/student volleyball and softball games.

Omicron Delta Epsilon

Omicron Delta Epsilon is the honor society for Economics. The Holy Cross Zeta chapter takes applicants at the spring of every year.

VITA Program

Many students in the major participate in the Internal Revenue Service's Volunteer Income Tax Assistant (VITA) Program. Student complete an examination conducted the the IRS and then serve as volunteer income tax preparers for low-income and elderly taxpapers in the Worcester area. For several years, the program was run by the Accounting Society. The department now offers a couse through the College's Center for Interdisciplinary and Special Studies where students can serve as VITA volunteers for the spring semester while studying issues surrounding tax reform in a weekly seminar.

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Each year, several Economics majors and minors are inducted into this honor society in recognition of their high scholastic achievements. The society was established to honor accomplishments in economics and to promote close ties between faculty and students.

Students earning a 3.0 GPA in their Economics program are eligible to apply for admission into the society. Approximately 15 students are inducted each year. Application details can be found on the Omicron Delta Epsilon page.

The John D. O'Connell Prize for Accounting Excellence

Established in 1993 by several accounting alumni, this award recognizes the accomplishments of one junior Accounting major each year. Named in honor of the department's senior Accounting professor, the award provides a cash prize and engraved desk set to the accounting student who has demonstrated a record of academic excellence, service to the community and commitment to the profession of public accounting.

The Wall Street Journal Student Achievement Award

Awarded annually, this prize recognizes the senior Economics or Accounting student who has contributed most significantly in scholarship, enthusiasm and/or service to the Economics department.

The Freeman Saltus Prize

This annual prize recognizes the student author of the best essay on labor or economics. Contact the Economics Department for more information.

The John J. Cummings, Jr./BAI Award

This competition recognizes the best student essay or research paper on a topic related to financial institutions. Contact the Dean's Office for more information.

The John J. Crowley Memorial Prize

Awarded annually to the student author of the best essay on a religious, literary, historical, economic or scientific subject. Contact the Dean's Office for more information.

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