CHARTING THE FUTURE
Investing for Greatness
Bachelor of Science in Business Administration
Emphasis in Finance
I. PAST: REFLECTING ON OUR HERITAGE
A. History and development of program/service.
In 1966 Colorado State College created a Division of Business to provide a business education
for future high school business teachers. In 1968 Colorado State College established the School
of Business to replace the Division of Business. The School of Business was an autonomous,
degree-recommending school providing business education in the four functional areas of
business (marketing, finance, management, and accounting) as well as general business. The
College of Business was established in the same year as the College of Nursing and was part of
Colorado State College’s efforts to offer diverse undergraduate programs in education, sciences,
arts, nursing, and business.
In 1970, Colorado State College changed its name to the University of Northern Colorado, and
14 years later, in 1984, the College of Business changed its name to the College of Business
Shortly after becoming the College of Business Administration the business faculty with the
encouragement and support of the university administration elected to pursue accreditation by
the American Association of Collegiate Schools of Business (now Association to Advance
Collegiate Schools of Business). Movement to AACSB accreditation was necessary to
maximize employment potential for graduates, assist graduates in gaining admission to graduate
schools, and improve the quality of education in the College of Business Administration. Initial
accreditation was achieved in 1992, and maintained via re-accreditation was in 1999.
Also in 1999, the College of Business Administration received a $10.5 million gift from the
Monfort Family Foundation and the name of the College of Business Administration was
changed to the Kenneth W. Monfort College of Business. As the college grew, so did the
finance department. Faculty FTE in the finance department has grown from 4.0 in the mid-
1970s to 7.7 today. The number of students has also grown from a major count of 87 in 1975 to
174 in 2003.
In 1991 the finance department strengthened its investments/security analysis track by providing
increased opportunities for students to learn about investments, portfolio management, and
security analysis. Dr. John Clinebell made a presentation to the University of Northern Colorado
Foundation and requested $200,000 for the establishment for a student alumni foundation fund to
be managed by 12 senior finance majors competitively selected from among the brightest and
best finance students. The University Foundation approved the proposal and placed $200,000
under student management with supervision from faculty and the investments committee of the
foundation. The Student Alumni Foundation Fund (now Student and Foundation Fund, SAFF)
class began in the fall of 1992 and a Trading Room was later established in the College of
Business where students actively manage a portfolio of securities for the University Foundation.
The Trading Room was equipped with technology enabling students to utilize the same data and
analytical information as is used by professional money managers. The Trading Room currently
provides a laboratory for the SAFF class and is a training resource for all students taking finance
related classes and/or students working on finance related research, assignments, or projects.
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 2
In 1994 the foundation added $150,000 to the student managed fund. The fund is presently
capped at $1 million and has reached that target through the process of growth and careful
investing. The SAFF find has since grown to more than $1 million, has consistently
outperformed its benchmarks, and was recently ranked in the top 14% of balanced funds. When
the fund exceeds one million dollars the SAFF class is directed to transfer assets to the
University Foundation, thus reducing the fund to its $1 million target. By managing for growth
as well as engaging in liquidation decisions, students experience all facets of the portfolio
II. PRESENT DESCRIPTORS: FULFILLING THE MISSION
A. Unit Description.
1. Current programs and services.
One-hundred seventy four of the University’s current 11,624 students are finance emphasis
business students. In fiscal year 2002-2003, the finance department produced 4,764 student
credit hours, the highest of any department in the Monfort College of Business. Student credit
hour production increased from fiscal year 2001-2002 by 156 hours (+3.4%). The 2003-2004
finance department budget allocation is $665,854. The budget covers faculty and classified staff,
other current expenses, and travel.
The finance department services two business core courses, Business Finance and Legal
Environment of Business, and provides elective and required courses for non-finance emphasis
students and students with majors outside the College of Business. The finance department
services its classes and Finance emphasis students with 7.7 FTE faculty positions. The faculty
positions consist of six tenure-track positions (three tenured and three not tenured) and 1.7 FTE
made up of executive professor faculty. Two faculty FTE are devoted to business law courses
and the remaining 4.7 FTE are devoted to finance courses. Monfort Executive Professors
comprise the non-tenure track component of the finance faculty (1.7 FTE). Executive Professor
Lee Korins teaches in the investments area and also teaches the Student and Foundation Fund
class. Monfort Executive Professor Junius Peake teaches courses in Financial Institutions and
Market Microstructure and is at .5 FTE. The remaining .2 Executive Professor FTE represents
part-time executive professors (Judge Lynn Karowsky and bank president Leroy Leavitt)
teaching one class each year for the Monfort College of Business.
In fiscal year 2001-2002, courses in the finance department generated 4,608 student credit hours.
In fiscal year 2002-2003 the finance department generated 4,764 student credit hours, an increase
of 3.4%. The 2003-2004 finance department budget allocation is $665,854. The budget covers
faculty and classified staff, other current expenses, and travel.
Currently, finance students may choose from three separate tracks. Students interested in the
financial planning track designed to prepare students for the Certified Financial Planner (CFP)
exam take six courses in addition to the courses required for all finance students: BAFN 340,
Principles of Risk and Insurance; BAFN 441, Estate Planning and Life Insurance; BAFN 442,
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 3
Topics in Financial Planning; BAFN 479, Security Analysis; BAAC 320, Intermediate
Accounting; and BAAC 428, Income Tax I. The finance department registered the CFP
curriculum with the International Board of Standards in 1998.
Students interested in the field of investments may pursue the CFA track designed to prepare
students for the Financial Analyst Exam and designation. CFA students take all required finance
courses plus electives consisting of: BAFN 479, Security Analysis; BAFN 478, Student and
Foundation Fund; BAAC 320, Intermediate Accounting; and one additional elective emphasis
Students interested in the field of corporate management may elect the Certificate in Financial
Management (CFM) track by taking all required emphasis credits and elective credits in BAAC
320, Intermediate Accounting; BAAC 323, Cost and Managerial Accounting; and BAFN 479,
The tracks are designed to increase employability of students by allowing students to specialize
in one of the three major financial areas. Students are also able to earn certifications in each of
the three areas. The certifications are recognized nationally by financial professionals and
potential employers. Students may elect not to pursue any of the three specific financial tracks
but rather pursue the basic finance major as identified in the bulletin. A finance major consists
of finance courses required for all finance students: BAFN 371, Financial Markets and
Institutions; BAFN 379, Investments; BAFN 470, Financial Management; BAFN 474, Case
Problems in Financial Management; and BAFN 475, Multinational Financial Management.
Finance students must also take three limited elective classes and may choose from nine courses
identified in the bulletin as finance electives. The nine courses consist of BAAC 320,
Intermediate Accounting; BAAC 323, Cost and Managerial Accounting; BAFN 340, Principles
of Risk and Insurance; BAFN 372, Introduction to Real Estate; BAFN 441, Estate Planning and
Life Insurance; BAFN 442, Topics in Financial Planning; BAFN 473, Commercial Bank
Management; BAFN 478, Student and Foundation Fund; and BAFN 479, Security Analysis.
Because it is commonplace for business students to begin their college careers as general
business students and switch into a specific emphasis area sometime during their junior year, the
number of students graduating with finance degrees each year exceeds what would be expected
by simply looking at the total number of finance majors. In 2001, 33 students graduated with
finance emphasis. In 2002, 55 students graduated with an emphasis in finance, and in 2003 the
number of finance graduates grew to 61. Student satisfaction surveys indicate a high level of
student satisfaction and employability of 97% as evidenced by this year’s Career Services
Alumni Survey. The finance program is a rigorous program, and therefore builds student pride
and camaraderie normally associated with difficult but valuable accomplishments. Employers
are consistently impressed with the work ethic and ability of Monfort College finance graduates.
Increasingly, employers are returning to Monfort College of Business to obtain ambitious,
capable new employees.
2. Mechanisms to assure currency with global trends and consistency with societal
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 4
The finance faculty consistently monitors changes in finance curricula at other universities, the
demand for finance students, and employer preferences regarding academic preparation of new
employees. When the changing marketplace signals a need for course additions or deletions,
changes in the finance curriculum are recommended through the curriculum change process. For
example, BAFN 475, Multinational Financial Management was added as a required class for
finance emphasis students in 2000. The course was added because of the clear message from the
financial marketplace that knowledge of multinational financial issues was essential in order to
compete for many careers in the financial management sector.
The finance department uses scholarly journals, information gained at regional, national, and
multi-national conferences, and information from employers and alumni to maintain currency
regarding global changes and evolving trends impacting the finance program and finance
B. Centrality to the mission.
The finance department mission is the same as the Monfort College of Business mission, “Our
mission is to deliver excellent undergraduate business programs that prepare students for
successful careers and responsible leadership in business.” The mission statement relates to and
implements UNC’s statutory mission calling for a comprehensive array of baccalaureate
programs with selective admission standards.
AACSB accreditation is one of the main tools used to assure and verify the quality of the finance
offerings at the University of Northern Colorado. MCB is currently one of eight AACSB
accredited programs in Colorado. The Air Force Academy, CU Boulder, CU Denver, CU
Colorado Springs, DU, and Ft. Lewis College are the other seven AACSB accredited programs.
MCB maintains a unique position by being the only business program on Colorado’s Front
Range that is an accredited undergraduate-only program. The finance department supports MCB
by providing an integral and indispensable component of the business student’s education. The
finance department also supports the University’s mission by contributing to the comprehensive
array of baccalaureate programs. Students majoring in other disciplines such as economics often
take finance courses in order to assure a balanced diversified education.
C. External and internal demand for program/service, including its uniqueness.
1. State, regional, and national demand trends.
National demand for financial analysts and other financial specialists experienced above-average
growth in the last 10 years, and above average growth is expected to continue in the next 10
years (Source: Career InfoNet). Based on data from the Bureau of Labor and Statistics and the
Office of Employment Projections, finance related positions are expected to experience a 26-
28% growth from the year 2000-2010. The Bureau of Labor Statistics considers a 10-20%
growth during that period as average growth. (Career InfoNet)
The demand for finance positions in Colorado should exceed the national average. Colorado has
a diverse economic base with especially strong participation in telecommunications and other
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 5
high-tech industries. Colorado is also a major transportation center and tourism, though not
easily identifiable as a separate economic sector generates approximately eight billion dollars per
year. Source: Colorado Data Book. Colorado’s 30 largest private sector employers include
Qwest, Centura Health, Columbia-HealthOne, Lockheed Martin, Wells Fargo, Exempla Health
Care, Kaiser-Permanente, Ball Corporation, and Great West Life and Annuity. All of those
employers have above-average need for employees trained in financial management,
investments, portfolio management, and personal financial planning.
Colorado also ranks fourth in business starts per capita, and these companies are responsible for
a substantial share of new job creation in Colorado. (Source: Colorado Data Book, September
2003) Financial knowledge and ability are critical to any new business start up, and new
business start ups increase the demand for new employees with financial skills and abilities.
Above-average future opportunities clearly exist in Colorado and the U.S. for finance graduates.
2. Program offerings at other institutions
Other Colorado four-year universities, both public and private, offer finance majors or finance
emphasis specializations within their respective colleges of business. There is, however,
sufficient demand to support finance programs at multiple universities. The MCB finance
program competes especially well with other institutions due to the AACSB accreditation and
MCB’s exclusive focus on undergraduate education. Since MCB has no graduate students,
undergraduate students do not have to endure the inexperienced and often inadequate teaching
abilities of graduate students. All courses at MCB are taught by regular faculty and that fact has
allowed MCB to improve its reputation regionally and attract increasingly better students.
To achieve AACSB accreditation, the MCB Faculty elected to focus exclusively on
undergraduate education. The MBA program and other low-productivity programs were
terminated in the late 1980s in order to focus exclusively on an undergraduate business program.
The undergraduate focus makes MCB unique among other state institutions in Colorado and
dramatically increases the quality of student education. Core business courses at Colorado State
University and the University of Colorado are often taught in lecture form to 100s of students.
Core courses at MCB are typically taught to a maximum of 55 students and averaged 38 for Fall
2003. Small class sizes create an excellent foundation in core business skills because the classes
are taught by full-time regular faculty with doctorate degrees or executive professors with
extraordinary business experience. The focus on small class sizes at the core-level and beyond
results in a unique market niche for MCB. Students and employer constituents appreciate the
small class size and the fact that students are treated as individuals and not as numbers. The
finance faculty are teachers first and researchers second. We build leadership and excellence
carefully and deliberately, one student at a time. If MCB loses this focus it will become just like
other state institutions in Colorado. Diverting resources away from undergraduate education by
competing at the graduate level and engaging in other diverse offerings would return MCB to the
second class status we found contemptible and worked hard to overcome.
D. Program quality.
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 6
1. Technology and rigor.
New technology is especially significant in the finance program. Our students’ abilities to utilize
technology and analyze and synthesize data and other information is critical. The program’s
objective is to utilize technology popular in the industry so students are prepared upon
graduation to utilize the technology found in the workplace. MCB subscribes to technological
services of value to both students and faculty, including Compustat, Research Insight, CRSP,
Bloomberg News Service, Ibbotson and Associates, and Lexis/Nexis.
There are some faculty who believe student effort should be rewarded. The finance faculty do
not subscribe to that school of thought. The finance faculty believe that only effort resulting in
achievement is deserving of reward. The finance faculty establish high standards for students
and those high expectations lead to high achievement. The faculty expectations permeate the
perceptions and attitudes of finance students. Alumni survey reports indicate that finance
graduates believe the program is rigorous and high in quality allowing graduates to compete for
jobs and successfully achieve once career positions are secured.
III. THE FUTURE: EXPRESSING OUR DREAMS
A. Defining the “Great University.”
The cover page of this report and the Charting the Future guideline document identify three
reasons for charting the future: discovering opportunities, fostering imagination, and investing
for greatness. To invest for greatness it is first necessary to reach some consensus at the
university or unit level regarding the characteristics of greatness.
Although there are many ways to define the “Great University” and a great unit within the
university, this report assumes the Monfort College of Business and the finance department
within the Monfort College of Business must possess three characteristics in order to achieve and
maintain greatness. First, the physical structure where the educational facility is housed must be
reasonably attractive, reasonably comfortable, and reasonably funded to provide the technology
and equipment necessary to carry out the educational process. Fortunately, in the intermediate
term, three to five years into the future, the finance department foresees no major problems in
this area. We are, however, concerned regarding the eventual exhaustion of funding from the
Monfort gift and how the college can maintain student opportunities when the gift is exhausted.
A plan for replacement grants and gifts is essential to the long-term excellence of the Monfort
College of Business.
The second essential element of a “Great University” is great students. The university’s ability
to attract capable, bright, and ambitious students sets in motion a chain of events ultimately
defining the university’s place among institutions of higher education. Each year at the Monfort
College of Business Graduation Celebration, the dean of the college issues a short statement of
congratulation and appreciation to the graduates. Traditionally, the dean has stated in essence,
“Your time as a student in the Monfort College of Business has come to an end; however your
connection with the University of Northern Colorado and the Monfort College of Business will
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 7
go on forever. We are measured by what you do. Your successes are our successes. We wish
you well. Visit us often and remember us always. Keep us in your heart and in your budget.”
Bright, capable, ambitious, and well educated graduates evidence, verify, and even create a
“Great University”. Strong graduates who secure excellent jobs have more financial resources
and those financial resources may benefit—and have benefited—MCB and the University
directly or indirectly because this successful alum is forever aligned with the University of
Northern Colorado. Strong graduates also often seek political positions or exert political power
and that political power benefits the University. Bright, capable, ambitious students also
motivate each other and create an inherent synergy in the classroom. Healthy competition
among students increases student achievement and places greater demands on faculty to insure
that the educational process is meaningful, relevant, and challenging.
Lastly, to invest for greatness, careful attention must be given to the abilities and
accomplishments of the faculty. Bright and capable students push and stretch the faculty to
greater achievement. In order to keep pace with and challenge increasingly capable students, the
faculty must devote increased energy and attention to academic currency and the ability
continually to raise the educational bar.
Each faculty member’s ability to contribute to the academy and meet the increasing demands of
a more capable student population must be continually evaluated. Scholarly productivity is
valuable as a contribution to the discipline and even more valuable as an indicator of a faculty
member’s ability to maintain academic currency and meet the ever-changing challenges of
improved students and a greater university.
B. Focus on greatness.
Although wild dreams and innovative plans for the future are tempting, wild dreams easily
become nightmares and many innovations are high-risk in nature often turning to folly. We are
certain some colleagues will propose new or renovated ideas regarding instructorless classrooms,
programmed learning, internet education, and the like all designed to achieve greater education
at a lower cost. There are bound to be some excellent ideas within the myriad of proposals and
innovations. However, many of the proposals will involve extraordinary risk and only minimal
We believe the most important aspect of the finance department’s plan for the future and the
Monfort College of Business’s plan for the future is to stay on course, focus on undergraduate
education, quality of students, quality of faculty, and avoid diversion of scarce resources to high-
risk proposals. Simply stated, we should keep doing what we have been doing, but do it even
better. Our reputation as an excellent college and department is growing rapidly and, because of
the newness of the college, radical proposals such as a PhD program in the Monfort College of
Business or high risk programs such as an MBA program divert resources away from the reliable
and predictable building blocks of greatness.
The subjective perception of excellence is also extraordinarily important. Creating the
perception of excellence among the knowledgeable public is a long and sometimes tedious
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 8
process. Since the College of Business is only 35 years old and the AACSB accredited college
of business is only 11 years old, it is difficult to compete with business programs that have 100s
of years of tradition, alumni, and loyalty. However, since we are now educating the children of
our initial graduates, and since prior graduates are hiring present graduates the college’s network
and attendant reputation is expanding exponentially. If we divert from our proven path and cease
to focus on high quality students and capable, productive faculty working in a conducive,
progressive, well equipped environment, the actual, perceived and hard-earned reputation for
quality and rigor will slip away. We must be careful not to lower our standards or reduce our
high student and faculty expectations in pursuit of elusive student FTE and myopic revenue
goals. If we stay on track, we will attract more and better students, faculty will continue to grow,
and MCB’s reputation will continue to grow bringing with it all the benefits proud and capable
C. Attracting better students.
The Monfort College has already begun the Finley Fellow program aimed at attracting students
with high CCHE scores to the college of business. MCB and the Finance Department have also
increased admission standards creating a small, temporary, set-back in enrollment but improving
the quality of the student body, the quality of learning and the motivation that occurs between
and among capable students. In order better to compete for high quality students, even more
attention should be given to the marketing of the College and attraction of high capability
D. Faculty Improvement
The finance faculty have excelled at instruction, scholarship, and service. The faculty should
continue to grow and excel in those areas. In the last five years, the finance faculty have
published 27 articles and made over 50 presentations. Scholarship is the hallmark of academic
excellence, and we must continue to devote resources to scholarship activities. We must also
continue to objectively evaluate instruction in order to assure currency, accuracy, and quality in
the classroom. Faculty must also continue to play a greater roll in the service area in order to
foster and improve the reputation of MCB on a statewide and regional basis.
E. High Benefit and Low Risk Proposals.
1. Add a finance course to the General Education curriculum options
Amazingly, the General Education Program consisting of 10 hours in the skills area and 30
semester hours in the content area contains no business course in any category. Given the
importance of business skills, especially financial skills, students should be allowed to use a
basic finance course to fill course requirements in at least one of the General Education
Introduction to Personal Financial Planning, BAFN 240, discusses concepts and principles of
personal financial planning, including personal financial assessment, goal-setting, planning and
management of personal assets, credit, insurance, investments, estates and taxes. A comparison
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 9
of average retirement age to average longevity in the mortality table indicates today’s students
may spend nearly as many years in retirement as they do in full-time employment. In such an
environment financial skills are absolutely critical. Additionally, students and many working
adults encounter severe credit problems and financial management problems that could have
easily been avoided by applying a few very basic financial lessons. The financial planning
course could easily qualify as a Category 5 Social Sciences course or a Category 6 Science and
Mathematics course. The course will be relatively inexpensive to staff because the class can be
partially staffed with professionally qualified Certified Financial Planners hired on a part time
basis. The course would be of equal if not greater value than many of the other courses
contained in Categories 5 and 6. The course would create a more diverse array of selections for
the student and imparts knowledge and skills absolutely essential for survival in a complex
If a personal finance class is not accepted as a general education class, we will still strive to
increase finance knowledge among the interested student population. The popular press and
financial research in the area of financial planning report a growing trend toward teaching a basic
level of financial literacy to college students in general. Several finance faculty are currently
pursuing venues to make a basic personal finance program available to all UNC students.
Although inferior to a class devoted to personal finance, a series of seminars and workshops
geared toward educating the general student population in such areas as money management,
credit card debt, financing their education and other personal purchases would reduce the myriad
of financial mistakes common among students and working professionals. We strongly believe a
solid understanding of personal finance is needed for most students, and we are actively
brainstorming to determine the best method of delivery.
2. Intercollegiate collaboration.
Greater university collaboration among colleges should create a more cohesive university with
more valuable programs for students. Joint efforts should serve to help bridge some of the
traditional barriers that exist due to disparate philosophical approaches or because faculty are
unaware of each other as a result of not working together. A joint effort among MCB, the
Finance Department and PVA, for example, could create a music/business finance degree or
combination. The Finance Department could also collaborate with HHS to create a sports
finance or healthcare finance program or certificate. The aging population and increased
demands for healthcare provide, at a minimum, anecdotal evidence of the need for such a
program. Financing healthcare will be an ever escalating demand and students knowledgeable in
healthcare and finance should have many opportunities for employment.
3. Student Intern Programs.
Historically, internships in the Monfort College of Business are the result of volunteer student
and faculty efforts. Generally, no specific faculty member or individual is charged with the
responsibility of nurturing student internships. Increasingly, employers hire students with
internship experience and internships often lead to successful employment with the intern
Charting the Future—B.S. in Business Admin, Finance Emphasis Page 10
A successful internship program should focus on summer employment. By focusing on summer
internships, students can expand their opportunities for internships beyond the northern Colorado
area and include Denver as well as the entire Rocky Mountain Region and beyond. Students
should receive minimal academic credit, no more than three hours, and an individual, faculty or
non-faculty, should be assigned to promote the internship program.
Time invested to create and cultivate internship opportunities for students would benefit both
students and intern employers. Such opportunities would also expand the reputation of the
Monfort College of Business. The internship function is probably best accomplished by a single
individual in the college charged with the responsibility of identifying and facilitating internship
possibilities. It is premature to require students to complete an internship as a condition
precedent to graduation; however, students frequently request internships and students would
enthusiastically take advantage of internship opportunities. At this time, the funding of the
internship effort is unclear; but students pay tuition during the internship and that tuition should
cover a large portion of the cost of the intern coordinator.
4. Build on the CFP track and designation
A number of opportunities exist within the CFP track in the Finance Department at MCB. A
recent endowment in real estate resulting from the sale of the State Farm building creates
opportunities to carefully pursue undergraduate and community educational opportunities in the
real estate arena. Interest from State Farm Insurance Company also creates an insurance
education opportunity and the possibility of a small number of efficiently conducted classes
leading to an insurance certificate. Certificate Programs could be arranged in both real estate and
insurance. We will exercise extreme caution when considering certificate-related programs in
order to assure they do not inappropriately divert our focus away from our traditional
undergraduate education mission. We do, however, need to be flexible enough to meet regional
business needs when outside funding is available to pay any extraordinary or increased costs of
Further we sayeth naught.