DEPARTMENT
OF RISK MANAGEMENT AND INSURANCE
Robinson
College of Business
Georgia
State University
2004
- 2005 Assessment Procedures
BBA in Actuarial Science
2004
- 2005 Assessment Procedures
|
Outcomes
Assessed |
Elements
of Assessment |
Data
Collected |
|
Our graduates will be knowledgeable
with respect to the Actuarial Models, including the essential tools for the
practice of actuarial science. |
Graduates' technical mastery of life
contingencies and risk theory. Graduates' mastery of actuarial
modeling techniques under the 2005 actuarial exam structure. |
Graduating Student Survey Alumni Survey Graduates' scores on Course M: Models for Quantifying
Risk, and Course C: Construction and Evaluation of Risk Models under the 2005
professional exam syllabus. |
|
Our graduates will be able to apply
analytical and technical skills in structuring solutions to real-world
problems. |
Graduates' ability to structure and
solve actuarial and related business problems with sound analytical
techniques. |
Capstone Course (BusA 4980) Graduating Student Survey Alumni Survey |
|
Our graduates will be knowledgeable
with respect to actuarial science theory and its applications as represented
in actuarial journals. |
Graduates' ability to comprehend the
theoretical and technical material in appropriate actuarial journals. |
Life Contingencies Courses (AS 4340 and 4350) Graduating Student Survey Alumni Survey |
|
Our graduates will progress through
the professional examinations of the Society of Actuaries and/or the Casualty
Actuarial Society. |
Graduates' passage of at least two
professional examinations within three months after graduation. |
Pass lists distributed semi-annually by the Society of
Actuaries and the Casualty Actuarial Society. |
Notes
re: Data Collected
General
See Attachment A for survey data summaries.
Capstone Course and Life
Contingencies Course
Evaluation of student performance in
the Capstone Course and on the graduating student competency exam administered
in the course, as well as student performance on assignments and exams in the
Life Contingencies Course will be completed each September for the prior
academic year.
Scores on the Course M and Course
C under 2005 professional exam syllabus
Official lists of candidates passing
professional actuarial exams will be scanned for names of GSU students. These lists are published in January and
July. The 2005 lists will be used to
develop a base-line ratio of passing candidates to related course enrollment. Future ratios will be monitored to evaluate
student performance.
Graduating Student/Alumni Survey
On an annual basis, a written
questionnaire survey will be administered to graduating students and
alumni. The questions will survey
student and alumni attitudes toward the content of the program, as well as
their assessments of the program’s strengths and weaknesses, and suggestions
for change.
Data Analysis:
A. Graduates' technical mastery of life contingencies
and risk theory:
Graduating Student Survey: Insufficient
response rate to permit meaningful analysis.
Alumni Survey: Insufficient response
rate to permit meaningful analysis.
Graduates' scores on Course M of actuarial
exam: Initial data under the 2005 exam structure will not be available
until July 2005.
Graduates' scores on Course C of actuarial
exam: Initial data under the 2005 exam structure will not be available
until July 2005.
B. Graduates' mastery of actuarial modeling
techniques under the 2005 actuarial exam structure:
Graduating Student Survey: Insufficient
response rate to permit meaningful analysis.
Alumni Survey: Insufficient response
rate to permit meaningful analysis.
Graduates' scores on Course M of actuarial
exam: Initial data under the 2005 exam structure will not be available
until July 2005.
Graduates' scores on Course C of actuarial
exam: Initial data under the 2005 exam structure will not be available
until July 2005.
C. Graduates' ability to structure and solve
actuarial and related business problems with sound analytical techniques:
Capstone course evaluation: Initial
evaluation to be performed in September 2005, per approved assessment plan.
Graduating Student Survey: Insufficient
response rate to permit meaningful analysis.
Alumni Survey: Insufficient response
rate to permit meaningful analysis.
D. Graduates' ability to comprehend the
theoretical and technical material in appropriate actuarial journals:
Life Contingencies courses evaluations:
Initial evaluation to be performed in September 2005, per approved assessment
plan.
Graduating Student Survey: Insufficient
response rate to permit meaningful analysis.
Alumni Survey: Insufficient response
rate to permit meaningful analysis.
E. Graduates' passage of at least two
professional examinations within three months after graduation:
Overall, the GSU pass rates on the fall
2004 exams (most recent exam results available) approximated the national
average on Exams 2 and 3 and exceeded the national average on Exam 4. Of those graduating with a BBA-AS in June
2004 and August 2004, none had passed at least two exams as of the fall 2004
exam and 50% had passed one exam.
BBA in Risk Management and
Insurance
2004
- 2005 Assessment Procedures
|
Outcomes
Assessed |
Elements
of Assessment |
Data
Collected |
|
Our graduates will provide leadership
as risk managers in business. |
Graduates' careers as: risk analysts;
brokers/agents providing professional risk management/insurance/employee
benefits counseling and market placement services for clients; as consultants
and personal financial planners; in government; and in the underwriting,
marketing, claims adjusting, planning, governmental relations, information
systems, and financial management activities of insurers. |
Graduating Student Survey Alumni Survey Employer Survey |
|
Our graduates will be able to apply
analytical and technical skills in structuring solutions to real-world
problems. |
Graduates' ability to structure and
solve risk management and related business problems with sound analytical
techniques. |
Senior RMI Assessments within Coursework Employer Survey Faculty Survey |
|
Our graduates will be able to
communicate effectively, both verbally and in writing, in a business setting. |
Graduates' ability to speak
effectively to articulate their ideas one-on-one and in meetings as well as
structure business correspondence that is both meaningful and technically
proficient. |
Senior Course Presentations Senior Course Writing Requirements Required RCB Communications
Coursework Employer Survey Alumni Survey Faculty Survey |
Notes
re: Data Collected
General
See Attachment A for survey data summaries.
Graduating Student/Alumni Survey
On an annual basis, a written
questionnaire survey will be administered to graduating students and
alumni. The questions will survey
student and alumni attitudes toward the content of the program, as well as
their assessments of the program’s strengths and weaknesses, and suggestions
for change.
Employer Surveys
On an annual basis, a written
questionnaire survey will be administered to employers that regularly hire our
continuing students as interns and our graduates to discern attitudes toward
the content of the program, as well as their assessments of the program’s
strengths and weaknesses, and suggestions for change.
Faculty Surveys and In-Course
Assessments
On an annual basis, a written
questionnaire survey will be administered to RMI faculty members that teach in
the BBA-RMI program and analytical assessment tools will be used in at least
two of the senior RMI courses to obtain the faculty’s perspectives regarding
the achievement of the program’s learning outcomes.
Data
Analysis:
A. Graduates' careers as risk analysts;
brokers/agents providing professional risk management/insurance/employee
benefits counseling and market placement services for clients; as consultants
and personal financial planners; in government; and in the underwriting,
marketing, claims adjusting, planning, governmental relations, information
systems, and financial management activities of insurers:
Employer
survey: Insufficient response rate to permit meaningful analysis.
Alumni
survey: Insufficient response rate to permit meaningful analysis.
Graduating
student survey: See Attachment A; all areas show good/excellent student
satisfaction levels except for limited satisfaction with “Career/Placement”
assistance.
B. Graduates' ability to structure and solve
risk management and related business problems with sound analytical techniques:
In-course
Assessments:
In course assessment of student learning in RMI 4530 indicated that 52%
of the RMI majors struggled with the course material (see comments in faculty
survey summary—Attachment A)
Employer
survey: Insufficient
response rate to permit meaningful analysis.
Faculty
survey: Evaluation of BBA-RMI student learning indicates that it
was below expectation (i.e. - at least 3.00 average) in problem solving and
critical thinking as well as in most risk management-related content areas.
C. Graduates' ability to speak effectively to
articulate their ideas one-on-one and in meetings as well as structure business
correspondence that is both meaningful and technically proficient:
Senior
Course Presentations: Initial evaluation to be completed in September 2005,
per schedule in approved assessment plan.
Senior
Course Writing Requirements: Initial evaluation to be completed in
September 2005, per schedule in approved assessment plan.
Required
RCB Communications Coursework: All
graduating students had completed this requirement.
Employer
Survey: Insufficient response rate to permit meaningful analysis.
Alumni
Survey: Insufficient response rate to permit meaningful analysis.
Faculty
Survey: Student learning was indicated as acceptable for oral
communications and marginally-acceptable for presentation skills, but was unacceptable
for written communications and negotiations.
Assessment Plan for Masters of Actuarial
Science
2004
- 2005 Assessment Procedures
|
Outcomes
Assessed |
Elements
of Assessment |
Data
Collected |
|
Our graduates will be knowledgeable
with respect to the Actuarial Models, including the essential tools for the
practice of actuarial science. |
Graduates' technical mastery of life
contingencies and risk theory. Graduates' mastery of actuarial
modeling techniques under the 2005 actuarial exam structure. |
Graduating Student Survey Alumni Survey Graduates' scores on Course M: Models for Quantifying
Risk, and Course C: Construction and Evaluation of Risk Models under the 2005
professional exam syllabus. |
|
Our graduates will be able to apply
analytical and technical skills in structuring solutions to real-world
problems. |
Graduates' ability to structure and
solve actuarial and related business problems with sound analytical
techniques. |
Capstone Course (AS 8500) Graduating Student Survey Alumni Survey |
|
To be knowledgeable with respect to
actuarial science theory and its applications as represented in actuarial
journals. |
Graduates' ability to comprehend the
theoretical and technical material in appropriate actuarial journals. |
Life Contingencies Courses (AS8340 & AS8350) Capstone Course (AS 8500) Graduating Student Survey Alumni Survey |
|
To enhance the communication skills
of the MAS student. |
Graduates' ability to explain technical concepts to
non-actuarial associates or clients. |
Capstone Course (AS 8500) |
|
Our graduates will progress through
the professional examinations of the Society of Actuaries and/or the Casualty
Actuarial Society. |
Graduates' passage of at least two
professional examinations within three months after graduation. |
Pass lists distributed semi-annually by the Society of
Actuaries and the Casualty Actuarial Society. |
Notes
re: Data Collected
General
See Attachment A for survey data
summaries.
Capstone Course and Life
Contingencies Course
Evaluation of student projects in the
Capstone Course and the student performance on assignments and exams in the
Life Contingencies Course will be completed each September for the prior
academic year.
Scores on the Appropriate
Professional Actuarial Examinations
Official lists of candidates passing
professional exams will be scanned for names of GSU students. These lists are published in January and
July. The 2005 lists will be used to
develop a base-line ratio of passing candidates to related course enrollment. Future ratios will be monitored to evaluate
student performance.
Graduating Student/Alumni Survey
On an annual basis, a written
questionnaire survey will be administered to graduating students and
alumni. The questions will survey
student and alumni attitudes toward the content of the program, as well as
their assessments of the program’s strengths and weaknesses, and suggestions
for change.
Data Analysis:
A. Graduates' technical mastery of life
contingencies and risk theory:
Graduating Student Survey: Insufficient
response rate to permit meaningful analysis.
Alumni Survey: Insufficient response
rate to permit meaningful analysis.
Graduates' scores on Course M of actuarial
exam: Initial data under the 2005 exam structure will not be available
until July 2005.
Graduates' scores on Course C of actuarial
exam: Initial data under the 2005 exam structure will not be available
until July 2005.
B. Graduates' mastery of actuarial modeling
techniques under the 2005 actuarial exam structure.
C. Graduates' ability to structure and solve
actuarial and related business problems with sound analytical techniques:
Capstone course evaluation: Initial
evaluation to be performed in September 2005, per approved assessment plan.
Graduating Student Survey: Insufficient
response rate to permit meaningful analysis.
Alumni Survey: Insufficient response
rate to permit meaningful analysis.
D. Graduates' ability to comprehend the
theoretical and technical material in appropriate actuarial journals:
Life Contingencies courses evaluations:
Initial evaluation to be performed in September 2005, per approved assessment
plan.
Graduating Student Survey: Insufficient
response rate to permit meaningful analysis.
Alumni Survey: Insufficient response
rate to permit meaningful analysis.
E. Graduates' ability to explain technical
concepts to non-actuarial associates or clients:
Capstone course evaluation: Initial
evaluation to be performed in September 2005, per approved assessment plan.
F. Graduates' passage of at least two
professional examinations within three months after graduation:
Overall, the GSU pass rates on the fall
2004 exams (most recent exam results available) approximated the national
average on Exams 2 and 3 and exceeded the national average on Exam 4. Of those graduating with a MAS in June 2004
and August 2004, 50% had passed at least two exams as of the fall 2004 exam and
100% had passed at least one exam.
Masters of Science in Personal Financial Planning
2004
- 2005 Assessment Procedures
|
Outcomes
Assessed |
Elements
of Assessment |
Data
Collected |
|
Our
graduates will have the knowledge, skills, and desire to help clients meet
their financial objectives. |
Graduates'
analytical, technical, communication and research skills required to perform
as a financial planning professional. |
CFP
Examination Capstone
Course (PFP 8520) |
|
Graduates'
ability to compile and summarize financial data, to formulate quantifiable
objectives from information given by a client, and to communicate financial
advice effectively. |
Capstone
Course (PFP 8520) |
|
|
Graduates'
ability to recommend appropriate courses of action to implement a financial
plan to achieve client objectives. |
Capstone
Course (PFP 8520) |
|
|
Graduates'
ability to produce high-quality comprehensive financial plans. |
Capstone
Course (PFP 8520) |
|
|
Our
graduates will pursue continued learning and professional development during
and after completion of the program. |
Graduates'
awareness of relevant professional designations and participation in
professional societies. |
Graduating
Student Survey Alumni
Survey |
|
Graduates'
awareness and use of professional periodicals and other sources of personal
financial planning information and literature. |
Capstone
Course (PFP 8520) Graduating
Student Survey Alumni
Survey |
|
|
Our
graduates will understand and appreciate the importance of the qualities of
professionalism and integrity. |
Students'
knowledge of the standards of practice and ethical rules and considerations
involved in the practice of financial planning. |
Introductory
Course (PFP 8400) Capstone
Course (PFP 8520) |
|
Our
graduates will have attained appropriate communication skills. |
Graduates'
ability to explain technical concepts to financial planning associates and
clients. |
Capstone
Course (PFP 8520) |
Notes
re: Data Collected
General
See Attachment A for
survey data summaries.
Capstone Course (PFP 8520) and Introductory Course (PFP
8400)
A capstone course and an introductory course will be
required of all graduate PFP students.
To pass the capstone course, a student must demonstrate the ability to
integrate the skills and knowledge offered in the program by producing and
effectively communicating a comprehensive, professional quality financial
plan. The course will include
instruction in and hands-on practice with client-planner oral and written
communication. Students will be
required to take a comprehensive “mock” examination similar to the actual
Certified Financial Planner (“CFP® Exam”)
In addition, students will be exposed to current standards of practice
and ethical considerations as promulgated by appropriate industry and
governmental organizations in both PFP 8520 and PFP 8400. Students in both courses will engage in
discussions and exercises to enhance knowledge in one or more areas of
financial planning practice, including such topics as regulation, establishing
a practice, becoming an investment advisor, among others. Evaluation of student performance on
exercises, case studies, written assignments and examinations in the PFP 8520
and PFP 8400 will be completed each September for the prior academic year.
CFP Examination
The CFP Examination is administered three times each
year. Many of the program’s graduates
take this examination and the CFP Board of Standards reports the results to the
Program Director. This examination tests competence to become a CFP
certificant. The percentage of our
graduates passing the examination will be compared to the national average to
assess mastery of the technical and analytical skills necessary to practice as
a financial planner. The long-range
passing percentage for program graduates will be kept and compared with the
most recent performance of the graduates and the national performance
averages. Each year, the Program
Director will analyze the data received from the CFP Board.
The Program Director also will use his or her best efforts
to monitor the frequency, bases and nature of any disciplinary action taken by
the CFP Board against any graduate of the program. The results of this monitoring effort will be shared with the
Review Panel prior to any assessment meeting by the panel.
Alumni Survey
The written survey also will be sent to each graduate, three
years after graduation. At least once
per year, the surveys will be tabulated and reviewed by the Program
Director. Copies of each of the surveys
will be provided to the Review Panel before its meeting date.
Graduating Student Survey
The written questionnaire will be administered to all
students in the Capstone Course. At
least once per year, the surveys will be tabulated and reviewed by the Program
Director. Copies of each of the surveys
will be provided to the Review Panel before its meeting date.
Data Analysis:
A. Graduates' analytical, technical,
communication, and research skills required to perform as a financial planning
professional:
CFP Exam: For the
assessment period, the pass rate for GSU graduates was 75%, as compared to an
overall pass rate of 60% for all who the exam during that period.
Capstone
Course evaluation: Initial evaluation to be performed in September 2005,
per approved assessment plan.
B. Graduates' ability to compile and summarize
financial data, to formulate quantifiable objectives from information given by
a client, and to communicate financial advice effectively:
Capstone
Course evaluation: Initial evaluation to be performed in September 2005, per
approved assessment plan.
C. Graduates' ability to recommend appropriate
courses of action to implement a financial plan to achieve client objectives:
Capstone
Course evaluation: Initial evaluation to be performed in September 2005,
per approved assessment plan.
D. Graduates' ability to produce high-quality
comprehensive financial plans:
Capstone
Course evaluation: Initial evaluation to be performed in September 2005,
per approved assessment plan.
E. Graduates' awareness of relevant professional
designations and participation in professional societies:
Graduating
Student Survey: Rated very good
(4.38 out of 5)
Alumni
Survey: Insufficient response rate to permit meaningful analysis.
F. Graduates' awareness and use of professional
periodicals and other sources of personal financial planning information and
literature:
Capstone
Course evaluation: Initial evaluation to be performed in September 2005,
per approved assessment plan.
Graduating
Student survey: Rated good (4.00
out of 5).
Alumni
Survey: Insufficient response rate to permit meaningful analysis.
G. Students' knowledge of the standards of
practice and ethical rules and considerations involved in the practice of
financial planning:
Introductory
Course evaluation: Initial evaluation to be performed in September 2005,
per approved assessment plan.
Capstone
Course evaluation: Initial evaluation to be performed in September 2005,
per approved assessment plan.
H. Graduates' ability to explain technical
concepts to financial planning associates and clients:
Capstone
Course evaluation: Initial evaluation to be performed in September 2005,
per approved assessment plan.
Masters of Science in
Risk Management and Insurance
2004 - 2005 Assessment Procedures
RISK AND INSURANCE
SPECIALIZATION
|
Outcomes
Assessed |
Elements
of Assessment |
Data
Collected |
|
Our graduates will be knowledgeable
with respect to the sources of risk for individuals, business organizations,
and societies. |
Graduates' ability to identify
sources of risk for individuals, business organizations, and societies and be
able to articulate their implications for decision making. |
Exercises and examinations in RMI
8000 |
|
Our graduates will be able to
identify how to most efficiently manage individual, business, and societal
risk exposures. |
Graduates' ability to recommend, from
a variety of contractual, governmental, or market-based approaches, how to
most efficiently manage individual, business, and societal risk exposures. |
Case study exercises in RMI 8000 |
|
Our graduates will be knowledgeable
with respect to mathematical and statistical theory associated with risk and
its management. |
Graduates' ability to quantify and
analyze financial and operational stochastic risk exposures with statistical
and probability distribution theory and to recognize the strengths and
limitations of a modeling exercise and recommend future enhancements. |
Exercises and examinations in RMI
8050 |
|
Our graduates will have attained
appropriate communication skills. |
Graduates' ability to prepare concise,
focused, logical, and well-written documents that effectively communicate the
author’s message to both technical and non-technical audiences. |
Written assignments in RMI 8000 and
RMI 8050 |
Notes
re: Data Collected
RMI 8000 and RMI 8050
Evaluation of student performance on
exercises, case studies, written assignments and examinations in the RMI 8000
and on exercises, written assignments and examinations in the RMI 8050 will be
completed each September for the prior academic year.
Data Analysis:
A. Graduates' ability to identify sources of
risk for individuals, business organizations, and societies and be able to
articulate their implications for decision making:
RMI
8000 evaluation: Generally acceptable learning is this area; some need for
improved learning in the application of concepts (see report by Dr. Klein—Attachment
B).
B. Graduates' ability to recommend, from a
variety of contractual, governmental, or market-based approaches, how to most
efficiently manage individual, business, and societal risk exposures:
RMI
8000 evaluation: Generally acceptable learning is this area; some need for
improved learning in the application of concepts (see attached report by Dr.
Klein—Attachment B).
C. Graduates' ability to quantify and analyze
financial and operational stochastic risk exposures with statistical and
probability distribution theory and to recognize the strengths and limitations
of a modeling exercise and recommend future enhancements:
RMI
8050 evaluation: Student learning, as reflected by the absolute and
relative course GPA of the RMI masters students during the assessment was very
good (see attached report by Dr. Phillips—Attachment C).
D. Graduates' ability to prepare concise,
focused, logical, and well-written documents that effectively communicate the
author’s message to both technical and non-technical audiences:
RMI
8000: Writing was generally acceptable, but improvements needed in the
level of original thought and insights (see attached report by Dr. Klein—Attachment
B).
RMI
8050 evaluation: Student learning, as reflected by the absolute and
relative course GPA of the RMI masters students during the assessment was very
good (see attached report by Dr. Phillips—Attachment C).
MATHEMATICAL RISK MANAGEMENT SPECIALIZATION
|
Outcomes
Assessed |
Elements
of Assessment |
Data
Collected |
|
Our graduates will be knowledgeable
with respect to economic foundations that underlie models used in financial
and operational risk management. |
Graduates' understanding of the
micro-economic foundations of risk sharing and equilibrium price
determination. |
Exercises and examinations in MRM
8600. |
|
Our graduates will be knowledgeable
with respect to the quantification and analysis of various financial and
operational stochastic risk exposures. |