Department of Economics, Finance, and Insurance and Risk Management

Chair and Associate Professor: T. Rogers (PhD), 450-3109
Carmichael Professor: L. He (DBA)
McCastlain Professor: M. Casey (DBA)
Professors: J. Bratton (PhD), N. Campbell (PhD), J. Horton (PhD), J. McGarrity (PhD)
Associate Professors: P. Cantrell (PhD), D. Mitchell (PhD), V. Puleo (PhD)
Assistant Professors: A. Fayman (PhD), T. Snyder (PhD)
Lecturer I: L. Maxwell (MBA)

[1] Objectives

The department provides major programs or concentrations in the areas of economics, finance, international trade, and insurance and risk management. A degree in economics can be taken under a Bachelor of Business Administration, Bachelor of Arts, or Bachelor of Science degree plan. A degree in finance can be taken under the Bachelor of Business Administration degree plan. A degree in insurance and risk management is available under the Bachelor of Business Administration degree plan. A degree in insurance and risk management with a personal financial planning track is offered under the Bachelor of Business Administration degree plan. A concentration in international trade is available under either the Bachelor of Business Administration or the Bachelor of Arts degree plan. Each program emphasizes analytical tools and applications that will be useful in a rapidly changing world.

The degree program in finance prepares students for careers in financial institutions and in finance-related occupations in business and government. The degree programs in economics prepare students to enter professional careers as economic analysts in governmental and business organizations.

The concentration (within economics) in international trade prepares students for positive participation in global business and society. If a student desires to undertake graduate study in economics, business, health care administration, public administration, or law, the economics and finance programs provide excellent backgrounds for such study.

The degree in insurance and risk management or personal financial planning will prepare students for management-level careers in insurance, personal financial planning, or as an employee benefits manager, insurance regulator, group insurance representative, agent, broker, risk manager, or safety or loss-control expert.

Economic and financial competence requires a basic knowledge of theories, principles, and techniques of analysis. Added to this basic knowledge should be the historical, institutional, and quantitative approaches within the disciplines. With these tools, supplemented by studies in related fields of mathematics, computer science, accounting, and social sciences, students will be able to formulate approaches to current economic and financial problems as they arise in their personal and professional lives.

Exceptional students may be invited by the faculty to pursue recognition as a departmental undergraduate scholar. Students will write a paper under the direction of a faculty member. Successful completion of this program will allow the students to graduate as a departmental undergraduate scholar. Finance and insurance majors will be required to complete FINA 4390 Independent Studies in Finance or INSU 4390 Independent Study in Insurance; economics majors will complete ECON 4390 Independent Study in Economics.

[2] The Carmichael Endowment

The generosity of Dr. Maude Carmichael, through the Carmichael Fund that she established to honor her parents, has made it possible to have unique experiences in economic education. The creation of the Carmichael Professorship is one example of how her endowment has been used to promote education in economics and banking.

Dr. Carmichael (Ph.D., Radcliffe) served as chair of the Economics Department at the University of Central Arkansas from 1931 until her retirement in 1952. Dr. Carmichael's endowment is an extension of her life's work in providing Arkansas students with an understanding of the important economic forces affecting their lives as well as the ability to formulate creative and productive approaches to the economic facets of life.

[3] Baccalaureate Degrees

[3.1] Bachelor of Business Administration

The degree of Bachelor of Business Administration requires successful completion of 120 hours including (1) the UCA Core: complete 38 hours to meet lower-division UCA Core requirements (see the UCA Core requirements) and complete upper-division UCA Core requirements using designated BBA foundation, core and major courses; (2) the BBA foundation and core requirements; (3) a major as listed below; and (4) electives to bring total credit hours to 120.

Abbreviation Key – UCA Core Program

[3.1.1] Major in Economics (24 hours)

Concentration in International Trade. The major consists of eight courses. A student must take:

ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [ UCA Core: I, C ]
ECON 4335 International Trade
ECON 4380 Senior Seminar (to be taken in final year) [ UCA Core: Z ]
FINA 4333 International Finance

and may choose three courses from the following:

any upper division economics course
FINA 3340 Money, Banking, and Financial Markets
MGMT 3342 International Business

[3.1.2] Major in Finance (24 hours)

The major consists of eight upper-division level classes. There are six required upper-division courses:

ACCT 3311 Intermediate Accounting I
FINA 3340 Money, Banking, Financial Markets
FINA 3350 Personal Financial Planning [ UCA Core: R ]
FINA 4332 Investments
FINA 4333 International Finance
FINA 4336 Advanced Financial Management [ UCA Core: C ]

A student must take one of the following three classes:

QMTH 3325 Data Analysis
ECON 3335 Econometrics
ACCT 3312 Intermediate Accounting II

The student must also take one of the following classes:

FINA 3323 Real Estate
FINA 3324 Risk and Insurance
FINA 3382 Internship in Finance
FINA 4331 Bank Management
FINA 4334 Financial Derivatives
FINA 4376 Entrepreneurship Finance
FINA 4390 Independent Study
FINA 4395 Special Problems
INSU 3324 Risk and Insurance
MGMT 4341 Quantitative Methods in Management

 [3.1.3] Major in Insurance & Risk Management (24 hours)

The major consists of eight upper-division courses including:

INSU 3324 Risk & Insurance
INSU 3315 Life & Insurance
INSU 3320 Property & Liability Insurance
INSU 4315 Employee Benefits
INSU 4320 Corporate Risk Management [ UCA Core: C ]
FINA 4332 Investments

and two of the following:

INSU 3330 Surplus Lines & Reinsurance
QMTH 3325 Data Analysis
FINA 3350 Personal Financial Planning [ UCA Core: R ]
INSU 4310 Internship in Insurance & Risk Management
INSU 4340 Insurance Operations & Regulations

[3.1.3.1] Personal and Financial Planning Track (24 hours)

The major consists of eight upper division courses. These are:

INSU 3324 Risk & Insurance
INSU 3315 Life & Health Insurance
INSU 4315 Employee Benefits
FINA 3350 Personal Financial Planning [ UCA Core: R ]
FINA 4332 Investments
ACCT 3316 Introduction to Taxation
ACCT 4305 Estate Planning
ACCT 4316 Advanced Income Tax

[3.1.4] Minor in Economics (18 hours)

Not open to BBA students. Students have two options.

Option one:
ECON 2320 Principles of Macroeconomics
ECON 2321 Principles of Microeconomics
ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [ UCA Core: I, C ]
and six hours from upper-division economics courses.

Option two:  if students take ECON 1310 before they finish both ECON 2320 and 2321, they may take:
ECON 1310 Modern Political Economy
ECON 2320 Principles of Macroeconomics
ECON 2321 Principles of Microeconomics
ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [ UCA Core: I, C ]
and three hours from upper-division economics courses.

[3.1.5] Minor in Actuarial Studies (21 hours)

This is a 21-hour minor which will help prepare students for careers in the actuarial field. Students will complete courses designed to provide the foundation of business and insurance knowledge necessary for entry level economics and finance exams in this field. Students wishing to pursue a career in the actuarial field will also be required to have a strong background in statistical analysis beyond the scope of this minor.

Not open to students earning a BBA degree.

Required courses (18 hours):

ACCT 2310 Principles of Accounting I
ECON 2320 Principles of Macroeconomics
ECON 2321 Principles of Microeconomics
FINA 3330 Managing Finance and Capital [ UCA Core: I ]
FINA 4336  Advanced Financial Management [ UCA Core: C ]
INSU 3324 Risk and Insurance

Elective courses (3 hours):

ECON 3335 Econometrics
FINA 4334 Financial Derivatives
or
any 3000 or 4000 level economics, finance, or insurance course approved by the advisor

[3.2] Bachelor of Science

The degree of Bachelor of Science, with a major in economics, requires successful completion of 120 hours, including (1) the UCA Core: complete 38 hours to meet lower-division UCA Core requirements and complete upper-division UCA Core requirements using designated major, minor, or elective courses (see the UCA Core requirements); (2) the BS degree requirements; (3) the major as listed below; and (4) a minor approved by the student's minor advisor.

Note: Designated required Economics courses for the UCA Core are:

ECON 3302 Intermediate Macroeconomics [ UCA Core: I, C ]
ECON 4380 Senior Seminar in Economics [ UCA Core: Z ]

Students may choose from the following major electives or minor courses or general electives to meet the UCA Core Diversity and Responsible Living upper-division requirements.

ECON 4335 International Trade [ UCA Core: D ]
ECON 3310 Public Finance [ UCA Core: R ]
ECON 3330 Environmental Economics [ UCA Core: R ]

[3.2.1] Major in Economics (30 hours)

A student must take the following economics classes:

ECON 2320 Principles of Macroeconomics
ECON 2321 Principles of Microeconomics
ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [ UCA Core: I, C ]
ECON 3335 Econometrics
ECON 4380 Senior Seminar in Economics [ UCA Core: Z ]

A student must also take MATH 1491 and MATH 2311.

A student must take an additional 12 hours from the remaining of upper division level economic classes or the finance classes listed below:

FINA 3340 Money, Banking, and Financial Markets
FINA 4332 Investments
and
FINA 4333 International Finance

Students can meet the UCA Core Diversity and Responsible Living upper division requirements by taking classes in the major or outside the of the major. The upper-division Diversity and Responsible Living classes that are available within the major appear below.

ECON 4335 International Trade [ UCA Core: D ]
ECON 3310 Public Finance [ UCA Core: R ]
ECON 3330 Environmental Economics [ UCA Core: R ]

BS Economics majors may pick a minor within the College of Business. No more than 30 hours of classes may be taken in the College of Business. College of Business courses are considered to be courses with the following prefixes: ACCT, FINA, INSU, MGMT, MIS, MKTG, and QMTH. Economics courses are not considered to be College of Business courses for this requirement.

[3.3] Bachelor of Arts

The degree of Bachelor of Arts in economics, with a concentration in International Trade, requires successful completion of 120 hours, including (1) the UCA Core: complete 38 hours to meet lower-division UCA Core requirements and complete upper-division UCA Core requirements using designated major, minor, or elective courses (see the UCA Core requirements); (2) the BA degree requirements; (3) the major as listed below; and (4) a minor approved by the student's minor advisor.

Note: Designated required Economics courses for the UCA Core are:

ECON 3302 Intermediate Macroeconomics [ UCA Core: I, C ]
ECON 4335 International Trade [ UCA Core: D ]
ECON 4380 Senior Seminar in Economics [ UCA Core: Z ]

Students may choose from the following major electives or minor courses or general electives to meet the UCA Core Responsible Living upper-division requirement:

ECON 3310 Public Finance [ UCA Core: R ]
ECON 3330 Environmental Economics [ UCA Core: R ]

[3.3.1] Major in Economics (39 hours)

Concentration in International Trade: A student must take either ECON 1310 or ECON 2310 from the UCA Core, as well as seven required economics classes and five global electives.  The student must take:

ECON 2320 Principles of Macroeconomics
ECON 2321 Principles of Microeconomics
ECON 3302 Intermediate Macroeconomics [ UCA Core: I, C ]
ECON 4320 Comparative Economic Systems
ECON 4335 International Trade
ECON 4375 Economics of Developing Nations
ECON 4380 Senior Seminar in Economics

The student must also take five classes from the following list of classes:

Any  upper division level economics class

GEOG 3300 World Regional Geography
GEOG 3305 Economic Geography
GEOG 3315 Geography of Latin America
GEOG 3320 Field Study
GEOG 3335 Geography of Europe & Russia
GEOG 3345 Geography of China and East Asia
GEOG 3346 Geography of South Asia
GEOG 3381 Political Geography
GEOG 3385 Global Food Resources

PSCI 3305 UN & International Politics
PSCI 3315 International Law Organization
PSCI 3340 Govts & Pols Europe and Russia
PSCI 3382 Politics of Developing Nations
PSCI 4305 Political Economy Developments
PSCI 4310 Intl Political Economy & Global
PSCI 4320 Revolution and Political Violence
PSCI 4325 Mex Politics & US-Mex Relations
PSCI 4328 Dynamics of Democratization
PSCI 4345 Govts and Pols of Africa
PSCI 4348 Government & Politics of the Middle East
PSCI 4388 American Foreign Policy
PSCI 4395 Intl Conflict & Conflict Mgmt

HIST 3304 Asian Civilization II
HIST 3312 Comp Hist Developing Countries
HIST 3321 History of Christianity II
HIST 4305 US and the Middle East
HIST 4309 Women in European History
HIST 4328 Modern Latin American
HIST 4347 Ideas & Society in Modern Europe
HIST 4353 Inter-American Relations
HIST 4377 Europe in a Global Era
HIST 4379 Spain: Crusade, Columbus, and Empire
HIST 4381 Modern China
HIST 4382 Russia since 1917
HIST 4383 History of Modern Japan
HIST 4387 The Islamic Middle East
HIST 4388 African History
HIST 4394 Germany since 1918
HIST 4397 History of Ireland 1550-Present

SOC 3398 Travel Seminar
SOC 4341 Population

A student may also take other classes approved by his or her advisor to meet this elective requirement.

Students can meet the UCA Core Responsible Living upper division requirement by taking classes in the major or outside of the major.  The upper-division Responsible Living classes that are available within the major appear below:

ECON 3310 Public Finance [ UCA Core: R ]
ECON 3330 Environmental Economics [ UCA Core: R ]

BA Economics majors may pick a minor in the College of Business. No more than 30 hours of classes may be taken in the College of Business. College of Business courses for this requirement are considered to be courses with the following prefixes: ACCT, FINA, INSU, MGMT, MIS, MKTG, and QMTH. Economics courses are not considered to be College of Business courses for this requirement.

[4] Course Links

[4.1] Courses In Economics (ECON)

Follow this link for ECON course descriptions: course link.

[4.2] Courses in Finance (FINA)

Follow this link for FINA course descriptions: course link.

[4.3] Courses in Insurance & Risk Management (INSU)

Follow this link for INSU course descriptions: course link.

Page updated: September 7, 2014