Best Practise in Using Finance Simulations in UK Higher Education By: Neil Marriott and Siew Min (Amy) Tan.

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Presentation transcript:

Best Practise in Using Finance Simulations in UK Higher Education By: Neil Marriott and Siew Min (Amy) Tan

Overview A quick tour of TraderEx Introduction Guidelines: Simulations infrastructure Promoting trading simulations to students Using trading simulations in teaching Incorporating trading simulations in assessment Possible improvements Conclusion

A Quick Tour of TraderEx

Introduction Finance, a highly theoretical subject with complex mathematical models, is a popular choice in UK higher education as evidenced by the significant increase in growth rate.

Introduction Students Growth Rates since 1996/97 (Adapted from Higher Education Statistics Agency 2012)

Introduction Finance related simulations new teaching trend in this subject area enhance students learning experiences encourage their engagement

Case Studies Scope of study

Simulations Infrastructure Teaching facilities Trading room Trading software TraderEx Simulations

Teaching Facilities Trading room Purpose-built Virtual trading floor real trading environment Capacity is limited by number of computer terminals

Trading Software TraderEx Simulations Electronic trading system Web-based Highly reliant on the stability and speed of internet connection Annual workshop

Promoting Trading Simulations to Students Advertising on programmes page Open days Taster session Module outline Other promotional channel Students society Six-form visit

Advertising on Programmes Page

Open Days Interactive session Engage potential students Engage parents

Taster Session Taster session in Corporate Finance module (semester 1) One-off two-hour workshop Students found trading simulations interesting Looking forward to Investments and Behavioural Finance module (semester 2)

Module Outline Promote the idea of the trading simulations Allow students to prepare for the sessions especially when the trading simulation forms part of the module assessment

Other Promotional Channel Student Societies Cardiff Business School: Cardiff University Finance and Trading Society Winchester Business School: Investment and Trading Society 6 th forms visit (Cardiff Business School)

Using Trading Simulations in Teaching Modules Introduction to the simulations Simulation type: stand-alone vs. network Familiarising with the trading simulations Scheduled teaching session Trading guides Post-simulation evaluation Length of the simulation

Modules Under- and post-graduate courses Finance modules related to the market structure and the trading mechanism Cardiff Business School: Financial Markets and Institutions module, undergraduate Winchester Business School: Investments and Behavioural Finance module, postgraduate

Introduction to the Simulations Discuss the underlying theory before introducing the simulations About 10 to 20 minutes Explain key information contained on the opening screen and other practical facts, e.g. difference between limit and market orders, actual versus target level of positions.

Simulation type: stand-alone vs. network A stand-alone simulation means that students are interacting only with the software itself. A network simulation allows students to interact among themselves and participate in the market influencing share price fluctuations

Familiarising with the Trading Simulations It is advisable to provide students a reasonable time to familiarise themselves with the software 30-minute stand-alone session Students were encouraged to repeatedly operate the stand-alone session To establish students confidence in trading and fostered their engagement in learning

Scheduled Teaching Session Time allocation for a 3-hour trading simulations session

Trading Guides Students can become overwhelmed by the information contained on the trading screen. Provide trading guides before the start of the simulation. Students were encouraged to keep record of their activities using the guides.

Post-simulation Evaluation To ensure that the students learned from the trading simulation Display the Leader Board after each trading simulation and discuss with students

Length of the Simulation Ideal length of the simulation: hours Allows students a reasonable duration to understand the mechanism and familiarise themselves with the system before the simulation begins.

Incorporating the Trading Simulations in Assessment Types of assessment Mock simulation Alternative assessment

Types of Assessment Winchester Business School: Self-reflection report Do not earn marks on how well they performed in the simulation Simulation type: Network Quote Driven market

Mock Simulation Lack of previous experience in trading simulations Not confident with the assessment Allows students to experience the real trading simulation without the fear of poor performance

Alternative Assessment Possibilities of unforeseen technical issues Prevented the operation of the network simulation Alternative set of assessment using stand- alone trading simulation

Other Issues Student engagement Technical support

Student Engagement Cardiff Business School Tutor 1: Lack of assessment, students did not take them as seriously Tutor 2: 20% assessment to ensure students are learning, positive feedback from students Winchester Business School Students engaged when they knew that it formed part of the assessment activities

Technical Support Technical breakdown during the simulation session could be a dysfunctional learning experience for students It is important to receive good and timely support from the software providers and universitys technical support team

Possible Improvements Pre-simulation check Support from the software provider Community of practice Variety of trading software Continuing development workshop

Pre-simulation Check Before operating the simulation for the purpose of assessment: tutors are encouraged to make the universitys technical team aware of the session to check the computer system and network

Support from the Software Provider Before the assessment: Contact the software providers technical team Online software: subject to the stability of the providers server

Community of Practice Community of finance-related simulations users in UK higher education Information sharing Mutual-benefits Self-support group New technology

Variety of Simulations Software Trading simulations is becoming a trend for teaching finance modules To encourage the practice of using simulation More trading simulation packages

Continuing Development Workshop Trading simulation: an effective way to encourage students engagement Practical aspect: challenging, complex of software design and unpredictable technical problems Attending workshops: improve the learning and teaching of using the simulations

Conclusion Benefits of the trading simulation: very helpful in stimulating students engagement in learning enhancing employability of students improving students satisfaction increasing academic performance useful tool in bridging the gap between theory and practice

Conclusion Research limitations: Two case studies One type of simulation software Recommendations: More case studies Other simulations Cross-country comparison

Questions & Feedback