Department of Economics, Finance, and Insurance and Risk Management

Chair and Associate Professor: T. Rogers (PhD), 450-3109
Carmichael Professor: L. He (DBA)
Professor: J. Bratton (PhD), M. Casey (DBA), J. McGarrity (PhD)
Associate Professor: P. Cantrell (PhD), A. Fayman (PhD), D. Mitchell (PhD), V. Puleo (PhD), T. Snyder (PhD)
Assistant Professor: J. Horpedahl (PhD), I. Song (PhD), W. Yuan (PhD)
Senior Lecturer: L. Maxwell (MBA)
Visiting Assistant Professor: Z. Donohew (PhD), J. Theis (PhD)

[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 concentration in international trade is required under either the Bachelor of Business Administration or the Bachelor of Arts degree plan and prepares students for positive participation in global business and society.  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. 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, investments, 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.

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, business, 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.

[1.1] Honors in Economics, Finance, and Insurance and Risk Management

[Jump to Recognition of Academic Achievement for general information about Honors in the Majors.]

Exceptional students with a minimum cumulative grade point average of 3.25 may be invited by the faculty to pursue the Honors in the Major program. Students will write a paper under the direction of a faculty member. Successful completion of this program will allow the students to graduate with honors. Majors will be required to complete independent studies in FINA 4390 for Finance or INSU 4390 for Insurance or ECON 4390 for 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.

[3.1.1] Major in Economics (24 hours)

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

and may choose three courses from the following:

[3.1.2] Major in Finance (24 hours)

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

A student must take one of the following three classes:

The student must also take two of the following classes:

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

The major consists of eight upper-division courses including:

and two of the following:

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

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

[3.1.4] Minor in Economics (18 hours)

Not open to BBA students. Students have two options.

[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):

Elective courses (3 hours):

[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:

[3.2.1] Major in Economics (30 hours)

A student must take MATH 1491 and MATH 2311 to meet the BS degree requirements.

A student must take the following economics classes:

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

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:

[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:

Global Electives
The student must take three upper division economics major elective courses.
The student must also take two classes from the following list of classes:

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

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 (ECON, FINA, INSU)

Follow this link for ECON course descriptions: course link.

Follow this link for FINA course descriptions: course link.

Follow this link for INSU course descriptions: course link.