The Banking and Finance Department offers courses leading to the award of a B.Sc. degree in banking and Finance. Admission is by UTME for the four year programme.
The department of banking and Finance is an offshoot of the mainstream of the Science of Economics, and because of the pervasive and fundamental link it has with the management of an economy’s financial resources, it has established itself worldwide as an independent and special area of study. As the name implies, it refers to the study of Banking and non-Banking Financial Institutions including Central Banking , Commercial and Merchant Banking, other forms of financial institutions and intermediation as well as financial management and control of a nation’s financial resources, and their interrelationships in response to the now ineludible demand for international financial transactions. A sound knowledge of the operations of fiscal policies is at once compelling and inevitable for understanding and acting within the complex network of transactions in present-day national or world economy.
The finance aspect of the Department strictly relates to financial management and control which are concerned with the raising and the administration of business funds, when the objective is the maximization or optimization of the rate of profit. More specifically it involves a study of long-term debt instruments, stocks, portfolio analysis, cost of capital, corporate debt capacity and debt strategy, financial ratio analysis, capital markets, budgeting, etc. in both Banking and Finance policy formulation, policy analysis and policy implementation becomes fundamental areas of interest. Our programme thus aims at training managers, who are capable of directing the financial affairs of government, the banking industry and the business enterprise. The Department’s philosophy or guiding principles on which we have our justification of the existence of the discipline of banking and Finance though on the following: Banks and non-banking financial institutions as well as monetary fiscal and financial instruments and policies are generally regarded as indispensable catalysts of economic growth and development.
1. In Imo State University, the Department of banking and Finance exists to provide both the framework and the context for the study and understanding of the role, growth and potentialities of banks and non-banking financial institution, as well as relevant governmental policy instruments, and their development of impact on the economic growth and development of a nation, with special emphasis on Nigeria.
2. In this university, consistent effort is made to mandatorily study the discipline as indiscipline as an indispensable aid to understanding the intricacies and role and application of domestic and international finance, in view of the increase interlocking nature of domestic and international economic parameters and variables and the need to master the mechanics and dynamics of relevant institutional changes in relation to their impact on general economic performance and the growth of an economy.
3. Furthermore, the decision of Imo State University to create a discipline not only of Finance, but of Banking and Finance is a conscious one. It is evident that the country lacks a sufficient number of tertiary schools with adequate specialization in Banking and Finance. Imo State University fills this vacuum through a study programme that takes adequate care not only of Finance as an essential component in national economic management, but also of Banking as a distinct institutional category for effecting monetary and financial policies in specialized ways.
4. The chartered Institute of Bankers of Nigeria has shown keen interest in this combination, and is not averse to recommending it as very suitable for the preparation of professional bankers.
5. With the increase in the number of banks and non-banking financial institutions through-out the country, and in the competitions among them, as well as with the increasing restructuring going on in the economy and in the banking industry, the complexities and problematic of professional banking are equally in the increase.
6. It is generally that Nigeria is under banked at present. This implies that notwithstanding the increasing complexities of professional banking industry is faced with bright prospects in the context of an expanding economy. So also is the practice of banking. Therefore, an underlying reason for the design of the programme is to groom participants for challenging positions in the banks, finance houses, industries and government. It also aims to prepare those who may wish to be independent operators as stock consultant, investment analysis, general financial consultants, or who may wish to engage in international businesses.
7. The discipline further provides through intensive teaching and in-debt research, the needed high level manpower for our institutions of higher learning.
8. It is important to stress that in addition to the acquisition of professional knowledge, skills and expertise, our purpose, objectives and philosophy have also been to Pert to the student’s sufficient general knowledge designed to humanize them, and imbue them with a generally more rational. Wider and responsible perspective on an orientation towards their immediate society and co-operative endeavour with others.
Admission is usually through UTME with Candidates having to satisfy both the University minimum and departmental entry requirements. A Five ‘O’ Level credits at not more than two sittings and these must include English Language, Mathematics and Economics plus any other two.