Supplemental Resource to Improving Student Retention in CFP Board Registered Certificate Programs

Transcription

1 Supplemental Resource to Improving Student Retention in CFP Board Registered Certificate Programs

2 1

3 Rationale CFP Board is pleased to partner with The American College, College for Financial Planning, and Kaplan School of Continuing and Professional Education to explore avenues for improving student retention in CFP Board Registered Programs. Student retention and ultimately student completion, is a shared responsibility by academia, practice, and CFP Board. This supplemental resource document is designed to assist all CFP Board Registered Programs as they explore ways, both curricular and non-curricular, to provide opportunities for student completion and ultimately their pathway towards CFP certification. This document presents the initiatives that each of the participating institutions take/plan to take relative to student retention. Also included is a questionnaire for institutions to disseminate as they seek to better understand the challenges and opportunities relative to their student population. 2

4 1) What steps is your institution currently taking relative to curriculum/instruction to improve student retention? Supplemental materials have been created to provide students with additional resources to assist with material that is frequently cited as being difficult. The supplemental material will present the curriculum in different formats (e.g., videos, visual aids) providing a different learning method. Course structure has recently undergone a transformation in length and format. The new structure is shorter in duration and meets more often. The classes were modified to address more student questions and present the most pressing information, rather than trying to cover all material presented in the books. This requires students to come to class prepared so that they can dive deeper into the material. Post-assessments comparing the old and new formats showed that students have a strong preference for the new format due in part to the length, but also because they believe they are able to learn more and have greater interaction with the faculty. We conduct a Welcome to the Program webinar in which we explain time commitment, how to use physical and online assets, and who to contact for assistance. In our Virtual classes, we have moderators who are available to answer questions via chat. We have slides incorporated into the video feed with whiteboard capabilities. Students can contact a Subject Matter Expert via . We have prerecorded instructional demos of study tools located in the student s online access. Students have access to updates, announcements, etc., which keep students informed of changes and important information. A Course Guide and Steps to Success is provided to each student. At the time of purchase, a Course Guide and Steps to Success is provided to each student. We conduct a Welcome to the Program webinar in which we explain time commitment, how to use physical and online assets, and who to contact for assistance. In addition, we have prerecorded instructional demos of study tools located in the student s online access. In our Virtual classes, we have moderators who are available to answer questions via chat. We have slides incorporated into the video feed with whiteboard capabilities. Students can contact a Subject Matter Expert via . Students have access to updates, announcements, etc which keep students informed of changes and important information. A Course Guide and Steps to Success is provided to each student. 3

5 2) What steps is your institution currently taking relative to non-instructional activities to improve student retention (cohorts, communication, etc.)? We offer counseling to students who have failed our exams. We have also worked to offer videos with lectures/course content that is tied directly to learning objectives. We have reviewed and improved our communication strategy to ensure students are receiving positive communications from us on a scheduled basis. The objective of the communications is to ensure all students are receiving consistent, positive information from us and to provide assistance with enrolling, testing, and sustaining program progress. These communications include form s, personal s from student service representatives, and phone conversations. We also provide ancillary materials to help students in their practice, continuing education, an alumni website, symposium, and connection to the CFP Board to build ongoing relationships with the students. Students have access to Academic Advisors throughout the entire program. Students are sent a Welcome containing expectations, instructions on how to access virtual class, critical dates, and contact information. Reminder s are sent to students one week before a traditional class and the day of a virtual class. We utilize Social media blasts weekly. We offer a Help Line for technical/computer issues 7 days a week. Students are sent a Welcome containing expectations, instructions on how to access virtual class, critical dates, and contact information. Students have access to Academic Advisors throughout the entire program who provide reminder s regarding important due dates. The technical helpline is available 7 days a week. In additions, we utilize Social media blasts weekly. 4

6 3) How do you perceive your admissions policy affecting student retention? We allow the students the option to purchase the entire program upfront at a discount. This policy encourages students to make a full commitment at the beginning of the program We also allow students to pay per course as the go through the program. In this scenario, we follow up with the student following each course and encourage them to continue. We do allow students to move to the next cohort complimentary, one time. Additional moves can be made for a fee. We allow the students the option to purchase the entire program upfront at a discount. This policy encourages students to make a full commitment at the beginning of the program. We also allow students to pay per course as the go through the program. In this scenario, we follow up with the student following each course and encourage them to continue. We do allow students to move to the next cohort complimentary, one time. Additional moves can be made for a fee. 5

7 4) Have you engaged students who have dropped out of your program regarding retention? If so, what data (empirical or otherwise) are you willing to share? We continue to pursue students until they exceed their time to complete requirements at which time they have to re-enroll. This policy is currently being reviewed. We speak with and encourage students who miss a class, fall behind schedule, or do not enroll in the next course. Students who have dropped out are ed with options for re-enrollment. We have not tracked the re-enrollment data of students who have been out of the program for more than 2 cohorts to date. However, we do find students who want to re-enroll after several years. Students who have dropped out are ed with options for re-enrollment. We have not tracked the reenrollment data of students who have been out of the program for more than 2 cohorts to date. However, we do find students who want to re-enroll after several years. During the program we proactively speak with and encourage students who miss a class, fall behind schedule, or do not enroll in the next course. 6

8 5) Do you believe that your program s student assessment strategies impact student retention? If so, how? We are working to link our student assessments to the learning objectives Yes. After each of the units within each course, we provide the student with exercises and examples and then quiz the student on that unit. This forces the student to learn a topic before moving on. Also, it requires the student to study along the way as opposed to waiting to study for the final exam. The quizzes associated with each course are only weighted at 30% of the grade. This helps provide a safe opportunity for the student to test their knowledge before moving on to the 70% final exam. After each of the units within each course, we provide the student with exercises and examples and then quiz the student on that unit. This forces the student to learn a topic before moving on. Also, it requires the student to study along the way as opposed to waiting to study for the final exam. The quizzes associated with each course are only weighted at 30% of the grade. This helps provide a safe opportunity for the student to test their knowledge before moving on to the 70% final exam. 7

9 6) Do you have any other comments about your institution s strategies regarding student retention? Our experience proves that Academic Advisors are the key to student retention. The Academic Advisor Team counsels, encourages, and directs students to their path for success. We understand that life can get in the way. We truly do our best to accommodate students and their hectic schedules. We listen to our students and do what it takes to help them achieve their educational goal. We are able to offer students the same education via a pure self-study online format, virtual live instruction on a cohort schedule, or a traditional classroom with instructor. Our experience proves that Academic Advisors are the key to student retention. The Academic Advisor Team counsels, encourages, and directs students to their path for success. We understand that life can get in the way. We truly do our best to accommodate students and their hectic schedules. We listen to our students and do what it takes to help them achieve their educational goal. Because we are able to offer students the same education via a pure self-study online format, virtual live instruction on a cohort schedule, or a traditional classroom with instructor, it allows students to choose the option that fits their needs at a given point of time. 8

10 Potential Research Questions 1. How many courses did you complete in the program? a. Did not finish the first course b. Finished one course c. Finished 2 or 3 courses d. Finished over half the program e. Need to complete the capstone course only 2. What was your primary motivation for enrolling in the program? a. Desire for a new career in financial planning b. Personal knowledge c. CFP certification d. Employer required it 3. Please indicate the principal industry in which you are currently employed. [List of various industries] a. RIA b. Insurance agent c. Independent financial planner d. Broker e. Other 4. How many years have you been working in the industry in which you are currently employed? a. 0-2 years b. 3-5 years c years d. Over 10 years 5. If you plan to continue, when do you expect to re-enroll? a. Within the next six months b. Within the next year c. Within the next few years d. I do not expect to continue 9

11 6. Please indicate the degree to which each of the following factors interfered with your opportunity to complete your program (1-5 with 1 being not at all and 5 being significant interference ) a. Job b. Family life c. Personal factors d. Other, please explain 7. How satisfied are you with each of the following elements of the program? (Very dissatisfied, Dissatisfied, Neutral, Satisfied, Very satisfied) a. Quality of course content and materials b. Instructor knowledge, delivery, and effectiveness c. Method of program delivery 10