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Department of Economics, Finance, and Insurance and Risk Management

Chair and Associate Professor: Dr. Rogers, 450-3109
Carmichael Professor: Dr. He
McCastlain Professor: Dr. Casey
Professors: Dr. Bratton, Dr, Campbell, Dr. Horton, Dr. McGarrity
Associate Professors: Dr. Cantrell, Dr. Puleo
Assistant Professors: Dr. Fayman, Dr. Snyder
Instructor: Ms. Maxwell

[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 personal financial planning 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 general education component, (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: ECON 3301, ECON 3302, ECON 4335, ECON 4380 and FINA 4333, and may choose three courses from the following: any upper division economics course, FINA 3340 and MGMT 3342.

[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,  FINA 3340, FINA 3350, FINA 4332, FINA 4333, FINA 4336. A student must take one of the following three classes: QMTH 3325, ECON 3335 or  ACCT 3312. The student must also take one of the following four classes: FINA 3323, FINA 3324, FINA 3382, FINA 4331, FINA 4334, FINA 4376, FINA 4390, FINA 4395, INSU 3324, or MGMT 4341.

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

The major consists of eight upper-division courses including INSU 3324, INSU 3315, INSU 3320, INSU 4315, INSU 4320; FINA 4332 and two of the following: INSU 3330, QMTH 3325, FINA 3350, INSU 4310, or INSU 4340.

[3.1.4] Personal and Financial Planning Track of Major in Insurance & Risk Management (24 hours)

The major consists of eight upper division courses. These are INSU 3324, INSU 3315, INSU 4315, FINA 3350, FINA 4332, ACCT 3316, ACCT 4305 and ACCT 4316.

[3.1.5] Minor in Economics (18 hours)

Not open to BBA students. Students have two options.  Option one:  ECON 2320, 2321, 3301, 3302 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, 2320, 2321, 3301, 3302, and three hours from upper-division economics courses.

[3.1.6] 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
FINA 4336  Advanced Financial Management
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 general education component, (2) the BS degree requirements, (3) the major as listed below, and (4) a minor approved by the student’s minor advisor.

        [3.2.1] Major in Economics (30 hours)

A student must take the following economics classes: ECON 2320, 2321, 3301, 3302, 3335, and 4380. A student must also take MATH 1496 (formerly 1591) and MATH 2311. A student must take 12 hours of upper division level economic classes. FINA 3340, 4332 and 4333 can be used to count toward this 12 hour major elective requirement. 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 general education component, (2) the BA degree requirements, (3) the major as listed below, and (4) a minor approved by the student’s minor advisor.

        [3.3.1] Major in Economics (39 hours)

Concentration in International Trade:  A student must take one of the two economic classes offered in the general education program, as well as seven required economics classes and five global electives.  A student must  take either ECON 1310 or 2310, which will count for three hours in the Behavioral and Social Science component of the General Education requirements.  The student must take ECON 2320, 2321, 3302, 4320, 4335, 4375, and 4380.  The student must also take five classes from the following list of classes:  Any  upper division level economics class, GEOG 3300, 3305, 3315, 3320, 3335, 3345, 3346, 3381 or 3385; PSCI 3305, 3315, 3340, 3382, 4305, 4310, 4320, 4325, 4328, 4345, 4348, 4388 or 4395; HIST 3304, 3312, 3321, 4305, 4309, 4328, 4347, 4353, 4377, 4379, 4381, 4382, 4383, 4387, 4388, 4394 or 4397; and from SOC 3398 or 4341.  A student may also take other classes approved by his or her advisor to meet this 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] Courses In Economics (ECON)

Follow this link for ECON course descriptions: course link.

[5] Courses in Finance (FINA)

Follow this link for FINA course descriptions: course link.

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

Follow this link for INSU course descriptions: course link.