ACE 222: Personal Financial Planning
ACE 222 is an introductory course in agricultural marketing. We learn about the production sector, cash markets, futures markets, basis, hedging using futures markets, options and hedging using options, as well as food manufacturing, wholesaling, retailing, transportation, and international trade.
Prerequisites (Must be complete BEFORE taking this course):
None!
Instructor Teaching the Course:
This course is taught by the instructor below. You may click on their name to learn more about them. Teaching schedules vary by semester. Please check the Course Explorer for the most up-to-date information about the sections they will teach.
Paul Stoddard
View the Course Explorer:
See when the course is offered as well as section details here: https://courses.illinois.edu/schedule/terms/ACE/222
Fall 2018 Restrictions
None!
Additional Course Information
Read more about what Professor Stoddard has to say about ACE 222!
Is this class discussion-based or lecture-based? How would you describe your teaching style?
This is a lecture-based course in which discussion is encouraged. Students are inherently interested in markets and in food, since we’re all consumers and many students will have careers that relate to the buying, selling, production, or processing of food products. My teaching style is relatively informal and my emphasis is very practical. I want to help students understand markets and the important impact of prices throughout the food system. For many students this course is their first exposure to futures and options, so we start at the very beginning to explain what can seem like relatively complex market mechanisms.
How are students evaluated (e.g. multiple choice or essay tests, papers, etc.)?
Students are evaluated based on tests (multiple choice), in class assignments, and online quizzes. The online quizzes, which are given regularly throughout the course, give students an incentive to review class material on a regular basis. This reinforces concepts and helps them a lot when it’s time to prepare for an exam. The in class assignments are an effective tool to teach students a disciplined thought process so they can learn to project the possible outcomes of hedging and options strategies.
What careers does this course help prepare students to pursue?
Students who go into a variety of trading jobs will find this material very helpful. Many market players, both agricultural and non-agricultural, use hedging and options strategies as tools to mitigate price risks. And this information is very relevant for students whose careers will involve direct interaction with farmers, wholesalers, retailers, etc.
What courses can students take to prepare for this material?
ACE 222 is an introductory level courses so all students are welcome and all students will be able to succeed if they do the required work. Students with backgrounds in finance, economics, and business will have had some exposure to some of the concepts we talk about.
In what ways does this course prepare students to move through the program and/or into the work force?
An understanding of how markets work and an appreciation of the risk management uses of futures and options are very important in a variety of roles in business, finance, economics, agriculture, and marketing.
What is your background in Agricultural and Consumer Economics?
After studying economics at the UI many, many years ago, I had a 30 year career in agricultural real estate, farm management, commodity trading, and agricultural lending, so I’ve been able to observe the choices and behaviors that help financially successful people get ahead and have seen the pitfalls that can lead to financial problems.
What is your attendance policy?
Attendance is very important. Some of the material in this course is counterintuitive for the student who hasn’t been exposed to it before, and often it’s critical to understand one concept before learning the next one.