UNIVERSITY OF CANTERBURY
Te Whare Wānanga o Waitaha
Template 7: Graduating Year Review Template 2014
Details
Current Year
2014
Name of Programme
PhD - Finance
Original Programme Identifier
FINC790
Associate Professor Jeremy Clark; Head of Department of Economics and
Finance
Name of Self-Review Coordinator
and position held
1. Programme Statement
(a) Description
FINC790 – PhD in Finance – was introduced as a new programme in 2009 following the transfer of Finance from the then
Department of Accountancy, Finance and Information Systems (now Accountancy and Information Systems) to the then
Department of Economics to form a new Department of Economics and Finance.
The introduction of a specific code in Finance introduced to doctoral candidates a new specialist qualification supported
by a build-up of the finance group (from 4 to 7 continuing academic staff members) within the new department.
(b) Achievement
Five students have enrolled in FINC790 since its introduction with 2 successfully graduating, 1 withdrawing from the
programme and 2 remaining enrolled.
One of the graduates of the programme is now an Associate Professor of Finance in China.
(c) Changes
The only substantive change within the programme has been the introduction in 2010 of a requirement that all PhD
candidates deliver an oral presentation to the departmental prior to the sign-off of the research proposal.
It is acknowledged that the department, including the doctoral students, have undergone a series of disruptions to space
and facilities following the closure of the Commerce Building after the 2011 earthquakes. The department and students
have now completed the relocation to new facilities in the refurbished Law and History buildings and FINC790 students
have dedicated workspace.
2. Review Processes
E
Account of Review Processes.
A review panel of Professor Lucy Johnston (Dean of Postgraduate Research; Chair); Dr Ashley Garrill (School of
Biological Sciences); Dr Ekant Veer (Department of Management, Marketing and Entrepreneurship) and Dr Andreas
Willig (Computer Science and Software Engineering) considered the self-report provided by the host department and the
data presented to come to the recommendations for the programme as presented.
FINC790 is also included within the assurance of learning monitoring process used by the School of Business and
Economics to meet Association to Advance Collegiate Schools of Business (AACSB International) quality assurance
requirements. However, since UC joined the AACSB accreditation programme no FINC790 theses have been completed
and hence no review of the programme has yet occurred through AACSB
3. Review Outcomes
E
(a) Acceptability
The small number of students makes it difficult to gauge the ongoing acceptability of the programme. Two students have
successfully graduated from the programme, demonstrating an ability to meet the criteria for the award of the PhD and
satisfying the graduate profile for doctoral students and there are no concerns regarding the progress of the currently
enrolled candidates.
However, the small number of candidates in itself is a matter of concern. Professional opportunities in finance are
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plentiful and lucrative without the need for a doctorate. Accordingly there are not large numbers of students seeking
doctorates in this domain. Recent focus within the department has been on the development and implementation of the
Master of Applied Finance and Economics Programme which has taken up much time from members of the finance team
and reduced their availability to concurrently undertake doctoral supervision.
(b) Assessment procedures and student performance
The UC PhD examination process is coordinated by the university Postgraduate Office and overseen by the Dean of
Postgraduate Research. A summary of the process is provided here:
1. On submission of thesis for examination, the candidate’s senior supervisor is asked to provide the names of two
independent examiners, both external to UC and with no close association with the student or supervisors. These
nominations are endorsed by the relevant department Postgraduate Coordinator and approved by the Dean. Prior to
approval by the Dean, the candidate is informed of the nominees and invited to raise any concerns with the Dean.
2. Each examiner submits a written report and the Dean of Postgraduate Research determines whether (a) the candidate
should proceed to oral examination; (b) be invited to revise and resubmit the thesis for re-examination prior to
proceeding to oral examination; (c) be awarded a relevant Masters degree; (d) be awarded no qualification.
3. The oral examination is attended by one of the examiners of the written thesis, the senior supervisor (and other
supervisors if they wish to attend), a neutral oral chair and the candidate. The candidate is asked questions by the
examiner present and the oral chair ensures that questions submitted by the other examiner of the written thesis be put
to the candidate. After completion of the oral examination a recommendation is made by the oral chair to the Dean of
Postgraduate Research, with the options as detailed above.
4. The most common recommendation from the oral examination is that the candidate be required to make minor
amendments to the thesis prior to the degree being conferred. The required amendments, timeframe for their
completion and notification of who will review and approve the amendments (typically the oral examiner or senior
supervisor) are provided to the candidate as soon after the oral examination as possible.
The qualification (FINC790) was introduced in 2009. Since that time two students have successfully completed the
qualification (note that one student originally enrolled in 2008 in AFIS790 – Accounting and Financial Systems – but
switched to FINC790 when that option was made available in 2009), one has withdrawn (also originally enrolled in AFIS)
and 2 are currently enrolled. Four of these five students were international students.
(c) Data
Table 1: Numbers enrolling and completing
Projected
No.
Enrolling
Actual No. Enrolled
Full-time
Parttime
EFTS
No.
Completed
Withdrawals
2011
3
1
2
1.4
1
1
2012
2
1
1
1.4
2013
2
1
1
1.3
Year
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(d) Programme Evaluation
The two currently enrolled students were invited to a focus group facilitated by Kaylene Sampson and Erna Gardner from
the Academic Development Group; both declined the invitation.
The two graduates from the programme were contacted by Lucy Johnston by email. In providing feedback both of these
students reported very positively on their experiences as doctoral candidates but each raised questions regarding research
methods preparation and availability of discipline specific support in this area. It is incumbent on the department to ensure
that all doctoral candidates are either admitted to the programme with satisfactory research skills or are provided with
such on enrolment. The provision of such skills is vital for the development of graduates with independent research skills
that are transferable to new projects and domains, a key feature of the doctoral graduate profile.
It is, of course, difficult to draw strong conclusions from a small sample but withdrawal of any doctoral students should
raise concerns within the department and measures taken to ensure that, where possible, factors contributing to
withdrawal are minimized.
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(e) Continuation or Discontinuation
The panel were concerned by the low number of students enrolling in FINC790 since its introduction and accordingly
questioned the viability of continuing the programme. Concern was raised about the College profile and reputation with
such small numbers of students. The Department needs to consider whether it wishes to put resources into attracting
greater numbers of doctoral candidates. If not, or if it is not possible to attract suitable candidates then consideration
should be given to discontinuing the course. The panel did recognize that FINC790 offers students a specific finance
qualification and that if FINC were no longer available such an opportunity would not be available and consideration
would need to be given to which course code future finance-oriented students might pursue a PhD through.
The feedback from students regarding the need for more support over research methods. The department should give
consideration to how to address this need; possibilities might include offering research methods seminars for all research
students in the department or having FINC790 students complete a research methods course alongside their doctoral
candidature.
The Academic Administration Committee considered the Graduating Year Review and shared the concerns of the review
panel regarding the low enrolment numbers. AAC decided that the department should be given the opportunity to develop
and implement a plan to increase student numbers and this will be reviewed in a year’s time.
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