Westfield State University Department of Economics and Management

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1 Westfield State University Department of Economics and Management The Department of Economics and Management at Westfield State University offers a Bachelor of Arts degree in Economics and Bachelor of Science degrees in Accounting, Finance, Management, and Marketing. Students majoring in Management have the option of concentrating in the area of Aviation Management. The Department also offers a Master of Science in Accountancy. The mission of the Department of Economics and Management is to provide high quality programs of undergraduate education in the functional areas of business and economics to the citizens of the Commonwealth of Massachusetts and the surrounding area. As a public institution of higher education, we focus on serving students seeking a high quality education at an affordable price. As a small selective program, we are able to satisfy students who desire individualized attention. Our program prepares students to be successful and productive members of any organization they join, enables them to contribute to the greater good of society, and provides them a framework to continue expanding and learning throughout their personal and professional lives. In pursuit of this goal, we provide a fundamental grounding in a core body of knowledge as laid out in the university s common core. This exposure to liberal studies and cultural diversity is complemented by our departmental business core requirements. Our business programs provide an analytical framework for decision making and problem solving in today s business world along with the requisite business skills necessary to succeed in a global society. The economics program provides a sound analytical foundation for students while facilitating insight into regional, national, and international economic issues. The majors offered in the department allow flexibility and variety so students are able to develop an individualized portfolio of skills that meets their educational and professional objectives. LEARNING OBJECTIVES FOR BUSINESS CORE REQUIRED FOR ALL BACHELOR OF SCIENCE MAJORS Upon completion of the business core, students in all majors should be able to: Apply critical thinking skills to plan and implement strategic organizational change within ever-changing business environments Successfully integrate competencies gained in the functional areas of accounting, economics, finance, management, marketing, and information systems and technology to critically evaluate information in making organizational decisions in a global economy Demonstrate the ability to make managerial decisions and problem solve within a team structure Demonstrate leadership skills Apply ethical principles to ethical issues to enhance their ability to work ethically and to be socially responsible Demonstrate the ability to write clearly and concisely Demonstrate the ability to make oral presentations that are professional in nature

2 Demonstrate practical application of a broad level of skills to facilitate a successful transition to managerial positions or graduate school PROGRAM LEARNING OBJECTIVES BY MAJOR Accounting Westfield State University offers both Bachelor of Science and Master of Science degrees in Accounting. The two programs may be combined for a five-year, 150-hour program. The Bachelor of Science prepares students for introductory positions in the field of accounting. The Master of Science prepares accounting students for management positions in accounting and allows students to complete the additional 30-hours required to fulfill the requirements for the Certified Public Accountancy license in Massachusetts. In addition to preparing students for management positions in accounting, the graduate program serves accounting professionals interested in increasing the depth and breadth of their accounting knowledge. The program builds on the knowledge and tools from the students undergraduate education to allow them to achieve a greater degree of sophistication in accounting and auditing. This provides students with the knowledge and skills necessary to have successful careers in public and private accounting. In addition to satisfying the requirements to become a Certified Public Accountant in Massachusetts, students will also be better prepared for examinations required for the Certified Management Accountant, the Certified Internal Auditor, or the Certified Fraud Examiner designations. Graduates have obtained employment in public accounting, corporate accounting, as well as not-for-profit/governmental accounting. Bachelor of Science in Accounting Program Objectives Upon completion of the B.S. in Accounting, students should be able to: Approach accounting problems in a logical and professional manner Prepare and analyze financial statements for use in management decision making and for external reporting Understand and apply the use of management accounting in decision making Use and evaluate different accounting information systems Understand and apply auditing techniques and procedures in the audit of financial statements and internal controls Prepare and file income tax returns for individuals and sole proprietorships Communicate effectively both verbally and in writing Master of Science in Accountancy Program Objectives The M.S. in Accountancy will: Strengthen the student s theoretical foundation in multiple areas of accounting and auditing,

3 Expand the student s critical thinking and research skills in accounting, auditing, tax, and general business, Develop the student s oral and written communication skills, aid the student in developing interpersonal skills such as leadership and teamwork, Enhance the student s understanding of ethical and professional issues in accounting and auditing, and their ability to respond to ethical dilemmas in the profession, and Fulfill the 150-hour requirement for professional certification as a public accountant in Massachusetts and several other states. Economics The Economics major is primarily designed to build a framework by which a student can learn to analyze economic issues in contemporary society. As a broadly-based social science, the program in Economics will consider various societal concerns such as unemployment, inflation, economic growth, the environment, income distribution, the structure and functioning of markets, poverty, global trade and competitiveness. In addition, the role of government at both the microeconomic and macroeconomic level is examined. The student receives a systematic introduction to the basic theoretical and empirical techniques of economics, and has a range of upper level electives which provide deeper appreciation of various economic topics. The student can major only in Economics, or choose Economics as part of their pursuit of a double major at Westfield State. The 36 credit requirement makes this a viable option. In this regard, the Economics major has specific programs in conjunction with the Finance, Mathematics, and Political Science departments to facilitate a student pursuing a double major. The major in Economics is suited to accommodate a broad range of student interests, including preparation for careers in business or government, as well as graduate school in economics, business, law, or public administration. Bachelor of Arts in Economics Program Objectives Upon successful completion of the B.A. in Economics, students should be able to: Retrieve, correctly use and interpret economic data such as GDP, unemployment, inflation Explain key economic concepts and describe how these concepts can be used in analyzing and understanding contemporary social issues Recognize and critically evaluate the various viewpoints and biases inherent in daily economic news articles Understand the function of markets and governments in resource allocation and the limitations of each; Recognize circumstances that lead to efficient and inefficient market outcomes

4 Recognize the advantages and disadvantages of international trade and the interconnectedness of world economies Communicate effectively verbally and in writing Finance Westfield State University offers a Bachelor of Science in Finance. This degree provides students with a conceptual framework that enables them to understand and confront the myriad problems facing financial professionals in a competitive global economy. Students will be prepared to assume create value in the economy by becoming entrepreneurs and innovators in areas such as corporate finance, investment management, banking, financial planning and insurance or to continue their education at the graduate level. Bachelor of Science in Finance Program Objectives Upon successful completion of the B.S. in Finance, students should be able to: Describe the core theoretical concepts of finance, such as the time value of money and the relationship between risk and return. Create and apply financial modeling skills to analyze and forecast various financial contexts, such as asset valuation and portfolio optimization. Critically analyze financial statements and make comparative assessments to competitors as well as industry norms. Demonstrate knowledge of major domestic and global financial institutions and the role of those institutions in the global economy and financial markets. Demonstrate an understanding of derivative markets and instruments. Perform as effective and ethically aware financial decision makers. Communicate effectively by making presentations and writing financial reports. Management Westfield State University offers a Bachelor of Science in Management. The Bachelor of Science degree prepares students for management careers in business, government, non-profit organizations, and graduate study. The coursework presents students with a broad perspective of managerial decision making that includes planning, leading, organizing, controlling, and innovating. As well, the program considers moral and diversity constraints and issues regarding diversity. Bachelor of Science in Management Program Objectives Upon successful completion of the B.S. in Management, students should be able to:

5 Relate and discuss the potential functions and applications of various management processes in planning, organizing, staffing, directing, leading, and controlling. Identify and examine the needs of today s managers in assessing and implementing strategies used in the management of information technology, financial, and human resources in the workplace. Recognize and describe the impact of international, legal, social, political, economic, technological, and environmental issues as they relate to organizational behavior in terms of the individual, group/team, and overall organization. Examine and explore potential management challenges and opportunities, as well as discuss possible strategies and/or applications to be used in addressing such managerial concerns. Recognize and discuss the relevance of diversity, ethical conduct, and social responsibility in business organizations. Analyze the external and internal environmental forces affecting business organizations to identify possible social, political, economic, legal, and strategic issues associated with these competitive forces and environmental factors and their impact on the effectiveness of managers in today s competitive and global organizations. Aviation Management Concentration under the Management Major Westfield State University offers a Bachelor of Science in Management with a specialized concentration in Aviation Management. The mission of the aviation management program is to provide a comprehensive management education while preparing students for careers in aviation. Students will acquire knowledge of accounting, finance, marketing, and general management, as well as special knowledge required for decision making in the aviation industry. Students will be prepared to enter a career in aviation management or the opportunity to prepare for a career as an aviation pilot. Students pursuing this major can choose a flight or non-flight option. The flight option requires students to attend private pilot flight school. Concentration in Aviation Management Program Objectives In addition to the program objectives for the B.S. in Management, upon successful completion of the B.S. in Management with a specialized concentration in Aviation Management, students should be able to have: An understanding of the impact of aviation and technology in a global/societal context, An ability to apply the techniques, skills, and modern aviation management tools to perform business related tasks, An ability to function on a multi-disciplinary management team which includes technical and management issues, An ability to apply knowledge of mathematics and science to ensure safe and efficient operations,

6 An ability to accurately analyze and interpret data, and design experiments for a variety of problems, An understanding of professional and ethical responsibility, An ability to communicate with agency representatives, superiors, subordinates, and peers with precision and clarity, A recognition of the need for the ability to engage in lifelong learning, and A knowledge of contemporary aviation industry issues. Additional outcomes for students completing Aviation Management Concentration in Flight are to: Complete FAA requirements and examination for required Ground Schools Complete FAA requirements, examination, and check rides to complete required Flight Courses. Marketing Westfield State University offers a Bachelor of Science in Marketing. The Bachelor of Science prepares students for introductory positions in the field of marketing. Bachelor of Science in Marketing Program Objectives Upon completion of the Marketing major, students should be able to: Describe the core concepts of marketing and how they fit into an overall business model Understand the role of marketing in organizations and the contribution of marketing to effective corporate management and strategy Design appropriate and effective marketing strategies and apply marketing concepts to solve business problems Utilize the marketing mix in the creation of an integrated communications plan designed to contribute to the overall goals and objectives of a business Ascertain the psychological and sociological factors that influence consumers in making purchase decisions Conduct research and use marketing information to analyze business markets and to make informed business decisions Communicate effectively and work in teams to write and present marketing plans Integrate the marketing function with the fundamental business concepts and principles of management, logistics, sales, and advertising