Assessment Report Standard Format
July 1, 2006 - June 30, 2007
Program(s) Assessed:
Financial Services Major within the Department
of Finance and Financial Services
Assessment Coordinator:
William Wood, CFP
Year 1 of a 3 Year Cycle
1.
ASSESSMENT MEASURES EMPLOYED
Briefly describe the assessment measures employed during the year.
What was done?
a. Specific test questions were developed to assess knowledge.
i.
During the fall quarter of 2006 assessment marker questions
were developed and included in the final exams of all
financial services majors in the Finance 461 course.
 Marker questions were multiple choice format
ii. During the winter quarter of 2006 assessment marker questions
were developed and included in the final exams of all financial
services majors in the Finance 315 and Finance 462 courses.
 All marker questions were multiple choice format.
Who participated in the process?
The Finance 461, Finance 315, and Finance 462 instructors.
What challenges were encountered?
We were able to accomplish this with a more seamless approach than
previous years. The exam marker questions were answered on scantron
answer sheets and the results were generated automatically by the testing
center.
Once again with a change in staffing (the retirement of our insurance
professor and hiring of adjuncts to fill in gaps) and the newness of this
program one course that should have been assessed and was not,
namely, Fin 351. Measures will be taken to ensure this course is
evaluated in the next cycle.
2.
ASSESSMENT FINDINGS
FINANCIAL SERVICES MAJORS
We are assessing the following program objectives:
 Prepare students for entry level positions in the financial services
industry.
 Prepare students to provide fundamental advice to individuals
regarding the management of their personal financial affairs.

Prepare students to engage in a process of life long learning
This year we focused on six specific learning outcomes supporting these
objectives
 explain the financial planning process
 prepare a personal risk management plan.
 recommend an appropriate strategy to reduce the federal income
tax liability..
 calculate retirement capital needs.
 Recommend an appropriate estate planning strategy to reduce the
federal income tax liability.
 Construct an appropriate investment portfolio for differing lifecycle
phases and risk tolerances.
a. Marker Questions
Marker questions were included in the Finance 461 exam in the fall of
2006 and Finance 315 and Finance 462 in winter quarter 2007. The
percent responding correctly varied from a low of 35% to a high of 100%
on individual marker questions in Finance 461; from a low of 56% to a
high of 96% in Finance 315; and from a low of 32% to a high of 100% in
Finance 462. Only 2 out of 22 or 9% of financial services majors
responded incorrectly to 70% or more of the marker questions in Finance
461 which means that 91% of financial services majors had scores of at
least 70% on the marker questions. For Finance 315 these numbers were
5 out of 31 or 16% of financial services majors responded incorrectly to
70% or more of the marker questions or 84% received scores of 70% or
better on the marker questions. And finally these numbers were 3 out of
22 or 13.6% of financial services majors responded incorrectly to 70% or
more of the marker questions or over 86% received scores of 70% or
better on the marker questions. If 70% continues to be the goal, we seem
to have made major improvements.
3. PROGRAM IMPROVEMENTS
With the opening of the new MTC Technologies Trading Room, the faculty
has revisited the curriculum and recommended the establishment of an
investments track within the finance discipline. Courses have been
designed to cover gaps in investment training such as derivatives, fixed
income securities, and advanced portfolio management and security
analysis. These courses will began in the fall of 2006 and should be
valuable to the preparation of our financial services majors as well.
4. ASSESSMENT COMPLIANCE
The learning outcomes assessed, assessment measures used, and the
review of the findings are consistent with the Financial Services
Assessment plan. We have neglected to assess one of the courses
proposed in the assessment plan and will attempt to rectify this as soon as
possible.
5. NEW ASSESSMENT DEVELOPMENTS
We are attempting to automate this process as much as possible.
Finance 315
Winter 2007
Marker Question Analysis
#
correct
#incorrect
28
31
21
31
28
31
28
3
0
10
0
3
0
3
90%
100%
68%
100%
90%
100%
90%
10%
0%
32%
0%
10%
0%
10%
T1-39
T1-50
FP Process Basics - Macro Environment
FP Process Basics - Internal Environment
FP Process Basics - Client Needs Assessment
FP Process Basics - Internal Environment
FP Process Basics - Internal Environment
FP Process Basics - Macro Environment
FP Process Basics - Macro Environment
FP Process Basics - Internal EnvironmentAdvanced
FP Process Basics - Macro Environment-Advanced
17
17
14
14
55%
55%
45%
45%
T2-2
T2-8
T2-11
T2-22
T2-38
T2-40
T2-41
T2-44
T2-47
T2-50
Education Funding Basics
Educatino Funding Basics
Retirement Funding Basics
Retirement Funding Basics
Investing - Mutual Fund Basics
Investing - Mutual Fund Advanced
Education Funding Advanced
Investing - Advanced
Educatino Funding Advanced
Investing - Advanced
27
31
31
21
19
26
28
24
11
26
4
0
1
10
12
5
3
7
20
5
87%
100%
100%
68%
61%
84%
90%
77%
35%
84%
13%
0%
3%
32%
39%
16%
10%
23%
65%
16%
T3-4
T3-6
T3-10
T3-15
T3-21
T3-24
T3-37
T3-42
Capital Needs Analysis - Basics
Capital Needs Analysis - Basics
Qualified Plans - Basic
Qualified Plans - Basic
Estate Planning - Basics
Estate Planning - Basics
Capital Needs Analysis - Advanced
Capital Needs Analysis - Advanced
24
31
27
23
19
27
16
24
7
0
4
8
21
4
15
7
77%
100%
87%
74%
61%
87%
52%
77%
23%
0%
13%
26%
68%
13%
48%
23%
Question
Topic
T1-1
T1-13
T1-20
T1-21
T1-24
T1-31
T1-36
%
correct
%
incorrect
Finance 461
Fall 2006
Marker Question Analysis
Question
T1-1
T1-13
T1-20
T1-21
Topic
QP Plan Design and Admin
Attributes of QP
QP Strategy
Plan Design-Advanced
Terms and Definitions
#
correct
18
19
12
22
#
incorrect
4
3
10
0
%
correct
82%
86%
55%
100%
%
incorrect
18%
14%
45%
0%
T1-26
T1-31
T1-36
Compliance Testing Rules
Attributes of QP
Attributes of QP
16
16
15
6
6
7
73%
73%
68%
27%
27%
32%
T2-9
T2-54
T2-53
T2-55
T2-42
T2-60
QP Concepts - Advanced
Investment Guidelines in QP
Tax Strategies with QP
Non-qualified Stock Options
Rabbi Trusts
IRA's - 72(t)
IRA's - 72(t)
22
11
13
22
14
15
0
11
9
0
8
7
100%
50%
59%
100%
64%
68%
0%
50%
41%
0%
36%
32%
T3-10
T2-47
T3-26
T3-23
Retirement Capital Needs Analysis
Capital Needs Analysis Basics
Capital Needs Analysis Basics
Capital Needs Analysis - Advanced
Capital Needs Analysis - Advanced
15
17
19
18
7
5
3
4
68%
77%
86%
82%
32%
23%
14%
18%
T3-35
T3-10
T3-34
T3-21
T3-24
T3-37
T3-42
Retirement Plan Distribution Strategies
Distribution Strategies
Distribution Strategies - Advanced
Tax Treatment of Distributions
Minimum Distribution Rules
Minimum Distribution Rules - Advanced
Minimum Distribution Rules - Advanced
Retirement Income Strategies - Advanced
8
18
18
22
20
16
15
14
4
4
0
2
6
7
36%
82%
82%
100%
91%
73%
68%
64%
18%
18%
0%
9%
27%
32%
Question
Q1
Q2
Q3
Q4
Q5
Q6
Q14
Q18
Q7
Q19
Q9
Q11
Q15
Finance 462
Winter 2007
Marker Question Analysis
#
#
Topic
correct incorrect
Characteristics of Property Titling
22
0
20
2
22
0
22
0
Gifting Strategies
16
6
19
3
11
11
16
6
Marital Deduction Planning
7
15
21
1
Estate Tax Compliance
22
0
20
2
19
3
%
correct
%
incorrect
100.0%
90.9%
100.0%
100.0%
0.0%
9.1%
0.0%
0.0%
72.7%
86.4%
50.0%
72.7%
27.3%
13.6%
50.0%
27.3%
31.8%
95.5%
68.2%
4.5%
100.0%
90.9%
86.4%
0.0%
9.1%
13.6%
Q16
Q17
Q20
12
12
21
10
10
1
54.5%
54.5%
95.5%
45.5%
45.5%
4.5%
18
16
18
11
4
6
4
11
81.8%
72.7%
81.8%
50.0%
18.2%
27.3%
18.2%
50.0%
Trust Basics/Estate Plan Documents
Q8
Q10
Q12
Q13
Fin 461
Student 1
Student 2
Student 3
Student 4
Student 5
Student 6
Student 7
Student 8
Student 9
Student 10
Student 11
Student 12
Student 13
Student 14
Student 15
Student 16
Student 17
Student 18
Student 19
Student 20
Student 21
Student 22
Student 23
Student 24
Student 25
Student 26
Student 27
Student 28
Percent
incorrect
Fin 462
Number
correct
Number
incorrect
15
17
16
13
17
18
16
18
17
13
17
17
17
14
17
15
17
17
17
15
17
14
17
21
5
3
4
7
3
2
4
2
3
4
3
3
3
6
3
5
3
3
3
5
3
6
7
3
Number
correct
Number
incorrect
Percent
incorrect
Percent
correct
23
24
22
19
4
3
5
8
14.8%
11.1%
18.5%
29.6%
85.2%
88.9%
81.5%
70.4%
25.0%
15.0%
20.0%
35.0%
15.0%
10.0%
20.0%
10.0%
15.0%
20.0%
15.0%
15.0%
15.0%
30.0%
15.0%
25.0%
15.0%
15.0%
15.0%
25.0%
15.0%
30.0%
29.2%
12.5%
Fin 315
Fin 461/462 Combined
Percent
correct
Number
correct
Number
incorrect
Percent
incorrect
Percent
correct
Number
correct
Number
incorrect
Percent
incorrect
Percent
correct
75.0%
85.0%
80.0%
65.0%
85.0%
90.0%
80.0%
90.0%
85.0%
65.0%
85.0%
85.0%
85.0%
70.0%
85.0%
75.0%
85.0%
85.0%
85.0%
75.0%
85.0%
70.0%
70.8%
87.5%
18
20
18
21
19
19
17
19
17
14
17
21
19
6
4
6
3
5
5
7
5
7
10
7
3
5
25.0%
16.7%
25.0%
12.5%
20.8%
20.8%
29.2%
20.8%
29.2%
41.7%
29.2%
12.5%
20.8%
75.0%
83.3%
75.0%
87.5%
79.2%
79.2%
70.8%
79.2%
70.8%
58.3%
70.8%
87.5%
79.2%
33
37
34
34
36
37
33
37
34
27
34
38
36
11
7
10
10
8
7
11
7
10
14
10
6
8
75.0%
84.1%
77.3%
77.3%
81.8%
84.1%
75.0%
84.1%
77.3%
65.9%
77.3%
86.4%
81.8%
25.0%
15.9%
22.7%
22.7%
18.2%
15.9%
25.0%
15.9%
22.7%
34.1%
22.7%
13.6%
18.2%
17
7
29.2%
70.8%
34
10
77.3%
22.7%
22
20
21
17
13
13
2
4
3
7
11
11
8.3%
16.7%
12.5%
29.2%
45.8%
45.8%
91.7%
83.3%
87.5%
70.8%
54.2%
54.2%
39
37
38
32
30
27
5
7
6
12
14
17
88.6%
84.1%
86.4%
72.7%
68.2%
61.4%
11.4%
15.9%
13.6%
27.3%
31.8%
38.6%
Student 29
Student 30
Student 31
Student 32
Student 33
Student 34
Student 35
Student 36
Student 37
Student 38
Student 39
Student 40
Student 41
Student 42
Student 43
Student 44
Student 45
Student 46
Student 47
Student 48
Student 49
Student 50
Student 51
Student 52
Student 53
Student 54
Student 55
25
21
23
21
21
24
23
17
21
26
20
23
24
24
24
20
15
20
24
17
22
24
18
19
15
23
24
2
6
4
6
6
3
4
10
6
1
7
4
3
3
3
7
12
7
3
10
5
3
9
8
12
4
3
7.4%
22.2%
14.8%
22.2%
22.2%
11.1%
14.8%
37.0%
22.2%
3.7%
25.9%
14.8%
11.1%
11.1%
11.1%
25.9%
44.4%
25.9%
11.1%
37.0%
18.5%
11.1%
33.3%
29.6%
44.4%
14.8%
11.1%
92.6%
77.8%
85.2%
77.8%
77.8%
88.9%
85.2%
63.0%
77.8%
96.3%
74.1%
85.2%
88.9%
88.9%
88.9%
74.1%
55.6%
74.1%
88.9%
63.0%
81.5%
88.9%
66.7%
70.4%
55.6%
85.2%
88.9%