Accounting, Finance, Insurance and Risk Management

Chairperson: Dr. Jin Park
Department Office: Federal Hall, room 114

Website: https://indianastate.edu/academics/colleges/business/acct-fin-ins-riskmgmt

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

ACADEMIC PROGRAMS

ACCOUNTING PROGRAM

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. The 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 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 requirements for licensure and passed the CPA Examination. Effective January 2027, Indiana offers a pathway to certified public accountant licensure at 120 credit hours (previously 150 credit hours were required)

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

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 C-Biz, CliftonLarsonAllen (CLA), Crane Naval Base, 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.

FINANCE PROGRAM

The Finance Program in the Scott College of Business prepares students to understand and apply financial principles that support business decision-making, organizational growth, and value creation in a global economy. The program provides a strong foundation in financial theory and practice, equipping students with the analytical and technical skills necessary for professional success in finance and related fields, including financial planning careers.

Coursework within the Financial Analysis & Investment Management concentration emphasizes the development of practical, career-ready skills, including financial analysis, valuation, capital budgeting, risk management, and the interpretation of financial data, including emerging topics in financial technology (FinTech). The curriculum is aligned with the standards of the CFA Institute, supporting students interested in pursuing professional certifications such as the CFA designation. In addition, coursework within the Financial Planning concentration emphasizes the development of capable, industry-ready professionals prepared for careers in financial planning. As a CFP Board-registered program, students who complete the concentration are eligible to sit for the CFP® exam without additional coursework.

Graduates are well prepared for a wide range of entry-level careers in finance and business, including financial analyst, corporate finance analyst, banking associate, credit analyst, financial advisor, and risk analyst, which can lead to advanced roles such as financial managers, portfolio managers, and chief financial officers.

Degrees Offered

Students can major and minor in Finance. Students may also complete a minor in Financial Services. The Finance major offers two concentrations—Financial Analysis & Investment Management and Financial Planning—and students are required to select one concentration as part of the major.

Program Opportunities

Students have many opportunities to gain professional experience, build networks, and develop leadership skills in finance. The Financial Management Association and Investment Club, along with the Student Managed Investment Fund (SMIF) Consortium, provide hands-on learning in investing, opportunities for professional and peer networking, exposure to best practices in investment management, and a collaborative community that connects students with faculty, institutions, and industry partners focused on student success and leadership in investing. Finance majors may also be invited to join business honor societies such as Beta Gamma Sigma, or professional business fraternities including Delta Sigma Pi and Alpha Kappa Psi. Students interested in insurance may be eligible to join Gamma Iota Sigma, and 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 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.

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. In addition, the program offers a Property-Casualy Insurance certificate, which 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 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 Arlington/Roe & Co., Inc., Eli Lilly and Company, FCCI Insurance, Gibson, Indiana Farm Bureau, Liberty Mutual Insurance, MedPro Group, State Farm, Epic Insurance, WSIA and many others. These experiences allow students to apply classroom knowledge in professional settings and build industry connections prior to graduation.

The Insurance and Risk Management Program 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 students may apply for approximately 30 established scholarships that are awarded annually each spring semester exclusively to insurance majors and minors, in addition to numerous competitive external scholarship sponsored by professional associations, foundations, and industry partners. Together, these scholarships recognize academic achievement, leadership, internship participation, and commitment to careers in insurance and risk management.

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, RISKWORLD, WSIA and many more. Students in GIS frequently compete in national competitions, including the Selective Collegiate Competition and a business plan competition hosted by Clements Worldwide, and other insurance and risk management competitions.