5.4. Evidence of efficacy
This project was first assigned in an Introduction to Managerial Accounting class that did not cover
income taxes, personal budgeting, or time value of money. Both authors now assign it in their Introduction
to Financial Accounting classes. Students at all levels and majors have provided very positive
feedback. Some seniors have been able to use actual job offers as the basis for the project. Moreover,
the authors have received emails from graduates stating that they are using the concepts and tools
to guide their financial decisions. After submitting the final part of the project, students completed a
brief survey (see Appendix B) that contained both Likert-scale and open-ended questions. There were
no significant differences between students responding outside of class via Qualtrics software and those
responding to an in-class survey via paper and pencil. Feedback and comments have been very similar
and overwhelmingly positive from all classes. At the time of this writing, this project has been assigned
over a period of five and a half years in 21 classes in two different universities with average
class size of 25 to 30 students. The original aim of the project was developing students’ financial literacy
and not publication. Accordingly, we did not obtain IRB approval or students’ consent to use
their feedback until the spring semester of 2012 and we report here feedback from 223 students at
the second institution from spring 2012 through fall of 2014.10
At the time of the evaluations, 16.1 percent of participants were first year students, 55.8 percent
were sophomores, 14.3 percent were juniors, 12.9 percent were seniors, and 0.9 percent (two) were non-traditional students. Fifty-seven percent of the students are male and 43 percent are female. Accounting
and finance majors comprised 20.5 percent of the group, while 33.5 percent identified as
business majors other than accounting and finance, and the remainder (46.0 percent) were undeclared
or non-business majors.
5.4. Evidence of efficacyThis project was first assigned in an Introduction to Managerial Accounting class that did not coverincome taxes, personal budgeting, or time value of money. Both authors now assign it in their Introductionto Financial Accounting classes. Students at all levels and majors have provided very positivefeedback. Some seniors have been able to use actual job offers as the basis for the project. Moreover,the authors have received emails from graduates stating that they are using the concepts and toolsto guide their financial decisions. After submitting the final part of the project, students completed abrief survey (see Appendix B) that contained both Likert-scale and open-ended questions. There wereno significant differences between students responding outside of class via Qualtrics software and thoseresponding to an in-class survey via paper and pencil. Feedback and comments have been very similarand overwhelmingly positive from all classes. At the time of this writing, this project has been assignedover a period of five and a half years in 21 classes in two different universities with averageclass size of 25 to 30 students. The original aim of the project was developing students’ financial literacyand not publication. Accordingly, we did not obtain IRB approval or students’ consent to usetheir feedback until the spring semester of 2012 and we report here feedback from 223 students atthe second institution from spring 2012 through fall of 2014.10At the time of the evaluations, 16.1 percent of participants were first year students, 55.8 percentwere sophomores, 14.3 percent were juniors, 12.9 percent were seniors, and 0.9 percent (two) were non-traditional students. Fifty-seven percent of the students are male and 43 percent are female. Accountingand finance majors comprised 20.5 percent of the group, while 33.5 percent identified asbusiness majors other than accounting and finance, and the remainder (46.0 percent) were undeclaredor non-business majors.
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