Business

Business and Economics Department

Deborah Calhoun, M.B.A., Ph.D. Chair
Ademar Bechtold, Ph.D.
Lawrence Beyer, C.F.A., M.B.A.
Margaret Brindle, Ph.D.
Mary Fanning, RSM, M.B.A., Ph.D.
Elizabeth H. Jones, Ph.D.
Charles E. Yoe, Ph.D.

Associate Faculty
Barbara Paul, M.A.
John Pollard, M.B.A.

Degrees offered

Major
Minor

Campuses

Main Campus
University Center Northeastern Maryland (formerly the HEAT Center)

The Business and Economics Department offers a major in business to students in the Women's College (WC), College of Adult Undergraduate Studies (CAUS) and NDMU Online . It also offers majors in international business and marketing communications in the Women's College. Minors in business and entrepreneurship are offered in the Women's College and College of Adult Undergraduate Studies. The business major includes a broad range of courses that provide the student with a strong foundation of knowledge in business and economics within the liberal arts curriculum. In addition to gaining a thorough understanding of core business concepts, students are taught to act ethically, think critically and creatively, and communicate effectively. Students don't just read about the latest theories and practices in business, they experience and experiment with them in real business situations. Consulting assignments and internships, as well as use of simulations and the case method, actively engage students in their learning.

The business curriculum is designed to ensure that all Notre Dame business graduates meet the following core competencies identified by major employers in the Baltimore/Washington corridor:

  • Integrate quantitative and qualitative skills to solve problems and support decision making
  • Demonstrate effective leadership skills in a team environment
  • Communicate effectively in all business environments with different types of media
  • Use technology to enhance business productivity and the quality of decision making

Graduates of the business program work in a wide variety of fields such as accounting, banking, marketing research, project and product management, human resource management, health care administration, nonprofit management, information systems, marketing, portfolio management, investments, law and many different type of entrepreneurial adventures.  

The Academic Program in Business

Foundation Business Courses—Courses in management, finance, marketing, economics, international business, law and accounting provide a solid foundation in the fundamentals of business. [30 credits]

Skills-Based Courses—Courses in data analysis, professional communication, business research, teamwork, negotiation and leadership enhance the technical skills necessary to compete in the workplace. [15 credits]

Advanced Business Policy and Practicum—These two courses enable students to apply the knowledge and skills learned throughout the degree program to strategic issues in business management and in the workplace. The successful completion of Advanced Business Policy, the capstone course, is required of all business majors and should be taken during the student's last semester of study. The four-credit practicum course is required for all Women's College business majors and CAUS as well as NDMU Online students who do not have at least two years of full-time professional work experience. The practicum includes a 120-hour internship. [3 to 7 credits]

Students complete their degree requirements either by completing courses for a concentration in accounting, or by completing at least two 400-level Business Elective courses. [6 to 12 credits]

Business Elective Courses—These upper-division courses challenge students to address complex business problems in a chosen field of interest such as finance, management, marketing, international business and human resource management. Students are required to complete two business elective courses but are encouraged to take additional business electives if possible. [6 credits]

Accounting Concentration—Intermediate and advanced accounting courses are offered for those WC students interested in preparing for the Certified Public Accountants (CPA) exam. Business students must complete 12 credits of intermediate and advanced accounting courses to fulfill their accounting concentration requirements. Students preparing to take the CPA exam are encouraged to complete as many accounting courses as possible. [12 credits]

A grade of C or better is required for all courses in the business major or business minor. Transfer students must complete a minimum of five courses in the business major regardless of the number of credits accepted in transfer.

Business Minor

The business and economics department works closely with students in other majors interested in a minor in business. Students with a business minor are better prepared to understand and respond to the business environment in which their career fields operate. The flexibility of the business minor ensures that students have the ability to choose those business courses that will prove most helpful in their career fields. The business minor comprises six courses (18 credits) and requires that the student complete at least one course in economics and BUS-416 Managing Financial Resources. No more than three courses from the student's major may be applied to the completion of the business minor. No more than nine credits may be transferred into the minor.

Entrepreneurship Minor

The entrepreneurship minor provides an introduction to both business entrepreneurship and "social entrepreneurship" for students from any major area of academic study. A social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles to organize, create and manage a venture to promote social change. The entrepreneurship minor provides students with an opportunity to develop a business plan for either a social or for-profit entrepreneurial organization that is appropriate for pursuing investors or grants. The entrepreneurship minor provides all students whose professional plans would benefit from entrepreneurial perspectives and skills a chance to develop their problem solving, negotiation, organizing, ambiguity and risk tolerance skills. The minor requires the completion of 7 courses (21 credits): BUS-302 Principles of Management, BUS-303 Principles of Marketing, BUS-416 Managing Financial Resources, BUS-401 Entrepreneurship I, BUS-402 Entrepreneurship II, plus two elective courses offered by several departments on campus and chosen and approved in consultation with the chair of the business and economics department. Business majors do not take BUS-416. No more than three courses from the student's major may be applied to the completion of the entrepreneurship minor.

Five-Year Option: B.A./M.A.

The five-year option enables a full-time WC undergraduate business major or minor student to complete the Bachelor of Arts and the Master of Arts in Leadership and Management degrees in five years. A student wishing to pursue a five-year integrated program must meet with her advisor and the chair of the Business and Economics Department before she registers for the fall semester of her senior year to plan her program of study and to determine program eligibility and review program requirements.

Undergraduate Degree

The undergraduate business degree is offered in three different formats.

  1. 16 week traditional semester via the Women's College - primarily face-to-face class meetings with 5 to 25 students enrolled.
  2. 8 week hybrid course format in weekday evenings from 6:00 pm - 8:45 pm - College of Adult Undergraduate Studies (CAUS) - combination of eight face-to-face class meetings along with additional learning online. Students are not required to be online at the same time. Class sizes vary from 5 to 25 students. 
  3. 8 week totally online course format - NDMU Online -  24/7 IT and library support available - Students rarely required to be online at the same time. Class sizes do not exceed 20 students.

Study Abroad

Study abroad opportunities exist for all three student groups. they range from a full semester abroad to a 10 day study tour lead by NDMU faculty during winter, spring or summer break. with a NDMU faculty member.

Courses

Courses are small and very interactive. NDMU faculty are committed to helping students succeed and value greatly student experiences and contributions. Students should expect their thinking to be challenged in a productive and respectful manner. Per Federal guidelines and university polily, each 3 credit course, regardless of course length or format, involves a minimum of 37.5 hours of instruction and at a minimum of 75 hours of student work outside of class time.


Required Core Courses for Major in Business (Credits)

BUS-105 Introduction to Business and Entrepreneurship (Women's College only, waived for transfer students) (3)
BUS-225 Data Analysis for Business Decisions (Women's College only) (3)
BUS-253 Financial Accounting
BUS-254 Managerial Accounting
BUS-302 Principles of Management (3)
BUS-303 Principles of Marketing (3)
BUS-304 Legal Environment of Business I (3)
BUS-310 Professional Communications (3)
BUS-321 Corporate Financial Management (3)
BUS-334 Teamwork and Negotiation (3)
BUS-350 International Business (3)
BUS-360 Business Research (Women's College only) (3)
BUS-3XX Research and Data Analysis for Business Decisions I (CAUS and NDMU Online only) (3)
BUS-3XX Research and Data Analysis for Business Decisions II (CAUS and NDMU Online only) (3)
BUS-3XX Research and Data Analysis for Business Decisions III (CAUS and NDMU Online only) (3)
BUS-400 Leadership (3)
BUS-432 Advanced Business Policy (capstone) (3)
BUS-461 Business Practicum (Required for Women's College and CAUS & NDMU Online only when student has less than 2 years of FT professional experience) (4)
ECO-211 Introduction to Macroeconomics (3)
ECO-212 Introduction to Microeconomics (3)
ECO-402 Money and Banking (3)

Computer competency in word processing, presentation software and spreadsheet applications is required. A student may demonstrate this competency by one of two methods:
1) complete CST-130 Introduction to Microcomputer Applications (or a comparable course) with a grade of "C" or better or 
2) earn a passing score of 70 percent on the CST-130 Challenge Exam. Business majors must fulfill the general education math requirement with MAT-103, College Algebra, or Calculus.

Students are required to complete either the accounting concentration or at least two of the 400-level business elective courses listed below.

Business Electives (6 Credits)

BUS-401 Entrepreneurship I (3)
BUS-406 Leading Innovation and Change (3)
BUS-436 Socially Responsible and Sustainable Business Practices (3)
BUS-442 International Finance (3)
BUS-451 Women in Leadership (3)
BUS-482 Consumer Behavior (3)
BUS-483 Integrated Marketing Communications (3)
BUS-484 Investment Management (3)
BUS-485 Advanced Financial Management (3)
BUS-486 Human Resources Management (3)

Accounting Emphasis (12 Credits)

BUS-337 Intermediate Accounting I (3)
BUS-338 Intermediate Accounting II (3) 

Select a minimum of two courses from the following:

BUS-305 Legal Environment of Business II (3)
BUS-335 Cost Accounting (3)
BUS-340 Tax Accounting (3)
BUS-341 Corporate Tax Accounting (3)
BUS-412 Auditing (3)
BUS-421 Advanced Accounting Theory I (3)

Four-Year Plan

Sample program of study for the business major. Students should select courses with the assistance of a faculty advisor. See course description for prerequisites and corequisites.

Fall Spring 
First year      
NDMU-100 First Year Seminar  3 BUS-334 Teamwork and Negotiation  3
ECO-212 Microeconomics 3 ECO-211 Macroeconomics 3
ENG-101 College Writing 3 Foreign Language (if required) 3
BUS-105 Create Your Future: Introduction to Business and Entrepreneurship 3 General Education/Electives 6
Foreign Language 3 Computer Competency Completed  
[15 credits]   [15 credits]  
Second year      
BUS-253 Financial Accounting I 3 BUS-254 Managerial Accounting II 3
BUS-303 Principles of Marketing  3 BUS-310 Professional Communication 3
BUS-302 Principles of Management 3 BUS-225 Data Analysis for Business Decisions 3
General Education/Electives 6 General Education/Electives 6
[15 credits]   [15 credits]  
Third year      
BUS-321 Corporate Financial Management 3 BUS-350 International Business 3
BUS-304 Legal Environment of Business I 3 BUS-400 Leadership  3
Gen. Ed./Electives and/or Accounting concentration and/or Business electives 9 Gen. Ed./Electives and/or Accounting concentration and/or Business electives 9
[15 credits]   [15 credits]  
Fourth year      
ECO-402 Money and Banking 3 BUS-432 Advanced Business Policy 3
BUS-360 Business Research 3 BUS-461 Business Practicum 4
Business Elective or Accounting Concentration 3 Business Elective or Accounting Concentration 3
General Education/Electives 6 General Education/Electives 6
[15 credits]   [16 credits]  

Note: Business electives in management, marketing, finance, international business or human resources management may be taken in junior year if prerequisites are completed.

Accreditation

Accreditation Council for Business Schools & Programs (ACBSP)

ACBSP promotes excellence in business education. It focuses on strong student learning outcomes and teaching excellence.

 

Courses

BUS-105 Create Your Future: Introduction to Business and Entrepreneurship

Begins with the learner developing a profile of her ideal work experience and explores how that ideal may be met through a career in business. Placing the learner in the role of a new business entrepreneur, the course exposes the learner to all the disciplinary aspects of starting a new business (management, marketing, finance, accounting, human resources, legal and economics) by focusing on the tasks that must be accomplished. This hands-on approach to starting and running a business exposes students to the complex world of the small business entrepreneur and helps them determine which area of business they wish to study in depth. [3 credits]

BUS-225 Data Analysis for Business Decisions

Emphasizes the foundation areas of data management, interpretation, and analysis. The course focuses on methods tomanage and explain data, describe and interpret data quantitatively using statistical techniques, and apply the results to make better management decisions. Data Analysis involves using statistical methods to understand and interpret data acquired in business applications. In this course students will learn techniques to manage data using Excel tools, explain data through charts and graphs, and describe and interpret data in probabilistic terms. [3 credits]

BUS-253 Financial Accounting

Introduces principles and practices leading to the preparation of a balance sheet, income statement and statement of cash flow. Presents the basics of accounting principles and its applications in the business world. The course explores the concepts and techniques of accounting for individual proprietorships and corporations. [3 credits]

BUS-254 Managerial Accounting

Builds on material covered in the Financial Accounting course. Focuses on understanding and developing managerial accounting skills that help analyze the cost of production in a manufacturing environment. The course introduces the topics of budgeting, planning and controlling of costs in a business operation. Prerequisite: BUS-253 or BUS-211. [3 credits]

BUS-302 Principles of Management

Examines organizational, human resources, operational, and functional aspects of ethically managing activites of diverse workforces in organizational settings. Analyzes traditional managerial functions of planning, organizing, leading, and controlling within the context of changing demands in organizations that compete effectively in an inter-connected, global environment. [ 3 credits ]

BUS-303 Principles of Marketing

This course introduces the language of marketing the strategic marketing process. While formulating viable marketing strategies for diverse business situations, learners will gain experience gathering and analyzing industry and market data, as well as implementing core-marketing concepts such as market segmentation, targeting, positioning,and the marketing mix in the formulation and implementation of real-world marketing strategies. This course culminates in the development of a marketing plan for a new product, service or retail establishment. [ 3 credits ]

BUS-304 The Legal Environment of Business I

Explores the legal environment of business, including contracts, implications of the Constitution and our structure of government, sales and employment law, legal substitutes for money, consumer and creditor protection including bankruptcy, and types of business organizations. Focuses on the implications of law for the business leader and practical ways to track changes in the law. [3 credits]

BUS-305 The Legal Environment of Business II

Builds on material covered in Legal Environment of Business I. It explores commercial paper, debtor-creditor relations, real property and estates, accountants' liability and secured transactions. In addition, students examine the legal aspects of the various business forms in greater detail. Prerequisite: BUS-304 or permission of chair. [3 credits]

BUS-310 Professional Communications

Explores communications contexts within organizations and refines written and oral communications skill sused in business and professional settings. Emphasizes appropriateness, effectiveness, and nuance while taking into consideration situation, audience, and delivery mode. Learners use common business communications tools and technologies as well as social media. Prerequisite: ENG-101 or IDS-100 (honors section). [ 3 credits ]

BUS-321 Corporate Financial Management

Emphasizes the foundation areas of finance to educate students in financial decisionmaking. Introduces concepts including time value of money, net present value and alternative measures used in financial decisionmaking, financial ratio analysis, capital budgeting, cost of capital, and asset valuation. Prerequisites for Business majors: BUS-253, BUS-254. Prerequisites for International Business majors: BUS-253. Recommend completion of general education requirement in math. [3 credits]

BUS-334 Teamwork and Negotiation

Analyzes the dynamics, structure and function of teams in businesses and other organizations. Examines the framework and components of conflict resolution and negotiation in both organizational and personal situations. Learners will assess and strengthen key interpersonal skills. This course utilizes role active learning pedagogy extensively including role plays, small group exercises, and simulations. [3 credits]

BUS-335 Cost Accounting

Introduces cost data as a tool for management decisionmaking. The course provides an in-depth examining of volume-profit analysis, budgeting, job order costs and variance analysis. Prerequisite: BUS-212 or BUS-254. [3 credits]

BUS-337 Intermediate Accounting I

Covers collecting, adjusting and presenting of accounting information. Emphasizes understanding published financial statements and developing a framework for analyzing a wide variety of financial reporting issues. Students examine topics including cash, short-term investments, receivables, payables, inventories, and operational assets and liabilities. Prerequisite: BUS-212 or BUS-254. [3 credits]

BUS-338 Intermediate Accounting II

Builds on material covered in BUS-337. Provides information on stockholders' equity, long-term investments, long-term debt, pensions, leases, financial statement analysis and price-level accounting. Prerequisite: BUS-337. [3 credits]

BUS-340 Tax Accounting

Focuses on federal tax laws as they apply to the individual. Introduces gross incomes and exclusions, tax determination, passive activity losses, itemized deductions, tax credits and property transactions. Students examine tax planning considerations and tax avoidance techniques. Prerequisite: BUS-212 or BUS-254. [3 credits]

BUS-341 Corporate Tax Accounting

Focuses on federal tax laws as they apply to corporations, S corporations, partnerships and estates. Students examine tax analysis and determination for management decisionmaking, filing requirements for estates and trusts, and choosing an entity selection to minimize tax liability. Prerequisite: BUS-212 or BUS-254. [3 credits]

BUS-350 International Business

Critically analyzes factors affecting business operations in the global marketplace. It introduces theories and practical strategies for evaluating constraints and opportunities resulting from economic, cultural, legal, and ethical differences to political and financial realities at home and abroad. Also provides hands-on opportunities for analyzing international business opportunities, developing international competitive strategies, and for comparing and contrasting different entry modes. Prerequisites: ECO-211 or ECO-212. Fulfills general education requirement in cross-cultural studies. [3 credits]

BUS-360 Business Research

Introduces students to key sources of secondary data and basic research methods that enable them to define the research problem, develop the research plan, collect, evaluate and organize relevant information, develop findings and conclusions and recommend a preferred course of action supported by analysis. Students will learn core primary research concepts such as how to locate key industry and customer information via secondary databases as well as to design an electronic survey and conduct a focus group. [ 3 credits ]

BUS-400 Leadership

Identifies important leadership concepts used to critically evaluate students' perceptions about leadership and describe relevant leadership attitudes, behaviors, and skills. Incorporates a variety of experiences including self-assessment, skill development, and small group team activities to strengthen personal and organizational leadership. Integrates course learning, experience and feedback to assess individual leadership skills and identify personal development needs. Prerequisites: Junior/Senior standing. [3 credits]

BUS-406 Leading Innovation and Change

Examines the core problems organizations and individuals face as they move through the dynamic processes of innovation and change. Students will identify highly successful change efforts and evaluate the strategies and techniques used. The key issues of changing behaviors, overcoming resistance to change and the role of leaders and followers in the process will be important themes. [ 3 credits ]

BUS-412 Auditing

Explores principles and practices of auditing through use of problems, questions and specimen working papers applicable to a balance sheet audit. Emphasizes techniques and routine procedures by applying the principles to a realistic audit. Prerequisites: BUS-212 or BUS-254, accounting concentration or permission of chair. [3 credits]

BUS-416 Managing Financial Resources

Provides students with an overview of the accounting and financial tools necessary for managers. Addresses the development and analysis of basic financial statements, the development of budgets (both operating and capital), and other techniques of financial analysis for management decisionmaking. Prerequisite: general education mathematics requirement. Business majors may not take this course; students who have taken BUS-261 may not take this course. [3 credits]

BUS-421 Advanced Accounting Theory I

Focuses on more complex topics in financial accounting. Emphasizes accounting theories and practices used in partnerships, business combinations and consolidations. Prerequisite: BUS-338. [3 credits]

BUS-432 Advanced Business Policy

Provides opportunities for students to apply knowledge gained from their core business courses to the formulation, implementation and evaluation of strategic management initiatives through case studies of specific organizations. Designed as a capstone experience. Prerequisites: BUS-302, BUS-303, BUS-321 and senior standing. [3 credits]

BUS-436 Socially Responsible and Sustainable Practices -

Studies and analyzes the increasing pressures on organizations to make the right decisions by acting in ways that benefit society and reduce negative environmental impacts. Students will complete research on organizations that use sustainable and responsible models; utilize case studies to identify current and best practices; and develop guiding principles for decision making. [3 credits]

BUS-442 International Finance

Examines opportunities and risks associated with international finance. Studies the international banking system, international money market, international bond markets and international equity markets. Explains exchange rate behavior and examines currency derivatives including future and options on foreign exchanges, currency and interest swaps, and international portfolio investments. Students will evaluate strategies to hedge against foreign exposures, including economic, translation, transaction and cash flow exposures. They will also analyze and evaluate the impact of central banks and financial policies around the world. Prerequisite: BUS-321. [3 credits]

BUS-451 Women in Leadership

Evaluates opportunities, issues and complexities that women face in the workplace. Analyzes differences between gender style and content in communications and behavior; critiques societal expectations of women and men in the workplace and in leadership roles; connects management and leadership precepts through the lens of gender; examines leadership attributes through nontraditional sources. Cross-listed as a graduate course to promote co-mentoring and networking. Prerequisite: Junior standing or permission of chair applies to Women's College students only. Fulfills general education requirement in gender studies. [3 credits]

BUS-461 Business Practicum

Connects academic learning with professional experience. Develops and reinforces business related skills, especially those needed by women in business today. Provides peer support to discuss and reflect on work-related issues. Students examine individual strengths and areas for improvement. Prerequisites: Business major with senior standing and permission of instructor. [4 credits]

BUS-482 Consumer Behavior

Investigates consumer and organizational buyer behavior theory and its impact on the formulation of marketing strategy. Provides students with an opportunity to examine current buyer behavior theory including digital behavior and its use by markerts to influence consumers. Through the analysis of case studies, a thorough examination of current empirical buyer behavior research, students will design, implement and analyze buyer behavior mini-research projects. This class is designed as an interactive, collaborative seminar. Prerequisite: BUS-303, Principles of Marketing or permission of chair. [3 credits]

BUS-483 Integrated Marketing Communications

Provides an overview of integrated marketing communications programs and the role they play in the implementation of successful marketing strategy. Students will examine the integration of traditional and non-traditional forms of communication. Traditional forms of communication include advertising, public relations and personal selling. Non-traditional forms of communication include online advertising, blogs, pod casts, social media and direct response marketing. Students will gain experience gathering and analyzing market data and developing an integrated marketing communications plan. Designed as a capstone experience. Prerequisite: BUS-303 Principles of Marketing and junior or senior standing. [3 credits]

BUS-484 Investment Management

Emphasizes the foundation areas of investment management, including securities markets, stock and bond valuation, portfolio theory, the efficient market hypothesis and investment decisionmaking. Students will complete a research project as well as build a diversified investment portfolio for a hypothetical client. Projects involve written and oral reports. Prerequisites BUS-225, BUS-321. [3 credits]

BUS-485 Advanced Financial Management

Provides in-depth analysis of financial management decisions and decision-tools. Topics may include capital structure and capital issuance, dividend policy, corporate financial planning, derivatives for hedging stock volatility, derivatives for hedging interest rate risk and financial institutions. Students will complete a research project and develop strategies to manage an external environment challenge. Projects involve written and oral reports. Prerequisites: BUS-225, BUS-321. [3 credits]

BUS-486 Human Resource Management

Develops knowledge and skills in the human resource management functions of strategic human resource planning, job design, recruitment and selection, training and development, performance management, employee relations and compensation and benefits. Focuses on the legal environment of human resource management and its impact on the entire human resource system. Enhances background students will need to make informed human resource decisions in organizations. Prerequisite: BUS-302. Cannot be taken if student took BUS-315. [3 credits]

CST-130 Introduction to Computer Applications I Applications

Emphasizes problem-solving skills for all disciplines, such as creating formatted documents, using spreadsheets to analyze information quantitatively, editing image visual computer presentations to accompany reports. In addition, course examines up-to-date computer security and privacy issues. Course focuses on computer competencies for the non-major. [3 credits]

ECO-211 Introduction to Macroeconomics

Focuses on the United States economy and its relations with the world. Examines how interactions among consumers, businesses, government and the rest of the world impact economic growth, inflation, unemployment and business cycles. Investigates the impact of monetary and fiscal policies on the overall performance of the economy. Fulfills general education requirement in social science. [3 credits]

ECO-212 Introduction to Microeconomics

Examines the manner in which prices are determined and limited resources are allocated efficiently through mastery of basic supply and demand. Considers the behavior of producers and consumers under various competitive conditions. Assesses the role of government in responding to market failures. Fulfills general education requirement in social science. [3 credits]

ECO-402 Money and Banking

Examines the interactions between the United States financial system and the wider economy. Studies current developments in monetary policy and financial markets and explores the impact of money on the productive sector of the economy. Analyzes current economic, financial and international issues and tracks a variety of economic indicators to predict the actions of the Federal Reserve. Prerequisite: ECO-211 or permission of instructor. [3 credits]

MAT-103 Applied Algebra

Focuses on fundamental algebraic concepts and the solution of real world problems through the use of basic mathematical models. Provides a thorough study of linear functions as well as an exploration of a variety of nonlinear functions. Data analysis and mathematical modeling focus on real world problems from a variety of fields including science, finance and business. Graphing calculator is used throughout the course. Intended for students of science, finance and business who have limited algebraic skills. The course may be taken to prepare for MAT-107 Elementary Functions or MAT-215 Basic Statistics. Prerequisite: minimum of ne year of high school algebra. Satisfies the general education requirement in mathematics. [3 credits]