Collaborative Learning in Finance and Investment using Wiki

Collaborative Learning in Financeand Investment using Wiki Osama S M Khan 5th Annual European Real Estate Society Education Seminar Vienna University of Technology Vienna, Austria 4 – 5 December 2009

Background • Undergraduate Level 3 (final year) optional module in Finance and Investment that requires rigour and intellectual challenge • Participants tend to be reluctant in group work besides being bored by traditional essay/project writing • Module contents are predominantly designed by lecturers with minimum enquiry-led intervention to encourage curiosity among participants • Lack of assessments involving experiential learning in the curriculum • Lack of professional and transferrable skills integration in the module even at level 3

Education Experts Solution Employers Technology Experts Academics in Finance & Investment Consultation Groups

Academics in Finance & Investment • Rigorous technical training with practical implications • Awareness of recent and relevant research literatures • Awareness of current economic and financial climate • Integrated employability agenda: transferable skills, professional aptitude etc.

Education Experts • Enquiry based learning • Collaboration and peer review • Interactive and participatory learning • Higher order cognitive learning

Technology Experts • Use of ULearn: existing virtual learning environment • Use of blogs and discussion forums • Use of digital media • Use of Wiki

Employers • Technically knowledgeable and numerate • Ability to process large amount of information in relatively short period of time: assessment, sorting, screening, evaluation, analysis etc. • Excellent team worker with collaborative approach, team building and leadership • Time management skills • Creative problem solving capacity: adaptability, open-mindedness etc.

Some Existing Literature on Wiki • The effects of using a wiki on student engagement and learning of report writing skills in a university statistics course. Australasian Journal of Educational Technology, 2009, vol. 25, no. 3, p. 382-398, ISSN: 1449-5554. Neumann-D-L, Hood-M • Wiki as a Collaborative Learning Tool in a Language Arts Methods Class.Journal of Research on Technology in Education, Fall 2009, vol. 42, no. 1, p. 51-72, pp. 22, 46 refs., ISSN: 1539-1523.Matthew-Kathryn-I, Felvegi-Emese, Callaway-Rebecca-A • Enhancing managerial competencies through a wiki-learning space.International Journal of Continuing Engineering Education and Life-long Learning, 2009, vol. 19, no. 2-3, p. 166-178, ISSN: 1560-4624.Elia-Gianluca, Margherita-Alessandro, Taurino-Cesare • Wikis to Support the "Collaborative" Part of Collaborative Learning. International Journal of Computer Supported Collaborative Learning, Dec 2009, vol. 4, no. 4, p. 371-402, pp. 32, 0 refs., ISSN: 1556-1607. Larusson-Johann-Ari, Alterman-Richard • Uses and Potentials of Wikis in the Classroom. Innovate Journal of Online Education, Jun-Jul 2006, vol. 2, no. 5, pp. 8, 23 refs., ISSN: 1552-3233. Ferris-S-Pixy, Wilder-Hilary • A Systemic and Cognitive View on Collaborative Knowledge Building with Wikis. International Journal of Computer Supported Collaborative Learning, Jun 2008, vol. 3, no. 2, p. 105-122, pp. 18, 0 refs., ISSN: 1556-1607.Cress-Ulrike, Kimmerle-Joachim

Wiki-based Solution • An assessment trial with 20 students in 2008 – 2009 academic year • 5 groups with 4 members each had to complete three projects involving real life data by using dedicated Wiki space • Each of the project was time-bound • Groups were provided with real life data, other relevant information, and basic training on how to use a Wiki

Wiki-based Projects • Constructing efficient frontiers (optimized portfolios) using diversified assets including real estate investment e.g. REITs • Valuation of UK Gilt-edged securities using the UK Debt Management Office formulas for appropriate yield calculation in real estate valuation • Analysis of pre-budget report to identify budgetary impact on small and medium sized firms with regards to real estate investment

Wiki-Based Assessment: An Example Group Name: Task Masters …

Participants’ Feedback Our group worked very efficiently on the Wiki, we managed a lot of work in such a little time … Very intensive assignments and tiring. We learnt by exploring ideas and concepts using information and data. Wiki space was “Wicked” … really liked it! The wiki was not very easy to get on … some more training was needed … liked the fact that we can incorporate anything in our assignment like digital stuff … Wiki … way to go … really liked the collaborative assignments although too much work for one module …

Wiki-based Collaborative AssessmentsNotable Outcomes • Participants need to have appropriate training in how to use a Wiki • Assignments needs to be well planned based on real life data and information • Participants need to be encouraged to be creative and analytical • Too many or too long assessments may spoil the charm although semester long continuous work can be set • Lecturers need to facilitate Enquiry Based Learning (EBL) • We have adopted use of Wiki for all participants in this module from this academic year (2009 – 2010) for their group project

Wiki in Academia and IndustryCase Studies at http://pbworks.com

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Collaborative Learning in Finance and Investment using Wiki