How a formative self-assessment programme positively influenced examination performance in financial mathematics

ABSTRACT

Self or formative assessment are terms that, linked to feedback, appear in the literature associated with initiatives aimed at improving the learning process in higher education. Some studies have highlighted the peculiarities of the feedback techniques targeted towards first-year undergraduates, in subjects with a large number of students, or which are taught by a large number of lecturers. This study presents a formative self-assessment programme that was implemented in a subject that meets these challenges. The programme was designed to progressively foster the acquisition of skills and knowledge, in accordance with the syllabus’ requirements, and it was structured around the execution, self-correction and reflection on the approach and resolution of three case studies. Participation in the programme appears to have had a positive net impact on the probability of passing the subject and a positive influence on the mark obtained in the final exam of the subject.

KEYWORDS:

• E-learning
• feedback
• self assessment
• autonomous learning
• mathematics

Disclosure statement

No potential conflict of interest was reported by the authors.

Notes

1. The Akaike information criterion (AIC) provides a means for model selection. Since AIC does not depend on the number of parameters, this criterion gives a better result than the classic coefficient of determination (R squared). See Burnham and Anderson (2002) for an in-depth discussion of ‘model selection’.

2. The model also included, as relevant, a series of interactions among variables (see Table 2).

3. To pass the subject students are not required to pass the final exam. They need to have a minimum mark of 40% in that exam and the sum of the marks obtained in the exam and the formative assessment activities must add up to a minimum of 5 (out of 10). That is to say, the population of students who have a mark above 50% in the final exam is not the same as that of students who have passed the subject.

Additional information

Notes on contributors

J. David Cabedo

J. David Cabedo (PhD) is an associate professor of Finance. His main research lines are financial risks disclosure, financial risks assessment and social impacts assessment. He teaches courses on financial mathematics, financial management and bank management in the degrees and masters of the economics area. He has been, and he also is, involved in several teaching innovation projects.

Amparo Maset-Llaudes

Amparo Maset-Llaudes (PhD) is a lecturer of Finance and Accounting. Her main research lines are oriented towards social dimension of the economy, social and economic impacts assessment and profitability and risk assessment. She teaches courses on financial mathematics, accounting and financial management in the degrees and masters of the economics area. She has been, and she also is, involved in several teaching and research innovation projects.