Chairperson: Dr. Jin Park
Department Office: Federal Hall, room 114
ISU’s Accounting, Finance, Insurance and Risk Management Department oversees the administration of four business programs: accounting, finance, financial services 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.
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.
Completion of an internship is encouraged and gives students a chance to put into practice the skills and knowledge they learn in the classroom. Accounting students have completed internships at Sommerset CPAs, Dauby O’Connor & Zaleski (DOZ), Sackrider & Co., Deloitte LLP, Ernst & Young, Kemper CPA Group, Svihla & Assoc, DFAS, Crane Naval Base, State Board of Accounts, Larson Woodyard & Henson, First Financial Bank, and Thompson Thrift. These internships frequently lead to full-time job offers.
Beta Alpha Psi offers opportunities to explore common interests with students, faculty, and professionals in the accounting profession. As students in the Scott College of Business, accounting majors 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 marketing and business students and faculty.
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.
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. Students in financial services major select a track in one of the four areas - Accounting, Banking, Insurance, and Investments.
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.
INSURANCE AND RISK MANAGEMENT PROGRAM
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. The insurance and risk management program provides students with both professional and theoretical knowledge in this fast-growing insurance and risk management field.. 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 retail, wholesale and surplus lines agents and brokers, underwriters, claim representatives, employee benefits specialists, financial planners, risk analysts and managers.
A major and minor are offered in insurance and risk management. Each is also available through a degree completion program via distance learning. In addition, the program offers a Property-Casulaty Insurance certificate, which provides provides career-specific training for non-insurance major students and individuals who wish to enter or advance their career in insurance, risk management, and other related fields.
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 Arlington/Roe & Co., Inc., Eli Lilly and Company, FCCI Insurance, Gibson, Indiana Farm Bureau, Liberty Mutual Insurance, Medpro Group, State Farm, and many others.
The Insurance and Risk Management Program at SCOB is the home of Gongaware Center for Insurance and Financial Services. Funds to establish the center were donated to Indiana State University in 1998 by retired insurance executive Donald and Patricia Gongaware to recruit and educate the next generation of insurance, risk management and financial services industry leaders. The center offers scholarships to incoming undergraduate students, provides students with career and professional development opportunities, and brings industry leaders to the University to serve as speakers and mentors for students.
Insurance and risk management majors and minors may join Gamma Iota Sigma (GIS), a professional organization that promotes professional, academic, and social activities among insurance faculty, professionals, and students. Through GIS, students have an opportunity to attend various industry conferences and events, including GIS, BIG-I, RIMS, CPCU Society, WSIA and many more. Students in GIS frequently compete in national competitions, including the RIMS Risk Management Challenge, Selective Collegiate Competition, and a business plan competition hosted by Clements Worldwide. 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. Insurance and risk management majors may also be invited to become members in Beta Gamma Sigma, a national business honorary, when that organization’s academic and achievement standards have been met. Delta Sigma Pi and Alpha Kappa Psi are college-wide business fraternities that insurance and risk management majors may join after meeting specified requirements.