Economics and Finance

Economics

For the degree of Bachelor of Science in Business Administration with Economics as the major field of concentration, this program is designed to acquaint the student with the tools and techniques of economic analysis and the contribution of economic analysis to decision-making in the business firm and to society. The program is designed to prepare those interested in careers as economists or economic analysts in business, government, and non-government organizations and for graduate study in economics.

Finance

For the degree of Bachelor of Science in Business Administration with Finance as the major field of concentration, this curriculum is concerned with the study of financial institutions, corporate finance, investment management, government, banking, insurance, and personal financial management. Emphasis is on the analysis and development of financial principles in all areas of financial decision-making, as well as career preparation as financial analysts in business, insurance and banking, and government service.  Students are also prepared to attain challenging finance industry designations, such as the CFA charter and the CFP certification. Students majoring in finance can choose from four tracks:

  • Financial Analysis
  • Financial Planning
  • Financial Services
  • Insurance and Risk Management
     

Finance and Technology (FinTech)

For the degree of Bachelor of Science in Business Administration with Finance and Technology as the major field of concentration, this program is designed for those students who have a strong interest in finance and a strong interest in learning about the areas of technology that impact finance-related firms. The FinTech program provides students with the opportunity to complete the rigorous core coursework of a traditional finance major while also developing a solid technical background to complement their finance knowledge. The program is designed to prepare those students interested in traditional and technology-oriented careers in finance.

International Business

For the degree of Bachelor of Science in Business Administration with International Business as the major field of concentration, this program is designed for those students who desire a broad-based understanding of international business operations, primarily from the viewpoint of a U.S. business entity. It is also designed to provide an International Business perspective as related to the functional areas of business and to permit experiential learning in a specific world region through study abroad programs. Each student majoring in International Business must experience study abroad, with a minimum of six hours of study overseas, preferably in a region of foreign language expertise of the student. Course work abroad must include three credit hours of business, to be approved by the faculty advisor.

Minor in Economics

Courses

ECO 203. Introductory Microeconomics. 3 credits. FA, SP, SU

Nature of economics and the economic problem. Principles and problems of resource allocation and income distribution in a market economy with special reference to the American economic system; basic microeconomics of the household, firm and product and factor markets.

ECO 205. Introductory Macroeconomics. 3 credits. FA, SP, SU

Microeconomics versus macroeconomics; major macroeconomic problems in an open economy. Measurement, analysis, and control of the overall levels of income, production, employment, and prices with a focus on the modern U.S. economy; monetary, fiscal and related policies for economic growth and stability. P: ECO 203.

ECO 303. Intermediate Microeconomics. 3 credits. FA, SP

Advanced analysis of resource allocation and income distribution. The individual household and market demand; market supply and production/cost relationships. Price and output decisions of firms in different types of market structures; factor market relationships. General equilibrium analysis and welfare economics. P: ECO 205; MTH 141 or MTH 245 or MTH 231.

ECO 305. Intermediate Macroeconomics. 3 credits. SP

Advanced analysis of the measurement, determination, and control of national income and product and the aggregate levels of employment and prices; problems of, and policies for, economic growth and stability. P: ECO 205; MTH 141 or MTH 245 or MTH 231.

ECO 315. Money and the Financial System. 3 credits. FA

Analysis of the functions of money; U.S. monetary and banking system and the role of financial markets; monetary policy, price level, interest rates, national income, and international finance. P: ECO 205.

ECO 318. Economics of Public Finance. 3 credits. SP

Theoretical and applied aspects of public budgetary management. Students learn the economic theories and economic tools used to analyze government budgets, expenditures, and taxation. Course also includes discussions of public policy issues from both a theoretical and pragmatic perspective. P: ECO 205.

ECO 328. Public Choice. 3 credits. SP

Application of economic analysis to politics with a focus on theoretical models and empirical analysis of voting and election systems, the rent seeking society, the legislative and executive branches of government, as well as bureaucratic agencies. The course concludes with an exploration of constitutional political economy models synthesizing public choice insights into a prescriptive institutional reform proposal. P: ECO 205.

ECO 333. Economics of Sports. 3 credits.

Economic analysis of the sports industry and its applications. Topics include industrial organization of sports, the public finance of sports, the labor economics of sports, and selected special topics such as the NCAA. P: ECO 205.

ECO 353. Environmental Economics. 3 credits. SP (Same as EVS 353)

The application of economic analysis to environmental issues. Emphasis on global environmental problems and policies and environmental problems and policies that are common to all nations. P: Junior standing.

ECO 366. Economics Internship. 3 credits. FA, SP, SU

This course is designed to award credit to students for major-related significant practical business experience. A qualifying internship should allow students to apply higher-level concepts and technical skills learned in the classroom to real work settings, and must be secured before a student registers for the class. Students must work 150 hours during a semester and complete all online course requirements, including readings, discussions, a performance evaluation from their supervisor and a paper that reflects upon their achievements. The course is graded on a satisfactory/unsatisfactory basis and only 3 hours of internship credit may be used to satisfy graduation requirements. P: Completion of at least 80 credit hours in the Heider College of Business; instructor consent.

ECO 408. Current Issues in Social Economics and Political Economy. 3 credits. OD

Selective examination of current socioeconomic problems confronting both developed and developing countries and the world at large in light of the major politico-economic philosophies of the day. P: ECO 205; junior standing.

ECO 413. Market Power and Antitrust Policy. 3 credits. OD

Study of the economic and legal forces affecting the evolution and performance of large firms in concentrated markets in the United States. Focus on the structure, conduct, and performance of concentrated industries and the role of the antitrust laws in regulating behavior in these industries. P: ECO 205; junior standing.

ECO 418. Econometrics. 3 credits. FA, SP

Application of economics, mathematics, and statistics to the quantification of economic relationships. Intensive use of computer. P: Junior standing; ECO 205; BUS 229 or BIA 261 or PLS 310 or equivalent; Mathematical Reasoning course; Understanding Social Science course.

ECO 423. Transportation Economics and Policy. 3 credits. OD

Relationship of transportation to the national economy and to the business sector. Focus on principles of transportation economics, government regulation, passenger and freight transport, and such urban policy issues as energy and environment. P: ECO 205; junior standing.

ECO 433. Regional Economic Analysis. 3 credits. OD

Examination of regional economic problems and solutions as they relate to public policy initiatives. Course consists of theory development and empirical testing with statistical models. Emphasis on the use of the most recent advancements in computer hardware and software. P: ECO 205; BUS 229 or BIA 261 or equivalent.

ECO 443. Labor Economics. 3 credits. OD

The study of labor market theory and policy. The relevant theoretical analysis of labor demand and supply. Analysis of current labor market policies and institutions including discrimination, unemployment, immigration, minimum wages, and unions. P: ECO 205; junior standing.

ECO 479. Seminar in Economics. 3 credits. FA, SP

Exploration and analysis of selected problems, topics, and issues in today's economic environment. Course content changes from semester to semester. This course is repeatable as long as topic differs (12 credits). P: Junior standing.

ECO 493. Directed Independent Readings. 1-3 credits. OD

Directed readings course investigating theory and problems in the field of economics. Limited to students who want to develop a more in-depth knowledge of a subject beyond the regular course coverage and who have a QPA of 3.0 or better. May be repeated for credit to a limit of six hours. P: Senior standing; department consent and Dean's approval.

ECO 497. Directed Independent Research. 1-3 credits. OD

Supervised independent research on topics in theoretical/applied economics. Limited to students who want to develop a more in-depth knowledge of a subject beyond the regular course coverage and who have a QPA of 3.0 or better. May be repeated for credit to a limit of six hours. P: Senior standing; department consent and Dean's approval.

ECO 508. History of Political Economy. 3 credits. FA, SP

This course explores the evolution of economic thought through an understanding and comparison of economic theorists and scholars throughout history. The course critically examines the impact of changing social, political and economic conditions on the evolution of economic thought. P: ECO 303 or ECO 305 or equivalent for graduate students.

ECO 513. Health Economics. 3 credits. OD

Economic concepts and their application to the health services industry. Addresses demand, supply, distribution, utilization of resources, market theory and analytic techniques including cost-benefit and cost-effectiveness analysis. P: Junior standing; ECO 205 or equivalent for graduate students.

ECO 518. Comparative Economic Systems. 3 credits. FA

Analysis of modern variants of capitalism and socialism in light of the basic problems and principles applicable to all social economies. P: ECO 205 or equivalent for graduate students.

ECO 528. International Economic Development. 3 credits. SP

Contemporary theories of economic development and their relationship to areas of income distribution, population growth, urbanization, and economic growth in low- and middle-income countries. P: ECO 205 or equivalent for graduate students.

ECO 538. International Economics. 3 credits. FA

Basic theory of inter-regional and international trade; analysis of the international economy, including the institutions, procedures and policies of world trade and finance. Fulfills the College of Business requirements for an international course. P: ECO 205 or equivalent for graduate students.

FIN 301. Managerial Finance. 3 credits. FA, SP, SU

Basic principles and techniques of financial management, including investment, financing, and working capital decisions. Emphasis on time value of money. Presentation of current theory and modern techniques. P: ACC 202; ECO 205; BUS 229 or BIA 261 or equivalent.

FIN 308. Investment Banking. 3 credits. FA

This course introduces students to the field of investment banking. Students will learn to build the models and perform the analyses commonly used in investment banking, including discounted cash flow valuation and analysis, comparable company valuation and analysis, precedent transaction analysis, and restructuring and leveraged buyout analysis. There will be a significant application of Excel in model building. Students will also learn about the investment banking interview process and how to pursue internships and jobs in the field of investment banking. P: FIN 301.

FIN 325. Investment Analysis. 3 credits. FA, SP, SU

Basic principles and techniques of investment analysis and management. Concepts of risk and return are applied to a variety of financial instruments including stocks, bonds and derivatives. Modern portfolio theory and valuation techniques are emphasized. P: FIN 301.

FIN 331. Real Estate Principles and Practices. 3 credits. FA, SP

Study of basic real estate principles, including the nature of real estate markets, the financing of real estate investments, principles of mortgage financing, real estate law, and real estate management. Students will broaden their understanding of how the history of the real estate industry and how the regulatory environment of the industry have shaped the physical world they live in. P: Completion of 45 credit hours.

FIN 340. Principles of Insurance. 3 credits. FA, SP

Survey course that provides students with the fundamental knowledge and understanding of the many forms of social, government and private insurance. Students will learn about the basics of insurance contracts and the many forms of insurance policies. Students also gain an understanding of insurance regulation, as well as the functional operating areas of an insurance company. P: Completion of 45 credit hours.

FIN 343. Social Insurance and Economic Security. 3 credits. OD

Analysis of fundamental risks and available public and private measures against economic insecurity. Social security, workers' compensation, unemployment compensation, and public assistance will be explored in detail. P: Junior standing.

FIN 350. Financial Statement Analysis. 3 credits. FA, SP

This course emphasizes the fundamental techniques of financial statement analysis from both an investor equity and creditor viewpoint. The course builds upon a review of accounting and finance concepts, covering the interpretation, adjustments and analysis of financial accounting information, including the balance sheet, income statement and statements of cash flows. It also examines the use of accounting information for investment and credit decisions. P: FIN 301.

FIN 353. Personal Financial Planning for Financial Planners. 3 credits. FA, SP, SU

This course provides a broad overview of all financial planning areas, including risk management, employee benefits, estate, retirement and taxation. It also covers the personal financial planning process, ethics, and standards of professional conduct. It is designed for students interested in becoming financial planners or advisors, but is also appropriate for students with a strong interest this area. P: Completion of 45 credit hours.

FIN 355. Foundations of FinTech. 3 credits. FA, SP

This course sets the stage for understanding the FinTech landscape and ecosystem. FinTech refers to financial sector innovations involving technology-enabled business models that can facilitate disintermediation. Students will learn about the emergence of new business models in various areas of payments, banking, insurance and wealth management. Other topics covered include the core technologies driving FinTech, including cryptocurrencies, Blockchain, smart contracts, artificial intelligence (AI) and Big Data. Finally, students will learn about technological advances in data and analytics that are enabling these innovations. P: FIN 301.

FIN 361. Financial Institutions Management. 3 credits. FA, SP

Analysis of the principles underlying decision-making in the administration of financial institutions, including banks and insurance companies, loan and investment portfolio problems and policies; pricing, underwriting, adjusting, and agency management. P: FIN 301.

FIN 366. Finance Internship. 3 credits. FA, SP, SU

This course is designed to award credit to students for major-related significant practical business experience. A qualifying internship should allow students to apply higher-level concepts and technical skills learned in the classroom to real work settings, and must be secured before a student registers for the class. Students must work 150 hours during a semester and complete all online course requirements, including readings, discussions, a performance evaluation from their supervisor and a paper that reflects upon their achievements. The course is graded on a satisfactory/unsatisfactory basis and only 3 hours of internship credit may be used to satisfy graduation requirements. P: Completion of at least 80 credit hours in the Heider College of Business; instructor consent.

FIN 401. Advanced Managerial Finance. 3 credits. FA, SP

This course builds upon tools and techniques developed in earlier finance courses to examine corporate financial decisions including capital budgeting, payout policy, and capital structure. Emphasis on the application of theory using case analysis. P: FIN 325.

FIN 425. Security Analysis and Portfolio Management. 3 credits. FA, SP

Analytical evaluation of the investment process emphasizing modern portfolio theory, equilibrium in the capital markets, option pricing theory, and evaluation of portfolio performance. P: FIN 325.

FIN 433. Real Estate Finance. 3 credits. OD

Introduction to the basic practices of real estate finance. Emphasis on mortgage and residential financing along with the analysis of income-producing properties. P: FIN 301 or department consent.

FIN 435. Portfolio Practicum I. 3 credits. FA

A two-semester sequence. Offers practical experience in investments by managing financial assets. Focus on economic and industry analysis and the determination of their effect on investment decisions; money and capital market forecasts; selection of individual securities; and the development of a portfolio strategy. P: FIN 325; senior standing; department consent.

FIN 436. Portfolio Practicum II. 3 credits. SP

Continuation of FIN 435. P: FIN 435; department consent.

FIN 458. Cases in Financial Planning. 3 credits. SP

This course examines professional issues in financial planning, including ethical considerations, regulation and certification requirements, written communication skills, professional responsibility, and client-centered financial behavior issues. Students are expected to utilize skills obtained in previous financial planning curriculum courses and personal work experiences, in the completion of comprehensive cases, mini-cases, and analytical calculations. P: FIN 325, FIN 340, and FIN 511.

FIN 479. Seminar in Finance. 3 credits. FA, SP

Exploration and analysis of selected problems, topics, and issues in today's financial environment. Course content changes from semester to semester. This course is repeatable as long as topic differs (12 credits). P: Junior standing.

FIN 488. CFA Level I Review. 3 credits. SP

The course is focused on preparing students to take the Level I CFA exam immediately following graduation. Topics include a review of economics, financial statement analysis, corporate finance, statistics and others but also introduces students to new topic areas not previously studied. Each of the topic areas is covered in a highly accelerated manner. Topics change each year as the CFA curriculum changes. The course is only open to students who have registered for the current year's June CFA Level I exam. P: Senior standing; FIN 325; FIN 350; instructor approval; must be registered for current year's June CFA Level I exam.

FIN 491. The Financial World: A Campus and Travel Course. 3 credits. W

Course designed to provide students with on-site understanding of financial processes to complement campus-based study of the same topics. Includes up to 20 hours of on-campus study prior to the travel portion of the course which will comprise up to 30 hours of study with experts in the field. Various destinations. P: Senior standing; completion of at least 6 credit hours of Group VI courses required for a finance major.

FIN 493. Directed Independent Readings. 1-3 credits. OD

Directed readings course investigating current developments in theory and problems in the field of finance. Limited to students who want to develop a more in-depth knowledge of a subject beyond the regular course coverage and who have a QPA of 3.0 or better. May be repeated for credit to a limit of six hours. P: Senior standing; department consent and Dean's approval.

FIN 497. Directed Independent Research. 1-3 credits. OD

Supervised independent research on topics beyond the regular course coverage. Course is limited to students who have a QPA or 3.0 or better. May be repeated for credit to a limit of six hours. P: Senior standing; department consent and Dean's approval.

FIN 505. Financial Modeling. 3 credits. FA, SP

The course is designed to help students learn how to use spreadsheets (Microsoft® Excel) to solve a variety of financial problems. The course is relatively ‘hands-on’ and will help students develop skills useful in a variety of jobs in finance, accounting, insurance, real estate and management. After completing this course, students should be able to use Excel to solve a range of common problems in investments, small business finance, and corporate finance. P: FIN 301; senior standing; Heider College of Business students only.

FIN 511. Retirement Planning and Employee Benefits. 3 credits. FA

This course focuses on retirement preparation. It includes the importance of retirement planning; an evaluation of the client's needs; an understanding of Social Security and Medicare; and qualified and non-qualified retirement plans. P: FIN 340 and FIN 353 or department consent.

FIN 512. Estate Planning and Taxation. 3 credits. SP

This course focuses on the efficient management and transfer of wealth, consistent with the client's goals. It is a study of the legal, tax, financial and non-financial aspects of this process, covering topics such as trusts, wills, probate advanced directives, charitable giving, wealth transfers and related taxes. P: FIN 353 or department consent.

FIN 513. Life Insurance Financial Planning. 3 credits. OD

This class will focus on understanding of Individual Life Insurance as a key cornerstone of the financial planning and risk management processes. This course will examine life insurance from several perspectives including insurance principles, product forms, and standard policy characteristics. This course will also cover basic concepts of personal risk management and insurance planning considerations related to the unique variations of different product designs. Examines different forms of risk-based perspectives including underwriting classifications, reinsurance, and underlying company investment and reserving issues. Concludes life insurance marketing, and understanding life insurance company accounting, financial statements and rating systems. This course covers the materials required for educational credit towards the CLU professional designation. P: Junior standing; ECO 203, FIN 340, or department consent; elementary level skills in Microsoft Office Suite.

FIN 514. Planning for Business and Professionals. 3 credits. OD

This class will focus on understanding the risk management issues related to the different forms of business ownership and the associated planning considerations of each. This course will cover basic concepts of risk management and insurance planning considerations related to the unique variations of different business forms and the professionals who are responsible for business management decisions. Examines different forms of business from various risk based perspectives, issues related to business continuation, and buy-sell agreements. Explores planning for business liquidation, stock redemption and disposition of business interests among partners or groups. Concludes with planning and risk management decisions associated with death and disability of owners and/or key employees, keeping businesses within families, and managing risks within closely held businesses. This course covers the materials required for educational credit towards the CLU professional designation. P: Junior standing; ECO 203, FIN 301, FIN 513, or department consent; elementary level skills in Microsoft Office Suite.

FIN 558. International Financial Management. 3 credits. SP, SU

An overview of the financial issues involved in international business. Focus on the environment of international financial management, foreign exchange risk management, multinational working capital management, foreign investment analysis, financing foreign operations and international banking. P: FIN 301.

Faculty

Professors: Kristie N. Briggs, Lee M. Dunham, Ernest P. Goss, Randy D. Jorgensen, N. Vasudeva Murthy, Kenneth M. Washer, John R. Wingender

Associate Professors: Charles B. Braymen, Colin O'Reilly, Diana W. Thomas, Michael D. Thomas, Melissa K. Woodley

Assistant Professors: James J. Knudsen, Tirimba Obonyo, Kathleen M. Sheehan

Instructors: Timothy Bastian, Jeffrey R. Milewski, James Wingender

Associate Professor of Practice: Edward J. Horwitz, Bradley T. Klontz, P. Ted Klontz

Assistant Professor of Practice: Keith Olson