Economics (EC)

Professors: W. O. Simmons (Associate Dean); Associate Professors: L. N. Calkins (Chair), A. M. Welki, S. K. Kahai; Assistant Professor: F. Donou-Adonsou; Executives-in-Residence: J. Kleinhenz; Professor Emeritus: T. Zlatoper

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.” As such it draws on history, philosophy, and mathematics to address such diverse topics as product and resource pricing, inflation, unemployment, interest-rate determination, environmental issues, and federal government expenditure and taxation policies. In addition, the theories and models of economics have been applied to non-traditional areas, including marriage, child-rearing, criminal behavior, discrimination, and ethics.

The primary goal of the economics faculty is to provide its students, the University, and the community with an understanding of economic theory and practice through quality teaching and advising, significant research, and appropriate community involvement.

The Economics program at John Carroll University is now a partner with NABE, the National Association of Business Economics, offering students the ability to earn their undergraduate degree and CBE (Certified Business Economist) certification in applied economics and data analytics simultaneously. Students who earn their CBE certification alongside their economics degree will enter the job market with a distinct advantage, having mastered a body of economics and financial knowledge sought after by employers and essential for a successful career in economics, finance and data analytics.

Economics is considered one of the most flexible of all the potential fields of undergraduate study 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. It is an ideal preparation for careers in business and for many graduate programs. Economics majors find employment in banking and other financial institutions, sales, consulting firms, government service, and teaching. In addition, many graduate programs—most 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 minor consists of six classes (EC 201 and EC 202 plus four upper-division electives), and 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 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.

Finance (FN)

Professors: W. B. Elliott (Chair); Assistant Professors: J. Kang, S. B. Moore (Associate Dean), X. Zhang

Finance applies economics, accounting, and mathematics to financial decision-making. Corporate finance analyzes how firms should manage and fund their assets. Courses in finance deal with a wide array of companies, including small firms, companies regulated by governmental bodies, and large corporations that engage in complex international operations. Classes in international finance teach students to assess complex international operations. Classes in corporate finance teach students to assess firm financial decisions as well as their financial health and future. Investment courses prepare students to analyze different mediums of savings and investments. Courses in financial institutions inform students about how such firms manage their assets and liabilities in light of macroeconomic considerations and regulatory restrictions.

Because the discipline of finance is intellectually challenging and rigorous, it not only prepares students for a large number of today’s appealing and rewarding careers in business and industry but also provides excellent background for graduate programs. Graduates of the Boler College's finance program are actively sought by corporate recruiters, who know these students have been well prepared for the world of contemporary finance. Many finance students become financial analysts and managers. Others enter the consulting or legal professions or develop careers in the various occupations related to investment activity or financial institutions. The finance program has recently been accepted into the CFA Institute's University Recognition 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. Professional experience and internships are not required, but strongly encouraged. Many finance majors take advantage of the opportunities presented by the Boler internship initiatives.

Financial Planning and Wealth Management (PFP)

Professors: W.B. Elliott (Chair); Assistant Professors: J. Kang, S.B. Moore (Associate Dean), X. Zhang

Today’s world requires that individuals efficiently manage their assets. Courses in this field focus on consumers. What are their financial problems and challenges? What are the possible solutions? How can consumers plan, manage, and make decisions to achieve their goals and resolve personal challenges and problems.

Many people find financial situations and decisions overwhelming. Consequently, they avoid or ignore this area to their detriment. Students will learn to understand the financial planning process and how to develop a wholistic financial plan for their clients. This involves developing budgeting plans, making investment decisions, assessing insurance needs, tax planning, retirement planning and estate planning. The Boler College’s Financial Planning and Wealth Management major is one of only three undergraduate programs in Northeast Ohio that is Registered by the CFP Board. This means that after having successfully completed all the coursework required of the major, students will have met all of the educational requirements set forth by the CFP Board as a condition for taking the CFP exam (for additional details, click here).

Personal financial services is a rapidly expanding, rewarding profession. It is a satisfying profession. Financial services professionals help people bring order to their lives and achieve both short and long term financial goals. The profession has significant earning potential.

Name	Degree Designation	Description
Economics	BA	Undergraduate Major in Economics
Economics	UG MINOR	Undergraduate Minor in Economics
Economics	BSE	Undergraduate Major in Economics
Finance	BSBA	Undergraduate Major in Finance
Wealth Management & Financial Planning	BSBA	Undergraduate Major in Wealth Mgmt & Financial Plan

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