BBA_FIN_2005-06

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COMPREHENSIVE PROGRAM REVIEW EXECUTIVE SUMMARY
FOR THE B.B.A. PROGRAM IN FINANCE

Conclusions about the Programs’ Quality and Productivity

The quality and productivity of the programs offered by the Department of Economics and Finance
are very strong or exemplary.

• The students who major in finance reflect the diversity of the general population of students at KSU
and are among the best in the Coles College. Eighteen percent of the students who major in finance
are minority or international students.

• Finance majors have the second highest SAT scores in the Coles College of Business (1020). In
addition, the average GPA for finance majors (2.88) exceeds the Coles College average.

• When surveyed, the graduates of the Finance program have expressed satisfaction with their education.

• In addition to offering quality programs, the economics and finance department offers a number of
advanced level preparation alternatives for majors. They include a Co-op/Internship program, the
Investment Challenge and Mock Portfolio Game, the opportunity to work with professionals in the
fields of economics and finance, and the opportunity to work with faculty members on research
projects involving advanced methods in the fields of economics and finance.

• The department generates endowments, scholarships, gifts, grants and sponsors from a variety of
sources:

• The faculty that supports the programs consists of twenty-two full-time faculty, all but four with
Ph.D.s in economics, finance, or quantitative analysis. All terminal degrees are from AACSB
accredited universities and represent educational experience drawn from a national geographical area.

• The achievements of the department’s faculty in the areas of teaching, service, and scholarship are both
notable and numerous, and members of the department’s faculty are regularly honored by the Coles
College for their exceptional teaching, research, and service.

• Finance has exhibited increasing graduation rates for the years 1997-2001with a positive 5-year change
of 37%. In addition, the program completion efficiency and average graduation rate for finance is
among the highest at Kennesaw State University. Finance graduation rates range from 38% - 47%.
The KSU average is 33%.

List of Recommendations for Improving Program Quality

• Increase the doctoral faculty lines available to the department, particularly in finance where the number
of majors is rising rapidly.

List of Recommendations for Improving Program Productivity

Roger Help!!!

Conclusion about the Programs’ Viability at KSU

The finance major is a high quality program provided at very low cost. Furthermore, that cost on average
will fall further as the number of students continues to grow. The program in finance is growing rapidly,
attracting increasingly better students every year. The average graduation rate as well as the program
completion efficiency rate for finance majors comfortably exceeds the University’s average graduation rate.
The program in Finance is viable at KSU.
Department of Economics and Finance Michael J. Coles College of Business

Potential for Mission-Driven Model Program Status

We believe the program in finance is an example of programs that are distinguished or niche programs
because it is more multidisciplinary than many other business programs that are currently available and,
therefore, serve as an example of an ideal program.

Summary Recommendation and Supporting Rationale

Program: Finance
Recommendation: Maintain the Program at the Current Level

NB The supporting data for this program as well as the finance program follows.

2
Department of Economics and Finance Michael J. Coles College of Business

I. Brief Program Overview

Data Source: Kennesaw State University Fact Book
Kennesaw State University 2001-2002 Undergraduate Catalog

The study of economics has been a part of Kennesaw State University’s (KSU) overall curriculum since the
university’s inception as a junior college in 1966. In 1976, when KSU became a four-year institution, the
department began to offer a major in economics and finance. To better meet the academic needs of its
students, in 1986 the department separated the combined economics and finance major and began to offer a
separate major in the study of economics and another in finance. As a member of Kennesaw State
University and the Coles College of Business, the Department of Economics and Finance is accredited by
the Southern Association of Colleges and Schools (SACS) and the American Association of Colleges and
Schools of Business (AACSB).

The Department of Economics and Finance plays three important roles in the educational mission of
Kennesaw State University:

• First, it offers programs in economics and finance that are designed to prepare students for careers in
those fields. Economics emphasizes the use of analytical methods to understand economic decision-
making by households, businesses, and governments. Within the economics major, there is a broad
range of intellectual challenges. Branches of economics overlap such diverse areas as politics,
mathematics, finance, sociology, history, international business, management, and psychology.

Students who major in economics are prepared for careers in management, marketing, research,
economic planning, and human resources in fields such as industry, banking, trade, and government.
Economics also prepares students for graduate study in economics, law, and business.

Finance is an analytical discipline that deals with the acquisition and distribution of funds, financial
statement analysis, security analysis, risk assessment, valuation of assets and liabilities, the functioning
of financial markets, and the management of investments, acquisitions, funds, assets, liabilities, risk,
businesses, and financial institutions.

The study of finance prepares students for careers as bankers, financial managers, stockbrokers,
financial analysts, portfolio managers, financial consultants, investment bankers, and financial
planners. It also prepares students for post-graduate studies in business, economics, finance, or law.

• Second, the Department of Economics and Finance supports the Coles College lower and upper
division business core by offering multi-section courses in the Principles of Microeconomics, the
Principles of Macroeconomics, Business Statistics, and the Principles of Finance. Each of these
courses is a required course that must be satisfactorily completed by all business majors.

• Third, the study of economics is an integral part of Kennesaw State University’s general education
requirements. Every student who attends KSU is required to take one course in economics. Business,
social science education, and international affairs majors must take Principles of Microeconomics. All
other students are required to take Global Economics. Global Economics was developed by the
department in response to a decision made by the administration and faculty of Kennesaw State
University that all students should study economics. It is the first global economics course offered in
the University of Georgia system (USG).

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Department of Economics and Finance Michael J. Coles College of Business

II. Summary Conclusion about the Strength of the Program’s Overall Quality

The quality of the programs offered by the Department of Economics and Finance is very strong or
exemplary. Every course in the economics and finance programs requires that students demonstrate either
their written or oral communication skills through the completion of term papers and/or oral presentations.
In addition, students who major in economics and/or finance are exposed to the application of statistical
techniques to business forecasting, statistical inference, linear regression, and mathematical modeling.

Both programs have a strong international component. Several specialized courses examine global
perspectives on trade, financial management, and economic development, providing students who major in
either economics or finance with a well-rounded world view. Furthermore, many of the department’s
regular courses include an international and global perspective as an important part of the course content.
Students in both majors also have the opportunity to travel abroad.

The economics and finance programs also offer a number of advanced level preparation alternatives for
majors. Students who major in economics or finance have the opportunity to pursue several extracurricular
activities. Students from both majors participate in the Co-op/Internship program, the Investment
Challenge and Mock Portfolio Game, and may choose to work with professionals in the fields of economics
and finance in the Financial Executive Institute Scholarship Program, the Chartered Financial Analysts
Certification Program, and the Econometric Center at KSU. Many students also have worked with faculty
members on research projects involving advanced methods in the fields of economics and finance.

The department also generates endowments, scholarships, gifts, grants and sponsors from a variety of
sources.

The students who major in economics and finance reflect the diversity of the general population of students
at KSU and are among the best in the Coles College. Fifteen percent of the students who major in
economics are minority or international students and eighteen percent of the students who major in finance
are minority or international students. Economics majors have the highest average SAT scores in the Coles
College (1080) while finance majors have the second highest (1020). In addition, the average GPA for
economics and finance majors (2.88) exceeds the Coles College average.

The faculty that support these programs consists of nineteen full-time faculty, all but four with Ph.D.s in
economics, finance, or quantitative analysis. All terminal degrees are from AACSB accredited universities
and represent educational experience drawn from a national geographical area. Over the past five years,
the department faculty has produced over one hundred scholarly articles and an equal number of
presentations at academic and professional association meetings. The faculty is also actively involved in
academic and professional associations in administrative and official capacities. Additionally, faculty
backgrounds include: business and governmental work and consulting experience, a variety of international
activities such as teaching and study abroad, faculty assignments with foreign universities, consulting, and
academic research, and numerous contacts and regular involvement with business and social organizations
as experts in their particular fields.

Regrettably, funding available to support the mission of the department has not matched the growth in
credit hours. The department has encountered difficulties in adding new faculty members to meet the
growing demand, particularly with respect to finance faculty, and has had difficulty meeting market based
salaries. In addition, travel funding has been reduced.

Nevertheless, in the latest survey conducted by Career Services, when asked how satisfied they were with
their educational experience at KSU and in the Department of Economics and Finance, the responses were
as follows:

• Excellent 52% of the Finance majors
• Satisfactory 43% of the Finance majors

4
Department of Economics and Finance Michael J. Coles College of Business

• Satisfactory 100% of the Economics majors
• Unsatisfactory 5% of the Finance majors

IIA: Curricular Adherence to Quality Program Guidelines and/or Accreditation
Standards in the Discipline

Data Source: Kennesaw State University 2001-2002 Undergraduate Catalog
Quality: Strong

Undergraduate Curriculum Content

To ensure that the curriculum includes foundation knowledge for business, students majoring in economics
or finance in the Coles College of Business Administration are required to take or have had the equivalent
of the following 15 semester hours in the lower-division business core:

• ACCT 2100 Introduction to Financial Accounting
• ACCT 2200 Introduction to Managerial Accounting
• ECON 2100 Principles of Microeconomics
• ECON 2200 Principles of Macroeconomics
• EBIZ 2100 Business Information Systems and Communications
• BLAW 2200 Legal and Ethical Environment of Business

In addition, the following 18 semester hours must be taken as part of the upper-division business core:

• ECON 3100 Business Statistics
• FIN 3100 Principles of Finance
• MKTG 3100 Principles of Marketing
• MGT 3100 Management and Behavioral Science
• MGT 3200 Operations Management
• MGT 4199 Strategic Management

Three semester hours in the study of information technology management are also required

• IT 3700 Information Technology Management

The Department of Economics and Finance is responsible for the provision of two courses offered in the
lower-division business core, Principles of Microeconomics and Macroeconomics, and two courses in the
upper-division business core, Business Statistics and Principles of Finance.

Economics and Finance Majors

Following the satisfactory completion of the lower-division and upper-division business core, students who
choose to major in economics or finance must satisfactorily complete three semester hours of major field
requirements and eighteen semester hours of major field electives. In addition, students must satisfactorily
complete twelve semester hours of upper-division courses outside the major, but inside the Coles College
(co-ops and internships may be used here), and twelve semester hours of any level (1000-4000) non-
business courses offered at Kennesaw State University. (See III D for a detailed listing of the courses).

Every course in the economics and finance majors requires that students demonstrate either their written or
oral communication skills through the completion of term papers and/or oral presentations. In addition,
students who major in economics and/or finance are exposed to the application of statistical techniques to
business forecasting, statistical inference, linear regression, and mathematical modeling.

5
Department of Economics and Finance Michael J. Coles College of Business

Future Plans

• Continue efforts to enhance the technology components of our program
• Optimize scheduling of classes

•
II B: The Quality of the methods into courses where appropriate
Integrate quantitativeFaculty Supporting the Program
• Continue efforts to offer course materials online where appropriate

Data Source: Survey of the Department’s Faculty Members
Quality: Very Strong

The department supports two programs, one in economics and one in finance. In addition, it offers courses
in business and economic statistics, and quantitative analysis. The faculty that supports these offerings
consists of nineteen full-time faculty, all but four with Ph.D.s in economics, finance, or quantitative
analysis. All terminal degrees are from AACSB accredited universities and represent educational
experience drawn from a national geographical area. Over the past five years, the department faculty has
produced over one hundred scholarly articles and an equal number of presentations at academic and
professional association meetings (See Appendix A). The faculty is also actively involved in academic and
professional associations in administrative and official capacities as the attached brief biographies show.
Additionally, faculty backgrounds include: business and governmental work and consulting experience, a
variety of international activities such as teaching and study abroad, faculty assignments with foreign
universities, consulting, and academic research, and numerous contacts and regular involvement with
business and social organizations as experts in their particular fields.

Future Plans

• Continue development of the faculty’s scholarship productivity
• Continue development of the faculty’s ability to use technology in the classroom
• Continue to encourage the faculty’s interaction with external constituencies
• Enhance the program by adding faculty

II C: The Quality of KSU Facilities, Equipment, Learning Support Resources, and
Practicum Placements Supporting the Program

Data Source: School of Business Administration Kennesaw State College AACSB Accreditation
Self-Study Report, 1993.
Kennesaw State University Fact Book
Quality: Satisfactory

KSU Facilities

The Coles College is housed in the four-story, 110,000-square-foot state-of-the-art A.L. Burruss Building.
Opened in July 1991, the Burruss Building houses 140 offices, 42 classrooms, instructional computer
facilities, tiered lecture halls seating up to 150, conference and seminar facilities, an impressive atrium, and
other amenities. Currently, the Coles College completely occupies three of the building’s four floors and
expects to take total possession of the fourth floor during the 2002-2003 academic year. The size of the
Burruss building allows each full-time faculty member in the Coles College to have a private office. In
addition, the College provides each faculty member in the College with a personal computer and printer for
use in the office as well as a laptop computer if needed. All computers in the College are networked,
providing e-mail, access to the Internet, and various library databases.

6
Department of Economics and Finance Michael J. Coles College of Business

Learning Support Resources

Sturgis Library

The University’s Sturgis Library is considered by many to be among the finest in the nation for online
access to periodicals, databases, and network services. A charter member of SOLINET and a member of
the Online Computer Library Center, Sturgis Library is part of an international network of libraries.
Faculty members and students have access to Galileo, a Web-based system that provides access to a core of
research materials. Sturgis Library houses 550,000 volumes of books and government documents, 3,400
serial publications, and 1 million pieces of microform. Students also have access to LEXIS-NEXIS and
NAARS as well as many other online services.

Information Technology Services

Information Technology Services (ITS) coordinates computing services for students at KSU. Students may
apply for computer accounts that afford them access to services such as Internet Access, KSU’s Library
System, electronic mail and other programs. ITS administers more than 500 student workstations located
in 14 electronic classrooms and 3 open labs. All buildings on campus are connected via almost five miles
of fiber optic cable. All open computer labs are networked and are open to students seven days a week.
These labs are supervised by qualified lab assistants available to help with a wide variety of standard
software packages in work processing, spreadsheet, database management, communications and graphics.
KSU students with special needs have access to computers configured with features such as screen
magnification and voice synthesis.

The University System computer Network is housed on the KSU campus and provides links to all of
Georgia’s public institutions of higher education.

Future Plans

ROGER DO THIS PLEASE

II D: The Quality of the University’s Annual Financial Investment in the Program’s
Operation and Growth

Data Source: Comparative Analysis – Coles College of Business, Actual Expenses vs. Budget, July
2001 – September 2001
Department Chair
Quality: Satisfactory

Funding available to support the mission of the department has not matched the growth in credit hours.
The department has encountered difficulties in adding new faculty members to meet the growing demand,
particularly with respect to finance faculty, and has had difficulty meeting market based
salaries. In addition, travel funding has been reduced.

New Faculty Positions:

• Since Fall 1991, the department has a net gain of zero doctoral teaching positions and 2 masters
teaching positions.
• Since Fall 1996, the department has a net gain of zero doctoral teaching positions and 1 masters
position.

Non-Personnel Financial Investment

• Financial investment in the department has lagged credit hour generation.
• New faculty lines have lagged credit hour generation and BBA growth.

7
Department of Economics and Finance Michael J. Coles College of Business

• A recent finance position was under-funded and required the collapse of a master’s level line to meet
market salaries.
• Travel funding has not met the needs of a regionally competitive faculty. The department has
subsidized travel funds with outside funding sources.

Future Plans

• The department will petition for an additional finance line and increase in department funding for
non-personnel expenditure commensurate with per capital faculty parity.

II E: Use of Advanced Technology for Program Delivery and Support

Data Source: Survey of the Department’s Faculty
Kennesaw State University Fact Book
Quality: Very Strong

Program Delivery

Faculty members who teach economics and finance use a variety of computer software. Software packages
used by one or more of the faculty include an array of simulation programs, several statistical software
packages, Excel, Work, Access, Respondus, Expert Choice, and Dreamweaver. In addition, most faculty
use Power Point to create slides that supplement classroom lectures. A few classrooms in the Burruss
Building permit faculty to present computer based slide shows and to access the Internet. Instructors also
have access to LCD machines that may be used present computer based material. Every classroom has an
overhead machine and VCR machines and televisions are available. The Burruss building also has several
networked computer labs that may be scheduled for classroom activities.

Program Support

Information Technology Services (ITS) coordinates computing services for students at KSU. Students may
apply for computer accounts that afford them access to services such as Internet Access, KSU’s Library
System, electronic mail and other programs. ITS administers more than 500 student workstations located in
14 electronic classrooms and 3 open labs. All buildings on campus are connected via almost five miles of
fiber optic cable. All open computer labs are networked and are open to students seven days a week.
These labs are supervised by qualified lab assistants available to help with a wide variety of standard
software packages in work processing, spreadsheet, database management, communications and graphics.
KSU students with special needs have access to computers configured with features such as screen
magnification and voice synthesis. In addition, the University System computer Network is housed on the
KSU campus and provides links to all of Georgia’s public institutions of higher education.

8
Department of Economics and Finance Michael J. Coles College of Business

Future Plans

• Continue to encourage faculty to adopt cutting edge technology in the classroom
• Enhanced availability of research software for faculty

II F: Quality of Program Advising, Enrollment Management & Student Services for this
Program

Data Source: Coles College Web Page and the Department Chair
Quality: Very Strong

Advising

The members of the Coles College Advising Team provide advising services in the Coles College. The
team is comprised of faculty members from each of the College’s departments who volunteer to serve.
Students plan their studies according to BBA requirements and receive additional advice and advising
materials under the guidance of a member of the advising team. Students may meet individually with any
member of the team for academic guidance and may expect the advising team to provide:

• Advice on core, major course selection and sequencing of courses. Team advisors provide information
on departmental faculty and research. Students are also advised about departmental “specialization”
and areas of concentration.

• Advice on general education, minors and/or electives. Members of the advising team provide students
with up-to-date academic information about University, College, and department graduation
requirements.

• Information on internships and career related events sponsored by both the College and University.
Advisors also provide information on student clubs and organizations associated with a student’s
major.

The Undergraduate Advising Center is located in the Burruss Building. The Center offers check sheets of
degree requirements for each major, as well as other advising materials. It helps coordinate the availability
of the Coles College Advising Team members. Walk-in advising is also available. The Center posts news
and tips for business majors on a bulletin board near its office.

Enrollment Management

Many of the classes offered by the Department of Economics and Finance are oversubscribed. To meet
demand, the department offers large sections of many courses every semester and when necessary adds
extra sections. The department also provides an active review of every student’s request to enter a closed
class by the department’s Chair.

To facilitate course enrollment by students, the department strictly adheres to the published schedule of
courses to be offered in the next term. In addition, the department makes every effort to offer the courses
that students are required to complete as part of their major every term. Recognizing that some students
attend primarily at night while others attend during the day, all courses offered by the department are
rotated and if offered during the day during one term are scheduled at night the next time they are offered.
Classes are offered at all available scheduled times—day, night, and weekends.

Many of the department’s faculty members offer directed study courses for those students who express a
special interest in a subject not included in the regular course offerings. When a sufficient number of
students have expressed an interest in a topic not covered in the general curriculum, the department has
offered a special topics class.

9
Department of Economics and Finance Michael J. Coles College of Business

Student Services

The Department of Economics and Finance supports the following academic student clubs and activities:

• Omicron Delta Episilon (ODE), an honorary economics society
• The Economics and Finance Club, an academic student club
• Beta Gamma Sigma, an honorary business society
•II G: Investment Opportunities for Advanced Levels of Preparation that Give Graduates
The Program Challenge Game
• Scholarship Opportunities
Competitive Advantage

Data Source: General Knowledge/Faculty Survey
Quality: Strong

The Economics and Finance programs offer a number of advanced level preparation alternatives for
majors:

• Students from both majors participate in the Co-op/Internship program. Usually twenty to thirty
students are enrolled each semester for such credit. Department majors have had a continuing
internship with Gene Henssler Associates, a fund management and personal finance advisory firm that
has led to a number of successful careers in the finance field for our students.

• The Investment Challenge and Mock Portfolio Game offers majors the competitive opportunity to
manage fictional portfolios for imaginary individuals as professional personal financial consultants.
Their decisions are later judged and critiqued by real financial professionals.

• SALT students are routinely given the opportunity to work with faculty members on research projects
involving advanced methods in the fields of economics and finance.

• The department has a variety of opportunities for students to interact or work with professionals in the
fields of economics and finance. They include the Financial Executive Institute Scholarship Program,
the Chartered Financial Analysts Certification Program, and the Econometric Center at KSU.

II H: Diversity and Global Perspective in the Curriculum, Faculty, and Students

Data Source: Kennesaw State University 2001-2001 Undergraduate Catalog
Survey of the Department’s Faculty Members
Kennesaw State University Fact Book
Kennesaw State University Institutional Research
Quality:
• Curriculum: Exemplary
• Faculty: Exemplary
• Students: Satisfactory

Curriculum:

The Department of Economics and Finance offers several courses that focus on international and global
perspectives. Students who major in economics or finance are required to satisfactorily complete one of the
major field elective courses listed below:

• International Financial Management, a major field elective
• International Trade and Finance, a major field elective

10
Department of Economics and Finance Michael J. Coles College of Business

• Economic Development, a major field elective for business majors as well as an elective for
International Affairs majors. The International Affairs major is not part of the Coles College
curriculum.

These specialized courses examine global perspectives on trade, financial management, and economic
development, providing students who major in either economics or finance with a well-rounded world
view. In addition, many of the department’s regular courses include an international and global perspective
as an important part of the course content.

The Coles College offers specific courses that take students on two-week courses outside of the U.S. These
courses are:

• Doing Business in Mexico
• Cultural Aspects of Mexico: A Business Perspective
• Cultural Competence: Mexico

Faculty

Twenty percent of the department’s faculty members are foreign-born with extensive overseas experience
and training. In addition a number of the department’s faculty have teaching and travel experience abroad.
Several have taught at foreign universities and have consulted with both foreign governments and
businesses. In a number of cases, faculty experience and travel abroad have been the basis of lectures and
presentations to students and faculty at KSU and elsewhere, and on occasion visiting international faculty
have provided lectures for our faculty and students. Several faculty members are nationally recognized
country scholars and their expertise is routinely sought. Other faculty members have participated in
international academic and professional meetings, and a few routinely lecture to international groups that
come to KSU for training. Several members of the faculty regularly engage in research on a variety of
global topics. Their research has been published in numerous journals and has been presented at countless
conferences. The department also has hosted visiting foreign faculty who provided both the faculty and
students with a broad international view.

Students:

Students who major in economics or finance reflect the diversity of the general population of students at
KSU. International students attending KSU come from twenty different countries. Over the last five years,
the number of international students has increased by 52% while the number of countries sending students
to KSU has increased by 22%. The following tables present the ethnicity of the students enrolled in
economics and finance during the 2001-2001 academic year. Table 1 presents the statistics for economics:
Table 2 presents finance.

Table 1
Ethnicity of Economics Students

Black Am Native Asian Hispanic White Multi
Students 4 0 1 2 41 0
% Program 8% 0% 2% 4% 85% 0%
Enrollment
University 10% <1% 3% 3% 82% 2%
%

Table 2
Ethnicity of Finance Students

11
Department of Economics and Finance Michael J. Coles College of Business

Black Am Native Asian Hispanic White Multi
Students 27 0 6 8 171 2
% Program 12% 0% 2% 3% 79% 0%
Enrollment
University 10% <1% 3% 3% 82% 2%
%

Future Plans

• Continue to recruit minority students
• Endowments, minority faculty
II I: Continue to recruitScholarships, Gifts, Grants and Sponsors for the Program

Data Source: General Knowledge/Survey of the Department’s Faculty
Quality: Satisfactory

The department generates endowments, scholarships, gifts, grants and sponsors from a variety of sources:

• The Econometrics Center receives grants for services from the Professional Builders Association, the
Greater Atlanta Home Builders Association.
• Henssler Associates Scholarship for Single Mothers
• The Lee Ruwich Finance Award
• Job training Grants Award initiated in the department
• Financial Executives Institute Scholarship
• E-tech Development Grant
• Grants from U.S. Government agencies for international programs
• Department Advisory Board

Future Plans

ROGER DO THIS PLEASE

II J: Program Honors and Awards

The Economics and Finance Program is accredited by AACSB and SACS.

II K: Exceptional Achievements and Honors of the Program’s Students, Graduates, and Faculty

Data Source: Survey of the Department’s Faculty
Quality: Strong

Students:

Board of Regents Award
Officers in Student Government (including President)
Financial Executives Institute Scholarship Recipients
Chartered Financial Analysts Award Recipients

Faculty:

Coles College Outstanding Teacher
Coles College Outstanding Researcher
Coles College Outstanding Service
Nominees for KSU’s Outstanding Teacher Award
Finalist in the National Tax Association Annual Dissertation Competition

12
Department of Economics and Finance Michael J. Coles College of Business

Faculty also act as:
• Media consultants
• Government and business consultants
• Featured speakers

II L: General Success of the Program’s Graduates

Data Source: Annual Survey of Graduates by Career Services
Quality: Strong
Most of the graduates of our programs pursue careers in business. Some, however, continue their studies,
in graduate MBA programs, law school, and other graduate programs including the pursuit of doctoral
degrees in economics.

Career Services tracks all of KSU’s graduates. According to their latest survey, one hundred percent of the
2001 finance graduates are employed. Approximately one-third of those graduates stayed at the same job
while approximately five percent were promoted or received a lateral transfer. The other graduates sought
new employment. The areas in which these graduates are working include 38 percent in financial services,
fifteen percent in accounting, ten percent in transportation, and approximately five percent each in
consulting, non-profits, information technology, commercial banking, and local government.

The economics majors who were surveyed report that approximately half of them are currently employed
while half are seeking employment. Of those who were working, fifty percent reported that they were
working in finance while the other fifty percent said they were in operations/logistics. Twenty-five percent
of the economics graduates remained at the same job.

II M: Stakeholder Satisfaction with the Program

Data Source: Survey of the Department’s Faculty and Chair
Annual Survey of Graduates by Career Services
Quality: Strong

To determine the level of student satisfaction, every class taught in the Department of Economics and
Finance is evaluated by the students. The students complete a standard evaluation form and are encouraged
to write about their experience in the class. Faculty members are encouraged to carefully consider the
students’ comments and to re-evaluate their classes for opportunities for improvement. In addition, faculty
members are expected to discuss the quality of their teaching and where appropriate plans for improvement
with the department chair during the annual evaluation.

Career Services regularly polls KSU’s recent graduates. In the latest survey when asked how satisfied they
were with their educational experience at KSU and in the Department of Economics and Finance, the
responses were as follows:

• Excellent 52% of the Finance majors
• Satisfactory 43% of the Finance majors
• Satisfactory 100% of the Economics majors
• Unsatisfactory 5% of the Finance majors

The department chair regularly interacts with members of the business community and uses these
opportunities to inquire about the success of our graduates. We also receive information from alumni
surveys. In addition, members of the department’s advisory board provide input concerning the relevance
of our academic programs and the quality of our graduates.

13
Department of Economics and Finance Michael J. Coles College of Business

Future Plans

• Continue to improve the availability of classes
• Continue to monitor student satisfaction

II N: Selectivity and Academic Achievement of Students and Graduates in the Program

Data Source: Kennesaw State University Fact Book
Quality: Strong

Selectivity:

The minimum academic requirements for admission to the four-year BBA program are:

• SAT 1: Verbal 430 (ACT18)
• SAT 1: Math 400 (ACT 22)
• GPA: At least 2.0

Economics majors have the highest average SAT scores in the Coles College. They are:

• SAT 1: Verbal 530
• SAT 1: Math 550
• Total Score: 1080

Finance majors have the second highest SAT scores in the Coles College. They are:

• SAT 1: Verbal 510
• SAT 1: Math 510
• Total Score: 1020

International applicants must provide a sworn affidavit of support from their financial sponsor, including a
letter from the sponsor's bank showing funds are available to meet applicant's education and living
expenses. In addition, applicants must provide proof of English proficiency through a minimum TOEFL
score of 500 or the successful completion of ELS Language Centers level 109. All official academic
transcripts or certified true copies must be accompanied by certified English translations, if applicable.

To gain admission into upper level courses, students must complete first and second year prerequisite
courses with a minimum GPA of 2.7. The prerequisite courses are as follows:

• Introduction to Financial Accounting
• Introduction to Managerial Accounting
• Principles of Macroeconomics
• Principles of Microeconomics
• Business Information Systems and Communications
• Legal and Ethical Environment of Business

Economics and finance majors must earn a grade of “C” or better in the major field courses that constitute
the upper division major requirements.

The average GPA for economics majors is 2.88: the average GPA for finance majors is also 2.88.

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Department of Economics and Finance Michael J. Coles College of Business

Future Plans

• Continue to attract above average students to our majors by offering high quality programs and
classroom instruction.

II O: Program’s Responsiveness to Change and Improvement

Data Source: Department Policy
Quality: Very Strong

The department conducts periodic curriculum, course, and textbook audits. One-third of all classes are
evaluated by the department every year to determine if each class continues to meet the changing needs of
the marketplace. A committee of faculty members, who report their conclusions and recommendations to
the department’s faculty and Chair, performs this evaluation. Following an evaluation of the committee’s
work, the department determines what changes should be implemented. As a result of these periodic
reviews and, where necessary subject to approval by the relevant curriculum committees, the department
has increased the number of quantitative courses available for majors in economics and finance, changed
the mix of courses required by economics and finance majors, added new courses, and removed courses.

One example of the department’s responsiveness to the need for change and improvement occurred during
the process of moving from the quarter system to semesters, when the University was asked to review its
curriculum. As a result of that review, the administration and faculty decided that all students at KSU
should study economics. In response to this request, the department developed and launched the first
global economics course offered in the University of Georgia system.

Future Plans

• Continue to systematically audit and adjust courses as necessary.

III. Summary Conclusion about the Strength of the Program’s Overall Productivity

The productivity of the programs offered by the Department of Economics and Finance is very strong or
exemplary. Both economics and finance have exhibited increasing graduation rates for the years 1997-
2001. Economics has a positive 5-year change of 38%. Finance has increased by 37% over the same time
period. In addition, the program completion efficiency and average graduation rate as measured by the
ratio of the number of bachelor’s degrees awarded and the previous fall’s number of upper division majors
for both economics and finance is among the highest at Kennesaw State University. Economics graduation
rates range from 34% – 41%. Finance graduation rates range from 38% - 47%. The KSU average is 33%.

The instructional productivity of the department for the latest year, FY 2001, is 1192 credit hours per EFT
faculty, the highest productivity in the Coles College and the second highest at KSU (KSU average = 799).
Moreover, this productivity measure is biased downward for the department since some faculty capacity is
devoted to teaching credit hours for the Leadership and Professional Development (LPD) department while
the output of credit hours is allocated to LPD. The high number represents in part the willingness of the
faculty to accommodate large class sizes at the introductory and junior level core classes.

The department’s cost effectiveness with respect to instructional delivery puts it in the third lowest cost
quartile at Kennesaw State University and the lowest cost undergraduate provided in the Coles College. It
should be noted that the cost of $83 per weighted credit hour is biased upward because of the allocation of
capacity to LPD without the commensurate addition of credit to the department’s output. This cost
measure puts the department below the KSU average, all the more remarkable because the department
houses disciplines with some of the highest salaried faculty from a national market perspective.

15
Department of Economics and Finance Michael J. Coles College of Business

III A: Enrollment of Upper Division Majors in the Program

Data Source: Kennesaw State University Institutional Research
Quality: Strong

Between the summer semester of 1999 and the spring semester of 2001, average enrollment in major field
requirement courses ranged from 15 to 44 students. The median class size was 32. Class size in major
field electives in economics ranged from 8 to 44. Class size in major field electives in finance ranged from
15 to 43. (See Appendix B).

Future Plans

• Continue to enhance recruitment and retention strategies

III B: Annual Bachelor’s Degree Productivity of the Program

Data Source: Kennesaw State University Institutional Research
Quality: Strong

Graduation rates are provided for years 1997 through 2001. Both economics and finance have exhibited
increasing graduation rates. Economics has a positive 5-year change of 38%. Finance has increased by
37% over the same time period. The median graduation rate in economics was 11 students per year, and
for finance 81 students graduated annually. The following table presents the graduation rates for
economics and finance, the five-year change in number of graduates, and the five-year percentage change
for the years 1997 - 2001.

Coles College of Business
Degrees Conferred 1997 - 2001

Program FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 5-Year # 5-Year %
Change Change
Economics 8 16 17 9 11 3 38%
Finance 59 57 87 82 81 22 37%

Future Plans

• Continue to monitor course scheduling to enhance course availability

III C: Program Completion Efficiency and Graduation Rate

Data Source: Kennesaw State University Institutional Research
Quality: Very Strong

The program completion efficiency and graduation rate is measured by the ratio of the number of
bachelor’s degrees awarded and the previous fall’s number of upper division majors. The average
graduation rate at KSU for upper-division students is 33%. The range of graduation rates for both
economics and finance is among the highest at Kennesaw State University. Economics graduation rates
range from 34% – 41%. Finance graduation rates range from 38% - 47%.

III D: Efficiency and Clarity of the Program’s Course Requirements

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Department of Economics and Finance Michael J. Coles College of Business

Data Source: Kennesaw State University 2001-2002 Undergraduate Catalog
Quality: Excellent

Students majoring in economics or finance in the Coles College of Business Administration are required to
take of have had the equivalent of the following 15 semester hours in the lower-division business core:

Three semester hours in the study of information technology management are also required

• IT 3700 Information Technology Management

The following 18 semester hours are taken as part of the upper-division business core:

Economics Major

Students who choose to major in economics must complete 3 semester hours of major field requirements
and 18 semester hours of major field electives. To do this, they may choose from the following courses:

Major Field Requirement

• ECON 4310 Economic Development in Global Perspective
• ECON 4412 International Trade and Finance
• FIN 4420 International Financial Management

Major Field Electives

• ECON 4210 Money and Financial Markets
• ECON 4310* Economic Development in Global Perspective
• ECON 4410* International Trade and Finance
• ECON 4510 Microeconomics
• ECON 4550 Economics of Strategy
• ECON 4610 Macroeconomics
• ECON 4710 Econometrics and Forecasting
• ECON 4750 Multivariate Data Analysis
• ECON 4810 Quantitative Decision Models
• ECON 4850 Decision Analysis and Simulation
• ECON 4490 Special Topics in Economics

17
Department of Economics and Finance Michael J. Coles College of Business

Up to 6 semester hours of 4000-level courses in finance may be substituted with permission from the
department chair.

* If not taken as the major field requirement.

Business Electives: Twelve semester hours of upper-division courses outside the major, but inside the
Coles College must be satisfactorily completed. Co-ops and internships may be used here.

Non-business Electives: Twelve semester hours of any level (1000-4000) non-business courses offered at
Kennesaw State University must be satisfactorily completed.
Finance Major

Students who choose to major in finance must complete 3 semester hours of major field requirements and
18 semester hours of major field electives. To do this, they may choose from the following courses:

Major Field Requirement

ECON 4310 Economic Development in Global Perspective
ECON 4410 International Trade and Finance
FIN 4420 International Financial Management

Major Field Electives

FIN 4220 Corporate Finance
FIN 4260 Treasury Management
FIN 4320 Financial statement and Security Analysis
FIN 4360 Investment Analysis and Portfolio Management
FIN 4420* International Financial Management
FIN 4520 Financial Derivatives and Financial Engineering
FIN 4620 Financial Management of Financial Institutions
FIN 4490 Special Topics in Finance
ECON 4210 Money and Financial Markets
ECON 4710 Econometrics and Forecasting
ECON 4750 Multivariate Data Analysis
ECON 4810 Quantitative Decision Models
ECON 4850 Decision analysis and Simulation
RE 4500 Real Estate

Up to 6 semester hours of 4000-level courses in Economics may be substituted with permission from the
department chair.

* If not taken as the major field requirement.

Business Electives: Twelve semester hours of upper-division courses outside the major, but inside the
Coles College must be satisfactorily completed. Co-ops and internships may be used here.

Non-business Electives: Twelve semester hours of any level (1000-4000) non-business courses offered at
Kennesaw State University must be satisfactorily completed.

We believe that the requirements for satisfactorily completing the economics and finance majors are
sufficiently clear. The department provides handouts that explain the program’s course requirements. In
addition, the department chair and faculty members are available to advise any students who seek further
clarification.

Future Plans

18
Department of Economics and Finance Michael J. Coles College of Business

• Continue to review and publicize the department’s “Facts Sheets” that outline the program
requirements.

III E: Frequency and Sequencing of Course Offerings Required for Program Completion

Data Source: Department Policy
Quality: Very Strong

The department offers courses in the Principles of Microeconomics, the Principles of Macroeconomics, the
Principles of Finance, and Business Statistics during the day and night every semester. Almost all the
upper level courses in finance are offered every semester on a rotating basis. For example, a course that is
offered during the day during the fall semester will be offered at night during spring semester. Upper level
courses in economics rotate such that each course is offered in two out of three semesters including the
summer semester. The quantitative courses are offered once every year. All time slots, day, night and
weekends, are utilized routinely.

Future Plans

• Continue to monitor student needs for course availability

III F: Enrollment in the Program’s Required Courses

Data Source: Kennesaw State University Institutional Research
Quality: Strong

III G: Diversity of the Program’s Upper Division Majors and Graduates

Data Source: Kennesaw State University Fact Book
Kennesaw State University Institutional Research
Quality: Strong

The students who major in economics and finance reflect the diversity of the general population of students
at KSU. International students attending KSU come from twenty different countries. Over the last five
years (1997-2001), the number of international students has increased by 52% while the number of
countries sending students to KSU has increased by 22%. Fifteen percent of the students who major in
economics are minority or international students: Eighteen percent of the students who major in finance are
minority or international students (See II H).

Future Plans

• Continue to recruit international and minority students.
• Continue to recruit international and minority faculty who serve as role models for our students.

III H: Instructional Productivity of FTE Faculty in the Program’s Home Department

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Department of Economics and Finance Michael J. Coles College of Business

Data Source: Kennesaw State University Institutional Research
Quality: Exemplary

The instructional productivity of the department for the latest year, FY 2001, is 1192 credit hours per EFT
faculty, the highest productivity in the Coles College and the second highest at KSU (KSU average = 799).
Moreover, this productivity measure is biased downward for the department since some faculty capacity is
devoted to teaching credit hours for the Leadership and Professional Development (LPD) department while
the output of credit hours is allocated to LPD. Nevertheless, the department’s high productivity for this
year is indicative of the recent past and is a reasonable forecast for the near future. The high number
represents in part the willingness of the faculty to accommodate large class sizes at the introductory and
junior level core classes. (See Appendix C).

Future Plans
ROGER DO THIS PLEASE

III I: Cost-Effectiveness of Instructional Delivery in the Program’s Home Department

Data Source: Kennesaw State University Institutional Research
Quality: Exemplary

The department’s cost effectiveness with respect to instructional delivery puts it in the third lowest cost
quartile at Kennesaw State University and the lowest cost undergraduate provided in the Coles College
according to the sheet presented in Appendix D. It should be noted that the cost of $83 per weighted credit
hour is biased upward because of the allocation of capacity to LPD without the commensurate addition of
credit to the department’s output. This cost measure puts the department below the KSU average, all the
more remarkable because the department houses disciplines with some of the highest salaried faculty from
a national market perspective.

Future Plans
ROGER DO THIS PLEASE

III J: Program’s Responsiveness to State Needs and Employer Demand for Program’s
Graduates

Data Source: Kennesaw State University Career Services Annual Survey of Graduates
Quality: Strong

Career Services tracks all of Kennesaw State University’s graduates. According to their latest survey, one
hundred percent of the 2001 finance graduates are employed. Approximately one-third of those graduates
stayed at the same job while approximately five percent were promoted or received a lateral transfer. The
other graduates sought new employment. The areas in which these graduates are working include 38
percent in financial services, fifteen percent in accounting, ten percent in transportation, and approximately
five percent each in consulting, non-profits, information technology, commercial banking, and local
government.

III K: Position of the Program’s Annual Degree Productivity among Comparable USG
Programs

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Department of Economics and Finance Michael J. Coles College of Business

Data Source: Kennesaw State University Institutional Research
Quality: Very Strong

The five-year history of degrees conferred in economics and finance is indicates a greater than one-third
increase in the degrees conferred over this period. As presented in Section III B, for the period 1997-2001,
degrees conferred in economics increased by 38% while degrees conferred in finance increased by 37%.

The number of BBAs in economics tends to be small which makes trend comments difficult. However, the
economics degrees conferred by KSU’s business school compare favorably with other GSU units offering a
similar degree. Data on this for the University System of Georgia (GSU) is presented in the following table.

USG Comparator Institutions
FY 2000 Bachelors Degrees Awarded
in Economics

University of Georgia 18
Georgia Southern University 14
Georgia State University 14
Kennesaw State University 9
Valdosta State University 9
Georgia Institute of Technology 8
Georgia College and State University 7

The finance program at KSU also compares favorably with other GSU units offering general finance. KSU
ranks as the fourth largest producer of finance degrees of system schools in FY 2000 and is undoubtedly an
attractive degree given the close location of KSU to the finance and banking community of Atlanta.

USG Comparator Institutions
FY 2000 Bachelors Degrees Awarded
in Finance

University of Georgia 247
Georgia State University 139
Georgia Southern University 111
Kennesaw State University 82
Valdosta State University 43
North Georgia College and State Univ 33
State University of West Georgia 31

Future Plans

• Continue our efforts to grow by offering a quality program that meets the needs of our students.

III L: This Program’s Contribution to Achieving KSU’s Mission

Quality: Exemplary

Kennesaw State University, the Coles College, and the Department of Economics and Finance serve a
diverse student body that includes young adults who enroll as freshmen or undergraduate transfers and an

21
Department of Economics and Finance Michael J. Coles College of Business

equally large number of older adults who return or transfer to the university. The members of the
Department of Economics and Finance share a strong commitment to meet the academic needs of its
students as well as attracting and retaining the under-represented among students and faculty.

The achievements of the department’s faculty in the areas of teaching, service, and scholarship are
numerous. Two of the department’s members have been chosen to receive the Coles College annual award
for Teaching Excellence and other members are regularly nominated for KSU’s annual teaching award.
Furthermore, the department not only supports two majors, but also is an integral part of the Coles College
lower-division and upper-division business core and KSU’s general education requirements.

Faculty members from the department are regularly honored by the Coles College for their exceptional
service to the college. The members of the department play significant roles in the governance of the
department, Coles College, and KSU, serving in leadership roles in an array of university, college and
department committees and task forces. In addition, the department supports the Center for Economic
Education, the Econometric Center, and the China Center, all of which are housed in the department, and
coordinates The Coles College Working Paper Series, which is also housed in the department. Faculty
members regularly review scholarly articles and books, speak to local groups, organize sessions at
professional meetings, participate as chairs and discussants at professional meetings, work with members of
the local community, and support student academic clubs.

The members of the department of Economics and Finance are highly productive in the areas of both basic
and applied research. Over the last five years, over 100 articles have been published in journals that include
The American Economic Review, The Journal of Finance, Public Economics, The Pacific Economic
Review, Economic Development and Cultural Change, The National Tax Journal, Review of Economics
and Statistics, Journal of Contemporary Society and Business, Review of Business, Journal of Financial
Management, and others. Numerous papers have been presented at regional and national meetings, and a
variety of applied research projects, invited presentations and speeches were completed. In addition, two
members of the department have received the Coles College annual award for outstanding scholarship.

IV. Summary Conclusion about the Program’s Viability at KSU

The programs in economics and finance offered by the Department of Economics and Finance are of high
quality, productive, and cost effective. It should be noted that the commitment of the department to serve
the lower division and upper division needs of the Coles College as well as the general education
requirements of Kennesaw State University requires the maintenance of a highly qualified economics
faculty. As a result, the economics major is provided at very low cost, a cost that on average will fall
further as the number of students continues to grow. The program in finance is growing rapidly, attracting
increasingly better students every year. In addition, the graduation rate for economics and finance majors
comfortably exceeds the University’s average graduation rate (See III ).

V. Potential for Mission Driven Status

The Department of Economics and Finance is comprised of three separate disciplines, economics, finance,
and quantitative methods. As a result, students who choose to major in either economics or finance have
the opportunity through careful selection of electives to pursue a more multidisciplinary approach to their
academic studies. For example, students who major in finance may choose a traditional course of study,
concentrating primarily on finance or he may choose to broaden his perspective with a deeper study of
economics or quantitative methods. Similarly, students who major in economics may broaden their
horizons, academic or career, with the inclusion of finance and/or quantitative methods.

The department facilitates such choices through the structure of its majors, students are allowed
considerable latitude when designing a major, and through the scheduling of its courses. Students can

22
Department of Economics and Finance Michael J. Coles College of Business

easily plan a course of study across the three disciplines since they are all offered within the department
and a serious effort is made to schedule courses to meet student needs. Moreover, the fact that faculty from
different disciplines are housed in the same department permits and encourages cross disciplinary
discussions and research that enhance the multidisciplinary nature of many of the department’s courses.

Students who major in economics or finance have the opportunity to pursue several extracurricular
activities. Students from both majors participate in the Co-op/Internship program, the Investment
Challenge and Mock Portfolio Game, and may choose to work with professionals in the fields of economics
and finance in the Financial Executive Institute Scholarship Program, the Chartered Financial Analysts
Certification Program, and the Econometric Center at KSU. Many students also have worked with faculty
members on research projects involving advanced methods in the fields of economics and finance.

In conclusion, we believe the programs in economics and finance are examples of programs that are
distinguished or niche programs; ie, they are more multidisciplinary than many other programs that are
currently available and serve as an example of an ideal program.

VI. Program Quality and Productivity Improvement Plan

The timetable for our plans for improving the quality and productivity of our program will focus on the
2003-2004 AACSB International self-evaluation period. Currently, we are operating above 100% of our
AACSB guidelines for capacity.

VII. Summary Recommendation

The Department of Economics and Finance has been effective in accomplishing its mission of achieving
quality and continuous improvement in the provision of its two programs. To maintain its effectiveness,
the department routinely reviews and modifies the courses it offers, provides an array of extracurricular
opportunities for its students, employs a highly qualified faculty, and supports and rewards faculty research
and professional service.

To continue this pursuit of excellence, the department believes that the following measures should be
undertaken:

• Expand the program in economics such that the department is allowed to offer a BA and/or BS in
economics. Given the need for a qualified economics faculty to support the Coles College lower and
upper division business core as well as KSU’s general education economics requirements, productivity
could be greatly enhanced and average costs decreased, if the department were permitted to serve non-
business students who wish to pursue the study of economics.

23
Department of Economics and Finance Michael J. Coles College of Business

• Increase the doctoral faculty lines available to the department, particularly in finance where the number
of majors is rising rapidly.