Accounting, Finance, Economics and Decision Sciences - Undergraduate Catalog

Undergraduate Catalog

Accounting, Finance, Economics, and Decision Sciences

Director: Dr. Jessica L. Lin
Office: Stipes Hall 431
Telephone: (309) 298-1152
Email: afed@wiu.edu, studyaccounting@wiu.edu, studyfinance@wiu.edu, economics@wiu.edu, decisionanalytics@wiu.edu
Website: wiu.edu/cbt/afed

Program Offerings and Locations

Bachelor of Business in Accountancy: Macomb, Quad Cities, Online
Bachelor of Business in Business Analytics: Macomb, Online
Bachelor of Arts in Economics: Macomb, Online
Bachelor of Business in Economics: Macomb, Online
Bachelor of Business in Finance: Macomb, Online
Minor in Accountancy: Macomb, Quad Cities, Online
Minor in Business Analytics: Macomb
Minor in Economics: Macomb, Quad Cities, Online
Minor in Finance: Macomb, Quad Cities, Online

Learning Outcomes

For student learning outcomes, please see wiu.edu/provost/learningoutcomes.

Faculty

Babin, Bogenschneider, Brennan, Chauhan, Chowdhury, Feld, Ford, Gately, Ghimire, Gray, Gupta, Lee, Lin, Lu, Ludlum, Man, Melkumian, Pillutla, Pryor, Ptukhin, Sadler, Tiwari, Valeva, Westen, Yan, Yoon, Zheng.

GradTrac

GradTrac is available to Accountancy, Business Analytics, Economics (B.A. and B.B.), and Finance majors. See more information about GradTrac.

Honors Curriculum

Academically qualified students in this School are encouraged to complete an honors curriculum in University Honors, Honors in the Major, or General Honors. All Honors students must complete the one-hour honors colloquium (G H 299). General Honors includes General Honors coursework. Honors in the Major includes honors work in the major. University Honors combines Honors in the Major and General Honors. For more information about honors curricula, see page 101 or visit the Centennial Honors College website at wiu.edu/Honors.

Integrated Baccalaureate and Master’s Degree Programs

Two integrated baccalaureate and master’s degree programs are available for the Bachelor of Business in Accountancy: Master of Accountancy and Master of Business Administration. An integrated baccalaureate and master’s degree program is available for the Bachelor of Business in Business Analytics: Master of Science in Applied Statistics and Decision Analytics. An integrated baccalaureate and master’s degree program is available for the Bachelor of Arts in Economics: Master of Science in Quantitative Economics. Two integrated baccalaureate and master’s degree programs are available for the Bachelor of Business in Economics: Master of Science in Quantitative Economics and Master of Business Administration. An integrated baccalaureate and master’s degree program is available for the Bachelor of Business in Finance: Master of Business Administration. An integrated degree program provides the opportunity for outstanding undergraduates to earn both degrees in five years. Please refer to the Graduate Studies catalog for details about the integrated program.

School Information

The School of Accounting, Finance, Economics, and Decision Sciences (AFED) offers four Bachelor of Business degree programs (Accountancy, Business Analytics, Economics, and Finance) and one Bachelor of Arts degree in Economics that provide essential technical knowledge along with the broader critical thinking skills necessary for jobs in today’s competitive labor market. The Bachelor of Business degree programs are all recognized by The Association to Advance Collegiate Schools of Business (AACSB) as meeting the necessary criteria and standards to ensure a quality educational experience for all students. Along with the general business accreditation, the School of AFED is proud to also be further endorsed with the AACSB’s Supplemental Accounting accreditation.

The B.B. in Accountancy will prepare students for the new challenges and greater opportunities that the accounting profession offers today. The degree program provides students with the accounting and communication skills they will need to succeed. Working with advanced computer software, writing reports and papers, and presenting individual and team projects are all included in the program of study. Students enrolled in the Accountancy program who plan to take the CMA, CFE, CPA, or Enrolled Agent examinations will have the opportunity to select from the following programs:

The Bachelor of Business (120 s.h.) with an emphasis in Management Accounting in preparation for the Certified Management Accountant (CMA) exam and the Certified Fraud Examiner (CFE) exam, or an emphasis in Taxation in preparation for the Enrolled Agent (EA) exam.
The Master of Accountancy (150 s.h.) with an emphasis in Public Accounting and preparation for the Certified Public Accountant (CPA) exam.

The State of Illinois requires candidates for the Certified Public Accountant (CPA) examination to have completed a bachelor’s degree and 150 semester hours of education. To enable students to sit for the CPA examination, the Accountancy programs at WIU provide an opportunity to obtain an additional 30 hours beyond the Bachelor of Business in Accountancy through the Master of Accountancy degree program or Integrated Baccalaureate and Master’s Degree Program.

The B.B. in Business Analytics brings together the technical skills of data mining, forecasting, visualization, and computer programming for solving the analytical problems of the contemporary business world. Students gain experience working with industry standard software including SAS, R, and Python’s Statistical libraries. The program is designed for undergraduate students interested in working at the intersection of statistical analysis, computer programming, and business problems. Along with the core classes, students have the opportunity to pursue one of 4 emphases: Applied Statistics, Business, Information Systems, or Supply Chain Management.

The B.B. in Business Analytics is one of a small handful of STEM-recognized business degrees. The STEM designation allows eligible graduates on student visas access to an Optional Practical Training (OPT) extension, up to 36 months, as compared to 12 months for non-STEM degrees.

The B.B. in Economics focuses upon helping students bring together traditional economic theories with modern analytics techniques to solve complex business problems. Students in this program are focused on preparing for careers as industry analysts or practicing business economists. Students complete a variety of courses including macroeconomics and measurement, price theory, economic problem solving, game theory, and international trade. Business Economics students are ready to help companies make data driven decisions in today’s fast-changing economic climate. The B.A. in Economics is a policy-focused degree that provides students with the broader critical thinking skills found in traditional economic theory while still maintaining the flexibility to pursue complementary studies. Students in the B.A. program complete coursework in applied micro and macro theory, along with electives from a wide range of policy focused courses. Students in the B.A. are well prepared for a wide array of careers, including those in law, non-profit or politics, further graduate study, or general management. A B.A. in Economics continues to rank as one of the best degrees to prepare students for the LSAT and future success in Law School.

Economics holds a unique position in the academic curriculum. It is a quantitative social science offering a unique insight into the solution of many social problems. At the same time, Economics is essential to an understanding of the business world and has many practical applications in management and financial decision-making. Students find Economics a versatile discipline that uses social science methodologies to solve interesting social and business problems.

The B.B. in Finance develops the skills and knowledge necessary for the management of money. Finance is concerned with the process, institutions, markets, and instruments involved in the transfer of money among and between individuals, businesses, and government. This all takes place in a world that is changing in a variety of directions, and the Finance major will learn how to make sound decisions in this constantly shifting environment. In addition to class lectures, students will learn from techniques such as computer simulation, case studies, and field trips. Students will also have the opportunity to learn from representatives of corporations and government agencies who visit as guest speakers. Required study areas for the Finance major include financial institutions, financial management, investment policy, insurance/ risk management, and real estate. Additional studies may be taken in such courses as bank management, advanced financial management, security and portfolio analysis, personal and commercial lines of insurance, and real estate financing. Finance majors have excellent prospects for employment in financial institutions, brokerage or investment operations, and corporations or government agencies.

Degree Programs

Bachelor of Business—Accountancy

All students seeking the Bachelor of Business in Accountancy must complete I, II, III, IV.A or IV.B, V, VI, and VII below, and the foreign language/global issues requirement for the major#. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

Pre-Accountancy students who have earned 60 hours, but are ineligible to declare a business major will be limited to a maximum of 29 hours of business courses (see Limit and may be removed from business courses.

Note: Students enrolled in this major may not minor in Pre-MBA.

University General Education Curriculum: 43 s.h.
Business Core Courses †: 33 s.h.
Department Core Courses: 24 s.h.
ACCT 197, 341, 342, 343, 451, 452, 460, 480, 499; CS 301
Select one of the following emphases: 6 s.h.
1. Management Accounting
  ACCT 454, 455: 6 s.h.
2. Taxation
  ACCT 470, 471: 6 s.h.
Directed Electives: 6 s.h.
Select additional 6 s.h. of upper-level, elective, ACCT courses, or other department approved courses
Open Electives: 8 s.h.
Other: 18 s.h.*
Natural Sciences/Mathematics: MATH 137 and STAT 171
Social Sciences: ECON 231 and 232 and either PSY 100 or SOC 100
Multicultural Studies: ECON 351

# The foreign language/global issues graduation requirement may be fulfilled by successfully completing one of the following: 1) a designated foreign language requirement [see Foreign Language/Global Issues Requirement]; 2) a General Education global issues course; or 3) ACCT 343.

† BCOM 320 (Business Core, see p. 94) fulfills the Writing Instruction in the Disciplines (WID) graduation requirement.

* 18 s.h. may count towards the University General Education requirement.

Other Requirements

Transfer students must complete at least 50% of their accounting courses at WIU to graduate as Accountancy majors.

Bachelor of Business—Business Analytics

All students seeking the Bachelor of Business in Business Analytics must complete I, II, III, IV.A or IV.B or IV.C or IV.D, V, and VI below, and the foreign language/global issues requirement for the major#. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

Note: Students enrolled in this major may not minor in Pre-MBA.

University General Education Curriculum: 43 s.h.
(To include ECON 231, 232, 351; MATH 137; STAT 171; and either PSY 100 or SOC 100)
Business Core Courses †: 33 s.h.
Courses: 30 s.h.
DS 197, 200, 421, 423, 435, 480, 485, 490, 497; ECON 332, 381, 487
Emphases of Study (select A, B, C, or D): 9 s.h.
1. Applied Statistics
  Select 9 s.h. from the following courses:
  DS 494; MATH 383; STAT 276, 471, 474, 478
2. Business
  Select 9 s.h. from the following courses:
  ACCT 452; DS 490, 494; ECON 315, 425, 445, 470, 496; FIN 496; MKTG 329
3. Information Systems
  Select 9 s.h. from the following courses:
  DS 494; IS 341, 342, 343, 405
4. Supply Chain Management
  Select 9 s.h. from the following courses:
  DS 494; SCM 211, 340, 411, 453, 465, 470
Open Electives: 2 s.h.
Other: 3 s.h.
CS 114 or 214

† BCOM 320 (Business Core, see p. 94) fulfills the Writing Instruction in the Disciplines (WID) graduation requirement.

Bachelor of Arts—Economics

All students seeking the Bachelor of Arts in Economics must complete I, II, III, and IV below, and the foreign language/global issues requirement for the major#. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

University General Education and College of Arts and Sciences Curriculum Requirements: 60 s.h.
(To include STAT 171 and any General Education Mathematics course or equivalent)
Core Courses: 18 s.h.
ECON 197, 231*, 232*, 325, 330, 351, 381, 497
Directed Electives: 15 s.h.
1. Select 12 s.h. of upper-division Economics (ECON) or Decision Science (DS) electives, or electives from other departments as approved by department chair: 12 s.h.
2. Capstone Experience: 3 s.h.
  Select one course from ECON 494, 496
Other Requirements: 33 s.h.
1. ECON 350†: 3 s.h.
2. Any Minor: 16 s.h.
3. Open Electives:14 s.h.

* 6 s.h. may count toward the University General Education requirement.

† BCOM 320 or ECON 350 fulfills the Writing Instruction in the Disciplines (WID) graduation requirement.

Bachelor of Business—Economics

All students seeking the Bachelor of Business in Economics must complete I, II, III, IV, and V below, and the foreign language/global issues requirement for the major#. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

Pre-Economics students who have earned 60 hours, but are ineligible to declare a business major will be limited to a maximum of 29 hours of business courses (see Limit on Business Credits) and may be removed from business courses.

Note: Students enrolled in this major may not minor in Pre-MBA.

University General Education Curriculum: 43 s.h.
(To include ECON 231, 232, 351; MATH 137; STAT 171; and either PSY 100 or SOC 100)
Business Core Courses †: 33 s.h.
Department Core Courses: 18 s.h.
ECON 197, 331, 332, 381, 445, 471, 497; DS 421
Directed Electives: 12 s.h.
1. CS 301 or DS 490: 3 s.h.
2. Select 6 s.h. of upper-division Economics (ECON) or Decision Science (DS) electives, or electives from other departments as approved by department chair: 6 s.h.
3. Capstone Experience: 3 s.h.
  Select one course from ECON 487, 488, 489, 494
Open Electives: 14 s.h.

† BCOM 320 (Business Core) fulfills the Writing Instruction in the Disciplines (WID) graduation requirement.

Bachelor of Business—Finance

All students seeking the Bachelor of Business in Finance must complete I, II, III, IV, and V below, and the foreign language/global issues requirement for the major#. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

Pre-Finance students who have earned 60 hours, but are ineligible to declare a business major will be limited to a maximum of 29 hours of business courses (see Limit and may be removed from business courses. Note: Students enrolled in this major may not minor in Pre-MBA.

University General Education Curriculum: 43 s.h.
Business Core Courses †: 33 s.h.
Department Core Courses: 15 s.h.
CS 301; FIN 197, 341, 421, 449, 470, 499
Electives
1. Departmental: 12 s.h.
  12 s.h. of 400-level Finance courses excluding FIN 460 and 461
2. Directed: 3 s.h.
  One of the following courses:
  ACCT 341, 452, 460
  AGEC 447
  ECON 332, 425, 432
  MKTG 335
  Any 400-level Finance course (including 460, 461)
3. Open: 14 s.h.
Other: 18 s.h.*
Natural Sciences/Mathematics: MATH 137 and STAT 171
Social Sciences: ECON 231 and 232 and either PSY 100 or SOC 100
Multicultural Studies: ECON 351

† BCOM 320 (Business Core) fulfills the Writing Instruction in the Disciplines (WID) graduation requirement.

* 18 s.h. may count toward the University General Education requirement.

Minors

Minor in Accountancy: 18 s.h.

ACCT 201*, 202*, 341, 452: 12 s.h.
Two of the following: ACCT 342, 343, 420 (up to 3 s.h),
445, 451, 454, 455, 457, 460, 470, 471, 480: 6 s.h.

*Business majors should consult with their academic advisor.

Minor in Business Analytics: 18 s.h.

DS 200, 303, 435, and 490 (3 s.h.): 12 s.h.
Select remaining hours from CS 114, 214; DS 421, 423, 480, 485;
ECON 332, 487, 496; FIN 496; MGT/OM 352; MKTG 329;
SOC 323, 324; PSY 223, 323; or other courses approved by department: 6 s.h.

Note: Only 3 s.h. of DS 490 may be counted in the minor.

Minor in Economics: 18 s.h.

ECON 231, 232: 6 s.h.
Economics Electives: 9 s.h. of upper division coursework is required: 12 s.h.

Minor in Finance: 16 s.h.

FIN 311 or FIN 331: 3 s.h.
Finance Electives: 9 s.h.
Business Electives: 4 s.h.

Course Descriptions

ACCOUNTING (ACCT)

197 Professional Skills Development. (0)

An introduction to the Accountancy major that introduces important professional development skills and other issues specific to the major. Graded S/U only.

200 Introduction to Accounting. (3)

An introduction to financial and managerial accounting for non-business majors. The course will focus on the use of accounting information by managers. Not open to business majors or to students who have received credit for ACCT 201.

201 Principles of Financial Accounting. (3)

The role of financial accounting concepts and practices in the development of information for business decisions. Prerequisite: sophomore standing or department approval. IAI: BUS 903.

202 Principles of Managerial Accounting. (3)

The role of managerial accounting concepts and practices in the development of information for business decisions. Prerequisite: ACCT 201. IAI: BUS 904.

307 (Cross-listed with ENGR 307) Accounting for Managers and Engineers. (3)

Covers basic financial and cost accounting concepts and techniques. Emphasis is on the use of accounting information by managers and engineers for planning, controlling, and operating decisions. Cannot be applied towards meeting the requirements for Accountancy major or minor or Engineering major without prior approval of the Department Chair or School Director. Not open to students with credit for ACCT 201, ACCT 202, or ENGR 307. Prerequisite: junior standing.

341 Intermediate Accounting I. (3)

Theoretical concepts and technical procedures underlying the preparation of external financial reports for corporate business organizations. Prerequisites: ACCT 201 with a grade of C or better.

342 Intermediate Accounting II. (3)

Theoretical concepts and technical procedures underlying the preparation of external financial reports for corporate business organizations. Prerequisites: ACCT 197; ACCT 341 with a grade of C or better.

343 Intermediate Accounting III. (3) (Global Issues)

Theoretical concepts and technical procedures underlying the preparation of external financial reports for corporate business organizations, including international financial reporting standards (IFRS). Prerequisites: ACCT 341 with a grade of C or better.

420 Internship in Accountancy. (1–12, repeatable to 12)

One hour of credit is available for every 40 hours (120 hours minimum) of approved experience. Student is responsible for locating acceptable employment. A maximum of 3 s.h. may be used in the major. Prerequisite: Accountancy major or minor; prior approval of department chairperson or internship coordinator; completion of ACCT 341. Graded S/U only.

421 Independent Study in Accountancy. (1–3, not repeatable)

Independent research on selected topics in Accountancy. Prerequisite: approval of department chairperson.

445 (Cross-listed with FIN 445) Financial Modeling and Statement Analysis. (3)

Students will identify problems, analyze results, and make decisions regarding the impact on financial statements through development of models in electronic spreadsheets. Financial statements, capital budgets, risk, capital structures, takeovers, and other financial topics will be analyzed. Not open to students with credit for FIN 445. Prerequisite: ACCT 341 or FIN 331 or permission of instructor.

451 Accounting Systems and Control. (3)

Introduction to the concepts and current practices in analyzing and developing organizational accounting and control systems. Prerequisites: ACCT 341 with grade of C or better and CS 301.

452 (Formerly ACCT 351) Cost Accounting. (3)

A detailed study of cost allocation methods, cost accounting systems, and the complexities involved in costing products, jobs, and services. Prerequisite: ACCT 202 with a grade of C or better.

453 (Cross-listed with FIN 453) Estate Planning and Taxation. (3)

This course covers various estate planning techniques to mitigate the financial risks associated with the transfer of wealth during lifetime and at death. Wills and trusts are discussed. Techniques for reducing, freezing, or eliminating gift and estate taxes are explained. Not open to students with credit for FIN 453. Prerequisite: ACCT 460 or FIN 449 or permission of instructor.

454 (Formerly ACCT 352) Intermediate Managerial Accounting. (3)

A study of how accounting data is compiled and used to make profit-maximizing decisions. Prerequisite: ACCT 202 with a grade of C or better.

455 Advanced Managerial Accounting. (3)

Advanced topics in cost/managerial accounting with an emphasis on tools and techniques for decision making. Prerequisite: ACCT 452 with a grade of C or better.

456 CMA Preparation. (0)

Provides an overview of the Certified Management Accountant (CMA) credentialing process including the sitting requirements, examination options, and preparation methods. Students will be expected to purchase the designated review materials and follow the outlined study schedule. Prerequisite: ACCT 452 or permission of instructor. Graded S/U only.

457 Fraud Examination. (3)

An examination of the principles and practices for investigating allegations of fraud and financial misconduct. Topics include the elements of fraud, red flags, document examination, interviewing techniques, and report writing. Prerequisites: Senior standing and ACCT 200 or 201 or permission of instructor.

460 (Formerly ACCT 371) Tax I. (3)

A study of federal income taxation with emphasis given to researching and communicating tax topics relevant to individuals, which includes sole proprietorships. Prerequisites: ACCT 200 or 201 with grades of C or better, and junior standing.

470 (Formerly ACCT 372) Tax II. (3)

A study of income taxation with emphasis given to researching and communicating tax topics relevant to corporate entities and partnerships. Prerequisite: ACCT 460 with a grade of C or better and B L 432; or permission of instructor.

471 Tax Research. (3)

Tax research tools and methods are used to investigate advanced tax planning and compliance topics. Prerequisite: ACCT 460 and 470 with grades of C or better.

472 EA Preparation. (0)

Provides an overview of the Enrolled Agent (EA) credentialing process including the sitting requirements, examination options, and preparation methods. Students will be expected to purchase the designated review materials and follow the outlined study schedule. Prerequisite: ACCT 201 or permission of instructor. Graded S/U only. Materials charge for course.

477 Professional Ethics and Regulation. (3)

This course covers ethical issues, regulations, and decision-making frameworks that influence and govern the behavior of individuals in a variety of business contexts, including a special emphasis on the accounting and finance professions. Prerequisite: ACCT 201 with grade of C or better, and junior standing.

480 Introduction to Auditing. (3)

The role and function of the auditor in the audit process and an introduction to audit standards, procedures, and principles. Prerequisite: ACCT 342 and 451 with grades of C or better.

499 Accounting Knowledge Assessment. (0)

All Accountancy majors are required to complete the knowledge assessment course prior to graduation. Prerequisites: senior standing, Accountancy major. Graded S/U only.

DECISION SCIENCES (DS)

197 (Cross-listed with ECON 197) Skill and Portfolio Development. (0)

An introduction to the Business Analytics and the Economics majors that reviews important professional development skills and career explorations specific to those industries. Students will also begin developing their professional portfolios. Not open to students with credit in ECON 197. Graded S/U only.

200 Introduction to Business Analytics. (3)

An introduction to the basic methods and techniques essential to the field of Business Analytics. Topics include models for summarizing and visualizing data, use of spreadsheets for examining and building decision models, and introduction to optimization and forecasting models.

303 Applied Business Forecasting and Regression Analysis. (3)

A survey of the basic methods and techniques that are available for business forecasting including moving average and exponential smoothing techniques; classical decomposition; and simple, multiple, and time series regression techniques. Prerequisite: STAT 171.

421 (Formerly DS 321) Data Visualization for Decision Making. (3)

This course provides an introduction to the process and methods of visualizing information for the purpose of communicating actionable findings in a decisionmaking context. Hands-on experience with software for sourcing, organizing, analyzing, comprehending, reducing, and visualizing data. Not open to students who have already completed DS 521. Prerequisites: STAT 171 or DS 200 or equivalent, or consent of instructor.

423 Management Science Techniques and Business Analytics. (3)

An introduction to management science/operations research techniques. Students are introduced to theory and applications of linear, integer, goal, and dynamic programming models; transportation, assignment, network and inventory models; PERT/CPM, capital budgeting, and decision theory. Not open to students who have already completed DS 523. Prerequisite: STAT 171 or equivalent.

435 Applied Data Mining for Business Decision-Making. (3)

This course provides an introduction to data mining methods for business applications. Students will learn the basics of data selection, preparation, statistical modeling, and analysis aimed at the identification of knowledge fulfilling organizational objectives. Prerequisite: DS 303 or STAT 276 or consent of instructor.

460 Independent Study in Decision Sciences. (1–3, repeatable to 3)

Independent research on topics in Decision Sciences mutually selected by student and instructor. Prerequisites: DS 303 and senior standing, with written consent of department chairperson.

480 Predictive Analytics. (3)

A survey of topics in predictive analytics methods and techniques essential for business analysts. Topics include time series regression, logistic regression, neural networks, decision trees, ensemble models, and simulation models for understanding the effect of uncertainty. Not open to students who have already completed DS 580. Prerequisites: DS 490 or CS 114, and 6 s.h. of either STAT or DS coursework; or consent of instructor. Materials charge for course.

485 Big Data for Business Decision Making. (3)

This course provides an introduction to big data analytics tools and methods for business applications. Topics include exploration, classification, dimension reduction, and structured and unstructured data. Statistical software will be used to analyze business data. Prerequisites: STAT 171, DS 200, and DS 303 or equivalent; and CS 114 or DS 490 or equivalent; or consent of instructor.

489 Seminar in Contextual Business Analytics. (3)

An industry, case study, focused course that explores topics relevant to applying business analytics models and theories to current corporate projects. Exact topics will change based on instructor expertise and market trends. Prerequisite: DS 490 or CS 114, and 6 s.h. of additional DS coursework; or consent of instructor.

490 Statistical Software for Data Management and Decision Making. (3, repeatable to 6 for different titles)

This course provides students with the basic concepts of statistical computing. Students will gain experience with statistical software packages, such as SAS, R, or SPSS, and their applications. Methods of data preparation and validation, analysis, and reporting will be covered. Prerequisites: STAT 171 or equivalent, and DS 303 or PSY 223 or SOC 324 or POLS 284 or equivalent; or consent of instructor.

494 Internship in Business Analytics. (1–12, repeatable to 12)

Supervised employment experience with an approved employer/sponsor in business analytics. Only 3 hours per semester can be included in the major or minor. For internships that are two semesters or more in length, and with approval of the department chair, a maximum of 6 hours may be included in the major. Prerequisites: junior or senior Business Analytics major or minor, DS 200, minimum 9 additional s.h. in DS or ECON courses, and consent of department chairperson. Graded S/U only.

497 Senior Analytics Seminar. (0)

Preparation for post-academic success in analytics careers including job market readiness activities and developing the senior portfolio of analytics work. All Business Analytics majors are required to complete the skills assessment exam. Prerequisites: senior standing; Business Analytics major. Graded S/U only.

499 Individual Research in Business Analytics. (1–3, repeatable to 3)

An independent research or study course on Business Analytics problems for selected students. Prerequisites: junior or senior standing and consent of the department chairperson. Graded S/U only.

ECONOMICS (ECON)

100 Introduction to Economics. (3) (General Education/Social Sciences)

Introduction to Economics with emphasis on application to contemporary social issues. Core concepts include price theories, money and banking, national income accounts, economic fluctuations and growth, and international economics, with special applications in criminal activity, health care, and environmental quality. Not open to students who have already completed both ECON 231 and 232. IAI: S3 900.

170 The Global Economic Environment. (3)

An introduction to exchange rates, balance of payments, trade barriers, trade agreements and economic unions, relevant international institutions, ethical considerations in international dealings, and related topics. Impacts on U.S. consumers and firms will be emphasized.

197 (Cross-listed with DS 197) Skill and Portfolio Development. (0)

231 Principles of Macroeconomics. (3) (General Education/Social Sciences)

An introduction to aggregate economics—monetary and banking institutions, national income theory, business cycles, government finance and taxation, and the international trade. IAI: S3 901.

232 Principles of Microeconomics. (3) (General Education/Social Sciences)

This course focuses on industrial and labor organizations, supply and demand, profit maximization under varying conditions of competition, and factor pricing. IAI: S3 902.

310 Economics and Law. (3)

An introduction into the economic analysis of the basic areas of law including property, contracts, torts, criminal law, and civil law. The purpose of the course is to examine legal rules using economic concepts and methods. Prerequisite: one of the following courses—ECON 100, 231, 232; or consent of instructor.

312 (Cross-listed with AGEC 312) Economics of Cannabis. (3)

A detailed survey of the cannabis industry including market analysis, regulation options, the potential impacts on the U.S. economy, and a comparison to other regulated substances such as opioids, alcohol, tobacco, and pharmaceuticals. Not open to students with credit in AGEC 312. Prerequisite: ECON 100, 231, or 232; or permission of instructor.

315 Economics of Sport. (3)

The application of economic tools and concepts to the business of sport. Emphasis on economic incentives as they apply to professional sports teams and leagues as well as public policy issues impacting professionals and college athletics. Prerequisite: ECON 100 or 231 or 232.

325 Monetary Policy and Applied Macroeconomics. (3)

An overview of macroeconomic theories and monetary aspects within the U.S. economy, with stress on the role of commercial banks and the Federal Reserve System in setting stabilizing monetary policies. Prerequisites: ECON 231, ECON 232, and MATH 137 or ECON 381; or consent of instructor.

330 Applied Microeconomic Theory. (3)

An overview of core microeconomic models including producer and consumer choice models, equilibrium analysis, with an emphasis on welfare and policy implications. Prerequisite: ECON 232; ECON 381 or MATH 137; or consent of instructor.

331 Intermediate Macroeconomics. (3)

An analysis of the determinants of inflation rates, unemployment, interest rates, and international trade. Theories of cycles of recession and recovery and policies to achieve the society’s goals are examined with particular emphasis on stabilizing the economy. Prerequisite: ECON 231; ECON 381 or MATH 137; or consent of instructor.

332 Managerial Economics and Price Theory. (3)

A technical review of economic theory and analysis designed for business economists and analysts. Considerable emphasis on consumer and producer choice models as they relate to price theory and managerial decision making. Prerequisites: ECON 231, ECON 232, and MATH 137 or ECON 381; or consent of instructor.

350 Economics of Poverty and Discrimination. (3) (General Education/Multicultural Studies)

Application of economic tools and concepts to the nature and causes of poverty with an emphasis on discrimination. Analyzes both economic characteristics of the poor and the public policies intended to alleviate poverty and discrimination. Writing Instruction in the Disciplines (WID) course. Prerequisites: ECON 100 or 231 or 232; ENG 180 and 280.

351 Global Economic Poverty Issues. (3) (General Education/Multicultural Studies) (Global Issues)

Economic principles will be utilized to define, examine, and analyze the scope and breadth of underlying poverty-related policy issues in both developing and developed countries. BGS online writing course. Prerequisites: junior standing or 3 s.h. of ECON credit.

381 Economic Problem Solving. (3)

An overview of problem-solving methods utilized in many upper-division Economics courses. Students review the techniques and general approaches to solving both microeconomic and macroeconomic problems. Prerequisites: ECON 231 and 232; any MATH course which satisfies the University General Education requirement.

408 Economics for Decision-Makers. (3)

This course develops the macro- and microeconomic concepts most useful to decision-makers. Topics covered include measures of aggregate economic activity, unemployment, inflation, business cycles, monetary policy, fiscal policy, international trade, market demand and supply, and alternate market structures. (Not open to students who have taken ECON 231 or 232. Cannot be used to meet the requirements for the B.A. or B.B. in Economics, a minor in Economics, or to meet the requirements in any B.B. degree. This course is designed for the PreMBA minor.) Prerequisite: junior standing and STAT 171 with a C or better.

410 Economics of Crime and Punishment. (3)

Uses economic principles and statistical methods to analyze trends in crime, the economic approach to modeling crime, the economic impacts from criminal behavior, as well as to evaluate various policies in criminal justice. Prerequisite: ECON 232 and STAT 171; or permission of instructor.

420 Economic Development. (3)

A study of less developed countries; problems such as population growth, urbanization, agricultural transformation, unemployment, education and training, and capital formation are addressed. Solutions to these problems are examined and evaluated based on feasibility and practicality. A multi-disciplinary approach is used. Prerequisite: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

425 Money Markets, Capital Markets, and Monetary Theory. (3)

An institutional and theoretical study of money and capital markets in conjunction with monetary policy. Prerequisite: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

428 American Economic History. (3)

A study of the development of various economic institutions in the United States with special emphasis on the changing structure and performance of the economy from the colonial period to the present. Prerequisites: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

430 (Cross-listed with AGEC 430) Environmental Economics. (3)

This interdisciplinary course examines economic issues involving the interactions between humans and the environment. The course addresses conflicts in land, air, and water use and the role of assigned property rights and public policies in resolving environmental problems. Not open to students with credit in AGEC 430. Prerequisite: ECON 232 or AGRI 220.

432 Public Expenditures and Taxation. (3)

Studies the role of government in promoting a system of effective markets. Includes analyses of the causes and implications of market inefficiencies, the economic rationale for government intervention in markets, and the criteria used for public investment decisions. Prerequisites: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

433 Honors Readings in Economics. (1–3, repeatable to 3)

Prerequisite: consent of instructor. Graded S/U only.

440 Labor Theory. (3)

Understanding labor market dynamics using theory and empirical methods. Topics of focus include labor supply and demand, labor force composition and trends, human capital, wage differentials, migration, minimum wage, trade unions, and occupational licensure. Prerequisite: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

445 Game Theory and Economic Behavior. (3)

Modeling strategic interaction and solving non-cooperative games across information environments with a focus on economic behavior. Applications include pricing strategies, choosing optimal locations, auctions, bargaining, and market entry. Prerequisites: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

465 Economics of Energy. (3)

A study of primary and secondary sources of energy as they affect the levels of production and consumption in the economy. A general survey of the economic and regulatory problems of coal, petroleum, natural gas, and nuclear industries (including those of utilities) and brief discussion of the problems and prospects of alternative sources of energy in the context of national energy policies and individual decision-making. Prerequisite: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

470 International Trade. (3) (Global Issues)

A study of the theoretical and institutional aspects of international trade; effect of trade and factor movements on economic welfare; problems of international disequilibrium, and the search for economic stability and growth through international cooperation. Prerequisite: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

471 International Monetary Economics. (3)

A study of exchange rate determination; monetary and fiscal policy in an open economy; balance of payments crises; the choice of exchange rate systems; international debt and global financial imbalances. Prerequisites: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

479 Microfinance in Action. (3) (Global Issues)

An in-depth study on the role of microfinance in rural economies around the world. The course specifically examines the benefits generated by microfinance institutions with regard to countries’ education, health, employment, tourism, agribusiness, finance, enterprise, and community development. Prerequisites: ECON 231 and 232; or permission of instructor.

481 Mathematical Economics. (3)

Introduction to the mathematics most frequently used by economists: basic set theory, linear algebra, differentiation, comparative statics, optimization, constrained optimization, and linear programming. Prerequisite: ECON 381 (C grade or better), or passing department placement exam.

487 Econometrics. (3)

Extensions of the single equation regression model, estimation, and testing; multicollinearity, heteroskedasticity, and errors in variables; maximum likelihood estimation and binary response models; simultaneous equation models and estimation. Interpretation and application of econometric models and methods is emphasized. Prerequisites: DS 303; ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

488 Experimental Economics. (3)

Overview of scientific methodology relevant to studying economic decision-making. Best practices in collecting, managing, and presenting quantitative economic data and an introduction to the traditions of experimental economic design. Applied focus on software tools and project management. Prerequisites: STAT 171 and ECON 381; or permission of instructor.

489 Behavioral Economics. (3)

Reconcile standard economic models with key psychological insights, social factors, and cognitive biases. Develops theory to describe and predict phenomena, such as loss aversion, trust, reciprocity, present bias, altruism, procrastination, self-control, stereotyping, and suboptimal investing. Prerequisites: ECON 232, STAT 171, and MATH 137 or ECON 381; or permission of instructor.

490 (Formerly ECON 390) Introduction to Health Economics. (3)

Application of basic Economics to the health care industry. Issues surrounding the economic relationships among providers, insurers, and consumers of health care are examined in terms of market structure, economic motives, financial costs, and social costs and benefits. Prerequisites: ECON 232 and STAT 171; or permission of instructor.

494 Internship. (1–12, repeatable to 12)

Supervised employment experience with an approved employer/sponsor. Only 3 hours per semester can be included in the major. For internships that are two semesters or more in length, and with approval of the department chair, a maximum of 6 hours may be included in the major. Prerequisites: ECON 231, 232, one intermediate theory course, and consent of the department chairperson. Graded S/U only.

495 Current Economic Issues. (3)

Prerequisite: ECON 231, 232, 330, 331; senior Economics major status.

496 Seminar in Economics. (1–3, repeatable to 9 for different topics)

Each offering in the series provides students with an opportunity for intensive study in specialty topics within Economics. Prerequisites: ECON 231, 232; ECON 381 or MATH 137; or consent of instructor.

497 Senior Knowledge Assessment. (0)

All majors are required to submit a completed skill development portfolio and complete the knowledge assessment examination prior to graduation. Prerequisites: senior standing; B.A. or B.B. Economics major. Graded S/U only.

499 Individual Research in Economics. (1–3, repeatable to 3)

Prerequisites: junior status and consent of the instructor. Graded S/U only.

FINANCE (FIN)

101 Financial Health. (2) (General Education/ Human Well-Being)

Develops strategies for achieving and maintaining well-being through personal finance skills. Topics include well-being as it relates to cash management, credit management, sources of educational funding, rental agreements, basic investments, taxes, insurance, financial math, and career planning. Cannot be applied towards meeting the requirements for the Finance major or minor.

197 Professional Skills Development. (0)

An introduction to the Finance major that introduces important professional development skills and other issues specific to the major. Graded S/U only.

311 Introduction to Finance. (3)

Introductory course in the study of money and its management for non-business majors. The course is divided into three sections that encompass the major areas of Finance: financial institutions and markets, investments, and business finance. Not available to students who are currently enrolled in or have completed FIN 331. Prerequisite: MATH 100 or higher.

321 Principles of Real Estate. (3)

The study of real estate with an emphasis on a broad coverage of all areas including but not limited to markets, legal concepts, financing, brokerage, appraising, and governmental influence.

331 Financial Management I. (3)

Financial organization and the principles and practices of decision-making involving financial analysis, valuation, capital allocation, and budgeting. Cases and readings are utilized to study problems and techniques of financial analysis. Prerequisite: ACCT 201.

341 Financial Institutions. (3)

A study of the major financial institutions including commercial banks, savings institutions, credit unions, mutual funds, insurance companies, securities firms, finance companies, and pension funds. Prerequisite: MATH 100 or higher.

400 Finance Internship. (1–12, repeatable to 12)

Students apply finance theories in actual business practice. All internships are academically and professionally supervised. A maximum of 3 s.h. may be used to satisfy the Finance major or minor requirements. Prerequisites: Finance major or minor, minimum junior standing. 2.75 GPA, 9 s.h. of Finance coursework, and written approval of the department chairperson. Graded S/U only.

401 (Formerly FIN 301) Personal Financial Planning. (3)

An introductory personal money management course. Topics studied will include managing cash income, home ownership, investments, insurance, income and estate tax planning, and retirement planning.

421 Real Estate Finance and Investment. (3)

The study of instruments, techniques, and institutions of real estate finance. This course analyzes mortgage and property investment risk, the secondary mortgage market, and the financial arrangements used in the financing of residential, industrial, and commercial properties, including commercial leasing. Prerequisite: FIN 331 or permission of instructor.

431 Financial Management II. (3)

Theories and practices applicable to the financial administration of the firm involving cost of capital, financial structure, dividend policy, long- and short-term financing, reorganization, and international aspects. Cases and readings are utilized to study problems and techniques of financial analysis. Prerequisite: FIN 311 or 331.

441 Bank Management. (3)

A study of the functions, operations, policies, organization, management, and supervision of commercial banks. Case analysis is used to predict the financial health of operational individual banks. Prerequisite: FIN 341.

445 (Cross-listed with ACCT 445) Financial Modeling and Statement Analysis. (3)

Students will identify problems, analyze results, and make decisions regarding the impact on financial statements through development of models in electronic spreadsheets. Financial statements, capital budgets, risk, capital structures, takeovers, and other financial topics will be analyzed. Not open to students with credit for ACCT 445. Prerequisite: ACCT 341 or FIN 331 or permission of instructor.

449 (Formerly FIN 351) Risk Management and Insurance. (3)

The primary focus of this course is evaluating various loss exposures and analyzing the methods for managing these risks including personal lines of insurance such as auto, homeowners, life, annuity, retirement plans, and related items. Prerequisite: MATH 100 or higher.

452 Commercial Property and Liability Insurance. (3)

The study of risk management techniques and concepts as they relate to commercial lines. Insurance and noninsurance techniques (such as fidelity and surety bonding) as they are used to deal with business risks are examined. Prerequisite: FIN 449 or permission of instructor.

453 (Cross-listed with ACCT 453) Estate Planning and Taxation. (3)

This course covers various estate planning techniques to mitigate the financial risks associated with the transfer of wealth during lifetime and at death. Wills and trusts are discussed. Techniques for reducing, freezing, or eliminating gift and estate taxes are explained. Not open to students with credit for ACCT 453. Prerequisite: ACCT 460 or FIN 449 or permission of instructor.

460, 461 Independent Study in Finance I, II. (1–3 each, not repeatable)

Prerequisite: Finance major or minor, 2.75 GPA or higher, 12 s.h. of Finance coursework, and written permission of instructor and chairperson.

470 (Formerly FIN 371) Investments. (3)

Presents a foundation in investments examining various types of financial instruments, the issuance and trade of securities, mutual funds, theory of risk and return, modern portfolio theory, capital asset pricing model, bond prices and yields, bond portfolios, and equity analysis. Prerequisite: MATH 100 or higher.

471 Investment Security Analysis. (3)

A foundation in security analysis focusing on common stock valuation. The topics include basics of portfolio theory, framework of stock investing, financial statement analysis, return concepts, absolute valuation models, and relative valuation techniques. Prerequisite: FIN 331 or FIN 470.

Seminars in Finance. (3)

Each offering in this series is designed to provide students with an opportunity for intensive study in current theory and unresolved problems in the selected area. Open to Finance majors or minors in their senior year.

493 Seminar in Banking. (3)

This bank course integrates a risk/reward framework based on theory with an intensive study of current issues. Unresolved problems are discussed as they relate to the financial industry both domestically and abroad, the regulatory environment, and the economy. Open to Finance majors or minors in their senior year. Prerequisite: FIN 341.

495 Seminar in Real Estate. (3)

Open to Finance majors or minors in their senior year. Prerequisite: FIN 321 or permission of instructor.

496 Futures and Options Markets. (3)

The course presents a foundation in futures and options contracts examining the types of contracts, structure of the markets, pricing of contracts, and applications in risk management. Prerequisite: FIN 311 or 331 or equivalent.

497 International Financial Management. (3) (Global Issues)

This course presents the globalization factors, tools, and techniques encountered/employed by a corporation’s financial management team. Content examples include differing country-specific economic strengths, political risks, tax systems, exchange rate risks, and methods to reduce these risks. Prerequisite: FIN 311 or 331.

499 Finance Knowledge Assessment. (0)

All Finance majors are required to satisfactorily complete the knowledge assessment examination prior to graduation. Prerequisites: senior standing, Finance major. Graded S/U only.

Western Illinois University

Western Illinois University

Undergraduate Catalog