Interdisciplinary 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

Associate Professors
 George Berg, Ph.D.
  Northwestern University
 Rita Biswas, Ph.D.
  Texas A&M University
 Peter A. Bloniarz, Ph.D. (Collins Fellow)
  Massachusetts Institute of Technology
 Indushobha Chengalur-Smith, Ph.D.
  Virginia Tech
 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.
  Columbia University
 David M. Smith, Ph.D., CFA
  Virginia Tech

Assistant Professors
 Robert Purtell, Ph.D.
  New York University
 Ellen Rubin, Ph.D.
  University of Georgia

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 Interdisciplinary Major in Financial Market Regulation, leading to the Bachelor of Science degree, 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 major and minor focus on financial market regulation, they also provide knowledge applying to diverse areas in the private, public, and nonprofit sectors.

Students in the major and 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.

Advisory Council
An Advisory Council of professionals in financial services, law, and regulation assists the major and minor in Financial Market Regulation 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:

Internship Program for the Major and Minor in Financial Market Regulation
Students in the major and minor 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 Major and Minor in Financial Market Regulation
Students in the interdisciplinary major or 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 Financial Market Regulation major and minor by contacting the Academic Program Advisor regarding their wish to enroll in the major or minor.

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; I INF 201; 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 3.0 (B) or better.

Students should apply to the major after completing a minimum of three of the four specified lower-level courses; a final decision on admission will be made only after completion of all four specified lower-level courses. Students should apply for 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. Any remaining specified lower-level classes for the major or minor must be in progress at the time of application. At the time of application, and also at admission, the student’s overall GPA must be 3.25 or better, with an average of 3.0 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 Financial Market Regulation major and minor.

Because of the requirement of a 3.0 average in specified lower-level courses, candidates for the Financial Market Regulation 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 (Computer Applications in Business) is not required for the Financial Market Regulation major itself, 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 in Financial Market Regulation. For additional information about the minor, see the Bulletin section 'Approved Minors.'

Degree Requirements for the Interdisciplinary Major in Financial Market Regulation

The major requires the following courses, or appropriate substitutes approved by the program advisors.

Business and Finance
B ACC 211 Financial Accounting
B FIN 300 Financial Management
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 Fundamentals of Securities Law
R PAD 436 Regulation of Financial Markets

Information Management and Data Analysis
I CSI 105 Computing and Information or I CSI 201 Introduction to Computer Science 
I INF 201 Introduction to Information Technology
B ITM 330 Business Information Systems & 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 Business Application Development

Choose One from the Following Two Courses:
B ITM 416 Communication, Networking, and Security
I INF/IST 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