An element of the Wm. Polk Carey Pre-business Program, the business minor is anchored in the belief that a liberal arts education offers the best foundation for a business career. Such an education provides broad understanding of human behavior and institutions, appreciation of global culture and of peoples around the world, and perspectives for developing personal values and ethical standards. It also encourages the sort of creativity and flexibility of mind that business leadership demands.
The business minor requires students to take courses in economics, accounting, finance, and business ethics and to elect specified courses from the disciplines of economics, psychology, political science, and computer science. In choosing elective courses, students must select one of three tracks: Managerial, International, or Finance. The Managerial track is for students who wish to concentrate their electives in courses directly relevant to the management of complex business organizations. The International track is for students who have a particular interest in international business. The Finance track is designed for students wishing to acquire a comprehensive grounding in modern finance. Finance I, II, and III cover all topics on the Chartered Financial Analysts (CFA) exam and will be of special interest to students contemplating careers in finance or those who plan to take the CFA exam.
Business minors can apply during the fall of their sophomore to become Carey Fellows. The designation of Carey Fellow brings with it both a mark of distinction and additional requirements designed to prepare fellows for leadership positions in business and finance. The business minor and the pre-business program are also supported, with practical benefits as well as intellectually stimulating offerings, by The Babson Center for Global Commerce, directed by Mr. Chip Manning.
Requirements for the Business Minor
Minor Requirements: Six courses, within at least three different disciplines,* must be completed for the minor. The following four courses are required of all minors:
Busi 215: Fundamentals of Financial Accounting
Econ 101: Introduction to Economics
Econ 360: Finance I
Phil 232: Business Ethics
In addition, minors must complete two elective courses identified under a common track.
*For purposes of the minor, these disciplines are understood to comprise the following: accounting, computer science, economics, philosophy, political science, and psychology.
The tracks and elective courses are as follows:
Busi 216: Fundamentals of Managerial Accounting
Busi 217: Marketing Strategy
CSci 180: Business Data Communications and Computer Networks
CSci 284: Database Design with Web Applications
CSci 290: Data Mining
Econ 304: Labor Economics
Econ 315: Industrial Organization and Public Policy
Econ 341: Game Theory
Econ 348: Social Entrepreneurship
Fors 319: Natural Resource Management Decisions
Hist 100: Consumer Culture and Discontents
Psyc 203: Social Psychology
Psyc 206: Industrial Psychology
Psyc 208: Cognitive Psychology
Busi 217: Marketing Strategy
Econ 310: Economic Development in the Third World
Econ 343: International Trade
Econ 344: International Finance
Econ 345: Economic Development in China
Econ 346: Introduction to Asian Development
Econ 347: Microfinance Institutions in South Asia
Econ 348: Social Entrepreneurship
Econ 349: Selected Topics in Microfinance and Social Entrepreneurship
PolS 250: States and Markets in East Asia
PolS 366: International Political Economy
PolS 402: Topics in Political Economy
Econ 361: Finance II
Econ 362: Finance III
Course Sequence and Timing: Finance I, which is required of all students, has a prerequisite of statistics (Stat 204) and Introduction to Economics (Econ 101). All business minors should have completed Stat 204 and Econ 101 by the end of their sophomore year. Business minors, who elect the Finance track, should complete the courses below by the end of the year specified:
Freshman Year: Econ 101, Stat 204
Sophomore Year: Accounting I, Finance I
Junior Year: Finance II
Senior Year: Finance III
Prospective business minors may apply in November of their sophomore year to be designated as Carey Fellows. Carey Fellows are required to maintain a 3.33 GPA. In addition to completing course requirements for the minor, Carey Fellows must complete a semester-long internship off campus in their junior year, attend a Sewanee summer school session, complete two Proseminar courses in their junior year and senior year and attend a specified number of Babson Center for Global Commerce events.
Internship Requirement: With assistance from the Director of the Babson Center for Global Commerce, Fellows must secure and complete a semester-long internship off-campus during their junior year. Each Carey Fellow must register for and complete three full courses (12 semester hours) at Sewanee during the term of his or her internship. Instruction for two of these, Business Ethics (Phil 232) and Finance I (Econ 360), will be begun in the summer (funded by the Carey program) with completion involving some final test(s) or paper(s) based, most likely in some part, on subject matter associated with the internship setting. The third course will be Busi 352 (Proseminar I) or, in special circumstances, an Independent Study (444). Carey Fellows will then be considered enrolled as full-time, degree-seeking students during the period of the internship.
Proseminar Course Requirement: During their junior year and senior year, fellows must complete two proseminar courses (Busi 352 and Busi 353) designed to complement their internship experience. Each seminar includes reading on topics such as Business History or Philosophical Perspectives on Capitalism.
The proseminars also draw on academic work within the business minor to enhance spreadsheet modeling skills, writing skills, and speaking skills. One full course (four semester hours of credit) will be awarded for completion of each seminar.
215. Fundamentals of Financial Accounting
The instructional objective is to provide students with an understanding of the core concepts that are fundamental to the use of accounting from the perspective of a third party user, e.g., investor, lender, or regulatory agency. A decision-making approach is employed which involves critical evaluation and analysis of information presented. Important analytical tools are integrated through the course. As a result, students are introduced to accounting in a way that demonstrates the importance of the subject to society and its relevance to their future careers. (Credit, full course.) Heinemann
216. Fundamentals of Managerial Accounting
The course focuses on the internal use of accounting information in the formulation of management decisions. Students learn how financial systems can add value to a company in a global economy. Different costing systems, budgetary planning, incremental analysis, and pricing are among the instructional objectives. A field trip is included. Prerequisite: Business 215. (Credit, full course.) Heinemann
217. Marketing Strategy
This course introduces students to concepts, analyses, and activities that comprise marketing. Topics include product positioning, market segmentation, and various aspects of the “marketing mix” such as advertising, distribution, and pricing. Emphasis is on the development and use of analytical skills to solve marketing problems. Significant attention is also devoted to cross-cultural issues, the relation of marketing to underlying social science disciplines (including economics, psychology, sociology, and anthropology), and the ethics of marketing decisions. Prerequisites: Econ 101 and one of the following: Psyc 100, Psyc 101, or Anth 104. (Credit, full course.) Staff
352. Proseminar I
Designed to complement the student’s internship experience, this seminar features a selected topic involving the study of business and markets such as business history or philosophical perspectives on capitalism. The seminar includes instruction designed to help students develop practical business skills. Prerequisite: Econ 101. Open only to Carey Fellows. (Credit, full course.) Staff
353. Proseminar II
A continuation of Proseminar I. Prerequisites: Econ 101 and Busi 352. Open only to Carey Fellows. (Credit, full course.) Staff