Full-Time Faculty: Emma Bojinova, Donald Bosshardt, Chair; Larry Franz, Scott Hegerty, Patricia Hutton, Larry Lichtenstein, George Palumbo, Michael Piemonte (Executive Director, Golden Griffin Fund), Philip Pfaff, Ronald Reiber, Craig Rogers, Richard Shick, Richard Wall, Mark Zaporowski.
ECONOMICS B.A. PROGRAM
The Economics Department provides courses designed to help all Canisius students understand the national and global economy. The major in the College of Arts and Sciences provides preparation for entry-level and advanced positions in a variety of career choices through its broad based study of economic activity.
Potential career choices include sales, marketing, production, finance and banking, and at various levels of government such as municipalities, local development authorities, the Federal Reserve, the Department of Labor and the Department of Commerce. All these employers value the critical thinking and analysis skills fostered in an economics curriculum.
The Economics program has also proven to be an excellent preparation for graduate schools. Some students choose to continue the study of economics in Ph.D. and masters’ programs. Other students use the strong analytical foundations of their economics training to pursue advanced degrees in business, health, public administration or law.
Goals of the Major:
The goal of the Economics major is to provide students with the ability to apply critical thinking based upon economic principles to a wide variety of applied situations – including political, legal, governmental, not-for-profit, and business applications.
- Graduates should be able to identify problems in an economic framework, choose from the alternative solutions, and identify the information needed to evaluate outcomes
- Graduates should be able to effectively present economic arguments and critically assess economic policies
Core Curriculum: See Pages 38-40 for the Core Curriculum requirements.
Students in all majors are expected to fulfill Core requirements
| Major course requirements | |
| Mathematics elective: one Field of Knowledge VII mathematics course (MAT 111 or MAT 115) plus MAT 112, as an elective, is recommended for anyone considering graduate school | |
| ECO 101 Principles of Macroeconomics | |
| ECO 102 Principles of Microeconomics | |
| ECO 205 Intermediate Microeconomic Analysis | |
| ECO 206 Intermediate Macroeconomic Analysis | |
| ECO 255 Business Statistics I | |
| ECO 256 Business Statistics II | |
| Economics electives: five courses at the 300 or 400 level (5 courses) | |
| Free Electives: 12 courses. Accounting and additional mathematics courses are strongly recommended for graduate school and the business world |
Other Programs
Economics majors may also obtain a concentration in Finance by using economics electives to take three to five of the following courses: FIN 201, FIN 311, FIN 312, ECO 330, ECO 411, FIN 414, FIN 454, FIN 455, FIN 460. This specialization is appropriate for students who wish to make a career in banking or finance. These students should also use free electives to acquire some training in accounting.
The Economics-Mathematics dual major is strongly recommended for the student who plans a career in the academic world in either finance or economics. Up to two mathematics courses beyond MAT 111 may be used as economics electives.
Dual majors are also available with history, urban studies, international relations and other areas. Students interested in dual majors should consult with the chair of each department or program.
Economics Minor
ECO 101 Principles of Macroeconomics (3 credits)
ECO 102 Principles of Microeconomics (3 credits)
ECO 255 Business Statistics I (3 credits)
Economics elective: four courses at the 200, 300, or 400 level (12 credits) one of which must be ECO 205 or 206
TOTAL (21 credits)
Goals and Objectives of the Minor:
The objective of the Economics minor is to provide students with helpful tools necessary to apply critical thinking based upon economic principles to their particular disciplines.
ECONOMICS B.S. PROGRAM
Business Economics Program
The objective of the Economics curriculum is to provide students with an understanding of the economic environment in which they will participate as professionals. The major in Economics requires a sequence of economics courses from which the student is expected to obtain a substantially greater understanding of the economic environment. The Business Economics major program in the Richard J. Wehle School of Business requires, in addition to the major courses, a business core curriculum that provides the student with a common body of business knowledge. It is anticipated that either Economics major will gain sufficient training in methods of economic analysis to be able to help solve the numerous economic problems of society.
Many economics graduates find rewarding and challenging employment in government and industry — positions where their specialized training is put to the test and found valuable. Other students choose to deepen their knowledge of economics by attending graduate school. Still others find professional studies in business, law and health sciences more rewarding because of their economics training.
Goals and Objectives of the Major
The objective of the Economics B.S. major parallels that of the B.A. The differentiation focuses upon a career inside a modern corporation. This requires an immersion in the Wehle School of Business core curriculum.
Business Economics (B.S.) Curriculum:
Core Curriculum: See Pages 38-40 for the Core Curriculum requirements. Students in all majors are expected to fulfill Core requirements
| Common body of business knowledge: | |
| MAT 105 Finite Mathematics and | |
| MAT 106 Calculus for the Non-Sciences or | |
| MAT 115 Calculus for Business I | |
| MAT 115 is recommended over MAT 106. Additional mathematics is recommended if the student is preparing for a graduate program in economics or finance. The student should consult a departmental advisor | |
| ACC 201 Financial Accounting | |
| ACC 202 Managerial Accounting | |
| ECO 101 Principles of Macroeconomics | |
| ECO 102 Principles of Microeconomics | |
| ECO 255 Business Statistics I | |
| ECO 256 Business Statistics II | |
| FIN 201 Introduction to Finance | |
| ISB 101 Management Technology | |
| MGT 101 Introduction to Management | |
| MGT 325 Operations Analysis for Business | |
| MGT 370 Introduction to Management | |
| MGT 446 Managerial Policy/ Strategy | |
| MKT 201 Principles of Marketing | |
| Economics major: | |
| ECO 205 Intermediate Microeconomic Analysis | |
| ECO 206 Intermediate Macroeconomic Analysis | |
| Economics electives [at the 300 or 400 level] (4 courses) | |
| Restricted Electives (must be liberal arts) 4 courses | |
| Free Electives 3 or 4 courses | |
| TOTAL (40 courses) |
Recommended Schedule:
| Fall | Spring | ||
| Freshman Year | |||
| FYS 101 | ENG 101 | ||
| MAT 105 OR MAT 115 OR MAT111 | MAT 106 or Free Elect. if MAT 115/111 | ||
| RST 101 | PHI 101 | ||
| ECO 101 MACRO (Social Sciences Field) | ECO 102 MICRO | ||
| ISB 101 | MGT 101 | ||
| Sophomore Year | |||
| MKT 201 | FIN 201 | ||
| ACC 201 | ACC 202 | ||
| ECO 205 | ECO 206 | ||
| ECO 255 STATS 1 (Mathematics Field) | ECO 256 STATS 2 | ||
| Business International Requirement (Two semesters of language or approved regional studies His 107-108, 109-110, 131-132–when taken is flexible) |
Business International Requirement (2 semester sequence required) | ||
| Junior Year | |||
| ECO ELECTIVE | ECO ELECTIVE | ||
| Field of Knowledge | Field of Knowledge | ||
| MGT 325 | A&S Elective | ||
| Field of Knowledge | Field of Knowledge | ||
| Field of Knowledge | Core Capstone | ||
| Senior Year | |||
| MGT 370 | MGT 446 | ||
| ECO Elective | ECO Elective | ||
| Free Elective | Free Elective | ||
| A&S Elective | A&S Elective | ||
| A&S Elective | Free Elective |
COURSES: 2009 – 2011
ECO 101 Principles of Macroeconomics 3 credits
Explanation of market system through supply and demand analysis. Measurement of important macroeconomic variables and development of economic models to analyze problems of unemployment, inflation and economic growth. Efficacy of various fiscal and monetary policies. Carries Field of Knowledge II credit.
ECO 102 Principles of Microeconomics 3 credits
Explanation of how the market system operates in the context of limited resources. Emphasis on the manner in which consumers and firms determine what to produce, how to produce and for whom to produce. Carries Field of Knowledge II credit.
ECO 205 Intermediate Microeconomic Analysis 3 credits
Analysis of demand and supply under different market situations. Cost and production theory. Factor pricing. Welfare economics. Prerequisites: ECO 101-102. Fall
ECO 206 Intermediate Macroeconomic Analysis 3 credits
Modern macroeconomic theory developed, utilizing static and comparative static models. Examination of dynamic models and basic theories of economic growth. Prerequisites: ECO 101-102. Spring
ECO 222 The Apprentice 3 credits
An experiential course in which students “learn by doing” in QuadGear, Canisius’ student-operated on-campus business. The curriculum is specifically designed around the small business and integrates all functional areas of business, from economics and finance to human resources and strategic planning. The course meets once per week, Friday afternoons. required. Students who take this course cannot also use an internship for credit toward the economics major. No prerequisites. Consent of Instructor (Dr. Hutton)
ECO 255 Business Statistics I 3 credits
Fundamental concepts of probability and statistics with emphasis on business and economic applications. Organizing and describing data. Probability theory, sampling, inference, hypothesis testing. Carries Field of Knowledge VII credit.
ECO 256 Business Statistics II 3 credits
Regression analysis, goodness of fit, contingency tables, analysis of variance, Bayesian decision theory, time series and forecasting. Prerequisite: ECO 255.
ECO 300 Economics of Work 3 credits
Examination of data on work-related outcomes and their economic explanation. The implications of employer policies. The course is interdisciplinary in scope, emphasizing gender differences, non-market work and institutional factors. Prerequisite: ECO 102.
ECO 306 Labor Economics 3 credits
Composition of the labor force; factors affecting wages, hours of work, and unemployment; unemployment insurance; labor unions; employment discrimination; occupational safety; labor law. Prerequisites: ECO 102, ECO 256.
ECO 311 Regional Economics and GIS 3 credits
An analysis of the spatial regional economic patterns in America with an emphasis on market forces that helped determine the growth and decline of population, employment and income of small regional economics through the use of Geographics Information System tools.
ECO 312 Spatial Economics and GIS 3 credits
An analysis of the spatial patterns in urban America with an emphasis on market forces and Geographics Information System tools. Focuses on the forces that have led to urban concentrations and the process of suburbanization.
ECO 330 Money, Banking and the Economy 3 credits
The connection between financial markets, the economy and the Federal Reserve will be explored. This course will examine the nature of financial markets, the determination of interest rates, banking, money and monetary policy. Emphasis will be placed on the impact of monetary policy on the macro economy. Prerequisites: ECO 101-102.
ECO 333 Economics of Public Issues 3 credits
This course uses economic principles to analyze an array of public policy issues, providing insights into public policy, the effects of policy on the behavior of consumers and producers, the costs and benefits of specific policies and the distribution of these costs and benefits. Current policy debates, such as income inequality and poverty, pollution and environment issues, health care, international trade and education are analyzed. Prerequisites: ECO 101-102.
ECO 360 International Trade 3 credits
Theory and practice of international trade, why countries trade, what explains the patterns of trade, and what are the effects of trade on a country’s welfare and income distribution. The second part of the course covers international trade policies and their implications. Prerequisites: ECO 101-102.
ECO 361 International Economics and Organizations 3 credits
This course is intended to be a survey of international economics covering three primary themes: international trade theory, international business and international institutions. Prerequisites: ECO 101-102.
ECO 401 Public Finance 3 credits
A microeconomic analysis of the role of the public sector in resource allocation. Topics include: the theory of market failures, alternative corrective measures for market failures, efficiency/equity analysis of taxes and public expenditure programs. Prerequisite: ECO 102. Fall
ECO 411 State and Local Finance 3 credits
Municipal credit risk and municipal bonds analysis of revenue sources for state and local governments. Public/private sector interaction in urban areas; city-suburban fiscal disparity and competition; state/local government structure; inter-governmental relations. Prerequisites: ECO 101-102, ECO 256 or equivalent. Spring
ECO 455 Econometrics 3 credits
Estimation and analysis of linear and non-linear regression models using statistical inferences. Topics include: multicolinearity, heteroskedasticity, serial correlation, forecasting, dummy variables and simultaneous equations. Analysis of actual data sets and use of statistical software. Prerequisites: ECO 205, 206, 256.
ECO 497 Internship 3 credits
May be used for free elective credit only. Pass/Fail only. Prerequisite: Consent of department chair.
ECO 499 Independent Research 3 credits
Prerequisite: Consent of department chair.
Economics majors may also obtain a concentration in Finance by using economics electives to take three to five of the following courses: FIN 201, FIN 311, FIN 312, ECO 330, ECO 401, FIN 411, FIN 414, FIN 454, FIN 455, FIN 460. This specialization is appropriate for students who wish to make a career in banking or finance. These students should also use free electives to acquire some training in accounting. The Economics-Mathematics dual major is strongly recommended for the student who plans a career in the academic world in either finance or economics. Up to two mathematics courses beyond MAT 111 may be used as economics electives with prior approval of chair.
FINANCE B.S. PROGRAM
The analytical tools and problem-solving skills fostered in the Finance major will prove useful to any student who wishes to pursue a career in security analysis, business valuation, corporate management, investments, banking, real estate, insurance or small business. The program provides a concentration designed to help the student prepare for exams for licenses as Chartered Financial Analysts (CFA), Certified Financial Planners (CFP) and Insurance Brokers. Finance concentration is also available through the Economics majors. Interested students should also contact the department chair.
Goals of the Major:
The goals of the finance major is to prepare its graduates for careers in financial management. Among the specific goals are to provide students:
- The tools and training necessary to identify and gather information associated with the firm’s activities of capital budgeting and financial decision making.
- A theoretical basis and consequent tools necessary for valuing securities and firms.
- An understanding of the principles associated with diversification and the management of investor portfolios to accomplish appropriate risk and return objectives.
- Finally, an appreciation for the inter-relationships between the above objectives leading to an understanding of the general and guiding principles of modern Finance.
Finance Curriculum:
Core Curriculum: See Pages 38-40 for the Core Curriculum requirements.
Students in all majors are expected to fulfill Core requirements.
| Major course requirements: (22 or 21 courses) | |
| Common body of business knowledge: | |
| MAT 105 Finite Mathematics | |
| AND | |
| MAT 106 Calculus for the Non-Sciences | |
| OR | |
| MAT 115 Calculus for Business I | |
| MAT 115 is recommended over MAT 106. Additional mathematics is recommended if the student is preparing for a graduate program in economics or finance. The student should consult a departmental advisor. | |
| ACC 201 Financial Accounting | |
| ACC 202 Managerial Accounting | |
| ECO 101 Principles of Macroeconomics | |
| ECO 102 Principles of Microeconomics | |
| ECO 255 Business Statistics I | |
| ECO 256 Business Statistics II | |
| ISB 101 Management Technology | |
| FIN 201 Introduction to Finance | |
| ISB 101 Management Technology | |
| MGT 101 Introduction to Management | |
| MGT 325 Operations Analysis for Business | |
| MGT 370 Introduction to Management | |
| MGT 446 Managerial Policy Strategy | |
| MKT 201 Principles of Marketing | |
| Finance major: | |
| FIN 311 Corporate Finance | |
| FIN 312 Investments | |
| FIN 314 Portfolio Management | |
| Finance electives: four courses to be selected from 300 or 400-level finance courses. FIN 455 is strongly recommended. A maximum of two of the following four accounting courses (with a minimum grade of C in each) may be substituted for finance electives: ACC 301, 302, 303, 415.* Economics courses beyond 101, 102, 222 may also be used as finance electives. | |
| Restricted Electives (must be liberal arts) 4 courses | |
| Free Electives (2 or 3 courses) |
Recommended Schedule:
| Fall | Spring | |
| Freshman Year | ||
| FYS 101 | ENG 101 | |
| MAT 105 OR MAT 115 OR MAT 111 |
MAT 106 or free elective if MAT 115/111 | |
| RST 101 | PHI 101 | |
| ECO 101 MACRO (Social Sciences Field) | ECO 102 MICRO | |
| ISB 101 | MGT 101 | |
| Sophomore Year | ||
| MKT 201 | FIN 201 | |
| ACC 201 | ACC 202 | |
| History Field 4 | Field of Knowledge | |
| ECO 255 STATS 1 (Mathematics Field) | ECO 256 STATS 2 | |
| Business International Requirement (Two semesters of language or approved regional studies His 107-108, 109-110, 131-132–when taken is flexible) |
Business International Requirement (2 semester sequence required) | |
| Junior Year | ||
| FIN 311 | FIN Elective | |
| FIN 312 | FIN 314 | |
| MGT 325 | A&S Elective | |
| Field of Knowledge | Field of Knowledge | |
| Field of Knowledge | Core Capstone | |
| Senior Year | ||
| MGT 370 | MGT 446 | |
| Fin Elective | Fin Elective | |
| Fin Elective | Fin Elective | |
| A&S Elective | Free Elective | |
| A&S Elective | Free Elective |
COURSES: 2009 – 2011
FIN 201 Introduction to Finance 3 credits
An introduction to financial analysis, markets, institutions and instruments. Topics covered include financial inter-mediation, interest rate determination, valuation, diversification and financial management and agency issues. Prerequisites: ECO 101-102, ECO 255 (or concurrent registration).
FIN 311 Corporate Finance 3 credits
The examination of the procedures and objectives of capital budgeting, the financing of the firm by means of debt and equity and short-term and long-term financial management. Prerequisite: FIN 201.
FIN 312 Investments 3 credits
This course introduces the student to the construction, management, and performance evaluation of investment portfolios. Primary topics include portfolio models, equilibrium in financial markets, market efficiency and the application of these concepts to the investment industry. Prerequisite: FIN 201, ECO 256.
ECO 330 Money, Banking and the Economy 3 credits
See ECO 330 for course description.
ECO 401 Public Finance 3 credits
See ECO 401 for course description.
ECO 411 State and Local Finance 3 credits
See ECO 411 for course description.
FIN 412 Equity Analysis 3 credits
The analysis and interpretation of financial information and accounting statements in order to assess security risk and return, credit worthiness, financing needs and the valuation of the firm. Prerequisites: FIN 201, FIN 312.
FIN 414 Portfolio Management 3 credits
An introduction to modern portfolio theory and management. The strategies underlying portfolio construction and evaluation will be examined. The implications of market efficiency on portfolio management will also be considered. Finance Major Assessment will be performed in this class. Prerequisites: FIN 311, 312.
FIN 420 Financial Institutions and Markets 3 credits
Examines the changing world of financial services and the role that financial intermediaries and financial markets are playing in a rapidly changing industry with new benchmarks and success factors. Universal banking as the new model will be analyzed. Finally, the changing nature of careers in the “New Industry” will be discussed from both positive and negative points of view. Prerequisite: FIN 312.
FIN 423 Fixed Income Securities 3 credits
This course discusses the various types of fixed income securities and the markets in which they are traded. Emphasis is placed on contact evaluation, extracting term/risk structure information from pricing, evaluating, investment opportunities and (interest rate) risk management. Prerequisite: FIN 312.
FIN 425 Advanced Corporate Finance 3 credits
This course provides a more in-depth treatment of corporate financial management. Topics from the introductory course (FIN 311) are developed in greater detail with emphasis on the underlying theories and more extensive applications to financial decision making. Additional topics beyond the introductory level are presented and discussed. The class relies primarily on lectures, problems and case discussions. Prerequisite: FIN 311.
FIN 454 Financial Data Management 3 credits
An introduction to the collecting, organizing, and using the financial data for the firm. Includes an introduction to database management using Access and a survey of data mining techniques.
FIN 455 Computers and Financial Planning 3 credits
Computer-based financial modeling for the financial decision maker. Application of financial spreadsheets. Prerequisite: FIN 201.
FIN 460 International Finance 3 credits
Basic understanding, with illustrations, of how to apply elements of international finance to managerial policies and decision-making. Exchange rates and exchange risk. Prerequisites: ECO 101, 102, FIN 201.
FIN 480 Options 3 credits
Introduction to options and other derivative securities such as warrants and convertibles. Emphasis on their valuation and use in hedging. Prerequisites: FIN 311, FIN 312.
FIN 485 - FIN 486 Golden Griffin Fund 6 credits
This course is a two-semester program in which students become equity analysts and portfolio managers for a real money portfolio of common equity securities (the Golden Griffin Fund “GGF”). Students screen companies in the fall semester and perform detailed financial statement and valuation analyses in the spring semester. Current events in the economy and financial markets are discussed weekly; written reports regarding current GGF portfolio positions are produced by the student managers monthly beginning in the summer. Students taking FIN 485 are expected to continue into the spring semester in FIN 486. Prerequisites: FIN 201, FIN 312, FIN 414. Prerequisites or concurrent: FIN 412, FIN 420, FIN 480.
NOTE: GGF students are selected during an application process, generally during their junior year.
FIN 497 Internship 3 credits
FIN 499 Independent Research 3 credits
Prerequisite: Consent of department chair.