Program Requirements
Please note: The printed course catalog contains the official listing
of program requirements and takes precedence over information posted on
this site. Should you discover a discrepency between the printed catalog
and any information posted here, please contact the department.
The requirements below are for students who began higher education in
or after Fall 2004. If you began higher education before Fall 2004 you
can follow the requirements in effect at that time. The primary differences are
that after Fall 2004 ECON 374 is a general core requirement, and ECON 471
or ECON 475 must be included as a Part II Financial Economics core
requirement.
The Bachelor of Science (B.S.) in Financial
Economics consists of at least 60 credits distributed as follows:
I. General Core: 40-42 credits
- ECON 101, Principles of Microeconomics
- ECON 102, Principles of Macroeconomics
- ECON 121, Principles of Accounting I
- ECON 122, Principles of Accounting II
- ECON 311, Intermediate Microeconomic Analysis (Note: Calculus is a
prereq.)
- ECON 312, Intermediate Macroeconomic Analysis (Note: Calculus is a
prereq.)
- ECON 374, Fundamentals of Financial Management
- ECON 320, Elements of Quantitative Methods for Management OR
ECON 421, Econometrics OR
ECON 423, Economic Forecasting
- CMSC 100, Introduction to Computers and Programming OR
CMSC 103, Scientific Computing OR
CMSC 104, Problem Solving and Computer Programming OR
IS 101, Introduction to Computer Based Systems OR
IS 295, Introduction to Applications Programming
- STAT 351, Applied Statistics for Business and Economics OR
STAT 355, Introduction to Probability and Statistics for Scientists
and Engineers
- MATH 151, Calculus and Analytic Geometry I OR
MATH 155, Elementary Calculus I
- ECON 490, Analytic Methods in Economics OR
MATH 152, Calculus and Analytic Geometry II OR
MATH 221, Introduction to Linear Algebra
- PHIL 248, Scientific Reasoning OR
PHIL 346, Deductive Systems OR
CMSC 203, Discrete Structures OR
PHIL 399B, Business Ethics OR
PHIL 350, Ethical Theory OR
ECAD 385, Business Ethics
II. Financial Economics Core: 12 credits
Students may choose any four of the following
courses:
- ECON 301, Intermediate Accounting I
- ECON 410, Topics in Financial Management
- ECON 453, Household Economics
- ECON 463, Theory of Public Finance
- ECON 471, Money and Capital Markets*
- ECON 474, Cases in Corporate Finance
- ECON 475, The Economics of Financial Analysis*
- ECON 476, Portfolio Analysis and Management
- ECON 477, Analysis of Derivative Securities
- ECON 478, REal Estate Economics and Finance
- ECON 482, International Finance
- ECON 410, Topics in Financial Management
*ECON 471 OR ECON 475 must be included as
one of the four courses.
III. Upper Level Economics Electives: 9 credits
Students must complete 9 additional credits in
ECON numbered 314 or higher. Students may use any upper level
ECON courses listed in the
General Core or the Financial Economics Core as upper level ECON electives
provided the courses are not used to meet the requirements of the
respective
core.
Any two of the following may be substituted for upper level
economics electives:
- ECON 302, Intermediate Accounting II
- ECAC 329, Cost Accounting
- ECAC 330, Principles of Taxation
- POLI 353, Government Budgeting and Financial Management
- MATH 381, Linear Methods in Operations Research
- STAT 454, Applied Statistics
No course in which the students has earned a grade below "C" shall
meet the requirements for the major.
Emphasis within the Financial Economics Major
Students may choose to emphasize Public Sector Finance, International
Sector Finance, or Private Sector Finance within the Financial Economics
major. The following are suggested course options for areas of emphasis:
Public Sector Finance
Elective courses included in the General Core or Financial
Economics Core (if not used in the core):
- ECON 463, Theory of Public Finance
- ECON 421, Econometrics
Other suggested electives:
- ECAC 330 Principles of Taxation
- ECON 403 Economic Growth and Cycles
- ECON 405 Benefit Cost Analysis
- ECON 414 Public Policy Toward Business
- ECON 415 Property Rights, Organizations and Management
- ECON 416 The Economics of Law
- ECON 464 State and Local Public Finance
- ECON 472 Monetary Theory and Policy
- POLI 353 Government Budgeting and Financial Management
International Finance
Elective courses included in the General Core or Financial
Economics Core (if not used in the core):
- ECON 482, International Finance
- ECON 471, Money and Capital Markets
- ECON 474, Cases in Corporate Finance
- ECON 476, Portfolio Analysis and Management
- ECON 477, Analysis of Derivative Securities
Other suggested electives:
- ECON 382, Asian Economic History
- ECON 385, Economic Development
- ECON 387, Economic Development of Latin America
- ECON 442, European Economic History
- ECON 481, International Trade Theory
- ECON 486, Topics in Economic Development
Private Sector Finance
Elective courses included in the General Core or Financial
Economics Core (if not used in the core):
- ECON 301, Intermediate Accounting I
- ECON 471, Money and Capital Markets
- ECON 474, Cases in Corporate Finance
- ECON 475, The Economics of Financial Analysis
- ECON 476, Portfolio Analysis and Management
- ECON 477, Analysis of Derivative Securities
- ECON 482, International Finance
- ECON 423, Economic Forecasting
Other suggested electives:
- ECON 302, Intermediate Accounting II
- ECAC 329, Cost Accounting
- ECAC 330, Principles of Taxation
- ECON 408, Managerial Economics
- ECON 413, Industrial Organization
- ECON 453, Household Economics
- ECON 478, Real Estate Economics and Finance
Career and Academic Paths
With a B.S. degree in Financial Economics you will be prepared for
entry
level positions in the private sector or in government, for work
and study leading to professional certification,
and for graduate study.
Career Opportunities in the Private Sector. Information on
career opportunities in finance can be found at the website Careers in Finance. Some
typical job titles in the private sector are:
- Banking: Lending Officer, Management Trainee, Foreign Exchange
Manager, Foreign Exchange Trader, Trust Officer.
- Money Management: Portfolio Analyst, Portfolio Manager, Fund
Accountant.
- Investment Banking: Equity Security Analyst, Fixed Income
Analyst, Bond Trader, Stock Trader, Commodity Trader, Futures Trader,
Options Trader, Stock Broker, Investment Banker.
- Insurance Firm: Life Underwriter, Property and Casualty
Underwriter, Claims Analyst-Adjuster, Agent.
- Nonfinancial Firms: Financial Analyst, Inventory Analyst,
Pension Fund Administrator, Financial Accountant, Economic Analyst,
Economic Forecaster.
Career Opportunities in Government. The B.S. degree in
Financial Economics prepares you for a number of entry level positions in
federal, state, and local government. Some examples of jobs
you will be qualified for include Bank Examiner, Budget Analyst,
Compliance Officer, Economist, Financial Analyst, Internal Revenue Agent,
Management Analyst, Statistician, and Statistician-Economist. If you are
interested in positions such as these, you should apply directly to the
personnel office of an agency such as those listed below:
- Department of Commerce
- Department of Energy
- Department of Health and Human Services
- Department of Labor
- Department of Transportation
- Department of the Treasury
- Department of Defense
- Department of Housing and Urban Development
- Department of Justice
- Department of State
Professional Certifications Related to Financial Economics.
Many of the professional positions listed above require certification
beyond your bachelor's degree. Typically, your employer will
"sponsor" you to take the required exams. The B.S. in Financial Economics
provides a solid foundation of knowledge that will aid in preparation for
these exams. Some examples of common professional certifications are
listed below.
Securities Licensing. If you choose to work with a stock
brokerage firm, you will be required to complete a series of licensing
examinations offered through the National
Association of Securities
Dealers. For example, to sell mutual funds, you must pass the Series
6
exam. To sell securities of all types as an agent of the NASD or a NYSE
member company, you must pass the Series 7 exam. Other exams are
required before you may work as a brokerage supervisor, a provider of
limited partnerships, or an investment advisor.
Financial Analyst Certifications. The most prestigious, and also
most
rigorous, professional certification
related to money management, financial analysis, and portfolio management
is the Chartered Financial Analyst (CFA). The CFA is awarded by the
Institute for Chartered Financial Analysts, a subsidiary of the
Association for Investment Management and
Research
(AIMR). To become a CFA requires a substantial
committment. A candidate must pass exams at
Levels I, II, and III, and show a satisfactory record of
professional experience. Your
major in
Financial Economics provides excellent background for the CFA, and you may
be able to take the CFA Level I examination at the end of your senior year
and receive a scholarship that will pay the examination fee. Other
professional certifications related to investment advising and financial
planning include the Certified
Financial Planner (CFP) and Certified
Financial Manager (CFM).
Insurance, Banking, and Real Estate Certifications. If you
choose to work in the insurance industry, several professional
certifications are available. The most important are the Chartered Life
Underwriter (CLU) and the Certified
Property and Casualty Underwriter
(CPCU). If you enter the field of banking, the American Bankers
Association offers a number of certifications related to banking
management. If you decide to join the real estate industry a leading
professional organization is the Appraisal Institute. The
Institute
offers
professional certifications leading to the MAI designation for appraisers
experienced in valuation of commerical, industrial, residential, and
other properites and who advise clients on real estate investment
decisions. An SRPA designation is offered for appraisers who are
experienced in
real estate
valuation and analysis and advise clients on real estate investment
decisions.
Accounting Certifications. The B.S. in Financial Economics
includes requirements and options for several accounting courses. If you
wish to become a public accountant, you must complete the professional
certification of the Certified Public
Accountant (CPA). To sit
for the CPA exam requires 150 college credits. This means that coursework
at the college level beyond a typical bachelor's degree is required. Some
of this
additional coursework can be completed at UMBC. Master's degrees in
accounting are offered
at the University of Maryland College Park, the University of Baltimore,
and Loyola College. If you choose to become certified as a Certified
Management Accountant (CMA), the Financial Economics major provides a
complete background and UMBC offers courses in all subjects covered by the
examination.
Opportunities for Professional and Graduate Study The B.S.
in Financial Economics is good preparation for graduate study in a
number of fields. A few examples are listed below:
MBA or MS in Finance. The content of MBA and MS in Finance
programs is based largely on economics and finance. The B.S. degree in
Financial Economics therefore provides excellent preparation for the
pursuit of either of these advanced degrees.
Law school. Many law schools consider an undergraduate major
in economics good preparation because it provides a logical and rigorous
approach to problem solving. Furthermore, the B.S. in Financial Economics
provides particular information relevant to corporate, antitrust, and
securities law.
Public Policy M.A. Programs. A B.S. in Financial Economics with
the public
policy concentration provides preparation for graduate study in programs
such as the department's Master
of Arts in Economic Policy Analysis. The BA/MA program
offers undergraduates the opportunity to
pursue an accelerated five-year program of study leading to a terminal
Master's degree.
Ph.D. Programs. With its strong quantitative orientation, the
B.S. in
Financial
Economics provides excellent preparation to pursue doctoral study
in Economics, Business, Finance or Public Policy.
Students interested in a Ph.D. in Economics or Finance
should complete the mathematics sequence identified in the B.A.
degree in Economics program description.
