Economics and Finance

All programs offered by the Foster College of Business, Bradley University, are accredited by the AACSB International: The Association to Advance Collegiate Schools of Business.

FACULTY Professors Lewer (chair), Horvath, O'Brien, Sinha; Assistant Professors Corbett, Yencha, Ngwaba; Assistant Professor In-Residence Tong, Executive in Residence Funkhouser

The Department of Economics and Finance offers majors in Economics, Finance and Actuarial Science as well as minors in Economics, Finance, and Decision Analysis.

Economics Major

The Department offers an Economics major in both the Foster College of Business and in the College of Liberal Arts and Sciences. Normally, individuals planning a career in business should be in the Foster College of Business, and individuals planning a career in government, politics, public policy, or the law should be in the College of Liberal Arts and Sciences. Students interested in an economics major are urged to consult with a departmental advisor for a suggested course of study that will serve their career objectives.

Courses in economics are designed for (1) students of other departments wishing to broaden their understanding of the economic forces of our world; (2) students planning to enter those business and professional careers in which a more specialized understanding of economics is important; and (3) students planning to continue the study of economics or related subjects in graduate school, in order to prepare for professional careers in economics.

The departmental requirements for the major are designed to provide the student with (1) the basic economic theory; (2) the basic quantitative tools; (3) a more specialized understanding of those particular areas of interest in economics; and (4) a broad background in the humanities, physical sciences, and social sciences.

Individuals planning to study for the PhD in economics should take either a minor in mathematics or the following courses: MTH 121, MTH 122, MTH 207, and MTH 223. It is strongly advised that MTH 420 also be taken.

In addition to the University and Foster College of Business requirements, students enrolled in the Department of Economics must fulfill the following requirements:

• Economics 221 (or 100), and 222, 300, 332, 333, 400, 498, 499
• Junior/Senior Economics Electives - 9 hrs.
• Philosophy - 3 hrs.
• Majors must receive a grade of C or better in Economics 332, 333, and 499.
• Minimum of 27 semester hours in economics and a minimum of 21 hours at the junior/senior level.

Typical Course Sequence

For a four-year course plan for each major in the Foster College of Business, go to:http://www.bradley.edu/academic/colleges/fcba/.

Students interested in minoring in economics, see College of Liberal Arts and Sciences, Department of Economics.

Finance Major

Finance is the art and science of managing money and claims against money. The study of finance involves an analytic treatment of decision-making under conditions of risk and uncertainty. Graduates of this program are prepared to enter the dynamic and challenging world of finance or to continue their education in graduate school. Graduate programs and law schools attract many graduates. The finance major enables students to understand the problems of obtaining and using monetary resources. Students select options preparing them for work in corporate finance, the securities area, futures, forward markets, options markets, real estate, insurance, or personal financial planning.

Corporate

Students interested in corporate finance select courses providing a background in the various financial elements of corporate activities. Typically, financial management decisions involve capital budgeting and financing decisions as well as the daily activities associated with allocating and obtaining funds. A variety of optimization and modelling techniques are studied. The ability to develop a sound financial analysis of an opportunity is emphasized.

Securities

Students interested in the securities area select courses that will develop their skills in analyzing and selecting investment opportunities. Portfolio analysis as well as identification of individual security characteristics are stressed. The markets for securities of all types, domestic and international, are studied to provide an understanding of their opportunities and constraints. Implications of market efficiency are considered. The ability to develop a worthwhile and unique analysis of investments is emphasized.

Markets and Institutions

Students interested in financial institutions such as insurance companies, banks, pension funds, and finance companies select courses that will prepare them for positions in these organizations. Modern technology, globalization and newer ideas associated with managing financial institutions are of particular importance. The decision-making ability needed for proper management of progressive organizations is developed through a variety of rigorous courses.

Other

The curriculum structure is suitable for students planning graduate study or entrepreneurial activities. Many past students now own and operate their own businesses. Due to the highly quantitative nature of many areas of finance, the entering student is advised to have a strong mathematics background. Three years of algebra, one year of geometry, and a semester of trigonometry are recommended.

Departmental requirements for a finance major

• A total of 24 hours in finance courses including the core: FIN 322 Business Finance, FIN 325 Investment Analysis, FIN 328 Financial Institutions and Markets.
• FIN 494, Financial Strategy, plus a minimum of 3 additional hours in finance courses at the senior (4xx) level. These classes count as part of the required 24 hours in finance.
• Three hours from courses designated as “tools courses,” selected from:
  • Q M 326 Business Forecasting
  • Q M 364 Decision Support Systems
  • ECO 319 Introduction to Econometrics
  • ECO 418 Mathematical Economics
• An approved three-hour functional area international course, selected from:
  • FIN 323 International Financial Management
    Note: FIN 323 also counts as part of the required 24 hours in finance.
  • ECO 390 International Monetary Economics
  • ECO 391 International Trade
• At least three hours in accounting beyond ATG 157 and ATG 158, selected from:
  • ATG 314 Cost Accounting
  • ATG 301 Intermediate Accounting

Typical Course Sequence

For a four-year course plan for each major in the Foster College of Business, go to:http://www.bradley.edu/academic/colleges/fcba/.

Actuarial Science – Business Major

A career in actuarial science is widely recognized as one of the most attractive professions available to college graduates. Actuaries apply a unique set of business and mathematical skills in solving financial and social problems. Examples of organizations employing actuaries include insurance companies, consulting firms, public utilities, and select regulatory agencies.

The actuarial science major is a cooperative effort between the Economics Department and the Department of Mathematics and is based on the premise that successful actuaries have mastered essential business and risk management and insurance knowledge along with specific actuarial mathematics skills.

The objective of Bradley’s actuarial science-business program is to prepare majors for successful careers as actuaries. Several required courses will help students prepare for some of the standard actuarial exams administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS).

A list of the program requirements is provided below, along with a recommended course sequence for actuarial science-business (ASB) majors.

Departmental requirements for an Actuarial Science – Business Major

• Complete the business core, substituting MTH 325 for QM 262 and substituting MTH 326 for the "Quantitative Skill Building" course, respectively.

Actuarial Science Business (ASB) requirements

• All students must successfully complete the following courses:
  • MTH 121 Calculus I
  • MTH 122 Calculus II
  • MTH 223 Calculus III
  • MTH 207 Elementary Linear Algebra with applications
  • MTH 325 Probability and Statistics I
  • MTH 326 Probability and Statistics II
  • MTH 335 Topics in Actuarial Science
  • MTH 335 Topics in Actuarial Science (repeated under different topics)
  • MTH 427 Applied Statistical Methods
• All students must successfully complete one "programming" course chosen from:
  • MIS 175 introduction to Developing Business Applications
  • CS 100 Introduction to Programming Concepts and Languages
  • CS 101 Introduction to Programming
  • CIS 102 Introduction to Computer Information Systems With Basic
• All students must successfully complete one "tools" course chosen from:
  • QM 326 Business Forecasting
  • QM 364 Decision Support Systems
  • FIN 426 Financial Research and Modeling
  • ECO 319 Introduction to Econometrics
  • MTH 435 Stochastic Processes
  • IME 313 Operations Research 1
• All Students must successfully complete three additional 3-hour courses chosen from:
  • ECO 301 Money and Banking
  • FIN 325 Investment Analysis
  • FIN 327 Derivatives
  • FIN 328 Financial Institutions and Markets
  • FIN 423 Advanced Business Finance
  • FIN 425 Portfolio Theory
  • ASB 315 Risk and Insurance
• All students must sit for at least one professional actuarial exam administered by the Society of Actuaries.

Typical Course Sequence

For a four-year course plan for each major in the Foster College of Business, go to: http://www.bradley.edu/academic/colleges/fcba/.

Minors

Decision Analysis Minor

The minor in Decision Analysis is designed to provide students with a solid foundation of mathematical and quantitative tools essential to sound decision-making. All areas of academic study such as sociology, psychology, and health sciences may benefit from the application of analytical thought. Thus, this program assists students in all majors across campus in formulating optimal solutions to common problems they will encounter in their professional lives. Students enrolled in the Decision Analysis program will acquire the skills to critically evaluate alternative solutions to complex questions in an analytical and pragmatic manner. Upon graduation these students will find themselves better prepared to assume responsible positions of authority and to perform their professional duties in a resourceful and productive manner.

In addition to the University requirements and those imposed by the student’s college, a minor in Decision Analysis must complete the following or their equivalents:

Required:

• QM 262 - Quantitative Analysis I
• QM 263 - Quantitative Analysis II
• QM 326 - Business Forecasting
• ECO 319 - Introduction to Econometrics

Elective (choose one course from below)

• FIN 425 - Portfolio Theory and Management or FIN 426 - Financial Research & Modeling
• MIS 272 - Business Analytics Software and Applications I
• M L 353 - Operations Management in Organizations
• MTG 341 - Marketing Research I
• QM 364 - Decision Support Systems
• QM 369 - Topics in Quantitative Methods
• QM 498 - Independent Study in Quantitative Methods

This is the official catalog for the 2022-2023 academic year. This catalog serves as a contract between a student and Bradley University. Should changes in a program of study become necessary prior to the next academic year every effort will be made to keep students advised of any such changes via the Dean of the College or Chair of the Department concerned, the Registrar's Office, u.Achieve degree audit system, and the Schedule of Classes. It is the responsibility of each student to be aware of the current program and graduation requirements for particular degree programs.