Two students pose with smiles

CBE: An Ambassador for Financial Literacy

April is financial literacy month, a designated nationwide event to raise awareness on the importance of financial education and personal finance. Here, at Towson University’s (TU) College of Business and Economics (CBE), some might take that for granted. Afterall, it’s only natural that those immersed in financial studies or instruction become so comfortable in their own understanding, that they forget how these skills benefit them in their personal and professional lives. Unfortunately, too many people outside of this community lack exposure to finance terminology and application, despite widespread relevance in the real world. This leaves those at a significant disadvantage; hence, the reason behind Financial Literacy Month. Perhaps then, it is the non-business majors who are taking courses in Towson’s CBE who best remind us of the need for a fundamental understanding of finance, and who offer the greatest potential for spreading this knowledge beyond the walls of Stephens Hall. Two such examples are Halla Ismail and Favour Akinneye.

When Halla and Favour registered for course FIN330, Essentials of Financial Management, “enthusiastic” was not a word that would describe how they felt. FIN330 is an introductory course for non-business majors. It is one of the business management classes required for TU’s Sports Management and Healthcare Management majors. As such, the course is often thought of more as “necessary” than “desirable” amongst the population of its participants, many of whom do not have an interest in finance or math – a relevant component of the class. Halla and Favour were equally apprehensive. The course had a reputation amongst their peers as being difficult, and for Halla, this was her second academic attempt. She had withdrawn from the same course in a prior semester after she saw the results of her first exam.

Both Halla and Favour are Healthcare Management majors slated for a spring 2025 graduation. Each share the same major and were enrolled in the same FIN330 class during the fall of 2024, yet they come from very different backgrounds. Halla was born in Egypt and came to the U.S. in 2015 with her family. Favour is from Bowie, Maryland. Both women started working while in high school as cashiers, Favour at Target and Halla at McDonald’s, but their financial literacy exposure was limited. Prior to college, they had very little involvement in the finances of their families or in their own personal finances.

As a child, Favour overheard some discussions with her family about money and remembers her father discussing the mortgage related to a new home that the family moved to while in middle school. But, prior to taking FIN330, she was not directly involved in many financial decisions. She had only made a few consumer credit choices and honestly didn’t feel comfortable doing so independently, requiring a consult with her older brother.

Halla recalls hearing her grandparents talk about money when she spent the weekends with them as a child. They openly discussed how their actual spending compared with their personal budget. While her parents each managed their own business, Halla didn’t have a lot of personal interaction with the financial affairs. She has however, taken a proactive approach to her education, managing work and academics with determination. After receiving two scholarships from McDonald’s, she now holds a job at a software company to help with tuition and living expenses.

“This is the first course I’ve had in college where I’ve been able to apply the content to real life.” – Favour Akinneye

For both Halla and Favour, FIN330 was their first exposure to many financial concepts, terminology, and skills. It offered an understanding of the time of value of money, investment basics, business formations, capital budgeting and structure, personal financial statements, retirement planning, and insurance considerations. After successfully completing FIN330 last semester, Halla and Favour feel more confident in their financial decisions and abilities. Despite their preconceptions, each really enjoyed the class! Favour liked the intellectual challenge, and Halla liked the math component of the course. Favour stated, “This is the first course I’ve had in college where I’ve been able to apply the content to real life.”

The course content helped Favour to prioritize saving overspending, and as a result, she developed a personal budget for the first time in her life. She enjoyed the class so much, that she chose an internship in a finance related part of the healthcare industry. FIN 330 added clarity and structure to Halla’s understanding, helping her to make more informed financial decisions. She recently opened a Certificate of Deposit, and because of the course, was familiar with the bank’s terminology and calculations.

Halla and Favour not only survived FIN330, but they both now believe that all college students should have to take some version of the course, even if it isn’t as in-depth. As Favour explained, “The debt rate has skyrocketed”, referring to the number of people using credit for purchases resulting in large personal debt. Favour and Halla both believe the course should be offered to college freshman (maybe in the first semester) before they start accepting the numerous credit card applications that are frequently given out to freshman students.

Halla and Favour exemplify how financial literacy can enhance independence by giving one the knowledge and ability to confidently execute a financial plan towards achieving personal and financial goals. They, as well as all who fill the classrooms of Stephens Hall can serve as ambassadors to spread this message beyond the brick walls this month and throughout the calendar year.

By Suzanne R. DeMallie, Lecturer in the Department of Finance

Pitching their big ideas

Shark Tank meets TU at the Big Idea Pitch Competition. Budding entrepreneurs brought their best and brightest ideas to the stage last week at the 2024 Big Idea Pitch Competition in front of a panel of judges. Hosted by the Dept. of Management and the Venture Club, the competition featured 10 ideas pitched in rapid fire by eager, entrepreneurial TU students.

Ideas were judged by their scalability, creativity, and presentation by judges Adeola Ajani (CEO of Fem Equity), Molli Chang (Business Analyst at StarTUp), and Greg Vetter (author and CEO of Tessemae’s All Natural).

One of this year’s judges, Molli Chang, is a former student and top-3 winner of the Big Idea Competition and returned to share her experience and expertise with current participants. She shared how gratifying it was to see her former classmates get up on stage and pitch their big ideas. “It was amazing to see how far they’ve come, how far they’ve grown,” Molli said. “It warmed my heart to reconnect with professors and classmates.”

Here’s a rundown of the top three winners.

First Place

Name: Camila Hoyos

Idea: SynchroSound, earbuds that translate dozens of languages in real-time. The product innovation was founded to address the imminent issue of language barriers. ​Through the earbuds, the device will translate the language of the person speaking through the call. ​The product is intended for multinational corporations, tourists, health care providers, and people who want to learn different languages.

Second Place

Name: Bria Reeves, Jordon Brinkley, Albery Arriaza, Lauren Fulmer, Jonathan Yohannes, Ryan Scho

Idea: S&F Watch, a crime-reporting app for campus communities. The idea is an innovative safety platform that streamlines how students connect with campus authorities. It enables quick, discreet reporting, real-time notifications of potential threats, and alerts for nearby incidents — empowering users to stay informed and safe on campus.

Third Place

Name: Alexander Schafer

Idea: Sprout with Us, a subscription service for sustainable baby clothes. About a year ago, his brother and his wife decided to have a child.  The idea was created to solve the financial strain caused by consistently buying clothes for their quickly growing child.

Check out some photos from the competition below.

Bemnette Kassa poses in front of Stephens Hall

Exploring the cultural significance, festivities, and community spirit of Ethiopian New Year

On September 11th, our CBE grad assistant, Bemnette Kassa, brought everyone in the office flowers and dessert in honor of the Ethiopian New Year. Unfamiliar with the Ethiopian New Year, I wanted to know more and this is what I learned…..

The Ethiopian New Year, or “Addis Amet,” holds deep cultural and religious significance, marking the start of a new season. Each year corresponds to one of the four disciples of the New Testament, with this year being the season of Matteos (Matthew). The Ethiopian calendar begins in September, believed to be the month God created the earth.

Ethiopian Orthodox Christians celebrate the New Year with religious connections, such as honoring the birthday of John the Baptist. A ceremony called “tabot” includes a church parade and songs of praise, coinciding with the blooming of the yellow “Addey Abeba” flower, which is central to the celebrations. According to legend, King Solomon once gave the Queen of Sheba this flower in the form of a ring.

Celebrations involve family and friends, with coffee ceremonies, feasts, and traditional foods like dabo, qolo, and popcorn. Children don new clothes, distribute artwork, and participate in singing and dancing. The song “Abebayehwosh,” meaning “Have you seen the flower?” is a key part of the festivities.

Ethiopia follows a 13-month calendar, starting in 7 BC, which differs from the Gregorian calendar. Even Ethiopian communities abroad celebrate Addis Amet, maintaining traditions and fostering togetherness, love, and community.

For me, the highlight of Addis Amet is singing “Abebayehwosh” with the women of my community. One of my fondest memories is when, during a New Year celebration at church, the children were invited to sing. As we sang, the elder women—our mothers, aunts, grandmothers, and sisters—joined in, creating a beautiful, unbreakable bond.

In preparation for the New Year, my family often searches for yellow flowers reminiscent of the Addey Abeba, dresses in our best yellow or gold attire, and cooks up a large feast. Addis Amet is a time for family, tradition, and joy, bringing together loved ones to welcome the year ahead with peace, prosperity, and love.

By Lisa Simmons, Assistant Dean, CBE

This story is a part of the college’s CBE Celebrates Diversity Series, which highlights student, faculty and staff stories from our diverse community.

 

Businessperson working on Desk office

TU’s accounting and business advisory services M.S. receives STEM designation

Program emphasizes the growing role of technology and data analytics in the accounting profession

Towson University’s accounting and business advisory services master’s degree earned designation as a science, technology, engineering and math (STEM) program from the Maryland Higher Education Commission. This designation serves as a recognition that the courses in the curriculum reflect what students need to be successful in the accounting industry today and in the future.

This designation recognizes the program’s emphasis on the growing role of technology and data analytics in the accounting profession.

“As the accounting profession has evolved, technology has played an increasingly important role in professional practice,” said Dr. Charles Russo, associate professor of Accounting and director of the M.S. in Accounting and Business Advisory Services at Towson University. “Data analytics with the use of technology pushes the profession toward higher order thinking skills.”

The program’s updated curriculum reflects the evolving demands of the profession.

The landscape of accounting services is being fundamentally reshaped by technological advancements, data analytics, and the rise of generative AI. The STEM designation highlights TU’s commitment to equipping the next generation of accountants with the modern skills they need to be successful in the profession.

A key advantage of the TU program is that it’s offered jointly by Towson University and the University of Baltimore, a partnership which began in 2004. The joint program allows students to enroll in accounting courses at both universities and offers a flexible format, including courses offered online and on-campus, making it ideal for working professionals seeking to advance in their careers.

The new designation gives international students the benefits of optional practical training (OPT) eligibility and an additional 24 months of United States residency with the STEM OPT extension on their visas. Towson University also offers a five-year accelerated dual degree in accounting (B.S.) and accounting and accounting and business advisory services (M.S.), which allows international undergraduate students to be eligible for OPT if they choose to add on the master’s degree.

Learn more about the accelerated dual degree in accounting and business advisory services

Towson University’s accounting programs emphasize high-quality academics and applied learning. In this program, students learn advanced skills in applied information technology, finance, and other relevant areas. Towson University is accredited by AACSB International (Association to Advance Collegiate Schools of Business), the highest standard for business education.

With a STEM-designated degree, students can expect hands-on learning experiences with real-world application, a high return-on-investment; and higher pay scales, job availability and longevity when entering STEM-oriented positions.

Learn more about TU’s M.S. in Accounting and Business Advisory Services program and the College of Business and Economics.

 

MentHER program receives recognition for empowering students throughout Baltimore

College of Business & Economics’ program makes a difference for women in business

BY TOWSON UNIVERSITY

Towson University’s MentHER program in the College of Business & Economics (CBE) received the 2024 Inspiring Programs in Business Award from Insight Into Diversity magazine, the largest and oldest diversity and inclusion publication in higher education. The award honors colleges and universities that encourage and assist students from underrepresented groups to enter the field of business. TU is featured, along with 27 other recipients, in the April 2024 issue of the magazine.

The MentHER program connects professional businesswomen with CBE sophomores in one-on-one mentoring relationships, who in turn mentor high school students within Baltimore. Program content focuses on financial literacy, career planning and life and workplace skills through guided discussions, workshops, mentoring sessions and presentations.

“This recognition attests to our success in empowering women not only at TU but in high schools throughout Baltimore,” says Lauren Tigue Meredith, professional development partner in CBE and facilitator for the MentHER program. “The relationships these women build through one-on-one mentoring prepares them for their academic and career journeys.”

Insight Into Diversity magazine selected the MentHER program in CBE at Towson University because it combines networking and mentorship among women to support the growth, education and empowerment of college and high school students in the Baltimore area. Combining evidence-based practices for mentorship programming, the program has proven success in preparing participants for a career. In fact, 67% of participants had more confidence with their career plan after participating.

“Our goal at TU is to help all our students succeed in college and beyond graduation, and the MentHER program supports this goal,” says Aneil Mishra, dean of the College of Business & Economics. “This program grows personal and professional networks for students by meeting and building connections with other supportive women. It provides the foundation for identifying and advancing the essential components for students’ future success.”

Inspiring Programs in Business Award winners were selected by Insight Into Diversity based on efforts to inspire and encourage a new generation of young people to consider careers in business through mentoring, teaching, research and successful programs and initiatives.

“We know many business programs are not always recognized for their success, dedication and mentorship for underrepresented students,” says Lenore Pearlstein, owner and publisher of Insight Into Diversity magazine. “We want to honor the schools and organizations that have created programs that inspire and encourage young people who may currently be in or are interested in a future career in business. We are proud to honor these programs as role models to other institutions of higher education and beyond.”

For more information about the 2024 Inspiring Programs in Business Award, visit insightintodiversity.com.

For media inquiries, email Jamie Abell at .

About Towson University
Towson University is Maryland’s university of opportunities. With more than 150 years of experience pushing possibilities, TU is a nationally recognized leader in inclusive excellence, social mobility, research and discovery. As the largest university in greater Baltimore, TU’s momentum is always accelerating, with nearly 20,000 students and 200 bachelor’s, master’s and doctoral degree programs in the liberal arts and sciences and applied professional fields. Located amid one of the East Coast’s cultural and economic epicenters, TU is a beacon and powerful catalyst in the Mid-Atlantic, partnering with hundreds of businesses and organizations, impacting communities and fueling change. TU meets the holistic needs of each student to achieve success, a result of a deeply inclusive culture with a focus on equity among all students, faculty and staff.

About INSIGHT Into Diversity
INSIGHT Into Diversity magazine is the largest and oldest diversity and inclusion publication in higher education today and is known for its annual INSIGHT Into Diversity Higher Education Excellence in Diversity (HEED) Award, the only award that recognizes colleges and universities for outstanding diversity and inclusion efforts across their campuses. Insight Into Diversity magazine presents timely, thought-provoking news and feature stories on matters of diversity and inclusion in higher education and beyond. Articles include interviews with innovators and experts, as well as explorations of best practices and profiles of exemplary programs. On our Career Center, readers will also discover career opportunities that connect job seekers with institutions and businesses that embrace a diverse and inclusive workforce. Current, archived, and digital issues of Insight Into Diversity magazine are available online at insightintodiversity.com.