Please note: This is NOT the most current catalog.

Management Studies

Director, 2007-08: Richard M. Goedde (Economics), finance, investments, management, managerial accounting

Faculty, 2007-08: Mary Ann Emery (Economics), financial accounting, intermediate accounting, personal finance; J. Randolph Jennings (Economics) marketing; Sian Muir (Economics), entrepreneurship, management strategy; John Ophaug (Economics), Business Law

Management studies is a multidisciplinary program offering a contract concentration in management studies that can be earned in conjunction with any B.A. academic major. Individual contracting encourages students to consider personal goals as they design a program of courses in management studies, economics, and other disciplines. The Management Studies Program also supports the management and finance areas of emphasis within the economics major (see Department of Economics).

To meet the challenges of an ever-changing world, graduates must be ready to take advantage of opportunities and create their own success. A St. Olaf liberal arts education encourages students to view the world from multiple perspectives, build fundamental communication and problem-solving skills, wrestle with questions of ethics, and develop a global perspective. The management studies concentration connects theory and practice and helps students make the transition from college to career.

The management studies concentration prepares students for careers in domestic and international business, not-for-profit and governmental organizations, and entrepreneurial ventures. Students direct their efforts by choosing elective courses and experiences that focus on a special area of interest. For example: a student who hopes to start a business can elect to take Management Studies 256 (Entrepreneurship), participate in the Estenson Internship Program which provides a paid summer internship in an entrepreneurial firm, and apply for a Finstad grant to pursue a business idea. (See information about the Finstad Program for Entrepreneurial Studies below.)


The management studies concentration is arranged by individual contract. The concentration includes

(1) a five-course program of study, (2) Experiential Learning, and (3) an Electronic Integrative Folder.

Course Requirements:

Students meet with a member of the management studies faculty to develop a five-course program of study which includes three core and two elective courses. Core courses for the management studies concentration include Economics 121 or 122, and Management Studies 225 and 251. Electives include an additional management studies course and an approved course from another department on campus or a study abroad program. Students must earn a grade of C or better in the five courses.

Experiential Learning:

This requirement is satisfied by completing two approved experiences in which the student applies management or financial principles to real world problems. One of the activities must be a full credit equivalent Academic Internship or an approved work experience. The other activity can be a volunteer, leadership, entrepreneurial, or related work experience. The Internship Office, Office for Career Connections, Finstad Program for Entrepreneurial Studies, and other organizations help students complete this requirement.

The Electronic Integrative Folder:

The Electronic Integrative Folder introduces students to the career planning process, helping them to identify career options and access opportunities. The folder includes the results of self-assessment and career exploration activities, a description of future goals, and an academic and experiential action plan, as well as projects, papers, and other work that demonstrate specific skill development. The Integrative Folder is presented using Moodle and a CD. By interconnecting important pieces in a digital folder, students can demonstrate the interrelatedness of their varied learning experiences.


The Finstad Program for Entrepreneurial Studies is dedicated to the advancement of education, research, and service in entrepreneurship within the St. Olaf community. This program works to provide students with the expertise, experience, and entrepreneurial spirit they need to thrive, whether starting a new business or working within an established organization or whether for-profit or not-for-profit focused. This program provides an unparalleled learning experience in entrepreneurial practice by providing Finstad Grants, courses, internships, speaker events, and other activities. The Estenson Internship, available through the Finstad program, provides paid summer internships in entrepreneurial companies operated by St. Olaf alumni.


225 Principles of Accounting

This course focuses on four basic financial statements: the income statement, statement of retained earnings, balance sheet, and statement of cash flows. Students learn how business events are recorded and represented on the financial statements and how to use the information to make sound economic judgments. Cases and current articles supplement traditional textbook readings and problems. This is a core course in the management studies concentration. Offered each semester.

229 Arts Management

This course provides an overview of the key issues which face arts administrators. Topics addressed include strategic planning, budgeting, fund raising, audience development, and human resource management as each relates to the unique setting of the arts. Case analysis and guest speakers provide opportunities to explore application of key concepts. Offered annually.

230 Computer Applications

This course focuses on using Microsoft Excel to analyze common management problems and develop solutions. Microsoft PowerPoint, a presentation graphics software program, is also introduced. Offered during Interim.

231 Personal Finance

This practical course provides information needed for informed decision making in major areas of personal finance, including budgeting, basic tax planning, insurance, investments, major purchases and retirement planning. Offered during Interim.

237 Managerial Accounting

This course emphasizes the use of financial and operating information to make internal management decisions. Topics include cost measurement and allocation, budgeting and control, performance evaluation, relevant costs for decision-making and capital budgeting decisions. Students are introduced to the modern production environment. Excel spreadsheets are used for many homework assignments. Prerequisite: Management Studies 225. Offered annually.

242 Marketing Practice Across Cultures: Interim in Iringa, Tanzania

Learn about marketing systems on the eastern coast of Africa in Tanzania. Compare Tanzanian methods of pricing, promoting, and distributing products with methods used in the U.S. Explore the role of political and social forces in shaping a nation's market structures. Visit local markets, area businesses, historical sites, and wildlife preserves. Experience life on an African University campus, living and studying with students from throughout central Africa. Offered during Interim in odd-numbered years.

250 Marketing

This course introduces the key elements of marketing strategy: product development and management, pricing, promotion and distribution decisions. Case analysis and simulation exercises provide opportunities for applying concepts addressed in class. Upon completion of the course, students should be able to write a marketing plan for a profit-oriented or not-for-profit enterprise. Prerequisite: one of Economics 110-122 or permission of instructor. Offered each semester.

251 Management

This course familiarizes the student with the major management functions of planning, organizing, leading, and controlling. The study of management theory is linked with application exercises. Students begin to develop the management skills necessary in any organization, whether it be a for-profit or not-for-profit venture, a small business, or a large corporation. This course is required for all students pursuing a management studies concentration. Prerequisite: one of Economics 110-122 or permission of instructor. Offered each semester.

252 Legal Aspects of Business

This course investigates the legal framework in which business enterprise is conducted, including personal rights and duties, contracts, sales, agency, negotiable personal rights and duties, negotiable instruments, bailments, personal property and corporate obligations, and equities. Prerequisite: Economics 121 or 122 or consent of instructor.

256 Entrepreneurship

This course examines the importance of entrepreneurship, covering both the theory and practical aspects of the subject. Discussions focus on the paradigms of creativity and innovation, the relationship of liberal arts disciplines to the entrepreneur, the role of the entrepreneur in society and history, the risks and rewards of entrepreneurship, and the elements of the entrepreneurial behavior in a variety of settings. Study concentrates on the entrepreneurial process from idea creation to ultimate business or other organizational activity. A leadership theme permeates these discussions. A variety of instructional techniques are used including group projects, guest presenters and practicing entrepreneurs attending the class. Offered annually.

257 Entrepreneurship and New Venture Formulation

This course teaches students how to develop a business or not-for-profit venture concept into a business plan. Students choose whether to develop a real business plan for a local entrepreneur or pursue an idea of their choice. Students work in teams to identify a market need, design a strategy, and determine feasibility of the proposed venture. Weekly assignments develop the necessary speaking skills that prepare students for the final plan presentation. Local entrepreneurs and fellow students critique the final plan and offer suggestions. Offered during Interim.

259 Intermediate Accounting Theory

This course investigates accounting principles used to value assets, liabilities, revenue and expenses. Case studies illustrate the effect of alternative accounting methods on financial statements and highlight the need for financial reporting standards. Prerequisite: Management Studies 225. Offered Fall Semester.

281 Corporate Finance

This course is an introduction to financial decision-making in a business environment. Topics include asset acquisition, issuance of stock vs. debt, dividend policy, planning and analysis, and working capital policy. Case discussions, combined with lectures and readings, enable students to apply finance principles in actual business situations. Computer spreadsheets are used. Prerequisite: Management Studies 225. Offered annually.

294 Internship

298 Independent Study

380 Investments

This introduction to making personal investment decisions provides a foundation for students seeking a career in the investment field. Although stocks are the primary focus, bonds, options, futures and mutual funds are also introduced. Topics include risk and return, security analysis, valuation theory, stock investment systems, and portfolio management. Students analyze historical data using a computer database and spreadsheet. Prerequisites: Management Studies 281 and Statistics 263, or permission of instructor. Offered annually.

383 Management Policy and Strategy

This is a capstone course for students with a management studies concentration or management area of emphasis. Students have the opportunity to further develop their planning and decision making skills through focused study of the management literature and case analysis exercises. Emphasis is given to identifying, analyzing and solving organizational problems which are strategic in nature and cut across all functional areas of the organization. Prerequisite: Management Studies 250 or 251, senior status or permission of the instructor. Offered annually.

394 Internship

398 Independent Research

399 Seminar