Program Requirements (pdf)
Students can download a simple roadmap for FIEC major scheduling here.
Please note: The online course catalog contains the official listing of program requirements and takes precedence over information posted on this site. Should you discover a discrepancy between the online catalog and any information posted here, please contact the department.
The requirements below are for students who began higher education in or after Fall 2004. If you began higher education before Fall 2004 you can follow the requirements in effect at that time. The primary differences are that after Fall 2004 ECON 374 is a general core requirement, and ECON 471 or ECON 475 must be included as a Part II Financial Economics core requirement.
The Bachelor of Science (B.S.) in Financial Economics consists of at least 60 credits distributed as described below. A grade of “C” or better is required in each course to fulfill major requirements. Students must take a minimum of 21 credits from UMBC (not transferred) ECON courses. Students may complete a maximum of one major or minor from Economics.
I. General Core: 40-42 credits
- ECON 101 – Principles of Microeconomics
- ECON 102 – Principles of Macroeconomics
- ECON 121 – Principles of Accounting I
- ECON 122 – Principles of Accounting II
- ECON 311 – Intermediate Microeconomic Analysis (Note: Calculus is a prereq.)
- ECON 312 – Intermediate Macroeconomic Analysis (Note: Calculus is a prereq.)
- ECON 374 – Fundamentals of Financial Management
- Core: Economics. Students must complete one of the following courses. Additional classes taken from this area will count as Upper Level Econ Electives.
- ECON 320 – Elements of Quantitative Methods for Management
- ECON 421 Econometrics
- ECON 423 Economic Forecasting
- Core: Computer Science. Students must complete one of the following courses:
- COMP 101 – Computational Thinking and Design
- CMSC 104 – Problem Solving and Computer Programming
- CMSC 201 – Computer Science I for Majors
- IS 101 – Introduction to Computer-Based Systems
- IS 125 – Information Systems Logic and Structured Design
- IS 147 – Introduction to Computer Programming
- IS 295 – Intermediate Business Applications
- Core: Statistics. Students must complete one of the following courses:
- ECON 310 — Data Analysis for Economics
- STAT 350 – Statistics with Applications in the Biological Sciences
- STAT 351 – Applied Statistics for Business and Economics
- STAT 355 – Introduction to Probability and Statistics for Scientists and Engineers
- STAT 453 – Introduction to Mathematical Statistics OR CMPE 320 – Probability, Statistics, and Random Processes
- Core: Mathematics. Students must complete one of the following courses:
- MATH 151 – Calculus and Analytic Geometry I
- MATH 155 – Applied Calculus
- Core Economics & Mathematics. Students must complete one of the following courses:
- ECON 490 – Analytic Methods in Economics
- MATH 152 – Calculus and Analytic Geometry II
- MATH 221 – Introduction to Linear Algebra
- MATH 215 – Finite Mathematics for Information Science
- Core Philosophy & Management. Students must complete one of the following courses:
- PHIL 248 – Scientific Reasoning
- PHIL 346 – Deductive Systems
- CMSC 203 – Discrete Structures
- PHIL 253 – Business Ethics
- PHIL 350 – Ethical Theory
- MGMT 385 – Business Ethics
II. Financial Economics Core: 12 credits
Students may choose any four of the following courses, with a maximum of three credits from ECON 410. *ECON 471 OR ECON 475 must be included as one of the four courses.
- ECON 301 – Intermediate Accounting
- ECON 410 – Topics in Financial Economics
- ECON 453 – Household Economics
- ECON 463 – Theory of Public Finance
- *ECON 471 — Financial Markets and Institutions
- ECON 472 – Monetary Theory and Policy
- ECON 474 – Cases in Corporate Finance
- *ECON 475 – Financial Investment Analysis
- ECON 476 – Portfolio Analysis and Management
- ECON 477 – Analysis of Derivative Securities
- ECON 478 – Real Estate Economics and Finance
- ECON 479 – Venture Capital Markets
- ECON 482 – International Finance
III. Upper-Level Economics Electives: 9 credits
Students must complete 9 additional credits in ECON numbered 314 or higher. Students may use any upper-level ECON courses listed in the General Core or the Financial Economics Core as upper-level ECON electives provided the courses are not used to meet the requirements of the respective core.
A maximum of two of the following courses may be substituted for upper-level economics elective courses:
- ECON 302 – Intermediate Accounting II
- ECAC 329 – Cost Accounting
- ECAC 330 – Principles of Taxation
- CMSC 202 – Computer Science II for Majors
- CMSC 331 – Principles of Programming Language
- CMSC 341 – Data Structures
- IS 247 – Computer Programming II
- IS 320 – Advanced Business Applications
- MATH 225 – Introduction to Differential Equations
- MATH 251 – Multivariable Calculus
- MATH 302 – Introduction to Mathematical Analysis II
- MATH 341 – Computational Methods
- MATH 381 – Linear Methods in Operations Research
- STAT 417 – Introduction to Time Series Data Analysis
- STAT 433 – Statistical Computing
- STAT 453 – Introduction to Mathematical Statistics
- STAT 454 – Applied Statistics
- POLI 353 – Governmental Budgeting and Financial Administration
No course in which the students have earned a grade below “C” shall meet the requirements for the major.
For a suggested route through the major, check out UMBC’s Academic Pathways
Emphasis within the Financial Economics Major
Students may choose to emphasize Public Sector Finance, International Sector Finance, or Private Sector Finance within the Financial Economics major. The following are suggested course options for areas of emphasis:
Public Sector Finance
Elective courses included in the General Core or Financial Economics Core (if not used in the core):
- ECON 463 – Theory of Public Finance
- ECON 421 – Econometrics
Other suggested electives:
- ECAC 330 – Principles of Taxation
- ECON 403 – Economic Growth and Cycles
- ECON 405 – Benefit-Cost Analysis
- ECON 414 – Public Policy Toward Business
- ECON 415 – Property Rights, Organizations and Management
- ECON 416 – The Economics of Law
- ECON 464 – State and Local Public Finance
- ECON 472 – Monetary Theory and Policy
- POLI 353 – Government Budgeting and Financial Management
International Finance
Elective courses included in the General Core or Financial Economics Core (if not used in the core):
- ECON 482 – International Finance
- ECON 471 – Money and Capital Markets
- ECON 474 – Cases in Corporate Finance
- ECON 476 – Portfolio Analysis and Management
- ECON 477 – Analysis of Derivative Securities
Other suggested electives:
- ECON 382 – Asian Economic History
- ECON 385 – Economic Development
- ECON 387 – Economic Development of Latin America
- ECON 442 – European Economic History
- ECON 481 – International Trade Theory
- ECON 486 – Topics in Economic Development
Private Sector Finance
Elective courses included in the General Core or Financial Economics Core (if not used in the core):
- ECON 301 – Intermediate Accounting I
- ECON 471 – Money and Capital Markets
- ECON 474 – Cases in Corporate Finance
- ECON 475 – Financial Investment Analysis
- ECON 476 – Portfolio Analysis and Management
- ECON 477 – Analysis of Derivative Securities
- ECON 482 – International Finance
- ECON 423 – Economic Forecasting
Other suggested electives:
- ECON 302 – Intermediate Accounting II
- ECAC 329 – Cost Accounting
- ECAC 330 – Principles of Taxation
- ECON 408 – Managerial Economics
- ECON 413 – Industrial Organization
- ECON 453 – Household Economics
- ECON 478 – Real Estate Economics and Finance
Career and Academic Paths
With a B.S. degree in Financial Economics you will be prepared for entry level positions in the private sector or in government, for work and study leading to professional certification, and for graduate study.
Career Opportunities in the Private Sector. Information on career opportunities in finance can be found at the website Careers in Finance. Some typical job titles in the private sector are:
- Banking: Lending Officer, Management Trainee, Foreign Exchange Manager, Foreign Exchange Trader, Trust Officer.
- Money Management: Portfolio Analyst, Portfolio Manager, Fund Accountant.
- Investment Banking: Equity Security Analyst, Fixed Income Analyst, Bond Trader, Stock Trader, Commodity Trader, Futures Trader, Options Trader, Stock Broker, Investment Banker.
- Insurance Firm: Life Underwriter, Property and Casualty Underwriter, Claims Analyst-Adjuster, Agent.
- Nonfinancial Firms: Financial Analyst, Inventory Analyst, Pension Fund Administrator, Financial Accountant, Economic Analyst, Economic Forecaster.
Career Opportunities in Government. The B.S. degree in Financial Economics prepares you for a number of entry level positions in federal, state, and local government. Some examples of jobs you will be qualified for include Bank Examiner, Budget Analyst, Compliance Officer, Economist, Financial Analyst, Internal Revenue Agent, Management Analyst, Statistician, and Statistician-Economist. If you are interested in positions such as these, you should apply directly to the personnel office of an agency such as those listed below:
- Department of Commerce
- Department of Energy
- Department of Health and Human Services
- Department of Labor
- Department of Transportation
- Department of the Treasury
- Department of Defense
- Department of Housing and Urban Development
- Department of Justice
- Department of State
Professional Certifications Related to Financial Economics. Many of the professional positions listed above require certification beyond your bachelor’s degree. Typically, your employer will “sponsor” you to take the required exams. The B.S. in Financial Economics provides a solid foundation of knowledge that will aid in preparation for these exams. Some examples of common professional certifications are listed below.
Securities Licensing. If you choose to work with a stock brokerage firm, you will be required to complete a series of licensing examinations offered through the National Association of Securities Dealers. For example, to sell mutual funds, you must pass the Series 6 exam. To sell securities of all types as an agent of the NASD or a NYSE member company, you must pass the Series 7 exam. Other exams are required before you may work as a brokerage supervisor, a provider of limited partnerships, or an investment advisor.
Financial Analyst Certifications. The most prestigious, and also most rigorous, professional certification related to money management, financial analysis, and portfolio management is the Chartered Financial Analyst (CFA). The CFA is awarded by the Institute for Chartered Financial Analysts, a subsidiary of the Association for Investment Management and Research (AIMR). To become a CFA requires a substantial committment. A candidate must pass exams at Levels I, II, and III, and show a satisfactory record of professional experience. Your major in Financial Economics provides excellent background for the CFA, and you may be able to take the CFA Level I examination at the end of your senior year and receive a scholarship that will pay the examination fee. Other professional certifications related to investment advising and financial planning include the Certified Financial Planner (CFP) and Certified Financial Manager (CFM).
Insurance, Banking, and Real Estate Certifications. If you choose to work in the insurance industry, several professional certifications are available. The most important are the Chartered Life Underwriter (CLU) and the Certified Property and Casualty Underwriter (CPCU). If you enter the field of banking, the American Bankers Association offers a number of certifications related to banking management. If you decide to join the real estate industry a leading professional organization is the Appraisal Institute. The Institute offers professional certifications leading to the MAI designation for appraisers experienced in valuation of commerical, industrial, residential, and other properites and who advise clients on real estate investment decisions. An SRPA designation is offered for appraisers who are experienced in real estate valuation and analysis and advise clients on real estate investment decisions.
Accounting Certifications. The B.S. in Financial Economics includes requirements and options for several accounting courses. If you wish to become a public accountant, you must complete the professional certification of the Certified Public Accountant (CPA). To sit for the CPA exam requires 150 college credits. This means that coursework at the college level beyond a typical bachelor’s degree is required. Some of this additional coursework can be completed at UMBC. Master’s degrees in accounting are offered at the University of Maryland College Park, the University of Baltimore, and Loyola College. If you choose to become certified as a Certified Management Accountant (CMA), the Financial Economics major provides a complete background and UMBC offers courses in all subjects covered by the examination.
Opportunities for Professional and Graduate Study. The B.S. in Financial Economics is good preparation for graduate study in a number of fields. A few examples are listed below:
MBA or MS in Finance. The content of MBA and MS in Finance programs is based largely on economics and finance. The B.S. degree in Financial Economics therefore provides excellent preparation for the pursuit of either of these advanced degrees.
Law school. Many law schools consider an undergraduate major in economics good preparation because it provides a logical and rigorous approach to problem solving. Furthermore, the B.S. in Financial Economics provides particular information relevant to corporate, antitrust, and securities law.
Public Policy M.A. Programs. A B.S. in Financial Economics with the public policy concentration provides preparation for graduate study in programs such as the department’s Master of Arts in Economic Policy Analysis. The BA/MA program offers undergraduates the opportunity to pursue an accelerated five-year program of study leading to a terminal Master’s degree.
Ph.D. Programs. With its strong quantitative orientation, the B.S. in Financial Economics provides excellent preparation to pursue doctoral study in Economics, Business, Finance or Public Policy. Students interested in a Ph.D. in Economics or Finance should complete the mathematics sequence identified in the B.A. degree in Economics program description.