Department of Economics and Finance

General Information | Degree Requirements | Courses in Economics | Courses in Finance

Donald W. Reynolds Center, Room 205, (501) 569-3354, (501) 683-7021 (fax), Website, View/Download PDF Version

Chairperson:
Terry, H. Andy, Professor

Whitbeck-Beyer Chair of Insurance and Financial Services: Powell, Lawrence S., Associate Professor

Professors:
Elder, Erick M.
Ford, Richard K.
Galchus, Kenneth E.
Holland, Larry C.
Lindeman, John B. II
Wagner, Gary A.

Associate Professor:
Funk, Mark
Hall, John R.

Assistant Professor:
Delaney, Jason
Le, Duong
Ross, Kyle

The Economics and Finance Department in UALR’s College of Business offers both an Economics major and a Finance major, as well as minors in Economics, Finance, Personal Finance, and Real Estate.

BrandonThe Economics major prepares students for careers in industry, financial services or government, and for graduate study in law, business, and economics. For more examples of career opportunities for economics majors, check out Economics for College Students.

Students majoring in Finance develop the strong analytical, problem-solving, and decision-making skills necessary for success in today’s global business environment. UALR’s Finance graduates are extremely successful on the Series 7 exam and on other professional exams necessary for a career in finance.

The Bottom Line: Average Starting Salary Offers to Inexperienced Bachelor’s Degree Recipients by Curriculum, Summer 2011.

Baccalaureate Curriculum Salary
Chemical Engineering $63,200
Electrical/Electronics Engineering $60,900
Computer Science $55,900
Economics $50,100
Finance $47,900
Accounting $46,000
Business Administration/Management $43,000
Chemistry $42,600
Marketing $40,800
Biological Sciences $38,800
History $39,200
Sociology $36,500
Psychology $35,900

Source: Nathan E. Bell, Nicole M. Di Fabio, and Lisa M. Frehill, “Salaries of Scientists, Engineers and Technicians: A Summary of Salary Surveys.” The Commission on Professionals in Science and Technology (CPST Washington, DC 2011)

General Information

Economics

Theoretical and quantitative analysis are applied within the context of institutional and cultural constraints to solve economic problems in the private and public sectors.

The department offers a bachelor of business administration in economics and a minor in economics for students not majoring in the College of Business.

Economics Educational Objectives

Students completing the economics degree should accomplish the following educational objectives:

  • Understand, explain, and identify how markets work with respect to the determination of prices, quantities, and allocation of resources.
  • Collect economic data and be able to analyze and forecast economic activity.
  • List various supply and demand shocks and identify how they affect economic activity in a complete, traditional macroeconomic model.
  • Understand models of economic growth.
  • Understand and be able to differentiate between market structures and explain their implications for pricing, output, and efficiency issues.
  • Understand and explain the theory of the firm including, but not limited to, pricing, optimal input mix, and marginal analysis.

Minor in Economics

The minor in economics, available to students majoring outside the COB, provides a market-oriented complement for many major fields of study. Students pursuing the economics minor must take ECON 2322, 2323, 3315, 3330, and six additional hours of approved upper-level electives in economics for a total of 18 hours.


Bachelor of Business Administration in Economics

General: (124 total minimum hours, including 45 hours upper-level courses (3000-4000 level) and 30 hours in residence; students must complete at UALR at least 50 percent of the major department degree requirements and at least 50 percent of all COB courses required for a business degree)

First-Year Colloquium (0-3 hours)

Required of full-time freshmen entering college for the first time and transfer students with less than 12 hours of credit (See page 25 for requirement details.)

Core (44 hours)

See page (See page 25 for requirement details.

Second Language Proficiency (none required)

Major (75 hours)

Pre-business Courses (24 hours)
    MATH 1342 Business Calculus
    ACCT 2310 Principles of Accounting I
    ACCT 2330 Principles of Accounting II
    ECON 2310 Business Statistics I
    ECON 2322 Principles of Microeconomics
    ECON 2323 Principles of Macroeconomics
    MGMT 1310 Fundamentals of Information Technology
    MKTG 2380 Legal Environment of Business
Professional Business Studies Foundation (24 hours)
    ECON 3355 Quantitative Business Analysis
    FINC 3310 Business Finance
    MGMT 3380 Business Communications
    MGMT 3300 Organizational Behavior and Management
    MGMT 3304 Production/Operations Management
    MGMT 3305 Management Information Systems
    MGMT 4380 Business Strategy and Policy
    MKTG 3350 Principles of Marketing
Economics Area (21 hours)
Economics Core Courses (9 hours)
    ECON 3315 Intermediate Microeconomic Analysis
    ECON 3330 Intermediate Macroeconomic Theory
    ECON 4350 Applied Econometrics
Electives in Economics (12 hours)
    ECON 4320 International Economics
    ECON 4324 Environmental Economics
    ECON 4360 Independent Study in Economics
    ECON 4397 Seminar in Economics
    FINC 3340 Financial Markets and Institutions
    FINC 3350 Investment Analysis
    FINC 4360 Risk Management

Minor (none required; pre-business and professional business studies courses fill all hours)

Unrestricted General Electives

Remaining hours, if any, to reach 120 minimum total hours, 45 hours of upper-level courses (3000-4000 level), or 30 hours in residence.
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Finance

The finance curriculum provides a theoretical framework of the environment in which financial institutions operate. Individual courses deal with financial institutions, the financial management of business firms, investments, and particular institutional areas of banking, real estate, and insurance. Emphasis is on the decision making, or analytical, aspects of the subject areas.

The department offers three degree options (emphases) in the finance area.

  • Emphasis I (General Finance) provides training in business finance, financial decision making within the firm, and the financial and banking systems.
  • Emphasis II (Real Estate) provides a broad background in real estate analysis, investment, and financial decision making.
  • Emphasis III (Financial Services and Risk management) provides training in the management of financial service firms such as banks, insurance firms, and wealth management firms.

Minors are offered in general finance and real estate.

To graduate, students majoring in finance must make a grade of C or greater in FINC 3310 as well as in all courses that constitute the major.

Finance Educational Objectives

Students completing the finance degree should be able to:

  • Demonstrate a thorough understanding of time value of money concepts by solving representative problems. This includes calculating present values, future values, and rates of return.
  • Identify and explain the role and functioning of financial markets. Students should be able to explain the determination of interest rates, the role of financial intermediaries, the impact of risk and the connections across international markets.
  • Value financial assets. This involves being able to explain risk-return trade-offs, asset pricing models, market efficiency, and international valuation. The student should be exposed to modern portfolio theory and option pricing theory.
  • Identify and explain the investment and financing decisions of the firm, and how these decisions affect value. Students should be exposed to estimating the cost of capital, should be able to identify factors affecting capital structure and financing alternatives (domestic and international), and be exposed to firm valuation.
  • Be exposed to the ethical issues involved in finance. In particular, the student should be exposed to agency theory and its implications for financial managers. This includes exposure to fiduciary issues.

Real Estate and Financial Services Educational Objectives

Students specializing in real estate, insurance, or financial planning
should:

  • Be exposed to the theoretical concepts and principles of each.
  • Be able to apply the principles to real problems.
  • Be exposed to the professional and institutional aspects of each.

Minor in General Finance

A minor in general finance for students majoring outside the College requires ACCT 2310 and 2330, ECON 2322 and 2323, and FINC 3310 and 3350. Students should be aware that ECON 2310 (or its equivalent) is a prerequisite for FINC 3310 and that MATH 1342 (or its equivalent) is a prerequisite for ECON 2310.

Minor in Real Estate

A minor in real estate for students majoring outside the COB requires ECON 2322 and 2323, FINC 3310, 3370, 4371, and 4372. Students should be aware that ECON 2310 (or its equivalent) is a prerequisite for FINC 3310 and that MATH 1342 (or its equivalent) is a prerequisite for ECON 2310.


Bachelor of Business Administration in Finance

General: (124 total minimum hours, including 45 hours upper-level courses (3000-4000 level) and 30 hours in residence; students must complete at UALR at least 50 percent of the major department degree requirements and at least 50 percent of all COB courses required for a business degree)

First-Year Colloquium (0-3 hours)

Required of full-time freshmen entering college for the first time and transfer students with less than 12 hours of credit (See page 25 for requirement details.)

Core (44 hours)

See page (See page 25 for requirement details.

Second Language Proficiency (none required)

Major (75 hours)

Pre-business Courses (24 hours)
    MATH 1342 Business Calculus
    ACCT 2310 Principles of Accounting I
    ACCT 2330 Principles of Accounting II
    ECON 2310 Business Statistics I
    ECON 2322 Principles of Microeconomics
    ECON 2323 Principles of Macroeconomics
    MGMT 1310 Fundamentals of Information Technology
    MKTG 2380 Legal Environment of Business
Professional Business Studies Foundation (24 hours)
    ECON 3355 Quantitative Business Analysis
    FINC 3310 Business Finance
    MGMT 3380 Business Communications
    MGMT 3300 Organizational Behavior and Management
    MGMT 3304 Production/Operations Management
    MGMT 3305 Management Information Systems
    MGMT 4380 Business Strategy and Policy
    MKTG 3350 Principles of Marketing
Emphasis Areas (32 hours)
General Finance (24 hours)
    FINC 3340 Financial Markets and Institutions
    FINC 3350 Investment Analysis
    FINC 4330 International Finance
    or FINC 4362 Derivatives
    FINC 4395 Advanced Financial Management</strong

Four courses (two of which must be FINC courses) from:

    FINC 4320 Bank Financial Management
    FINC 4360 Risk Management
    FINC 4363 Financing Entrepreneurial Ventures
    FINC 4371 Real Estate Finance and Investment
    FINC 4380 Portfolio Management
    FINC 4383 Applied Equity Analysis
    FINC 4396 Cooperative Education I
    FINC 4399 Independent Study
    ECON 3315 Intermediate Microeconomic Analysis
    ECON 3320 Business Forecasting
    ECON 3330 Intermediate Macroeconomic Theory
    ECON 4320 International Economics
    FINC 4330 International Finance
    FINC 4362 Derivatives
    Up to two approved ACCT courses

OR

Real Estate (24 hours)
Major Requirements (18 hours)
    FINC 3350 Investment Analysis
    FINC 3370 Real Estate
    FINC 4371 Real Estate Finance and Investment
    FINC 4372 Real Estate Valuation and Appraisal
    MKTG 4378 Real Estate Law

One course from the following:

    FINC 3330 Principles of Insurance
    FINC 4377 Independent Study in Real Estate

Upper-level Electives (3 hours)

OR

Financial Services and Risk Management (27 hours)
Major Requirements (27 hrs)
    FINC 3330 Principles of Insurance
    FINC 3340 Financial Markets and Institutions
    FINC 3350 Investment Analysis
    FINC 4360 Risk Management
    Five courses (15 hrs) from the following: (Note 1)

      ACCT 3321 Federal Taxation
      FINC 4320 Bank Financial Management
      FINC 4341 Commercial Property and Liability Insurance
      FINC 4362 Derivatives
      FINC 4363 Financing Entrepreneurial Ventures
      FINC 4364 Employee Benefits
      FINC 4371 Real Estate Finance and Investments
      FINC 4380 Portfolio Management
      FINC 4383 Applied Equity Analysis
      FINC 4396 Cooperative Education
      FINC 4399 Independent Study

Note 1: No more than two courses (6 hrs) make be taken from ACCT 3321, FINC 4341, FINC 4396, and FINC 4399

Minor (none required; pre-business and professional business studies courses fill all hours)

Unrestricted General Electives

Remaining hours, if any, to reach 120 minimum total hours, 45 hours of upper-level courses (3000-4000 level), or 30 hours in residence.
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