Economics (EC)
Professors: W. O. Simmons (Associate Dean); Associate Professors: F. Donou-Adonsou, S. K. Kahai, S. Lim, A. M. Welki (Interim Chair); Assistant Professors: M. Mihai; Executives-in-Residence: J. Kleinhenz
Economics is the study of scarcity, choice, and efficiency. As British economist Alfred Marshall wrote, “Economics is a study of mankind in the ordinary business of life.”
The study of economics draws from history, philosophy, and mathematics to understand diverse topics such as product and resource pricing, inflation, unemployment, interest-rate determination, environmental issues, federal government expenditures, and taxation policies. In addition, the theories, models, and analytic tools of economics have been applied to non-traditional areas that include marriage, child-rearing, criminal behavior, discrimination, and ethics.
The study of economics—the only social science honored by its own Nobel Prize—is intellectually challenging and rewarding. Economists use the scientific method to develop and test hypotheses and with their findings address vital current issues.
Economics is considered one of the most flexible of undergraduate programs because students can choose to major in economics either through the College of Arts and Sciences (Bachelor of Arts), or through the Boler College of Business (Bachelor of Science in Economics). Moreover, a major in economics provides a comprehensive background for a variety of academic and professional fields. The economics degree is ideal preparation for careers in business and for many graduate programs.
Economics majors find employment in banking, other financial institutions, sales, consulting firms, government service, and education. In addition, many graduate programs— notably law, business administration, and economics—regard the study of economics to be particularly beneficial because of its logical, ordered approach to problem solving.
The Economics program at John Carroll University is a partner with the National Association of Business Economics (NABE), which offers students the ability to simultaneously earn their undergraduate degree and Certified Business Economist (CBE) certification in applied economics and data analytics. Students who earn their CBE certification in addition to their economics degree will enter the job market with a distinct advantage, having demonstrated mastery of a body of knowledge in economics and finance. Employers recognize this distinction, and the pairing of the economics degree and CBE certification is essential for a successful career in economics, finance, and data analytics.
The economics minor consists of six classes: EC 2201, EC 2202, and four upper-division electives. The economics minor is a popular choice for Arts and Science students who are interested in adding a curriculum that enhances business acumen and familiarity with how markets function.
The primary goal of the economics faculty is to provide its students, John Carroll University, and the community with an understanding of economic theory and practice through quality teaching, advising, significant research, and appropriate community involvement.
Finance (FN)
Professors: W. B. Elliott; Associate Professors: J. Kang, X. Zhang; Assistant Professors: S. B. Moore
Finance applies principles of economics, accounting, and mathematics to financial assessment and decision-making. Corporate finance narrows the focus to the analysis of how firms should manage and fund their assets.
The finance-focused courses offered by the department include the subjects of finance, international finance, corporate finance, investments, fintech, and financial institutions. Finance courses explore a wide array of companies that includes small firms; government-regulated companies; and large corporations that engage in complex international operations. International finance courses teach assessment of complex international operations. Corporate finance courses develop the knowledge and practice needed to assess a firm’s financial decisions, financial health, and business future. Investment courses prepare students to analyze different mediums of savings and investments. Courses in Fintech explore the use of block-chain, artificial intelligence, and other emerging technologies in all areas of finance. In addition, courses that focus on financial institutions inform students about how financial firms manage assets and liabilities in light of macroeconomic considerations and regulatory restrictions.
Because our programs in finance are intellectually challenging and rigorous, they prepare students for a large number of today’s appealing and rewarding careers in business and industry. The study of finance also provides an excellent foundation for graduate programs.
Graduates of the Boler College of Business finance program are actively sought by corporate recruiters who know our students are well prepared for the world of contemporary finance. Many finance students from the program become financial analysts and managers. Others enter the consulting or legal professions, or they develop careers in the various occupations related to investment activity or financial institutions.
The finance program is part of the CFA Institute's University Affiliation Program. This status is granted to institutions whose degree program incorporates at least 70% of the CFA's Candidate Body of Knowledge (CBOK), which positions students well to sit for the CFA exams.
Many John Carroll University graduates in finance have become high-ranking financial officers of prominent and successful companies or have achieved important positions in banks and governmental agencies active in financial matters.
The finance program also prepares students for their future careers by requiring the completion of professional experience before graduation. This professional experience is completed as part of the Boler Professional Development Program (BPD).
Financial Planning and Wealth Management (PFP)
Professors: W.B. Elliott; Associate Professors: J. Kang, X. Zhang; Assistant Professors: S.B. Moore
Today’s world requires that individuals and families efficiently manage their assets to enable the achievement of personal and familial goals. The financial planning and wealth management program provides a strong understanding of the economic and finance principles that are used by financial planners and wealth managers as they manage individual and familial finances for clients.
Courses in this program explore the questions that financial planners and wealth managers must evaluate as they work with clients. These questions include: What are their financial problems and challenges? What are possible solutions to their financial issues? How can consumers plan, manage, and make decisions to achieve their goals and resolve personal challenges and problems?
As many people find financial situations and decisions overwhelming, they avoid or ignore this area of their lives with potentially dire consequences. Financial planners and wealth managers aid people in understanding and making sound financial decisions with confidence.
The field of personal financial services is rapidly expanding and offers the opportunity for a rewarding and satisfying profession. Financial planners, wealth managers, and other financial services professionals can help people to bring order to their lives and to achieve short- and long- term financial goals. In addition to the satisfaction that comes from contributing to the success of others, this profession also has significant earning potential.
The financial planning and wealth management program is designed to prepare financial planners and wealth managers for the tasks of coaching clients to identify the financial goals, managing personal and familial financial risk, and preparing for the financial implications of evolving life changes. Students learn to understand the financial planning process and how to develop a holistic financial plan for their clients. This involves developing budgeting plans, making investment decisions, assessing insurance needs, tax planning, retirement planning and estate planning.
The financial planning and wealth management major at John Carroll University is one of only three undergraduate programs in Northeast Ohio that is registered with the CFP Board. This means that after having successfully completed all the coursework required of the major, students have met all of the educational requirements set forth by the CFP Board as a condition for taking and passing the CFP® exam to earn their CERTIFIED FINANCIAL PLANNER® certification.