Department of Economics, Finance, and Insurance and Risk Management

[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

Students who major in Economics, Finance, or Insurance and Risk Management and who demonstrate exceptional ability may be invited to enter the Honors in the Major Program. For details, see Honors in the Major Program.

[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.

Mathematics Pathway. First-time, first-year BBA students majoring in Economics, Finance, or Insurance and Risk Management enter the College Algebra Mathematics Pathway and must enroll in MATH 1390 during their first year of study, unless they have already been awarded credit for MATH 1390.

[3.1.1] Major in Economics (24 hours)

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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)

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

A student must take one of the following four classes:

The student must also take two of the following classes:

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

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[3.1.3.1] Courses Required of all Insurance and Risk Management Majors (9 hours)

[3.1.3.3] General Insurance and Risk Management Track

In addition to the nine hours required for all Insurance and Risk Management Majors (see above), majors following the general track complete the following courses (15 hours):

and any two of the following:

[3.1.3.4] Personal and Financial Planning Track

In addition to the nine hours required of all Insurance and Risk Management majors (see above), majors following the Personal and Financial Planning track complete the following courses (15 hours):

Note: Students pursuing the Personal Financial Planning Track will need to choose an upper-division UCA Core Effective Communication Course in their elective courses.

[3.1.4] Minor in Economics (18 hours)

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[3.1.5] Minor in Actuarial Studies (21 hours)

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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):

[3.1.6] Minor in Insurance and Risk Management (18 credit hours)

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Required courses (12 credit hours)

Electives (6 credit hours: choose two)

[3.1.7] Minor in Financial Services

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A minor in Financial Services requires 18 unique hours, that is, these 18 hours may not be used for any other major or minor. Students earning a BA or BS in Economics cannot earn this minor.

Required courses 12 credit hours)

Electives (6 credit hours: choose two)

[3.2] Bachelor of Science

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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); (3) major requirements as listed below; and (3) a minor approved by the student’s minor advisor.

Mathematics Pathway. First-time, first-year students majoring in Economics enter the College Algebra Mathematics Pathway and must enroll in MATH 1390 during their first year of study, unless they have already been awarded credit for MATH 1390.

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

[3.2.1] Major in Economics (30 hours)

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, CISA, FINA, INSU, MGMT, and MKTG. Economics courses are not considered to be College of Business courses for this requirement.

[3.3] Bachelor of Arts

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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 major and related course requirements as listed below; and (3) a minor approved by the student’s minor advisor.

Mathematics Pathway. First-time, first-year students majoring in Economics enter the College Algebra Mathematics Pathway and must enroll in MATH 1390 during their first year of study, unless they have already been awarded credit for MATH 1390.

Related Course Requirements. Students must complete a three-credit-hour foreign language course at the 2000-level or above as well as all course prerequisites. Students with prior experience in a language are strongly encouraged to take the departmental placement test before enrolling in their first course. See Credit by Examination in the Department of Languages, Linguistics, Literatures, and Cultures section of this bulletin. Note: CSD 2303 Basic Sign Language, CSD 4303 Intermediate Sign Language, and transferred Guided/Extended Study (i.e., correspondence) courses will not be accepted in fulfillment of the foreign language requirement.

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 also 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, CISA, FINA, INSU, MGMT, and MKTG. Economics courses are not considered to be College of Business courses for this requirement.

[4] Certificate Program: Certificate of Proficiency in Financial Literacy

The Certificate of Proficiency in Financial Literacy prepares students for entry-level positions in financial planning. This certificate may be awarded without an undergraduate degree, concurrently with an undergraduate major in another field, or as a post-baccalaureate study.

The Certificate of Proficiency in Financial Literacy requires the successful completion of 9 hours, including 3 hours of required courses and 6 hours of electives chosen from the list below.

Required Courses (3 credit hours)

Electives (6 credit hours)

Choose two of the following.

A minimum 2.0 grade point average on certificate coursework is required for the certificate to be awarded.

To obtain a Certificate of Proficiency in Financial Literacy from UCA, students must complete 9 hours of the curriculum in residence. Students who have attended another university and earned credit for courses that may apply to this certificate should familiarize themselves with UCA’s policies on transfer of credit and residence requirements. A UCA student may not be a declared major or minor in finance or insurance and risk management and simultaneously pursue the Certificate of Proficiency in Financial Literacy. A student with a previously-awarded Certificate of Proficiency in Financial Literacy may pursue a BBA-Finance or a BBA-Insurance and Risk Management by completing the remaining degree requirements (subject to transfer and residence requirements).

[5] 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.