PROGRAMS of STUDY ACCOUNTING and FINANCE Olson, Fitzgibbons, O’Brien, Peters, Willis Lower-Level (100-200) Courses in the Department Are Open to All Students
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PROGRAMS OF STUDY ACCOUNTING AND FINANCE Olson, Fitzgibbons, O’Brien, Peters, 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, finance, or minoring in risk management 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 account- ing, finance, or minoring in risk management may take only one upper- level course in the department unless required to do so by a major outside the Department of Accounting and Finance, or unless they receive permission 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 http://www.iwu.edu/accounting/. 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 all of the following: 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 http://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 1; 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, 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. 133 Accounting and Finance 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 200, 303, and 309 2) Three course units from ECON 311, 352, FIS 300, 304, 307, 370, 408, 409, 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, International Business, 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) ACCT 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 309: Investments FIS 409: Portfolio Management FIS 370: Special Topics in Finance (may be repeated for different topics) FIS 304: Risk Management/Property-Liability 134 Accounting and Finance FIS 307: Life/Health/Social Insurance FIS 300: Seminar in Finance (may be repeated for different topics) Minor Sequence in Finance for Accounting majors: The minor in Finance for Accounting majors is designed specifically for students majoring in accounting. The study of finance complements topics learned in the completion of an accounting degree. A finance minor can give students important insight into valuation methods, portfolio management, corporate finance, financial analysis, financial planning, and other topics. The finance minor will bridge the gap between the creation of financial statements and the use of them in business. A minimum of five finance and economic courses chosen from the following: 1) FIS 305: Financial Statement Analysis 2) FIS 309: Investments 3) FIS 409: Portfolio Management 4) FIS 370: Special Topics in Finance (may be repeated for different topics) 5) FIS 304: Risk Management/Property-Liability Insurance 6) FIS 307: Life/Health/Social Insurance 7) ECON 311: Money and Banking 8) ECON 352: International Finance 9) FIS 300: Seminar in Finance (may be repeated for different topics) Minor Sequence in Risk Management: Six course units to include: 1) ACC 112, 212, FIS 200, 304, 307, and 408 ACC 112 Accounting for Decision Making I An introduction to business through the lens of financial and managerial accounting—an information processing system that communicates relevant data regarding business entities to internal and external decision makers. Emphasizes the basic concepts, principles, and techniques for decision makers to interpret 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, finance, or international business. Cannot be used in the following minors: business administration, human services management, or risk management. Offered spring semester. FIS 200 Introduction to Risk Management and Insurance Exploration of behav- ior 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 financial and managerial accounting—an information pro- cessing system that communicates relevant data regarding business entities to internal and external decision makers. Emphasizes the basic concepts, principles, and techniques for decision makers to interpret and use accounting system information within all functional area of business, and the use of information systems generally within orga- nizations. Prerequisite: ACC 112. Offered each semester. ACC 216 Professional Issues in Accounting (AV, W) This course is designed 135 Accounting and Finance 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 to the design, devel- opment, and implementation of manual and computer-based accounting information systems, with an internal control emphasis. Prerequisite: ACC 112. Offered each spring. FIS 270 Special Topics Courses treating specialized topics in accounting, finance, or risk management. Two or more may be taken