PROGRAMS of STUDY ACCOUNTING and FINANCE Irons, Mclaughlin, Moon, Olson, Sullivan, Willis Lower-Level (100-200) Courses in the Department Are Open to All Students
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PROGRAMS OF STUDY ACCOUNTING AND FINANCE Irons, McLaughlin, Moon, Olson, Sullivan, Willis Lower-level (100-200) courses in the department are open to all students. Upper-level (300-400) courses in the department are open to students not major- ing in accounting, or finance with consent of the department head; a small percentage of seats in each class is reserved to accommodate such students, but such students should follow the department’s closed course petitioning process. However, students not majoring in accounting, or finance may take only one upper-level course in the department unless required to do so by a major out- side the Department of Accounting and Finance, or unless they receive permis- sion from the department head. The major in accounting meets the accounting requirements for taking the Certified Public Accountant Examination in Illinois and provides excel- lent preparation for entry into field of public accounting and the practice of accounting in industry or government. To sit for the CPA exam in Illinois, cur- rent law requires students to have completed at least 37.5 course units or the equivalent of 150 semester hours. It may be possible for students to complete these requirements in four years at IWU. Contact the department head for details. See more at www.iwu.edu/accounting. IWU’s Finance major is designed to produce articulate, well-informed, responsible graduates who learn finance in a liberal art setting. We emphasize critical thinking and communication, two skills that are essential to success in any financial field. At IWU, the program centered on application for real- world problems and culminating in multiple real-world experiences including investing actual money. The major in finance prepares students for entry- level positions in the field of finance, investments, and risk management. It also helps students develop the skills necessary to adapt to a changing and increasingly complex world. The study of finance is concerned with the management of money, investments, financial institutions, and analytical preparation for careers in a wide variety of profit-seeking business and not-for- profit agencies. See more at www.iwu.edu/finance. The increasingly quantitative character of modern business practice suggests that students elect additional mathematics beyond that required for the major, and students considering graduate work in business should take at least one semester of undergraduate calculus. For many students, one or more computer science course may be appropriate. See the Computer Science section of this Catalog for course offerings. Students seeking to matriculate into a major in accounting or finance should complete the following six courses by the end of their sophomore year: (1) Gateway Colloquium; (2) Mathematics 110, 176, or university credit for AP Calculus; (3) Economics 100: Introduction to Economics; (4) Economics 227: Statistics for Business and Economics; (5) Accounting 112: Accounting for Decision Making (I); and (6) Accounting 212: Accounting for Decision Making II. A grade of C- or higher must be earned in each of these courses. In addition, 121 Accounting and Finance a student’s cumulative GPA in these six courses must equal or exceed 2.50. No student wishing to major in accounting or finance will be permitted to enroll in any upper-level course in the department, except Business Law I, prior to meeting these requirements. A course included in one major may not be used to fulfill requirements of another major or minor. Upper level (300-400) courses taken at another college or university at the freshman/sophomore level may not be used to satisfy major or minor requirements, absent department head approval. Major Sequence in Accounting: A minimum of 11 course units, to include: 1) ACC 112, 212, 218, 315, 316, 317, 318, 319, BUS 331 or 341, 355, and FIS 303 Other courses outside the department that accounting majors are required to complete: 1) Mathematics 110, 176, or university credit for AP Calculus 2) Economics 100 3) Economics 227 Accounting majors may count no more than 2 non-required BUS courses toward the 18 courses outside their major department. Major Sequence in Finance: A minimum of 12 course units, to include 1) ACC 112, 212, BUS 331, 341, 355, 490, FIS 303, 306, 309, and 409 2) Two course units from ECON 311, 352, FIS 300, 304, 305, 307, 308, 370, and 455 Other courses outside the department that finance majors are required to com- plete: 1) Mathematics 110, 176, or university credit for AP Calculus 2) Economics 100 3) Economics 227 Finance majors may count no more than 2 non-required BUS courses toward the 18 courses outside their major department. Minor Sequence in Finance: The minor in Finance is designed for students who are in disciplines other than Accounting, Business Administration, Finance, or Marketing. It offers students in non-business fields an opportunity to complement their major with the study of various finance topics. The Finance minor helps students create value in any type of business, non-profit, or government organization. The minor will broaden a student’s learning experiences and professional opportunities by providing training in financial topics and analysis. A minimum of six courses to include: 1) ACC 112: Accounting for Decision Making I FIS 303: Financial Management ECON 227: Statistics for Business and Economics 2) Three additional courses selected from the following list: FIS 305: Financial Statement Analysis FIS 306: Cases in Financial Modeling 122 Accounting and Finance FIS 308: Derivatives FIS 309: Investments FIS 409: Portfolio Management FIS 300: Seminar in Finance (may be repeated for different topics) FIS 370: Special Topics in Finance (may be repeated for different topics) FIS 304: Risk Management/Property-Liability FIS 307: Life/Health/Social Insurance Minor Sequence in Finance for Business-Related Majors: The minor in Finance for Business related majors is designed specifically for students majoring in business fields. The study of finance complements topics learned in each of these majors. A finance minor can give students important insights into valuation methods, portfolio management, corporate finance, financial analysis, financial planning, and other topics. The finance minor will explain how the use of financial statements reflect all major business activities and represent a business to the broader world. A minimum of five finance and economic courses chosen from the following: 1) FIS 303: Financial Management 2) FIS 304: Risk Management/Property-Liability Insurance 3) FIS 305: Financial Statement Analysis 4) FIS 306: Cases in Financial Modeling 5) FIS 307: Life/Health/Social Insurance 6) FIS 308: Derivatives 7) FIS 309: Investments 8) FIS 409: Portfolio Management 9) ECON 311: Money and Banking 10) ECON 352: International Finance 11) FIS 370: Special Topics in Finance (may be repeated for different topics) 12) FIS 300: Seminar in Finance (may be repeated for different topics ACC 112 Accounting for Decision Making I An introduction to business through the lens of financial accounting—an information processing system that communi- cates relevant data regarding business entities to internal and external decision makers. Emphasizes the basic concepts, principles, and techniques for decision makers to inter- pret and use accounting system information within all functional areas of business and the use of information systems generally within organizations. Offered each semester. ACC 113 Accounting for Entrepreneurs An introduction to the essential account- ing concepts and operating characteristics of accounting systems important to entrepre- neurs in new ventures. Focus will be on both financial and managerial accounting with an emphasis on the basics of financial statements, how to interpret these statements, and how to make good decisions based on them. Cannot be used in the following majors: accounting, business administration, or finance. Cannot be used in the following minors: business administration, or human services management. Offered spring semester. FIS 200 Introduction to Risk Management and Insurance Exploration of behavior under uncertainty. Overview of personal and corporate exposure to risk. Examination of tools used to manage risk. Investigation of current topics in risk management and insurance. Offered each semester. ACC 212 Accounting for Decision Making II Continuation of an introduction to business through the lens of managerial accounting—an information processing system that communicates relevant data regarding business entities to internal and external 123 Accounting and Finance decision makers. Emphasizes the basic concepts, principles, and techniques for deci- sion makers to interpret and use accounting system information within all functional area of business, and the use of information systems generally within organizations. Prerequisite: ACC 112. Offered each semester. ACC 216 Professional Issues in Accounting (AV, W) This course is designed to meet the needs of accounting students who are expected to complete a course in discipline-specific written communication and ethics in order to meet the educational requirements to sit for the CPA exam. This course will be discussion based, writing intensive, and will ask students to analyze a wide variety of ethical situations, apply alternative ethical theories and positions, and take a stance in the philosophical conver- sation. Prerequisite: Major in Accounting. Offered each semester. ACC 218 Accounting Information Systems An introduction