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College of Business and Economics


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The College has two Departments: Economics and Business Administration. The previous Departments of International Trade, Accounting, Insurance Management and Business Administration have been integrated into the Department of Business Administration, which was established in 1995

Educational Objectives

Inside Academics

By Eunkyoung Lee, Graduate Student Editor
Photo by Dongjin Lee, Student Photographer/ Editor
Photo Courtesy of the College of Business and Economics, ERICA

In 2008, the world was hit hard by the Global Financial Crisis. It resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. It triggered the meltdown of key businesses, declines in consumer wealth, and a significant decline in economic activity, leading to a severe global economic recession that still continues up to now. In short, the crisis has done irreparable damage to the world in general. In the midst of these phenomena, Economics and Business Administration has been the keywords of our society.


Then what are these disciplines all about? From individuals to governments, we all make choices every day. Economics is the science of choice, from the personal (why do you buy what you do?) to the public (how do government policies affect your behavior?). While Economics focuses on more theoretical aspects, Business Administration is more practice-oriented discipline. It studies how to accomplish desired goals and objectives using available resources efficiently and effectively.


The College of Business and Economics at ERICA Campus has been committed to excellence in teaching Economics and Business Administration at the undergraduate and graduate level for more than 30 years. The college emphasizes pragmatic curriculum, truly open and globalized education, students ethical behavior, and servant leadership. It is consisted of two divisions: the Division of Economics, and the Division of Business Administration.



The Division of Economics currently has 13 full-time professors and around 470 students. The curriculum is designed to help students understand the modern economics and form a sound basis for advanced studies. There are four sub-majors in the Division of Economics, which are microscopic theory and application, macroscopic theory and finance, mathematical principles and econometrics, and others. The students are required not only to understand the dominant theories, but also to be equipped with the ability to apply the principles to real situations for practical purposes. The interesting fact is that the division hires the largest number of foreign professors in HYU. In the recent University Accreditation by the Korean Council for University Education, the division has received high marks as being one of the top departments of Economics in Korea.


The Division of Business Administration was founded in 1980, aiming to cultivate well-rounded elites with global mindsets and communication skills. Currently, the division consists of 25 professors and about 950 students. The Division of Business Administration especially puts strong emphasis on the international aspects of the education. It runs many English-only lectures, which takes up about 20% of all classes. It also provides diverse internship opportunities and summer school programs abroad. One notable feature of this division is the major track system, in which students choose one area of their interests among 8 sub-majors; Marketing, Accounting, Finance, E-business, Service/Supply Chain Management, Insurance, Strategic Dynamic Management, and Human Resource.





And now let us take a deeper look at the College of Business and Economics at ERICA Campus through interviews with the Dean and the Manager of the Administration Team.




A Conversation with the Dean of the College, Won-Shul Shim


By Jaehyun Lee, Student Reporter
Photo by Dongjin Lee, Student Editor/ Photographer



Q. Can you briefly introduce the College of Business and Economics?
A. The College of Business and Economics was established one year after the opening of Hanyang Universitys ERICA campus in 1979. It was originally separated into more specific departments, and then it became the College of Business and Economics in 1990s. Through the 30 years of its history, the college has steadily developed and found its current position. The biggest improvements are the active roles of the alumni. Many of the graduates are in important positions of various industries now. We are also planning the Fall Homecoming festival to build a sound alumni association.


Q. How is the College of Business and Economics distinct from other colleges in the University?
A. First, we are trying to prepare students after their first job. These days, finding a job is very difficult, but getting promotion and staying in that position for a long time is even harder. This is what causes talented students to lean toward stable jobs, instead of more challenging jobs. However, I think it is more important to have a long career in a challenging job with strong competitiveness. For this, having the specialty and expertise is essential. The College of Business and Economics is, therefore, supporting students to find their specialties.


Moreover, we are highly encouraging students to learn English through various programs, and put them in a system that forces them to pay more attention to their English skills. For example, for those with high GPA, we consider TOEIC scores when selecting scholarship students. Also, we have TOEIC courses as a part of our major courses so that student can study TOEIC during the semester. In addition, many of the major courses are taught in English. Therefore, in order to graduate, students must take several English courses. In the beginning, there were some complaints from the students; however, the new system is now has good responses.


Q. For the further improvement of the college, where are you putting most of your effort?
A. The current universitys president, President Lim, was the former Dean of the college. Among the many revolutionary works he achieved, the most noticeable one was to establish the working environment. Since then, our college has achieved remarkable grades from multiple evaluations.


However, there are still a lot to do. Currently, we are putting our utmost effort in helping students to start their own businesses and run their own companies. In other words, we are specializing ourselves in providing all needed information and help for students to establish their own business sometime. More specifically, selecting an item to start a business is the first step to take. Hence, the College of Business and Economics are providing lectures to educate students on how to start their own business and how to advertise and manage it. This will enable the students to be confident and be ready, even after they are employed in other firms. I believe what we are doing is exactly following what Hanyang University pursues, practical application of education.


Q. In the College of Business and Economics, what kind of academic societies exist and do students participate well in those societies or club activities?
A. There are many clubs and academic societies in the College, with long history. The kinds of activities vary from sports, debating, English speaking to venture and accounting. Through various activities, students feel a sense of belonging and take active part in them. For example, there is a student club named HYSCHOLAR. Students in this club get together and apply for and participate in public competitions. From collecting information to practice presentation, students can build diverse experience by preparing for these competitions. However, sometimes, students seem to lack the sense of purpose; they participate in club activities just to have fun and make friends. It would certainly be better if students keep in mind, why they participate in these clubs.


Q. Few words to the students
A. Have some pride. I think students here are somewhat less confident than the students in the Seoul campus. However, there is really no difference in terms of high school GDP and University entrance exam score. Statistically, it is just a margin of error. Confidence and energy do make a big difference. The lack of confidence covers up any potential that students may have. Inspiration and guides are important factors for good output. Be strong and competitive. I hope students find the strength of our college with pride.




A Conversation with the Administration Team Manager, Jihee Hyun


By Jaehyun Lee, Student Reporter
Photo by Dongjin Lee, Student Editor/ Photographer


Q. Can you tell us about the general tasks of the College of Business and Economicss Administration Team?
A. We basically deal with the overall work of the College. From the recruitment of professors to academic affairs, we try to provide the best service to every single person in the College. The task also includes general affairs and work related to the graduate school.


Q. When do students visit the office? Do the foreign students come to the office for a help as well?
A. Students visit time to time whenever they have a problem in the college. However, students visit increases especially during the course-registering period and the add-drop period. Since our college has a high ratio of English courses, students come a lot for counsel. Also, foreign students come to the office a lot when they are having a hard time registering Korean courses. In that case, we give them a privilege to take the course.


Q. What are some special areas of the Administration Team compared to those of other colleges?
A. The College of Business and Economics runs an independent career center. There are books and the person in charge consults the self-introduction letter and resumes. We also hold College level career camps, where students can get in touch with various industries.


As you can see, our college has an excellent hardware. We provide cutting edge facilities, and provide students with a great atmosphere for studying. This is because the size of the budget is huge. We are closely tied with foreign schools and are progressing to the Global Frontier at the college level.


Q. What is the most difficult job in your team, and what are you doing about it?
A. It is the course-registering period. Seriously, it is like a war. All students, professors and Administration team members have a hard time during this period. We know that there are always systematic problems. We are always doing our best to make it better.


Also, we are connecting students with those who already graduated and working in the society. Holding a career camp is another effort of ours to help students to get better and more suitable jobs.


Q. Would you like to deliver a message to the students?
A. I just wish that the students would have more confidence. Sometimes when I go to the freshmen orientation, I feel really sad. Our college is in a very good shape in terms of output. Be confident, dream big, and study hard!