A crew of financial novice sailors inspired by challenge, unthreatened by the calamities will be gathered by the vast ocean of UK financial markets. Onboard FIM AUT08 the mission would be to explore and gather empirical evidences from the unfathomable depths to prove/disprove the “myths” in finance. The crew will prevail at the end to be wiser knowing the monsters and their natures that roars across the depth of this dark mysterious ocean.
The project, in its metaphoric and slightly dramatic title with a mission statement, tries to highlight the experiential nature of its deliveries. It will be implemented in a level 3 undergraduate optional module titled “Financial Management” as an alternative assessment. This is a process oriented assessment that will provide the participants the scopes to understand some of the core theories in corporate finance. Participants (the crew) will gather information from UK financial markets (the ocean) and experiment with them in a technologically enhanced setting (the submarine: FIM AUT08) to make sense of some of the classical theories in finance. Some of these theories appears far from reality based on simplified assumptions that blur the vision of the learners to develop the insights and skills they need to become financial managers.
Over the past few years participants of financial management module always highlighted that they find it hard to relate the content with reality. Although the module content is predominantly theory based, they all have specific managerial implications. Therefore, it is important for us to be creative in our deliveries for the learners to experience the real economy and markets to understand these theories. This module is not intended to be practical in nature like financial trading or risk management. Still it has ample opportunities to provide the participants an immersive experience that inspired great mind in history like Harry Markowitz to theorise financial activities and markets. It makes perfect sense to facilitate the learners in this module with set of tools and technologies to investigate financial markets and its players to recognize patterns that well might have already been theorised. This removes the alienation felt by the participants to be skilful in real finance world.
Development process: In this stage the project will be designed with specific outcomes and steps. This stage will heavily depend on discussion with learning and teaching experts and industry experts that include academic/professional centre of excellence in financial management training and decision makers in the financial industry. The process will also be informed by students’ expectation to make it a “fun” experience.
Module: Financial Management
Integration as an alternative delivery & assessment: Additional mandatory sessions for participating learners to produce tangible work backed by real life data to understand theories. This tangible works will be put together in a portfolio for both formative and summative assessments.
Intended topics: Asset valuation, capital budgeting, risk and return, portfolio theory, Capital Asset Pricing Model, and efficient market hypothesis
Topic specific submarine sessions: Each topic will have its own lab session for the learners to collaborate in groups with technology, data, and set of enquiry-rich research skills to observe, simulate, and experiment financial processes to gather empirical evidences that can be generalised to classical theories in that topic. This is the process a proponent of a theory would have followed at the dawn of the proposed theory. If time and capacity permits there will be three 2-3 hour submarine sessions for the recruited crew to demystify the topical monsters!
Portfolio for assessment: The whole process will have constant formative assessment through discussion board and verbal feedback. The portfolio could be a group initiative in hard copy. Alternatively the groups can be encouraged to work on a Wiki with an aim to develop a collaborative webpage that demonstrate empirical evidence from the financial markets to support existing theory and their managerial implication in the current market context.
Dissemination: The outcome of the project will be presented in school/faculty wide staff development seminars. It will also be presented as action research in relevant conferences, E-learning practitioners network sessions, and SCEPTrE conferences. The experience can also be shared within wider higher educational setting as creative practice in teaching finance.
Air Support: Led by Air Vice Marshals “The SCEPTrE Team”
Submarine Captain: Osama S M Khan
Crew: Interested financial management participants who will be recruited through formal application for the vessel FIM AUT08. Once recruited it will be binding for them to dedicate themselves for the mission of the submarine. This experience will replace part of the existing mode of assessments i.e. the assignment in this module. The crew will be consulted in the development process to ensure their comfort, utmost enthusiasm, and dedication to submerge.
Anonymous ULearn discussion forum, blogs, and wikis
Post it comments at the end of each submarine sessions
Anonymous tape recorded diary of their experience
Statistical analysis of recruited crew performance in the overall module against the general participants of the module
Process of Evaluation:
The first three platforms will constantly be utilised to gather feedback for the captain to reflect on them for better strategies in subsequent combats (immersive enquiries). At the end all the evaluation from different platforms will be gathered and analysed to improve the experience of the future crew of FIM AUT fleet.
Time Scale Final project report by the captain Submarine FIM AUT08 returning home Submarine FIM AUT08 sail out in mission Recruitment of crew Final project design Consultation with submarine engineers (E-learning Unit) Consultation with air support (SCEPTrE) Preliminary design of the project Consulting potential crew members (participants) Consulting industry participants/chartered bodies Observing excellent centres in Finance Education Approval of board of studies Consultation with admirals (Module & Sub Gr Leaders) Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 2009 2008
School of Management: Module leader, subject group leader, and the board of studies to support the development process
SCEPTrE: Support and collaboration for providing high quality space for the submarine sessions and to brainstorm the project design and evaluation process
E-Learning Unit: For technological know-how, support, and layout
Centre of excellence in Financial Management Education e.g. ICMA at Reading Business School, London Business School, Cass Business School, Warwick Business School, Tanaka Business School, Said Business School, Judge Business School etc.
Chartered Bodies: Chartered Financial Institute
Industry Players: Senior management of large corporations, London Stock Exchange, Security Exchange Commission, Debt Management Office, Financial Services Authority etc.