The Finance Specialization is designed to provide students with the means to gain exposure to 5 major areas in the field of finance. These areas include corporate finance, financial institutions, investments, insurance, and personal financial planning. To complete the Finance Specialization, students must complete 21 credit hours in Finance or Finance-related coursework (7 courses) beyond FIN 300, as noted in the University catalog.

Corporate finance deals with the management of financial resources of non-financial firms. It involves the planning, acquisition, and financing of resources for businesses. A student interested in pursuing a career in corporate finance would take the specialization required course in Corporate Finance, FIN 350, as well as some specialization elective courses such as International Finance (FIN 410), Advanced Corporate Finance (FIN 455), and/or Financial Accounting I (ACCT 321), along with the other required courses in the Finance Specialization.

Financial institutions deal with the management of and functions performed by employees of financial firms. These financial firms include commercial banks, savings and loans, credit unions, and insurance companies as well as the Federal Reserve of the United States. Students interested in pursuing a career in the banking industry could choose either a more corporate focus or a focus that is more devoted toward personal financial planning. If interested in a more corporate focus, students would take, in addition to other specialization requirements, the specialization required course in Financial Institutions, FIN 340, as well as specialization elective courses such as Management of Financial Institutions (FIN 445), FIN 455, FIN 410, and/or ACCT 321. If interested more in personal financial planning, students would take FIN 340 as well as specialization elective courses such as Retirement Planning (FIN 411), Personal Financial Planning (FIN 412), Individual Income Taxation, (ACCT 341), and Estate Planning (ACCT 444).

The study of investments is one of the most rewarding and intriguing pursuits in the field of finance. It is an area that has significance to both individuals and businesses. The study of investments is the study of alternative opportunities and the evaluation of an investment’s expected return and risk. Businesses need to invest their excess cash, banks need to invest deposits and manage trusts, insurance firms need to invest premium payments, and individuals need to invest their savings. A student interested in pursuing a career in investments would take, in addition to other specialization requirements, the specialization required Investment Analysis (FIN 330), as well as the specialization elective in Portfolio Management (FIN 435). Other specialization elective choices would depend on the student’s chosen focus (corporate or personal).

Insurance deals with the identification, measurement, and handling of pure risk situations for businesses and individuals. Pure risk situations are those in which the individual or business can only realize a loss, such as from weather-related hazards or the death of a family member. Consequently, insurance deals with life, property and casualty, and health risk management, as well as employee benefits. Students interested in pursuing a career in insurance would take, in addition to other specialization requirements, the specialization required Risk Management and Insurance Planning course (FIN 320) as well as courses with a personal financial planning focus (FIN 412 and FIN 411).

Personal financial planning deals with the development of a comprehensive financial plan in the combined areas of investments, tax, insurance, retirement, and estate planning. More about this area is discussed in the summary of the Financial Planning Concentration.

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