Key principles
1.1 Applied learning
The ifs School of Finance vision is to be recognised as a world-class provider of choice for financial learning. In meeting this vision, the ifs recognises that its financial education programmes are about applied learning for professionals working in the finance industry.
1.2 Academic learning
The ifs acknowledges that the financial services industry is a sophisticated, dynamic and complex environment characterised by quickly implemented innovations. It is core to the ifs ethos to integrate practice with the academic and ensure that programmes incorporate 'new' learning and current issues, particularly in the retail and wholesale markets.
1.3 Blending the academic with the professional
The ifsifs financial education programmes incorporate and disseminate applied learning, which ranges from essential capabilities through to the higher order cognitive skills associated with academic education and high-level professional qualifications. The ifs suite of qualifications blends application with the conceptual, the professional with the academic.
1.4 Research
The ifs recognises the importance of informing the design and delivery of its educational programmes with appropriate underpinning research. The ifs has defined the categories of research with which it engages as: pedagogic research (to inform learning, teaching and assessment strategy); discipline-based research (connected with specified cognate areas in the field of financial education); and programme development research (to inform the aims and learning outcomes of each programme and assess market demand).
Note: More detailed definitions of these categories are provided in the Appendix.
1.5 Scholarly activity
Similarly, the ifs recognises the importance of commitment to scholarly activity by those concerned with the design and delivery of its educational programmes. Examples of scholarly activity include (but are not restricted to): authoring of study materials; submission of academic papers; conference presentation and attendance; and the reading and moderation of discipline- based research publications.
1.6 Academic community
The ifs is committed to the development of an academic community of scholars disseminating academic and professional domain research and engaging in scholarly activity with the wider education community.
Pedagogic research
2.1 The ifs is committed to engage in pedagogic research to inform the learning, teaching and assessment strategies related to the delivery of its educational programmes.
2.2 The ifs funds occasional research projects to inform the pedagogical design of its educational programmes. An example of such work includes the Financial Literacy Project (2004-07) in collaboration with the University of Manchester - a longitudinal study based on the ifs Certificate and Diploma in Financial Studies that is about to be supplemented by further research into the efficacy of prior (school/college) financial learning and its impact on career development and learning. This new study will include research into the impact of this learning on career progression for those who are recruited as part of the widening access agenda. Another example of the ifs engaging in pedagogic research is provided by the independent study (2006) to evaluate the student learning experience on the Professional Diploma in Financial Services Management (PDFSM). Examples of outcomes from this last-mentioned research project have included the appointment of full-time advisers to address students' perceived isolation and the development of study planners to help provide a more structured framework to learning.
2.3 A further method by which the ifs engages with pedagogical research is through scholarly activity, including: the delivery of ifs research workshops (involving other educational institutions, particularly involved in distance and professional education); conference attendance and presentations; journal articles; support for ifs academic staff to complete formal qualifications in the field of education; and the ifs academic staff development programme.
2.4 The ifs' educational programmes feature innovative approaches to learning, teaching and assessment that are underpinned by scholarly activity through engagement with the wider education community. Examples include the use of alternative learning technologies and on-line assessment methods.
Discipline-based research
3.1 The ifs is looking to launch its own online academic journal concentrating on applied research into the discipline of retail financial services. It is planning to provide some of its own funding for relevant research and is at present looking to appoint a senior academic as editor of the journal.
3.2 The ifs funds discipline-based research on an occasional basis - for example the research project on employee share ownership schemes funded through ifs ProShare (2007).
3.3 The ifs requires that its academic associates keep their knowledge up to date in terms of both discipline-based research and professional issues pertinent to their field of subject expertise.
3.4 The ifs utilises senior external academic input to ensure that up-to-date disciplinary research is incorporated appropriately into the learning outcomes for its educational programmes.
Programme development research
4.1 To underpin its design of cutting-edge financial programmes, the ifs engages in programme development research with senior practitioners from the financial services industry; senior academics from the wider academic community delivering financial education qualifications; students; and employers. This research is used to inform the design of curriculum and course content - as illustrated by the ongoing project concerning the development of a Masters programme in Retail Financial Services and the parallel introduction of companion modules at Honours level.
4.2 The objectives are: to ensure that each programme will deliver appropriate learning outcomes for the level of award benchmarked against national qualification frameworks; to provide a distinctive offering as a programme of financial education; to reflect a coherent learning, teaching and assessment strategy (suitable for the mode of delivery); and to retain commercial viability.
4.3 The ifs engages in programme development research to inform its review of existing programmes (eg Diploma in Financial Services Management 2003/04) and also new programmes (eg Masters in Retail Financial Services - planning commenced 2006/07).
Integrating research and scholarly activity into the delivery of the ifs educational programmes
5.1 The ifs supports academic staff and associates through the availability of educational and disciplinary research resources via the ifs online library and information service, ifs KnowledgeBank. All academic staff and associates have access to the site. Lead tutors are responsible for the development of up-to-date reading references for each module and publish articles on a topical subject based on current research or practice.
5.2 ifs academic staff and associates are also encouraged to attend the ifs Research Workshop series, facilitating the dissemination of good practice through the consideration and discussion of current research. The ifs online journal will also provide opportunities for members of the ifs academic community to publish applied research and to access funding support to facilitate new projects.
5.3 Academic staff development is designed to ensure that best practice is applied by those supporting students on ifs programmes. The ifs learning and teaching programme provides opportunities for academic associates to develop or enhance their learning, teaching and assessment skills or use of discipline or pedagogic-based research to support teaching. In particular, guidance is provided to academic associates on how to integrate research into their teaching activities and to encourage students in the development of their own research skills.
5.4 The ifs engages in collaborative activities with both academic and industry partners in the delivery of higher and executive education programmes involving leading academic and professional experts. An example is the design phase of the Masters programme that has involved senior financial services practitioners in identifying contemporary issues and current areas of research for inclusion in the curriculum. Learning outcomes requiring students to demonstrate critical thinking will be underpinned in the programme delivery through the development of well-researched case studies and rich media (eg video, newslinks and topic related journal articles) encapsulating academic and practitioner viewpoints. Examples of executive education include the Masterclass series, covering topics such as 'Managing Complexity' and 'New Moves in Leadership Management', and, in collaboration with INSEAD, the 'Risk Management' series. Masterclass events are made available to ifs academic associates as part of their development programme.
5.5 ifs academic associates are required to meet set criteria for approved status, including being up to date in their research and scholarly activity. Evidence of research and continuing scholarly activity is monitored on an annual basis. Many ifs academic associates are engaged in other UK higher education institutions in either a full-or part-time capacity.
MK/BKR
Revised October 2007
APPENDIX
Definitions
ifs academic community
The ifs academic community encompasses: ifs senior management and academic related staff; ifs alumni/members; ifs academic associates (consisting of lead tutors, associate lecturers, examiners, moderators and authors); teachers involved in the delivery of the ifs financial capability programmes; corporate training and development executives across the financial services sector; and those training managers involved in supporting the ifs programmes. The ifs academic community is located worldwide and, by its nature, integrated into: higher education communities in the UK and overseas; the wider financial community with its emphasis on delivering innovative financial services products; and the schools and further education sectors.
Pedagogic research
Pedagogic research involves activity and investigation leading to the enhancement of the theoretical and/or conceptual understanding of the process of learning and teaching; experiences of the teacher and learner; the impact of the environment, context or mode of study of learners; and the interrelationships between the teacher and learner and the learning process and outcome.
Discipline-based research
For the purpose of the HE Research Assessment Exercise, the broad definition of research is: 'the original investigation undertaken in order to gain knowledge and understanding. It includes work of direct relevance to the needs of commerce, industry, and to the public and voluntary sectors; scholarship; the invention and generation of ideas, images, performances, artefacts including design, where these lead to new or substantially improved insights; and the use of existing knowledge in experimental development to produce new or substantially improved materials, devices, products and processes, including design and construction'. Within the context of the research policy, discipline-based research is distinguished as that relating to a particular subject or cognate area, such as economics or accountancy, and as distinct from pedagogic research as defined above.
Programme development research
Programme development research refers to the systematic collection and analysis of data to provide a greater understanding of subject matter and to inform the design of products. In the context of the ifs, programme development research is undertaken in either primary (ie directly from respondents) or secondary form (by analysis of published information) so as to inform the development of educational programmes.