Message from the Department of Finance Chair

Dear alumni, friends, colleagues and students,

Greetings from the Finance Department! As the chair of the Finance Department, a role I assumed in January 2023, I am writing to share the latest news and developments from the past academic year.

Enriching our program

The finance department boasts a team of ten dedicated full-time faculty members, nine of whom are tenured or on the tenure track. We are also fortunate to have several part-time lecturers with extensive experience in the finance industry, enriching our program. In Fall 2023, we saw 567 undergraduates and 98 MBA students declare finance as their major, alongside five doctoral students.

New advisory board

This year, we established an advisory board comprising finance industry executives and entrepreneurs. Their guidance is invaluable in aligning our curriculum with industry expectations. Through discussions with these stakeholders, we have identified key areas for growth: enhancing student engagement, promoting hands-on learning, and integrating technology into our courses.

In response, we have implemented several changes. For instance, the finance faculty has redesigned the Master of Science in Finance program, focusing on financial data analytics. This revamped curriculum marks the first science, technology, engineering, and math (S.T.E.M.) program in the business school. Additionally, we have introduced new courses in real estate investments, quantitative methods in finance, and data analytics. Recognizing the significance of enhancing modeling skills, we are integrating Excel into introductory courses. The impact of these curriculum changes will become evident in the next two to three years as our students enter the job market.

New faculty

Our newest tenure-track faculty hire was also made with this in mind. Dr. Thomas Shohfi, currently a Financial Economist at the U.S. Securities and Exchange Commission (SEC), will be joining us in August 2024. Dr. Shohfi was recently honored with the SEC's Researcher of the Year award for his research productivity. He will be teaching courses in financial modeling, data analytics, and the use of artificial intelligence in finance. With a wealth of published research in financial reporting and behavioral finance, and a background in computer science and mathematics, Dr. Shohfi brings valuable expertise to our department. He will join Dr. Cuyler Strong, our previous hire from the S.E.C., whose specialties include investments, asset pricing, options and derivatives, and financial regulation. Dr. Strong, who began working with us in August 2023, complements our department's traditional focus on corporate finance research. Together, these hires expand our research expertise and course offerings, enriching the educational experience of our students.

Relevant, meaningful coursework

Besides providing our students a top-notch curriculum taught by top researchers and industry experts in finance, we also aim to enhance their overall experience. A student survey indicated a desire for greater engagement. To that end, we are increasing opportunities for tutoring and involvement in student activities such as our Financial Management Association. Additionally, we have introduced a course that takes students to New York City, where they visit the head offices of some of the world's top financial institutions and meet influential executives. The first group of seven students has returned from this study away trip, having visited the head offices of Bank of America, JPMorgan Chase and the Federal Reserve, where they received a crash course in monetary policy from Federal Reserve experts.

Beyond the classroom

We have also had the privilege of hosting several esteemed scholars who shared their cutting-edge research with our faculty and doctoral students through our seminar series. These seminars not only provide invaluable insights into the latest developments in various fields but also foster a vibrant network of academic collaboration and exchange.

Make a difference today

With this newsletter, we also want to express sincere thanks to friends of the finance department who have donated to our departmental funds. Your contributions have allowed us to support to our doctoral students attending top finance conferences, invite industry speakers to our student organization events, and fund student tutors who assist their peers.

As we strive for continuous improvement and focus on providing a memorable learning experience at the Mike Ilitch School of Business, we invite you to support our research, teaching, and extracurricular activities. Please consider contributing by donating online and selecting the Finance Department Annual Fund under "Designation," or by sending a check payable to Wayne State University, PO Box 674602, Detroit, MI 48267-4602. Be sure to write "MISB Finance Department Funds" in the memo field and return by December 31, 2024, to qualify for a tax deduction this year.

Here's how your gift can make a tangible impact:

$100 provides a tutor for a struggling student
$500 aids a rising star professor in staying abreast of emerging technologies
$1,000 supports the Financial Management Association for a year
$10,000 establishes a student scholarship fund

Our goal is to build a strong finance department and forge strong connections within the metro Detroit finance community. If you have experience in the finance industry and would like to engage with the Finance Department as a potential speaker, mentor to first-generation finance graduates, or contribute in other ways, please reach out to me at anand.jha@wayne.edu.

Wishing you a great rest of the summer.

Sincerely,

Anand Jha Signature