A new course offers ACCA members the chance to share their finance know-how, as CALUM ROBSON discovers
Designed to improve financial capability, the Open University course, 'You and Your Money - Personal Finance in Context' develops students' practical understanding of how financial decisions are made. And the job of associate lecturers (or tutors is to support students as they explore issues such as personal borrowing, pensions, planning for retirement and financial decision-making in general.
Ian Fribbance, the OU's course team chair, believes 'You and Your Money' was long overdue: ' Financial literacy - or the lack of it - has been a regular news topic over the last few years,' he says. 'There have been huge public debates over house prices, credit card debt and pension provision. This created an opportunity to popularise traditional subjects like economics.'
'People are responsible for taking far more financial decisions on their own now. The state has liberalised and certain benefits are not as worthwhile, meaning people need to understand more about managing financial issues themselves.'
Financial literacy on the agenda
Gill Ball, deputy president of ACCA, says financial competence is necessary - and achievable: ' We live in a world where the need for financial confidence sits at the heart of professional and personal life and the loss of that confidence can have a devastating impact,' she says. 'For individuals, whether they're leaving school or university, beginning work or some years into a career, or starting or running a business, having a grasp of financial skills will be key to their success and financial security.
'Pick up a paper most weeks and you'll be hard-pressed not to find at least one article relating to personal insolvency,' she continues. 'Financial incompetence can be extremely damaging. In the last decade, much has been spoken and written on citizenship - in my view, a good citizen is someone who takes financial responsibility for themselves and knows the value of money.
'ACCA's financial literacy agenda is an example of how we are seeking change and how we will make a difference. Educators and policy-makers should embed basic financial literacy within the curriculum, so that learners are taught the significance of finance, including tax, savings, debt and pensions. We need to address and promote numeracy, financial literacy, business awareness and entrepreneurialism in the school classroom.'
Finance in plain English
The OU worked closely with the Financial Services Agency (FSA) to develop the content for 'You and Your Money'. 'The FSA has a regulatory duty to promote the nation's financial capability,' explains Fribbance. 'The education sector has also woken up to the fact that greater personal finance literacy is needed. The government has made a commitment to introduce personal finance into the national curriculum and it struck us that the Open University - with its national reach and social mission - was the appropriate arena in which to offer a similar course at a higher level. The FSA contributed to the syllabus and John Tiner, its chief executive, wrote the foreword for our materials.'
Given that many OU students have no previous qualifications, or are returning to study after many years absence, the content was developed to encourage people who might not otherwise have considered higher education: 'We wanted to reach people who wouldn't necessarily be studying anyway,' says Fribbance. 'We also wanted to send the message that, should students enjoy the experience, we might also convince them to undertake further studies in business, economics or social sciences.'
The course was launched by Ed Balls MP (pictured), economic secretary to the Treasury, who applauded the OU for aiming to bridge 'the big gap between capability and understanding'.
Call in the finance professionals
An overwhelming response resulted in 1500 enrolments, more than three times anticipated numbers. 'We realised we'd hit on a big social need - a latent demand for financial education,' says Fribbance. 'One of the issues it therefore threw up was finding enough tutors. We wanted to work with professional bodies such as ACCA in this respect.'
The OU's tutors have considerably different roles to play than those of traditional university lecturers. Course work is not delivered in classrooms but via text books and DVDs, with tutors acting as facilitators. They conduct seminars at weekends and occasional evenings and provide students with one-to-one support, including feedback on written work.
'It's all about striking a rapport in terms of personal style,' says Fribbance. 'They'll be corresponding with students by email as well as on the telephone - we're looking for people who can communicate in both these ways with ease, as well as being able to commit to our equal opportunities practices. They should be fairly self-sufficient, as they'll be working independently much of the time - but they'll nevertheless be part of a team.'
And help is at hand: 'The OU has a strong commitment to looking after its people,' says Fribbance. 'Comprehensive induction training is provided, along with a comprehensive development programme, one perk of which is that tutors can undertake OU studies themselves free of charge. Associate lecturers average only 3.5 hours each week, which are flexible to fit around other commitments or personal circumstances such as disability.'
A natural partnership
Gill Ball says ACCA and the OU share a common mission to provide opportunity and access to people of ability and ambition.
'Both are modern and highly successful organisations with a global vision,' she says. 'The OU is the UK 's largest university, with more than 160,000 students here and 40,000 worldwide. It's consistently ranked in the top five UK universities by the Sunday Times' University Guide for teaching quality.
'What makes us natural partners is that we both open doors for people with ambition. The OU provides opportunities for people with similar backgrounds to many of our members, so the cultural fit is close.'
Payback time
Ian Fribbance believes qualified accountants undertaking tutor positions have much to gain: 'There's a strong feeling of putting something back into the system - most of our tutors say they find it tremendously worthwhile. And because the student body is incredibly diverse - of all ages and from every conceivable walk of life and ethnic and cultural background - it challenges their own perspectives. Tutors find it an enjoyable, rewarding learning experience in its own right, especially the contact with people.'
ACCA members keen to identify new ways for continuous professional development (CPD) will find tutoring pays off: 'People often think about technical subjects when planning their CPD,' says Ball. 'However, professional skills such as presentation technique, facilitation skills, coaching and mentoring are increasingly key differentiators in the workplace. Working as a tutor will help refine these skills, as well as bringing a high level of personal satisfaction from sharing your insights with a new and highly motivated group of learners. Therefore, taking up one of these positions will be a valid way of gaining CPD units.'
And she says ACCA members have a lot to offer: 'Not only are our members highly competent finance professionals - who have had to demonstrate technical ability and practical competency - but the vast majority have achieved their qualification while holding down a full-time job and meeting family commitments. They bring technical expertise as well as first-hand experience - often of the same financial difficulties that many of the OU students of today will be facing.'
Accountants who have been involved in delivering workplace training or on-the job coaching have something of value to bring to the table simply by finding themselves in a different teaching environment: 'If you're training finance in the office, then in a sense, you're preaching to the converted,' says Ball. 'Many junior accounting staff will already have a basic understanding of the subject. But talking about personal financial issues to people whose grasp of the subject is much more limited will stretch your aptitude for sharing knowledge in new ways.'
Potential future
New tutors may even discover that teaching is their vocation: 'The OU is often a staging house for people who are professionals in their chosen field and want an educational career later in life,' says Fribbance. 'They might start teaching one of our courses, then a couple more, then study qualifications with us - perhaps even a masters or PHD in their subject - and gradually develop an education career. It does happen.'
Ball says, ' Empowering individuals to take personal responsibility for their financial commitments should be a goal of governments and educators alike. That's why I'd urge our members who find the idea of teaching financial literacy to non-finance experts stimulating to explore these fantastic opportunities.'
Picture caption: (l-r) David Vincent, OU pro-vice-chancellor; Ed Balls MP, economic secretary to the Treasury; Ian Fribbance, course team chair, 'You and Your Money'.
