Assessment Report Standard Format
July 1, 2006 - June 30, 2007
PROGRAM ASSESSED: Finance Major within the Department of Finance
and Financial Services
ASSESSMENT COORDINATOR: Marlena L. Akhbari, Ph.D.
YEAR 1 of a 3 YEAR CYCLE
1. ASSESSMENT MEASURES EMPLOYED
Briefly describe the assessment measures employed during the
year.
a. Embedded test questions were developed to assess knowledge.
i. During all quarters assessment marker questions were
developed and included in either final exams or exams
throughout the quarter for the following courses
 Finance 311: Learning outcomes a – e
 Finance 418/419: Learning outcomes f-g
 Finance 490: Learning outcomes h-i
 Finance 401: Learning outcomes j-k
b. All faculty teaching these courses participated in the same
assessment process.
c. The following changes were encountered:
i. Due to curricular changes the learning outcomes formerly
tested in Finance 419 were moved to Finance 418 but
with a one quarter lag.
2. ASSESSMENT FINDINGS
We are assessing the following program objectives:
 Prepare individuals to understand,analyze, and manage the
process of value creation.
 Prepare individuals for entry level positions in business
organizations or in a graduate school program.
 Prepare individuals for a process of life long learning.
This year we focused on all the learning outcomes supporting these
objectives:
Graduates will be able to:
a. Compute a weighted average cost of capital.
b. Use DCF methodology to value a company and/or a capital
expenditure.
c. Analyze a firm’s current financial condition.
d. Forecast a firm’s future financing requirements.
e. Design an optimal capital structure.
f. Identify and value real options in capital budgeting decisions.
g. Use derivative securities to manage financial risks.
h. Forecast foreign exchange rates based on international
parity conditions.
i. Hedge foreign exchange exposure using traditional hedging
tools.
j. Demonstrate an understanding of the functioning of various
security markets.
k. Recommend a portfolio that balances an investor’s risk
profile and return objectives.
a. Marker Question Findings
Overall marker question performance ranged from only 25% correct to
100% correct on individual performance with average scores and
median scores quite close at 69% and 68% respectively. Students
scoring above 90% totaled 29 out of 251 tested or 10% of those tested.
Students scoring between 80% and 89% totaled 47 out of 251 or 19%
of those tested. Students scoring between 70% and 79% totaled 50
out of 251 tested or 20%. Students scoring between 60% and 69%
totaled 62 out of 251 tested or 25%. Student scoring between 50%
and 59% totaled 46 out of 251 tested or approximately 18% and
students scoring below 50% totaled only 21 out of 251 tested or 8%. It
is noteworthy that not all majors were tested on all learning outcomes
because their participation in the program may have spanned several
reporting years.
Overall performance by learning outcome was as follows:
Learning Outcome
WACC
DCF
Financial Analysis
Financial Forecasting
Capital Structure
Real Options
Derivatives
Exchange Rate
Forecasting
Hedging Foreign Exch
Security Markets
Portfolio Construction
Percent Scoring 3 or 4
53.0%
26.4%
84.6%
51.1%
46.3%
78.6%
90.7%
Average Score out of 4.0
2.55
1.99
3.28
2.40
2.49
3.00
3.19
64.2%
2.79
51.0%
93.7%
70.7%
2.52
3.63
2.88
Results are quite similar to last year results with the exception of
capital structure questions that have shown a distinct improvement
over last year and discounted cash flow methods that have apparently
slipped in performance.
3. PROGRAM IMPROVEMENTS
Our new CFA motivated courses have come on line during this
period and enrollment in this series of four courses has been strong.
Finance 418, a financial management case course, continues to
challenge students to develop a practical application of the financial
management topics and students are beginning to appreciate the end
result of their efforts.
4. ASSESSMENT PLAN COMPLIANCE
Compliance continues to improve annually. We had one slight
problem in making the switch to assessing the derivatives and real
options questions from Finance 419 to Finance 418. The fall quarter
2006 was completed before we realized that not everyone would take
Finance 419. As a result we do not have results on these two areas
for the one group taking Finance 418 in Fall 2006.
Once again a second problem with compliance is that our graduate
and senior surveys were not redesigned and administered in this
period. We will attempt to adhere to this plan in the future as it will
provide a different perspective on assessment.
5. NEW ASSESSMENT DEVELOPMENTS
We continue to struggle with the best method of both delivery and
data collection for this assessment plan and anticipate making some
refinements in the not too distant future. We expect in the 2007-2008
period to begin assessing objectives a-e also in Finance 418. We
recognize that it may take a second approach to some of these topics
to improve student performance.
Student 1
a
b
c
d
e
2
1
4
4
1
2
1
2
3
2
f
g
Student 2
Student 3
h
i
j
k
Avg
2
3
4
1
61%
4
2
75%
1
2
46%
4
Student 4
3
88%
Student 5
3
2
4
3
4
80%
Student 6
2
1
2
1
2
40%
Student 7
3
3
75%
Student 8
0
0
4
2
2
2
2
43%
Student 9
4
1
3
2
2
1
3
57%
Student 10
3
3
4
2
2
3
1
64%
2
2
4
4
75%
4
3
4
2
83%
Student 13
2
2
50%
Student 14
1
2
38%
Student 11
4
Student 12
3
Student 15
2
2
4
1
2
55%
Student 16
2
3
4
2
1
60%
Student 17
2
2
3
2
2
55%
Student 18
3
2
3
3
1
60%
Student 19
1
2
4
4
4
75%
3
Student 20
Student 21
Student 22
Student 23
Student 24
Student 25
2
1
3
3
3
75%
4
65%
1
3
4
3
1
2
2
4
50%
100%
63%
38%
Student 26
3
2
4
3
3
75%
4
Student 27
4
100%
Student 28
0
0
1
1
2
3
Student 29
1
2
4
3
4
70%
Student 30
4
4
2
4
3
85%
3
Student 31
3
3
36%
75%
Student 32
2
1
4
2
2
55%
Student 33
4
2
3
2
2
65%
Student 34
3
2
3
3
4
2
2
2
4
3
4
4
Student 35
Student 36
Student 37
4
4
4
89%
4
3
4
4
94%
4
4
3
4
75%
75%
4
4
94%
4
3
1
4
69%
83%
3
Student 38
3
4
Student 39
Student 40
3
4
Student 41
3
3
4
2
4
Student 42
3
3
1
3
3
3
2
4
1
4
Student 45
2
0
3
1
1
Student 46
1
2
4
1
2
3
2
65%
3
Student 44
3
4
2
80%
Student 43
4
4
3
3
46%
4
4
3
4
3
4
3
1
1
0
1
4
2
Student 49
Student 50
Student 51
92%
70%
Student 47
Student 48
4
2
57%
88%
4
2
83%
3
2
63%
3
3
38%
75%
Student 52
2
2
3
3
2
60%
Student 53
4
Student 54
3
2
4
4
2
Student 55
Student 56
Student 57
Student 58
4
2
3
3
4
3
2
3
2
3
Student 59
2
2
3
2
1
Student 60
3
3
1
69%
75%
3
3
3
3
3
2
4
4
80%
88%
68%
63%
50%
4
3
4
2
2
4
79%
Student 61
2
3
4
3
2
70%
Student 62
2
2
4
2
4
70%
Student 63
2
2
4
4
Student 64
3
Student 65
3
Student 66
4
3
69%
4
4
100%
88%
4
3
88%
Student 67
3
1
3
3
3
65%
Student 68
2
2
3
2
2
55%
Student 69
4
4
4
3
3
90%
Student 70
0
1
3
3
2
3
4
57%
Student 71
2
1
4
3
2
4
3
68%
Student 72
Student 73
Student 74
Student 75
Student 76
Student 77
4
4
4
4
3
3
2
4
3
2
2
1
3
0
63%
38%
3
4
63%
4
4
80%
100%
86%
3
2
3
4
Student 78
Student 79
4
3
0
3
3
2
Student 80
3
3
4
3
Student 81
Student 82
Student 83
Student 84
4
2
2
2
2
2
2
100%
4
2
61%
4
3
83%
4
4
100%
4
3
60%
88%
50%
4
3
75%
2
4
1
4
3
3
Student 85
3
2
4
3
75%
Student 87
2
2
50%
Student 88
3
2
63%
2
2
3
0
2
2
2
Student 86
3
Student 89
Student 90
1
2
50%
2
0
33%
Student 91
3
2
4
3
2
Student 92
Student 93
3
4
4
2
1
1
2
2
3
3
Student 94
4
2
3
1
4
3
4
2
1
4
2
68%
Student 95
3
1
4
1
3
4
3
4
2
2
2
66%
Student 96
2
2
4
2
3
3
2
65%
60%
3
Student 97
64%
64%
2
63%
Student 98
4
2
Student 99
Student 100
2
1
4
1
3
Student 101
4
3
3
4
3
3
3
88%
63%
55%
85%
Student 102
4
4
Student 103
4
3
4
4
0
1
56%
4
4
96%
Student 104
4
0
4
2
3
65%
Student 105
Student 106
2
1
3
2
2
Student 107
3
0
3
3
2
2
4
4
3
88%
4
3
64%
55%
Student 108
4
3
Student 109
1
2
63%
63%
Student 110
2
0
4
4
1
55%
Student 111
2
2
4
2
2
60%
Student 112
3
4
4
4
3
90%
Student 113
3
4
Student 114
4
3
88%
Student 115
0
2
25%
Student 116
4
2
3
4
3
Student 117
3
1
4
2
1
4
4
94%
80%
55%
Student 118
3
3
75%
0
2
43%
Student 119
3
1
3
1
2
Student 120
4
2
3
1
3
65%
Student 121
1
2
4
3
4
70%
Student 122
3
1
4
4
4
Student 123
2
2
4
3
2
65%
Student 124
2
1
3
1
2
45%
Student 125
4
4
4
4
4
Student 126
Student 127
Student 128
2
4
2
4
4
86%
4
1
88%
4
1
63%
50%
100%
Student 129
3
1
4
1
2
Student 130
2
0
3
3
2
4
3
4
3
4
3
4
Student 134
4
3
4
1
1
2
2
3
3
4
4
3
3
2
Student 137
Student 138
Student 139
Student 140
1
4
3
1
38%
65%
3
2
1
90%
Student 135
Student 136
88%
2
Student 132
Student 133
68%
50%
4
Student 131
4
3
2
2
2
63%
3
4
75%
4
2
75%
4
4
79%
50%
1
50%
4
Student 141
3
88%
Student 142
3
2
4
2
2
Student 143
4
2
4
1
3
Student 144
3
2
4
4
4
85%
Student 145
0
2
4
2
3
55%
Student 146
3
2
4
0
2
55%
65%
2
4
Student 147
3
3
3
2
68%
4
2
75%
Student 148
3
2
4
3
2
Student 149
4
4
1
3
3
3
4
79%
Student 150
2
1
3
3
2
2
2
54%
2
Student 151
Student 152
Student 153
70%
2
4
4
3
3
2
63%
2
3
3
2
68%
75%
Student 154
3
50%
1
4
Student 155
1
63%
4
70%
75%
Student 156
Student 157
4
2
2
4
2
Student 158
4
4
4
3
3
90%
Student 159
2
2
3
1
2
50%
Student 160
3
1
4
2
3
3
Student 161
3
1
1
3
2
4
4
2
54%
4
1
63%
Student 162
2
1
3
3
2
Student 163
2
2
1
1
2
40%
Student 164
3
3
3
4
3
80%
Student 165
2
4
68%
3
3
75%
Student 166
2
3
4
2
3
70%
Student 167
Student 168
Student 169
3
2
2
1
4
60%
88%
88%
Student 170
1
2
4
3
2
Student 171
4
4
2
4
3
85%
Student 172
3
2
4
3
4
80%
Student 173
2
1
4
2
1
Student 175
1
2
3
3
1
Student 176
4
2
4
4
2
4
4
3
3
2
4
Student 179
64%
4
Student 177
1
2
3
3
3
3
Student 174
Student 178
4
54%
4
100%
50%
4
3
82%
3
3
75%
4
3
2
55%
3
0
63%
Student 180
2
50%
2
Student 181
2
3
4
3
3
Student 182
Student 183
4
2
2
4
3
Student 184
4
2
2
4
4
Student 185
2
3
4
3
3
75%
Student 186
2
4
4
4
3
85%
Student 187
1
0
3
3
3
4
4
Student 188
3
1
4
3
3
2
4
Student 189
3
4
Student 190
1
1
75%
3
1
2
88%
75%
3
2
75%
2
2
1
3
4
1
3
3
50%
4
1
2
2
2
4
0
4
3
1
0
4
3
3
4
3
3
3
3
1
3
3
3
1
4
4
75%
4
4
100%
3
2
39%
4
4
88%
75%
50%
1
70%
4
Student 203
Student 204
75%
65%
1
Student 201
Student 202
3
3
3
2
75%
50%
4
Student 197
Student 199
Student 200
78%
50%
Student 196
Student 198
4
2
3
2
64%
3
4
4
2
Student 194
Student 195
4
88%
Student 191
Student 192
Student 193
3
1
3
4
4
4
100%
75%
Student 205
2
2
4
4
3
Student 206
Student 207
3
4
2
4
3
3
2
4
3
3
3
4
3
Student 209
3
3
3
2
4
3
Student 212
3
1
4
1
2
Student 213
3
2
4
1
3
Student 214
Student 215
Student 216
4
3
2
4
4
Student 217
2
4
1
1
2
2
2
Student 218
72%
69%
3
3
2
75%
70%
Student 211
2
4
65%
90%
Student 208
Student 210
3
3
3
2
2
1
2
50%
4
3
61%
65%
4
4
3
2
3
2
4
3
85%
88%
75%
4
1
58%
88%
Student 219
3
3
4
2
2
70%
Student 220
Student 221
Student 222
3
2
3
4
4
3
2
2
2
1
80%
75%
50%
Student 223
4
2
4
1
1
60%
Student 224
2
2
3
1
1
Student 226
3
2
3
2
3
65%
Student 227
1
2
3
2
2
50%
Student 228
1
2
4
3
2
Student 229
2
1
3
3
2
3
3
Student 225
Student 230
3
2
50%
4
3
88%
4
4
71%
55%
2
2
50%
Student 231
4
4
4
4
4
Student 232
2
3
4
2
2
100%
3
67%
Student 233
4
2
Student 234
1
3
0
4
1
35%
3
Student 235
100%
4
4
3
4
4
92%
0
2
4
1
2
Student 238
2
2
3
1
2
50%
Student 239
1
2
3
1
3
50%
Student 236
45%
Student 237
4
1
Student 240
2
Student 241
2
3
3
3
3
50%
4
3
Student 243
Student 244
4
4
Student 245
3
4
2
0
1
1
3
1
1
Student 248
Student 249
25%
2
0
3
3
2
0
3
0
3
1
2
Student 251
2
2
4
3
4
2
3
4
3
2.55
29
41
1.99
16
17
3.28
66
49
2.40
25
43
2.49
21
42
75%
4
63%
100%
45%
2
4
Student 252
Average
50%
32%
4
Student 250
83%
88%
Student 246
0
88%
60%
3
2
3
2
Student 242
Student 247
4
3.00
14
19
3.19
13
26
2.79
33
35
2.52
19
34
75%
4
4
3.63
58
16
2.88
33
20
100%
2
1
48
14
132
65
27
125
14
7
136
33
32
133
55
18
136
4
5
42
3
1
43
29
9
106
43
8
104
5
0
79
11
11
75
% scoring 4
% scoring 3
Total % 3 & 4
% scoring 2
%scoring 1
22%
31%
53.0%
36%
11%
13%
14%
26.4%
52%
22%
49%
36%
84.6%
10%
5%
19%
32%
51.1%
25%
24%
15%
31%
46.3%
40%
13%
33%
45%
78.6%
10%
12%
30%
60%
90.7%
7%
2%
31%
33%
64.2%
27%
8%
18%
33%
51.0%
41%
8%
73%
20%
93.7%
6%
0%
44%
27%
70.7%
15%
15%
Max
Min
Median
Average
100%
25%
68%
69%
Above 90
80-89
70-79
60-69
50-59
Below 50
Total
25
47
50
62
46
21
251