[three_fourth]
Introduction
The Bachelor of Economics and Finance was introduced at the University of Wollongong in 2012 as a niche degree for relatively higher achieving students. There was a clear message in the development of the degree that we wanted to equip our graduates with independent research skills within our capstone experience, reflecting Hansen’s “expected proficiencies for undergraduate economics majors” (Hansen 2001) and the more recent Economics Learning Standards project (Economic Learning Standards Working Party 2013). However, the level of academic and literacy skills required for undergraduate students to complete a significant research project presents a formidable challenge, complicated by students’ relative inexperience in conducting academic research and the fear that research can be a daunting and lonely task for those unaccustomed or ill-prepared. Rather than be overwhelmed with these obstacles, we carefully designed a research-project based capstone subject that allows students to both develop and draw upon their strengths in an unfamiliar, but scaffolded, learning environment.

At the outset, students are given the responsibility of choosing and developing their own topic. To encourage thought provoking and challenging choices, assessments are directed at capturing essential aspects of the research process and its various components rather than focusing solely on the outcome. To this end, we make frequent use of reflective blogging and student peer review using social media (WordPress), in addition to more traditional classroom presentations and submission of formal written reports. Capturing the research process within this open online format allows the instructor to monitor students’ research journey, but more so helps to create a community amongst the students, while also showcasing their work and leaving a legacy for future students.

The subject is offered in the three modes: overseas fieldtrip, work placement or traditional academic research. All modes offer equivalent instruction, assessments and learning outcomes. After initial weeks of research methodology instruction and workshops, students are “set free” to learn by doing in these alternative modes, supplemented by social media communication, peer support as well as regular face-to-face touchpoints throughout the semester. We have offered students an authentic learning experience for economic development issues with fieldtrips to Thailand and Laos in 2015 and 2016. Host locations included World Bank regional headquarters in Bangkok, the United Nations Development Program in Vientiane, as well as various government policy departments and agencies. Students encountered economic development issues and challenges first hand, and in turn, subsequently provided our hosts with their research project findings and recommendations at the conclusion of semester. In comparison, students experiencing the work placement mode are able to undergo their research project within an office environment and gain supplementary professional skills in key stakeholder negotiation, communication, and teamwork.

Delivery format
The capstone subject is run over a thirteen week semester. The initial three weeks are utilised for face-to-face instruction and workshops. As well as students learning various aspects of research methodology, there are numerous activities, discussions and presentations from various experts. Students are encouraged to actively contribute to classes from week 1 where they are encouraged to share their research topic with the class. A number of activities are incorporated into the workshop program for students to reflect on how they can apply the research methodology curriculum into their own project, gradually moulding and developing their research topic step by step. For example, after learning about aspects of conducting a literature review and receiving a workshop from the faculty librarian on journal database searches in week 1, students must access a journal article in their research to bring to class in week 2. Here they begin the process of dissecting an academic journal article by completing an annotated bibliography activity sheet, which in turn, will be further dissected and critiqued in their literature review. As previous education research has found that there is often a divergence between instructor and student perception of what constitutes a high quality blogging assessment (O’Brien and Freund 2013), in week 3 we focus on blogging for academic and assessment purposes. The marking rubric is explored alongside past student WordPress submissions, with particular focus on the “depth and critical nature” of reflective blogs and “practical and constructive feedback” for the peer review.

After the initial three weeks of interactive instruction students start their reflective blogs and peer review in WordPress which continue throughout the session. Students produce five blogs consisting of general updates on their research progress augmented by reflection on a specific aspect of the research process such as choosing a topic and research questions, literature review, methodology, preparing a research proposal, and communicating findings. Each student is allocated a “buddy” in week 1 who must provide constructive feedback in response to each of their peer’s blogs. The group meet for research proposal presentation in weeks 7 and 8, and finally for work in progress presentations in weeks 12 and 13.

As well as communicating via WordPress, students are encouraged to contribute to online discussion forums in their eLearning platform (Moodle) as well as seeking feedback from the instructor in weekly consultation times.

Table 1. A typical semester program

Figure 1. Example of a reflective blog topic

Source: 2015 COMM330 Moodle site

Feedback and assessment
Assessments consist of weekly reflective blogs (20%) and peer review (10%), written and oral presentation of research proposal (20%), oral presentation of work in progress (20%) and final written report (30%). The reflective blogs are designed to encourage continued research progress and capture both research progress in general, as well as focus on a particular research step for reflective purposes. The topics for reflection are sequenced to mirror the expected order of research steps and key milestones to be achieved before the research proposal or work in progress presentations. In addition to the reflective blogs, peer review blogs are intended to replace the loneliness of the research process with elements of comradery and community.

Around the midpoint of the semester the research proposal presentation / report is an opportunity to take stock and provide deep and formal feedback before students continue the research process and embark on empirical analysis. As well as a formal assessment of the key aspects of the research such as satisfactory critique within the literature, formation of appropriate research questions and proposition of a suitable methodology, it is more generally an opportunity for the instructor to assess the feasibility of the research progressing over the remainder of the semester and / or offering suggestions for refinement of the topic.

The work in progress presentation toward the end of semester is intended as a milestone for students to have produced at least preliminary empirical results for comment, and provide a final opportunity for the instructor to give formal feedback before the final written report is due in the exam period. The structure of the final report is in part dependent on the relative success of the empirical analysis. Those that were able to specify and estimate a model that produced practical results and findings are encouraged to focus on interpretation, policy implications. Those with unworkable or unexpected results are directed more to analyse the limitations of their research and suggest a hypothetical course of action that may enhance our knowledge of their proposed topic area in the future. In this way, a so-called research “failure” can be converted into a constructive aspect of the research process.

Figure 2. Excerpt from a COMM330 WordPress student blog

Source: theintrepideconem.wordpress.com

Resourcing
The capstone subject is resourced with one full-time staff member over the course of the semester. The subject is run twice a year, once for the overseas field trip cohort and once for the combined work placement and traditional project cohort. New Columbo Plan funding for the overseas field trip from 2015 up until the present has subsidised student travel expenses up to $3000 each, as well as providing an administrative allowance to fund the instructor’s travel expenses. Without this external source of finance the provision of the overseas trip would have been uncertain, and its continued existence is largely dependent upon achieving further grant success. The overseas field trip is quite time resource intensive in preparation and planning which is not always adequately allowed for in academic workload negotiations. Finally, other staff assistance in the development and delivery of the subject, such as from the library, internship unit, educational design and learning development, has been received in-kind.

Outcomes
The learning outcomes of the capstone are stated as: 1. Identify and define the scope of a contemporary economics and finance issue or problem faced; 2. Demonstrate a thorough understanding of economic and finance theory via its application to a contemporary issue; 3. Identify and apply an appropriate methodology to analyse alternative solutions a contemporary issue; 4. Understand the cultural and/or social impact of project recommendations and outcomes; and 5.Effectively communicate analysis findings and recommendations using a variety of modes.

Students completing the Bachelor of Economics and Finance capstone are equipped with the research, digital literacy, independent learning and the effective communication skills necessary for private sector finance and banking, government economic policy departments, or higher academic research. Before they even enter the workforce, research conducted in their capstone has already impacted the operation of businesses in Australia and informed policy implementation of governments and NGOs in developing economies. The most recent student experience survey data show that our graduates’ rating of the overall quality of their educational experience of 88.24 far exceeds the national average for business and management students of 76.8, with our teaching quality rated as 82.35 compared to the national average of 77.3 (www.qilt.edu.au). Graduating students have been employed by organisations such as Macquarie Bank, BT Financial Group as well as Department of Treasury, Productivity Commission and Reserve Bank, equipped with the knowledge and skills to shape the future economic and finance fabric of Australian society.

Student Comments
“I have never conducted research like what I have been confronted with in this subject and found it to be a very overwhelming process in the beginning, to say the least. I have been challenged immensely and it’s not without its rewards. What I have learnt and am taking away from the subject I believe I will be leveraging far into my academic/corporate career and I am indebted to my colleagues and lecturer for the opportunity and experience.”

“Although the blogging component was initially awkward it was very beneficial. It helped with everybody researching similar themes and to be able to share different points of view, ideas and journal articles”

“It was an eye-opening and hands-on trip, where I was able to apply the subject content learnt from statistic subjects in first year into real-world scenarios and in a meaningful way. Furthermore, the skills and insights that were gained from the course have given me further more confidence and skills (such as the ability to use EViews software or prepare a research report) to increase my employability and boost my CV.”

“The two weeks spent in Thailand and Laos provided a perspective that no classroom could possibly facilitate…. I can confidently say that undertaking this project overseas and the ability to demonstrate the understanding of a culture, ability to identify an issue of significance and complete the relevant research and statistical interpretation, greatly assisted my successful application for a graduate position with the Department of Treasury.”

Related material/references

Economics Learning Standards Working Party (2013) Economics Learning Standards for Australian Higher Education, available at http://www.economicslearningstandards.com/uploads/1/3/7/6/13761320/111113_economics_learning_standards_for_australian_higher_education-1.pdf (accessed 14/9/2016).

Hansen W.L. (2001), Expected Proficiencies for Undergraduate Economics Majors, Journal of Economic Education, 32(3), pp. 231-42.

O’Brien, M. J. and Freund, K. (2013) Harnessing the potential of social media and digital literacy skills for undergraduate economics research, paper presented to the 18th Australasian Teaching Economics Conference (ATEC 2013) Newcastle, Australia 1st July.

Image: Students at the World Bank Regional Office, Vientiane Laos

[/three_fourth]

[one_fourth_last]

Key characteristics
Final Year Undergraduate Capstone, Single Semester Unit, Streams, Research Projects, International, Critical and Reflective practice, Economics and Finance
Student numbers: 20+

Contact
Dr Martin O’Brien, Senior Lecturer, School of Accounting, Economics and Finance. [email_link email=”martinob@uow.edu.au”]Email Martin[/email_link]

[/one_fourth_last]