Program in Financial Market Regulation
Distinguished Teaching Professor
David P. McCaffrey, Ph.D. (Collins Fellow)
State University of New York at Stony Brook
Hany A. Shawky, Ph.D.
Ohio State University
Giri Kumar Tayi, Ph.D.
Carnegie Mellon University
George Berg, Ph.D.
Rita Biswas, Ph.D.
Texas A&M University
Peter A. Bloniarz, Ph.D. (Collins Fellow)
Massachusetts Institute of Technology
Indushobha Chengalur-Smith, Ph.D.
Jakov J. Crnkovic, Ph.D.
University of Belgrade
Christophe Faugère, Ph.D.
University of Rochester
Jagdish Gangolly, Ph.D.
University of Pittsburgh
Sanjay Goel, Ph.D.
Rensselaer Polytechnic Institute
Lakshmi Mohan, Ph.D.
David M. Smith, Ph.D., CFA
Research Associate Professor
Theresa Pardo, Ph.D.
University at Albany
Service Assistant Professor
Jennifer J. Goodall, Ph.D.
University at Albany
Financial markets are among the most important and dynamic systems in the world. Public and private regulators, financial services firms, law firms, and other organizations all play key roles in operating these systems effectively and ethically.
The University at Albany’s Bachelor of Science in Interdisciplinary Studies with a faculty-initiated concentration in Financial Market Regulation provides a unique program that prepares students for professional work in the field or further study in graduate and law school. The interdisciplinary minor in Financial Market Regulation complements majors such as Accounting, Business, Computer Science, Economics, Political Science, Public Policy and Management, and Sociology, introducing students to market regulation as part of their program at the University. While the interdisciplinary major and minor focus on financial market regulation, they also provide knowledge applying to diverse areas in the private, public, and nonprofit sectors.
Students pursuing the Interdisciplinary Studies major or minor study four areas:
- The business of financial markets
- The law of financial regulation
- The public policy issues underlying financial regulation and supervision
- The technology of information management and data analysis essential to modern business and regulatory systems
A recurring theme in the program is the importance of ethical considerations and issues. These include judgments confronted constantly by individuals, business, and regulatory organizations, such as distinguishing "aggressive" but permissible conduct from legal and regulatory violations.
Students in the FMR concentration take ten required courses, listed below. Students also choose a minimum of two courses from specified electives in accounting or information technology. Entry-level positions in the examination of financial institutions commonly require at least nine credits of accounting; thus students wanting to compete for such positions should select two electives in accounting to complement the required B ACC 211. In contrast, entry-level positions focused on market surveillance require detailed coursework on information technology. Advisors work with students to identify the appropriate mix of electives given students' career interests.
An Advisory Council of professionals in financial services, law, and regulation assists the Financial Market Regulation Program as part of the Institute for Financial Market Regulation, a joint initiative of the University at Albany, Albany Law School, and the professional community in financial market regulation and supervision. The Council members work actively with the University at Albany and Albany Law School to design course offerings, internship experiences, and other career services. The Advisory Council membership can be found at: http://www.albany.edu/ifmr/advisory_council.php.
Internship Program for the Interdisciplinary Studies Major and Minor
Students in the Interdisciplinary Studies major with a faculty-initiated concentration in Financial Market Regulation or the minor in Financial Market Regulation are encouraged, but not required, to complete an internship, usually over the summer between the junior and senior years, in a regulatory organization, financial firm, law firm, or related organization. Employing organizations provide these internships on a competitive basis, and the participating academic units and the Advisory Council work with students to prepare them for the selection processes.
Admission to the Interdisciplinary Studies Major and Minor
Students pursuing the Interdisciplinary Studies major with a faculty-initiated concentration in Financial Market Regulation or the minor in Financial Market Regulation take a designated series of courses or appropriate substitutes approved by the Academic Program Advisor; the major has a minimum of 36 credits of coursework and the minor has a minimum of 21 credits. Students should apply for admission to the major or minor by contacting the Academic Program Advisor.
To be admitted to the major or minor, students must have an overall grade point average of 3.25. They also must have completed the 200-level courses in accounting, computer science, information technology, and regulatory policy for the major (B ACC 211; I CSI 105 or I CSI 201; B ITM 215 and R PAD 236) and for the minor (B ACC 211; I CSI 105 or I CSI 201; and R PAD 236) with an average of 3.00 (B) or better.
Students should apply to the major after completing at least three of the four specified lower-level courses, though a final decision on admission will be made only after completion of all four. Students should apply to the minor after completing at least two of the three specified lower-level classes, and a final admission decision will be made only after completion of the third. At the time of application, and also at admission, the student’s overall GPA must be 3.25 or better, with an average of 3.00 or better in the specified lower-level classes. Admitted students also should have completed at least 56 credits toward graduation. Students must maintain their 3.25 until at least the end of their junior year (sixth semester) in order to retain their status in the major and minor.
Because of the requirement of a 3.00 average in specified lower-level courses, candidates for the major must take the lower-division classes used to fulfill admissions requirements on a graded (not S/U) basis. Similarly, candidates for the minor must take the required lower-level courses noted above on a graded basis.
While B ITM 215 (Information Technologies for Business) is not required for the minor, B ITM 215 is required for certain courses in the program and for effective work in the field. Thus, students should take B ITM 215 as early as possible as part of their preparation for the major or minor. For additional information about the minor, see the Bulletin section 'Approved Minors.'
Degree Requirements: Bachelor of Science in Interdisciplinary Studies with a faculty-initiated concentration in Financial Market Regulation
A minimum of 36 credits, as follows:
Business and Finance
B ACC 211 Financial Accounting
B FIN 300 Financial Management
B FIN 301 Corporate Financial Policy and Strategy
B FIN 333 Investment Management
B FIN 375 Money and Capital Markets
Public Policy and Law
R PAD 236 Institutions and Policy in Business Regulation
R PAD 435 Law in Financial Market Regulation
R PAD 436 Technology in Financial Market Regulation
Information Management and Data Analysis
B ITM 215 Information Technologies for Business
I CSI 105 Computing and Information or I CSI 201 Introduction to Computer Science
Electives in Accounting or Information Technology
Choose at least two courses from the list below, or approved substitutes, in consultation with advisors:
B ACC 313 Financial Statement Analysis
B ACC 461 Auditing
B ITM 330 Improving Business Performance with Information Technologies
(Students normally will need to take A MAT 106 and A MAT 108 or A ECO 320 or other equivalent
class in statistics as prerequisites for B ITM 330.)
B ITM 331 Database Applications for Business
B ITM 416 Communications, Networking, and Security or I INF 423 Networking Essentials
For further information:
David P. McCaffrey
Academic Program Advisor
Distinguished Teaching Professor
Department of Public Administration and Policy
Nelson A. Rockefeller College of Public Affairs and Policy
518 442-5282 email@example.com