Beginning in the 2003-2004 school year, the economics department will no longer offer a concentration in finance for economics majors.
Due to the recent hiring freeze and a temporary research leave by a University finance professor, next Spring the department will not offer the primary course required for a finance concentration, ECON 436: Topics in Quantitative Finance, according to Economics Department Chair David Mills.
Professor Massimo Guidolin plans to take a research leave for the 2004 spring semester. He will, however, teach at the University in the fall of 2003 and return following his leave in the fall of 2004.
Guidolin is only one of two professors qualified to teach economics 436, therefore the department has no one to teach the course in his absence. Epps also is qualified to teach the course, but said he already has a full course load.
"We have sufficiently few people in [Guidolin's] field, finance, that when he goes on leave there is nobody here to pick up the slack," Mills said.
The department forewarned students that the cutback would occur. Students were given the opportunity to take the course this semester, if desired, Mills said.
"We tried to make an announcement early enough to inform the students who were in a position to take the single course able to take it this year instead," Mills said.
The news was announced at the beginning of the second semester, Mills added.
The problem facing the economics department involves vacated positions that until recently could not be filled due to a University-wide hiring freeze that University officials enacted in July 2002. Leonard W. Sandridge, University executive vice president and chief operating officer, officially lifted the hiring freeze Jan. 21, 2003, but its immediate effects remain uncertain.
"Our experience is that we lose about two people a year due to resignations or retirements, and that's happened for the last two years," Mills said. "It's not alarming that we had this turnover."
Professors said they are unsure of the future of the program.
"All I can say is that the long term prospects are uncertain beyond next year," Economics Prof. Thomas Epps said. "Whether [the finance concentration] will be reinstated, we don't know, however we might explore cooperative arrangements with another department such as math."
The economics department has been unable to hire for the past two years as a direct result of the hiring freeze.
Economics faculty members said the freeze may hurt the department's competitiveness with other institutions.
"We can do nothing to prevent people from leaving, but we're not able to replace them," Mills said. "Eventually the department will dwindle and we are concerned about that."
Some faculty question the amount of student interest in the concentration.
"It would be of more interest among faculty to continue supporting the concentration if the students attracted to it were really interested in the field and not just desiring a credential to put on their transcript," Epps said.
Mills expressed optimism regarding the future of department programs and concentrations in spite of current setbacks.
"We will make an effort to get the program up and going again as soon as we can," Mills said.
Read More
U.Va. Faculty Senate overwhelmingly adopts a no confidence vote in Board of Visitors
By Xander Tilock | 2 days ago"The Faculty Senate expresses no confidence in the Board of Visitors for not protecting the University and its president from outside interference," the resolution read.
Faculty Senate Executives hear from Rector Sheridan and Vice Rector Wilkinson
By Xander Tilock and Grace Traxler | 2 days agoRectors were in attendance for part of Wednesday’s emergency meeting and were asked about the interim president selection process.
Student leaders weigh the future of self-governance after Ryan's departure
By Brendon Bordwine | 4 days agoThe University has a historical tradition of student self-governance, which allows students to take part in decision-making processes.
