Messy Problems and Lay Audiences: Teaching Critical Thinking Within the Finance Curriculum

Abstract

This article investigates the critical thinking difficulties of finance majors when asked to address ill-structured finance problems. The authors build on previous research in which they asked students to analyze an ill-structured investment problem and recommend a course of action. The results revealed numerous critical thinking weaknesses, including a failure to address the client's problem, use analytical tools systematically, construct rhetorically useful graphics, or translate finance concepts and methodologies into lay language. The present research aims to understand more deeply why students struggle with ill-structured problems. Using think-aloud protocols, audiotaped interviews, and other strategies, the authors explore causes of finance students' difficulties and suggest strategies for addressing them. The results suggest that the homework tasks typically given them, such as quantitative problem sets using algorithmic procedures, do not prepare them to confront ill-structured problems requiring disciplinary arguments aimed at specified audiences. Research further suggests that teaching audience adaptation—especially for nonexpert audiences—is helpful in promoting critical thinking.

Keywords

critical thinking assessment writing rubric finance learning rhetoric

Get full access to this article

View all access options for this article.

References

Alley, M. (2003). Design of presentation slides. Retrieved December 26, 2007, from http://writing.eng.vt.edu/slides.html

Alley, M. , & Neeley, K. (2005). Rethinking the design of presentation slides: A case for sentence headlines and visual evidence. Technical Communication, 52, 417-426.

Carrithers, D. , & Bean, J. (2008). Using a client memo to assess critical thinking of finance majors. Business Communication Quarterly, 71, 10-26.

Flower, L. (1979). Writer-based prose: A cognitive basis for problems in writing. College English, 41(4), 19-37.

Huba, M. , & Freed, J. (2000). Learner-centered assessment on college campuses: Shifting the focus from teaching to learning. Needham Heights, MA: Allyn & Bacon.

Kurfiss, J. (1988). Critical thinking: Theory, research, practice, and possibilities (ASHE-ERIC Higher Education Report No. 2). Washington, DC: Association for the Study of Higher Education.

Suskie, L. (2004). Assessing student learning: A common sense guide . Bolton, MA: Anker.

Walvoord, B. (2004). Assessment clear and simple: A practical guide for institutions, departments, and general education. San Francisco, CA: Jossey-Bass.

Walvoord, B. , & Anderson, V. (1998). Effective grading: A tool for learning and assessment . San Francisco, CA: Jossey-Bass .

10.

Walvoord, B. , & McCarthy, L. (1990). Thinking and writing in college: A naturalistic study of students in four disciplines. Urbana, IL: National Council of Teachers of English.