.,. -v v' ' ' n, . a» _ . u_. . , , want 1' . ."A .Ps. ,1 I“ u - ‘ - ,I'J 1‘ A ' ? A .- 1: . l « .. 4. ‘...>'. - 1' :- “in; ,.r .4. na'v‘ _., A. ‘ .i. ”mg. . '.. ... - ,,..,...«- n J._ “a ‘1 m”, ~ .7 I... ‘. 4‘ ". ,‘f ‘,:..l... . .n “5.1”! y... In! ,«una Q‘g70244 (9 IIIIIIIIIIIIIIIIIII I" IIIII III I III II III IIII 3 1293II 00570 9609 T— LIBRARY A‘Jchigcn State University This is to certify that the dissertation entitled A STUDY OF THE EXTENT TO WHICH COMPUTER APPLICATIONS SHOULD BE INTEGRATED INTO AN UNDERGRADUATE CURRICULUM IN FINANCE presented by Wanda V. Smith has been accepted towards fulfillment of the requirements for Ph.D. degree in Educational Administration flap/X; w/ Major professor ,/ Date September 1989 MS U i: an Affirmative Action/Equal Opportunity Institution 0- 12771 -__._.__V_ _ _ ..V PLACE IN RETURN BOX to remove tIiIe checkout from your record. TO AVOID FINES return on or betore date due. DATE DUE DATE DUE DATE DUE MSU Is An Alfirmdive Action/Equal Opportunity Institution A STUDY OF THE EXTENT TO WHICH COMPUTER APPLICATIONS SHOULD BE INTEGRATED INTO AN UNDERGRADUATE CURRICULUM IN FINANCE By Handa V. Smith A DISSERTATION Submitted to Michigan State University in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY Department of Educational Administration T989 £01343 I438 ABSTRACT A STUDY OF THE EXTENT TO NHICH COMPUTER APPLICATIONS SHOULD BE INTEGRATED INTO AN UNDERGRADUATE CURRICULUM IN FINANCE By Handa V. Smith The survey of the experiences and perceptions of 60 graduates of the undergraduate curriculum in finance offered at Ferris State University and 47 employers of finance professionals located in Michigan was conducted in fall 1988. The survey was conducted to determine (a) the adequacy of the academic preparation of finance graduates for their first professional positions in the finance field, (b) the extent to which finance professionals use computer applications in their positions, (c) the need for computer competency for career progress in the finance field, and (d) the expected use of computer applications in the field of finance in the future. MANOVA, specifically Hilks’ lambda, ANOVA, and t-tests were applied to the data. A split-group analysis, comparing the earlier graduates with the more recent graduates and both graduate groups with the employer group, was also performed, using MANOVA, ANOVA, and t-tests. At the .05 level of significance, significance was Uanda V. Smith found in the examination of the four null hypotheses. Thus, each of the null hypotheses was rejected. The employers thought the graduates to be less well prepared for their first professional position, especially in the area of computer competency, than did the graduates (p < .05). The finance professionals employed by the employer group used computer applications more frequently than did the graduates (p < .05). The employer' group ‘viewed the need for' competency in computer applications to be more important for career progress than did the graduates (p < .05). The employer group expected computer applications to be used more frequently in the future than did the graduates (p < .05). Recommendations include (a) further study to determine why the responses of the employer group and graduate group differed, (b) research to develop a more definitive identification of the specific kinds and extent of computer applications needed in programs that prepare graduates for the field of finance, and (c) replications of the study in the finance field and other similar vocationally oriented programs in the future. Copyright by HANDA V. SMITH 1989 Dedicated to the memory of Lawrence S. and Handa V. Johnson ACKNOWLEDGMENTS In sincere appreciation for ‘their' contributions, I wish to express my gratitude to the following individuals: Dr. Eldon Nonnamaker, chair of the doctoral committee, for his unflagging encouragement and critical analysis of the work, and the committee members, Dr. Howard Hickey, for those insightful comments that provided needed direction, and Dr. Louis Hekhuis and Dr. Marvin Grandstaff, for serving on the committee. Dr. Manfred E. Swartz, for his able statistical and editorial assistance; Dr. Marilyn J. Keigley, for her assistance with the coding, entering, and preliminary analysis of the data; Dean Richard C. Hansen, for his constant encouragement and support; Diane L. Fuller, departmental secretary, for her editing and clerical assistance; Marshall Giller, associate professor of finance, for his professional consultations; Kaaren Denyes, visual conmunications program coordinator, for the graphic illustrations for' the survey instruments; and librarians Sara M. Krumins and Elaine V. Nienhous, for their research assistance, at Ferris State University. Luanne R. Gogolin, Rose Ann Swartz, Mary L. McCorriston, Carole C. Timinskis, and Julia H. Bonkowski, members of a primary support group, for providing friendship and inspiration. vi James B. Turner, my husband, for nourishing my soul and sustaining my spirits, for sharing and understanding. vii TABLE OF CONTENTS LIST OF TABLES ....................... LIST OF APPENDICES ..................... Chapter I. INTRODUCTION .................... Statement of the Problem ............. Purpose of the Study ............... Context of the Study ............... Need for the Study ................ Hypotheses .................... Definition of Terms ................ Limitations and Delimitations ........... Limitations ................... Delimitations .................. Organization of the Study ............. 11. REVIEW OF THE LITERATURE .............. Computer Applications in the Field of Finance . . . Integrating Computer Applications Into Voca- tionally Oriented Programs in Higher Education . Reports ..................... Research Studies ................ Summary ...................... III. METHODOLOGY ..................... Population of the Study .............. Sampling Procedures ................ The Survey Instruments .............. Graduate Group ................. Employer Group ...... - ........... Endorsement .................... Pilot Test .................... Graduate Group ................. Employer Group ................. Data Collection .................. viii —l ODDDmNmm-fih —l—l—l N—l N-a-a-a NDmN N .h wwwwwNNNNN thNNDOIO’OUT-h Survey of Graduates ............... Survey of Employers ............... Design Elements .................. Coding and Data Entry ............... Data Analysis ................... Hypothesis l .................. Hypothesis 2 .................. Hypothesis 3 .................. Hypothesis 4 .................. Split-Group Analysis .............. Qualitative Analysis .............. Summary ...................... FINDINGS ...................... Survey Respondents ................ Graduate Group ................. Employer Group ................. Hypothesis Testing ................ Hypothesis l: Preparation for First Profes- sional Position ................ Hypothesis 2: Use of Computer Applications . . . Hypothesis 3: Computer Competency for Career Progress ................... Hypothesis 4: Future of Computer Applications in Finance .................. Qualitative Analysis ............... Employer Group ................. Graduate Group ................. Summary of Qualitative Analysis ......... Summary of Findings ................ Survey Respondents ............... Hypothesis Testing ............... Qualitative Analysis .............. SUMMARY, CONCLUSIONS, RECOMMENDATIONS, AND REFLECTIONS .................... Summary ...................... Purpose ..................... Hypotheses ................... Search of the Literature ............ Methodology ................... Findings ......... . ........... Hypothesis Testing ............... Qualitative Analysis .............. Conclusions .................... Integration of Computer Applications ...... Survey Methodology ............... ix Page 81 81 81 81 82 84 85 86 87 87 87 88 Page Recommendations .................. 89 Further Research ................ 89 Replication of the Study ............ 90 Reflections .................... 9l APPENDICES ......................... 93 BIBLIOGRAPHY ........................ T38 Table w NO‘U’I-fi 10. 11. 12. 13. 14. LIST OF TABLES Graduates: Place of Employment ............ Graduates: Size of Employer ............. Graduates Employed in Finance: Time Required to Secure Position ................... Employers: Type of Organization ........... Employers: Size of Organization ........... Employers: Number of Finance Professionals Employed Employers: Plans to Hire Additional Finance Profes- sionals ....................... Employers’ and Graduates’ Perceptions of Adequacy of Undergraduate Preparation for First Professional Position ...................... Split-Group Analysis of Graduates’ and Employers’ Perceptions of Adequacy of Undergraduate Prepara- tion for First Professional Position ........ Employers’ and Graduates’ Experience With Current Use of Computer Applications ............ Split-Group Analysis of Graduates’ and Employers’ Experience Hith Current Use of Computer Appli- cations ....................... Employers’ and Graduates’ Perceptions of Computer Competency Needed for Career Progress ........ Split-Group Analysis of Graduates’ and Employers’ Perceptions of Computer Competency Needed for Career Progress ................... Employers’ and Graduates’ Expectations About the Use of Computer Applications in the Future ..... xi Page 47 48 49 50 51 51 52 53 56 59 61 64 67 72 Page l5. Split-Group Analysis of Graduates’ and Employers’ Expectations About the Use of Computer Applica- tions in the Future ................. 74 xii Appendix A. :nm-nmcnw H e zzr-xc. 0 LIST OF APPENDICES SURVEY INSTRUMENT: GRADUATE GROUP . . . PRELIMINARY REPORT TO SURVEY RESPONDENTS INITIAL INQUIRY: EMPLOYER GROUP . . . . SURVEY INSTRUMENT: EMPLOYER GROUP . . . ENDORSEMENT: FERRIS STATE UNIVERSITY . . LOGS: GRADUATE GROUP AND EMPLOYER GROUP INTRODUCTORY LETTER: GRADUATE GROUP . . SURVEY COVER LETTERS: GRADUATE GROUP . . POSTCARD REMINDER: GRADUATE GROUP . . . FOLLOW-UP LETTER: GRADUATE GROUP . . . . SURVEY COVER LETTER: EMPLOYER GROUP . . POSTCARD REMINDER: EMPLOYER GROUP . . . FOLLOW-UP LETTER: EMPLOYER GROUP . . . . ...... 000000 DETAILS OF RESPONSES BY YEAR OF GRADUATION: GRADUATE GROUP ............ NARRATIVE COMMENTS: EMPLOYER GROUP . . . NARRATIVE COMMENTS: GRADUATE GROUP ......... xiii 101 104 105 112 113 121 122 124 125 126 130 131 132 133 134 CHAPTER I INTRODUCTION Schools of business across the nation have been engaging in such activities as installing microcomputers for instructional use, requiring students to purchase microcomputers, restructuring courses to integrate microcomputer applications, and adding courses in high- technology management (Turner, 1986). Nearly all of this activity has been in response to the effect that information technology has been having on the conduct of the nation’s business. Yet little evidence exists of systematic attempts to study the influence and implications of computerization on the curriculum (Krause, 1985; Nash, 1986). At the same time that many schools of business have been requiring some computer competency of their students, primarily in response to American Assembly of Collegiate Schools of Business (AACSB) accreditation requirements (Griswold, 1985), students’ expectations have been changing as well. An increasing number of students have had considerable experience with computers when they enter college. Sandra G. Gustavon (1986), professor of insurance, legal studies, and real estate at the University of Georgia, commented on the expectations of these computer-wise students: Such students are unlikely to be either challenged or satisfied with many of the educational techniques conrnon today. For example, professors who assign projects or problems requiring repetitive calculations may soon find themselves under considerable pressure to provide computer assistance for completing the assignments. Likewise, faculty soon may be routinely expected to arrange computer-based instructional support to reinforce concepts discussed in the classroom. (p. 30 Faculty members in the Management Department at Ferris State University, the focal institution for this study, had been experiencing such pressures. The major microcomputer manufacturers drove the race to computer applications as well, engaging in deep discounting practices to capture the university market. Heiner (l987) explained the motivation of the manufacturers: For computer makers, the race to win college customers is both prestigious and crucial. University commitments usually create long-term sales opportunities as campuses begin to standardize on a few vendors for the bulk of their purchases. And the students who buy computers are likely to become lifetime customers. (p. 53) An administrator on one campus commented on the manufacturers’ desire to capture the student market: ”They work on a particular machine, get to know it and like it, and a couple of years after graduation they may be in positions to influence corporate decisions" (Heiner, 1987, p. 54). Major universities, supported with grants from such private industry' giants as International Business Machines (IBM), found themselves positioned to provide a number of opportunities for their students. George Turin ("Computerization,’ 1985), dean of the School of' Engineering and .Applied Science at the University of California-Les Angeles, one of the institutions named a recipient of a $100 million grant from IBM’s Advanced Education Program, explained how the curriculum would change as the result of increased computer capability: Once the new system is in place, it will change both course structure and policies. One of the first things we will do, in fact, is to computerize some courses. He will bring the new system into play not only for homework operations, but as an integral part of the learning process. For instance, in electric circuits we will want to have students design circuits and see them perform as if they were doing actual tests in a laboratory. Or if a student is designing a bridge or an airfoil, it would be nice to let him or her do complex designs using the computer network with all of its capability. In airfoil design, for instance, a student could observe on the work station changes in airflow and streamlines as the airfoil outline is varied. (p. 67) Clearly, Turin had conceptualized some of the applications possible with increased computer capabilities on the UCLA campus. The extent to which those prospective applications resulted from a systematic study of the influence and implications of computerization on the curriculum was not so clear, however. Nor were faculty unmindful of the role of computers in academic instruction. For example, the results of one survey very clearly indicated that faculty understood the need for computer applications: . . Information technologies should. . be used to emulate situations that occur in the world of work. [The faculty] stressed the importance of preparing students for conditions they will encounter when they graduate. For example, a student of manufacturing design should be exposed to computer-assisted design and manufacturing procedures just as a student of journalism should be exposed to word processing. (p. 10) The vocational orientation and value of computer applications seemed not to be ignored by either faculty or academic administrators. Nevertheless, George H. Bonham (1983), executive director of the Council on Learning and founding editor of Change magazine, reflected on the lack of thoughtful integration of computers into the total educational process. He claimed that "few events could be more significant for learning than the successful integration of computers into the educational process" (p. 2). Yet despite all the activity associated with computers and education, Bonham found little concern being given to long-term educative and intellectual objectives, and little critical analysis of the educational importance of what was being done. t ement f o m The problem addressed in this study was the extent to which computer applications need to be incorporated into an undergraduate curriculum in finance, as perceived by employers of finance professionals and recent finance graduates. The assumption underlying the problem was that finance majors required competency in computer applications in order to be perceived by prospective employers as job ready and fit for career progress. r o e h t The primary purpose of this study was to determine the extent to which computer applications should be incorporated into the curriculum of a specific undergraduate business program. Hith the determination made, the faculty associated with the program would have a basis for effecting change in the curriculum. As well, academic administrators, whose responsibilities include providing resources, encouraging faculty training, and overseeing the curricular change process, would have a basis for allocating resources, providing for faculty training, and ensuring appropriate change in the curriculum. In addition, public institutions of higher education, typically faced with limited resources, require cost-efficient means for identifying the need for curricular change in the vocational components of their degree programs. Therefore, a secondary purpose was to develop a survey methodology that might serve as a model for exploring the extent to which various business curricula are perceived as adequately preparing graduates for the early years of their professional careers. In an attempt to accomplish the primary purpose of the study, graduates of the finance program at Ferris State University were surveyed, as were employers located in Michigan. The major features of a process recommended by Dillman (1978) were adopted in an effort to develop a cost-efficient survey methodology. C nte t o t The job-preparedness of graduates of an undergraduate curriculum in finance of a public institution of higher education, Ferris State University, was examined for the purpose of identifying the need for introducing program-specific computer applications in the curriculum in a coherent manner. Further, the experiences and expectations of organizations that employ finance professionals were examined. The study was focused only on the finance curriculum, in which computer applications. were identified easily and employer needs could be identified specifically as well. The scope of the study did not extend to other curricula, nor were aspects of the curricula other than the courses included in the major program of the study addressed. The individuals included in the study were graduates of the B.S.-Business (Finance) curriculum at Ferris State University during the academic years 1983-84 through 1987-88. The curriculum that was the focus of the study was only one of a full range of technical, vocational, and professional programs offered by the university. Ferris State University is located in Big Rapids, Michigan. The organizations included in the study were a random selection of businesses operating within Michigan that had assets in excess of $500,000 and were included in Dun & Bradstreet’s 1988 Millign Dollar Qinectgry. The businesses represented a wide range of private profit-making organizations operating within the boundaries of the state. Need for the Study For academic programs that have a strong vocational component, there is an ongoing need to ensure that the program content fits the demand of the job market for which graduates of those programs are being prepared. Especially where evidence exists of rapid change in the content of' jobs, such as with the exponential increase in computer applications in business, colleges and universities require an effective and efficient mechanism to measure the extent of the fit between the curriculum and the present and future requirements of the job market. Hhen curriculum change occurs as the result of such studies, future graduates and the employers of the graduates benefit from the change. By extension, society also benefits from the improved productivity resulting from more adequately trained workers. Although this study was focused on an identification of computer applications in a specific professional area, the research also could provide a model for other vocationally oriented programs to address more methodically, rationally, effectively, and efficiently the curricular change process suggested by the results of the study. masses The relatively recent use of program-specific computer applications in business curricula, coupled with increasing computer applications by the nation’s businesses, suggested that schools of business were not adequately preparing job-ready graduates. To examine the need for integrating computer applications into a specific business curriculum, four hypotheses were developed. Stated in the null form, the hypotheses are as follows: Hypothesis |: There is no difference between selected employers located in Michigan and graduates of an undergraduate degree program in finance in their perceptions of the need for competency in computer applications for the first professional position in the finance field. Hypethes1s_z: There is no difference in the extent to which finance professionals employed by selected employers located in Michigan and graduates of an undergraduate degree program in finance use computer applications in their present positions. flypethestQ: There is no difference between selected employers located in Michigan and graduates of an undergraduate degree program in finance in their perceptions of the need for competency in computer applications for career progress in the finance field. Hypothesis 1: There is no difference between selected employers located in Michigan and graduates of an undergraduate degree program in finance in their perceptions of the use of computer applications in the field of finance during the next five years. The questions were investigated using instruments that explored the experiences and perceptions of the employer group and the graduate group. Limited demographic information was collected as well. Survey responses were examined at the .05 level of significance using t-tests, analysis of variance (ANOVA), and multivariate analysis of variance (MANOVA). f n T The following terms are used throughout the dissertation and are defined to ensure clarity and continuity for the reader. Cgmputer epplisgtjons: the use of word-processing, spread- sheet, or data-base programs to perform a specific function or to solve a specific problem. Qete_bese: a nonredundant collection of data stored in one or more computer files. nf r o hn : includesI the use of all ‘types of computers--mainframes, minicomputers, and microcomputers--and extends to related technology such as telecommunications and teleconferencing. Seyeeesneet: a software package that accepts data in the form of columns and rows and facilitates their manipulation and presenta- tion. HQLQ.2£Q£§§§109= use of the computer to create, edit, store, and print documents. Limitetigns and Qelimitetjggs Limitatigns The major limitations of the study included the following: the reliance on self-reported data from the survey participants, who were graduates of a finance curriculum and randomly selected employers; the representativeness of the respondents to the survey of the employers; the response rate of both the graduates and the employers; and the extent to which the survey instrument adequately addressed the areas of concern in the practice of finance. new The survey sample of finance graduates was limited to graduates of the finance curriculum in a school of business of one public, four-year university in Michigan. The group cannot be assumed to be representative of all graduates of all finance curricula in all schools of business, either within Michigan or across the nation. ldor can the finance curriculum be assumed to be representative of all programs offered by schools of business. Furthermore, the respondents to the survey of employers cannot be assumed to be 10 representative of all employers who hire graduates of finance curricula. Q£9A011§1100_2£_Ih§_§1fld¥ The dissertation includes five chapters. Chapter I contained an introduction to the study, a statement of the problem, the context of the study, the purposes of the study, the need for the study, the hypotheses, a definition of terms, and an identification of the limitations and delimitations. Chapter II contains a review of the literature that illustrates the extent to which computer applications are used in the area of finance and describes the efforts of schools of businesses or other vocationally oriented institutions to identify the extent to which computer applications should be integrated into the curriculum. Chapter III contains a description of the design of the study. The population surveyed, the instruments employed, and the method of analysis used in the study are explained. In Chapter IV, the findings of the study are discussed and illustrated. ANOVA, MANOVA, and t-tests were used to test for significance at the .05 level. The summary, conclusions, recommendations, and reflections of the study are presented in Chapter V. CHAPTER 11 REVIEW OF THE LITERATURE The purpose of this study was to determine the extent to which computer applications should be incorporated into an undergraduate curriculum in finance, as perceived by employers of finance professionals and recent finance graduates. The purpose was accomplished by examining the experiences and expectations of both graduates of such programs and employers of graduates of such programs. The object was to reach a conclusion about the need for integrating computer applications into the curriculum, based on expressed needs of the graduates and the employers. Therefore, a search of the literature was conducted to identify the use of computer applications in the field of finance. Then, a search of the literature was undertaken to discover studies that dealt with integrating computer applications into vocationally oriented programs in higher education. An ERIC search was conducted in the library at Ferris State University. A search of the Uniyeysity_ef HIM (UMI) Qissertgtion Abstrsets data base was conducted, as was a search of the Business Periodicals Index data base. 11 12 o ' i F' d f i A number of articles were reviewed that illustrated the use of computer applications in the field of finance. For example, Tyson (1988) reported that firms that manufacture and market computer systems have been aggressively pushing sophisticated new computer systems. One such firm, Sun Microsystems, headquartered in California, has been targeting banks and insurance companies for sales of the firm’s new computer workstations. Gary Little, the acting marketing manager for the firm, was quoted as saying: "The target areas are portfolio management, actuarial analysis, document- imaging systems, and executive information workstations" (Tyson, 1988, p. 8). Other firms in the highly competitive industry have been concentrating on financial services as well. Tim McManus (1988), director of marketing for Lotus Development Corporation, discussed the extent to which the work of financial analysts has been computerized: “Personal computers have automated virtually every aspect of financial analysis, including the process of collecting the critical financial information that is the basis for the analyst’s work" (p. 50). McManus then identified even more sophisticated and efficient options for data collection. With the traditional options, he explained, tapping mainframe resources and rekeying the data into applications for analysis or using online data bases, the analysts were spending 80% of their time collecting data and only 20% of their time interpreting the data for the benefit of their clients. McManus identified a new information source, a Lotus product called CD-Rom (compact disk read-only 13 memory). The new application, he contended, is an excellent medium for transferring vast amounts of data directly to a desktop personal computer. More important, unlike the traditional systems, the new product offers business solutions rather than just data sources. McManus was confident that new computer technology would improve the productivity of the financial analysts. Both the present and the future of information technology in the world of institutional trading were addressed by Reed Jarrell (1988), vice-president of marketing for Financial Trading Systems. Jarrell commented on the changes in and expansion of investment vehicles available to institutional traders: In order to handle this unrelenting expansion, banks and brokerage houses have already invested billions in information technology and this trend is expected to escalate. Recent research reveals trading systems and new back-office systems integration are now the highest priority for financial firms. (9. 52) Jarrell then explained ‘that integrated ‘trading systems were not available until the mid-19805. Even newer developments, such as fully integrated real-time systems that synchronize front-office trading with back-office operations, cost only a fraction of the older internally built systems and permit banks and brokerage houses below the top tier to become more active participants in institutional trading. Jarrell predicted an increasing installation of the fully integrated trading systems. Financial planners, who most often work alone or in partnership with only a few others, use computer technology for information processing and dissemination (Johnson, 1988). Hard processing has 14 been reported to be the most widely used computer application. Hord processing is used to create and edit documents, to add to or merge other documents, and to reformat documents for printing of cflient reports, newsletters, or brochures. For their financial and tax planning services, financial planners use integrated systems that incorporate such features as word processing, financial and tax analysis programs, graphics programs, and client or portfolio tracking and management programs. The computerized applications permit the financial planners both to expand their businesses and to better meet the needs of their clients. Newest to the field of finance is a recently emerged computer technology called expert systems. Valentine (1988) explained that expert systems evolved from the more traditional computer applications. What is new is the development of a knowledge base, a set of decision rules that the computer system must obey, as opposed to a data base that is present in virtually every computer application in finance. The expert system applies the knowledge base to the data base to accomplish the task for which the system was designed. Valentine elaborated: Using an expert system is similar to using an ideal subordinate who inevitably follows all the rules provided by the professional, who never overlooks any legitimate alternatives and who can explain every action or decision that was undertaken. All the professional need do is specify the rules he wants this able subordinate to follow. (p. 51) Valentine addressed the use of expert systems in investment tasks such as restructuring a portfolio’s asset allocation, determining the specific source of a portfolio’s superior or poor 15 performance, isolating potential takeover candidates, and evaluating trading activity. He envisioned a new relationship between the investment professional and the computer in the future: In the hypothetical world of the not—too-distant future, the computer may run expert systems that contain the professional’s current best thinking about some problem, and the professional may define the rules for the next problem, or refine the rules already in place for the old problems. The expert systems selve the problems; the professionals define both the problems and the methods by which they are to be solved. (p. 53) A number of college professors who specialize in computerized financial applications have agreed with Valentine that expert systems represent the next front of computer applications. 0n the current use of expert systems in financial management, Holsapple, Tam, and Hhinston (1988) reported that: In recent years, expert systems have become an important arena in the research and development plans of financial firms. Although exact statistics are unavailable, indications are that there is considerable investment in expert systems technology. Worldwide deregulation of the finance industry has pushed firms to rely more on computer-based technology in order to stay on the competitive edge. A recent study reported that seven banks in the U.S. have invested more than $200 million in computer technology each year, with Citibank topping the group by an investment of $850 million. (p. 13) Holsapple et al. then identified specific applications in the area of finance. Among the applications was American Express’s use of an expert system for credit analysis. The expert system evaluates unusual credit requests from cardholders on a real-time basis. Hith their old system, the company experienced a 15% bad- Iguess rate; that is, the company approved requests that turned out to be poor credit risks. With the use of the expert system, the bad-guess rate was reduced to 4%. 16 In the area of securities trading, London-based Midland Bank uses an expert system to manage its currency options and interest- rate-exchange portfolios. The expert system is also used to price options and to provide monitoring systems. Morgan Stanley, a leading United States securities trader, announced an additional $1 million in profit on its arbitrage activities after the installation of an expert system (Holsapple et a1., 1988). Applications of expert systems in other areas have been reported as well. Stewart C. Myers (1988) at Massachusetts Institute of Technology was part of a group that developed an expert system for corporate investment decision making. ‘The system functions in three important areas of capital budgeting: problem set-up and forecasting, interpretation of results, and what-if (alternative modeling) analysis. Expert systems are being used for credit management (Srinivasan & Yim, 1988), the evaluation of business loans (Shaw & Gentry, 1988), the analysis of conlnercial loans (Duchessi, Shawky, & Seagle, 1988), and the examination of the bankruptcies of savings and loan institutions (Elmer & Borowski, 1988). The senior operations officers of 344 ffinancial institutions participated in a 1987 survey conducted by the W (Feuerstein, 1988). One set of questions in the survey was designed to identify the officers’ perceptions —of how computer technology would be used in the next five years. Forty-seven percent of the officers expected desktop publishing to be used. An equal 17 percentage expected automated voice-response devices and 24-hour global securities trading and funds transfer to be used. Thirty-six percent of the group expected to be using expert systems for loan approvals. A nearly equal percentage expected to have available check truncation, ”smart" cards, and video kiosks. Twelve percent expected home banking to be fully available. Clearly, this group of bank officers visualized an increasing application of computer technology in their industry in the future. integrating Computer Applicatipns Into Voeatiopelly 'e t ram in i h r i Few articles or studies were discovered that related directly to integrating computer applications into vocationally oriented programs in higher education. Abundant literature existed that discussed computer literacy, computer-aided instruction, and computers and the curriculum. However, most published articles, reports, and studies focused on the plans and use of educators or institutions in primary or secondary education. Nhere reports were published that related to higher education, the specifics of integrating computers into the curriculum were missing or the forces that led to increasing uses of computers in the curriculum were not discussed. Tucker (1984) attempted to explain the dearth of publications about the developments in the use of computers in higher education, the benefits of such use, plans being made to translate computer- related investments into better instruction, or the ways in which 18 information technology was changing the lives of students and staff in higher education. He explained: The reason for the silence is simple. Campus leaders most directly involved are much too busy making policy, designing systems, and managing implementation to write reflective articles for scholarly .journals describing the fast moving events in which they are key participants. (p. 2) Tucker contended that as a result of the silence, those faced with making decisions about the use of computer technology on one campus knew little about what other campuses were doing, why they were doing it, what they expected to gain, or how problems were solved. Nevertheless, several reports and studies have been published that have addressed the need for the integration of computer applications into vocationally oriented programs in postsecondary education. Reports At least one system of postsecondary education has been taking a systematic approach to incorporating computers into the curriculum. The computing activity in the Vancouver (Canada) Community College System was in direct response to the needs of the labor market ("Report of the Instructional Computing Committee," 1984). The Vancouver Community College System developed a process that included ongoing assessments to identify competencies needed by the work force within the system’s instructional mandate. The process also brought together major employers to identify occupational areas undergoing rapid change. These activities permitted an identification of areas in which training curricula 19 needed to be developed. Such systemwide approaches appeared rare, however. Gustavon (1985) conducted a survey to determine the extent to which computers were being used by insurance educators in the United States at the college and university level. Ninety schools were included in the study. Of the 73 respondents, only 17 (23.9%) reported any computer applications by the students in any of the insurance courses taught during the 12 months preceding the survey. Only six schools had incorporated nficrocomputer applications into their curriculum. Gustavon also sought opinions about the use of computer applications in the insurance curriculum in the future. She found two significant reasons for the expansion of the use of computer applications: the expectations of the insurance industry and the increasing capabilities of computers. Gustavon used the results of the survey to support a general argument that insurance educators increase their efforts to integrate the use of computer applications into their courses. BQSQQEEU Studies In one of ‘three studies directly related to computer applications in vocationally oriented business programs in higher education, Forde (1987) surveyed 595 personnel directors located in Alabama, Arkansas, Louisiana, and Mississippi. The personnel directors worked in such organizations as banks, hospitals, legal 'firms, and manufacturing firms. A preliminary survey was conducted 20 to determine whether the organizations employed graduates of four- year programs in office administration, the focal program of the study. Of the 396 (66.6%) personnel directors who responded to the initial inquiry, 74 (18.6%) replied that they employed graduates of four-year programs in office administration. A second question- naire, composed of items examining 76 competencies associated with office administration responsibilities, was sent to the group of respondents to the initial inquiry who employed graduates of office administration programs. Sixty-four (86.5%) of the personnel directors responded to the second questionnaire. One of the general findings of the Forde study was that automated office skills were rated low in importance, compared with other competencies expected of graduates of four-year programs in office administration. Forde concluded that contemporary offices might not have been as automated as much of the literature seemed to indicate. Nevertheless, Forde concluded that there was little research to indicate that the business curriculum was being revised to adapt to the technological advances implemented in office settings. In a project similar to the Forde survey, Bujea (1985) studied the need for computer applications in the accounting curriculum in two-year postsecondary educational programs located in Canada’s prairie provinces: Alberta, Manitoba, and Saskatchewan. The population for the survey included 26 instructors, 44 graduates, and 115 employers. The response rate for each group was 92.5% (24) for the instructors, 52.3% (23) for the graduates, and 58.3% (67) for 21 the employers. The findings of the study were descriptively reported. Cross-tabulations were performed to determine signifi- cance at the .05 level. The chi-square statistical test was performed when the dependent variable was nominal. The Kruskal- Hallis test was performed when the dependent variable was ordinal. Frequencies were reported for the responses to all of the objective questions incorporated into the survey instrument. Among the employers responding in the study, 30.5% reported that graduates of two-year accounting programs should be better prepared in computer-programming skills, 41.4% preferred that graduates be better prepared in the use of accounting software, and 64.6% required extensive to moderate knowledge of computerized accounting processes in entry-level positions. Among the graduate respondents, 21.7% perceived a need for an extensive to moderate knowledge of computerized accounting processes in entry-level positions. On several items directed toward specific accounting processes, however, the graduates’ perceived need was higher. Among the group, 51.2% perceived a need for knowledge of computerized inventory processes and 47.7% perceived a need for knowledge of computerized payroll accounting processes. In contrast to the employer and graduate groups, 61.3% of the instructors reported that knowledge of computerized accounting processes was not required, whereas 58.1% reported that knowledge of computerized payroll accounting processes was not required. 22 In general, Bujea found that employers tended to place a greater' emphasis on skills than did graduates and instructors. Bujea also found that graduates tended to place greater importance on skills than did instructors. In another study that focused on the computer competencies needed by postsecondary vocational-technical school business education students, Adams (1985) surveyed 214 teachers and 108 personnel managers located in Georgia. Twenty-nine personnel managers (26.9%) participated in the study. An additional 33 (30.6%) responded to the survey but did not complete the questionnaire because their organizations taught in-house all the computer competencies required of their employees. Among the teacher group, 113 (52.8%) responded to the survey. The 230-item instrument designed to identify specific computer competencies was divided into four versions for the teachers and three versions for the personnel directors in an effort to prevent patterned responses. The data collected in the study were analyzed by computing chi- square values, area weighted means, and ranking of area weighted means. Among 180 competencies identified in the survey, the study results indicated that a high degree of congruence existed between the teachers and the personnel managers in their perceptions of the importance of the competencies. Sumarx A number of articles in professional journals were found that illustrated the use of computer applications in the field of 23 finance. As well, several articles incorporated predictions of even more sophisticated applications with evolving technology, especially the application of expert systems. Few studies were found that dealt with the basis for making decisions about integrating computer' applications into the curriculum of vocationally oriented business programs in postsecond- ary education. Nhere specifics of the process were reported, however, some means for assessing the needs of the labor market were incorporated into the process. Only one study included an examination of the perceptions of graduates of vocationally oriented business programs. Thus, the need for the study was reinforced both by the evidence of the use of computer applications in the field of finance and by the dearth of publications that dealt with integrating computer applications in vocationally oriented programs in higher education. CHAPTER I I I METHODOLOGY The primary purpose of this study was to determine the extent to which computer applications should be incorporated into the finance curriculum at Ferris State University, as perceived by employers of finance professionals and recent finance graduates. Thus, the design of the study included a survey of both recent graduates and selected employers; both groups possess information crucial to the process of making decisions about curricular change. A peripheral purpose was to test a survey methodology that could prove to be an effective and efficient model for exploring the extent to which various business curricula adequately prepare graduates for the early years of their business careers. Eppulation pf the Study To determine the experiences and perceptions of graduates of an undergraduate finance program, the population for the survey of graduates included all living graduates of the B.S.-Business (Finance) curriculum offered at Ferris State University during the academic years 1983-84 through 1987-88 whose current residence was in the United States. The names of the graduates and their year of graduation were provided by the Office of the Dean, School of 24 25 Business, at Ferris State University. The most recent addresses on file for these graduates were provided by the Office of Budget, Alumni, and Development at Ferris State University. The currency of the addresses was verified against a computerized data file of alumni available at the university. The population for the survey of employers was a sample of a group of employers located in Michigan whose size of operations was large enough to warrant inclusion in the 1988 Millipp uglier Direetery published by Dun’s Marketing Services, Inc., a division of the Dun & Bradstreet Corporation. The group included such diverse employers as manufacturers, wholesalers, retailers, and financial organizations. The businesses had assets in excess of $500,000, the threshold level for inclusion in the Millipp Deller Qireetery. The directory included 6,781 employers located in Michigan. W The survey of graduates of the B.S.-Business (Finance) curriculum during the academic years 1983-84 through 1987-88 included 102 persons. The distribution of the graduates in the population follows: Yeer pf Graduetien Num r r du tes 1983-84 14 1984-85 16 1985-86 23 1986-87 24 1987-88 ' 25 No sample was drawn from the population. Instead, the population was surveyed in its entirety. 26 The population of employers located in Michigan and listed in the 1988 Millipp Doller Qireetpry was 6,781. An initial inquiry was sent to 680 employers, a 10% sample randomly selected from 6,781 Michigan employers, using a computer-generated list of random numbers. The initial inquiry was intended to determine whether the organizations employed graduates of four-year programs in finance and, if they did, whether they were interested in participating in the survey. The final sample included only those employers indicating that they employed finance graduates and were interested in participating in the survey. Forde (1987) used a comparable process in a survey of personnel directors located in the mid-South. The Survey Ipstruments Graduete Greup The survey instrument, developed specifically for the study, was organized to address the four hypotheses of the study. The inquiry was directed toward the graduates’ perceptions of (a) their preparation for their first professional position, (b) the extent to which they then were using computer applications, (c) the need for computer competency for career progress, and (d) the use of computer applications in the field of finance during the next five years. Limited demographic information was collected as well. A reproduction of the survey instrument can be found in Appendix A. flyppthesis 1. Two questions were directed toward the gradu- ates’ perceptions of their preparation for their first professional position. The first question was designed to elicit a qualitative 27 assessment of the adequacy of the degree program, using a five-point Likert-type scale with responses ranging from “very well prepared" to "poorly prepared." The second three-part question was directed toward the importance of competency in the use of word processing, spreadsheets, and data bases in the first professional position, using a five-point Likert-type scale 'with response alternatives ranging from ”very important” to ”unimportant.“ Hypethesis 2. Three questions were developed to determine the extent to which the graduates were using computer applications in their work. The questions were directed toward the graduates’ use of word processing, spreadsheets, and data bases. A five-point Likert-type scale provided response alternatives ranging from "very frequently” to ”never.” at i . Three questions were developed to determine the graduates’ need fer computer competency for career progress. ‘The first, using a yes-no categorical response, was designed to determine whether the graduates’ career progress would be affected if they were not competent in computer applications. The second three-part question was directed toward the importance of competency in the use of word processing, spreadsheets, and data bases for career progress, using a five-point Likert-type scale with response alternatives ranging from ”very important” to “unimportant." ‘The third question, using a yes-no categorical response, was designed to determine whether training in computer applications was required by the employers of the graduates. 28 flypethesis_1. One three-part question was developed to determine the graduates’ expectations about the use of computer applications in the field of finance during the five years following the survey. A five-point Likert-type scale question provided for response alternatives ranging from 'very frequently” to “never." Wm. Several questions were included in the instrument to collect limited demographic information about the graduates. The graduates were asked two questions about the characteristics of their present employers: the type of business and the approximate number of employees. The responses were entered in blanks following the questions. The year of graduation from the program was collected, the graduates circling one of the five academic years of graduation included in the survey, 1983-84 through 1987-88. A list of courses in the major was included, the graduates circling one of three responses to indicate whether they had computer applications in the courses. The alternatives were ”yes,” “no," and "did not take.“ The next series of questions was developed to determine whether the graduates were or had ever been employed in the area of finance and how much time had passed from graduation to securing a position related to their major. If they were not or had never been employed in the area of finance, the graduates were asked to provide the reason. A series of yes-no and fill-in-the-blank responses was developed to collect the information about the graduates’ employment experiences. 29 Meets. The graduates were provided an opportunity to make conlnents about the professional training they had received at Ferris State University. They were asked whether there was anything else they wanted to say about their training at Ferris. The back of the booklet-form instrument provided the space for response. W. The respondents were provided an opportunity to request a sumary of the results of the survey. To maintain the confidentiality of the respondents, they were asked to indicate their interest in a summary by printing their names and addresses on the back of the return envelope, not on the questionnaire itself. A copy of the preliminary report can be found in Appendix B. m 1 r r The initial inquiry to the employer group was designed to determine whether the organizations employed graduates of four-year programs in finance and, if they did, whether they were interested in participating in the more fully developed survey. A copy of the initial inquiry can be found in Appendix C. The survey instrument developed for the employer group who responded to the initial inquiry paralleled that developed for the graduate group except that no questions were directed toward the academic and professional lives of the respondents. A reproduction of the instrument can be found in Appendix D. The instrument was designed to provide descriptive data about the employers’ 30 experiences with and expectations of professionals who were employed in the area of finance. fiypetpesis_1. Two questions were directed toward the employ- ers’ perceptions of the preparation of employees with undergraduate degrees in finance for their first entry-level position. The first question was designed to establish an overall, qualitative assess- ment of the adequacy of the graduates’ academic preparation, using a five—point Likert-type scale with responses ranging from "very well prepared“ to "poorly prepared.” The second three-part question was directed toward the importance of the graduates being competent in the use of word processing, spreadsheets, and data bases in their entry-level positions. A five-point Likert-type scale provided response alternatives ranging from "very important" to "unimpor- tant." flyppthesis 2. Three questions were designed to establish the extent to which finance professionals employed by the employers used computer applications in their work. The questions were directed toward the finance professionals’ use of word processing, spreadsheets, and data bases. A five-point Likert-type scale provided response alternatives ranging from "very frequently" to "never.’' flypptpes1s_3. Three questions were developed to determine the employers’ expectations about computer competency for career progress in the area of finance. The first, using a yes-no categorical response, was designed to determine whether the career progress of finance professionals would be affected if they were not 31 competent in computer applications. The second three-part question was directed toward the importance of competency in the use of word processing, spreadsheets, and data bases for career progress and used a five-point Likert-type scale with responses ranging from ”very important" to "unimportant.“ The third question, using a yes- no categorical response, was designed to determine whether the employers required training in computer applications for professionals in the area of finance. flyppthesis 5. One three-part question was developed to determine the employers’ expectations about the use of computer applications in the area of finance during the five years following the survey. A five-point Likert-scale question provided response alternatives ranging from "very frequently" to "never." Demographic information. Four questions were included in the instrument to collect demographic information about the employers. One question was directed toward the major area of business operations. The employers circled l of the 11 general categories of business from a list established by the Standard Industrial Classification Code. The employers were asked to identify the total number of employees in their organization, the number of profes- sionals employed in the area of finance, and the number of profes- sionals in the area of finance they expected to employ five years from the date of the survey. The responses were entered in blanks following each of the three questions. 32 yelunteyy_epnnents. The employers were provided an opportunity to make additional comments about their employees who were graduates of undergraduate programs in finance. The back of the booklet-form instrument provided the space for the response. Beguest_fpn_sunneny_pf_nesu1ts. The respondents were provided an opportunity to request a summary of the results of the survey. To maintain confidentiality of the respondents, they were asked to indicate their interest in a summary by printing their names and addresses on the back of the return envelope, not on the question- naire itself. Endprsement In an attempt to obtain the maximum response rate from both the graduates and the employers, endorsement for the study from Ferris State University was obtained. Permission also was obtained to use letterhead stationery and envelopes. A copy of the endorsement letter can be found in Appendix E. The university provided further support by permitting use of the copy center and library facilities and access to the mainframe computer for statistical analysis. Eilet Test mm The survey instrument for the graduates was pilot tested with seven individuals who graduated from the B.S.-Business (Finance) program at Ferris State University in the academic year 1982-83. The graduates were contacted by telephone to ascertain their interest in participating in the pilot study. The draft survey 33 instrument was then mailed to the graduates. They were asked to complete the questionnaire and return it with their comments about any problems encountered in the completion of the questionnaire or associated with the clarity of the questions. They were asked for their suggestions about the addition or elimination of items and for format changes. The graduates made no recommendations for change in the questions or format. Those who provided comments suggested that the instrument was appropriate for the purpose. Employer Greup The survey instrument for the employers was distributed for pilot testing to five employers randomly selected from the Dun & Bradstreet list from which the survey sample was taken. Feurteen organizations were contacted initially by telephone for their interest in participating in the pilot study; only 5 of the 14 met the criteria for participation. The survey instrument was then mailed to the five employers. The contact persons, owners or general managers, were asked to complete the questionnaire and return it with their comments about any problems encountered in the completion of the questionnaire or associated with the clarity of the questions. They were asked for their suggestions about the addition or elimination of items and for format changes. Only two of the five employers returned the draft questionnaire. Neither made recommendations for change in the questions or format. 34 at c Mail surveys of the two populations, graduates and employers, were conducted. The process used for the conduct of the mail surveys was, with one exception, a process used by Dillman (1978) at Washington State University and known as the Total Design Method (TOM). The survey methodology deviated from the Dillman process in that a third follow-up mailing used regular first-class mail rather than the recommended certified mail. The survey plan included the use of a log designed to track the activity associated with each participant. The log was adopted from a format outlined in Questipnnaires; Design end Use (Berdie, 1986). The log provided for the name of each participant, the code number assigned to the participant and entered on the instrument mailed to that participant, and space for the identification of each contact activity and the date on which the activity occurred. A reproduc- tion of the logs for both the employer and graduate groups can be found in Appendix F. Survey of Greduetes The first contact with the graduates was accomplished through an introductory letter mailed on October 10, 1988, to the most recent addresses on file with the Office of Budget, Alumni, and Development at Ferris State University and updated via the computer- ized alumni file. The introductory letter was designed to explain the purpose of the survey and to inform the graduates that the instrument was being mailed the following week. A copy of the 35 introductory letter can be found in Appendix G. The introductory letter was printed by the Ferris State University Copy Center on letterhead stationery used by the Management Department in the School of Business at the university. Use of official letterhead and envelopes was intended to convey the professional aspect of the survey. The names and addresses of the graduates were individually typed on both the letter and the envelope, using an IBM—XT computer and NEC 3550 printer on which the letter was prepared for copy- center reproduction. Each letter was individually signed with a fountain pen. These last two steps were intended to convey an element of personal attention given to each participant. First- class stamps were affixed to the envelopes. Hhen introductory letters were returned because of inaccurate addresses, telephone calls to the homes of the parents were attempted in an effort to obtain more current addresses for the graduates. The names of the parents, their addresses, and their telephone numbers at the time of the graduates’ last attendance at the university were on file at the Office of the Registrar at Ferris State University. Hhere such contacts were successful, the survey materials were mailed to the updated address. On October 17, 1988, one week after the mailing of the intro- ductory letters, a cover letter detailing the procedures for participation in the survey and a copy of the coded survey instru- ment were mailed to each graduate. A copy of the cover letters can be found in Appendix H. The cover letter was printed by the univer- sity copy center on letterhead stationery used by the Management 36 Department in the School of Business at the University. The names and addresses of the graduates were individually typed on the letters and the envelopes. Each letter was individually signed, using a fountain pen. First-class stamps were affixed to the envelopes. A business reply envelope for the return of the instru- ment was enclosed. One week after the mailing of the instruments, on October 24, 1988, a postcard reminder was sent to the graduates. Dillman (1978) reported that most people who answer questionnaires do so almost immediately after they receive them. The postcard reminder was used merely as a reminder and not to overcome resistance, timed to make an appeal that conveyed a sense of importance just after the original mailing had produced its major effect. The postcard served as a thank-you to those who had responded and a friendly reminder to those who had not. The names, addresses, and message were individually typed on each postcard using an IBM-XT computer and NEC 3550 printer. The postcards were individually signed. A copy of the postcard reminder can be found in Appendix 1. Three weeks after the mailing of the postcard reminder, on November 14, 1988, a follow-up letter, a second copy of the ques- tionnaire, and a business reply envelope were mailed to nonrespond- ents. A copy of the follow-up letter can be found in Appendix J. The final follow-up letter was printed by the university copy center on letterhead stationery used by the Management Department in the School of Business at Ferris State University. 'The names and 37 addresses of the nonrespondents were individually typed on the letters and envelopes, using an IBM-XT computer and NEC 3550 printer on which the letters were prepared for copy-center reproduction. The letters were individually signed. First-class stamps were affixed to the envelopes. r m l Concurrent with the mailing of the introductory letters to the graduates on October 11, 1988, the initial inquiry letters were mailed to the 680 employers randomly selected from the Dim Dollar Directory. A copy of the initial inquiry letter can be found in Appendix C. The initial inquiry letter was printed by the university copy center on letterhead stationery used by the Management Department in the School of Business at Ferris State University. Use of official letterhead and envelopes was intended to convey the professional aspect of the survey. The names and addresses of the employers were individually typed on both the letter and the envelopes, using an IBM-XT computer and NEC 3550 printer on which the body of the letter was prepared for copy—center reproduction. This last step was intended to convey an element of personal attention given to each employer. Because of the volume associated with the initial inquiry to the employers, a signature stamp was used for the letters. First-class stamps were affixed to the addressed envelopes. Business reply envelopes were enclosed for the return of the initial inquiry. 38 On November 1, 1988, three weeks after the mailing of the initial inquiry letters, a cover letter detailing the procedures for participation in the survey and a copy of the coded survey instrument were mailed to the employers who responded that they employed graduates of four-year programs in finance and were willing to participate in the survey. A copy of the cover letters can be found in Appendix K. Letterhead stationery was used, and the names and addresses of the employers were individually typed on the letters and the envelopes, using the IBM-XT computer and NEC 3550 printer on which the body of the letter was prepared for copy-center reproduction. The letters were individually signed. First-class stamps were affixed to the envelopes. A business reply envelope was enclosed for the return of the instrument. One week after the mailing of the instruments, on November 9, 1988, a postcard reminder was sent to the employers. The postcard served as a thank-you to those who had responded and a friendly reminder to those who had not, as a means for encouraging a high response rate. A copy of the postcard reminder can be found in Appendix L. The names, addresses, and message were individually typed on each postcard using an IBM-XT computer and NEC 3550 printer. The postcards were individually signed. Three weeks after the mailing of the postcard reminder, a follow-up letter, a second copy of the questionnaire, and a business reply envelope were mailed to nonrespondents. A copy of the follow- up letter can be found in Appendix M. The final follow-up letter was printed on letterhead stationery used by the Management 39 Department in the School of Business at Ferris State University. The names, addresses, and body of the letter were individually typed on the letters and envelopes using an IBM-XT computer and NEC 3550 printer. The letters were individually signed. First-class stamps were affixed to the envelopes. Designjlemeuts The formatting of the instrument and the questions followed the system recommended by Dillman (1978). The 5-1/2" x 8-1/2" booklet- form instrument had an informative front cover along with a simple graphic design related to the practice of finance. The back cover provided an opportunity for the respondents to add narrative comments. Inside the booklet-form survey instrument, the choices of responses to each question were printed in capital letters to emphasize their importance. Instructions for responding to each question followed the question. All of the design elements were intended to create an attractive package for each mailing and to make response as easy as possible for the respondents. Particular attention was paid to the style and appearance of all correspondence sent to the intended survey respondents. Every effort was made to create a professional image in order to elicit maximum response. The letterhead stationery and envelopes used were those used for all official, external correspondence of Ferris State University, 24-pound paper in a subtle gray with the university name printed in maroon and the name of the originating department printed iri black. The survey instruments were printed on a lighter-weight 4O gray paper with all printing and the graphic illustration on the front cover in black. The original intention was for the instrument and an accompanying instruction sheet to be printed on the same grade paper as the letterhead stationery and envelopes. The combined weight of the mailing package, however, exceeded the weight allowable for regular first-class correspondence. The instruction sheet was omitted and the survey instrument altered and printed on lighter-weight paper to accommodate constraints imposed by the postage requirements. Dillman (1978) cautioned investigators not to neglect this aspect of the survey, especially when mailing costs must be kept within a predetermined budget. in n t nt As each survey instrument was returned, the date of receipt was entered on the master survey log. The return envelopes were separated for those respondents who indicated that they would like a summary of the results, and their requests were entered on the log. Each instrument was reviewed to determine whether any respondent had raised a question that merited an immediate response. The instruments were prepared for data entry, and the responses to the quantitative items were entered into a data file on the mainframe computer at Ferris State University. The results of the data-entry process were checked carefully for accuracy. 41 W BMW The first hypothesis of the study required determining the perceptions of 'the employers about the need for competency in computer applications in the first professional position for graduates of four-year undergraduate programs in finance, determining the perceptions of graduates of a four-year undergraduate program in finance about the need for competency in computer applications in the first professional position, and comparing the perceptions of the two groups. Parallel questions were posed to the employers and the graduates. Four Likert-type questions queried the respondents about the adequacy of the graduates’ academic training and about the importance of competency in word processing, spreadsheets, and data bases in the first professional position. The data were analyzed using the Statistical Package for the Social Sciences (SPSS-X) on the IBM 3083 JX3 mainframe computer at Ferris State University. MANOVA was used for the examination of the data related to Hypothesis 1. MANOVA explores simultaneously the relationship between several independent variables and two or more dependent variables. Use of ANOVA in such situations could seriously inflate Type I error rates and ignore the possibility that some composite of the variable may provide the strongest evidence of reliable group differences (Summers, 1985). 42 Hilks’ lambda was selected as the statistic for testing the null hypothesis. In the case in which there is one independent variable and more than one dependent variable, Hilks’ lambda is one of several statistics that may be used (Tabachnick & Fidell, 1983). W The second hypothesis required determining the extent to which finance professionals employed by the employer group then used computer applications, determining the extent to which the graduates then used computer applications in their positions, and comparing the usage of the two groups. A series of three parallel Likert-type questions was used to ask the respondents about their current use of Icomputer applications. MANOVA was used for the examination of the data related to Hypothesis 2. flypptpesis 3 The third hypothesis required determining the perceptions of employers about the need for competency in computer applications for promotion or other career progression for graduates of four-year programs in finance, determining the perceptions of graduates of four-year programs in finance about the need for competency in computer applications for promotion or other career progress, and comparing the perceptions of the two groups. Parallel questions were posed to the employers and graduates. Two categorical questions and three Likert-type questions were posed to query the respondents about the need for computer competency for 43 promotion or other career progress. MANOVA. was used for the examination of the data related to Hypothesis 3. Him The fourth hypothesis of the study required determining the expectations of both employers and graduates about the use of computer applications in the field of finance during the next five years and comparing the expectations of the two groups. Three Likert-type questions queried the respondents about their expecta- tions. MANOVA was used to test the hypothesis. 1i - n The graduate group contained individuals whose work experience ranged from a few months to more than five years. The experiences and perceptions of the more recent graduates could differ from those of the earlier graduates. Thus, the graduates were split into two groups, recent graduates (l986-87 and 1987-88 academic years) and earlier graduates (1983-84, 1984-85, and l985-86 academic years), and the responses of the two groups were compared to the employer group for the four hypotheses addressed in the study. MANOVA was used for the split-group analysis. Qualitative Analysis Both groups, the employers and the graduates, were provided an opportunity to add comments related to their experiences with or as graduates of a four-year program in finance. The responses were 44 recorded and analyzed for patterns that could be traced to the central purpose and hypotheses of the study. Summer! In an attempt to accomplish the primary purpose of this study, a determination of the extent to which computer applications should be incorporated into the finance curriculum at Ferris State University, and the peripheral purpose, development of an effective and efficient mechanism for exploring the efficacy of various business curricula, the methodology for the survey was carefully constructed. Both a graduate group and an employer group were surveyed about their experiences and expectations. The graduate group included all graduates of the B.S.-Business (Finance) curriculum offered at Ferris State University during the academic years 1983-84 through 1987-88. The employer group was drawn from a sample of all employers located in Michigan and listed in the 1988 Dillipn Della: Dineetpny published by Dun’s Marketing Services, Inc. The survey instruments used for the study posed nine multipart parallel questions to the graduates and employers. Additional questions of a demographic nature were posed to both the graduates and the employers. The survey design elements and survey instrument format were developed from a process recommended by Dillman (1978) at Hashington State University. Data collection took place in fall 1988. The data were coded and entered in late December 1988, with additional coding and entering occurring in January 1989. The data 45 were analyzed using the SPSS-X package on the mainframe computer at Ferris State University, using ANOVA, MANOVA, and t-tests for the examination of the data. CHAPTER IV FINDINGS The study was designed to collect and analyze information that would facilitate decision making about the extent to which computer applications should be integrated into the finance curriculum offered at Ferris State University. Four hypotheses were explored to determine whether there were differences between graduates of the finance curriculum at Ferris State University and employers located in Michigan in their perceptions of the preparedness of finance graduates for the first professional position, the extent to which computer applications were used in the field of finance, the extent to which computer competencies were necessary for career progress, and the extent toi which computer applications in the field of finance would be used in the future. Limited demographic data about both the graduates and the employers were collected. The methodology employed in the study was outlined in Chapter III. The statistical and qualitative analysis of the data collected follows. Survey Respondents Graduatefirm Survey instruments were mailed to 102 individuals who graduated from 'the finance curriculum offered at Ferris State University 46 47 during the academic years 1983-84 through 1987-88. Forty-eight graduates returned the instruments before the second follow-up, and an additional 12 graduates returned the instruments after the follow-up. The response rate for the graduates was 58.8%. Details of the responses by year of graduation can be found in Appendix N. £1aee_ef_enplpynent. The organizations in which the graduates were employed represented 8 of the 11 major categories established for the Standard Industrial Classification Code. The graduates were clustered in finance, insurance, and real estate organizations (43.3%), service organizations (16.7%), and manufacturing organiza— tions (13.3%). None of the graduates were employed in agriculture, forestry, and fishing organizations; mining organizations; or construction organizations. Three of the graduates were in graduate school. Table 1 details the distribution of the graduates among the employment categories. Table 1.--Graduates: Place of employment. Type of Organization Frequency Percent Finance, insurance, real estate 26 Service Manufacturing Public administration Transportation Retail trade Hholesale trade Nonclassifiable Not employed: in graduate school d—ag —l co-nmwwhooo m—awmmmwmw owwoowwww 48 f m er. The majority of the graduates were employed in small- to medium-sized organizations, 29 (48.4%) in organizations with fewer than 250 employees, and another 8 (13.3%) in organizations with 251 to 500 employees. Seventeen (28.3%) were employed in organizations with 1,001 or more employees. Table 2 shows the distribution of the graduates by size of employer. Table 2.--Graduates: Size of employer. Number of Employees Frequency Percent 1 to 250 29 48.4 251 to 500 8 13.3 501 to 1,000 3 5.0 1,001 or more 17 28.3 Did not respond: in graduate school 3 5.0 lime tn secure position. (hi average, it took those 47 graduates of the 60 who responded to the survey and who were ever employed in finance 4.53 months after graduation to secure their positions. Nearly one-third (15) of the graduates had a position in the area of finance within 1 month of their graduation, an additional 7 within 2 months, and another 10 within 3 months. The details of the time required to secure a position in the area of finance can be found in Table 3. Of those 13 graduates who were never employed in the field of finance, 3 were in graduate school working on a master’s degree in finance; 2 were practicing accounting, a related field; 1 was a 49 securities attorney whose profession relied on a knowledge of finance; and another' owned his own business in which financial applications were used on a daily basis. Six of the graduates worked in fields not related directly to their major--2 in the military services and 1 each in health care, marketing, sales, and software development. Table 3.--Graduates employed in finance: Time required to secure position. Number of Cumulative Months Frequency Percent Percent l 15 31.9 31.9 2 7 14.9 46.8 3 10 21.3 68.1 4 4 8.5 76.6 5 2 4.3 80.9 6 l 2.1 83.0 7 to 12 5 10.6 93.6 16 to 41 3 6.4 100.0 Employer Greup Survey instruments were mailed to 57 employers who responded to an initial inquiry about their willingness to participate in the survey. The employers were randomly selected from those located in Michigan that were listed in the 1988 liillipn Dellar Dineetpry. Forty-six employers returned the instruments before the follow-up, and an additional 3 employers returned the instruments after the follow-up. The response rate for the employers was 86.0%. 50 Iype pf prganizatipn. The employers represented 9 of the 11 major categories established for the Standard Industrial Classifica- tion Code and were clustered in manufacturing (28.6%); wholesale trade (18.4%); retail trade (16.3%); and financial, insurance, and real estate establishments (14.3%). None of the employers repre- sented mining or public administration organizations. ‘The details of the characteristics of the employers can be found in Table 4. Table 4.--Employers: Type of organization. Type of Organization Frequency Percent Manufacturing 14 28.6 Wholesale trade 9 18.4 Retail trade 8 16.3 Finance, insurance, real estate 7 14.3 Transportation 3 6.1 Services 3 6.1 Agriculture, forestry, fishing 2 4.1 Construction 2 4.1 Nonclassifiable l 2.0 Size of the organization. The majority (35 or 71.4%) of the employers were small, employing 250 or fewer employees. Only 2 (4.1%) employed 251 to 500 employees. Nine (18.4%) employed 501 to 1,000 employees, and 3 (6.1%) employed 1,001 or more employees. The details about the size of the respondent employers are shown in Table 5. 51 Table 5.--Employers: Size of organization. Number of Employees Frequency Percent l to 250 35 71.4 251 to 500 2 4.1 501 to 1,000 9 18.4 1,001 or more 3 6.1 umb r 'n nce r f i . The majority (38 or 77.5%) of the employers employed 10 or fewer finance professionals, as detailed in Table 6. Two (4.1%) of the employers had no finance professionals on their staffs at the time of the survey. Five (10.2%) employed 11 to 50 finance professionals, and 4 (8.2%) employed 75 to 125. At the time of the survey, the employers had a total of 628 finance professionals on their staffs. Table 6.--Employers: Number of finance professionals employed. Number of Finance Professionals Frequency Percent 0 2 4.1 l to 10 38 77.5 11 to 50 5 10.2 75 to 125 4 8.2 Hans to hire additipnal finanee prefessipnals. Thirty-nine (79.6%) of the employers planned increases in the number of finance professionals on their staffs during the five years following the 52 survey--from l to 25 additional staff members. Collectively, the group planned to employ an additional 147 finance professionals during the 5 years following the survey. The plans of the employers to hire additional finance professionals can be found in Table 7. Table 7.--Employers: Plans to hire additional finance professionals. Number of Additional Finance Professionals Frequency Percent 0 10 20.4 1 to 5 32 65.3 6 to 10 4 8.2 15 l 2.0 25 2 4.1 Hypothesis lesting Hyppthesis l: Preparation for First Professional Position The first hypothesis was developed to determine whether the employer and graduate groups held similar views about the prepara- tion of finance majors for their first professional positions. The hypothesis, in its null form, was stated as follows: There is no difference between selected employers located in Michigan and graduates of an undergraduate degree program in finance in their perceptions of the need for competency in computer applications for the first professional position in the finance field. MANOVA was used as a test of significance for the four questions related to this hypothesis. A Wilks’ lambda value of 53 .66878 produced an F-value of 12.38136 and a probability of .0001 (Table 8). Thus, there was a statistically significant difference between the two groups in their perceptions of the preparedness of the graduates for their first professional position. Table 8.-—Employers’ and graduates’ perceptions of adequacy of undergraduate preparation for first professional position. MANOVA: Hilks’ lambda - .66878 F - 12.38136 p - .0001* ANOVA: Employers Graduates (n . 49) (n - 60) Variables t p Mean SD Mean SD Adequacy of academic preparation 2.8542 0.618 2.4167 0.809 3.09 .003* Competency with word processing 2.5306 1.063 3.1207 1.326 -2.51 .014* Competency with spreadsheets 1.7347 0.811 2.5345 1.487 -3.36 .001* Competency with data bases 2.0204 0.803 3.3860 1.278 —6.46 .0001* *Significant at or beyond the .05 level. Aeademie preparatinn. The employers perceived the graduates to be less well prepared academically for their first professional position than did the graduates view their state of academic preparation. The mean of the employers"responses on the five-point Likert-type scale was 2.8542, toward Adequately Prepared, whereas the mean of the graduates’ responses was 2.4167, toward Well 54 Prepared. The difference between the two groups was statistically significant (p - .003). m et u r ' i n . Further, the employers viewed competency in the use of word processing, spreadsheets, and data bases as more important at hiring than did the graduates. On the five-point Likert-type scale, the employers viewed competency with the use of word processing in the range between Important and Moderately Important (mean - 2.5306), whereas the graduates viewed the competency as Moderately Important (mean - 3.1207). The differ- ence between the two groups was statistically significant (p = .014). The differences between the two groups on their views toward the need for competency with the use of spreadsheets and data bases were more striking. The employers viewed competency in the use of spreadsheets as Important (mean . 1.7347), whereas the graduates viewed the competence as Moderately Important (mean - 2.5345). The difference was statistically significant (p - .001). With respect to the use of data bases, the employers responded that the competency was Important (mean - 2.0204), whereas the graduates responded that the competency' was Moderately Important (mean . 3.3860). Again, the difference was statistically significant (p . .0001). - 0 na ' . The population of graduates of the finance curriculum included some who had been in the job market more than five years and some who had been on the job only a month or so. 55 Thus, a split-group analysis was performed to determine whether there were differences between the earlier and more recent graduates, compared to the employers. MANOVA was performed with the graduates split into two groups, the earlier graduates defined as those who graduated in the academic years 1983-84, 1984-85, and 1985-86 (n - 32) and the more recent graduates defined as those who graduated in the academic years 1986- 87 and 1987-88 (n - 28). The data associated with each of the four hypotheses were analyzed.I On the question of adequacy of the preparation of graduates for their first professional position, MANOVA produced a Wilks’ lambda value of .64946, an F-value of 5.96132, and a probability of .0001 (Table 9). Thus, there were statistically significant differences among the three groups, the two groups of graduates and the employers, with the application of the split-group analysis. Comparison of graduate groups. Further analysis revealed that the two graduate groups held similar views about the adequacy of their academic preparation and their need for competency in the use of word processing, spreadsheets, and data bases for their first professional position. The two graduate groups responded that they were Hell Prepared academically for their first professional position (early graduates mean - 2.4063, recent graduates mean - 2.4286, p - .417). They responded that their need for competency in the use of word processing in their firSt professional position was Moderately Important (early graduates mean -: 3.3438, recent graduates mean - 2.8462, p - .795). 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In-01-88I 11-09-88I — I — I m I I 56 I PRESSURE WSSEL SERV I11-01-88I 11-17-88l11-09-88I — I m I I I I 57 I van EACE 01? mm I11-01-88I 11-08-88I - I — I m I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I l I I I I I I I I I APPENDIX G INTRODUCTORY LETTER: GRADUATE GROUP 12] “Fefi’is State University Management Department October 10, 1988 Jane M. James 123 East Oak Street analltom, III 12345 Dear Jane: me of the primary objectives of Ferris State University is to provide educational programs that enable students to obtain positions in business and industry and to advance in their chosen career field. To ensure that graduates of our finance program are attaining the goals they have set for themelves, and as part of tin research regaired for my Ph.D. program at Michigan State University,I amomductingasurveythatisintendedtogiveneywrviewsabmtymracadanic preparation and to provide me with information about your employment as well. A similar survey is being distributed to selected atployers in the state. then the survey of both graduates and exployers is coupleted, I hope to have informtion that will provide some guidance about the future direction of the finance program at Ferris. The study will focus upon graduates of the finance program between the academic years of 1983-84 and 1987-88. All graduates of the finance program fran Ferris during those years are being contacted to participate in the study. 01 October 17, 1988, the survey wationnaire will be nailed to you. I hope that you will take a few minutes to couplets the questionnaire and return it in the envelope that will be provided. I am convinced that your participation in the survey will assist future students in the program as well as prospective aployers in Michigan and elsewhere. thank you for your attention. Please do not hesitate to contact me at the address or telephone nunber listed below if you have any (pestions about the survey or its purpose. Sincerely. band» 1"- 5‘43"! School oI Busmess - Big Rapuds. Michigan 49307 . (616) 592-2427 APPENDIX H SURVEY COVER LETTERS: GRADUATE GROUP 122 Management Department CFCIfiS Smeflniysfslty October 17 , 1988 A week ago , I wrote you about a study that is being undertaken to provide infatuation about the future direction of the finance program at Fer- ris State University. The information will be used also as part of the re- search reqxired in my Ph.D. program at nichigan State University. Please take a few minutes to catplete the enclosed qxestionnaire and return it to me as soon as possible. For your cmvenience, I have provided a Preaddressed. postage-paid envelope. Your respmses to the cpestionnaire will be kept confidential. The num- ber on the giestionnaire is used solely to permit a followup. The results of the survey will be published largely in the form of statistical reports. If you have any qaestions about the purpose of the survey or cmpletion of the qJestionnaire, please contact me at the address or telephone number listed below. Thank you for your participation. Sincerely, Ibauda II. 5m; I“ Panda V. anith, Professor and Bead, Management Department dlf melosures School oI Business - Big Rapids. Michigan 49307 ~ (616) 592-2427 123 “For 15 Stateflnivmfity Management Department October 19. 1988 Joan A. Jones 456 West Elm Avenue Northtown, It! 67890 DearJoan: One of the primary objectives of Ferris State University is to provide educational programs that enable students to obtain positions in business and industry and to advance in their chosen career field. To ensure that graduates of our finance program are attaining the goals they have set for themselves, and as part of the research regiired for my Ph.D. program at Hichigan State University,I amconducting asurveythatis intendedtogivemeyourviewsahout youracadenic preparation and to provide me with mformtion about your employment as well. A similar survey is being distributed to selected exployers in the state. When the survey of both graduates and enployers is coupleted, I hope to have information that will provide sane guidance about the future direction of the finance program at Ferris. The study will focus upon graduates of the finance program between the academic years of 1983-84 and 1987-88. All graduates of the finance program from Ferris during those years are being contacted to participate in the study. Please takeafewminutestocaipletetheenclosed qiestionnaireand return ittomeas soon as possible. For your convenience, I have provided a preaddressed. postage- paid envelope. Your responses to the qaestionnaire will be kept cmfidential. The nimber on the qiestionnaire is used solely to permit a followup. The results of the survey will be piblished largely in the form of statistical reports. Ifyouhave anqustions aboutthepurposeofthesurveyor coupletionofthe giestionnaire, please cmtact me at the address or telephone mmber listed below. Thank you for your participation. Sincerely, Mud“ I1. SMITH Panda V. anith, Professor and Bead, Hanaganent Department Enclosures School oI Busmess . Big Rapids. Michigan 49307 - (616) 592-2427 APPENDIX I POSTCARD REMINDER: GRADUATE GROUP 124 Panda V. Smith, Head Management Department Ferris State University Big Rapids, MI 49307 2-34250 " ' ' . . . America the Beautiful USA15 Jane M. Jones 123 East Oak Street Smalltown, MI 12345 Dear Jane: Have you completed and returned the brief ques- tionnaire that asks about your experiences as a graduate of the finance program at Ferris State University? If you have, thank you for your participation. If you have not, may I urge you to do so in order that I have the best possible picture of the experiences of all our graduates. Sincerely, MA“ ‘14 6M“ Wanda V. Snith, Professor and Head, Management Department APPENDIX J FOLLOW-UP LETTER: GRADUATE GROUP 125 Management Department ‘Fcrfis 5 ' Novenber l4 , 1988 Jane M. Jones 123 East Oak Street Smalltown, MI 12345 Dear Jane: Three weeks ago, you were sent a cpestionnaire that is part of a survey of all graduates of the finance program at Ferris State thiversity during the academic years of 1983-84 through 1987-88. The purpose of the study is to provide information about the future direction and needs of the finance program. If you have already returned your catpleted qaestionnaire, please disregard this letter. As well, let me express my appreciation for your cooperation . If you have not coupleted the giestionnaire, my I urge you to do so. Your participation in the study is inportant; every single graduate has unique insight to share. May I remind you that your individual responses will be kept confidential. The nunber on the giestionnaire is being used solely to permit this followup. The results of the study will be published largely in the form of statistical reports. Again, thank you for your cooperation. Please feel to contact me at the address or telephone nimber listed below if you have any qiestions. Sincerely, WA“ 1‘. étufl"; Wanda V. Smith, Professor and Bead, Management Department School of Business - Big Rapids. Michigan 49307 . (616) 592-2427 APPENDIX K SURVEY COVER LETTER: EMPLOYER GROUP 126 Management Department “Feifis 5 November 1, 1988 Mr. Jordan 8. Jones Jones 5 Jones, Inc. One First Avenue Westville, MI 98765 Dear Mr. Janes: You responded to my letter dated October 10, 1988, that your organization enploys graduates of four-year college or university progr- in finance and that you were interested in participating in my survey. As I outlined in my first letter, your organization is one of a group of employers selected from Dun 5 Bradstreet's Million Dollar Directory. This study is being conducted as part of the requirements for my Ph .D. program at Michigan State University and with the sponsorship of Ferris State University. I hope that you can take a few minutes to couplete the enclosed qnestionnaire and return it to me as soon as possible. For your convenience, I have provided a preaddressed, postage-paid envelope for the return of the qnestionnaire. Your individual responses to the qnestionnaire will be kept confidential. The nunber on the qnestionnaire is being used solely to permit a followup. The results of the survey will be published largely in the form of statistical reports. Thank you for your participation in this survey. I am convinced that your participation will assist students as well as prospective enployers such as your organization. If you have any qnestions about the survey or its purpose, please do not hesitate to contact me at the telephone nunber and address listed below. Sincerely, Wanda I! a 2nd III Panda V. Smith, Professor and Bead, Hanagenent Department dlf Enclosures School oI Business - Big Rapids. Michigan 49307 . (616) 592-2427 127 Management Department ‘Fenfis State Quiver/sity Novetber l, 1988 Mr. James B. Jones XYz Constructien Coupany 2 North Front Street Southtown, MI 54321 Dear Mr. Jones: You responded to my letter dated October 10, 1988, that although your organization does not enploy graduates of four-year college or univers ity programs in finance, you were nevertheless interested in participating in my survey. As I outlined in my first letter, your organization is one of a group of erployers selected from Dun & Bradstreet's Million Dollar Directory. This study is being conducted as part of the requirements for my Ph.D. program at Michigan State University and with the sponsorship of Ferris State university. I hope that you can take a few minutes to couplete the enclosed qnestionnaire arnd return it to me as soon as possible. For your convenience, I have provided a preaddressed, postage-paid envelope for the return of the qnestionnaire. Your individual responses to the qnestionnaire will be kept confidential. The number on the qnestionnaire is being used solely to permit a followup. The results of the survey will be published largely in the form of statistical reports. Thank you for your participation in this survey. I am convinced that your participation will assist students as well as prospective employers such as your organization. If you have any qnestions about the survey or its purpose, please do not hesitate to contact me at the telephone nmnber and address listed below. Sincerely, WA“ 1‘: 6M"! Panda V. Smith, Professor and Bead, Management Department Enclosures School of Business - Big Rapids. Michigan 49307 - (616)592-2427 128 Management Department ‘Fenflg State Univen’s’nty Novenber l, 1988 Mr. Jeffrey S. Jones Courtesy molesalers, Inc. 9876 West Highway me Northville, MI 45678 Dear Mr. Jenes: Mr. Anderson, President of your canpany, responded to an earlier letter fren me that your organization employs graduates of four-year college or university program in finance. He also indicated a willingness to participate in a survey that is being conducted as part of the reqnirenents for my Ph.D. program at Michigan State University with the sponsorship of Ferris State University. Mr. Anderson indicated that you are the best person in your organization to provide information for the study. I hope that you can take a few minutes to ccnplete the enclosed qnestionnaire and return it to me as soon as possible. For your convenience, I have provided a preaddressed, postage-paid envelope for the return of the questionnaire. Your individual responses to the qaestionnaire will be kept confidential. The nunber on the qnestionnaire is being used solely to permit a followup. The results of the survey will be published largely in the form of statistical reports. Thank you for your participation in this survey. I am convinced that your participation will assist students as well as prospective enployers such as your organization. If you have any qnestions about the survey or its purpose, please do not hesitate to contact an at the telephone nunber and address listed below. Sincerely, Maud“ “'0 ém’h Wanda V. anith, Professor and Bead, Hanagennent Department Enclosures School of Business - Big Rapids. Michigan 49307 - (616) 592-2427 129 Management Department ‘Fcnfig fitatc Univen’s’nty Noverber l, 1988 Mr. Jason P. Jones , Advanced Autonotive Coupany 1234 North Route 31 Eastville, MI 67890 Dear Mr. Jones: Mr. Johnson, President of your canpany, responded to an earlier letter fren me that your organization is willing to participate in a survey that I am conducting. He also indicated that you are the one best suited to respond to the survey. The survey is being conducted as part of the requirements for my Ph.D. program at Michigan State University with the sponsorship of Ferris State university. The survey is intended to provide information about the employers' expectations of graduates of four-year college or university programs in finance. The information collected in the survey will be used to make decisions about the future direction of the finance program at Ferris State University. I hope that you can take a few minutes to couplete the enclosed questionnaire and return it to me as soon as possible. For your convenience, I have provided a preaddressed, postage-paid envelope for the return of the qnestionnaire. Your individual responses to the qnestionnaire will be kept confidential. The nunber on the questionnaire is being used solely to permit a followp. The results of the survey will be published largely in the form of statistical reports. Thank you for your participation in this survey. I am convinced that your participation will assist students as well as prospective employers such as your organization. If you have any qnestions about the survey or its purpose, please do not hesitate to centact nne at the telephone nunber and address listed below. Sincerely, Wan-la» v o 69%;” Panda V. Smith, Professor and Bead, Managenent Department Enclosures School oi Business - Big Rapids. Michigan 49307 . (616)592-2427 APPENDIX_L POSTCARD REMINDER: EMPLOYER GROUP 130 Wanda V. Smith, Head Managenent Department Ferris State University Big Rapids, MI 49307 2-34250 America the Beautiful USA15 Mr. John P. Jones Am Hardware 123 North Main Street Bigtown, MI 23456 Dear Mr . Jones: Have you completed and returned the brief ques- tionnaire that asks about your experiences with and expectations of graduates of four-year programs in finance? If you have, thank you for your participation. If you have not, may I urge you to do so in order that I have the best possible picture of the experiences and expectations of the erployers. Sincerely: maul. a. slant. Wanda V. Smith, Professor and Head, Managenent Department APPENDIX M FOLLOW-UP LETTER: EMPLOYER GROUP T31 Management Department “Ferris Statellnimfity Novenber 29, 1988 Mr. John P. Jones Am Hardware 123 North Main Street Bigtown, MI 23456 Dear Mr. Jones: Three weeks ago, you were sent a qnestionnaire that is part of a survey of selected enployers in the state of Michigan. The qnestionnaire is directed toward your organization's experiences with and expectations of graduates of four-year programs in finance. If you have already returned your coupleted questionnaire, please disregard this letter. As well, let me express my appreciation for your cooperation. If you have not conpleted the qnestionnaire, may I urge you to do so. Your participation in the study is inportant; every employer has unique insight to share. May I remind you that your individual responses will be kept confidential. The nunber on the qnestionnaire is being used solely to permit this followup. The results of the study will be published largely in the form of statistical reports. Again, thank you for your cooperation. Please feel to contact me at the address or telephone number listed below if you have any qnestions. Sincerely, W “a émfi‘" Panda V. Smith, Professor and Head, Managenent Department School of Business - Big Rapids. Michigan 49307 0 (616) 592-2427 APPENDIX N DETAILS OF RESPONSES BY YEAR OF GRADUATION: GRADUATE GROUP 132 Responses by Year of Graduation: Graduate Group Year of Number of Number of Graduation Graduates Responses Percent Returned 1983-84 14 4 28.6 1984-85 16 12 75.0 1985-86 23 16 69.6 1986-87 24 12 50.0 1987-88 25 16 64.0 Total 155 so 58.5 APPENDIX 0 NARRATIVE COMMENTS: EMPLOYER GROUP 133 NARRATIVE COMMENTS: EMPLOYER GROUP Graduates must have good common sense in business matters and in dealing with people. All the technical computer' work that is done, such as spread analysis, database, etc., is not necessarily germane to a finance major. We have technicians who do that work, and the finance people only need to interpret the results. Accordingly, in answering your questions, if I was thinking of a ffinance major who did statement analysis, the answers would be completely different than I have given. However, thinking of a finance major as an executive trainee or management person, much technical knowledge of the computer is not necessary at all. Thus, it is very difficult to answer these questions accurate1y, not knowing to which particular function you are referring. Typically, they lack people skills/organizational behavioral skills. Quality varies from school to school. It is important that somehow the realities of life outside school be communicated to the student. Maybe they should know how to act and how to motivate themselves. Technical competence is usually not a prob1em--[not] understanding a problem and how to solve it does cause managers problems. Too often students seem to be micro—thinkers rather than a blend of macro/ micro types. Although we expect our organization to grow in the next five years, we do not expect the financial staffs to grow. This is possible by realizing the productivity benefits of continuous improvement of automated financial systems (both PC and mainframe). These improvements include system enhancements, increased integration between systems, expanding use of EDI, technologic progress increasing speed and throughput, and the rapidly expanding computer literacy and competency of our financial staff. A strong emphasis should also be placed on comunication skills, both written and verbal. Public speaking would be a definite plus, along with a solid English and communication base. It appears that students with co-op or intern experience are better employees overall. Turnover in our company has been limited in the recent past due to divestiture, reorganization, and subsequent sale to . The basic understanding of aggggnting and finance is what we look for in new additions to staff. He use ”outside" investment firms that work with our "investment committee" to do our majg§_fjnan§1a1 wor . APPENDIX P NARRATIVE COMMENTS: GRADUATE GROUP I34 NARRATIVE COMMENTS: GRADUATE GROUP The finance courses at Ferris give a good basic knowledge in the areas of finance. Currently, the introductory finance classes [in my graduate program] use the same financial management text that Ferris uses. Several cases from Business Policy have also shown up here. I wish I had more computer knowledge and also feel that I lack in my writing skills. The Survey of Systems class was a definite plus. There seems to be a major trend toward computer information systems. The knowledge is there [at Ferris] if the student chooses to learn it. I relied heavily on the placement office to offer positions related to my major. It appears that most of the positions offered through the placement office are sales positions or restaurant management. If I wanted to pursue either of these, I would have [majored] in them. Maybe this will change as the school year progresses and more companies will offer positions better suited for what I trained for. The finance program I graduated from required one computer class. I might as well have not taken any. Every ad I see requires a working knowledge of Lotus 1-2-3, mainly spreadsheets. lilhy not offer a course dealing with spreadsheets only? I plan to take computer courses at a community college to make up for my lack of knowledge because it was not required to do so at Ferris. The investment courses were the only time a finance instructor emphasized the use of a computer. All other finance instructors would rather discourage the use of a computer than support it. My professional training I feel may be limited because I had the same instructor for almost all of my advanced finance courses. This gig ngt offer me a wide scope of alternative techniques or methods. I apologize about the delay in returning the survey. My major was accounting/finance and I am employed as an internal auditor. I hope this information helps your analysis. Much more computer application in financial subjects. All courses [in finance] should contain computer applications (at least some). Also, new and younger instructors are needed to appreciate the revolution of computers in finance. Thank you for the opportunity to be part of this survey. Seniors in the finance program should be instructed as to the career areas in which to seek entry-level employment and what these entry- level positions entail. As far as accounting is concerned, the program should focus more on understanding and interpreting financial information than preparing and compiling the information, which is an accountant’s job. 135 The advanced analytical finance courses were very poorly run. Realistic problems that one could expect to run into in business were seldom explored. I felt the text was outdated in 465 and 475. You asked many computer application questions. I didn’t understand why because I didn’t receive that much computer training. Lotus is your right hand in the business world. I am an accountant and work on Lotus from 8 to 5. I also think that more accounting classes should be required. I don’t feel this way because I am an acpounsant. It is because accounting and finance are very closely re ate . I feel that there should be more required classes in spreadsheet applications. There was only one accounting class [and no other in my finance major] that even attempted to teach us about spread- sheets, etc. I feel the lack of this knowledge contributed to the lengthy job search I encountered. D-P 205 was a waste of time, in my opinion. More word processing and spreadsheets are definitely necessary. The finance curriculum is gnderpromoted. It is an excellent and necessary area of study, and Ferris does nothing to increase enrollment. Many colleagues [with] different degrees now wish they would’ve taken more finance courses. FIN 454 was, by far, the most educating and interesting course in the entire finance core. This course would be excellent for nonmajors as well. Overall, I’m very glad I chose the finance curriculum over any other management degree. We are approaching the 90’s. Computers are here to stay. If Ferris wants to be known as having a ”Class A" finance program, it must make better use of computers. Half of my financial analysis is done using Lotus 1-2-3. If it wasn’t for D-P 205, I would have been totally lost. Also, without a working knowledge of computers, would pgt even interview you for a financial position. Ferris State should hire gnly instructors with some real-life work experience. Throw out the books and prepare the students for the real world. Communication and math skills are yery important. How to win at office politics is also important. Computer literacy played a major role in my being hired for my present position. Although I did receive a ”bit“ of exposure to spreadsheets and database work in my coursework, most of my training was acquired from my part-time job as a Student Supervisor for Central Stores at FSU. I have continued my computer education since graduation and have found it to be a valuable tool in both job enrichment and advancement. I 'think: it is great that FSU is conducting this survey, and I feel additional exposure to computers in finance courses will make FSU finance graduates even mgrg marketable to employers. I36 I feel they could expand in the financial management class so that more time could be spent on the areas covered and more chapters in the financial management book could be taught. The two-year transfer degree should have more emphasis on accounting. To move into finance and budgeting positions, most employers I interviewed with wanted an accountant or cost accountant background, not finance. The entry-level position for the career path was accounting. Note on questions 1, 2, and 3: I am currently at my second position, which requires extensive use of computers and spreadsheets. The first position was a sales job, which did not require any use of computers. I feel that my technical training at FSU was very good. I am currently switching from a brokerage firm to a financial analyst position. I needed a strong accounting background, which I felt I received at FSU. The one thing I think would have helped greatly is thorough training in Lotus 1-2-3. Just as computers must be IBM- compatible, Lotus l-2-3 is the industry standard. I think it is really important to know Lotus 1-2-3. I feel it is also important to know how to do general ledger accounting with computers. A student needs to know how to post entries and close a business’s books. Showing or demonstrating knowledge with confi- dence is very crucial when interviewing for positions. Communication skills are very important. Stress more in the areas of communications, computers, and presentation skills. I regret taking the finance program; it was nonspecific and left me without a tangible skill that I could sell to a prospective employer. I think the program should be scrapped or merged into another program. I feel the program prepared me quite well for my previous position and it was very useful in my current position. I think the program lacks in its availability of internship options, and also placement opportunities [on-campus interviews] were ygry limited. The finance program should be more specialized. Perhaps there should be two programs, one with emphasis on investments and the other with emphasis on corporate finance. 21 believe that computer classes would have been a waste of time for what I am doing now but may have been helpful for someone planning on a career in corporate finance. I would have liked to see more economics, investments, and tax-oriented classes for my career. Also, marketing classes would have helped considerably. Also, many of the management classes were a waste of time. I spent 18 months as a sales manager and these classes didn’t help me at all. 137 I found the education and training adequate. It did not overqualify me for several positions, and there were several times I found it was severely lacking. More computer classes with applications would definitely help a junior or senior in interpreting and planning as well as organizing relative material. Either way, they [graduates] will be taught the importance of computers. I believe more economics and accounting should be implemented because these fields are also very critical. I do not consider my time at FSU as "professional training." Because of the personnel and their attitudes, FSU was only a mediocre school. No more, no less. I’ve just started going back to school to get my master’s degree in finance. When I was in my undergraduate studies I had a hard time concentrating on what the class was all about, always wanting to know why I had to learn something I never thought would apply in the real world. Now, while I sit in my graduate classes, whatever the professor is explaining, I can now apply to something happening in the business world. I never took an internship while getting my undergraduate degree, and I wish now someone would have told me that it could be beneficial in my studies. After graduation I was employed as an accountant at a local factory. I just switched jobs to my current position as a Registered Financial Representative. I am less than a month old at this new job. Ferris prepared me for both jobs quite well. I do wish I had more training in the sales area for my present position, though. I graduated from FSU in 1984 with a 8.5. in finance and a 3.4 GPA, thinking that my GPA would make me employable in the strong economy of 1984. However, on-campus recruiting that year was limited to two banks. Although the material covered in the FSU program was probably as good as any other Michigan school other than U of M, the business community at the time did not hold a Ferris degree in high regard. 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