2014-2015 Undergraduate Catalog 
    May 20, 2024  
2014-2015 Undergraduate Catalog [Archived]

Accounting, Finance, Insurance and Risk Management

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Chairperson: Dr. Steven W. Lamb
Department Office: Federal Hall, room 105

ISU’s Accounting, Finance, Insurance and Risk Management Department oversees the administration of three business programs: accounting, finance, and insurance and risk management.



The practice of accounting is of growing importance in the creation and use of information for planning, controlling, and evaluating the activities of all businesses and organizations. ISU’s Accounting Program offers students preparation for these growing careers through a foundation of study in general knowledge, business, and accounting principles. Completion of the 120 credit hour accounting major at ISU prepares students for positions in business, industry, government, or the not-for-profit sector as accountants, auditors, tax specialists, or management accountants. In Indiana, however, anyone wanting to become a certified public accountant must have completed 150 semester hours of college credit and passed the CPA Examination. Indiana State University offers the following options to meet this additional credit hour requirement:

1.    Completion of a dual major in an area that complements the accounting major such as management information systems, finance, or insurance and risk management; completion of two minors from these complementary areas; or completion of additional courses to meet the total 150 hours in courses that meet the student’s interests.

2.    Completion of the master of business administration degree.

All accounting majors must meet the following requirements for graduation:

1.   Earn a “C” or better grade in all accounting courses.

2.   Earn a cumulative grade point average of 2.4 or higher in all required accounting courses including Business 201 and 202.

Degrees Offered

Both a major and minor are offered in accounting. Each is also available through a degree completion program via distance learning. In addition, the forensic accounting minor program provides the necessary accounting, fraud examination, and investigative skills to investigate, detect, and prevent fraud. This minor is open to all majors. The forensic accounting minor appeals to criminology majors interested in a career in deterring money laundering and white collar crime and to Scott College of Business majors who want to be able to detect and prevent fraud. For accounting majors, fraud examination is part of their job and this minor provides specialized knowledge and tools.

Program Opportunities

Accounting students at ISU may be invited to become members of the accounting honorary, Beta Alpha Psi, by meeting specified criteria including high academic achievement in their accounting courses. As students in the Scott College of Business, accounting majors also may be invited to join the business honorary Beta Gamma Sigma, or the professional business fraternities Delta Sigma Pi and Alpha Kappa Psi. These organizations provide both professional learning and networking opportunities, as well as social opportunities to meet other accounting and business students and faculty.

Students in ISU’s business programs have numerous opportunities to gain practical experience in their fields through internships and cooperative work experiences. Accounting students have recently completed internships with a variety of public accounting firms, in private industry, in not-for-profit firms, and with governmental agencies.


The understanding and management of the financial interests of businesses, non-profit organizations, and individual investments is fundamental to the growth and success of the world’s economy. Students interested in financial careers receive an excellent professional financial education through the Scott College of Business’ Finance Program. Study in the Finance Program provides the knowledge and training financial experts need to make and implement decisions regarding managing, investing, and distributing financial resources within businesses and on individual levels. Students in the Finance Program study the financial principles, theories, and practices of corporations, financial institutions, and international businesses. Graduates are qualified for entry-level positions in business leading to advanced positions such as financial officers, bankers, financial analysts, and portfolio managers. Students may also pursue courses in financial planning, leading to a career as a financial planner.

By completing a degree in the Financial Services Program, students build upon the foundation provided by Foundational Studies requirements coupled with the business core and 27 hours of course work defining the financial services major. The major requires all students to complete an overview of financial services with specific course work in the areas of financial institutions (banking), investments, and insurance with a focus on ethical decision making. Sources of return and risk in domestic and international financial markets and institutions are also studied. Students in the major then declare a track in one of the four areas associated with financial services: accounting, financial institutions, investments, or insurance and risk management.

Degrees Offered

Students may complete either a major or minor in finance or a major or minor in financial services. The finance major offers two concentrations - Financial Analysis & Investment Management and Financial Planning. Students must select a concentration in the finance major.

Program Opportunities

Students choosing the financial planning concentration may elect to pursue the CFP - Certified Financial Planner certification. The Financial Management Association and Investment Club are open to any student interested in the field of finance. These organizations sponsor professional, academic, and social activities. As students in the Scott College of Business, finance majors also may be invited to join the business honorary Beta Gamma Sigma, or the professional business fraternities Delta Sigma Pi and Alpha Kappa Psi. These organizations provide both professional learning and networking opportunities and social opportunities to meet other finance majors and business students and faculty. Also, students have the opportunity to gain practical field experiences in finance through internships. Among other companies, finance majors recently completed internships with Conseco, Eli Lilly and Company, Northwest Airlines, Crane Naval Base, and Lockheed Martin. Students interested in insurance may be eligible to join Gamma Iota Sigma; likewise, students interested in accounting may be eligible to join Beta Alpha Psi.


Among the most successful businesses of the last century, the fields of insurance and risk management will continue to grow and change to meet the needs of society. A highly recognized program, ISU’s insurance and risk management major provides students with both professional and theoretical knowledge in this fast-growing field. ISU’s program provides students with a broad understanding of the role of companies that bear the risk of insuring both public and private interests. Studies focus on all major aspects of insurance, risk management, and financial planning. ISU’s courses also serve as the foundation for professional designations and licenses. Students who complete the program find careers as risk analysts and managers in large firms, government and regulatory agencies, and in consulting. Other career opportunities include positions as agents, brokers, underwriters, claims adjusters, financial planners, and employee benefits specialists.

Degrees Offered

A major and minor are offered in insurance and risk management. Each is also available through a degree completion program via distance learning.

Program Opportunities

Program majors and minors are encouraged to complete internships to gain practical experience. ISU students have completed insurance or risk management internships in a variety of companies including State Farm, Eli Lilly and Company, One America Insurance, Farmers Insurance Group, Farm Bureau, Lockton, and St. Vincent’s Hospital.

The Insurance and Risk Management Program at ISU is privileged to be the site of The Gongaware Center for Insurance Management Development. Funds to establish the center were donated to Indiana State University by retired insurance executive Donald and Patricia Gongaware to encourage leadership development at the University. The center provides scholarships to undergraduate students, brings industry leaders to the University to serve as executives-in-residence, and encourages faculty-led research in critical industry matters.

Insurance and risk management majors and minors may join Gamma Iota Sigma, an organization that promotes professional, academic, and social activities among insurance faculty, professionals, and students. Majors and minors who earn and maintain a cumulative grade point average of 3.6 are eligible for induction into the Insurance and Risk Management Honors Corps, which recognizes them each semester at a dinner hosted by industry executives. Delta Sigma Pi and Alpha Kappa Psi are college-wide business fraternities that business majors may join after meeting specified requirements. Insurance and risk management majors also may be invited to become members in Beta Gamma Sigma, a national business honorary, when that organization’s academic and achievement standards have been met.

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