The Bachelor of Science in business administration (BSBA) economics program in Old Dominion University’s Strome College of Business recently received STEM-Optional Practical Training (OPT) classification from the State Council of Higher Education for Virginia (SCHEV), a move that will benefit all economics students, but especially international students.
Economics department Chair Robert M. McNab called this “great news for ODU. It’s just a signal of the quality of work being done here.”
International economics students with F-1 visas will now be eligible for up to three years of OPT to be employed in the United States in a related career field after earning their degrees. International students in non-STEM degree programs have a one-year OPT limit.
The new designation will take effect for the fall semester.
“Having a STEM-certified economics program will not only make these programs more appealing, but it is a clear differentiator for ODU and the Strome College of Business.” - Dean Kenneth Kahn
The move also aligns the undergraduate program with the master’s economics program, which received STEM-OPT classification a few years ago.
“Having a STEM-certified economics program will not only make these programs more appealing, but it is a clear differentiator for ODU and the Strome College of Business,” Dean Kenneth Kahn said.
McNab said the two additional years international students get in the workforce with the STEM-OPT degree is “really transformative.”
“It is highly critical in terms of either securing a residency permit for the United States or going back home with that additional experience underneath their belt,” he explained.
Consequently, the new designation should help boost the number of international economics undergraduate students.
“We know that for international students, finances are always a challenge,” McNab said. “But on top of that, if they’re looking at a degree program that only allows them one year of OPT, they’re going to go somewhere else that offers three years of OPT. Many economic programs across the U.S. have moved toward that STEM certification three-year OPT. We were at a competitive disadvantage. If you are looking for a way to maintain your competitiveness or increase your competitiveness, this is one way to do that.”
But, McNab stressed, the new designation will help all economics students. He noted that the master’s program has placed 100% of its last two cohorts into the workforce or high-quality Ph.D. programs. Starting salaries for those who take jobs range from $75,000 to $85,000.
“We’re looking to echo that in the undergraduate program,” he said.
He said the evolution of economics programs shows that STEM designation is warranted.
“If you look at what’s a STEM degree, and then you look at the economics degree programs out there, economics has become increasingly quantitative over the last two decades,” he said. “So it fits right into the STEM wheelhouse.”
It also sends a strong message to employers, who want to hire students who can work with data. McNab calls that “the tool of the workplace now.”
“At the end of the day, students can now say, ‘Look, I’m in a STEM-certified degree program,’” McNab said. “So employers don’t have to wonder about the quality of the program. They see it’s STEM-certified, they know that it’s a rigorous, analytical-based program. We’re seeing graduates that have those analytical skills are typically employed before graduation.”
“This also could be a way we could keep the talent in Hampton Roads for domestic and international students,” added Vinod Agarwal, economics professor and deputy director for the Dragas Center for Economic Analysis and Policy.
McNab would next like to see a five-plus-one degree where a student could earn a bachelor’s and master’s degree in five years, with a completely online option.
“The prospects for growth are quite exciting,” he said.