U N I V E R S I T Y OF
1119 M a i n 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 FAX
MARYLAND
O F F I C E O F T H E SENIOR V I C E PRESIDENT A N D PROVOST
June 30, 2015
MEMORANDUM
TO:
Gregory Ball
Dean, College of Behavioral and Social Sciences
FROM:
Elizabeth Beise
Associate Provost for Academic Planning and Programs
SUBJECT:
Proposal to Establish a Bachelor of Science Award for the Economics
Undergraduate Program (PCC log no. 14053)
At its meeting on May 1, 2015, the Senate Committee on Programs, Curricula and
Courses approved the proposal to modify the bachelor's program in Economics by establishing a
Bachelor of Science award track for the program. A copy of the approved proposal is attached.
This change is effective Fall 2015. Please ensure that this change is fully described in the
Undergraduate Catalog and in all relevant descriptive materials, including the undergraduate
program's four-year plan (contact Lisa Kiely at likely(a),umd.edu for more information).
MDC/
Enclosure
cc:
Gregory Miller, Chair, Senate PCC Committee
Barbara Gill, Office of Student Financial Aid
Reka Montfort, University Senate
Erin Taylor, Division of Information Technology
Pam Phillips, Institutional Research, Planning & Assessment
Anne Turkos, University Archives
Linda Yokoi, Office of the Registrar
Cynthia Stevens, Office of Undergraduate Studies
Katherine Russell, College of Behavioral and Social Sciences
Maureen Cropper, Department of Economics
T H E U N I V E R S I T Y OF MARYLAND, C O L L E G E PARK
PROGRAM/CURRICULUM/UNIT PROPOSAL
PCC LOG NO.
•
Please email the rest of the proposal as an MSWord attachment
to pcc-submissions@umd.edu.
•
Please submit the signed form to the Office 01 'he Associate Provost for
Academic Planning and Programs, 1119 Main ^ministration Building, Campus.
College/School: College of Behavioral and Social Science
Please also add College/School Unit Code-First 8 digits:
01202800
Department/Program: Department of Economics
Please also add Department/Program Unit Code-Last 7 digits: 1281301
Type of Action (choose one):
X Curriculum change (including informal specializations)
• Curriculum change for an LEP Program
•
• New Professional Studies award iteration
• New Minor
• Request to create an online version of an existing
program
Summary of Proposed Action:
In response to learning outcomes assessments as well as constructive criticism from both students and faculty,
the Economics Depart proposes to split the current undergraduate curriculum into two tracks, one leading to a
Bachelor's of Science and the other to a Bachelor's of arts. The new BS requirements are designed to increase
focus on economic methodology, while the revised BA emphasizes application of economic understanding to
policy issues of various sorts. The attached proposal details both the current and proposed requirements and
the rationale for the change and the new requirements. It also provides sample 4-year programs under the
proposed requirements, a map of pre-requisites, sample class schedules, lists of new and modified courses, and
correspondence from other departments impacted by the change, as suggested by PCC instructions found at
http://www.provost.umd.edu/PCC DOCUMENTS/Designl Curriculum.htm
Departmental/Unit Contact Person for Proposal: Cindy Clement, Director of Undergraduate Studies
APPROVAL SIGNATURES 1. Department Committee Chair
,/Ot>t/' ^
vU £
(
Department Chair
3. College/School
PqCChair
Chair
jolPaC
4. Dean
5. Dean of the Graduate School (if required)
6. Chair, Senate PCC
University Senate Chair (if required)
Senior Vice President and Provost
151
8. Senior Vice President and Provost
1. Current requirements: Bachelor's of Arts in Economics
In addition to the university's general education requirements and the minimum
bachelor's degree, economics majors currently must earn a minimum of 38 credi
of foundation and elective courses in economics and mathematics, as listed be
majors must also complete a minimum of 15 credits in supporting courses in any
count towards any major requirement (foundation, elective, or supporting), co
with a grade of "C-" or better. Students must have a minimum 2.0 cumulative g
across all courses used to satisfy major requirements. A course used to fulfi
major may not count towards any other economics major requirement.
Foundation
ECON200
ECON201
MATH220
ECON300*
ECON321
ECON325
ECON326
* a major
Courses
Principles of Microeconomics
Principles of Macroeconomics
Elementary Calculus I or MATH 140 Calculus I
Methods & Tools for Economic Analysis
Economic Statistics or
STAT400 Applied Probability and Statistics
Intermediate Macroeconomic Analysis
Intermediate Microeconomic Analysis
may substitute
a math
course
(MATH240
or MATH241)
for
Credits
4
4
3 or 4
3
3
3
3
ECON300
Economics Electives Courses
One from
EC0N310 European Economic History
EC0N311 American Economic History Before the Civil War
ECON312 American Economics After the Civil War
ECON314 Economic History, Development and Policy
EC0N315 Economic Development of Underdeveloped Areas
ECON317 Global Economic Policies
ECON412 Economic History and Modem Development
ECON416 Theory of Economic Development
One from
ECON402 Macroeconomic Models and Forecasting
ECON414 Game Theory
ECON422 Econometrics I
ECON424 Computer Methods in Economics
ECON425 Mathematical Economics
Three from
EC0N4xx Any 400 level Economics courses
Supporting Courses:
Supporting courses are upper level courses (numbered 300 and above) and can b
department (including economics) at the university (equivalent transfer credi
Exceptions include Professional Writing courses, experiential learning other t
'non-traditional' courses. Additional mathematics courses numbered below 300
required calculus (MATH 220 or 140) except MATH274 (History of Mathematics) ma
as supporting courses. All supporting courses must be approved by an economic
advisor.
2. Proposed requirements for a Bachelor's of Science and a Bachelor's of Arts in Economics
This section lists proposed requirements for the two tracks and rules for s
in one track and wish to switch to the other. For both tracks, each course
grade of "C-" or better to count towards any major requirement, and to gradu
have a minimum 2.0 cumulative grade point average across all courses used t
requirements. A course used to fulfill one requirement for the major may not
other economics major requirement.
Supporting course requirements will be eliminated in both programs. The ori
this requirement was to ensure that students developed expertise in areas o
confines of the economics major. The premise behind requiring upper level c
lower level courses would not foster development of expertise. However, we
student to select electives from all courses, regardless of level, is a mor
promoting a strong liberal education, given resource constraints. (See Appe
explanation of the decision to remove the supporting course sequence from t
curriculum.)
The economics department will propose to VP AC that credits awarded for comp
ECON200 and ECON201, Principles of Microeconomics and Macroeconomics, respe
reduced from four (4) to three (3). Changes over the years in the way these
reduces the need for instructional time to accomplish the course's learnin
proposed reduction in credit hours is shown in the lists below. Note that t
degree does not decrease because additional course requirements counter-bal
credits for these two courses.
Bachelor's of Science in Economics: 41 credits minimum
Foundation Courses
Credits
ECON200
Principles of Microeconomics
3
ECON201
Principles of Macroeconomics
3
MATH140
Calculus I
4
MATH141
Calculus II
4
ECON321
Economic Statistics or
STAT400 Applied Probability and Statistics
3
ECON325
Intermediate Macroeconomic Analysis
3
ECON326
Intermediate Microeconomic Analysis
3
ECON406* Advanced Microeconomic Analysis or
3
ECON407 Advanced Macroeconomic Analysis
ECON422
Econometrics I
3
ECON423
Econometrics 11
3
Economics Electives Courses
Three from
EC0N4xx Any 400 level economics courses designated for BS
*ECON406
is a new course
to be created
and approved
via the usual
VP AC
process
9
Bachelors' of Arts in Economics: 39 credits minimum
Foundation Courses
Credits
ECON200
Principles of Micro-Economics
3
ECON201
Principles of Macro-Economics
3
MATH220
Elementary Calculus I or MATH 140 Calculus 1 or
MATH 130 Calculus I for Biology majors
3 or 4
ECON230** Statistical Foundations in Economics or
3
BMGT230 Business Statistics
ECON305
Intermediate Macroeconomic Theory and Policy
3
ECON306
Intermediate Microeconomic Theory and Policy
3
Economics Electives Courses
ECON386 Experiential Learning or other experiential learning course(s) or
an upper level economics course designated for the BA
One
from
3
ECON300 Methods and Tools of Economic Analysis
ECON402 Macroeconomic Models and Forecasting
ECON424 Computer Methods in Economics
ECON426 Cost-Benefit Analysis
Two
from
6
EC0N3XX or EC0N4xx
Any upper level economics courses designated for the BA
Three from
EC0N4xx Any 400 level Economics courses designated for the BA
9
**ECON230
is a new
course
to be created
and approved
via the usual
VP AC
3
process
Rules for Switching between Tracks
The following rules would apply to students who start in the bachelor's of
want to switch to the bachelor's of science program.
A student would be allowed to substitute MATH220 (Elementary Calculus I) for
of M A T H 140 (Calculus I) i f the student earned an A- or better. Such a stude
required to also take ECON300 (Methods and Tools of Economic Analysis) and
better as a substitute for passing MATH141 (Calculus II). ECON300 would cou
BA requirements as well, so students could take it without risk of losing cr
A student would be allowed to substitute ECON230 (a new course on
BA track) or BMGT230 (Business Statistics) for the requirement of
Statistics) i f the student earned an A- or better. Such a student
complete ECON422 before taking other 400-level courses designated
fully prepared for these courses.
statistics
ECON321 (
would be
for the B
A student who completed ECON305 (Intermediate Macroeconomic Theory and Poli
need to also pass ECON325 (Intermediate Macroeconomic Analysis). Siinilarly
completed ECON306 (Intermediate Microeconomic Theory and Policy) would need
ECON326 (Intermediate Microeconomic Analysis). 400-level courses in the BS
ECON325 and/or ECON326 as pre-requisites, and the BA versions will be inadeq
preparation.
I f a student starts in the BS and later wants to
The following substitutions would be allowed:
a passing grade (C-) in ECON321 substitutes
a passing grade (C-) in ECON325 substitutes
a passing grade(C-) in ECON326 substitutes
3.
switch to the BA track, th
for ECON230
for ECON305
for ECON306
Identification of and rationale for curriculum change
The current curriculum leading to a bachelor's of arts in economics was ini
with the ambition of raising analytic rigor and challenging all students to
empirical skills. The latter goal was met to a large degree, and correspond
current program are retained or expanded in the proposed tracks. However, p
encountered in courses that focus on the theoretical underpirmings of econo
Learning outcomes assessments conducted over the past three years indicate
majority of students have succeeded in developing understanding of key elem
methodology, a significant minority of majors have not realized targeted ob
efforts to refine specific foundation courses for their benefit.
The range of aptitudes and interests held by students desiring to study eco
and a "one-size-fits-all" program is not working well for any type of studen
Currently, every upper level economics class roster likely includes students
140 and others who struggled to barely pass MATH220, the less rigorous vers
semester of calculus. Economics instructors find it difficult to balance th
the students with strong math skills are not challenged or the students with
math struggle to pass. The current set of requirements does not provide en
analytical methods for students who aspire to research-oriented careers, bu
general background for careers in business and other applied fields need le
more opportunities to understand and practice applications of economic think
issues.
Dissatisfaction with the current curriculum is apparent in the percentage o
university rather than complete their degrees. The table at the top of the
Returners", is drawn from IRPA's Profiles database and shows how many stude
annually, averaged over 5 years of data, and tabulated by college for quick
figures for economics. Students without a declared major are advised by Let
which administratively is part of the Office of Undergraduate Studies and th
the first row of the next table. A large proportion of students in Letters
apply for the Smith School of Business LEP program during the second semest
sophomore year. Students who are not accepted by the Smith School often eit
economics as their second-choice major or leave the university. The economi
faculty predicts that the provision of two tracks will increase the numbers
economics who remain at the university to finish their bachelor's degrees,
prediction holds for students who initially start in Letters and Sciences.
The two tracks have been designed to appeal to two types of students. The r
appeal to students who are interested in career paths that emphasize applic
and who have less interest in the quantitative and theoretical aspects of e
electives for this track will include courses that focus on business and po
as financial economics, regulation and antitrust law, international trade po
environmental economics. The basic objective of the BS track will appeal to
more interested in and prepared for a mathematically rigorous and more quan
appropriate for pursuing graduate study in economics or careers involving e
and analysis. Note that we do not anticipate or desire a clean split across
based simply on future graduate school plans. Currently, some of the strong
with well-developed mathematical skills are double-majors with ECON/BMGT and
interested in working in the financial sector after graduation. Fewer in nu
significant are students who double-major in biological sciences and econom
career in public health, or in computer science and economics, headed for c
different areas.
The BA and the BS tracks divide at the 300-level, the stage of the intermed
ECON305 and 306, currently available to non-majors, are taught with minimal
tools of calculus and thus will be appropriate for the BA program. In contr
ECON326 make use of constrained optimization and other relatively advanced m
techniques and will be included in the BS. We will divide 400 level courses
exclusive subsets appropriate to either the BA or the BS. Designating a cou
either the BA or the BS is necessary to diminish the heterogeneity of inter
currently encountered in the classroom. Tables 4 and 5 provides a simple di
courses between the two tracks, suggesting how the current curriculum can be
revised programs with minimal change. The economics department will submit p
VP AC to change pre-requisites and otherwise identify which upper level econ
correspond to which track.
ECON407
ECON412
ECON413
ECON414
EC0N415
ECON416
ECON422
ECON423
ECON425
ECON44I
ECON442
ECON454
ECON460
ECON470
List of Existing Courses to offer for the BS
Advanced Macroeconomics
Economic History and Modem Development
Information and Markets
Game Theory
Market Design
Theory of Economic Development
Econometrics I
Econometrics I I
Mathematical Economics
Theory of International Economics
Globalization and Capital Markets
Public Finance
Industrial Organization
Theory of Labor Economics
ECON310
EC0N311
ECON3I2
ECON314
ECON315
ECON330
ECON340
ECON375
ECON401
ECON402
ECON424
ECON426
ECON435
ECON443
ECON451
ECON456
ECON461
ECON481
ECON491
ECON465
List of Existing Courses to offer for the BA
European Economic History
American Economic History before the Civil War
American Economic History after the Civil War
Economic History, Development & Policy (Study abroad)
Economic Development
Money and Banking
International Economics
Economics of Poverty and Discrimination
Current Issues in American Economic Policy
Macroeconomic Models and Forecasting
Computer Methods in Economics
Cost Benefit Analysis
Financial Markets
International Trade and Trade Policy
Public Choice
Law and Economics
Economics of Regulation and Antitrust Policy
Theory and Policy in Environmental Economics
Survey of Urban Economic Problems and Policies
Health Care Economics
The follow table identifies changes between the current program and the prop
4. A sample program under the proposed requirements
The tables below show how some students could progress through the proposed
semester by semester, year by year, depending on various possibilities for
Some students come in with math placement results that allow them to immedi
major requirements, but others do not.
A large percentage of current ECON majors did not enter Maryland intending
Many declared ECON after earning 60 or more credits elsewhere. Most student
major at or after 60 credits and who do not have advanced mathematics backg
choose the proposed BA track in order to graduate within four years.
Prerequisite Structures
The flowchart immediately below lays out the sequence of prerequisites inher
curriculum. The flowchart on the next page shows the prerequisite in appropr
BS track.
I
I
I Z.
Sample Schedules
The subsequent table illustrates class offerings that the economics departm
annual basis to facilitate progress by students in various stages of both t
of seats offered is approximately equivalent to the number of seats offered
several years. In order to reduce average class size within economics and
potential of the split into two tracks, additional teaching and advising res
(The average class size in economics since AY2010 has been 88.6 compared to
university as a whole, 44.8 for the Smith School, and 53.6 for mathematics,
several "service" courses for other majors.)
5. List of new courses and modified courses.
The following new required courses will be proposed via VPAC for first offer
2016.
a. ECON230, Statistical Foundations in Economics, 3 credits
b. ECON406, Advanced Microeconomic Analysis, 3 credits
Almost all 400-level economics courses will need to be modified for the new
few new elective courses will also be developed. To accommodate students de
economics majors before Fall 2015, changes in course restrictions and pre-r
level courses will not be implemented until Fall 2016.
6. Courses being deleted from the program requirements
Not applicable.
Impact on other departments
Attached is an email exchange with Prof Scott Wolpert, Chair, and Prof Doro
Chair for Undergraduate Studies, of the Math Department, acknowledging that
be added to the requirements for the BS track in the economics major.
Attached is an email exchange with Mr. Brian Horick, Assistant Dean in the S
Business, stating that the Smith School will be unable to offer priority reg
majors in the BA track. (Our initial plan for the BA was to allow students
BMGT courses to fulfill the supporting course requirement, but this only mad
that track were given access during the early registration period. This is
led to the removal of supporting courses from the degree requirements.) Ho
noted the Smith School's intention to remove requirements for business majo
level economics courses. This change makes the increase in course requireme
majors more likely to be feasible, since a certain percentage of seats in c
economics courses will no longer be utilized by business majors.
8. Students enrolled as economics majors prior to Fall 2015
Students enrolled as economics majors prior to the effective date of any cu
complete their program under the old requirements, i f they wish, or they may
the new tracks, as they deem appropriate.
Appendix 1: Reasons why supporting course requirements should be removed
A sample of recent graduates showed that approximately 14% of courses used
supporting course requirement were ECON classes. 16% of courses counted as
BMGT courses, 6%) were AREC courses, and 5% were MATH courses. These other
are fairly closely related to economics, and in combination with the percent
account for 40% of classes used by this sample for this requirement. (Doub
removed from this sample.) This evidence suggests that the requirement is a
ensuring breadth.
Approximately 20% of economics majors graduating each year are double- or t
thus have automatically meet the supporting course requirement with upper l
another major. Another 10%o of economics majors also pursue at least one min
makes it relatively easy to complete supporting courses. Presumably, studen
major or a minor because of some other benefit than meeting supporting cour
we do not need the requirement for these students.
Many upper level courses across the university pose lower level courses as
15 credits of supporting courses could easily translate into an implicit req
take many more credits than would be efficient. Alternatively, students are
level courses in disciplines they explored early and don't want to continue
numbered 300 and above which do not require pre-requisites might not develop
expertise than a lower-level course, but they satisfy the current requireme
of how they are numbered. Many upper level courses are not accessible by no
seats are available on the first day of a semester. Some students report th
classes they don't really want but which have seats available just so that
another 3 credits without waiting. These outcomes seem to harm students mor
broaden their education.
From:
To:
Cc:
Subject:
Date:
Attachments:
Scott A. Wolpert
Clement. Cindv: Dprpn Levy
Katherine Ford Russell
RE: request for support of curriculum change
Wednesday, January 28, 2015 3:58:06 PM
imaaeOOl.pna
imaae002.pna
Dear Cindy Clement,
The Math Department supports the creation of a BS in Economics that would include MATH 140-141
as the calculus requirement. Under current arrangements we will be able to meet the projected
demand. Over recent semesters the enrollment in MATH 221 has continued to fall. If this trend
continues it is possible that we may move to offering the course only once a year.
Best,
Scott Wolpert
From: Clement, Cindy [mailto:Clement@econ.umd.edu]
Sent: Friday, January 23, 2015 10:40 AM
To: Scott A. Wolpert; Doron Levy
Cc: Katherine Ford Russell
Subject: request for support of curriculum change
Dear Professors Wolpert and Levy,
The Economics Department requests your support for a change to the economics curriculum. We
propose to add MATH141 as a degree requirement for some students. In a nutshell, we propose to
offer two tracks in economics, one emphasizing the methodology of economic analysis and leading
to a bachelor's of science degree, and the other emphasizing applications of economic analysis to
policy and business issues, leading to a bachelor's of arts. To aid your consideration of this request,
we obtained data from IRPA on the math course enrollment of recent graduates in economics and
use it to forecast increase in demand for MATH141. The results suggest a small increase, as
explained below.
Students in the BS track will be required to demonstrate at least minimal competency in both
MATH140 and MATH141, which adds a math course to the degree requirements. Students in the
BA track will continue the existing requirement of at least minimal competency in either MATH140
or MATH220. (We will accept MATH130 from students who have already completed it before
declaring a major in economics, but we will not advertise that possibility.) Students who wish to
pursue the BS track but have already completed MATH220 with at least an A- will be allowed to use
that in lieu of MATH140 and will take ECON300 instead of taking MATH141. Students who earn less
than an A- in MATH220 will be strongly discouraged against pursuing the BS track.
The collective experience of faculty and advisors in the economics department leads us to predict
that approximately 30-35% of our current and recently-graduated students would have chosen the
BS track if available. This perception is supported by analysis of historical data about students'
choices. For example, economics majors who chose to take MATH141 when it was not a
requirement would also likely have chosen the BS track. Historical information about enrollment in
this course thus provides one way of estimating the numbers of students we can expect in the BS
track. IRPA assembled data on all students who graduated with economics as their primary major in
academic years 2012, 2013, and 2014. In this large data set, the total number of economics
graduates was 1110, and 359 (32%) took MATH141 either as transfer credit or at the University of
Maryland. Of the 359 students who completed MATH141, 60% did so here and 40% transferred the
credit (including AP exam scores). If the new possibility of earning a BS in economics does not
change student behavior regarding selection of math courses, then the math department would
experience very little increase in demand for seats in MATH141 compared to the past.
However, we should also consider the possibility that at least some future students who would avoid
taking MATH141 under current economics requirements might change their behavior and seek a BS
on their transcripts and diplomas instead of a BA. Two groups of students provide historical data
relevant to estimating an increase in demand for MATH141 as a result of the addition of the BS
track in economics: students who took MATH140 but did not take MATH141, and students who
took MATH221.
Using a smaller data set, namely all students who graduated as economics majors (including double
and triple majors) in AY2013, we find that 136 out of 365 graduates (37.3%) used MATH140 to meet
the economics degree requirement. If 38% of majors complete MATH140 and thus have met the
prerequisite for MATH141, and 32% of majors go on to take MATH141 even without needing the
course to meet a specific requirement, the difference suggests that as many as 6% of economics
majors might generate additional demand per year compared to past levels. We expect the total
number of majors to remain in the same range as it has for the past several years, between 1100
and 1250 students registered each semester. Data from IRPA on "count of majors" is shown in the
next graph. If we continue to average 1150 majors per year, the 6% prediction of increased
demand translates to ~70 extra students in MATH141 each year, starting in fall of 2016.
1,400
l.CXX)
sm
600
400
200
0
We expect that most students who test into or choose the MATH113/MATH220/MATH221
sequence would prefer the more applied approach to economics offered by the BA track. We also
think that most students choose between MATH140 and MATH220 before they decide to major in
economics. However, it is conceivable that some students would work to get into MATH140 and
MATH141 instead going elementary versions of calculus, if they knew/ it was going to help
them to pursue a more technical option within the social sciences. To refine our estimate of
increase in demand for MATH140 and IVIATH141, we looked at how many economics graduates in
the past opted to take MATH221 after MATH220 and found the answer was 5% of students in the
large dataset (53 out of 1110). Most of these students would likely choose MATH220 before
choosing the BS track, and thus would likely take ECON300 instead of MATH141.
In sum, we think it would be reasonable to expect somewhere between 0 and 80 extra students in
MATH141 starting in fall 2016 as a result of our curriculum change. Please let me know if you have
anV questions.
Regards,
Cindy Clement, Ph.D.
Director of Undergraduate Studies, Econonnics
clementaecon.umd.edu
301405 3257
3108Tydings Hall
www.econ.umd.edu
From:
Sent:
To:
Cc:
Subject:
Katherine Ford Russell
Monday, March 09, 2015 5:32 PM
Peggy L. Marks
Cindy Clement
FW: Adjusted Finance and IntI Bus requirements
Dear Peggy,
Below is the email that will be attached to the ECON BA/BS PCC proposals. This should be the last remaining piece.
to give the go-ahead before you send it to Mike Colson.
Thanks,
Katherine
Dr. Katherine F. Russell
Associate Dean
College of Behavioral and Social Sciences
University of Maryland
krussell@umd.edu
301-405-1692
From: "bhorick(S)rhsmith.umd.edu" <bhorick@rhsmith.umd.edu>
Date: Monday, March 9, 2015 2:18 PM
To: Cindy Clement <cclement@umd.edu>
Cc: "Katherine F. Russell" <krussell(5)umd.edu>
Subject: Re: Adjusted Finance and IntI Bus requirements
Cindy,
I chatted with Katherine today and wanted to follow up and address some of your questions.
First, our College Park students should demand about 800-850 upper level ECON seats a year (Fall/Spring) if the new ECON
requirements are approved for the Finance and International Business majors. For 2015-2016, demand could be slightly
higher as students transition to the new requirements, but by 2016-2017, most of our students will be following the newer
requirements and 800-850 seats should cover our demand.
Our Finance majors will specifically be required to take ECON330 (or BMGT341) and we graduate 300-390 Finance majors a
year depending on the popularity of a major in a given year. Again a number of our Finance majors will complete BMGT341
instead of ECON330. So this should cut down some of the demand for ECON330.
Our other majors will have ECON305, 306, 330 and 340 as options. We realize that seats will not be spread out evenly among
these courses, and while our students do prefer more options (& we also prefer more options), we realize that faculty
resources in the short-term may limit you to just offering our students access to ECON305 and ECON330 during the Fall and
Spring semesters in the near future (as is the case in 2014-2015). We still want to list all 4 courses for our majors because
many of our students will complete their upper level ECON requirement while abroad or over the summer/winter at UMD or
another institution, and we want to make these course options available to our students. Also, down the road, you may like
having the flexibility to deliver the seats across 4 courses instead of just 2.
We also support ECON's plan to offer a BA/BS option for your major.
1
Please let me know if you have any questions, and please confirm that you are ok with our plan to drop the Finance and
International Business majors down to 1 required upper level ECON course.
Thanks,
Brian
Brian Horick
Assistant Dean
Undergraduate Program
Robert H. Smith School of Business
1570VVan Munching Hall
University of Maryland
College Park, MD 20742-1815
301-405-2293 TEL
301-314-1990 FAX
bhorick(5) rhsmith.umd.edu
http://www.rhsmith.umd.edu
On Fri, Mar 6, 2015 at 11:37 AM, Brian Horick <bhorick@rhsmith.umd.edu> wrote:
Cindy,
Hope you are enjoying your 2nd snow day. I am following up because I don't recall receiving a reply from you about my
email below. We are hoping to put these proposals before our faculty at the end of the month so they could be approved in
time for Fall 2015. However, before they go before our faculty, we wanted to get your thoughts. Can you let me know if you
have any concerns?
Thanks,
Brian
Brian Horick
Assistant Dean
Undergraduate Program
Robert H. Smith School of Business
1570VVan Munching Hall
University of Maryland
College Park, MD 20742-1815
301-405-2293 TEL
301-314-1990 FAX
bhorick@rhsmith.umd.edu
http://www.rhsmith.umd.edu
On Tue, Feb 24, 2015 at 11:04 AM, Brian Horick <bhorick(5)rhsmith.umd.edu> wrote:
Cindy,
As I indicated in a previous email, we are planning to drop the 2nd upper level ECON requirement from the two Smith
School majors (Finance & IntI Business) that still require 2 upper level ECON courses. Below are the proposed curriculum
changes that we plan to make. Can you let me know if you have any concerns?
International Business
Currently ECON340 International Economics is required along with an additional upper level ECON from a list of options or
an approved foreign language course for a total of 6 credits. For the new ECON requirement we are going to ask students to
complete 1 of the following courses (3 credits).
2
ECON
ECON
ECON
ECON
305 Intermediate Macroeconomic Theory & Policy
306 Intermediate Microeconomic Theory
330 Money and Banking
340 International Economics
The following are approved course substitutes.
ECON325 Intermediate Macroeconomic Analysis for ECON305
ECON326 Intermediate Microeconomic Analysis for ECON306
BM6T341 Financial for ECON330
Finance
Currently ECON330 (or BMGT341) and an additional ECON from ECON305, 306 or 340 are required. Under the new
requirements ECON330 or BMGT341 would still be required. We will no longer require a 2nd ECON; however, we will make
a 2nd ECON from ECON305/325 or ECON306/326 an option in the major. This will allow Finance/Economics double majors
to overlap a requirement. Below is the proposed Finance curriculum change, which should clarify how ECON is being
incorporated into the major.
Upper Level ECON Requirement
ECON330 Money and Banking or BMGT341 Financial Markets (3cr)
Major Requirements
BMGT343 Investments (3cr)
BMGT440 Advanced Financial Management (3cr)
Complete combined total of 4 courses (12 cr) from the list below:
BMGT 342 Wall Street Finance (currently BMGT448F)
BMGT441 Fixed Income
BMGT 442 Advanced Portfolio Management
BMGT 443 Equity Analysis and Portfolio Management
BMGT 444 Futures & Options Contracts
BMGT 445 Banking and Financial Institutions
BMGT 446 International Finance
BMGT 447 Computational Finance (currently BMGT448E)
ECON 305/325 Intermediate Macroeconomic Theory and Policy OR
ECON 306/326 Intermediate Microeconomic Theory
Or a maximum of 1 course (3 cr) from
BMGT 349 Private Equity Fund
BMGT 448 Special Topics in Finance
BMGT 449 Lemma Senbet Fund
One of the following courses (3 cr)
BMGT 310 - Intermediate Accounting I
BMGT 313 - Financial Statement Analysis
BMGT 332 - Operations Research for Management Decisions
BMGT 430 - Linear Statistical Models in Business
BMGT 434 - Introduction to Optimization
Total Credits Required = 24
Please let me know your thoughts on these two proposed curriculum changes.
Thanks,
Brian
3
Brian Horick
Assistant Dean
Undergraduate Program
Robert H. Smitli Scliool of Business
1570VVan IVlunching Hall
University of Maryland
College Park, MD 20742-1815
301-405-2293 TEL
301-314-1990 FAX
bhorick@rhsmith.umd.edu
http:/Mww.rhsmith.umd.edu