William & Mary economics students now have more career options post-graduation, thanks to a recent degree code change.

The change switched the economics program from a social science Classification of Instructional Program (CIP) code to a STEM CIP code. Approved in the fall 2024 semester by the State Council of Higher Education for Virginia, the change is already in effect and will not affect credit requirements or expected graduation dates for current students.

“This is an official acknowledgment that your degree is quantitative, that you take skills into your post-William & Mary career that are very valued scientific skills,” said Economics Chair Peter McHenry.

Rachel Gable, director of academic program authorization in the Office of Institutional Accreditation and Effectiveness, helped enact the change.

“The (main) piece is, does the code change make sense for the curriculum we offer? Does the curriculum align with the STEM designation or not? And in the case of economics, it clearly did,” Gable said.

Meeting workforce needs

Over the past 15 years, the economics degree has been in flux, according to Gable and McHenry. To respond to 21st-century workforce needs, economics as a field has become much more quantitative and mathematical, making a gradual change toward computing. Classes at William & Mary have reflected that, and the code change was the last step in the current evolution of the degree. The change is aligned with William & Mary’s Vision 2026 strategic plan, which includes Careers and Data among its core initiatives. 

“One hundred years ago, you read economics, and it was just paragraphs,” McHenry explained. “Fifty years later, there’s a lot more equations and math in there. … It seemed natural to us that we would see that (change) reflected in a move to this quantitative economics and econometrics categorization.”

While the CIP code change may seem somewhat banal, the impact it has on students majoring in economics is far-reaching. Students will now have more opportunities to apply for more competitive, higher-paying STEM jobs. The new designation also allows international students to apply for a special visa to stay in the United States for an additional year due to projected demand in the workforce. According to McHenry, the economics department has a higher average of international students than other degrees offered at the university.

The code change also allows William & Mary to designate graduates in economics as part of the university’s already expansive STEM programs.

“It’s just one example of at least a dozen changes that we’ve made over the past year and a half that are going to be exceptionally beneficial for our community,” Gable said.

One of the faculty members championing the process was Professor of Economics David Feldman. He informed McHenry about one international student who wanted to major in economics but chose a different major that already had offered the extended visa. While the student still declared economics as a minor, that difficult decision was motivation for McHenry to push for the code change.

The Office of Institutional Accreditation and Effectiveness worked closely with McHenry and the department to ensure the proposal to SCHEV met expectations.

“I’m so grateful to be at William & Mary because of this” Gable said. “I love how much the faculty are dedicated to doing the work that it takes to maximize students’ experience and outcomes.”

Outside of economics, Gable’s office has been working on other CIP changes, including the new undergraduate degree in coastal and marine sciences, among other projects.

“We really are responding to some of the biggest challenges in higher education with a lot of really exciting ideas and energy to fulfill those promises to our students,” Gable said.