Economics & Finance
Dr. Hany Guirguis
Chair of the Department
The Department of Economics and Finance offers a broad choice of courses and three majors: Economics, Finance, and a dual degree in Finance and Business Economics. The aims of the department are (1) to prepare students for careers in business, government, not-for-profit organizations, and economic research; (2) to provide an intellectual and professional basis for informed participation in contemporary society; (3) to direct the development of competent and well-disciplined students to undertake graduate studies in Economics and Finance. Prospective graduate students are advised to take the appropriate examinations (GRE, GMAT, or LSAT).
Every major in the department must consult with the Chair concerning the fulfillment of the requirements for the major and the electives that will be most suitable for his/her particular professional and academic development. Students planning to pursue graduate studies in economics or finance are strongly advised to develop a strong concentration in mathematics.
Economics
Major
Students enrolled in the School of Business and who wish to pursue a major in Economics must take:
| ECON 301 | Intermediate Price Analysis | 3 |
| ECON 302 | Intermediate Macroeconomics | 3 |
| ECON 334 | International Economics | 3 |
| ECON 433 | Econometrics | 3 |
| One 400 level elective in Economics | 3 | |
| Business Elective | 6 | |
| Total Credits | 21 | |
Students enrolled in the School of Arts and who wish to pursue a major in Economics must take:
| MATH 153 | Linear Math Analysis | 3 |
| MATH 154 | Calculus Business Decisions | 3 |
| CIS 227 | Business Statistics | 3 |
| ECON 203 | Microeconomics | 3 |
| ECON 204 | Macroeconomics | 3 |
| or ECON 150 | Roots: Economics | |
| ECON 301 | Intermediate Price Analysis | 3 |
| ECON 302 | Intermediate Macroeconomics | 3 |
| ECON 334 | International Economics | 3 |
| ECON 433 | Econometrics | 3 |
| Three approved electives in Economics | 9 | |
*Or approved substitutes
A minimum grade of C is necessary to receive major credit.
| First Year | |||
|---|---|---|---|
| Fall | Credits | Spring | Credits |
| ECON 203 | 3 | ECON 204 | 3 |
| RELS 110 or ENGL 110 | 3 | ENGL 110 or RELS 110 | 3 |
| SCI Elective | 3 | SCI Elective | 3 |
| PSYC 203 | 3 | MGMT 201 or MKTG 201 | 3 |
| CIS 110 or MATH 153 | 3 | MATH 153 or CIS 110 | 3 |
| 15 | 15 | ||
| Second Year | |||
| Fall | Credits | Spring | Credits |
| ACCT 201 | 3 | ACCT 202 | 3 |
| ENGL 211 (or ENGL Elective) | 3 | ENGL Elective or ENGL 211 | 3 |
| CIS 227 | 3 | FIN 301 | 3 |
| MGMT 201 or MKTG 201 | 3 | LAW 203 | 3 |
| MATH 154 | 3 | SOC 201 or PHIL 201 | 3 |
| 15 | 15 | ||
| Third Year | |||
| Fall | Credits | Spring | Credits |
| ECON 301 | 3 | ECON 302 | 3 |
| PHIL 201 or SOC 201 | 3 | ECON 334 | 3 |
| HIST Elective/RELS Catholic Studies | 3 | RELS Catholic Studies/HIST Elective | 3 |
| ECON 305 | 3 | MGMT 307 | 3 |
| Liberal Art Elective | 3 | Liberal Arts Elective | 3 |
| 15 | 15 | ||
| Fourth Year | |||
| Fall | Credits | Spring | Credits |
| Economics Elective | 3 | Business Elective | 3 |
| ECON 433 | 3 | Liberal Art Elective | 3 |
| MGMT 406 or 430 | 3 | MGMT 430 or 406 | 3 |
| Business Elective | 3 | Free Elective | 3 |
| Free Elective | 3 | RELS Global/Contemporary | 3 |
| 15 | 15 | ||
| Total Credits: 120 | |||
Minor
Students in the School of Business who wish to minor in Economics must take:
| ECON 301 | Intermediate Price Analysis | 3 |
| ECON 302 | Intermediate Macroeconomics | 3 |
| Approved elective | 3 | |
| Total Credits | 9 | |
Students enrolled in the School of Arts or the School of Science and who wish to pursue a minor in Economics must take:
| ECON 203 | Microeconomics | 3 |
| ECON 204 | Macroeconomics | 3 |
| or ECON 150 | Roots: Economics | |
| Three approved electives in Economics | 9 | |
| Total Credits | 15 | |
Finance
Requirements for a Major in Finance
The Major in Finance is available to students in Business only. Students must take, in addition to the Business core courses:
| FIN 308 | Investments | 3 |
| FIN 340 | Corporate Structure & Financing | 3 |
| FIN 416 | Options and Futures Markets | 3 |
| or FIN 408 | Financial Intermediaries | |
| FIN 436 | Multinational Finance | 3 |
| Three approved Finance electives | 9 | |
| Total Credits | 21 | |
A minimum grade of C is necessary to receive major credit. Students are required to complete CIS 227 Business Statistics and FIN 301 Principles of Business Finance I by the end of their sophomore year.
| First Year | |||
|---|---|---|---|
| Fall | Credits | Spring | Credits |
| ECON 203* | 3 | ECON 204* | 3 |
| RELS 110 or ENGL 110 | 3 | ENGL 110 or RELS 110 | 3 |
| SCI Elective | 3 | SCI Elective | 3 |
| PSYC 203 | 3 | MGMT 201 or MKTG 201 | 3 |
| CIS 110 or MATH 153* | 3 | MATH 153 or CIS 110 | 3 |
| 15 | 15 | ||
| Second Year | |||
| Fall | Credits | Spring | Credits |
| ACCT 201 | 3 | ACCT 202 | 3 |
| ENGL 211 (or ENGL Elective) | 3 | ENGL Elective or ENGL 211 | 3 |
| CIS 227* | 3 | FIN 301* | 3 |
| MGMT 201 or MKTG 201 | 3 | LAW 203 | 3 |
| MATH 154 | 3 | SOC 201 or PHIL 201 | 3 |
| 15 | 15 | ||
| Third Year | |||
| Fall | Credits | Spring | Credits |
| FIN 340 | 3 | FIN 436 | 3 |
| FIN 308 | 3 | FIN 416 or 408 | 3 |
| HIST Elective/RELS Catholic Studies | 3 | RELS Catholic Studies/HIST Elective | 3 |
| ECON 305 | 3 | Liberal Art Elective | 3 |
| PHIL 201 or SOC 201 | 3 | MGMT 307 | 3 |
| 15 | 15 | ||
| Fourth Year | |||
| Fall | Credits | Spring | Credits |
| Finance Elective | 6 | Finance Elective | 3 |
| MGMT 406/430 | 3 | Liberal Art Elective | 6 |
| RELS Global/Contemporary | 3 | MGMT 430 or 406 | 3 |
| Free Elective | 3 | Free Electve | 3 |
| 15 | 15 | ||
| Total Credits: 120 | |||
*Courses must be taken in sequence
Requirements for a Minor in Finance
Students who are in Schools other than Business may pursue a Minor in Finance. Students must obtain the permission of the School in which they are enrolled. To Minor in Finance a student must complete the following fifteen credits:
| ACCT 201 | Principles of Accounting I | 3 |
| CIS 227 | Business Statistics | 3 |
| ECON 305 | Money and Banking | 3 |
| FIN 301 | Principles of Business Finance I | 3 |
| FIN 308 | Investments | 3 |
| Total Credits | 15 | |
Students in the School of Business who wish to Minor in Finance must complete the following, in addition to the core courses required of all students in Business:
| FIN 308 | Investments | 3 |
| FIN 340 | Corporate Structure & Financing | 3 |
| FIN 416 | Options and Futures Markets | 3 |
| Total Credits | 9 | |
Requirements for a Dual Major in Finance and Business Economics
The dual major in Finance and Business Economics is available to students in the School of Business only.
Student's must take:
| FIN 308 | Investments | 3 |
| FIN 340 | Corporate Structure & Financing | 3 |
| FIN 416 | Options and Futures Markets | 3 |
| or FIN 408 | Financial Intermediaries | |
| FIN 436 | Multinational Finance | 3 |
| ECON 301 | Intermediate Price Analysis | 3 |
| ECON 302 | Intermediate Macroeconomics | 3 |
| ECON 433 | Econometrics | 3 |
| Two approve electives in Finance | 6 | |
| Two approved electives in Economics | 6 | |
| Total Credits | 33 | |
A minimum grade of C is necessary to receive major credit. Students are required to complete CIS 227 Business Statistics and FIN 301 Principles of Business Finance I by the end of their sophomore year. Students majoring in Finance and Business Economics can use free electives (6 credits) to fulfill the requirements for their degree. In addition, Intermediate Microeconomics (ECON 301 Intermediate Price Analysis) and Intermediate Macroeconomics (ECON 302 Intermediate Macroeconomics) can be used as two liberal arts elective courses.
| First Year | |||
|---|---|---|---|
| Fall | Credits | Spring | Credits |
| ECON 203* | 3 | ECON 204* | 3 |
| RELS 110 or ENGL 110 | 3 | ENGL 110 or RELS 110 | 3 |
| SCI Elective | 3 | SCI Elective | 3 |
| PSYC 203 | 3 | MGMT 201 or MKTG 201 | 3 |
| CIS 110 or MATH 153* | 3 | MATH 153 or CIS 110 | 3 |
| 15 | 15 | ||
| Second Year | |||
| Fall | Credits | Spring | Credits |
| ACCT 201 | 3 | ACCT 202 | 3 |
| ENGL 211 (or ENGL Elective) | 3 | ENGL Elective or ENGL 211 | 3 |
| CIS 227* | 3 | FIN 301* | 3 |
| MGMT 201 or MKTG 201 | 3 | LAW 203 | 3 |
| MATH 154 | 3 | SOC 201 or PHIL 201 | 3 |
| 15 | 15 | ||
| Third Year | |||
| Fall | Credits | Spring | Credits |
| FIN 340 | 3 | FIN 436 | 3 |
| FIN 308 | 3 | FIN 416 or 408 | 3 |
| ECON 301* | 3 | ECON 302* | 3 |
| ECON 305 | 3 | MGMT 307 | 3 |
| PHIL 201 or SOC 201 | 3 | RELS Catholic Studies/HIST Elective | 3 |
| 15 | 15 | ||
| Fourth Year | |||
| Fall | Credits | Spring | Credits |
| Finance/Economics | 6 | Finance/Economics Elective | 6 |
| ECON 433 | 3 | Free Elective | 3 |
| HIST Elective/RELS Global/Contemporary | 3 | RELS Global/Contemporary | 3 |
| MGMT 406 or 430 | 3 | MGMT 430 or 406 | 3 |
| 15 | 15 | ||
| Total Credits: 120 | |||
*Courses must be taken in sequence
Economics Courses
ECON 150. Roots: Economics. 3 Credits.
An explanation and critical examination of selected concepts in the social sciences. Students examine the logic and methods of social science research and engage in analysis of contemporary social issues from the perspective of the discipline of economics.
ECON 203. Microeconomics. 3 Credits.
An introductory study of the behavior of households and business firms in the marketplace, including households as consumers and resource suppliers, business firms as producers of goods and services and buyers of resources, market structures for outputs and inputs, role of the government, and free trade vs. protection.
ECON 204. Macroeconomics. 3 Credits.
An introductory study of the determination of the level of production and the price level in the macro economy. Topics covered include inflation and unemployment, money and banks, federal budget and national debt, monetary and fiscal policy, and economic growth and development.
ECON 301. Intermediate Price Analysis. 3 Credits.
Market and factor pricing under pure competition, imperfect competition conditions and monopoly; the pricing process and the allocation of resources. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), CIS 227.
ECON 302. Intermediate Macroeconomics. 3 Credits.
The nature and causes of unemployment and inflation and the debate over the policies used to fight these problems in a global economy. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), CIS 227.
ECON 305. Money and Banking. 3 Credits.
This course considers the nature of money, the markets that allocate money to a variety of uses, the institutions that create and control the money stock, the flow of money and how it is related to employment levels, GDP, inflation and interest rates, and international financial matters. Much attention will be paid to problems and issues requiring the attention of policymakers. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201).
ECON 332. Environmental Economy. 3 Credits.
An analysis of the relationship between social behavior, environmental degradation, economic principles and public policy. Topics include pollution, extinction, sustainability, population growth, global warming, acid deposition, hazardous waste, poverty, and health. This course also considers the viability and success of public policies designed to alleviate the environmental problems. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201).
ECON 333. Public Finance. 3 Credits.
A study of why a government role in the economy is needed and how it ought to be financed. It considers the nature of different types of government programs involving expenditures and the types of taxes used to raise revenues. It is concerned with the impact of the government on the efficiency and equity of market outcomes. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201).
ECON 334. International Economics. 3 Credits.
A study of international trade and financial relationships. Topics covered include theory of international trade, public and private barriers to trade, commercial policy of the U.S., regional economic integration, foreign exchange markets, balance of payments, disequilibrium and the adjustment process, international monetary systems, and economic development of the developing nations. Prerequisites: ECON 203 (or ECON 202) and ECON 204 (or ECON 201), and by permission of instructor.
ECON 375. Assimilating the Internship Experience in Economics . 3 Credits.
In consultation with the faculty advisor, students design and complete an independent project related to their Economics internship. This project aids in assimilating the practical off-campus work experience in business, industry, government or cultural organization with the students’ studies and/or career interests. This course is subject to the approval of the Department Chair, Dean and Internship Coordinator of the School of Business. The student is required to pre-register with the Internship Coordinator and to obtain internship placement prior to the start of the semester. (Free/business elective).
ECON 401. Advanced Microeconomics. 3 Credits.
The course will focus on the analytical tools of modern microeconomics – especially game theory and information economics – and will apply these tools to economics problems such as imperfect competition, auctions, bargaining, price discrimination, moral hazard and adverse selection. Pre-requisite: ECON 301.
ECON 402. Seminar in Macroeconomics and Financial Markets. 3 Credits.
Advanced topics in macroeconomics and financial market will be discussed. Emphasis will be placed on a theoretical understanding and the applications to forecasting cyclical and dynamic movements in the economy. Prerequisites: ECON 203(or ECON 202), ECON 150 or ECON 204(or ECON 201), and ECON 302 or ECON 305.
ECON 405. Labor Economics. 3 Credits.
A study of the labor market, employment and wage determination; theories that explain wage differentials and unemployment; and alternative policies that can reduce labor market problems. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201),CIS 227 (or ECON 227) or by permission of instructor.
ECON 412. Economic Growth and Development. 3 Credits.
This course offers a broad overview of the economic problems that developing countries face along with policies to mitigate these issues. Topics may include poverty, inequality, institutional breakdowns, failures in education and health care systems, environmental degradation, the international trade regime, and financial crises. Prerequisites: ECON 204 (or ECON 201) or ECON 150 and ECON 203 (or ECON 202); or by permission of instructor.
ECON 421. The Japanese Economy. 3 Credits.
An interdisciplinary study of the important features of the Japanese economy including culture, management, economic organization, distinctive institutions and industrial policy; how these compare to the U.S., and how these have contributed to Japan's economic success. The course also considers Japan's evolving economic relationship with the U.S. and why Japan's economic performance has deteriorated in recent years. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201).
ECON 422. History of Economic Thought. 3 Credits.
A historical and analytical perspective on the developments of economic ideas and the major schools of thought. Special attention will be given to important economic thinkers such as Adam Smith, John Stuart Mill, Karl Marx and Alfred Marshall. The purpose is to understand why economics is what it is today. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201).
ECON 433. Econometrics. 3 Credits.
A systematic attempt of setting theoretical hypotheses about economic reality against empirical evidence produced by real-world situations and problems. Emphasis is on the process and application of statistical inference through the use of various distributions and on the estimation and measurement of relationships among economic variables. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201) and CIS 227 or its equivalent.
ECON 441. Economics Seminar. 3 Credits.
A program of supervised research and reading related to a theme or topic of economics. Open to a limited number of students majoring in economics or finance who meet the departmental requirements and have the approval of the Chair of the Department. Open to economics and finance majors only.
ECON 444. Special Topic: in Economics. 3 Credits.
ECON 445. The Economics of Public Issues. 3 Credits.
A study of the economics of contemporary public and social issues. Using micro- and macro-economic analysis, the course analyzes specific issues and events of inherently economic nature as well as issues and events of controversial and seemingly non-economic nature. It also examines policy alternatives and outcomes in the context of each issue. Topics include the economics of government spending and regulation, the environment, use of natural resources, health care and aging, education, crime, drug and alcohol use, sex and race discrimination, immigration, organ sale, property rights, poverty, global affairs, and others. Prerequisites: ECON 203 (or ECON 202) and ECON 150 or ECON 204 (or ECON 201).
ECON 470. Economics Tutorial/Independent Study. 3 Credits.
A single-semester tutorial course, related to a particular topic of economics, directed by a faculty member from the department. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.
ECON 471. Economics Thesis Project I. 3 Credits.
An in-depth program of research, under the direction of a member of the department (mentor), leading to a comprehensive research proposal which includes a topic, a review of the literature, the research methodology, sources of data and potential results. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.
ECON 472. Economics Thesis Project II. 3 Credits.
An in-depth program of research, under the direction of a member of the department (mentor), leading to a completion of the research project proposed in ECON 471 Thesis Project I. A defense of the thesis is required. Prerequisite: ECON 471 Thesis Project I.
ECON 475. Assimilating the Internship Experience in Economics . 3 Credits.
This course may be used as a second internship experience and/or with senior status. (Free/business elective).
Finance Courses
FIN 301. Principles of Business Finance I. 3 Credits.
An overview of modern finance concepts and a survey of fundamental issues. Topics include basic finance terminology, time value of money, basic financial statement analysis, the structure and functions of financial markets and institutions, bond and stock valuation, and elementary capital budgeting. Prerequisites: CIS 227 or ECON 227 or MATH 211 or MATH 230.
FIN 308. Investments. 3 Credits.
An introduction to the markets and instruments in investments including equity and debt securities, mutual funds, and basic derivatives including options and futures contracts as well as the principles governing the selection and management of portfolios of financial assets. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), FIN 301.
FIN 320. Financial Statement Analysis. 3 Credits.
This course covers financial statement analysis for security valuation. It discusses the investment environment and the use of financial statements in valuation models, analyzes information contained in the four financial statements and provides guidelines for forecasting future financial statements for valuation. Prerequisites: ACCT 201, ACCT 202 and FIN 301.
FIN 340. Corporate Structure & Financing. 3 Credits.
A survey of the different types of capital structures and the various ways they are financed. Topics include strategic decisions concerning financial leverage, the corporation's attempts to maximize its value, dividend policies, leasing, raising of debt and equity, refunding operations, investment banking techniques, mergers and acquisitions, and bankruptcy. Prerequisites: FIN 301.
FIN 375. Assimilating the Internship Experience in Finance . 3 Credits.
In consultation with the faculty advisor, students design and complete an independent project related to their Finance internship. This project aids in assimilating the practical off-campus work experience in business, industry, government or cultural organization with the students’ studies and/or career interests. This course is subject to the approval of the Department Chair, Dean and Internship Coordinator of the School of Business. The student is required to pre-register with the Internship Coordinator and to obtain internship placement prior to the start of the semester. (Free/business elective).
FIN 402. Seminar in Macroeconomics and Financial Markets. 3 Credits.
Advanced topics in macroeconomics and financial market will be discussed. Emphasis will be placed on a theoretical understanding and the applications to forecasting cyclical and dynamic movements in the economy. Prerequisites: ECON 203 (or ECON 202), ECON 150 or ECON 204 (or ECON 201), and ECON 302 or ECON 305.
FIN 408. Financial Intermediaries. 3 Credits.
This course provides an understanding of the operation of commercial banks, thrifts, insurance companies, investment banks, brokers, investment companies, credit unions and pension funds. Attention will be given to current trends and policy issues in the financial services industry. Prerequisites: ECON 305 and FIN 301.
FIN 416. Options and Futures Markets. 3 Credits.
Analysis of the nature and use of derivative securities in general, and options, futures, and swap contracts in particular. Topics include market institutions and trading practices, valuation models, and hedging and risk management techniques. Prerequisites: ECON 305, FIN 301, FIN 308.
FIN 436. Multinational Finance. 3 Credits.
An exploration and analysis of the behavior of multinational firms. Topics covered include the nature and mechanics of the foreign exchange market, impact and management of foreign exchange risk, foreign project evaluation, direct and portfolio investments, accounting exposures, balance of payments and trade accounts, and the legal and political risks and constraints surrounding multinational corporations. Prerequisite: FIN 301.
FIN 440. Advanced Topic in Finance. 3 Credits.
Select treatment of current topics in finance including financial engineering, behavior of the financial markets, the crises among financial institutions, changing financial environment, and the development of new financial products by non-banks and securities firms. Prerequisties: ECON 305, FIN 301, FIN 308.
FIN 441. Finance Seminar. 3 Credits.
A program of supervised research and reading related to a theme or topic of finance. Open to a limited number of students majoring in economics or finance who meet the departmental requirements and have the approval of the Chair of the Department. Open to economics and finance majors only.
FIN 442. Financial Modeling. 3 Credits.
This course provides an understanding of the statistical analysis and financial modeling in the fields of investment and computational finance. Topics include regression analysis, constrained and unconstrained optimization, Capital Asset Pricing Model, and models assessing efficiency in the foreign exchange market. Prerequisites: FIN 301, CIS 227 (or ECON 227).
FIN 444. Special Topic in Finance. 3 Credits.
FIN 470. Finance Independent Study. 3 Credits.
A single-semester tutorial course, related to a particular topic of finance, directed by a faculty member from the department. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.
FIN 471. Finance Thesis Project I. 3 Credits.
An in-depth program of research, under the direction of a member of the department (mentor), leading to a comprehensive research proposal which includes a topic, a review of the literature, the research methodology, sources of data and potential results. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.
FIN 472. Finance Thesis Project II. 3 Credits.
An in-depth program of research, under the direction of a member of the department (mentor), leading to a completion of the research project proposed in FIN 471 Thesis Project I. A public defense of the thesis is required. Prerequisite: FIN 471 Thesis Project I.
FIN 475. Assimilating the Internship Experience in Finance . 3 Credits.
This course may be used as a second internship experience and/or with senior status. (Free/business elective).