With graduation approaching, professors in the University of Arizona's Eller College of Management are making adjustments within the classroom to prepare their students for a business world amid a changing and rocky economy.
UA economics professor Price Fishback has integrated his personal research as class material for students. His research draws parallels between today's economic conditions and the Great Depression.
"My research specifically contrasts the involvement of the Federal Reserve in the 1930s and today. Back in the '30s, the Federal Reserve did little to offset the banking crisis for a time of two years, so by the time they made a move, the country was at 25 percent unemployment," he said. "However, the Federal Reserve today made bold moves in the fall so at that time, unemployment was only at 7 percent."
Eller Dean Paul Portney said, "Professor Fishback's research contains more applicable and pertinent information than textbooks possess right now because what the authors of textbooks predicted in the past isn't necessarily true in the present economy."
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UA finance major Michael Abbott said he's seen a change.
"I've definitely noticed professors taking more time out of class to discuss issues related to the current economy," he said. "I think it is really important for students to be aware of the state of the economy, but I also have to wonder if the discussions leave less class time to discuss fundamentals."
Professors have had to adapt their lessons for the evolving economic situation.
"I'm not willing to throw out the textbooks because the underlying financial models are right. However, I am discussing risk more carefully with students because that type of assumption is so critical to the outcome," said finance professor Thomas Bates.
While most students are learning about the effects of a negative economy during class lectures, some are learning firsthand.
For majors in programs such as entrepreneurship, the economy is directly teaching students to adjust. According to UA business management and entrepreneurship double-major Marcos Rodriguez, the entrepreneurship program's final project is being compromised by the economy.
Students are required to design a unique business plan throughout the one-year program. At the conclusion, students must present their business proposals to possible investors in anticipation of receiving job offers.
"Everyone is being so careful with their money because of the economy, so I'd really have to blow a possible employer out of the water to get someone to even look at me," said Rodriguez.
Despite the recession, more UA students are aspiring to obtain business degrees. There are approximately 100 more applicants this year than in previous years for the Eller College of Management as a whole, said college coordinator Ryan Thomas.
"The average grade-point average has escalated from a 3.1 last year to a 3.4 this year due to the high number of applicants for the Eller program," Thomas said.
Portney said there is a recurring pattern of an increase in the number of applications when the economy is struggling.
"There are more students that are interested in a degree in business and economics now due to the economy being on the rocks because students know they simply have to be knowledgeable about the economy to be successful," he said.