Full-Time Faculty: Donald I. Bosshardt, Chair; Nelson D. Civello (Executive Director, Golden Griffin Fund), Joseph G. Eisenhauer, Patricia A. Hutton, Larry Lichtenstein, George M. Palumbo, Philip Pfaff, Ronald R. Reiber, Craig Rogers, Richard A. Shick, Richard A. Wall, F. Scott Wilson, Mark P. Zaporowski.
ECONOMICS B.A. PROGRAM
The Economics Department provides a foundation of 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. Opportunities also exist 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.
Economics (B.A.) Curriculum:
| 1. ENG 101, ENG 102, PHI 101, RST 101 (4 courses) | (12 credits) | |
| 2. Area Studies: Two courses from each of these areas: I, III, IV, V, VI, VIII (12 courses)1 | (36 credits) | |
| 3. Major course requirements (12 courses) | ||
| Mathematics elective: one Area VII mathematics course (MAT 111 or MAT 115) plus MAT 112 as an elective, is recommended for anyone considering graduate school | (3-4 credits) | |
| ECO 1012 Principles of Macroeconomics | (3 credits) | |
| ECO 1022 Principles of Microeconomics | (3 credits) | |
| ECO 205 Intermediate Microeconomic Analysis | (3 credits) | |
| ECO 206 Intermediate Macroeconomic Analysis | (3 credits) | |
| ECO 255 Business Statistics I | (3 credits) | |
| ECO 256 Business Statistics II | (3 credits) | |
| Economics electives: five courses at the 300 or 400 level (5 courses) | (15 credits) | |
| 4. Electives: Accounting and additional mathematics are strongly recommended for graduate school and the business world. (12 courses) | (36 credits) | |
| TOTAL (40 courses) | (120-121 credits) | |
Recommended Schedule:
| Fall | Spring | |||||
| Freshman Year | ||||||
| ENG 101 | 3 credits | ENG 102 | 3 credits | |||
| ECO 101 | 3 credits | ECO 102 | 3 credits | |||
| AS | 3 credits | Mathematics elective | 3 or 4 credits | |||
| Elective | 3 credits | AS | 3 credits | |||
| Elective | 3 credits | Elective | 3 credits | |||
| Total | 15 credits | Total | 15 or 16 credits | |||
| Sophomore Year | ||||||
| RST 101 | 3 credits | PHI 101 | 3 credits | |||
| ECO 205 | 3 credits | ECO 206 | 3 credits | |||
| ECO 255 | 3 credits | ECO 256 | 3 credits | |||
| AS | 3 credits | AS | 3 credits | |||
| Elective | 3 credits | Elective | 3 credits | |||
| Total | 15 credits | Total | 15 credits | |||
| Junior Year | ||||||
| ECO elective | 3 credits | ECO elective | 3 credits | |||
| AS | 3 credits | AS (PHI 300 recommended) | 3 credits | |||
| AS | 3 credits | AS | 3 credits | |||
| Elective | 3 credits | AS | 3 credits | |||
| Elective | 3 credits | Elective | 3 credits | |||
| Total | 15 credits | Total | 15 credits | |||
| Senior Year | ||||||
| ECO elective | 3 credits | ECO elective | 3 credits | |||
| ECO elective | 3 credits | AS | 3 credits | |||
| AS | 3 credits | AS | 3 credits | |||
| Elective | 3 credits | Elective | 3 credits | |||
| Elective | 3 credits | Elective | 3 credits | |||
| Total | 15 credits | Total | 15 credits | |||
| TOTAL | 120-121 credits |
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, FIN 314, FIN 330, FIN 410, FIN 411, 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 three mathematics courses beyond MAT 111 can be used as economics electives analysis should consider the courses identified in the special programs section of the catalog. Dual majors are also available with history, urban studies, international relations and other areas. Students interested in dual majors should consult with the chairs of both departments or programs.
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)
TOTAL (21 credits)
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 in 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.
Business Economics (B.S.) Curriculum:
| 1. ENG 101, ENG 102, PHI 101, RST 101 (4 courses) | (12 credits) | |
| 2. Area Studies: Two courses from each of these areas: I, III, IV, V, VI, VIII1 (12 courses) |
(36 credits) | |
| 3. Major course requirements: (26 courses) | ||
| a. Common body of business knowledge: | ||
| QNT 101 Quantitative Methods for Business and | (3 credits) | |
| MAT 106 Calculus for the Non-Sciences | (6 or 4 credits)2 | |
| MAT 1152 Calculus for Business I | (4 credits) | |
| ACC 201 Financial Accounting | (3 credits) | |
| ACC 202 Managerial Accounting | (3 credits) | |
| ECO 1013 Principles of Macroeconomics | (3 credits) | |
| ECO 1023 Principles of Microeconomics | (3 credits) | |
| ECO 255 Business Statistics I | (3 credits) | |
| ECO 256 Business Statistics II | (3 credits) | |
| FIN 201 Introduction to Finance | (3 credits) | |
| ISB 101 Management Technology | (3 credits) | |
| MGT 101 Introduction to Management | (3 credits) | |
| MGT 325 Operations Analysis for Business | (3 credits) | |
| MGT 370 Introduction to Management | (3 credits) | |
| MGT 446 Managerial Policy/ Strategy | (3 credits) | |
| MKT 201 Principles of Marketing | (3 credits) | |
| b. Economics major: | (3 credits) | |
| ECO 205 Intermediate Microeconomic Analysis | (3 credits) | |
| ECO 206 Intermediate Macroeconomic Analysis | (3 credits) | |
| Economics electives [at the 300 or 400 level] (4 courses) | (12 credits) | |
| 4. Electives (3 or 4 courses) | (9 or 12 credits) | |
| TOTAL (40 courses) | (120-121 credits) |
Recommended Schedule:
| Fall | Spring | |||||
| Freshman Year | ||||||
| ENG 101 | 3 credits | ENG 102 | 3 credits | |||
| QNT 101 or MAT 111 or MAT 115 |
3 or 4 credits |
MAT 106 or elective |
3 credits | |||
| ECO 101 | 3 credits | ECO 102 | 3 or 4 credits | |||
| ISB 101 | 3 credits | AS VIII | 3 credits | |||
| AS VIII | 3 credits | MGT 101 | 3 credits | |||
| Total | 15 or 16 credits |
Total | 15 credits | |||
| Sophomore Year | ||||||
| RST 101 | 3 credits | PHI 101 | 3 credits | |||
| ECO 205 | 3 credits | ECO 206 | 3 credits | |||
| MKT 201 | 3 credits | FIN 201 | 3 credits | |||
| ACC 201 | 3 credits | AS | 3 credits | |||
| ECO 255 | 3 credits | ECO 256 | 3 credits | |||
| Total | 15 credits | Total | 15 credits | |||
| Junior Year | ||||||
| AS IV | 3 credits | AS IV | 3 credits | |||
| MGT 325 | 3 credits | MGT 370 | 3 credits | |||
| ECO elective | 3 credits | ECO elective | 3 credits | |||
| AS III | 3 credits | AS I | 3 credits | |||
| AS I | 3 credits | AS V | 3 credits | |||
| Total | 15 credits | Total | 15 credits | |||
| Senior Year | ||||||
| AS III | 3 credits | ECO elective | 3 credits | |||
| ECO elective | 3 credits | MGT 446 | 3 credits | |||
| AS V | 3 credits | AS VI | 3 credits | |||
| AS VI | 3 credits | Elective | 3 credits | |||
| Elective | 3 credits | Elective | 3 credits | |||
| Total | 15 credits | Total | 15 credits | |||
| TOTAL | 120-121 credits |
QNT 101 Quantitative Methods for Business 3 credits
Introduction to and business applications of mathematical tools including functions, equations, inequalities, graphs and optimization. Financial relationships. Introduction to spreadsheets using Microsoft Excel.
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. (AS II)
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. (AS II)
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 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. (AS VII)
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 for 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. Prerequisite: Eco 101 or 102.
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.
FIN 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, finance and development. Determinants of economic relations among nations. 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
FIN 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 255-256 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, 255-256.
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 301, FIN 311, FIN 312, FIN 314, FIN 330, FIN 410, FIN 411, 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 three mathematics courses beyond MAT 111 can be used as economics electives.
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.
Finance Curriculum:
| 1. ENG 101, ENG 102, PHI 101, RST 1011 (4 courses) | (12 credits) | |
| 2. Area Studies: Two courses from each of these areas: I, III, IV, V, VI, VIII4 (12 courses) |
(36 credits) | |
| 3. Major course requirements: (22 or 21 courses) | ||
| a. Common body of business knowledge: | ||
| QNT 101 Quantitative Methods for Business | (3 credits) | |
| AND | ||
| MAT 106 Calculus for the Non-Sciences | (6 or 4 credits) | |
| OR | ||
| MAT 115 Calculus for Business I | (4 credits) | |
| ACC 201 Financial Accounting | (3 credits) | |
| ACC 202 Managerial Accounting | (3 credits) | |
| ECO 101 Principles of Macroeconomics | (3 credits) | |
| ECO 102 Principles of Microeconomics | (3 credits) | |
| ECO 255 Business Statistics I | (3 credits) | |
| ECO 256 Business Statistics II | (3 credits) | |
| ISB 101 Management Technology | (3 credits) | |
| FIN 201 Introduction to Finance | (3 credits) | |
| ISB 101 Management Technology | (3 credits) | |
| MGT 101 Introduction to Management | (3 credits) | |
| MGT 325 Operations Analysis for Business | (3 credits) | |
| MGT 370 Introduction to Management | (3 credits) | |
| MGT 446 Managerial Policy Strategy | (3 credits) | |
| MKT 201 Principles of Marketing | (3 credits) | |
| b. Finance major: | ||
| FIN 311 Corporate Finance | (3 credits) | |
| FIN 312 Investments | (3 credits) | |
| FIN 314 Portfolio Management | (3 credits) | |
| c. 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 or better in each) may be substituted for finance electives: ACC 301, 302, 303, 4155 |
(12 credits) | |
| 4. Electives (2 or 3 courses) | (6 or 9 credits) | |
| TOTAL (40 courses) | (120-121 credits) |
Recommended Schedule:
| Fall | Spring | |||
| Freshman Year | ||||
| ENG 101 | 3 credits | ENG 102 | 3 credits | |
| QNT 101 or MAT 111 or MAT 115 |
3 or 4 credits | MAT 106 or Elective | 3 credits | |
| ECO 101 | 3 credits | ECO 102 | 3 credits | |
| AS VIII | 3 credits | AS VIII | 3 credits | |
| ISB 101 | 3 credits | MGT 101 | 3 credits | |
| Total | 15 or 16 credits | Total | 15 credits | |
| Sophomore Year | ||||
| RST 101 | 3 credits | PHI 101 | 3 credits | |
| MKT 201 | 3 credits | FIN 101 | 3 credits | |
| ACC 201 | 3 credits | ACC 202 | 3 credits | |
| AS IV | 3 credits | ECO 255 | 3 credits | |
| ECO 255 | 3 credits | AS IV | 3 credits | |
| Total | 15 credits | Total | 15 credits | |
| Junior Year | ||||
| FIN 311 | 3 credits | FIN 314 | 3 credits | |
| FIN 312 | 3 credits | FIN Elective | 3 credits | |
| MGT 325 | 3 credits | MGT 370 | 3 credits | |
| AS III | 3 credits | AS I | 3 credits | |
| AS V | 3 credits | AS VI | 3 credits | |
| Total | 15 credits | Total | 15 credits | |
| Senior Year | ||||
| FIN elective | 3 credits | FIN elective | 3 credits | |
| FIN elective | 3 credits | FIN elective | 3 credits | |
| AS V | 3 credits | Elective | 3 credits | |
| AS I | 3 credits | AS VI | 3 credits | |
| Elective | 3 credits | AS III | 3 credits | |
| Total | 15 credits | Total | 15 credits | |
| Total | 120-121 credits |
COURSES: 2007 – 2009
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.
FIN 314 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. Prerequisites: FIN 201, ECO 256.
FIN 321 Risk Management & Insurance 3 credits
Methods of managing pure risks to limit losses. Theory of risk management. Practical framework for decision-making under uncertainty. Public policy and social insurance. Prerequisites: ECO 102 and ECO 255.
FIN 401 Public Finance 3 credits
See ECO 401 for course description.
FIN 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 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 consolidating 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 201.
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 201
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 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
Students will manage this fund, which is a small cap regional growth and value equity fund that manages against the Russell 2000 as a benchmark. The fund will raise real dollars and is expected to provide real returns to its investors. Students will have professional mentors and report to a professional investment committee. Student fund managers will receive hands-on experience in all aspects of fund management. Prerequisites and concurrent courses: The GGF is part of a 24-credit program: 6 for running the Fund and taking a current issues class that involves a 12-month time commitment: and 18 for tool/core classes in corporate financial reporting; Prerequisites: FIN 311, FIN 312.
FIN 497 Internship 3 credits
FIN 499 Independent Research 3 credits
Prerequisite: Consent of department chair.
1 Area II is automatically fulfilled because this program is in the social sciences. Area VII is fulfilled by the mathematics courses required in this program.
2 MAT 115 is recommended. Additional mathematics is recommended if the student is preparing for a graduate program in economics. The student should consult a departmental advisor.
3 Honors section recommended.
4 Area II is automatically fulfilled because this program is in the social sciences. Area VII is fulfilled by the mathematics courses required in this program.
5 A strong accounting background is desired by many corporations seeking job candidates with degrees in finance. For those who desire a degree in corporate financial planning, ACC 303 is strongly recommended. ACC 415 is recommended. FIN 455 is strongly recommended because many entry-level positions in finance require experience with financial modeling using personal computers.