Easing college students' transition into the financial planning profession

Financial Services Review, Fall 2005 by Goetz, Joseph W, Tombs, Joseph W, Hampton, Vickie L

Experiential Learning Theory advocates active learning techniques that encourage students to become more involved in course content by applying what they learn to real situations. The theory serves as a valuable and practical pedagogic framework for educators to develop techniques to integrate the profession and the classroom. Pulling from authors' experience as well as research on experiential learning and pedagogy, the following list presents methods that can help bring the profession into the classroom. Techniques are broadly categorized as incorporating problem-based learning, adding additional courses, and bringing professionals into the classroom. Providing systematic instruction for each technique is beyond the scope of this paper. However, valuable references and contacts offering more specific implementation guidelines for the listed teaching techniques are described throughout the paper and in Table 2. In addition, the authors hope this paper will serve as an impetus for future papers that outline specific methods of implementation for many of the techniques described.

2.1. Incorporate problem-based learning

Problem-based learning (PBL) is a method of creating knowledge via students' use of research, investigation, and discussion to solve real world problems. PBL works by introducing a problem to students before presenting the information needed to solve the problem, whereas in a traditional lecture style students are first exposed to information and then problems, such as on an exam. The PBL technique forces students to process information at a higher cognitive level when initially exposed to new information. With PBL, students can practice critical thinking skills and develop skills necessary to be self-directed learners. In addition, research illustrates that PBL improves analytical skills, library use and class attendance (Albanese, 1993; Kaufman & Mann, 1997). This technique can be used in both small and large classes with instructors facilitating learning by circulating through divided groups of students and helping to guide the process. Financial planning students can be presented with real problems they may face with future clients and then be required to research, investigate and discuss those problems with their peers and ultimately present solutions. Local financial planning professionals can be surveyed to identify real problem scenarios they regularly face with clients and subsequently introduced into the classroom.

2.7.7. Case studies

Saunders (1997) provides evidence for the value of the case study as an effective experiential activity to promote learning. Students often take a more intense interest in learning a subject when they are given the chance to apply their knowledge to a real situation, even when a case study is fictitious, as cases expose real-life complexities. Educators have tried various approaches to case studies. The most realistic of these methods involves either using real clients who come into the classroom or requiring each student to find a volunteer "client" For example, at The Ohio State University and University of Wisconsin-Madison, students find non-student clients, typically relatives or friends, and develop a comprehensive financial plan (S. Hanna, personal communication, June 16, 2004; M. Gutter, personal communication, November 8, 2004). However, there are obvious trade-offs in the form of liability issues, loss of control of case facts, and instructor workload. Another approach involves students preparing their own personal financial plans, but many students live financially uncomplicated lives providing insufficient depth for more advanced classes. Some professors prefer to develop their own cases, which can be quite work-intensive. The American Express Financial Planning Invitational case may be used after the competition is completed, and there are now at least two textbooks (published by The American College and BISYS) that provide written cases. In addition to using modular cases across the curriculum in the topic-oriented classes, many financial planning programs now require students to complete a "capstone" course, discussed later in this paper.