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This 1-credit program includes a two-week travel study experience at TH Köln – University of
Applied Sciences in Cologne, Germany. We focus on European Financial Markets & Institutions,
extending concepts introduced in Financial Markets & Institutions (FNBSLW 360) and Investments
(FNBSLW 345). Through on-site activities, guided visits, assigned readings, and reflective writing &
presentation, students will deepen their understanding of the European business environment,
Germany’s cultural and historical context, and the broader landscape of global financial integration.
More specifically, students will:
• Examine the structure and current state of European capital market integration, with
attention to Cologne’s historical and economic significance within Europe.
• Analyze the evolution of European trade relations and evaluate the economic importance
of trade integration for the European Union.
• Explore the political and economic reconstruction of Germany after 1945, with an
emphasis on long-term institutional development.
• Understand the structure, sustainability, and reform challenges of the German pension
system, and compare its design to the U.S. system.
• Learn about the actuarial and financial management principles of pension institutions,
including the advisory role of firms such as Heubeck, the leading actuarial firm in Germany.
• Apply macroeconomic theory by estimating a Taylor Rule for the Euro area and developing
analytical questions ahead of the visit to the European Central Bank (ECB).
• Experience European monetary policy in practice through direct engagement with ECB
representatives, connecting theoretical concepts of financial governance to real-world institutions.
Number of Credits: 1cr.
Prerequisites: Business Finance (FNBSLW 344) and a 2.5 CUMM GPA
Tentative Itinerary:
5/24/2026 Sunday Departure ORD – FRA (Chicago to Frankfurt)
5/25/2026 Monday Day 0: Orientation and campus tour. TH Köln – University of Applied Sciences; Cologne, Germany.
5/26/2026 Tuesday Arrival Day 1: FIX: Integration of European capital markets; Cologne city tour with visit to the cathedral; LO: Students understand the structure and current state of European capital market integration and reflect on Cologne’s role as a historical and economic hub in Europe.
5/27/2026 Wednesday Day 2: TENTATIVE (depending on the schedule): European trade; FIX: historical Cologne city tour (Roman times), Timeride, Köln 1920. LO:
Students analyze how European trade relations have evolved and discuss the economic significance of trade integration for the EU.
5/28/2026 Thursday Day 3: FIX: Visit to Bonn (former German capital) and museum tour to the Haus der Geschichte (https://www.hdg.de/en/). Travel time to Bonn is ca. 90 minutes, Tram lines 16 or 18. At the museum: 90-minute guided tour (permanent exhibition). 30-minutes break. 90-minute guided tour exhibition Nach Hitler – Die deutsche Auseinandersetzung mit dem Nationalsozialismus (free of charge); Joint dinner in Cologne (Oma Kleinmann, traditional student bar/restaurant). LO: Students explore the political and economic reconstruction of Germany after 1945.
5/29/2026 Friday Day 4: Trip to Düsseldorf, capital of the federal state of North Rhine-Westphalia.
5/30/2026 Saturday Day 5: Recommended voluntary activities: Phantasialand Brühl, Kölner Zoo, or Schloss Drachenburg on the Drachenfels close to Königswinter.
5/31/2026 Sunday Day 6: TENTATIVE (depending on the schedule): Pension systems in the U.S. and Germany; LO: Students understand the structure, sustainability, and reform needs of the German pension system and investigate what can/cannot be learnt from the U.S. system.
6/1/2026 Monday Day 7: TENTATIVE (depending on the schedule): Passive side of pension institutions; TENTATIVE: Visit to the Heubck (the leading actuarial company in Germany); LO: Students understand the actuarial and financial management principles of pension institutions and learn about the advisory role of companies like Heubeck.
6/2/2026 Tuesday Day 8: TBD
6/3/2026 Wednesday Day 9: Groupwise assignments and plenary discussion to prepare ECB visit (explore European economic data, estimate a Taylor rule for Europe, bring laptops and Excel, or better, a statistics software); LO: Students apply macroeconomic theory to real data by estimating a Taylor rule for the Euro area and preparing analytical questions for the ECB visit.
6/4/2026 and 6/5/2026 Thursday & Friday Day 10 & 11: Travel to Frankfurt (potentially along the scenic Rhine Valley), visit the ECB (15+ visitors required), and potentially the German finance agency (TENTATIVE). Potential add-ons would include a city tour of Frankfurt (Römer, Kleinmarkthalle, Paulskirche, etc.), a visit to an art museum (Städel or Schirn), and/or an evening visit to the English Theatre (London musicals performed in Frankfurt). Stay in Frankfurt to make it easier to depart on the following day. LO: Students experience European monetary policy in practice, interact with ECB representatives, and connect theoretical concepts of financial governance to real institutions.
6/6/2026 Saturday Departure FRA-ORD (Frankfurt to Chicago)
