Economics and Management

Faculty

Vicki L. Baker, chair and professor.
B.A., Indiana University of Pennsylvania; M.B.A., Clarion University; M.S., Ph.D., Pennsylvania State University. Appointed 2007.

Caroline Adamczyk, visiting adjunct professor.
B.A., Albion College; M.A., DePaul; M. A., Wayne State University; Ph.D., Candidate, Wayne State University. Appointed 2022.

Jon A. Hooks, professor.
B.S., Cameron University; M.A., University of Texas, Dallas; M.A., Ph.D., Michigan State University; C.F.A. Appointed 1989.

Seolah Kim, assistant professor.
B.A., Korea University; M.A., Seoul National University; Ph.D., Unviersity of California, Riverside. Appointed 2020.

Zhen Li, professor, holder of E. Maynard Aris endowed chair.
B.A., Peking University; M.A.; Ph.D., Princeton University. Appointed 2004.

Connie O’Brien, assistant professor.
B.A., College of St. Scholastic; CPA, Active, State of Minnesota; M.B.A., University of Minnesota Duluth; D.B.A., Georgia State University. Appointed 2022.

Leah Parker-Roth, visiting adjunct professor.
B.A., Albion College; C.P.A., Active Michigan. Appointed 2022.

Stephen Young, assistant professor.
B.A., University of Mississippi; M.B.A., Capella University; Ph.D., Indiana Institute of Technology. Appointed 2022.

Introduction

The Economics and Management Department provides students with an understanding of economic and management principles that will be useful throughout their careers. We address both the immediate application of problem-solving techniques and the conceptual basis for those techniques. The department offers an 8-unit major in economics and management, a 9.5-10 unit major in accounting (corporate track or C.P.A. track), a 10-unit major in business, a 10-unit major in economics and management with emphasis (emphases in economics, general business, human resources, or international business and international economics), a 10-unit major in finance and an 8-unit major in marketing management. We offer five minors: accounting, economics. finance, and management and marketing management. The department also supports the interdepartmental majors in mathematics/economics, public policy, and social studies.

Economics and Management Department Website

Career Opportunities

Graduates in economics and management have professional opportunities in many aspects of business, including accounting, banking, finance, human resources, international business, marketing and sales, and retailing. The program also provides a strong background for graduate study in law, business, economics, public policy studies and related areas. Albion offers all the courses needed to meet the 150-hour requirement for becoming a certified public accountant.

Special Features

The department spans the worlds of theory and practice. We teach students how to analyze problems faced by businesses, government, or nonprofit organizations; make decisions; and lead. The department maintains a close relationship with the business world, which aids in the placement of graduates.

Departmental Policy on Advanced Placement Credit

Students who earn a 5 on the Advanced Placement (AP) exam in microeconomics will receive one unit of credit for E&M 101 . Students who earn a 4 will receive one unit of credit for E&M 191. E&M 191 will not meet the E&M 101 requirement for the E&M major but will count toward the 32 units for graduation.

Students who earn a 5 on the Advanced Placement (AP) exam in macroeconomics will receive one unit of credit for E&M 102 . Students who earn a 4 will receive one unit of credit for E&M 192. E&M 192 will not meet the E&M 102 requirement for the E&M major but will count toward the 32 units for graduation.

Student Learning Outcomes

Accounting Major CPA Emphasis

After completing the Accounting major CPA Emphasis graduates should be able to:

1.	Demonstrate knowledge of preparation of Financial Statements in accordance with Generally Accepted Accounting Principles (GAAP)
2.	Apply quantitative skills to analyze financial and/or contextual information in order to make decisions
3.	Communicate clearly and effectively orally or in writing
4.	Interpret & apply the professional & ethical responsibilities of accountants to ethical dilemmas
5.	Demonstrate an understanding of internal control concepts

Accounting Major Corporate Emphasis

After completing the Accounting Major Corporate Emphasis, graduates should be able to:

1.	Demonstrate knowledge of preparation of Financial Statements in accordance with Generally Accepted Accounting Principles (GAAP)
2.	Apply quantitative skills to analyze financial and/or contextual information in order to make decisions
3.	Communicate clearly and effectively orally or in writing
4.	Interpret & apply the professional & ethical responsibilities of accountants to ethical dilemmas
5.	Effectively use knowledge of managerial accounting concepts

Accounting Minor Corporate Emphasis

After completing the Accounting Minor Corporate Emphasis, graduates should be able to:

1.	Demonstrate knowledge of preparation of Financial Statements in accordance with Generally Accepted Accounting Principles (GAAP)
2	Apply quantitative skills to analyze financial and/or contextual information in order to make decisions
3.	Communicate clearly and effectively orally or in writing

Business Major

After completing the Business major, graduates should be able to:

1.	Apply theory (e.g., accounting, economic, management, leadership) to analyze real-world situations and various policy implications
2.	Students will be able to communicate effectively orally and/or in writing
3.	Use information to support finances, processes and practices, such as problem analysis and decision making
4.	Appraise how management concepts inform and/or contribute to a greater understanding of work practices
5.	Investigate tools from various fields of marketing and/or communications to describe a profitable business and marketing strategy

Economics Major

After completing the Economics Major graduates should be able to:

1.	Define and calculate economic statistics such as price elasticity, economic profit, GDP, unemployement rate
2.	Graphically illustrate various economic models and interpret the results
3.	Apply economic theory to real-world situations with policy implications
4.	Implement quantitative methods to examine economic problems
5.	Demonstrate effectively orally and/or in writing on a course project

Economics Minor

After completing the Economics Minor graduates should be able to:

1.	Define and calculate economic statistics such as price elasticity, economic profit, GDP, unemployement rate
2.	Graphically illustrate various economic models and interpret the results
3.	Apply economic theory and/or quantitative analysis to real-world situations with policy implications

Economics & Management Major

After completing the Economics & Management Major graduates should be able to:

1.	Define and calculate economic statistics such as price elasticity, economic profit, GDP, unemployment rate
2.	Graphically illustrate vairous economic models and interpret the results
3.	Apply economic theory and/or quantitative analysis to real-world situations with policy implications
4.	Understand basic concepts and principles in the areas of accounting, marketing, business, finance, and/or management
5.	Demonstrate effectively orally and/or in writing on a course project
Economics & Management Major, Human Resources Emphasis After completing the Economics & Management Major, Human Resources Emphasis graduates should be able to:
1.	Apply theory (e.g., accounting, economics, management, leadership) to analyze real-world situations and various policy implications
2.	Appraise how management concepts inform and/or contribute to a greater understanding of work practices
3.	Students will be able to communicate effectively orally and/or in writing
4.	Investigate how human resource practices effect the human capital and the organization
5.	Evaluate through an HR-related lens (e.g., historical, gender, ethnicity) personnel issues that contribute to the overall success of the organization
Economics & Management Major, International Business and International Economics Emphasis After completing the Economics & Management Major, International Business and International Economics Emphasis graduates should be able to:
1.	Define and calculate economics statistics such as price elasticity, economic profit, GDP, unemployment rate
2.	Graphically illustrate various economic models and interpret the results
3.	Appraise how accounting, finance, marketing, and/or management concepts inform and/or contribute to business decision-making
4.	Examine business operations in a global setting and/or the relationships between international business and the political, economic, and social issues of countries, regions and international institutions
5.	Demonstrate effectively orally and/or in writing on a course project

Finance Major

After completing the Finance Major graduates should be able to:

1.	Use information to support finances processes and practices, such as problem analysis and decision making
2.	Apply quantitative skills to help analyze and solve finance problems
3.	Understand how economic variables impact financial decision making
4.	Understand the functioning of stock and bond markets, and derivative markets
5.	Apply oral and written communication skills in a financial setting

Finance Minor

After completing the Finance Minor graduates should be able to:

1.	Use information to support finances processes and practices, such as problem analysis and decision making
2.	Apply quantitative skills to help analyze and solve finance problems
3.	Apply oral and written communication skills ina financial setting

Management Minor