Financial Economics Concentration--Management Major

This is an archived copy of the 2015-16 Catalog. To access the most recent version of the catalog, please visit

Charles A. Dana Professor Michael Puddicombe; Professors Mich Kabay and Mehdi  Mohaghegh; Associate Professors Najiba Benabess, David Blythe, David Jolley and Thomas Yandow; Assistant Professor Alex Chung; Lecturers Stephen Pomeroy and Kris Rowley.

The Bachelor of Science in Management with a concentration in Financial Economics has stemmed from managers’ increasing awareness that applied economic analysis can provide assistance in planning, decision making, and problem solving. The business cycle, globalization, fiscal, monetary and trade policies of governments can have a major impact on the functioning of any organization. Financial economists are able to analyze these developments in terms of their probable impact on demand for commodities, prices, costs of production, competitive pressures, financial conditions and other important matters.

Economic analysis also influences decisions in diverse areas such as health-care services, the use of natural resources and other social and environmental issues. In fact, there are very few policy decisions that cannot be analyzed using economic methodology. Students in this concentration may pursue employment as analysts and managers in legal and financial services as well as government organizations.


In a rapidly changing and complex financial environment, college graduates in all disciplines will need financial management knowledge and skills to fulfill their professional careers and their own personal lives. As a result, they must:

  • Describe and explain financial concepts relating to: value creation, risk management, functioning of financial institutions and world financial markets, for investor decision-making.
  • Apply tools such as spreadsheets and mathematical and statistical modeling to analyze problems and issues in finance.

  • An understanding of basic fundamentals in both micro and macro economics.
  • An understanding of the interaction between theory and practice in financial markets.
  • The ability to explain how many businesses and organizations including startups, industrial giants, governments, and NGO's apply finance evaluation and analysis in their decision-making.
  • The ability to formulate and apply standard methods of financial analysis to a business operation.

Careers for this Major:
  • Asset Management
  • Investment Banking
  • Commercial Banking and Management of Financial Institutions
  • Financial Engineering
  • Corporate Financial Management
  • Consulting   
  • Private Equity / Venture Capital

 Financial Economics Concentration Courses

EC 419International Economics3
FN 407Corporate Finance II3
FN 412Investments3
QM 370Quantitative Methods for Marketing & Finance3
Major/Concentration Elective
Major/Concentration Elective

Major/Concentration Electives -- Choose two from the following list:

CS or DF
MA 240Introduction to Number Theory and Cryptology3
AS 311Air Force Leadership Studies3
AS 312Air Force Leadership Studies3
AS 412National Security Affairs/Preparation for Active Duty3
AS 411National Security Affairs/Preparation for Active Duty3
CJ 341Cyber Law and Cyber Crime3
CJ 442Introduction to Computer Forensics4
MA 318Cryptology3
MA 370Introduction to Operations Research3
MS 311Military Science III3
MS 312Military Science III3
MS 411Military Science IV3
MS 412Military Science IV3
NS 321Naval Ship Systems I3
NS 342Small Unit Leadership Skills2
NS 421Naval Operations and Seamanship3
NS 422Leadership and Ethics3
Modern Foreign Languages
PY 210Psychology of Leadership3

Economics Courses

EC 106 The Structure and Operation of the World Economy 3 Credits

This course will introduce students to the operation of the world economy. Emphasis will be on the identification and description of economic concepts such as tariffs, multinational companies, stock markets, debt, international trade balances and international banking. These concepts will be developed utilizing examples from current world economic conditions. Prerequisite: This is a freshman course-permission of instructor required for any exception.

EC 201 Principles of Economics (Macro) 3 Credits

Description and analysis of the American economic system in terms of basic economic concepts and the determination of national income and its fluctuation. Prerequisite: one semester of college mathematics.

EC 202 Principles of Economics (Micro) 3 Credits

Study of the behavior of individuals in making decisions on the allocation of limited resources. This course examines how these decisions and behaviors affect the markets for goods and services. Prerequisite: one semester of college mathematics.

EC 300 Topics in Economic History 3 Credits

This course will focus on the progress and development of economic institutions of industrialized nations. These institutions, such as private property, free markets, financial intermediation and discretionary fiscal policy, will be discussed in a historical perspective. Prerequisites: EC 201 and EC 202. Offered in the spring odd years.

EC 301 Intermediate Price Theory 3 Credits

A study of the economic behavior of consumers and producers and their interrelationship in a market economy. Emphasis is on the application of economic theory and the tools of analysis to price determination and market behavior. Welfare economics and other modern analytical techniques are also introduced. Prerequisites: EC 201, EC 202 and either MA 108 or MA 121.

EC 302 National Income Analysis 3 Credits

The theory and policies of determining national income, achieving economic stability and maintaining economic growth. Attention is given to leading post-Keynesian and Monetarist economists' interpretation of current economic conditions. Prerequisites: EC 201, EC 202, and either MA 108 or MA 121.

EC 304 Labor Economics 3 Credits

Operation of labor markets from theoretical and policy perspectives. Topics include: human capital theory, the impact of labor unions and public policy issues relevant to collective bargaining, unionism, wages and income. Prerequisites: EC 201 and EC 202. Offered in the spring even years.

EC 310 Money and Banking 3 Credits

The principles and institutions of money, banking and finance as they influence the performance of the economy. The major topics covered are the nature of money, commercial banking and financial institutions, central banking, monetary theory, monetary policy, inflation and the international monetary system. Prerequisites: EC 201, EC 202 and QM 213 or permission of the instructor.

EC 331 Business and Government 3 Credits

A study of the institutional relationships between business and government, with stress upon public policies toward business and the role of government in fostering competition. Emphasis is placed upon the economic effects of the antitrust laws through outside readings and analysis of landmark court decisions. Other topics covered are concentration and mergers, restrictive business practices, monopoly and oligopoly. Prerequisites: EC 201 and EC 202. Offered in the fall even years.

EC 403 Comparative Economic Systems 3 Credits

The study of major economic systems. Theories of capitalism, socialism and communism and their implementation by major nations are discussed. Prerequisites: EC 201 and EC 202. Offered in the spring odd years.

EC 406 Public Finance 3 Credits

An investigation of the effects of government expenditures and revenues on the efficiency of resource allocation and the equity of the income distribution. Topics covered include public goods, externalities, benefit-cost analysis, the structure of major taxes and expenditure and tax incidence. Prerequisites: EC 201 and EC 202. Offered in the fall even years.

EC 419 International Economics 3 Credits

International trade and the theory of comparative advantage. Special attention is given to free world trade and economic development in other countries and groupings as in the European Common Market. Prerequisites: EC 201 and EC 202. Offered in the fall odd years.

EC 421 History of Economic Thought 3 Credits

Development of economic thought with emphasis upon the evaluation of economic theory as it has developed in response to problems of society. Prerequisites:EC 201 and EC 202. Offered in the fall odd years.

EC 499 Seminar in Economics and Finance 3 Credits

A capstone economics course designed to integrate the students' undergraduate studies in economics, management, accounting, information systems and finance. Prerequisite: senior standing and permission of instructor.

Finance Courses

FN 311 Corporate Finance 3 Credits

Development of the basic theoretical framework for decision-making in financial management, emphasizing the time-value of money and hte analysis of cash flows. Areas of concentration are financial institutions and markets, financial statement analysis, the role of time value in finance, bond and stock valuation,capital budgeting decision process, risk and return analysis, cost of capital and dividend policy. Prerequisites: AC 206 or AC 201, EC 202, QM 213 or permission of the instructor.

FN 407 Corporate Finance II 3 Credits

Special topics in financial management including: international managerial finance, mergers and acquisitions, hybrid and derivative securities, working capital management, short-term and long-term financing, financial planning, leverage analysis and capital structure theory. Prerequisites: QM 213, FN 311. Offered in the spring-odd years.

FN 412 Investments 3 Credits

Methods of security analysis and portfolio management, including the current theoretical literature and thought. Discussion and analysis of current events and their implications for stock price behavior. Prerequisistes: QM 213, FN 311. Offered in the spring-even years.

Quantitative Methods Courses

QM 213 Business and Economic Statistics I 3 Credits

A course emphasizing the development and presentation of statistical data for business and economic decision-making. Topics will include survey methods, statistical description measures, sampling distributions, statisical inference procedures, simple regression and time series analysis, and construction and use of index numbers. Prerequisite or corequisite: MA 107.

QM 317 Business and Economic Statistics II 3 Credits

A course in which the statistical concepts developed in QM 213 are continued. New topics developed are multiple correlation and regression theory and analysis, the assumptions of regression analysis and econometric problems, and an introduction to simultaneous models and advanced topics. Prerequisite: QM 213. Offered in the fall-even years.

QM 370 Quantitative Methods for Marketing & Finance 3 Credits

A course in which the statistical concepts developed in QM 213 are continued. The focus of the course will be the application of statistical techniques to real world issues in Finance and Marketing. Emphasis will be placed on problem solving, class participation, computer applications and completion of a term paper. Prerequisite QM 213. 3 lecture hours.