School of Business
Resources for Existing Students:
Go to Anchor Access to review your online degree audit form. Your
degree requirements are determined by the semester in which you
begin.The most current degree audit's link is listed under each degree's
Department of Finance and Economics
What is Finance?
Finance is the application of economic and accounting principles to achieve the goal of maximizing the economic value of the firm. The economic value of the firm is the present value of the future cash flow. Financial managers, then, focus on cash flow, (not net income) the timing of cash flows, and the riskiness of the cash flows. At Lake Superior State University, the finance curriculum teaches students how to:
Evaluate investment securities to discover those whose market price is either above or below intrinsic value through Investment Stategies. Learning is further enhanced by the opportunity to participate in the Investment Club.
Use the case method to “step into the shoes” of real life managers to evaluate financial alternatives, and learn the types of problems managers face daily through Financial Policy.
Evaluate and manage risk in order that firms have the proper incentive to undertake productive yet risky programs through Risk Management and Insurance.
What is Economics?
Economics is the study of how society manages resources under scarcity. Economists analyze markets, formulate public policies, and evaluate existing legislation. At Lake Superior State University, the economics curriculum teaches students how to:
Design optimal environmental policies and assess new ones through Environmental Economics
The benefits, costs, and strategies of international trade through International Economics
How to increase profitability through effective pricing strategies within markets with strategic competitors through Managerial Economics.
Estimate demand, detect wage discrimination, and estimate reductions in quality, among other empirical exercises through Econometrics.
Stay ahead of the Federal Reserve’s Monetary Policy through Money and Banking.
Achieve optimum output and efficiency through government spending programs and tax policy through Public Finance.
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Areas of Employment in Finance and Economics:
Economic Consulting and Data Analysis: Many economists work for consulting firms to develop business strategies to minimize costs and maximize profits and prepare economic evidence for court cases.
Government Economists: Many economists find careers in government collecting and analyzing data, developing economic forecasts, formulating and analyzing public policy.
Graduate School: The degree also prepares students for immediate entrance into Master’s and Ph.D. programs in Economics, or finance, as well as providing a firm foundation for entrance into Law programs, particularly those with antitrust specialization.
Security Analyst: Security analysts are employed by mutual funds, hedge funds, banks, brokerage firms, and others to evaluate investment opportunities.
Portfolio Manager: Portfolio Managers make decisions regarding the appropriate investments for various classes of investors weighing risk and return.
Financial Management/Risk Management: Financial managers are employed by for-profit and non-profit organizations to maximize value or to maximize service. Duties include working capital management, capital budgeting, arranging outside financing, hedging or otherwise managing various risks.
Professional Certification: The degree prepares students to seek professional certification as Chartered Financial Analysts, Certified Financial Planners, , Charter Financial Consultants, Charted Life Underwriters, and Certified Management Accountants.
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Finance and Economics Courses: (or view the LSSU Catalog choosing course descriptions)
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||Principles of Macroeconomics
Nature and scope of economics; national income accounting; problems of unemployment and price instability; public revenues and expenditures; money and banking; fiscal and monetary policies to promote stability and economic growth.
||Principles of Microeconomics
||Principles of economic reasoning; supply and demand analysis; theories of production; price and output determination under each of the four market structures; factor returns and income distribution theories; public policy implications.
||Honors Principles of Microeconomics
||Same as ECON 202 with more advanced coverage of topics in which a knowledge of mathematics is required. Prerequisites: MATH 151 or 112. Credit not allowed for both ECON 202 and 208.
||Honors Principles of Macroeconomics
||Same as ECON 201 with more advanced coverage of topics in which a knowledge of mathematics is required. Prerequisites: MATH 151 or 112. Credit not allowed for both ECON 201 and 209.
||Money, Banking and Monetary Policy
||Monetary theory; study of financial institutions and central bank authorities; monetary policy and its limitations; changing structure of financial markets and industry; relationships between money, prices and national income. Prerequisite: ECON 201.
||The economics of public finance, including taxation, public expenditures and fiscal policy. Rationale and objectives of government activity in a market system; distribution of tax burden; income redistribution effects of taxation and expenditureprograms. Prerequisite: ECON 201 or 202.
||This course examines the application of economic analysis to problems of air, water, forests, fisheries, energy, and soil use; economic approaches to valuing the environment; the benefits and costs of pollution control; and alternative policy approaches to environmental problems with emphasis on emissions trading. Prerequisite: ECON202.
|| Theory of demand; consumer choice and utility analysis; production and cost analysis; price-output determination under the four market structures; resource allocation; public policyand managerial applications emphasized. Prerequisite: ECON 202.
||Determinants and measurement of national income; theories of consumption and investment; aggregate economic analysis including IS-LM and aggregate demand-aggregate supply models; unemployment and inflation; stabilization policies; economic growth. Prerequisite: ECON 201.
||This course provides an introduction to the theory and use of regression analysis to solve problems in economics. The classical regression model is developed and extended to multiple regression. Topics include data problems, model specification, multicollinearity, goodness of fit, qualitative independent variables, hetroscedasticity, serial correlation, qualitative and limited dependent variables, and forecasting. Prerequisites: BUSN 211 OR MATH 207, ECON 201, 202, MATH 112 OR 151.
||Pure theory of trade and comparative advantage; free trade versus protectionism; trade problems of developing nations; balance of payment accounting; exchange rates; international monetary systems. PrerequisiteS: ECON 201 and 202
||Seminar in Economics
||Discussion of economic issues, theories and their applications. May be repeated for credit with the approval of the instructor for a total of four credits.
|| Personal Finance
||An introduction to the principles of personal financial planning. Topics include the financial planning process, credit and borrowing fundamentals, analysis of savings, investments and taxes, individual insurance, retirement and estate planning. Prerequisite: MATH 086 or equivalent/satisfactory score on ACT or Placement Exam.
|| Principles of Finance
|| An introduction to the principles of business finance. Topics include math of finance, working capital management, financial planning and forecasting, debt and leasing, common and preferred stock, leverage and capital structure, capital budgeting, cost of capital. Students with credit in FINC341 may not enroll in this course. Prerequisites: ACTG 132, 230, or OFFC 119, and MATH 086 or equivalent/satisfactory score on ACT or Placement Exam.
|| Real Estate
||A study of the basic principles of real estate practice. Coverage includes broker-agent relationships, real estate marketing, real estate law, financing, appraising, taxation and math. Prerequisite: MATH 086 or equivalent/satisfactory score on ACT or Placement Exam.
||The nature and scope of financial management including math of finance, financing instruments, leverage and capital structure, financial planning and forecasting, risk and return analysis, capital budgeting. Prerequisites: ACTG 133 and BUSN 211.
||A study of the financial, legal and social aspects of the insurance industry with emphasis on risk and actuarial analysis, insurance institutions and operations, insurance contracts and policies including life, annuity, health, property, liability, group, business and governmental coverages. Financial planning worksheets are utilized to appropriate policy selection. Prerequisites: BUSN 350 and MATH 086 or equivalent/satisfactory score on ACT or Placement Exam.
||Financial Analysis and Policy
||An analytical study of long- and short-term financial policy and strategy through case problems. Selected readings in financial theory supplementthe case studies. Prerequisite: FINC 341.
|| Investment Strategy
||A study of investment media and securities markets, risk and return analysis, valuation theory, portfolio construction and investment mechanics. Prerequisite: FINC 341.
To learn more about the Finance and Economics Program, please call or email:
Robert (Bob) Boston.
|Jerry Root, CFA
|Instructor of Finance & Economics
||Associate Professor of Finance & Economics