The Economics for Leaders program is a summer program that aims to instill high school students with one of the most undervalued skills: economic literacy.
What’s economic literacy? Essentially, it’s understanding how economic principles affect everyday life, from personal finance to global markets. And it’s a critical skill to ensure you can make informed decisions, understand public policies, and engage in civic life effectively.
Unfortunately, according to the Council of Economic Education, only 28 US states require high schools to offer an economics class. The Economics for Leaders (EFL) program aims to fill that gap and prepare the next generation of informed citizens, leaders, and decision-makers.
Sound interesting? If so, keep reading to learn more about the EFL program, how to apply, and how it could impact your college applications!
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(click to skip ahead)What is the Economics for Leaders program?
The Economics for Leaders program is a one-week summer program held between June and July on various renowned college campuses across the country. It’s a great opportunity for students eager to enhance their leadership skills while gaining a deeper understanding of economic principles.
In this program, you can
engage in interactive lessons led by college economics professors
participate in leadership development activities
learn to apply economic concepts to real-world scenarios
and develop critical thinking skills essential for effective leadership
The EFL summer program is one of several courses offered to high school students by the Foundation for Teaching Economics.
The Foundation for Teaching Economics
Established in 1975, the Foundation for Teaching Economics (FTE) aims to expose high school students to the fundamental principles of economics and their applications in everyday life.
Ultimately, the FTE hopes to inspire the next generation of leaders by providing them with the tools and knowledge to make informed decisions on national and international issues, such as economic policy and global trade.
FTE also works to empower economics teachers with the resources and knowledge to teach and engage their students effectively.
Since 1991, the Foundation for Teaching Economics has provided educational programs to more than 21,000 high school teachers and more than 14,000 high school students.
EFL Program Goals
The EFL program aims to empower students with the skills to make informed decisions, become influential leaders, and positively impact their communities with strong economic reasoning skills. And the official EFL program goals are a reflection of this mission.
EFL Program Goals
Give students the knowledge to understand the economic concepts shaping the global economy.
Foster students’ commitment to continued learning about economics and leadership.
Help students discover their potential as they learn to develop and implement effective leadership skills.
Provide a fun-filled, active environment rich with new friendships that can last a lifetime.
What does the Economics for Leaders program cover?
The Economics for Leaders program offers an enriching curriculum to deepen your understanding of economics and enhance your leadership skills.
Whether you’re new to economics or have already taken a high school course, EFL provides a unique opportunity to dive into both foundational and advanced economic concepts.
What might you study specifically as an EFL participant? Let’s take a look!
Economics
The economics curriculum is structured around ten key topics, each aligned with the 5 Economic Reasoning Propositions (ERPs):
Economic Growth and Scarcity
Opportunity Cost
Open Markets
Markets in Action
Labor Markets
Incentives, Innovation, and the Role of Institutions
Property Rights
Government
Money & Inflation
International Markets
Led by economics professors from respected colleges, each EFL economics course employs simulations to make economic theories come alive.
For example, you might participate in simulations that illustrate how changes in government policies affect market outcomes or explore how international trade agreements impact domestic industries and consumer prices.
These hands-on experiences enhance your understanding of economic concepts and analytical skills in evaluating economic trends and policy decisions.
Leadership
The leadership curriculum exposes students to essential leadership principles and practices. Professors aim to enhance participants' ability to effectively work and lead teams, integrating responsible leadership with economic thinking.
Specifically, you'd explore the core elements of leadership, which include:
Personal leadership: Preparing and projecting who you are
Relational leadership: Demonstrating concern and understanding
Contextual leadership: Clarifying who we are and how we work together
These components provide a comprehensive framework for developing strong leadership skills that are applicable across various contexts and industries.
Advanced Economics
The advanced economics curriculum is for students who’ve already achieved a basic understanding of economic principles and want to continue deepening their knowledge.
To qualify for EFL’s advanced economics course, you must have completed an economics course before the program begins. The course must be on your high school transcript.
Economics for Leaders Virtual
The Economics for Leaders Virtual program allows you to participate if you cannot travel to the in-person program, need a more affordable summer program option, or just prefer learning from home.
Does the EFL virtual program curriculum differ from the in-person program? Nope. The virtual program (taught via Zoom) still covers the same economic and leadership topics. And you’d still need to attend the online lessons for approximately five hours each day during the week-long program.
Who’s eligible to apply to the Economics for Leaders program?
You’re eligible to apply for the Economic Leaders program during your sophomore or junior year of high school. You’d attend the program during the summer before entering your junior or senior year.
You’re also eligible to apply for the Economics for Leaders program if you’re an international student in your sophomore or junior year of high school.
However, as an international student, you may need to demonstrate your English language proficiency with official exam results and independently obtain any required visa to travel to the US for the duration of the program. The EFL program does not offer student visa sponsorship.
EFL Application Info
Ready to apply for the program? The EFL application is pretty straightforward, requiring only the following materials:
A complete online application
A personal essay responding to a prompt (750 words or less)
A complete transcript of all high school courses taken and grades received, including current year, in-progress courses
A recommendation letter from a counselor, teacher, coach, or other adult who can offer a comprehensive assessment of your academic performance
A $35 non-refundable application fee
International students also need to demonstrate English language proficiency with official results from one of the following exams:
Cambridge English: Proficiency (CPE) Exam
International English Language Testing System (IELTS)
Person Academic Test of English
SAT I Critical Reading/ACT-English
Test of English as a Foreign Language (TOEFL)
Duolingo English Test minimum score of 120
However, you’re exempt from this English language proficiency requirement if you’ve completed a course of study at a school in the United States, Canada (excluding the province of Quebec), the United Kingdom, Ireland, Australia, and New Zealand, or another school where classes are conducted fully in English.
Is EFL hard to get into?
The EFL program is competitive and may be hard to get into. The program website states that there are roughly two applicants for every available spot.
Does that mean the Economic for Leaders acceptance rate is 50%? Not necessarily. Why? Only one student per high school can attend the program per year.
That means your chance of gaining a spot in the EFL program may depend on whether other students from your high school apply during the same application year.
According to EFL, admissions decisions are based primarily on leadership potential, maturity, and your vision of the future. Pro tip: make sure you demonstrate those qualities in your EFL application essay!
EFL applications are also reviewed on a rolling basis. Space is also limited to around 25-40 students per program site. You should apply early to increase your chances of gaining a spot at your preferred program site.
How much does the EFL program cost?
The current cost to attend the in-person, residential EFL summer program is $2,300. That price includes room and board but does not include transportation costs to and from the program location. The EFL virtual program costs $800.
You must pay the tuition balance in full when you enroll in the program.
Does the EFL program offer any financial aid or scholarships?
Yes. When completing your EFL application, you’ll have the option to complete an additional scholarship application.
EFL awards scholarships based on a combination of factors, including your:
Financial need
Leadership activities
Academic and extracurricular achievement
Program site selection
Scholarships typically range from $100 to $1500 for residential programs and $100 to $400 for virtual programs. Full-tuition scholarships are extremely rare. EFL does not award scholarships based on merit alone.
You’ll receive an email notifying you if you’ve been admitted to the program with or without scholarship assistance within three weeks after submitting your application.
You can also receive a $100 tuition discount if you are nominated for the program by a teacher, counselor, program affiliate, or EFL alumni.
Should you apply to Economics for Leaders?
That depends. The Economics for Leaders program can be a great opportunity for some students, helping you dive further into the study of economics and build valuable leadership skills.
But it’s also not the only way to achieve those goals. For example, you may benefit more from conducting your own economics research project or a summer internship.
Here are six questions to ask yourself to determine if you should apply to Economics for Leaders.
1. Are you passionate about economics and considering choosing it as a college major?
If you have a strong interest in economics and are exploring it as a potential college major, the Economics for Leaders program could provide valuable insights and experiences.
You may also list the program in your college application activities section to show admissions officers your dedication to the field and your proactive approach to learning.
2. Have you already taken AP Macro or Micro Economics?
If you’ve already completed AP Macro or Micro Economics, you may find that the economic content in Economics for Leaders covers familiar ground.
That said, you may still find value in the program’s focus on leadership development and the intersection of economics with policy and decision-making.
3. Are you interested in earning college credit for undergraduate study at the University of Colorado, Colorado Springs (UCCS)?
Students who successfully complete the EFL requirements receive a transcript from UCCS, showing two semester hours of graded undergraduate credit for Economics 1320-701, an undergraduate economics course for non-majors.
There is no guarantee that you can transfer the credit to another college or university. Either way, the college credit can still demonstrate initiative and achievement on your college applications if you want to major in economics.
4. Do you want to learn and receive mentorship from influential economics professors?
The EFL program offers a unique opportunity for high school students to learn from and receive mentorship from top economics professors. These experts bring real-world experience and guidance to help you deepen your understanding of economics and develop your leadership potential.
5. Do you want to experience life on a college campus before attending college?
Participating in the Economics for Leaders program allows you to experience life on a college campus, giving you a taste of university life before you attend college.
You’d live in dorms, attend classes, and participate in campus activities, which would help you become familiar with the college environment and better prepare for the transition from high school to college.
Previous EFL programs have been on renowned college campuses, including Yale, UC Berkeley, UCLA, and UT Austin.
6. Would your time be better spent doing economics research or getting a relevant internship?
Consider whether your goals might be better met through direct economics research or a relevant internship. These alternatives may provide more opportunities for hands-on experience, professional networking, and skill development.
Final thoughts
The Economics for Leaders program is a prestigious and highly selective summer program for high school sophomores and juniors.
During the one-week program, you’d get to deepen your understanding of economics, develop leadership skills, and experience life on a college campus.
But it’s also not the only way to achieve these goals. Use the information shared in this guide to determine if the program is the right fit for your interests and aspirations.
And if you want more information to help you brainstorm the best way to spend your summers during high school, check out this guide next: How to Spend Your High School Summer.
Special thanks to Ameer Drane for writing this blog post
Ameer is a freelance writer who specializes in writing about college admissions and career development. Prior to freelancing, Ameer worked for three years as a college admissions consultant at a Hong Kong-based education center, helping local high school students prepare and apply for top colleges and universities in the US. He has a B.A. in Latin American Studies from the University of Chicago and an M.A. in Spanish Linguistics from UCLA. When he’s not working, Ameer loves traveling, weight lifting, writing, reading, and learning foreign languages. He currently lives in Bangkok, Thailand.
Top values: Growth / Diversity / Empathy
