Wmich.edu



New Course FIN 2010New course selected: This new course is seeking approval as WMU Essential Studies - Level 2: Exploration and Discovery1. Proposed course prefix and number:FIN 20102. Proposed credit hours:33. Proposed course title:Personal Finance4. Proposed course prerequisites:MATH1160 or another WES Quantitative Reasoning course (level 1) and BCM1420 or another WES Writing course (level 1)5. Proposed course corequisites:none6. Proposed course prerequisites that may be taken concurrently (before or at the same time):none7. Minimum grade for prerequisites (default grades are D for Undergrad and C for Grad):D8. Major and/or minor restrictions:Not Applicable9. List all the four-digit major and/or minor codes (from Banner) that are to be included or excluded:none10. Classification restrictions:Not Applicable11. List all the classifications (freshman, sophomore, junior, senior) that are to be included or excluded:none12. Level restriction:Exclude13. List the level (undergraduate, graduate) that is to be included or excluded.GR14. Do prerequisites and corequisites for 5000-level courses apply to undergraduates, graduates, or both? Not Applicable15. Is this a multi-topic course?No16. Proposed course title to be entered in Banner:Personal Finance17. Is this course repeatable for credit?No18. Is this course mandatory credit/no credit?No19. Select class type:Lecture20. How many contact hours per week for this course?321. Level 2: Exploration and DiscoveryIndicate which course category the course should be placed in:Personal Wellness22. Indicate which ONE additional required student learning outcome the course will assess: (may NOT select category required outcome listed above)Increase functional knowledge of the sciences, social sciences, humanities, or arts23. Indicate the first of TWO required student learning outcome the course will assess:Not Applicable24. Indicate the second of TWO required student learning outcome the course will assess:Not ApplicableA. Please choose Yes or No to indicate if this class is a Teacher Education class:NoB. Please choose the applicable class level:UndergraduateC. Please respond Yes if this is a current general education course and/or a course being submitted for the new WMU Essential Studies program. Please respond No if it is neither.YesD. Explain briefly and clearly the proposed improvement.Federal Government’s Substance Abuse and Mental Health Services Administration identifies Financial Wellness as one the eight dimensions of Personal Wellness. The Personal Finance course focuses on foundational knowledge of social sciences. Electronic submission of Cash ‘n’ Careers is used to assess both Student Learning Outcomes.E. Rationale. Give your reason(s) for the proposed improvement. (If your proposal includes prerequisites, justify those, too.).The proposed Personal Finance course will benefit WMU students by helping them to better understand the financial environment and the financial institutions in our economic environment. The financial landscape has become much more complex over the past several years, making financial education critical for American consumers. For example, defined benefit pension plans are being replaced with defined contribution plans such as 401(k) and 403(b) plans. With this shift in the types of retirement plans offered to American workers, more responsibility lies with the individual to plan appropriately for retirement. Failure to plan appropriately can have disastrous consequences for individuals. Another example that illustrates the lack of financial acumen is the sub-prime crisis. Many American consumers do not understand the mortgage process.F. List the student learning outcomes for the proposed course or the revised or proposed major, minor, or concentration. These are the outcomes that the department will use for future assessments of the course or program.Develop understanding and practices for personal wellness and Increase foundational knowledge of the sciences, social sciences, or the artsG. Describe how this curriculum change is a response to student learning assessment outcomes that are part of a departmental or college assessment plan or informal assessment activities.The proposed Personal Finance course is a response to informal assessment of WMU students and to national evidence that American consumers lack understanding of the financial environment and the financial institutions in our economic environment. The proposed Personal Finance course supports financial literacy among WMU students.H. Effect on other colleges, departments or programs. If consultation with others is required, attach evidence of consultation and support. If objections have been raised, document the resolution. Demonstrate that the program you propose is not a duplication of an existing one.The proposed Personal Finance course will have no effect on other colleges, departments, or programs, other than the benefit of the understanding gained by students and the satisfaction of a general education requirement.I. Effect on your department's programs. Show how the proposed change fits with other departmental offerings.We do not anticipate any effect on our department’s programs since the course will not count toward the finance or personal financial planning major requirements.J. Effects on enrolled students: are program conflicts avoided? Will your proposal make it easier or harder for students to meet graduation requirements? Can students complete the program in a reasonable time? Show that you have considered scheduling needs and demands on students' time. If a required course will be offered during summer only, provide a rationale.The proposed Personal Finance course will help meet the needs of students by providing them with an understanding of the financial issues environment and the financial institutions in our economic environment. The proposed course will make it easier for students to meet graduation requirements, because there will be an additional course available to satisfy essential studies requirements in Level II. Since the course does not satisfy the major course requirements of the finance or personal financial planning major, it has no effect on our majors. We expect to offer at least one section of this class each semester, including summer.K. Student or external market demand. What is your anticipated student audience? What evidence of student or market demand or need exists? What is the estimated enrollment? What other factors make your proposal beneficial to students?The anticipated audience for the proposed Personal Finance course is the entire WMU undergraduate student population. The need for financial education is widely recognized. This Personal Finance course will provide students with an understanding of the financial environment. We anticipate offering at least two section of the proposed Personal Finance course each fall and spring, and one during the summer. Depending on demand and available staffing, additional sections may be offered.L. Effects on resources. Explain how your proposal would affect department and University resources, including faculty, equipment, space, technology, and library holdings. Tell how you will staff additions to the program. If more advising will be needed, how will you provide for it? How often will course(s) be offered? What will be the initial one-time costs and the ongoing base-funding costs for the proposed program? (Attach additional pages, as necessary.)Given current staffing levels, we expect to staff this course with part-time faculty. There are numerous individuals in the Kalamazoo area who are qualified to teach this course. In the future, if resources allow, we may choose to staff it with term faculty or full-time permanent faculty. The course requires no special equipment, technology, or library holdings. The cost of offering the course is minimal, consisting of only the salary for a part-time instructor. We plan to offer five sections a year with an enrollment limit of 45.M. With the change from General Education to WMU Essential Studies, this question is no longer used.For courses requesting approval as a WMU Essential Studies course, a syllabus identifying the student learning outcomes and an action plan for assessing the student learning outcomes must be attached in the Banner Workflow system.Not ApplicableN. (Undergraduate proposals only) Describe, in detail, how this curriculum change affects transfer articulation for Michigan community colleges. For course changes, include detail on necessary changes to transfer articulation from Michigan community college courses. For new majors or minors, describe transfer guidelines to be developed with Michigan community colleges. For revisions to majors or minors, describe necessary revisions to Michigan community college guidelines. Department chairs should seek assistance from college advising directors or from the admissions office in completing this section.Personal Finance courses at Michigan community colleges that cover comparable topics would be transferable to WMU.O. Current catalog copy:Not applicableP. Proposed catalog copy:This course covers a variety of topics related to personal finance. Topics include management of income, savings, and investments. Various types of consumer debt are covered, including credit cards, car loans, and student loans. The course also covers personal income taxes, real estate purchases and mortgages, insurance, retirement planning, and estate planning. Prerequisites: MATH1160 or another WES Quantitative Reasoning course (level 1) and BCM1420 or another WES Writing course (level 1) ................
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