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Finance Strategic Plan

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DEPARTMENT OF FINANCE

STRATEGIC PLAN FOR 2011-2012

Draft Revision, March 2011

According to AACSB accreditation standards, strategic management helps a business school focus resources and efforts toward a defined mission. The mission statement expresses the school’s goals and intentions so that decision makers can decide if proposals are central to the mission, prioritize activities, align resources with the most important goals, and bring coherence to activities. In whatever format practiced, strategic management should guide decisions and practice.

The College of Business Administration (CBA) subscribes to the importance of strategic management.  The current strategic plan was approved by faculty vote in December 2010. To extend strategic management across the college, each department is engaging in its own strategic planning. This document contains the strategic plan for the Department of Finance for 2011-2012. The departmental strategic plans build from the CBA plan, and the CBA vision, mission, and envisioned future are presented next for reference purposes.

VISION

The CBA is a community where creative minds meet, collaborative spirits flourish, and educational and scholarly contributions thrive.

MISSION

Our mission is to graduate highly valued, ethical business professionals prepared to excel in a dynamic global business environment.

ENVISIONED FUTURE

The CBA aspires to become the best business school in the CSU system and ultimately one of the nation's leading business schools among public universities.

DEPARTMENTAL CONTINUOUS IMPROVEMENT OBJECTIVES (CIOs)

The CIOs link our mission and strategic initiatives to specific tactics and allow the CBA to move toward its envisioned future. Departmental CIOs (Table 2)  should link to CBA’s mission and result in specific tactics (Table 3) The tactical actions in Table 3 connect the CIOs to specific action items. While progress has been made on some items in the table, more effort is needed to successfully complete all of the actions.

Table 1. CBA Strategic Initiatives Resulting from the 2008 Faculty Retreat.

Strategic Initiative

Explanation

1

Maintain AACSB accreditation

AACSB pursues educational quality and its standards focus on faculty qualifications and student learning. Faculty, staff, students, university leaders, alumni, and employers recognize this initiative’s importance and centrality to the CBA mission. 

2

Restructure the undergraduate and graduate curricula

Our curricula have been virtually unaltered for decades, and to attain educational quality, our curricula need to be evaluated for timeliness, relevance, and usefulness.

3

Keep senior faculty AQ

Having an Academically Qualified (AQ) faculty is primary for AACSB accreditation. Faculty attain/maintain AQ status through peer-reviewed published research, and new faculty with recent Ph.Ds are well equipped to be AQ. Non-AQ senior faculty jeopardize our accreditation, and incentives and financial support to achieve this initiative must be developed.

4

Recruit/retain faculty

Relative to other business schools, our low pay, high teaching loads, and high cost of living make recruiting faculty challenging. We will continue to work hard to make the CBA an attractive place to be.

5

Continuously improve teaching quality

For the CBA to excel, we must enhance what we provide students, and this involves faculty performance, class size, pedagogical issues, curriculum, etc.

6

Raise funds

State funding is by far the CBA’s major source of funds, and we generate additional funds through non-state programs like our Day and Saturday MBA programs. Raising funds from alumni and other supporters is an important component that needs ramping up. This is a priority of the Dean, and funds raised will be used to invest in faculty.

7

Reduce teaching loads

This initiative aims at providing faculty with time to produce and publish quality peer-reviewed research in order to maintain AQ status.

8

Emphasize students’ critical thinking skills

A Student Learning Task Force’s critique of our programs indicates critical thinking is an important shortfall of our students. Education has many dimensions and we have several learning objectives that will also be pursued, but we will strive to improve students’ critical thinking skills.

     Table 2. Departmental Continuous Improvement Objectives and Strategic Initiatives.

Continuous Improvement Objectives

Strategic Initiatives

A. Based on Strategic Initiatives in Table 1

1

Improve  Curricula : To remove the bottlenecks in Fin

Restructure Curricula

2

Faculty resources planning + mentoring junior faculty

Recruit/retain faculty

3

Maintain AACSB: AT + GAs to help faculty achieving  AQ

Keep Senior faculty AQ/AACSB Accreditation

B. Other Departmental Strategic Initiatives Supporting the CBA Mission

4

Strengthening Resource Base + Build relationships with the business community: Advisory Board

Raise Fund, restructure curricula, internships

5

Student Professional Development: SMIF program

Students’ critical thinking, teaching quality

6

7

Improve Teaching Quality

Sponsor and work with international faculty,

Research collaboration

Teaching Quality

Interdepartmental, inter-college and international collegiality


No.

CIO

Action Item

Key Performance Target/Metric

Action

Champion

Outcomes (2010-2011)

Target Date

Source of Funding

1

Revise Finance Curricula; Review catalog, SCOs, and syllabi

Remove all bottlenecks, giving students more choices and to improve graduation rate

A complete review of curricula. Minor in Finance, Review Finance 300 SCOs.

Department Curriculum Committee, Course Coordinators +Chair

New Curricula to be submitted to UPC and the university

Fall 2010 and

ongoing

2

Faculty Resource Planning: Mentoring new faculty, Hire new faculty

Number of position filled

Develop a 5-year recruitment plan

Chair

To be submitted to the Dean

Fall 2010 and ongoing

3

AACSB + AQ

% of AQ faculty

AT + GAs supports and new financial database for research. Encourage faculty to submit research papers to conference

Chair

Obtained new database for faculty. Finance faculty presented a number of research papers at conferences (2010-2011)

High % of AQs

Spring 2011 and ongoing

4

Organize an Advisory Board

15-20 Advisory Board members

Selection of Advisory Board members + planning for meetings

Chair + Faculty

Finance Advisory Board will meet at least once a semester.

Fall 2011 and ongoing

5

Review SMIF program

New faculty teaching the SMIF program, Raising more $ for management

Review the program + raise funds

Chair + Dean Curriculum Committee

New faculty will be teaching SMIF program

Fall 2011 and ongoing

6

Review + help faculty to improve teaching quality

Improve teaching evaluation

Recommend faculty to attend training seminars

Chair + Faculty

Faculty attending teaching seminars, Improving teaching evaluation

Spring 2011 and Fall 2011

7

Interdepartmental, inter-college and international collegiality

Research collaboration, Visiting scholars coming to CSULB and CSULB faculty/students going overseas

Joint research projects, Sponsor and work with international faculty: Finance has champion in developing strong relationship with National Economic University (Hanoi, Vietnam)(“NEU”) over the last 4 years

Dean + Chair + Faculty

NEU faculty has been visiting CSULB over the last 4 years. CSULB faculty and students have been teaching and attending classes at NEU (hosting by NEU).

Ongoing


STRATEGIC DIRECTIONS OF DEPARTMENTS

  • Maintain and improve Finance Curriculum: Finance Department has conducted a complete review of its curriculum which include “concentration areas”, courses offered, and faculty expertise in order to better academically prepare students for careers in Finance and to remove all bottlenecks to meet student demands for Finance classes and graduation plan.

  1. Resource Planning: Actively recruit tenure-track faculty over the next five years to replace faculty who may be retired from CSULB and to offer additional courses in Finance and Banking areas.

  1. Maintain AACSB Standard: Increase assigned time for research (including Graduate Assistants, software, computers and financial database) and reduce teaching load.

  1. Build and strengthening Relationships with the Financial & Business community: Create an Advisory Board that will help Finance Department in fund raising, internships for students, and advising Finance Department in improving its curriculum

  1. Student Professional Development: Review and improve the Student Managed Investment Fund (SMIF) program which may lead to the development of a “Financial Research Center” with more Bloomberg terminals, investment software and financial database.

  1. Improve Teaching Quality: Provide training to faculty to facilitate the improvement in teaching skill (such as the Harvard Business School Seminar program).

  1. Interdepartmental, inter-college and international collegiality: During the last 4 years, Finance Department has developed a strong relationship with the National Economic University (Ha Noi, Vietnam) (“NEU”). NEU has decided to adopt the CSULB Finance curricula for its “Advanced Finance Degree” program and NEU Business faculty has been coming to CSULB-CBA to learn more on our teaching methods and organizational structure. The NEU “Advanced Finance Degree” was declared a success (as the first class was graduated in the summer 2010), and was ranking as one of the top Finance degree program in Vietnam by the Ministry of Education.

In 2010, CSULB faculty & students were invited by NEU to teach and study at NEU in Hanoi. This opportunity has broadened the international knowledge of CSULB faculty and students since Vietnam is considered to be one of the fastest growth economies within the emerging market.

 

CBA and Departmental Strategic Plans