• Emphasis on practitioner-based interaction with finance executives
• Prepares students for a career in Investments, Banking, Investment Banking or Venture Capital
• Real-world experience with on-campus "virtual" investing lab/stock exchange
• Opportunities for internships with major national and regional finance institutions including:
  BB&T, Prudential Financial, Morgan Stanley, Bank One, Merrill Lynch
  

From the Faculty

"The successful student in the major acquires a highly marketable skill set involving theory-based financial knowledge, strong analytical tools, and the ability to calculate and to apply critical finance-related reasoning from the strategic perspective. The curriculum helps prepare students for positions in financial institutions as analysts, managers and consultants "

Admission

Students must gain general admission to the University of Charleston. A visit to campus to meet with admissions personnel and program faculty is strongly encouraged.

Program Outcomes

At the conclusion of this course of study, the student will demonstrate:

1. Knowledge of a comprehensive business perspective;
2. Knowledge of decision-making models and environments, including risk and uncertainty;
3. Understanding of market economics;
4. Understanding of financial tools, quantitative applications and accounting statement analysis in a financial context.
5. Understanding of investment theory and security portfolio management.
6. The ability to perform financial analyses to differing situations including. comparative case studies, of public-traded corporations.
7. The ability to conduct strategic financial decision review (capital decisions, budgeting and performance analysis).
8. The ability to develop financial plans based on models, tools and research (market and accounting).

Course of Study

The Finance major consists of 120 credits, including 18 credits of finance courses and 3 credits of accounting beyond the introductory courses included in the core, 42 credits of business core courses, 50 credits of Liberal Learning Outcomes, and 7 credits of electives.  Students in this program are required to pass the Series 7 exam in order to receive their degree in Finance.  Successful completion of this program without the required scores on the series 7 exam qualifies the student for a Bachelor of Science in Business Administration with a major in Finance.

Required Major Courses
    ACCT 301 Intermediate Accounting I
    FINA 313: Advanced Business Finance
    FINA 361: Money and Banking
    FINA 405: Investments I
    FINA 414: Investments II

Electives
    Select one of the following:
    * Any two 300 or 400 Level Finance Electives (not indicated as required) or
    * One Finance Elective and Acct 424: Federal Taxes - Business
   
Total: 21 credits

Summary
    Business Administration Core Courses: 42 credits
    Finance Courses: 18 credits
    Accounting Courses: 3 credits
    Liberal Learning Outcomes: 50 credits
    Electives: 7 credits
    Overall Total: 120 credits

General Description of the Finance Profession

Within finance, several professional specializations are possible. In an effort to keep this report manageable, two larger career tracks in finance will be discussed, financial analysis and financial planning. There are certainly more opportunities including financial functions in unrelated industries such as health care, government and manufacturing. Never the less, many professions within field of finance share a core of analytical and quantitative skill sets. As identified by the Department of Labor, Bureau of Labor Statistics (2003), Personal Financial Planners and Financial Analysts are the two strongest professional categories in regard to macroeconomic demand and growth in job opportunities.

   

What are Financial Analysts?

Financial analysts, often referred to as security analysts, provide investment analysis and consultation to clientele helping them with their investment decisions. This position involves the acquisition of financial data, analysis and recommendations. However, their job duties differ because of the type of investment information they provide and the clients they work for. Financial analysts assess the financial condition of investment "opportunities" for larger investment related firms and institutional clients such as mutual funds, banking affiliates, pension administrators, securities firms and insurance companies.

To varying degrees financial managers, analysts and portfolio managers review company financial statements usually conducting industry analyses, assessing current trends in business practices, products, and industry competition. In coordination with economic analysis, financial analysts write reports making investment recommendations pertinent to a specific security. Experienced analysts may make the decision to buy or sell for the company or client if they are the "asset manager." Other analysts use the data to measure the financial risks associated with making a particular investment decision. With applied experience of two to five years, financial analysts may advance by becoming portfolio managers or financial managers, directing the investment policies of their companies or those of clients.

Financial managers are employed throughout the industry, preparing financial documents for the regulatory authorities or directing a firm's investment policies. In many departments, managers act as senior advisors and oversee teams of junior financial analysts or brokers while continuing to be actively involved in working out deals with clients. Portfolio managers and commodity trading advisors are responsible for making investment decisions for clients with large sums of money to invest. These clients include mutual funds, pension funds, trust funds, commodity pools, and high net worth individuals. Portfolio managers must know the investment goals of the client and ensure that the investments they make meet those goals.

Financial Planners

Often referred to as "financial advisors," financial planners use their knowledge of investments, tax law, insurance and real estate to consult their clients on personal financial situations. Common areas of this field include tax and estate planning, investment strategies associated with college plans and retirement, and risk analysis/management. Financial advisors may also meet with clients to discuss life changes and the impact on their personal financial situation. Finally, some in the field may be involved with buying and selling securities or insurance products on their clients' behalf.

Employment Outlook

Financial analysts in investment banking departments of securities or banking firms often work in teams analyzing the future prospects of companies that want to sell shares to the public for the first time. They also ensure that the forms and written materials necessary for compliance with Securities and Exchange Commission regulations are accurate and complete. They may make presentations to prospective investors about the merits of investing in the new company (initial public offering). Financial analysts also work in mergers and acquisitions departments, preparing analyses on the costs and benefits of a proposed merger or takeover.

Many financial analysts work at the headquarters of large financial companies, several of which are based on the east coast in close proximity to national securities exchanges. However, the need for financial analysts is well represented in larger regional banks and investment firms. Within West Virginia and contiguous states, several regional finance-related firms including Anthem, BB&T, Bank One, Fifth-Third Bank, Huntington national, Merrill Lynch, Nationwide Insurance, Raymond James, SunTrust have significant operations. One-fourth of financial analysts work for security and commodity brokers, exchanges, and investment services firms; and one-fifth work for depository and non-depository institutions, including credit institutions and mortgage bankers.

Financial planners are also employed by a number of banking organizations. Increasingly, however, their skills are demanded by related industries including insurance companies, credit organizations, wealth/estate managers and law firms. Business models represented within several regional bank operations incorporate the utilization of a "personal financial manager" within each retail location. In contrast to the limited number of "financial analysis" positions (usually the headquarters of larger regional or national finance institutions), financial planners have a larger employment base that extends throughout operational levels of smaller as well as larger finance companies.

Credentials Needed to Enter Profession

Hiring companies often require a bachelor's degree in business administration, accounting, statistics, or finance. Mathematical, computer, analytical, and problem-solving skills are all essential qualifications for financial analysts. Furthermore, knowledge in accounting policies and procedures, corporate budgeting, and financial analysis methods is recommended. A master of business administration with advanced courses in options pricing or bond valuation and knowledge of risk management is also suggested.

There are several designations in the field of finance, most notably, the Certified Financial Planner (CFP) and the Chartered Financial Analyst (CFA®). Each has varying curriculum and requirements for testing and professional experience. Those working as financial analysts are encouraged by employers to obtain the Chartered Financial Analyst designation (CFA®) sponsored by the Association of Investment Management and Research (AIMR). To qualify for the designation, applicants must have at least 3 years of qualifying experience and pass a series of rigorous essay exams requiring an extensive knowledge of many areas, including ethical and professional standards, quantitative methods, economics, accounting and corporate finance, global markets and instruments, valuation and investment theory, analysis of fixed-income securities, analysis of equity investments, analysis of alternative investments, and portfolio management.

Although each has a basis in financial decision-making, the CFP is more appropriate to professionals involved in personal financial planning as opposed to corporate "financial analysis." Managed by the CFP Board of Standards, attaining the CFP designation requires relevant work experience and passage of a single examination after completion of education requirements. Although financial planners do not need insurance or securities licenses to "consult," those that sell insurance or investment vehicles typically need to achieve licensed status. Additionally, personal finance planners may need to outsource legal advice, if they do not hold a law degree.

Employment Forecast

Due to increased demand factors such a demographic changes in the investing population, the overall finance industry job base is expected to result in "faster-than-average growth" (increase 21 to 35 percent) through 2010. The occupation will benefit from the rapid expansion of self-directed retirement plans, such as the 401(k) plans. Deregulation of the financial services industry is also expected to spur demand for financial analysts and personal financial advisors. Since 1999, banks, insurance companies, and brokerage firms have been allowed to broaden their financial services. Many firms are adding investment advice to their list of services and are expected to increase their hiring of personal financial advisors. Many banks are now entering the securities brokerage and investment banking fields and will increasingly need the skills of financial analysts and advisors in these areas.

Compensation

On a national basis, median annual earnings of financial analysts were $52,420 in 2000. The middle half earned between $40,210 and $70,840. The lowest 10 percent earned less than $31,880, and the top 10 percent earned more than $101,760. Financial planners' national median earnings were $55,320 with the middle half earning between $34,420 and $96,360. The lowest 10 percent earned $25,110, while the top 10% earned more than $145,000.

In comparison to the average annual compensation of $29,300 for the 125,650 employed in the Charleston, West Virginia Metropolitan Statistical Area, finance-related professions in the region have average annual compensation of:

Contact Information

Dr. Robert Bliss
2300 MacCorkle Avenue, S.E.
Charleston, WV  25304
(304) 357-4865
robertbliss@ucwv.edu

Useful Finance Links

http://moneycentral.msn.com/home.asp
http://finance.yahoo.com/?u
http://www.bloomberg.com/
http://www.hoovers.com/free/
http://www.nyse.com/
http://www.nasdaq.com/
http://www.vanguard.com/
http://www.cbot.com/
http://www.aimr.org/
http://www.fidelity.com/
http://www.cme.com/
http://www.amex.com/
http://www.londonstockexchange.com/
http://www.morganstanley.com/
http://www.wachovia.com/

Finance Related Employment Links

http://www.nyse.com/p1021348254087.html?displayPage=%2Fjobs%2F1023231721275.html
http://jobs.fidelity.com/
http://www.cme.com/abt/wrk/