How to Apply to Economics at Caltech: One University-Wide Admission With No Separate Major, Everyone Takes the Core and Chooses an Option at the End of the First Year, Economics and Business, Economics, and Management (BEM) Options, with Admission Routes and Prerequisites for Domestic, International (Including Chinese) and Transfer Applicants

Caltech is a science and engineering institute with six academic divisions, and its pages call majors options. The admissions office’s “Majors & Minors” page lists two options that are directly about economics: Economics and Business, Economics, and Management (BEM); the catalog also has an economics minor. The pages I read do not say which division these options belong to, and you do not apply to a school or a major: admission is to the Institute as a whole and you choose an option at the end of the first year. Below is what the official pages say for fall 2027 entry, for US domestic applicants, international applicants (including those from China) and transfer applicants.

1. The economics options and how you get into one

• How admission works: the admissions office says every first-year student takes the same classes for the first two terms and “you won’t even declare your major until the end of your first year.” The supplemental application has a required “STEM academic interest” question (150–200 words) asking what area or two you would choose today; the office says you are under no obligation to follow that choice if admitted.
• Economics option (EC): the catalog says it offers “a modern quantitative approach”, stresses economic principles and methodology, and prepares students for graduate study in economics and for work in data science, economics and government; it is flexible and can be combined with mathematics, computer science and other fields.
• BEM option: the catalog says the emphasis is on entrepreneurship, finance and strategy, with highly analytical courses; students often pair BEM as a double major with a science or engineering option, and it can also stand alone for careers in finance, consulting or entrepreneurship. Business administration has its own guide on this site; this guide covers only the economics side.
• Economics minor (EC): the catalog says it supplements another degree; you discuss plans with the option representative and approval generally depends on good academic performance; courses used for the minor cannot count toward another major; the transcript then reads “minor in economics”.
• Conditions for entering the economics option (GPA bar, capacity limits, rules for changing options): the admissions and catalog pages I read do not say; this is not published there, so ask the economics option representative or the admissions office.
• Degree: the transfer graduation-requirements section says Caltech awards a Bachelor of Science degree. The pages I read do not say whether economics carries a STEM designation; this is not published there.
• Honors program: the pages I read do not list an economics-specific honors program; this is not published there.

2. Prerequisites and first- and second-year courses

• High school (university-wide, not by major): four years of math including one year of calculus, one year of physics, one year of chemistry, one year of biology (recommended), four years of English, and two years of history and/or social science (three or more recommended). The pages I read give no economics-specific high school prerequisite; this is not published there.
• Substitutes for calculus, chemistry and physics: the office says that if a course was not available or conflicted with others, and both student and counselor document the reason, exam scores or an online course-challenge certificate can stand in: a 5 on AP Calculus AB/BC, AP Chemistry, AP Physics 1, 2 or C; a 6 or 7 on IB Mathematics HL, Chemistry SL/HL or Physics SL/HL; or a Schoolhouse.world course-challenge certificate (proof due within one week of the deadline). The admissions “academic requirements” page words this as applying to “fall 2026 first-year applicants”; the catalog page (no year printed) gives the same rule but names the certificate courses slightly differently (AP/College Calculus AB or BC and High School Physics or AP/College Physics 1, versus Calculus BC and Physics 1 on the admissions page), so check which version applies to fall 2027 entry. IB Mathematics SL does not meet the requirement.
• First time in senior year: allowed, but your semester or in-progress grades must be reviewable by the deadline.
• Tests after admission: new students take a summer Foundations Assessment (high school chemistry, physics and math principles) and a writing placement exam; Ma 1, Ph 1, Ch 1 and CS 1 are Institute-wide core requirements that can be placed out of through summer advanced placement tests.
• AP/IB credit: the catalog says college credit for AP or IB classes is not automatic; credit or accelerated placement is sometimes granted by department faculty at registration each fall.
• Institute core (2026-27 incoming first-years): Ma 1abc (27 units), Ph 1abc (27), Ch 1ab (15), one biology course (9), one “menu” class (9), chemistry laboratory, CS 1 (9), another introductory lab, scientific writing, 99 units of humanities and social sciences (27 of them social sciences, a category that includes economics), and physical education. An alternative “Integrated Core” path exists. Core courses in the first two terms are graded pass/fail.
• Load: the office says about 45 units per term on average, three 10-week terms a year, plus an optional summer research term.
• Economics option (EC) requirements (catalog): Ec 11 (Introduction to Economics), Ec 122 (Econometrics), Ma 3 (Introduction to Probability and Statistics); linear algebra ACM/IDS 104 or analysis Ma 108a (students intending graduate study in economics are strongly encouraged to take both); advanced theory or advanced econometrics Ec/SS 205a and b or Ec/SS 222a and b; applied data analysis (one of Ec/ACM/CS 112 Bayesian Statistics, BEM 106 or IDS/Ec/PS 126); plus 54 units of advanced economics and social science and 36 units of advanced science, social science, mathematics and engineering; 486 units passed in total, with scientific writing and oral communication requirements. The catalog’s typical schedule has Ec 11, Ec/SS 205 and Ec/SS 222 in the second year and Ec 105, Ec 121 (Intermediate Microeconomics), PS/Ec 172 (Game Theory) and Ec 122 in the third year.
• BEM option requirements (catalog): Ec 11, Ec 122, Ma 3 or ACM/EE/IDS 116, PS/Ec 172; BEM 102 (Introduction to Accounting) and BEM 103 (Introduction to Finance); three BEM courses numbered 104 or higher (at least two between BEM 104 and 111); five courses chosen from a menu; 45 further units of science, social science, mathematics and engineering; 486 units passed in total.
• Economics minor requirements: Ec 11, Ec 122, Ma 3, one applied data analysis course and 36 units of advanced economics and social science.
• Research: the admissions office says nine out of ten students do research while here, whatever their major, and no prior experience is needed.

3. Rounds, deadlines and materials

• Two rounds: Restrictive Early Action (REA) is due November 1 (the page says 2026), with materials by November 6 and decisions in mid-December; admitted students reply by May 1, 2027. REA is non-binding but restricts applying early action or early decision elsewhere (exceptions include institutions outside the US, public institutions with non-binding fall deadlines such as the University of California, non-binding rolling admission, military academies and some scholarship programs; see the page for details). The office says admit rates in REA and Regular Decision differ negligibly and says you need not feel compelled to apply REA to improve your chances. Regular Decision is due January 4, 2027, with materials by January 10 and decisions in mid-March (admit, waitlist or deny). QuestBridge has a separate process.
• A contradiction on the deadlines page: the Regular Decision paragraph says admitted students reply by “May 1, 2026”, while other parts of the page and the catalog say May 1, 2027; this looks like a typo, so go by 2027.
• Materials: the Common App or QuestBridge application; $85 fee or waiver; two recommendations (one STEM: calculus or beyond, chemistry, physics or biology; one humanities or social science: English, history, government or economics); the counselor’s school report; transcripts (grades 9–11 or the international equivalent); a mid-year report; SAT or ACT scores; all AP and IB exams taken; and, for international applicants, English proficiency scores. Supplemental research papers or portfolios are optional.
• Testing: the SAT or ACT is required, with no minimum score and no preferred test; Caltech superscores section by section. For fall 2027 applicants a “bucket” system applies to each section: SAT 780–800 or ACT 35–36 is Bucket A, SAT 750–770 or ACT 33–34 is Bucket B, and the admissions committee sees only the bucket, not the exact score; below 750 (ACT below 33) the actual score is shown. The office says successful applicants have traditionally scored 700 or higher on each SAT section or 30 or higher on each ACT section, with no cut-off. Scores must arrive before October 31, 2026 (QuestBridge), November 30, 2026 (REA) or December 31, 2026 (Regular Decision).
• Supplemental essays (2026-27 questions, updated every year): the required STEM interest question (150–200 words); one of two “scholarly character” prompts (up to 200 words); two of three “scientific drive” prompts (up to 200 words each); a fun question (100–150 words); and an optional academic context question. The office says the questions are published each summer on its site.

4. US domestic applicants

• The pages I read do not distinguish in-state and out-of-state tuition or mention any in-state preference; this is not published there, so ask the admissions office.
• Review: high school grades and rigor (especially math and science), teacher and counselor recommendations, personal qualities, demonstrated interest in math, science or engineering, and the application materials. The SAT or ACT is required.
• Aid: Caltech is need-blind for domestic students and says it meets 100% of demonstrated need; it gives no merit scholarships, all aid is need-based. For the fall 2026 class the average grant was just under $69,000; most students from families earning under $200,000 (with typical assets) can expect aid that covers tuition, and most from families under $100,000 can expect a no-loan package covering tuition, fees, housing and food.

5. International applicants (including those from China)

• Who counts: students who are neither US citizens nor permanent residents and who attended secondary school outside the United States. Asylees, refugees and undocumented students apply as domestic. Apart from financial need, the application and review process is the same as for domestic applicants.
• Academic record: the office says its admissions officers are trained in each education system, so there is no need to convert grades to the American system; transcripts must come directly from your school, and a non-English document needs the original plus an English translation (applications with untranslated parts are not reviewed). IB students need Higher Level Mathematics; A-Level students need A-Level Maths; students taking only STEM classes in the last two years need two English and two social studies classes earlier.
• English proficiency: required unless your native language is English or English is the main language of instruction in your school (in the second case it is “strongly recommended”). IELTS 7 total and 7 in each area; TOEFL taken before January 21, 2026: 100 total and 25 in each area, and taken on or after January 21, 2026: 5 total and 5 in each area; Duolingo 130 total and 130 in each area. The test must be taken before the deadline. The office encourages an InitialView conversation and writing sample (fee waivers available), which does not replace an English exam.
• Aid: Caltech is need-aware for international applicants because the total aid for them is limited, so financial need may affect the admission decision; it also commits to meeting 100% of demonstrated need for those admitted. You must apply for aid when you apply for admission; if you do not apply for or receive aid in the first year you may not apply later (possible exceptions for citizens of Canada and Mexico). The application asks you to confirm an International Financial Aid Statement of Intent.
• Financial documentation and visa papers: the pages I read do not say; this is not published there, so ask the admissions or international students office.
• Recommendations: two, one STEM and one humanities or social science; international applicants who took no humanities or social science course in their last two years may substitute a letter from a teacher in another core subject.

6. Applicants from China

• The admissions office’s international applicant page has no section specific to China. Whether the Gaokao is considered: the pages I read do not mention it; this is not published there, so ask the admissions office (use the contact address on the site).
• Transcripts: sent by the school directly, not converted to the US scale; non-English documents need the original plus an English translation. Whether huikao or senior-high proficiency exam records are needed is not published on the pages I read.
• For international curricula: IB needs Higher Level Mathematics, A-Level needs A-Level Maths, and all AP and IB exams taken must be reported.
• English requirements and aid are in the previous section.

7. Transfer applicants

• Eligibility: fall entry only (no winter or spring); transfers enter the second or third year and are not admitted to the senior year; those who already hold a bachelor’s degree are not eligible. Students already enrolled at another university can apply only as transfers.
• Deadlines: application due February 1, 2027; entrance exams due February 15; decisions in mid-April (admit or deny only, no waitlist); reply by June 1; $85 fee or waiver. The page header says the fall 2027 application and requirements “will be available in late fall” and that the requirements shown are for fall 2026 applicants, yet the table dates are 2027, so check that they apply to fall 2027 entry.
• Materials: two recommendations from college math, science or engineering faculty; official transcripts from every college; secondary school transcript; descriptions of all college math and science courses. SAT/ACT scores are not required and not reviewed for transfers.
• Entrance exams: one in mathematics and one in physics, 4 hours each, taken on the honor system with no references, calculators or electronic devices. The catalog says transfers are expected to have covered first-year core material such as calculus, linear algebra, classical mechanics, electromagnetism and statistical physics, and special relativity; credit for outside courses is reviewed course by course after enrollment and the office says it cannot answer credit questions before admission.
• Choosing a major and graduation: transfers may choose any Caltech option, including economics; they must spend at least two years (six terms) in residence and earn at least 216 units at Caltech, and meet their option’s requirements. The pages I read give no GPA or economics prerequisite for entering the economics option; this is not published there, and the entrance exams cover only math and physics.
• International transfers: the same English requirements as first-years (IELTS 7, TOEFL 100 with 25 per area, Duolingo 130); no financial aid is available to international transfer applicants, who must cover the full cost and agree to the International Financial Aid Statement of Intent.

8. Costs, scholarships and research

• 2026-27 on-campus cost estimate (Financial Aid Office): tuition $68,574, fees $2,655, housing $12,711, food $9,285, for direct costs billed by Caltech of $93,225; indirect costs are books and supplies $1,428 and personal expenses $3,969, a total of $5,397. Fees exclude the student health plan ($5,388 for 2026-27; waivable with comparable coverage), and new students pay a one-time $600 orientation fee. I found no college surcharge for economics.
• Scholarships: Caltech gives no merit scholarships; all aid is need-based (sections 4 and 5).
• Internships and research: the admissions office says nine out of ten students do research; the pages I read do not describe economics-specific internship programs, which are not published there.

Checklist

US domestic applicants:

• Apply on the Common App by November 1 (REA) or January 4 (Regular); $85 fee or waiver, SAT/ACT, one STEM and one humanities or social science recommendation
• No major at admission; take the core in year one and choose Economics or BEM at the end of it; confirm any GPA bar for entering the option

International applicants (including those from China):

• School sends transcripts, no grade conversion, translations for non-English documents; IELTS 7, TOEFL 5 (new scale) or Duolingo 130; IB needs HL math
• Apply for aid at the same time you apply for admission; ask the office whether the Gaokao is considered and about financial documentation

Transfer applicants:

• Fall entry, apply by February 1, math and physics exams by February 15, two science or engineering faculty recommendations; check whether the dates apply to 2027
• Credit is evaluated only after admission, at least two years in residence; international transfers get no financial aid

Sources: Caltech, Admissions: majors and minors; Admissions: the first year; Admissions: academic requirements; Admissions: first-year application requirements; Admissions: first-year deadlines; Admissions: standardized tests; Admissions: supplemental essays; Admissions: international applicants; Admissions: transfer deadlines; Admissions: transfer requirements; Admissions: transfer entrance exams; Admissions: international transfers; Admissions: afford; Financial Aid: costs; Catalog: Economics option (EC); Catalog: Business, Economics, and Management option (BEM); Catalog: Institute core requirements; Catalog: first-year admission; Catalog: transfer admission. Information is for fall 2027 entry (costs are 2026-27 rates). Check Caltech for the latest details.