Minimum learning outcomes in place for finance graduates
New academic standards that establish minimum-learning outcomes for finance graduates have been endorsed by the Australian Business Deans Council (ABDC).
The learning standards provide benchmarks that institutions can use in evaluating existing bachelors and coursework masters programs, and developing new programs.
The working party consulted extensively with academics, finance professionals and industry leaders and was advised by a finance expert advisory group chaired by Professor Iain Watson from the ABDC.
The collaborative process also had the support of the Accounting and Finance Association of Australia and New Zealand, the Finance and Treasury Association, the Financial Planning Association of Australia and the Financial Services Institute of Australasia.
Associate Professor Tant said the new academic standards showed the benefits of 12 months of wide consultation with the finance community.
"We now have a very useful and very important resource for the purposes of benchmarking intended learning outcomes in existing finance programs. It also sets a standard for academics designing any new finance programs," Associate Professor Tant said.
"The importance and usefulness of the consultation process for future developments in finance courses in Australia should not be overlooked."
Department of Banking and Finance
Professor Watson said the standards would give employers and industry groups a clear understanding of the learning outcomes they could expect from graduates with Australian finance degrees.
"We have been able to collaborate widely, bringing academics and practitioners together to work towards a shared goal, namely having the best finance professionals possible in place for Australia," he said.
"The finance learning standards will make a major contribution to improving the quality and consistency of student learning in finance throughout Australian higher education."
Associate Professor Tant said the new standards drew on best practice from other countries and would require that degree programs demonstrated they met the specifications of the Australian Qualifications Framework.
"They will also be used to identify the skills and knowledge of students successfully completing finance programs in the future," Associate Professor Tant said.