Increasing Student Learning in an Investment Management Course Through the Innovative use of Experiential Learning Pedagogy - An Interactive Learning Session 8 | Developments in Business Simulation and Experiential Learning, Volume 36, 2009 INCREASING STUDENT LEARNING IN AN INVESTMENT MANAGEMENT COURSE THROUGH THE INNOVATIVE USE OF EXPERIENTIAL LEARNING PEDAGOGY – AN INTERACTIVE LEARNING SESSION Nauman M. Farooqi Mount Allison University nfarooqi@mta.ca ABSTRACT The objective of this session is to share the experience of using an experiential learning pedagogy in an Investment Management course. Experiential pedagogy is a participatory method of learning, which involves a variety of a person’s mental capabilities. Authors such as Corsun, Inman and Muller (1995) and Kolb, Rubin and McIntyre (1974) have quoted an ancient Confucius statement, "I hear and I forget; I see and I remember; I do and I understand." to convey the foundation of this pedagogy. This senior level Investment Management course utilizes a number of experiential learning and simulation game modules. Each of these modules is designed to enhance student learning and retention of key investment management concepts. The session will be interactive and involve a presentation, group discussion, participation activities and hands-on learning opportunities for the audience. INTRODUCTION The objective of this interactive session is to share the experience of using an experiential learning pedagogy in an Investment Management course. Experiential Learning is a highly effective method for increasing student engagement and allows for learning through hands-on experience. Many business schools around the world have successfully used this approach. However, its application and use in an Investment Management course is innovative and as such needs to be shared with the learning community. Experiential pedagogy is a participatory method of learning, which involves a variety of a person’s mental capabilities. Authors such as Corsun, Inman and Muller (1995) and Kolb, Rubin and McIntyre (1974) have quoted an ancient Confucius statement, "I hear and I forget; I see and I remember; I do and I understand." to convey the foundation of this pedagogy. Alon and Cannon (2000) defined it simply as, “learning by doing”. O’Banion (1997) stated that the experiential approach provided discovery and involvement for students as they collaborate in the learning process and assume responsibility for the decisions they make. According to Kolb (1984) experiential learning is a process in which knowledge is created through the transformation of experience. Specht and Sandlin (1991) explained that "experiential learning focuses on ‘doing’ in addition to the ‘hearing’ and ‘seeing’ that occur in traditional lecture class." There is widespread support of the benefits of experiential pedagogy. Toncar and Cudmore (2000) found that experiential learning activities increased the level of student motivation and also long-term retention. According to Finney (2004) teaching undergraduate business students is challenging as they have little or no business experience which would allow them to link theory with real- world practice. Experiential learning allows business educators to bridge this gap. Experiential pedagogy has been applied across various business disciplines. Finney (2004), Bobbit (2000), Alon and Cannon (2000) Gremler et al., (2000) describe several successful applications in the field of marketing. Falkenberg et. al., (2000) reports on the application of the experiential approach in a project management course. Hogan (1992) reports on the application in an organizational behavior course. Gruca (2000) describes an experiential application, which integrated the disciplines of marketing, finance and technology. This senior level Investment Management course was totally redesigned over the course of two years. The course utilizes a number of experiential learning and simulation game modules. Each of these modules is designed to enhance student learning and retention of key investment management concepts. Some of these modules include the use of mind mapping concepts, investment simulation games using an online simulation platform, use of finance related movies and TV programs (such as Rogue Trader, Wall Street), Field trips to financial markets and institutions, guest speakers and the use of role-playing simulation games involving the launch of an Initial Public Offering (IPO). The course was offered for the first time in January 2008. Feedback received from the students has been very positive with significant increase in student learning and retention as compared to the non-experiential course delivered before. The intended target audience for this session will consist of university/college teachers, instructional and curriculum developers and teaching assistants. This audience will share experiences and information in similar courses to gain knowledge for continuous improvement of courses in the future. The session will be interactive and involve a presentation, group discussion, participation activities and hands-on learning opportunities for the audience. The session will require appox. 90 minutes (although it can be completed in 60 minutes as well) and require the use of a multimedia projector, screen, laptop computer hookup cables and external speakers. A case style room arrangement will be ideal for the session. mailto:nfarooqi@mta.ca 9 | Developments in Business Simulation and Experiential Learning, Volume 36, 2009 REFERENCES Alon, I. & Cannon, N. (2000). “Internet-based experiential learning in international marketing: The case of Globalview.org.” Online Information Review, 24(5), 349. Bobbit, L.M., Inks, S.A., Kemp, K.J. & Mayo, D.T. (2000). “Integrating marketing courses to enhance team-based experiential learning.” Journal of Marketing Education, 22(1), 15-20. Corsun, D., Inman, C., and Muller, C. (1995). “Developing managers in the classroom: learning about learning from student perceptions of a real-time simulation.” Hospitality and Tourism Educator, 7(2), 37-44. Falkenberg, L., Russell, R. & Ricker, L. (2000). “Linking theory with practice: Undergraduate project management with school-age children.” Journal of Marketing Education, 22(6), 745. Finney, S. (2004). “Bringing marketing to life: Using experiential learning techniques to teach undergraduate business students.” Atlantic Universities Teaching Showcase Proceedings, 205-217, Volume IX. Gremler, D.D., Hoffman, K.D., Keaveney, S.M. & Wright, L.K. (2000). “Experiential learning exercises in services marketing courses.” Journal of Marketing Education, 22(1), 35-44. Gruca, T.S. (2000). “The IEM movie box office market: Integrating marketing and finance using electronic markets.” Journal of Marketing Education, 22(1), 5. Hogan, C. (1992). “You are not studying alone-introducing experiential learning into the teaching of organizational behavior.” Education & Training, 34(4), 14. Kolb, D.A. (1984). Experiential learning: Experience as the source of learning and development. Englewood Cliffs, NJ: Prentice Hall. Kolb, D.A., Rubin, I.M. and McIntyre, J.M. (1974). Organizational psychology: An experiential approach (2nd Ed.). Englewood Cliffs, NJ: Prentice-Hall, Inc. O’Banion, T. (1997). A learning college for the 21st century. Washington D.C.: American Association of Community Colleges. Specht, L.B. and Sandlin, P.K. (1991). “The differential effects of experiential learning activities and traditional lecture classes in accounting.” Simulation and Gaming, 22(2), 196—210. Toncar, M.F. & Cudmore, B.V. (2000). “The overseas internship experience.” Journal of Marketing Education, 22(1), 54-63. Table of Contents Volume 36, 2009 Protecting Academic Integrity: Student Assessment In The Online Environment Pedagogical Shift: Teaching Report Writing For Accountants Online Increasing Student Learning In An Investment Management Course Through The Innovative Use Of Experiential Learning Pedagogy A Moral Development Unit For Business Courses Dividing Up Grandma’s Things: A Multifaceted Exercise In Critical Thinking Application Of Haekel’s Thesis To ABSEL Development Linking Stories With On-Line Threaded Discussions For Critical Thinking In Management Curriculum Why Have We Neglected Vicarious Experiential Learning? A Triadic Multi-Disciplinary Approach To Enhancing The Efficacy Of Experiential Learning Movement Toward Increased Student Roles In The Design Of Experiential Exercises Ready-Mix Concrete Company: An Experiential Exercise In Management Theory Using Portfolio Theory In A General Management Simulation An Experimental Analysis Of Advertising Strategies And Advertising The Relationship Between Goal Orientation And Simulation Performance With Attitude Change And Perceived Learning Beyond The Profitable-Product Death Spiral: Managing Product Mix In An Environment Of Constrained Resources Online Marketing Control With The Strategic Business Unit Analysis Package Beat The Market Game Creating Decision Support Systems In Business Simulation Games The Use Of Computer-Assisted, Interactive Role-Play Simulation In China Asia Marketing: An International Business Game An Empirical Test Of “Behavioral Immersion” In Experiential Learning Existing And Emerging Business Simulation-Game Design Movements Computerized Business Simulations: A Systems Dynamics Process Service Launch Evaluating Business Plans In A Simulation Environment Teaching Software Development By Means Of A Classroom Game: The Software Development Game Group Decision Experiments Using Business Game - Problem Solving With Conflict Luna: A Role Play Game For Learning Incoterms 2000 Entrepreneurship: A Game Of Risk And Reward Phase I -- The Search For Opportunity The Wee Game: A Pre-Game Learning Inhibitors In Business Simulations And Games New Version Of An Old Simulation Helps Build A Perfect Capstone Course Project Competitor: A Simulation Game For Project Management With 2 Models And 2 Modes Mitigating The Winner’s Curse In The Auction Market Of A Computer-Assisted Business Gaming Simulation Evaluation Of Collaborative Filtering By Agent-Based Simulation Considering Market Environment Marketing Simulation Game Decision Making Experience And Its Impact On Indecisiveness Among Introductory Marketing Students Individual And Organizational Learning In A Top Management Game In Pursuit Of Stockholder Value: Reinforcing Core Concepts In A Business Strategy Simulation With A “Shadow” Stock Market Competition The Simplicity Paradox: Another Look At Complexity In Design Of Simulations And Experiential Exercises In Search Of The Ethnocentric Consumer: Experiencing “Laddering” Research In International Advertising The Paradise Islands Revisited: Trouble In Paradise Developing And Assessing Student Information Literacy Competency Do First Mover Advantages Exist In Competitive Board Games: The Importance Of Zugzwang The Natural Debriefing Approach: A Case In A Simple Business Game Pursued For Perfect Communications New Product Development Simulation Dominance In On Line Business Games Competitions Cooperative Business Game With Framing Effect Experiential Exercises In The Online Environment Enhancing Web-Based Simulations With Game Elements For Increased Engagement The Ginseng Game Experience Business Using a Simple Business Simulation