UNIVERSITYOF
MARYLAND
1119 M a m A d m i n i s t r a t i o n B u i l d i n g
College Park, M a r y l a n d 20742-5031
301.405.5252 TEL 301.405.8195 F A X
OFFICE OF T H E SENIOR VICE PRESIDENT AND PROVOST
July 17,2014
MEMORANDUM
TO:
Alexander J. Triantis
Dean, Robert H . Smith School o f Business
Wayne Mcintosh
Interim Dean, College o f Behavioral and Social Sciences
FROM:
Elizabeth Beise
Associate Provost for Academic Planning and Programs
SUBJECT:
Proposal to Establish Combined Bachelor/Master Programs w i t h BSOS
Undergraduate Programs and the Master o f Finance (PCC log no. 13059)
At its meeting on May 2, 2014, the Senate Committee on Programs, Curricula, and
Courses approved your proposal to establish combined Bachelor/Master programs with BSOS
undergraduate programs and the Master o f Finance. A copy o f the approved proposal is attached.
The change is effective Fall 2014. Please ensure that the change is fully described i n all
relevant descriptive materials, and that all advisors are informed.
MDC/
Enclosure
cc:
Marilee Lindemann, Chair, Senate PCC Committee
Barbara G i l l , Office o f Student Financial A i d
Reka Montfort, University Senate
Erin Howard, Division o f Information Technology
Pam Phillips, Institutional Research, Planning & Assessment
Arme Turkos, University Archives
Linda Yokoi, Office o f the Registrar
Doug Roberts, Undergraduate Studies
Alex Chen, Graduate School
Joyce Russell, Robert H . Smith School o f Business
Katherine Russell, College o f Behavior and Social Sciences
T H E UNIVERSITY OF MARYLAND, C O L L E G E PARK
PROGRAM/CURRICULUM/UNIT PROPOSAL
•
Please email the rest of the proposal as an MSWord attachment
to pcc^submissioasf%umcl.cdu,
•
PCC L O G NO.
13059
Please submit the signed form to the Ofiice of the Associate
Provost for Academic Planning and Programs, 1119 Main Administration Building, Campus.
College/School:
Please also add College/School Unit Code-First 8 digits:
Department/Program:
Please also add Department/Program Unit Code-Last 7 digits:
ECON012028001281301 & GVPT012028001281701303 ffOPOSP
^
Type of Action (choose one):
Summai7 Proposed Action:
DepartmentalAJnit Contact Person for Proposal:
APPROVAL SIGNATURES 1. Department Committee Chair
2. Department Chair
3, College/School P C C Chair
4. Dean
5. Dean of the Graduate School (if required
6. Chair, Senate P C C
\0
7. University Senate Chair (if required)
8. Senior Vice President and Provost
\|t<2>\0M
UNIVERSITY OF MARYLAND COLLEGE PARK
College of Behavioral & Social Sciences and
Robert H. Smith School of Business
Proposal for a Dual Bachelor’s/Master’s Program in Finance
Submitted April 2014
I.
INTRODUCTION
The College of Behavioral and Social Sciences (BSOS) and the Robert H. Smith School of Business
(RHS) at the University of Maryland, College Park propose the creation of a Bachelor’s/Master’s
Program in Finance (BA/BS-MFin). The proposed program would enable particularly promising
students to obtain an unusually rich education in social sciences and finance, achieving both their
Bachelor’s and Master’s degrees from the University of Maryland College Park in as few as 4.5 years.
In turn, this highly attractive program should augment College Park’s growing reputation as a center
for finance education and research and attract outstanding students to both its undergraduate and
graduate population. Current and prospective students would have the opportunity to combine their
social science undergraduate degree with rigorous training in the application of their undergraduate
specialty to financial services and markets. Given the increasing role of the federal government and
agencies such as the Federal Reserve, Securities and Exchange Commission, Office of Financial
Research, and housing finance enterprises such as Fannie Mae and Freddie Mac, the lure of coming to
the Washington, D.C. area to obtain an undergraduate major from one of BSOS’s outstanding
departments and a master’s degree in finance from the highly-ranked Robert H. Smith School of
Business should prove compelling to many outstanding prospective students.
II.
COURSE OF STUDY
To earn a Bachelor’s degree at College Park, students must complete 120 credits, fulfill the General
Education (GEN. ED.) requirements, and fulfill the requirements of a major1. (Some courses can
fulfill both a GEN. ED. and a major requirement.) To earn the Master of Finance degree (MFin),
students must complete 30 credits of graduate finance-related courses, including 14 credits of core
courses2 and 16 from a variety of finance electives. Of the 16 elective credits, as many as six credits
may be taken outside of finance from a pre-approved list or with approval from the program’s
academic director. To separately earn both degrees, therefore, students must currently earn 150 credits.
Students in the proposed program would complete a minimum of 140 credits, of which 110 would be
earned at the undergraduate level and 30 would be at the graduate level. Students would be required to
fulfill the same Bachelor’s degree requirements (including the GEN. ED. and major requirements) and
the same MFin degree requirements as other students, in addition to taking the undergraduate courses
1
All BSOS majors would be eligible for the dual program though we recognize that interest will primarily arise
from students majoring in Economics and Government & Politics.
2
The MFin core consists of BUSI 610 – Financial Accounting, BUSI 640 – Financial Management, BUFN 740 –
Capital Markets, BUFN 750 – Valuation in Corporate Finance, BUFN 761 – Derivative Securities, and BUFN 758N&O –
Financial Econometrics I&II.
in math and statistics that serve as a strong foundation for the MFin program.3 They would, however,
be able to count 10 of their credits towards both their MFin and their Bachelor’s degrees.4 To illustrate
how this program would work in practice, the courses or types of courses a student would take are
listed in Appendix A for Economics or Government & Politics majors. The sample schedules in
Appendix B show for the different sample majors how a student in the program could possibly
complete both the BA/BS and MFin requirements in as few as 4.5 years (or even less time if they came
in with significant Advanced Placement credit). At the discretion of the academic director for the
MFin program, up to six credits of 400-level undergraduate coursework related to finance may be
counted towards the MFin degree (such courses include but are not limited to courses in BMGT,
ECON, MATH, GVPT, CMSC).5 An up-to-date list of such courses shall be maintained by the MFin
program on the BA/BS-MFin website by RHS.
This proposed program would provide students with a highly effective education in both Behavioral
and Social Sciences and finance. In addition to gaining the key undergraduate skills and exposure to a
wide variety of disciplines required by the GEN. ED. program, students in their first three years would,
through their undergraduate BSOS major, immerse themselves in a discipline that provides a
fundamental skillset for a variety of finance career opportunities. While the students during their first
three years would be exposed to some of the finance implications of their studies, the focus during this
time would be on the theoretical foundations of their chosen major. In the fourth year of the program
the focus would change to learning at a graduate level the theoretical foundations of financial
securities, markets, and institutions. In addition, students would learn how to integrate their nowextensive theoretical knowledge to specific finance applications such as corporate finance, risk
modeling, and portfolio management. Students emerging from the program would enjoy the ability to
deal in a comprehensive, sophisticated way with a variety of financial market participants and the
challenges organizations are confronting.
III.
ADMISSION PROCESS AND CRITERIA
Students in their freshman and sophomore years would be welcome to become “affiliate members” of
the program. This would allow students to declare their interest in finance, to meet other financeoriented students and be invited to special finance-relevant events. Students would then apply for
formal admission to the program as early as the end of their sophomore year.
Admittance to the program would be limited to students with academic records suggesting a strong
likelihood of excelling in graduate studies and would be determined in multiple steps. The RHS
faculty and the Graduate School would make an initial determination based on a student’s grades
3
As with students admitted into the regular MFin program, students in the dual program will need to have taken an
undergraduate statistics course and demonstrate strong mathematics skills.
4
The College of Behavioral and Social Sciences has a dual degree with the School of Public Policy. The MPP
degree is a 54 credit program so in the combined program, students take 102 undergraduate credits and 54 graduate level
credits. Eighteen credits are double counted. The program allows students to obtain an undergraduate degree from BSOS
and an MPM degree.
The Robert H. Smith School of Business participates in a dual graduate degree program that double-count credits.
The MBA/MPM program permits participating students to earn both an MBA and an MPM degree with just 66 credits of
courses, 36 fewer credits than if the student first completes one program before entering the other.
5
Such credits, however, cannot be double counted towards both degrees. Only graduate level courses (those labeled
600 and above) can be counted towards completion of both the undergraduate and MFin degrees. In practice, few students
would therefore take 400-level courses and apply them towards their MFin degree since they would be taken in the last 20
credits of the program.
2
during his/her first two years (i.e., after earning at least 60 credits), SAT and/or GRE scores, letters of
recommendations, and written statement. Most students admitted into the program would have a
cumulative undergraduate GPA of at least 3.5, either a combined SAT or GRE (verbal plus
quantitative) score of at least 1300, and a demonstrated interest in finance. Students who were not
admitted after their sophomore year could reapply for admission to the program after their junior year.
Students who were initially admitted into the program after their sophomore year would be reevaluated
after their junior year. If they had maintained at least a 3.5 undergraduate GPA (or if the RHS faculty
felt their continuance in the program was otherwise warranted), they would be permitted to proceed
with their MFin graduate courses and would be told to expect admittance into the Graduate School
after completion of their BA/BS requirements as long as they had continued to achieve at least a 3.5
undergraduate GPA. (The RHS faculty can recommend an exception to the requirements subject to
review and final decision by the Graduate School). To be admitted formally to the Graduate School,
students admitted into the program would have only to first complete their BA/BS degree while
maintaining at least the 3.5 undergraduate average. This multi-step admissions process is viewed to be
the best way of providing students a clear-cut opportunity of being admitted to the Graduate School
after their BA/BS studies are complete, while ensuring that students initially admitted into the program
have every reason to diligently pursue their studies during their remaining undergraduate years,
continue to demonstrate an ability to excel academically, and are truly prepared to succeed in their
graduate studies.
Students who were not admitted into the program or were not able to maintain a 3.5 undergraduate
GPA would be free to apply to the regular MFin program pursuant to the usual application process
without prejudice.
ADVISING
High quality academic advising for undergraduate students (beginning with pre-freshman) through
completion of the Masters in Finance will be an important component of the dual Bachelors/Masters in
Finance Program. The advising can be separated into Pre-Admission to the Masters and PostAdmission to the Masters.
Pre-Admission to the Master’s Program:
Based on experience with the BA/MPP, about 25% of an academic advisor’s time is needed to advise
an annual entering cohort of 75 students. This can be up to 50% during busy times. RHS will be hiring
an academic advisor who will serve as the primary point of contact for students, parents, and advisors
who have questions about undergraduate preparation for and admission to the programs. RHS will
maintain the primary website and event information for prospective students, and will host regular
information sessions for freshman and sophomore students who are interested in the program. BSOS
shall continue to provide advising regarding the undergraduate degree requirements. RHS shall provide
admissions and academics advising services for BSOS students interested in the graduate program.
This advisor will walk the students through the process of course selection prior to being admitted into
the MFin program to ensure that they have taken the appropriate courses for the MFin degree. The
advisor will also need to maintain a close relationship with the undergraduate advisors to ensure that
the students are maintaining appropriate progress towards the completion of their undergraduate
degree.
3
Post-Admission to the Master’s Program:
Students who have been admitted to the Masters Program will receive academic advising about the
graduate requirements from the Masters Program Office at RHS.
IV.
FINANCIAL IMPACT
The proposed program per se is not expected to require significant additional financial resources. It
will, however, require some additional resources for academic advising. While we expect the program
to increase the number of exceptional students applying to both the undergraduate program and to the
MFin program, it is in the power of both programs to realize this gain in the form of better qualified,
rather than additional, students. Given the current targets for undergraduate admissions, this would
appear to be the likely outcome for the undergraduate program. The strategic plan of the Robert H
Smith School of Business does not call for an increase in the number of MFin students admitted into
the program. Instead, its objective is to diversify the student body of the MFin program and attracting
more UMCP undergrads, particularly those with majors in BSOS, will significantly enable achieving
that objective. The Robert H Smith School of Business will manage its admission standards to realize
the benefits of this program in the form of even better students.
4
Appendix A
Dual Bachelor’s/Master’s Course Requirements
for sample BSOS Majors
BA-MFin Course Requirements
Economics Major
University Requirements
Academic Writing
Professional Writing
Oral Communication
MATH 140/220 (Major)
Analytic Reasoning
Natural Sciences**
ECON 200 (Major)*
ECON 201 (Major)*
Humanities**
Scholarship in Practice**
Diversity Courses**
I-Series**
UNIV 100
Major Requirements
ECON 300
ECON 321 or STAT 400
ECON 325
ECON 326
ECON – History & Development
ECON – Quantitative & Analytic Methods
ECON – 400 Level Course 1
ECON – 400 Level Course 2
ECON – 400 Level Course 3
3
3
3
3
3
7
4
4
6
6
6
6
1
40 – 55 credits
3
3
3
3
3
3
3
3
3
27 credits
*8 credits ECON double counts for University and major requirements (total of 31-35 ECON credits
completed)
**Overlap permitted with I-Series, Diversity, and Distributive Studies courses; must meet minimum of 40
credits completed for University requirements
ECON Major Supporting Courses***
15 credits
Elective Courses***
23 – 38 credits
***Up to 10 credits (600-level and above) can be double counted toward the BA and MFin degrees.
TOTAL CREDITS TOWARD BA/BS
120 credits – BA/BS awarded
Robert H. Smith School of Business
Finance Graduate Courses
20 additional credits - MFin awarded
GRAND TOTAL
140 credits
2
BA-MFin Course Requirements
Government and Politics Major
Must Do Quantitative Skills Option
University Requirements
Academic Writing
Professional Writing
Oral Communication
Fundamental Studies Math
Analytic Reasoning
Natural Sciences**
ECON 200 (Major)
GVPT 170 (Major)*
Humanities**
Scholarship in Practice**
Diversity Courses**
I-Series**
UNIV 100
3
3
3
3
3
7
4
3
6
6
6
6
1
40 – 54 credits
Major Requirements
GVPT 100
GVPT 241
GVPT Course – Choice 1
GVPT Course – Choice 2
GVPT Course – Choice 3
GVPT Course – Upper Level – Choices 1-6
3
3
3
3
3
18
33 credits
*3 GVPT credits double count for University and major requirements (total of 36 GVPT credits)
**Overlap permitted with I-Series, Diversity, and Distributive Studies courses; must meet minimum of 40
credits completed for University requirements
GVPT Skills Requirement (Quantitative Skills Option)
Quantitative Skills
3
Additional Skills: Quantitative
3–4
6 – 7 credits
GVPT Major Supporting Sequence***
15 credits
Elective Courses***
12 – 26 credits
***Up to 10 credits (600-level and above) can be double counted toward the BA and MFin degrees.
TOTAL CREDITS TOWARD BA
120 credits – BA/BS awarded
Robert H. Smith School of Business
Finance Graduate Courses
20 additional credits - MFin awarded
GRAND TOTAL
140 credits
3
Appendix B
Sample 4 Year Bachelor’s/Master’s Course Schedules
for selected BSOS Majors:
Economics
Government & Politics
These are sample curriculum sheets that show how the combined
BA/BS-MFin can be completed in four years in the included majors.
They do not reflect the range of options that a student might have in
their bachelor's programs. The specific modification of the
undergraduate major curriculum being considered here is the
substitution of 10 credits of graduate courses in Finance
for 10 credits of Additional Supporting Courses requirement.
4
Sample 4-Year BA/BS-MFin Schedule with UG Major = Economics
Freshman – Fall (Cumulative Credits: 17 Total)
Course
Credits
ENGL 101
3
MATH 220/140
3
UNIV 100
1
ECON 200
4
Non-Lab Science course
3
Undergraduate Elective
3
Requirements Met
GEN. ED. – Academic Writing
GEN. ED. – Math/Analytic Reasoning and Major Requirement
Introductory orientation course
GEN. ED. – History/Social Science and Major Requirement
GEN. ED. – Natural Science
BA credit
Freshman – Spring (Cumulative Credits: 35 Total)
Course
Credits
Oral Communication
3
ECON 201
4
Scholarship in Practice/I-Series
3
Undergraduate Elective
3
Undergraduate Elective
3
Undergraduate Elective
2
Requirements Met
GEN. ED. – Oral Communication
GEN. ED. – History/Social Science and Major Requirement
GEN. ED. – Distributive Studies/I-Series/Diversity
BA credit
BA credit
BA Credit
Sophomore – Fall (Cumulative Credits: 54 Total)
Course
Credits
Natural Sciences Lab
4
Humanities Course
3
ECON 300
3
Supporting Course 1
3
Undergraduate Elective
3
Undergraduate Elective
3
Requirements Met
GEN. ED. – Natural Sciences
GEN. ED. – Humanities
Major Requirement
Major Requirement
BA credit
BA Credit
Sophomore – Spring (Cumulative Credits: 72 Total)
Course
Credits
Humanities Course
3
ECON 326
3
ECON 321
3
Undergraduate Elective
3
Undergraduate Elective
3
Undergraduate Elective
3
Requirements Met
GEN. ED. - Humanities
Major Requirement
Major Requirement
BA credit
BA credit
BA credit
Summer: Initial Decision Whether to Admit to Dual BA/BS-MFin. Program
Junior – Fall (Cumulative Credits: 90 Total)
Course
Credits
ENGL 391, 392, 393, 394, or 395
3
Scholarship in Practice/I-Series
3
ECON History and Development
3
ECON 325
3
ECON 400 – Course 1
3
Undergraduate Elective
3
Requirements Met
GEN. ED. – Professional Writing
GEN. ED. – Distributive Studies/I-Series/Diversity
Major Requirement
Major Requirement
Major Requirement
BA credit
5
Junior – Spring (Cumulative Credits: 108 Total)
Course
Credits
ECON 400 – Course 2
3
ECON 400 – Course 3
3
ECON – Quantitative and Analytic
3
Supporting Course 2
3
Supporting Course 3
3
Undergraduate Elective
3
Requirements Met
Major Requirement
Major Requirement
Major Requirement
Major Requirement
Major Requirement
BA credit
Summer: Provisional Admittance into Graduate School
Senior – Fall (Cumulative Credits: 120 Total)
Course
Credits
Undergraduate Elective
2
BUSI 610
2
BUSI 640
2
BUFN 740
2
BUFN 750
2
BUFN 761
2
Requirements Met
BA credit
MF Requirement, Supporting Course 4
MF Requirement, Supporting Course 5
MF Requirement, Supporting Course 6
MF Requirement
MF Requirement
Fall: Receipt of BS, Formal Admittance into Graduate School
Grad I – Spring (Cumulative Credits: 130 Total)
Course
Credits
BUFN 758N
2
BUFN 758O
2
BUFN 762
2
Finance Graduate Course 1
2
Finance Graduate Course 2
2
Requirements Met
MF Requirement
MF Requirement
MF Requirement
MF Requirement
MF Requirement
Grad I – Fall (Cumulative Credits: 140 Total)
Course
Credits
Finance Graduate Course 3
2
Finance Graduate Course 4
2
Finance Graduate Course 5
2
Finance Graduate Course 6
2
Finance Graduate Course 7
2
Requirements Met
MF Requirement
MF Requirement
MF Requirement
MF Requirement
MF Requirement
Fall: Receipt of MFin
6
Sample 4-Year BA/BS-MFin. Schedule with UG Major = GVPT
Freshman – Fall (Cumulative Credits: 16 Total)
Course
Credits
ENGL 101
3
MATH (based on placement)
3
UNIV 100
1
Humanities
3
GVPT 170
3
Undergraduate Elective
3
Requirements Met
GEN. ED. – Academic Writing
GEN. ED. – Fundamental Studies of Math
Introductory orientation course
GEN. ED. – Humanities
GEN. ED. – History/Social Sciences
BA credit
Freshman – Spring (Cumulative Credits: 34 Total)
Course
Credits
MATH 220/140
3
Natural Sciences (no lab)
3
GVPT 100
3
Undergraduate Elective
3
Undergraduate Elective
3
Undergraduate Elective
3
Requirements Met
GEN. ED. –Analytic Reasoning
GEN. ED. – Natural Sciences
GEN. ED. – Major Requirement
BA credit
BA credit
BA credit
Sophomore – Fall (Cumulative Credits: 51 Total)
Course
Credits
Oral Communications
3
Diversity/I-Series
3
GVPT 241
3
ECON 200
4
Natural Sciences Lab
4
Requirements Met
GEN. ED. – Oral Communications
GEN. ED. – Diversity/I-Series
GEN. ED. – Scholarship in Practice/Major Requirements
GEN. ED. – History/Social Sciences
GEN. ED. – Natural Sciences
Sophomore – Spring (Cumulative Credits: 69 Total)
Course
Credits
Diversity/I-Series
3
Humanities
3
GVPT Course – Choice 1
3
Quantitative Skills (1)
3
Major Requirement
3
GVPT Course – Upper Level -1
3
Requirements Met
GEN. ED. – Diversity/I-Series
GEN. ED. – Humanities
Major Requirement
Major Requirement
BA credit
Major Requirements
Summer: Initial Decision Whether to Admit to Dual BA/BS-MFin. Program
Junior – Fall (Cumulative Credits: 87 Total)
Course
Credits
Professional Writing
3
GVPT Course – Choice 2
3
GVPT Course – Choice 3
3
Quantitative Skills (2)
3
Scholarship in Practice
3
GVPT Course – Upper Level – 2
3
Requirements Met
GEN. ED. – Professional Writing
Major Requirement
Major Requirement
Undergraduate Elective
GEN. ED. – Scholarship in Practice/Major Requirements
Major Requirements
7
Junior – Spring (Cumulative Credits: 105 Total)
Course
Credits
GVPT Course – Upper Level – 3
3
GVPT Course – Upper Level – 4
3
GVPT Course – Upper Level – 5
3
GVPT Course – Upper Level – 6
3
Supporting Sequence
3
Undergraduate Elective
3
Requirements Met
Major Requirements
Major Requirements
Major Requirements
Major Requirements
Major Sequence Requirement
BA credit
Summer: Provisional Admittance into Graduate School
Senior – Fall (Cumulative Credits: 120 Total)
Course
Credits
Supporting Sequence
3
Undergraduate Elective
2
BUSI 610
2
BUSI 640
2
BUFN 740
2
BUFN 750
2
BUFN 761
2
Requirements Met
Major Sequence Requirement
BA credit
MF Requirement, Supporting Sequence Requirement
MF Requirement, Supporting Sequence Requirement
MF Requirement, Supporting Sequence Requirement
MF Requirement, Supporting Sequence Requirement
MF Requirement, Supporting Sequence Requirement
Fall: Receipt of BS, Formal Admittance into Graduate School
Grad I – Spring (Cumulative Credits: 130 Total)
Course
Credits
BUFN 758N
2
BUFN 758O
2
BUFN 762
2
Finance Graduate Course 1
2
Finance Graduate Course 2
2
Requirements Met
MF Requirement
MF Requirement
MF Requirement
MF Requirement
MF Requirement
Grad I – Fall (Cumulative Credits: 140 Total)
Course
Credits
Finance Graduate Course 3
2
Finance Graduate Course 4
2
Finance Graduate Course 5
2
Finance Graduate Course 6
2
Finance Graduate Course 7
2
Requirements Met
MF Requirement
MF Requirement
MF Requirement
MF Requirement
MF Requirement
Fall: Receipt of MFin
8