Report of the FirstQuinquennialSchool Review of the School of Accounting and Finance

1Introduction

The main purpose of the School Review in the School of Accounting and Finance was to take a strategic overview of the School itself, its current position and its ability to respond to changing needs. A key element of the School Review process includes making recommendations in relation to the continuing approval by Academic Council of the awards of existing programmes. The Panel considered the programmes within the School giving specific consideration to any proposed changes.

2 Summary of Main Recommendations

It was a pleasure for the Review panel to engage in detailed dialogue with the school and the work of the Review Panel was facilitated by the open, frank and often lively discussions which took place with staff and students from the School of Accounting and Finance.

Areas for Commendation

The panel was particularly impressed by the School’s:

-Development of an attractive Postgraduate Portfolio which currently makes up 18.9% of the School’s Student population.

-Closeness to Industry and the Professional Bodies

-Intimate understanding of the accreditation needs of Professional Bodies and students (from both perspectives).

-Maintenance and development of both National and International Linkages

-Development of the Finance Seminar Series,

-Confidence of students and the students ability to contribute to programme committees

-Student Centred Approach and Open Door ‘Reality’

-The timely nature of feedback given to students.

-Student’s positive attitude about quality of teaching staff in the School

-The preparedness of Higher Certificate students to progress to Degree Programmes

-Plans to develop a BSc in Economics and Finance

-The number of staff who have recently achieved or are working on their doctoral research.

-The direct support of the School (and indeed the College) to underpin the provision of a high quality library service.

Programme Changes:

The Review Panel recommends to Academic Council continued approval for the following programmes:

Postgraduate Diploma in Accounting – Full-time – Level 9

Postgraduate Diploma in Finance – Full-time & Part-time – Level 9

Postgraduate Diploma in Financial Services (Securitisation) –Part-time – Level 9

MSc in Accounting– Full-time & Part-time – Level 9

MSc in Finance– Full-time – Level 9

BSc (Hons) Business and Legal Studies – Part-time – Level 8

BSc (Hons) Accounting and Finance – Full-time – Level 8

Higher Certificate in Business Studies – Full-time – Level 6

CPD Diploma in Finance (International Life Insurance) – Part-time – Level 7

Key recommendations:

The key recommendations of the School review panel are as follows:

-Consider how best to differentiate programme offeringsfrom competitors / other providers.

-Establish a formalized and ongoing industry advisory steering group.

-Adoption of appropriate levels of semesterisation in all programmes.

-Pay close attention to managing the academic calendar in relation to positioning of Continuous Assessment, introduction of new material at end of semester and to ensure that the weighting of assessments is proportionate to the student effort across modules.

-Each programme committee should keep up to date their programme documents, paying particular attention to the timeliness and relevance of reading material.

-Consider introducing the style guide at an early stage of programmes to ensure that the students have a better understanding of how to apply it.

-Further develop the Induction Programme and provide a re-induction programme for students who transfer programmes, along with some orientation for advanced entry students.

-The programme committees for the postgraduate programmes in Finance should consider the feasibility of introducing computer programmingto the programme.

-The library service provided would be greatly enhanced if access to the IReL database was provided to the Institute. The School should endeavour to communicate the importance of adequate resources to maintain a high quality library service.

-The School should seek for the Maths Learning Centre service provided to students to be expanded if possible.

-Further development of Web based support for students is encouraged.

-Investigate all possible mechanisms to facilitate staff in progressing their research agendas, including qualifications, publications, conference attendance and student recruitment.

-Develop a more formal research strategy for the School.

-Promote postgraduate research amongst students as a potential career opportunity.

-Continue to encourage staff to participate in the programmes provided by the learning and teaching centre.

-Encourage all staff to liaise with industry contacts and to develop a media profile if appropriate.

-Develop a detailed School Development Plan with specific prioritized objectives, timelines and appropriate metrics.

-Further develop the website as a marketing tool for the School and for research staff to gain a profile within academia and industry.

-Liaise closely with Institute management to ensure the replacement of staff.

3The Review Process

The focus of the School Review is in respect of the School as a whole. This includes the general position and performance; the range of activities and how these are conducted; reviewed and developed; the range and quality of taught programmes; the research and staff development activities; the management procedures and quality improvement systems and the links with external bodies.

Central to the review process was the self-study, prepared by the School and considered by the Review Panel prior to visiting the School. This self-study is a critical evaluation of the School's activities and highlights strengths and achievements as well as areas of difficulty. The process of review carried out by the School followed the DIT current practice for the review of existing programmes; that is that the documentation prepared by the School was sent to the Faculty Board for endorsement.

The review visit took place over a two day period on 25th & 26th May 2010. The Panel, through a series of meetings with College and School management, teaching, administrative and support staff, students and graduates of the Schooland a visit to the facilities available to the School, considered issues raised in the self-study and in the other documentation presented.

3.1 The Purpose of the School Based Review

The broad objectives of the School Review were to evaluate:

  • the School's approach to programme design and development, having due regard to the influence of bodies representing students, employers and the sector;
  • the learning environment of the School;
  • staffing including academic, administrative and technical;
  • staff development and research activities within the School;
  • the School’s quality assurance systems, including the effectiveness of taught programmes in meeting their stated objectives; and,
  • the School's development plans for the future.

3.2 Membership of the Review Panel

The Review Panel appointed by Academic Council to carry out the School Based Review was comprised as follows:

External Members

External Members
Dr Sheila Killian / Head of Dept. of Accounting and Finance
KemmyBusinessSchool, University of Limerick
Mr Oliver McClure / Equity Manager, PI Investment Management Ltd., Ballsbridge, Dublin 4
Internal Members
Dr Declan McCormack / Head of School of Chemical and Pharmaceutical Sciences, DIT Kevin St.Dublin 8
Dr Pamela Sharkey Scott / School of Management, DIT Aungier St.Dublin 2
Dr Gareth O’Donnell / School of Mechanical and Transport Engineering, DIT Bolton St.Dublin 1
Representatives from the Office of the Academic Registrar
Ms Nicole O’Neill / Quality Assurance Officer, DIT Rathmines Road.

3.3Programme of Visit to School

The Review took place in accordance with the following schedule.

Day 1, 25th May 2010

Time: / Venue: Boardroom, DIT, Aungier St.
9.30am / Teas / Coffees: Formal beginning of process: Chair of Panel introduces members of panel to the Faculty Director who introduces the Head of School and Heads of Department.
10.00am / Short formal presentation by Head of School and Heads of Department describing main activities of the School and introducing the key points from the self-study report.
10.45am / Private meeting of Panel to discuss agenda for day.
11.15am / Tea/Coffee break.
11.30am / Panel meets with School Management Team to discuss the broad contents of the self-study report and the implications for the School in terms of individual programmes and resources, more specifically the School’s arrangements for quality assurance, programme development, links with business, research activity and staff development.
12.45pm / Lunch
2.00pm / Teas / Coffees: Panel meets with School Management Team, Faculty Administrator, School Administrator, Faculty Librarian and Examinations Officer to review contents of School’s evaluation of strengths, weaknesses, opportunities and threats, based on self-study report and to discuss School’s Plan for future development.
3.15pm / Private meeting of Panel to review progress and decide on matters for further discussion or evaluation.
3.45pm / Teas/coffees: Panel meets with Heads of Department and Programme Tutor to discuss the suite of programmes offered by the School and the trends and direction of these – including discussion regarding programme management issues and quality assurance arrangements and to address specific issues relating to changes proposed.
5.15pm / Panel views the physical facilities and resources of the School.
6.00pm / Panel meets with representative current and former students
6.45pm / Private meeting of Panel to review progress thus far.
7.00pm / Dinner (to include Faculty Director, School Management Team and other appropriate staff and Panel)

Day 2, 26th May 2010

Time &Venue / Venue: Boardroom, DIT Aungier St.
9.30am / Private meeting of Panel to review progress thus far.
10.00am / Meeting of the Panel with staff teaching on programmes to discuss syllabuses, teaching methods and assessment issues specific to the programmes.
11.15am / Tea/coffee break.
11.30am / Panel meets with Faculty Director, School Management Team and Faculty Administrator to discuss issues of resources, staff development and any issues requiring clarification arising from self study.
12.30pm / Lunch (Boardroom).
1.30pm / Private meeting of the Panel to consider the draft report.
4.00pm / Tea/coffees: Meeting of the Panel with Faculty Director, Head of School and School Management Team to outline orally the Panel’s findings.

Available for perusal during the review event were Student Handbooks, Programme Documents, Q5s, Examination Papers, Curriculum Vitae and other relevant documentation.

4.1Overview of the Dublin Institute of Technology (DIT)

The Dublin Institute of Technology is a comprehensive multi-level educational institution, fulfilling a role both nationally and internationally in providing full-time and part-time educational programmes across the whole spectrum of higher education. It aims to achieve this in an innovative, responsive, caring and flexible learning environment. It is committed to providing access to students of all ages and backgrounds and to achieving quality and excellence in all aspects of its work. This commitment extends to the provision of research, product development and consultancy services for industry and society while continuing to have regard to the technological, commercial, social and cultural needs of the community it serves.

4.1.1Quality Assurance Process within DIT

DIT has clearly documented procedures for quality assurance of individual programmes which begin with initial curriculum design, development and validation. These procedures are outlined in the DIT Handbook for Academic Quality Enhancement, 3rd Edition, 2006 and cover:

  • Validation and re-validation of programmes;
  • Formation of course teams/committees;
  • Faculty Boards;
  • Composition of validation/re-validation boards;
  • Conduct of a validation/re-validation board;
  • Examinations – process, marks and standards,

internal and external examiners, reports;

  • Annual monitoring of a programme;
  • Partnerships with external organisations;
  • Short course validation.

As a general guideline lecturers involved on a programme are required to possess qualifications at least equivalent to the level of the terminal award of the course and subjects taught by lecturers generally corresponding to the core disciplines of their qualifications.

The programme teams (committees) prepare an annual monitoring report for each programme (Q5) and critically review the programme every five years as part of the School Review process. Academic quality assurance requires that the agreed aims and intended learning outcomes of educational programmes are achieved consistently. Issues relating to quality assurance are well understood by lecturers and there is a high awareness of their importance. Academic Council is responsible for developing and maintaining academic standards and quality in all courses of the Institute. There is an Academic Quality Assurance Committee under the chairmanship of the Director of Academic Affairs and reporting to Academic Council.

4.2 Background to the College and School

The College of Business at the Dublin Institute of Technology is one of Ireland’s leading business schools and represents a core component in the Institute’s heritage, current activities and its future. The mission of the College of Business at DIT is to be recognised as one of Ireland’s foremost business schools known for excellence and innovation in learning, research and partnership with enterprise; internationally focused, accredited and benchmarked; and contributing to the wellbeing of the community through the education of outstanding managers and corporate leaders and the fostering of enterprise.

The College has identified five strategic priorities going forward:

  • The continued development of the postgraduate profile
  • Increase in staff with advanced research qualifications, staff capable of supervising at doctoral level and an increase in publication output in scholarly journals
  • Internationalisation of the faculty and the student body. One of the key mechanisms is the drive to become an accredited member of one, or more, of the major business school accreditation bodies (AACSB or EQUIS)
  • Continuance of the work with industry in the area of corporate education.
  • Improving access to third level education for those who do not traditionally undertake higher education and broadening access to those groups that currently have access but a low level of participation.

4.2.1School

Mission Statement

The School of Accounting and Finance at DIT aims to be an internationally recognized centre for outstanding teaching, learning and research in the accounting and finance disciplines, by offering a challenging, stimulating and supportive environment in which to pursue undergraduate and postgraduate studies. We wish to be distinguished by the professional orientation of our programmes, our close links to the Accountancy profession and Financial Services Sector, our small class sizes, student support services and student centred approach to education. The professional orientation of our programs results in our graduates being highly sought after by the professions and industry. We wish to foster a research profile within a range of fields which enhances the educational experience of our undergraduate and postgraduate programmes.

The mission of the School of Accounting and Finance centers on teaching and learning, research, professional partnership and community contribution.

The School seeks to

  • Be at the leading edge of accounting and finance education in Ireland at both undergraduate and postgraduate levels
  • Contribute to the community through creating outstanding corporate leaders
  • Have a positioning as being ‘close to business and the business professions’, complementing the positioning of the College of Business
  • Have a global orientation in terms of staff and student profile and mobility
  • Have excellence and innovation in learning, teaching and research

The strategic priorities of the School of Accounting and Finance are firmly located within the strategic priorities of the College, which are in turn derived from the DIT Strategic Plan 2007-2012. The School of Accounting and Finance offers a suite of programmes at both undergraduate and postgraduate levels designed to prepare students for a career within the Finance and Accounting professions. The school is distinguished by the professional orientation of the programmes and the close links to the Accountancy profession and the Financial Services sector.

These links are a key strategic priority for the School. Many of the School’s programmes are designed with the requirements of the profession in mind so that graduates of these programmes can gain exemptions from the examinations of the professional accounting bodies upon attaining a satisfactory standard. For many of the School’s students these exemptions are a critical factor in selecting a programme of study.

The research profile of the school continues to develop within a range of current fields which further enhances the educational experience of their undergraduate and postgraduate programmes.

4.2.3Current programmes and the development of new programmes

4.2.3.1 Undergraduate Programme Portfolio

The School has four undergraduate programmes in its portfolio. The two year Higher Certificate in Business Studies (DT315) is recruited through the CAO and is placed at Level 6 on the NQF. The three year BSc in Accounting & Finance (DT366) is only one of a few three year Level 8 degrees in DIT and is recruited through the CAO. The BSc in Business & Legal Studies (DT370) is a part time programme at Level 8 and is delivered at night. This programme is recruited through the School directly in association with Admissions. The BSc in Business & Management (DT365) is a four year degree programme at Level 8 on the NQF and is shared between the Schools in the College. The School of Accounting and Finance has a 40% share in the student numbers. The course is recruited through the CAO and a high proportion of the students take the Accounting stream modules. It is worthy to note, that the BSc Accounting & Finance and the BSc Business & Management have recently been reviewed in the context of exemptions from Chartered Accountants Ireland (both getting the maximum exemptions available to an undergraduate degree) and from the Association of Chartered Certified Accountants (ACCA).

4.2.3.2 Postgraduate Programme Portfolio

The School has four full-time postgraduate programmes: two in Accounting and two in Finance. The Accounting programmes have a longer history with the Finance programmes being relatively recent (2007 and 2008 validations). The Accounting programmes are almost wholly defined in terms of their relationships with the Professional Accounting bodies in Ireland. Chartered Accountants Ireland gives maximum exemptions to the MSc in Accounting (CAP 2 level) and gives the same exemptions to the Postgraduate Diploma in Accounting as it does to full undergraduate awards in Accounting (CAP 1 level). ACCA also gives significant exemptions to both programmes. The Financial Services Industry does not have an equivalent professional programme so therefore no exemptions are available. Candidates are prepared to work in the financial services industry in various disciplines. The two postgraduate diplomas are conversion diplomas. They take an honours graduate in another discipline and give them the equivalent of an undergraduate degree in one year in a specialised area. While preparing the graduates for work in the industry, they also facilitate access to Masters programmes in Accounting and Finance.