Analysis of Rationality of CUHK QFIN Curriculum GEUC 4011 · 2013-2014 Term 1 · Group 14 Nov 18,...
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Analysis of Rationality of CUHK QFIN Curriculum GEUC 4011 · 2013-2014 Term 1 · Group 14 Nov 18, 2013 HUANG Zilong1155026039 LI Chen1155015135 LI Zhen1155026042
Analysis of Rationality of CUHK QFIN Curriculum GEUC 4011
2013-2014 Term 1 Group 14 Nov 18, 2013 HUANG Zilong1155026039 LI
Chen1155015135 LI Zhen1155026042 ZENG Xuan1155002028
Slide 3
Agenda Motivation and Objective Introduction to Quantitative
Finance of CUHK Literature Review Research Methodology and Findings
Conclusion
Slide 4
Motivation and Objective Part One
Slide 5
Motivation 1. Increased number of CUHK QFIN graduates Source:
employment survey of CUHK, by Office of Student Affair
Slide 6
2. Increased global competition in job market Replacements
rather than new roles Competition with Singapore, Tokyo, Shanghai
China supports Shanghai more Motivation Source: 2013 Banking &
Financial Services Salary Guide, by Robert Half
Slide 7
3. Most of QFIN students will enter job market after graduation
Source: http://www.bschool.cuhk.edu.hk/pdf/QFIN_QFRM.pdf
Motivation
Slide 8
How do we define RATIONALITY How much can the curriculum help
to develop studentscapability in preparing future career.
Slide 9
RATIONALITY of CUHK QFIN Curriculum AssessAnalyze
Objective
Slide 10
To assess/analyze the rationality of CUHK QFIN Curriculum What
affect the rationality? How rational is the curriculum?
Slide 11
Introduction Part Two CUHK QFIN Program CUHK QFIN
Curriculum
Slide 12
Introduction CUHK QFIN Program Review History - Established in
1998 Mission and Vision - Quantitative and analytical skills - A
global mindset and the curiosity to explore the outside world - The
appreciation of the virtues of integrity, honesty and sense of
responsibility
Slide 13
Introduction CUHK QFIN Program Review Students Statistics -
about 400 alumni and 200 students in the Program
Introduction CUHK QFIN Curriculum 5. Weightage of different
course categories - Math/ Finance/ Statistics/ Economics
Slide 16
Literature Review Part Three
Slide 17
Literature Review (Explicit Approach) Teaching and Learning
Quality-process Reviews (HK Assessment) Teaching Activities
performed by academic staff in performing main duties Learning
Methods used by institutions to continuously improving teaching to
achieve maximized performance
Slide 18
Curriculum DesignPedagogical DesignImplementation
QualityOutcome AssessmentResource Provision Literature Review
(Explicit Approach)
Curriculum Design: Course design in compliance with the need
from employers, past students, professor bodies Fitness for use
Literature Review (Explicit Approach)
Slide 21
Research Methodology and Findings Part Four
Slide 22
Questionnaire On-site Interview Case Study Methodology
Slide 23
Questionnaire On-site Interview Case Study Part 4.1
Questionnaire
Slide 24
Questionnaire Design Objective: Understand the RATIONALITY of
the course design from the students perspectives Qualitative
Analysis Quantitative Analysis
Source of Respondents Questionnaire For year 3 local students
of old curriculum, we classify them in final year.
Slide 28
Internship Experience 45 out of 55 students have previous
internship experience
Slide 29
Internship Experience
Slide 30
Career Planning Year 3 & above: Not at all : 3 A little:
12
Slide 31
Career Planning Do you think you need more career guidance? 49
out of 55 choose YES
Slide 32
Course Design
Slide 33
Slide 34
Course Selection Have you encountered the problem that the
course you want to take is not open ? 45 out of 55 choose YES
Slide 35
Course Evaluation 3 Most Useful courses voted by Students: FINA
3080 FINA 3010 FINA 4110, FINA 4370, FINA 4120 Reason: Basic
concept + Foundation
Slide 36
Course Evaluation 3 Most Useless Courses voted by Students:
DSME 2050 MATH 2010 CSCI 1510/1530 Reason: Too theoretical+ Lack of
Practicability
Slide 37
Course Evaluation (Grading)
Slide 38
Quantitative Analysis (Multi-variable Linear Regression) 1.
Find the factors that affect Rationality 2. QUANTIFY the
Rationality Index
Slide 39
Regression Model Dependent Variable: Rationality Index= [0,2]
Do you think the current design is beneficial for your career
development? 0: Very Limited 1: Just Ok 2: Very much
Slide 40
Regression Model ( Contd) X1: Adjusted-score for Practicability
of knowledge learnt X2: Adjusted-score for Overall Course
Satisfaction X3: Adjusted-score for Improved Skill-set
Slide 41
Slide 42
Significant
Slide 43
The 3 variables are significant
Slide 44
Regression Model Y=0.955+ 0.417*X 1 + 0.281*X 2 + 0.198*X 3
Conclusion: 1.Significant 2.Practicability of the course content is
the most important factor 3.E(Rationality Index) ~ 0.94
Slide 45
Questionnai re On-site Interview Case Study Part 4.2
Interview
Slide 46
Overview of Interviews Coverage - 6 interviewees 2 working
graduates1 post-graduate 3 current final year students
Slide 47
Background IntervieweeStatusCompany/University Interviewee
AWorking at Top Hedge Fund Algorithm Trading Team Interviewee
BWorking at Investment Bank Global Market Research Interviewee
CCurrent Post- Graduate Majoring Econmoics in HKU
Slide 48
Overview of Interviews Objective - To get a holistic and
detailed picture of the curriculum from interviewees - To
supplement whats not covered in the questionnaire Question Margin -
What do they think of the curriculum with much part-time/full-time
experience ? - What do they find out after graduation ?
Slide 49
Opinions in Common About Employment Many graduated students get
job in IBD, but few really work on Quantitative-related job
Mathematics not very strong Employers always expect: Mathematical
Modeling Programming Risk Management
Slide 50
Opinions in Common FINA 3080 - Investment Analysis and
Portfolio Management Not difficult Basic concept Frequently used
FINA 4060 - China Finance Only opened once, but many students want
to study the topic MATH 2010 - Advanced Calculus I Too theoretical,
not much relevance to the reality FINA 4140 Computational Finance
The course is closest one to the concept of Quantitative Finance
About Courses
Slide 51
Opinions in Common Suggestions: More case study, more project
More quantitative
Slide 52
Opinions on the Contrary Specific Courses Evaluation CSCIDSME
2050 Not really usefulNO USE AT ALL Recommend CSCI 1530 Java
Programming No specific knowledge, but develop some skills Negative
Positive
Slide 53
Opinions on the Contrary Skills Gained Does QFIN curriculum
give you enough skills for your career? Skills are not taught in
university and theyre ought to be Skills are expected to be learnt
during internship
Slide 54
Opinions on the Contrary Course Flexibility What do you comment
on the flexibility of QFIN course difficulty? Course Design is too
flexible so that students capabilities are not guaranteed. Course
Design is flexible to ensure a good-looking GPA.
Slide 55
Conclusion of Interviews Pros of the curriculum: Solid
foundation for accountancy, finance World-class Finance Trading
Lab
Slide 56
Conclusion of Interviews Cons of the curriculum: Lack of
foundation in MATH Some courses not available Courses not inspiring
Not market-oriented
Slide 57
Interesting Comment from Interviewees Who is really doing
Quantitative Finance
Slide 58
Questionnaire On-site Interview Case Study Part 4.3 Case Study
- Course Categories Quick Comparison among CUHK, HKUST, NUS,
HKU
Slide 59
Portion of Math-related Courses
Slide 60
Portion of Finance-related Courses
Slide 61
Some Courses Comparison CUHKNUSHKUSTHKU Linear Algebra
MATH2510MA1101 MA2101 MATH 111MATH2101 Calculus MATH 2010MA1104
MATH 100MATH1211 Basic Probability STAT2001 STAT2006 ST2131 ST3131
ISOM 254STAT2601 STAT3603 Math Finance FINA 4160 Computational
Finance MA3269 Mathematical Finance I MA4269 Mathematical Finance
II MATH 362 Fundamentals of Mathematical Finance FINA3350
Mathematical Finance Final Project -QF4199 FINA 4810 FINA 4814
-
Slide 62
Conclusion of Case Study CUHK, HKU, HKUST are basically the
same in terms of MATH NUS is specially focusing on MATH CUHK
provides a bit more finance-related courses Solid Foundation for
Finance Knowledge CUHK and HKU dont have the final year project No
enough chance for practice under professor's guidance
Slide 63
Conclusion Part Five
Slide 64
Conclusion Motivation Objective To assess/analyze the
rationality of CUHK QFIN Curriculum Research Methodology
Questionnaire Interview Case Study + + Work Study
Slide 65
Findings & Suggestions AspectsAdvantagesProblemsSuggestions
Career Planning No enough career guidance Provide more career
inspiration and guidance Teaching Method Case study and
presentation are well used No sufficient software teaching and
real-time example Add software and real- time example teaching
Course Content Low practicability, Low inspiration; Out-dated cases
Improve practicability; Share real working situation; Use up-dated
cases
Slide 66
Findings & Suggestions AspectsAdvantagesProblemsSuggestions
Course Selection N/AMany courses not available for enroll Open more
courses with timely investigation Course Categories Finance courses
are popular, providing solid foundation Math and Stat courses are
too theoretical Improve practicability of Math and Stat courses
Course Difficulty Flexible difficulty, provide good- looking GPA
Cannot guarantee students' capability in quantitative finance
Balance students' feedback and program quality Finance Trading Lab
World-class, Bloomberg available for use No systematic teaching for
Bloomberg Add stimulating practice using Bloomberg
Slide 67
Limitation Relatively small sample size Cannot cover all
relevant factors Lack of other universitys information for
comparison