BACHELOR OF APPLIED BUSINESS (FINANCE)

Transcription

1 200 King Street East P.O. Box 1015, Station B Toronto, Ontario M5T 2T9 Proposal for BACHELOR OF APPLIED BUSINESS (FINANCE) To be offered by the Centre for Financial Services Education at George Brown College, Toronto

2 GEORGE BROWN COLLEGE BACHELOR OF APPLIED BUSINESS (FINANCE) TABLE OF CONTENTS PAGE Section 1.0: College and Program Information.. 1 Section 2.0: Executive Summary 4 Section 3.0: Synopsis of Proposed Program.. 9 Section 4.0: Program Structure Requirement 14 Section 5.0: Standard 1 Applied Degree-Level Standard 15 Section 6.0: Standard 2 Program Content.. 22 Section 7.0: Standard 3 Program Delivery. 45 Section 8.0: Standard 4 Capacity to Deliver 49 Section 9.0: Standard 5 Economic Need 75 Section 10.0: Standard 6 Non-Duplication of Programs.. 82 Section 11.0: Standard 7 Credential Recognition.. 86 Section 12.0: Standard 8 Evaluation. 88 Section 13.0: Other Relevant Information Section 14.0: Additional Submission Requirements 91

3 1.0 COLLEGE AND PROGRAM INFORMATION 1.1 Submission Information Name of Institution: George Brown College Contact Person: Mr. Michael Cooke Vice President Academic Excellence and Innovation Mailing Address: George Brown College 200 King Street East P.O. Box 1015, Station B Toronto, Ontario M5T 2T9 Telephone: (416) Fax: (416) [email protected] Title of Program: Bachelor of Applied Business (Finance) Date of Submission: December 3,

4 1.2 Program Strengths With a proven history of successful Financial Planning and Accounting Programs, George Brown College ( GBC ) is well positioned to offer a successful Bachelor of Applied Business (Finance) program. GBC was the first Ontario College to offer a Financial Planning Program (1996), and almost 700 students have graduated from finance-related programs since that time. The Bachelor of Applied Business (Finance) is a natural addition to these successful programs. It capitalizes on the college s current strengths and establishes higher quality programming and excellence in education, surpassing what is possible from current diploma programs. The Bachelor of Applied Business (Finance) supports the economic development of Ontario by addressing the economic challenges and opportunities in the Greater Toronto Area and beyond. In September 2001, George Brown College was granted accreditation from the Financial Planners Standards Council (FPSC) as a registered program, enabling eligible students from the Financial Planning Management program to write the CFP Examination immediately upon graduation 1. The Financial Services and Accounting programs include academic association with the Institute of Canadian Bankers, preparation for the Canadian Securities Course 2, recognition of transfer credits from CGA and membership in a consortium of colleges accredited with 1 George Brown College does not award the CFP and CERTIFIED FINANCIAL PLANNER designation. The right to use the marks CFP TM, CERTIFIED FINANCIAL PLANNER and is granted under licence by FPSC to those persons who have met its educational standards, passed the FPSC CFP Examination, satisfied a work experience requirement and agreed to abide by FPSC Code of Ethics. 2 The Canadian Securities Course and CSC are registered trademarks of the Canadian Securities Institute. 2

5 the Canadian Insurance Self Regulatory Organization (CISRO) to meet insurance licensing requirements in Ontario. By offering a B.A.B. (Finance), GBC can significantly enhance opportunities for graduates. The education and industry credentials that graduates will obtain are both portable and internationally sound, connecting the diverse multicultural student populace with international business markets and also attracting international students to Canada. As part of our international strategy, we are in discussions with the Association of Chartered Certified Accountants ( to have our accounting curriculum recognized by the ACCA towards its ACCA designation, the only truly international professional accounting designation in the world. The Bachelor of Applied Business (Finance) can only serve to increase graduate employment, enhance student satisfaction, and contribute to one of the best-educated workforces in Ontario. 3

6 2.0 EXECUTIVE SUMMARY George Brown College is exceptionally well positioned to offer a successful Bachelor of Applied Business (Finance). With a commitment to academic excellence, our already high program quality and focus on excellence in financial services, combined with greatly improved, excellent student services and expanded partnerships with key employers, this initiative is strongly tied to George Brown College s strategic plan. Economic need for the proposed program is exceptionally strong. There continues to be a shortage of qualified individuals for financial services positions including accountants, personal financial planners, financial services managers and financial advisors. Every indication is that this shortage will continue to get worse over the next five years. Toronto is one on North America s most rapidly evolving cities. Its health and growth are crucially important to Ontario s future. George Brown College is ready to play an instrumental role by offering postsecondary education that is responsive, integrated and reflective of Toronto s spirit and direction. At the heart of Toronto s growth is the financial services industry. The B.A.B. (Finance) responds directly to the changing skills and knowledge requirements of employers in this industry. It supports the distinct move toward regulation of financial services industry, and provides an opportunity for George Brown College and its employment partners to be at the forefront of change. The following is a summary of research into economic need for the program: 4

7 Bank of Nova Scotia announced in June 2001 that they will hire between 750 and 900 financial advisors over the next two years, and will have to hire and train unqualified internal and external candidates, putting a considerable strain on their financial and human resources. Recent job postings at Workopolis.com include dozens of jobs including Financial Planner, Financial Advisor, Finance Business Analyst, and Tax Analyst. Required qualifications for these positions include CGA, CFP and, in many cases, a post-secondary degree. A survey of 295 Chief Financial Officers in Canada in May and June 2001 ranked personal financial planning as the most recommended area of specialization for someone beginning his or her career in accounting the B.A.B. (Finance) is the only program that provides the opportunity to combine a personal financial planning speciality with a professional accounting major. Consumer demand for higher quality professional financial services advisors is growing rapidly, and post-secondary academic programs are insufficient to keep up with the growing demand. Currently, only Quebec regulates the financial planning industry, but the trend appears to be moving to national regulation of some form. Without a doubt, high quality post-secondary education will be critical to the integrity of the financial services industry. 5

8 In 1998, the Certified General Accountants Association (CGA) added a requirement that prospective CGAs must obtain a baccalaureate degree before they can be granted the CGA designation. As most students pursue the CGA designation through the Community College system in Ontario, the B.A.B. (Finance) represents an unprecedented opportunity to help students achieve CGA accreditation more efficiently. By eliminating the need for additional degree-level studies after graduation from the B.A.B. (Finance) program, students financial burden will also be decreased. Members of our Financial Services Program Advisory Committee (representing banking, brokerage, insurance, accounting and financial planning) have all identified the applied degree as a major added value to employers. George Brown College is one of only five post-secondary institutions in Ontario to have a fully accredited CFP curriculum included in its full-time programs. An applied degree program is a natural fit for the CFP accreditation. According to the Institute of Canadian Bankers (ICB), the banking industry employs approximately 168,000 people across Canada. Graduates of the applied degree program will be highly employable with banks, accounting firms, investment firms, financial planning firms, credit unions and trust companies. The ICB has expressed interest in an alliance with an applied degree program for studies in financial services. 6

9 The applied degree provides a unique opportunity for students planning to complete their studies toward a CGA designation since graduates from this program would not have to pursue a baccalaureate designation elsewhere. The CGA Association of Ontario ( CGA Ontario ) would recognize the B.A.B. (Finance) as meeting their degree requirement, and we anticipate that the credential would also count toward advanced standing in Masters programs in Business Administration in several Ontario universities. George Brown College is committed to providing a unique learning community designed to give the student a new approach to learning and new tools and skills for today s workplace. The curriculum and its corresponding delivery reflect the real climate and complexity of today s business challenges, and foster both personal and intellectual growth. The B.A.B. (Finance) will provide the student with many ways to learn and balances a variety of methods, such as computer application, case studies, lectures, role-plays, and both team and individual projects. Students will be prepared to adapt to constantly changing circumstances in business and in their individual careers. The B.A.B. (Finance) is truly unique in Ontario. No other program provides the combination of sound business education, co-operative work experience, extensive development of critical thinking, problem-solving, team-building and communications skills, computer-based learning in many classes, accreditation towards the CFP and CGA designations and licensing fulfillment for securities and insurance. 7

10 As indicated in Appendix 1.2, the B.A.B. (Finance) is being proposed specifically to support the College s commitment to Centres of Excellence, and more specifically the Centre for Financial Services Education. Employer support for the program has already been demonstrated through an interest in providing consultation on curriculum needs and curriculum development as well as strong interest in hiring both co-op students and graduates from the B.A.B. (Finance) program. The program is expected to grow to an annual cumulative full-time enrolment of over 700 students within five years, supported by 25 full-time faculty dedicated to teaching at the applied-degree level. Financial capacity to operate the program has been clearly demonstrated by the included financial projections, indicating a strong contribution to the college operations. In summary, the proposed B.A.B. (Finance) program goes a long way toward filling a clearly demonstrated gap in business education in Ontario, fills a significant economic need, meets George Brown College s overall long-term strategic objectives, and is packaged in a unique, innovative and interesting manner that will attract quality students and provide high quality, highly employable and promotable graduates. 8

11 3.0 SYNOPSIS OF PROPOSED PROGRAM 3.1 Synopsis of Proposed Program Title: Bachelor of Applied Business (Finance) B.A.B. (Finance) Majors in Personal Financial Planning, Accounting, Financial Services Management and Administration. ( Financial Analysis major planned to launch in September 2004.) Program learning outcomes: Upon successful completion of the 4-year B.A.B program, graduates will be able to: Demonstrate a thorough understanding of personal financial planning principles; Demonstrate a detailed understanding of the personal financial planning process and its components; Demonstrate an understanding of fundamental accounting principles, and how they are applied in the financial industry; Demonstrate a sound knowledge of the principles of mathematics of finance and basic statistics, understand how they are applied in the financial industry, and use these fundamental principles on the job; Demonstrate an understanding of how businesses operate, the guiding principles behind doing business in Canada and how to be effective in business; Demonstrate an understanding of basic business concepts including marketing and organizational behaviour; Communicate clearly and concisely, in both written and spoken form, to address and educate clients; 9

12 Demonstrate an understanding of how both micro- and macro-economics impact financial markets and the economy; Use computers and other technology to effectively assist in managing databases, analysing financial information, developing financial plans and writing reports; Demonstrate an understanding of the role of ethics and professionalism in the financial industry, and an ability to adhere to ethical principles. Demonstrate an understanding of the various types of financial firms in Canada and understand the skills required for a career within the financial industry; Demonstrate an understanding of organizational, managerial and technological systems used by financial institutions in meeting their clients financial needs; Demonstrate sound communication, teamwork, problem solving and analytical thinking skills; Use critical analysis and creativity to find innovative solutions to business and personal financial problems; Use communication skills, problem solving, critical thinking, team-building skills and innovation to demonstrate leadership; Demonstrate an understanding of issues involved in the creation of wealth for retirement, including effective use of RRSPs and other retirement planning strategies; Use the knowledge gained across multiple business and breadth courses to solve real-life business problems as part of a management team in the financial industry; Understand and apply financial modeling techniques used by businesses to make sound long-term strategic business decisions; and, Demonstrate technical knowledge, professional competence and technological know-how in their chosen major. 10

13 The program learning outcomes have been developed in consultation with industry and professional accreditation and licensing bodies. Learning outcomes were established first, and curriculum designed around the required outcomes to ensure that the outcomes would be effectively achieved. In keeping with the applied nature of the program, and in order to clearly differentiate from a general baccalaureate program, the outcomes are achieved through a number of different delivery methods. Traditional lecture is used only where fundamental theoretical principles need to be established before the learning can take place in an applied setting. To ensure that the degree reflects its applied title, extensive real-life cases are used in a collaborative-learning environment. Students work through real-life problems, applying the theory that they have learned in prior classes, and filling in gaps in their knowledge through their own research with the professor acting as facilitator, mentor and guide. In upper-level courses, problem-based-learning techniques are applied, further developing students research, teamwork, critical thinking, analytical skills and problem solving. This approach allows for intellectual independence and also develops resourcefulness, helping to create graduates who can be effective in a variety of complex business situations. The following is a description of relationships to regulatory/licensing and professional bodies that have been established within the program: Accounting majors will complete all courses up to and including CGA Level 4; Personal Financial Planning majors complete the entire CFP syllabus. With its curriculum fully accredited by the Financial Planners Standards Council ( FPSC ), students choosing the Personal Financial Planning major can write the CFP exam immediately following graduation; 11

14 Articulation discussions are underway with the ICB so that Financial Services Management and Administration majors will be recognized towards ICB accreditation; Canadian Securities Course and insurance licensing are incorporated in the curriculum for Personal Financial Planning majors; Financial Analysis majors (under development for September 2004 launch) will be prepared for their CFA examinations. The work experience component of the program will enable students to understand how the knowledge they have gained in the classroom is applied to the workplace, and will help the students synthesize their practical classroom experience and increase their competency. To ensure that the stated outcomes have been achieved, students will be required to submit a report after each work-term (between 1,500 and 4,000 words) that demonstrates how they have applied knowledge that they have previously gained in the classroom to the workplace, or that demonstrates new knowledge that they have gained that can help them in their classroom learning. The work experience component will consist of three 4-month work terms in a related field. Admission Requirements: Students must have successfully completed an appropriate combination of grade 12 mathematics and English courses, with satisfactory grades (minimum 70%). Students will also be required to successfully complete an entrance test that demonstrates that their mathematics and English skills are at a satisfactory level to enter a degree-level program. 12

15 Projected Cumulative Full-Time Enrolment Per Year is as follows: Year Sept 2003 Sept 2004 Sept 2005 Sept 2006 First Year Second Year Third Year Fourth Year Total number of full-time students By year 4, anticipated ongoing annual intake will be 250 students per year, with a total cumulative full-time enrolment of 750 students in a fully mature program. 13

16 4.0 PROGRAM STRUCTURE REQUIREMENT The placement of co-op work terms may vary. Students will alternate school and work terms, and will not normally have a vacation semester during the four-year program. Vacations will consist of a period of between one and three weeks between semesters. Initially, the program structure will be as follows: Applied Degree September - January - April May - August Structure December Semester 1 Semester 2 Semester 3 Year One On-campus studies On-campus studies Paid full-time co-op Year Two On-campus studies Paid full-time co-op On-campus studies Year Three On-campus studies Paid full-time co-op On-campus studies Year Four On-campus studies On-campus studies GRADUATION Paid full-time consecutive work experience: 3 x 16 weeks = 48 weeks 14

17 5.0 STANDARD 1 APPLIED DEGREE-LEVEL STANDARD 5.1 Applied Degree-Level Standard The B.A.B. (Finance) at George Brown College meets or exceeds the Degree Level Standards for baccalaureate degrees with an applied focus in every category. Each standard is addressed below: 1. knowledge and critical understanding of the well-established principles of their area(s) of study, and of the way in which those principles have developed Students seeking a major in Personal Financial Planning will gain in-depth knowledge of the principles of financial planning from not less than 15 courses (in excess of 630 hours of study) that deal specifically with issues in personal financial planning. This exceeds the number of hours dedicated to personal financial planning in any degree-level program in Canada. Likewise, students seeking a major in Financial Services Management and Administration will gain more in-depth knowledge of the financial services industry and how it operates than any other postsecondary program in Canada. This is the only full-time post-secondary program in Ontario offering degree-level coverage in financial services, which includes not less than 15 separate courses exceeding 630 hours of study dedicated specifically to studies in financial services management and administration. Finally, students seeking a major in Accounting will gain the same in-depth knowledge of wellestablished accounting principles as other degree-level programs in Ontario universities, but with a more applied focus. Students selecting this major will 15

18 complete not less than 20 courses (in excess of 900 hours) of study in the principles and application of accounting. In all three majors, courses deal directly with the background behind the principles, how and why these principles have been established, and the manner in which they have been established. 2. ability to apply underlying concepts and principles outside the context in which they were first studied, including, where appropriate, the application of those principles in an employment context The George Brown B.A.B. (Finance) program is, in every respect, an applied program. First, the program is a notebook computer program. All students will be required to purchase a notebook computer for use throughout all of their courses of study. (Students will be assisted in their acquisition through attractive financing arrangements.) In personal financial planning and financial services courses, applications such as Quicken TM and Naviplan TM are used to demonstrate the real-life application of the principles learned. In the accounting courses, software such as MYOB TM, Simply Accounting TM, AccPac TM, QuickTax TM, Profile TM and CaseWare TM are used throughout the course of study in a similar manner. By using software prevalent in the Canadian work environment, underlying concepts can be applied to an employment context. In addition, throughout the course of study in all majors, students learn through extensive use of case studies and collaborative projects. In some courses, a problem-based approach is taken. These methods of learning, by definition, ensure that students are able to apply concepts to different contexts. Success is measured not solely by the ability to reproduce material from the 16

19 textbook, but also by the student s ability to apply the material to cases, group projects and real-world problems. 3. knowledge of the main methods of enquiry in their subject(s), and ability to evaluate critically the appropriateness of different approaches to solving problems in the field of study Critical thinking is one of the most important skills that employers seek from their employees. The ability to think critically is also a skill that helps individuals to function effectively in all aspects of their life in both business and personal situations. The B.A.B. (Finance) program begins teaching students to think critically from the first semester. Two courses, in first and second semester (Fundamental Business and Personal Skills I and II), help students to develop the critical thinking skills that they will need in order to be successful in later courses and to succeed in their careers. These courses set the groundwork for the use of problem-based and collaborative learning in specifically chosen later courses, where students learn through their own research, synthesis of information and critical thinking around various approaches to the problems presented. Just a few examples of courses that make extensive use of these techniques include (from all majors) Personal Financial Planning Principles, Database Concepts and Data Analysis, Business Ethics, Innovation and Leadership a Financial Services Perspective and Multi-disciplinary Strategic Management. In addition, collaborative and problem-based learning techniques are both used in the Personal Financial Planning major in the following courses: Selling Financial Services, Portfolio Management and Advanced Personal Financial Planning. In the Financial Services Management major, these techniques are used in: Business Risk Management, Consumer Behaviour, Management 17

20 Decision Making a Financial Services Approach, Productivity Management, Training and Development (Financial Services) and Managing Organizational Diversity and Change. Finally, in the Accounting major, these techniques are used in Corporate Finance I and II, Management Control Systems, Accounting Information Systems, Advanced Corporate Finance, Management Control Systems and Operational Auditing and Fraud, among others. 4. an understanding of the limits of their knowledge, and how this influences analyses and interpretations based on that knowledge Knowing what you don t know is as important as knowledge itself. A true professional is not afraid to say I don t know let me look into it. Once again, this is all part of the approach to learning taken in the B.A.B. (Finance) program at GBC. Early courses such as Fundamental Business and Personal Skills I and II instil this understanding in students early. In many courses, students learn to identify areas for which they are or are not qualified. In Personal Financial Planning Principles, for example, students learn that financial planners are not necessarily qualified to give specific insurance, investment or legal advice. They learn what additional knowledge they must obtain, or what other professionals they must work with in order to serve their clients interest. They learn how to assess the limits on their knowledge and communicate those limits clearly to clients when appropriate. The B.A.B. (Finance) program exceeds the requirements of the degree level standard by also addressing the following: 18

21 5. use a range of established techniques to initiate and undertake critical analysis of information, and to propose solutions to problems arising from that analysis Step 3 of the internationally accepted financial planning process states that your planner should analyze your information to assess your current situation (cash flow, net worth, tax projections, etc.) and identify any problem areas Step 4 states that your planner should develop and prepare a financial plan tailored to meet your goals and objectives, values, temperament and risk tolerance, while providing projections and recommendations. All students in the B.A.B. (Finance) program learn these steps in their first year of study. These principles are then applied continually to courses, not only within the Personal Financial Planning major, but also within the Financial Services Management and Administration and the Accounting majors. Critical analysis is a core competency instilled in students throughout the programs, in all courses and in all majors. Finally, these skills are tested in aggregate in two key fourth-year courses: Innovation and Leadership a Financial Services Perspective, and Multidisciplinary Strategic Management. 6. effectively communicate information, arguments, and analysis, in a variety of forms, to specialist and non-specialist audiences, and deploy key techniques of the discipline effectively 19

22 Effective communication is critical to success in business. Effective communication will enable the student to progress on the job and to achieve results. The B.A.B (Finance) program dedicates four courses specifically to develop students communication skills (Fundamental Business and Personal Skills I and II, Business English and Business Communications). The fundamental communication skills learned in these courses are then further developed and refined through innovative learning methods. Written communications and analyses are developed through case projects that require written reports. Oral analysis and communications are developed through presentations, debates and discussions, in real-world settings, and form a significant portion of the students grades in many courses. Students are required to address their fellow students in simulations, in some cases as CEOs and in other cases as clients with limited understanding of the issues, in order to develop their ability to assess an audience and communicate effectively with both specialist and non-specialist audiences. 7. undertake further training, develop existing skills and acquire new competencies that will enable them to assume significant responsibility within organizations The B.A.B. (Finance) program goes beyond the basic standard competencies. For example, students choosing the Personal Financial Planning major take 15 courses dedicated to studies in financial planning and related knowledge and competencies; well beyond the 8 courses required for accreditation towards the CFP designation. Similarly, students choosing the Accounting major receive courses in Securities Accounting, Operational Auditing and Fraud and Accounting Theory, among others, 20

23 that will set them apart in their organizations and allow them to move easily beyond their core knowledge. 8. have qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making Several courses have been established in the program specifically to instil in students a sense of personal responsibility for their actions, and to develop skills that will be easily transferable. Through collaborative learning, problem-based learning and casework, students learn that knowledge of the subject matter goes beyond the specific situation in which it was presented. In courses such as Innovation and Leadership and Multi-disciplinary Strategic Management, students must use their core knowledge and combine it with the critical thinking, communications skills, problem solving and teamwork to situations well outside the boundaries of their core subjects. As a result of this process, they will perform more effectively in business. This is truly the culmination of a complete, applied education at the degree-level. 21

24 6.0 STANDARD 2 PROGRAM CONTENT 6.3 Regulatory/Licensing Requirements Regulatory/Licensing Requirements License to Sell Securities The Canadian Securities Course TM (CSC), administered by the Canadian Securities Institute, is currently the only course that licenses individuals to sell securities under Canadian securities regulation. The B.A.B. (Finance) program includes the Special Institutional Version of the CSC. Students are able to write the CSC exam on-site at George Brown College as part of their course examination schedule. License to Sell Insurance Insurance licensing is now regulated nationally through the Canadian Insurance Self Regulating Organization ( CISRO ). George Brown College is a member of a consortium of 16 Colleges of Applied Arts and Technology in Ontario that has been granted approval as a qualifying licensing program. As the licensing requirements have just been finalized in the past month, details of the curriculum are still being finalized. However, George Brown s Applied Insurance course in the Personal Financial Planning major, together with Personal Risk Management and other core program courses, will exceed the insurance licensing requirements. 22

25 License to Practise as a Financial Planner Legislation has been proposed in Ontario for the licensing of financial planners who sell securities. Indications are that in order to obtain a license to practice, financial planners would either have to possess a valid professional financial planning designation or would be required to write a Financial Planning Proficiency Exam ( FPPE ). Graduates with a major in Personal Financial Planning would be fully prepared to meet these financial planning licensure requirements. On graduation, students would have exceeded the syllabus requirements of the FPSC, and would be qualified to write the CFP exam immediately. The financial planning curriculum has also been developed to ensure that the highest standards of knowledge, ethics and professional competence have been met so that these graduates would also be fully prepared to succeed in a FPPE exam if such an examination were required Professional/Accreditation or other Organizational Support CGA Association of Ontario ( CGA Ontario ) The Certified General Accountants Ontario is a self-governing body, which grants the exclusive right to the CGA designation and controls the professional standards, conduct and discipline of its members and students in the province of Ontario. CGA Ontario has an extensive syllabus that sets out the knowledge and competency requirements for becoming a CGA. The syllabus covers 4 degree levels of study, plus a 5 th professional level of study that must be completed through CGA Ontario directly. The B.A.B. (Finance) program covers the entire CGA syllabus through Level 4, so that students will either be granted full exemption from, or the ability to challenge directly, the examinations required in each CGA course. The core courses in the Accounting major 23

26 have been developed in close consultation with CGA and follow closely the CGA syllabus for each course. The proposed B.A.B. (Finance) with the Accounting major meets or exceeds the syllabus requirements in every CGA course through its level 4. Other Professional Accounting Bodies George Brown College is already in discussions with ACCA to have the B.A.B. accounting curriculum accredited towards the ACCA international accounting designation. In addition, once the B.A.B. (Finance) has been approved, the college plans to enter into discussions with the Institute of Chartered Accountants and the Certified Management Accountants Association for recognition of the B.A.B. accounting curriculum towards the C.A. and C.M.A. designations, respectively. Financial Planners Standards Council ( FPSC ) The FPSC is a not-for-profit, member organization whose members include The Canadian Association of Financial Planners; Canadian Association of Insurance and Financial Advisors; The Canadian Institute of Chartered Accountants; The Canadian Institute of Financial Planning; Certified General Accountants Association of Canada; Certified Management Accountants of Canada; and Credit Union Institute of Canada. The FPSC is a member organization in the International CFP Council, consisting of organizations awarding the CFP designation in 15 countries. The FPSC develops and regulates financial planning standards and grants the CFP license in Canada. Only students successfully completing a registered CFP program are eligible to write the CFP examination. In order to have its program registered, the academic institution must submit a comprehensive program of study to FPSC, and meet strict curriculum requirements. GBC has already completed this accreditation and registration process. 24

27 The Personal Financial Planning major in the B.A.B. (Finance) program meets, in all respects, the FPSC syllabus requirements. Students graduating from the B.A.B. (Finance) program with a Personal Financial Planning major are eligible to write the CFP exam immediately upon graduation, with no further course of study required Letters of Support - Professional/Accreditation and Other Organizations Letters of support from the following professional/accreditation bodies and are provided on the pages that follow: Financial Planners Standards Council Certified General Accountants of Ontario Note that some letters of support refer to a Bachelor of Applied Financial Services rather than a Bachelor of Applied Business (Finance). The former was the working title for the applied degree, and was inadvertently used by some supporting organizations. 25

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32 6.5 Proposed Applied Degree Program Program Level Learning Outcomes Demonstrate competency as opposed to just knowledge, in all applicable professional areas Demonstrate sound teamwork, problem solving and analytical thinking skills Demonstrate an ability to apply technical competency to areas outside of the specific course of study Demonstrate a detailed understanding of the personal financial planning process and its components Course(s) that Contribute to Outcome Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management All professional-level courses Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management All professional-level courses Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management Applied Business Communications All professional-level courses Personal Financial Planning Principles Retirement and Estate Planning Demonstrate an understanding of fundamental accounting principles, and how they are applied in the financial industry Accounting Fundamentals I Demonstrate a sound knowledge of the principles of mathematics of finance and basic statistics, understand how they are applied in the financial industry, and use these fundamental principles on the job Demonstrate an understanding of how businesses operate, the guiding principles behind doing business in Canada and how to be effective in business Mathematics of Finance Applied Quantitative Analysis Canadian Business Fundamentals 30

33 Program Level Learning Outcomes Demonstrate an understanding of basic business concepts including marketing and business ethics Course(s) that Contribute to Outcome Canadian Business Fundamentals Marketing Principles Business Ethics Communicate clearly and concisely, in both written and spoken form, to address and educate clients Demonstrate an understanding of how both micro- and macro-economics impact financial markets and the economy English for Business Fundamental Business and Personal Skills I and II Applied Business Communications Innovation and Leadership Multi-disciplinary Strategic Management Microeconomics Macroeconomics Corporate Finance Use computers and other technology to effectively assist in managing databases, analysing financial information, developing financial plans and writing reports Demonstrate an understanding of the role of ethics and professionalism in the financial industry, and an ability to adhere to ethical principles Demonstrate an understanding of the various types of financial firms in Canada and understand the skills required for a career within the financial industry Spreadsheet Concepts and Financial Modelling Database Concepts and Data Analysis Multi-disciplinary Strategic Management Corporate Finance Canadian Business Fundamentals Business Ethics Innovation and Leadership Multi-disciplinary Strategic Management Personal Financial Planning Principles Demonstrate an understanding of organizational, managerial and technological systems used by financial institutions in meeting their clients financial needs Spreadsheet Concepts and Financial Modelling Database Concepts and Data Analysis Multi-disciplinary Strategic Management Innovation and Leadership 31

34 Program Level Learning Outcomes Use fundamental marketing principles, specifically as they relate to the financial services industry, to create marketing plans Course(s) that Contribute to Outcome Marketing Principles Use critical analysis and creativity to find innovative solutions to business and personal financial problems Use communication skills, problem solving, critical thinking and innovation to demonstrate leadership Demonstrate an understanding of issues involved in the creation of wealth for retirement, including effective use of RRSPs and other retirement planning strategies Use the knowledge gained across multiple business and breadth courses to solve real-life business problems as part of a management team in the financial industry Understand and apply financial modeling techniques used by businesses to make sound long-term strategic business decisions. Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management Personal Financial Planning Principles Database Concepts and Data Analysis Fundamental Business and Personal Skills I and II Innovation and Leadership Applied Business Communications Retirement and Estate Planning Personal Financial Planning Principles Mathematics of Finance Multi-disciplinary Strategic Management Spreadsheet Concepts and Financial Modeling Database Concepts and Data Analysis 32

35 6.6 Academic Course Schedule Majors in Accounting, Personal Financial Planning, Financial Services Management and Administration. (Financial Analysis major is planned for September, 2004.) The program is modeled on a course-based registration system. That is, not all courses must be taken in a specific order, or in a specific semester. This provides the students with flexibility in selecting their courses, and obtaining their major. Students must complete the following: Type of Course Number of Courses Professional-Level Courses Required professional courses: Core 15 B.A.B. (Finance) professional-level course required regardless of major Required professional courses: Core 18 B.A.B. (Finance) professional-level course specific to the chosen major Elective B.A.B. (Finance) professionallevel course from another major within the 5 program Total Professional-level Courses 38 Breadth Courses from Outside the B.A.B. (Finance) Required breadth courses: Core breadth 4 courses from outside of the B.A.B. (Finance) required regardless of major Elective breadth course from outside of the 6 B.A.B. (Finance) program selected from a pool of degree-level electives Total Breadth Courses 10 Total Number of Courses in the 48 Program 33

36 The following chart summarizes the attributes of the various Majors offered in the proposed Bachelor of Applied Business (Finance) program in the Centre for Financial Services Education at George Brown College: MAJOR: PERSONAL FINANCIAL PLANNING Designations CFP, PFP, FCSI Licenses Future Careers License to sell securities, License to sell insurance Private Financial Planning Practice, Personal Financial Advisor, Investment Advisor, Financial Planning Consultant, Financial Planning Trainer/Educator Banks, Insurance Companies, Mutual Fund Companies, Trust Companies, Securities Brokerage Firms, Independent Financial Organizations Planning Firms, Financial Consulting Firms, Educational Consulting Firms, Self-Employment MAJOR: FINANCIAL SERVICES MANAGEMENT AND ADMINISTRATION A designation issued by the Institute of Canadian Bankers. ICB is Designations currently revamping their designations. Licenses Future Careers Organizations License to sell securities, if taken as electives Commissioner of Oaths Retail Bank Manager, Estate Administrator, Human Resources Manager, Pension and Benefits Specialist, Trust Administrator, any number of management-level jobs within the organizations listed below Banks, Insurance Companies, Trust Companies MAJOR: ACCOUNTING Designations Licenses Future Careers Organizations CGA. Discussions will be undertaken to include credit towards C.A. and C.M.A. designations License to sell securities, if taken as electives Private Accounting Practice, Accountant, Internal Auditor, Tax Specialist, Tax Auditor, Financial Consultant, Controller, VP Finance, any number of management jobs in industry Public Accounting Firms, Small, Medium and Large Businesses, Banks, Insurance Companies, Securities Brokerage Firms, Government, Consulting Firms, Self-Employment 33A

37 The following are the required courses regardless of major: Required Professional Courses B.A.B. (Finance) Course Type 1 Canadian Business Fundamentals P Personal Financial Planning Principles P Mathematics of Finance P Macroeconomics P Accounting Principles I P Microeconomics P Innovation and Leadership A Financial Services Perspective P Spreadsheet Concepts and Financial Modeling P Retirement and Estate Planning P Marketing Principles P Applied Quantitative Analysis P Database Concepts and Data Analysis P Multi-disciplinary Strategic Management P Corporate Finance I P Business Ethics P As stated in the previous table, in addition to these 15 professionallevel courses, students must complete any 5 professional courses from another major within the B.A.B. (Finance) program, provided they have met the prerequisite requirements for each course, plus 18 courses specific to their major, as laid out in the course schedule that follows. Required Breadth Courses Outside of Program Area Course Type 1 English for Business O Fundamental Business and Personal Skills I O Fundamental Business and Personal Skills II O Applied Business Communications O As stated in the previous table, in addition to these 4 breadth courses, students must complete any 6 breadth courses from a pool of degree-level elective from outside of the B.A.B. (Finance) program. 1 P = Professional course, or program, level course. A course within the field of study of this major. All majors have a total of 33 P courses. F = Financial elective. A course within the field of study of Applied Business (Finance), but not specific to this major. All majors have a total of 5 F electives. O = Breadth course. A course outside of the specific field of study of the B.A.B. (Finance). All majors have a total of 10 O courses. 34

38 The following is a typical course sequence for each major: Major: Personal Financial Planning Semester 1 Course Course Type Hours Course Prerequisite(s) Canadian Business Fundamentals P 42 None English for Business O 42 None Personal Financial Planning P 56 None Principles Mathematics of Finance P 42 None Macroeconomics P 42 None Fundamental Business and Personal O 28 None Skills I Semester 2 Accounting Principles I P 56 None Microeconomics P 42 None Canadian Financial Systems P 42 None Applied Business Communications O 42 English for Business Fundamental Business and Personal Skills II O 28 Fundamental Business and Personal Skills I Spreadsheet Concepts and Financial P 42 None Modeling Semester 3 Applied Personal Financial Management Systems P 42 Personal Financial Planning Principles Applied Accounting P 42 Accounting Principles I Canadian Securities I P 56 Personal Financial Planning Principles, Macroeconomics Retirement and Estate Planning P 42 Personal Financial Planning Principles, Mathematics of Finance Marketing Principles P 42 None Applied Quantitative Analysis P 42 Mathematics of Finance Semester 4 Selling Financial Services P 42 Canadian Financial Systems, Personal Financial Planning Principles, Applied Business Communications Business and Family Law P 42 Personal Financial Planning Principles Canadian Securities II P 42 Canadian Securities I (Corporate) Finance I P 42 Canadian Securities I or Intermediate Accounting I Breadth Elective O 42 Finance Elective F 42 35

39 Major: Personal Financial Planning (cont.) Semester 5 Income Taxation I P 56 Accounting Principles I, Retirement and Estate Planning Investment Management P 42 Canadian Securities II Personal Risk Management P 42 Retirement and Estate Planning Finance Elective F 42 Finance Elective F 42 Breadth Elective O 42 Semester 6 Income Tax Planning P 56 Income Taxation I Productivity Management P 42 Fundamental Business and Personal Skills II Marketing Financial Services P 42 Selling Financial Services, Marketing Principles Database Concepts and Data Analysis P 42 Spreadsheet Concepts and Financial Modeling Breadth Elective O 42 Finance Elective F 42 Semester 7 Derivatives Fundamentals P 42 Investment Management Portfolio Management P 42 Investment Management Business Ethics P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Innovation and Leadership A Financial Services Perspective P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Finance Elective F 42 Breadth Elective O 42 Semester 8 Training and Development P 42 Productivity Management Advanced Personal Financial Planning Multi-disciplinary Strategic Management P 42 Business Ethics, Personal Risk Management, Personal Income Tax Planning P 42 Innovation and Leadership A Financial Services Perspective Applied Insurance P 56 Personal Risk Management Breadth Elective O 42 Breadth Elective O 42 36

40 Major: Financial Services Management and Administration Semester 1 Course Course Type Hours Course Prerequisite(s) Canadian Business Fundamentals P 42 None English for Business O 42 None Personal Financial Planning P 56 None Principles Mathematics of Finance P 42 None Macroeconomics P 42 None Fundamental Business and Personal O 42 None Skills I Semester 2 Accounting Principles I P 56 None Microeconomics P 42 None Canadian Financial Systems P 42 None Applied Business Communications O 42 English for Business Fundamental Business and Personal Skills II O 42 Fundamental Business and Personal Skills I Spreadsheet Concepts and Financial P 42 None Modeling Semester 3 Applied Accounting P 42 Accounting Principles I Retirement and Estate Planning P 42 Personal Financial Planning Principles, Mathematics of Finance Canadian Securities I P 56 Personal Financial Planning Principles, Macroeconomics Financial Products and Services P 42 Canadian Financial Systems Marketing Principles P 42 None Applied Quantitative Analysis P 42 Mathematics of Finance Semester 4 Selling Financial Services P 42 Financial Products and Services. Co-requisite: Consumer Behaviour in Financial Services Business and Family Law P 42 Personal Financial Planning Principles Consumer Behaviour in Financial Services Applied Personal Financial Management Systems Breadth Elective O 42 Finance Elective F 42 P 42 Applied Business Communications. Corequisite: Selling Financial Services P 42 Personal Financial Planning Principles 37

41 Major: Financial Services Management and Administration (cont.) Semester 5 International Financial Systems P 42 Canadian Financial Systems Marketing Financial Services P 42 Selling Financial Services, Marketing Principles Estate and Trust Administration P 56 Business and Family Law, Retirement and Estate Planning Finance Elective F Finance Elective F Breadth Elective O Semester 6 Mortgage Underwriting and Administration P 42 Applied Personal Financial Management Systems Business Risk Management P 56 Applied Accounting or Management Accounting I Database Concepts and Data Analysis P 42 Spreadsheet Concepts and Financial Modeling Productivity Management P 42 Fundamental Business and Personal Skills II Breadth Elective O Finance Elective F Semester 7 Management Decision Making a P 56 Business Risk Management Financial Services Approach Training and Development P 42 Productivity Management Business Ethics P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Innovation and leadership A Financial Services Perspective P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Finance Elective F Breadth Elective O Semester 8 Human Resources Management (FS) P 42 Training and Development Applied Bank Financial Management P 56 Management Decision Making a Financial Services Approach Multi-disciplinary Strategic Management Managing Organizational Diversity and Change Breadth Elective Breadth Elective P 42 Innovation and Leadership A Financial Services Perspective P 42 Innovation and Leadership A Financial Services Perspective O O 38

42 Major: Accounting Semester 1 Course Course Type Hours Course Prerequisite(s) Canadian Business Fundamentals P 42 None English for Business O 42 None Accounting Principles I P 56 None Mathematics of Finance P 42 None Macroeconomics P 42 None Fundamental Business and Personal O 42 None Skills I Semester 2 Personal Financial Planning P 56 None Principles Microeconomics P 42 None Accounting Principles II P 56 Accounting Principles I Applied Business Communications O 42 English for Business Fundamental Business and Personal Skills II O 42 Fundamental Business and Personal Skills I Spreadsheet Concepts and Financial P 42 None Modeling Semester 3 Intermediate Accounting I P 56 Accounting Principles II Retirement and Estate Planning P 42 Personal Financial Planning Principles, Mathematics of Finance Managerial Accounting I P 56 Accounting Principles II Accounting Information Systems P 42 Accounting Principles II or Applied Accounting Marketing Principles P 42 None Applied Quantitative Analysis P 42 Mathematics of Finance Semester 4 Intermediate Accounting II P 56 Intermediate Accounting I Managerial Accounting II P 56 Managerial Accounting I (Corporate) Finance I P 42 Macroeconomics, Intermediate Accounting I Commercial Law P 42 Canadian Business Fundamentals Breadth Elective O 42 Advanced Applied Statistics* * this course takes the place of one F elective F* 42 Applied Quantitative Analysis 39

43 Major: Accounting (cont.) Semester 5 Corporate Finance II P 42 Corporate Finance I Audit Strategies I P 42 Intermediate Accounting II Advanced Accounting P 56 Intermediate Accounting II Finance Elective F 42 Finance Elective F 42 Breadth Elective O 42 Semester 6 Audit Strategies II P 42 Audit Strategies I Income Taxation I P 56 Accounting Principles I, Retirement and Estate Planning Accounting Theory P 56 Advanced Accounting Database Concepts and Data Analysis P 42 Spreadsheet Concepts and Financial Modeling Breadth Elective O 42 Finance Elective F 42 Semester 7 Operational Auditing and Fraud P 56 Management Accounting II Income Taxation II P 56 Income Taxation I Business Ethics P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Innovation and Leadership A Financial Services Perspective P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Finance Elective F 42 Breadth Elective O 42 Semester 8 Advanced Finance P 42 Corporate Finance II Securities Accounting P 56 Advanced Accounting Multi-disciplinary Strategic Management P 42 Innovation and Leadership A Financial Services Perspective Management Control Systems P 42 Management Accounting II, Accounting Information Systems Breadth Elective O 42 Breadth Elective O 42 40

44 6.8 Admission Requirements Program Admission Requirements Academic Mathematics Grade Grade 12 Mathematics of Data Management (MDM4U) 70% and Grade 11 Mathematics of Personal Finance (MBF3C) or any grade 12 University Preparation mathematics 70% 70% Related Work/Volunteer Experience Other English Grade 12 College English (ENG4C) and Grade 12 Communications in the World of Business Grade 70% 70% or Grade 12 University English 70% (ENG4U) None By way of skills assessment tests, all students must demonstrate a math and English skills level consistent with grade 12 standards. 41

45 6.9 Promotion and Graduation Requirements Course Type Promotion Graduation Professional Courses 65 (C) 65 (C) Courses Outside 50 (D) 50 (D) Professional Field of Study Overall 65 (C) 65 (D) Paid Co-op Work Experience The co-op component of the program will increase competency and emphasize the development of key areas of knowledge, skills and abilities. The student will learn how these skills interrelate to real world business challenges. Common Work Experience Outcomes Work Experience Outcomes How work experience puts into practice the program outcomes Gain a better in-depth understanding of The best way to truly learn is through technical issues through practice in realworld situations students to practise and enhance their doing. The co-op experiences will allow understanding through hands-on Demonstrate competency as opposed to just knowledge, in all applicable professional areas Demonstrate sound teamwork, problem solving and analytical thinking skills experience. The ability to do one s job well, and use his/her required knowledge in any situation that might arise is what employers look for (i.e. competency). Knowledge without competency is of little value in the real world. Through the co-op experience, students will learn the importance of competency first-hand, and apply their acquired knowledge in real world business settings. Students will be faced with situations that they have never seen before, and will have to work with co-workers and supervisors to accomplish their objectives. They will learn to act logically to evaluate situations and to work towards common goals. 42

46 Common Work Experience Outcomes (cont.) Work Experience Outcomes How work experience puts into practice the program outcomes Demonstrate an ability to apply technical The co-op experience will include work competency to areas outside of the outside of the core areas of study. specific course of study Students will learn that knowledge must include general, organizational and business knowledge. They will begin to understand how this knowledge is interdependent with core technical Apply the personal financial planning process and its components to real situations Gain appreciation for mathematics of finance and apply these principles to reallife cases Learn self-discipline Understand how marketing is used in practice to achieve business objectives Communicate clearly and concisely, in both written and spoken form, to address and educate clients Use computers and other technology to effectively assist in managing databases, analysing financial information, developing financial plans and writing reports knowledge. Students will be faced with real situations with real financial planning needs, and will have an opportunity to apply the knowledge learned in the classroom to these situations. Students will see the application of financial mathematics every day in the financial planning industry. Students have only to answer to themselves in an academic setting. On the job, to be successful, students will be required to develop their self-discipline, including setting and achieving goals, personal management, hard work, timely completion of duties, time management, taking responsibility and being accountable for one s own actions. Students will be exposed to the marketing plan within the organization, and will learn how a marketing plan is carried out in practise to achieve corporate objectives. Students will be required to interact with many different people in their co-op jobs fellow workers, supervisors and clients. This will allow them to put into practice their communication skills by listening. Students will experience real-world software applications, and will be required to apply what they have learned in the classroom to work situations and use information technology to achieve their objectives. 43

47 Common Work Experience Outcomes (cont.) Work Experience Outcomes How work experience puts into practice the program outcomes Demonstrate an understanding of the role Students will be exposed to many different of ethics and professionalism in the types of employees, all with different financial industry, and an ability to adhere attitudes and approaches to their work. to ethical principles Through this experience, students will have a better understanding of the role of ethics and professionalism in the workplace. They will learn to display positive attitudes and behaviours such as Develop the soft skills required for a career within the financial industry Learn the qualities of good leadership honesty, integrity and personal ethics. Through employer feedback, students will learn the importance of communication, critical thinking, and teamwork. The students will develop interpersonal skills, learn to be persistent in the pursuit of a goal, use their initiative and display a positive attitude towards learning and growth. Through exposure to different supervisors and managers, students will learn how to develop their own leadership skills. They will develop a respect for the thoughts and opinions of others, and an understanding of the culture of the organization. They will learn that leadership mobilizes a group of employees to high performance. 44

48 7.0 STANDARD 3 PROGRAM DELIVERY 7.1 Student Feedback College Policy on Student Feedback George Brown College will gather and assess student feedback on the applied degree program as follows: Student Satisfaction Survey: This survey is a provincial Key Performance Indicator (KPI), conducted once each year. It provides information about the overall satisfaction of each student with the program, faculty, learning resources, services, and facilities. Graduate Satisfaction Survey: This survey is also a Key Performance Indicator, conducted six months after graduation. It measures the graduate s employment status and satisfaction with his or her college program in the employment situation. Course Evaluation: George Brown College has a long-standing practice of administering a student survey at the end of every course. The results are tabulated by Compustat Consultants, the same consultants used for the KPI survey, and returned George Brown College. Currently, the aggregate results of the surveys for each semester are available to students through the Students' Association. Starting in 2002, the aggregated results of the surveys will be published on the College's website. 45

49 Co-op Work-Term Evaluation: George Brown College is in the process of finalizing a student handbook that will be used for applied degree work-term placements. The student surveys that will be administered for work-term evaluation will gather information on several aspects of the experience, including: Assessments on how well the work experience met the anticipated outcomes outlined in Section of this application. The skills that were used (e.g. self-management, technical, inter-personal). How the work experience relates to the courses taken during academic semesters. Opportunities to develop skills and which skills the student would like to continue to develop. Feedback received from supervisors, co-workers and clients. Ratings of the relevance and value of the learning experience. Ratings on the support provided by George Brown College during the co-op work term. Withdrawal Survey: This survey is requested for students who leave the program prior to graduation. It is conducted in a face-to-face environment so that the college, whenever possible, can assist the student to stay in the program. 46

50 7.1.2 Copy of Student Feedback Instruments 47

51 48

52 8.0 STANDARD 4 CAPACITY TO DELIVER 8.1 Past Performance Key Performance Indicators Year Graduate Employment Graduate Satisfaction Employer Satisfaction Student Satisfaction Graduation Rate % 66.0% 77.0% 56.0% % 80.0% 92.0% 55.0% 55.7% % 79.9% 89.3% 64.8% 61.3% Lower student satisfaction rates reflect student concerns regarding registration and admissions services and regarding the quality of the College s classroom and study spaces. In , the College introduced web-based registration, which has dramatically improved registration and admission services. In , the College will build three new buildings with support from the government's Superbuild fund and $14 million in private donations. These new buildings will provide students with a learning environment that supports modern theory and practice in adult education. The new buildings will include: A new building at the Casa Loma Campus providing a new central hub for the campus and a major expansion of Technology facilities. A new building to house our new Financial Services Centre at the St. James campus. The Centre for Studies in Community Health, a joint project of George Brown College and Ryerson University. 49

53 During the same period, the College will make an investment of $800,000 annually in new instructional equipment. In the Centre for Financial Services Education, a number of new initiatives have been undertaken to improve KPIs: In September 2001, a university model course-based registration system was introduced. Students can now choose their courses, times and professors each semester to fit their individual requirements. Also in September 2001, Academic Advising was introduced, whereby all students are assigned academic advisors to assist them with course and program selection, and with other academic or other issues that may arise. In close consultation with industry, major curriculum review and renewal has been undertaken across all Centre for Financial Services Education programs. Final plans have been approved for a new, technologically state-of-the-art building that will house the Centre for Financial Services Education, and the B.A.B. (Finance) program if approved. Groundbreaking is scheduled to occur this month. 50

54 8.2 Program Appropriateness George Brown College's Mission: Working closely with partners from all sectors of our society, George Brown College will provide high-quality education that meets the evolving social and economic development of the communities we serve, and will enable students to succeed in achieving their individual and career life goals. George Brown's Strategic Direction: George Brown, "The City College", will lead in providing innovative applied education and training programs for adults seeking to enhance their employability both short term and long term. The mission statement and strategic direction were developed to address the continual evolution in the nature and scope of student demand. Recent changes include: The year old population in the Greater Toronto Area (GTA) will grow by 35% from 1999 to Growing pressure in the highly competitive GTA labour market for new graduates and employee upgrading or retraining. Increased choice for students with the approval of private and out-of-province institutions and more distance offerings. 51

55 George Brown College is responding by offering more seats in high employment areas, flexibility in styles and a market-oriented approach to education. Providing applied degree programs is an integral part of addressing the needs and expectations of student population. One area that George Brown College has targeted as a high employability area is in finance and financial services. In 1999, George Brown College set about creating a Centre of Excellence in Financial Services as part of a significant academic renewal process for the School of Business. The Centre was able to build on a strong history in Accounting and Financial Planning, and with the hiring of a Director with strong academic and professional credentials, combined with career experience in accounting, financial planning and banking, the Centre has been able to move forward with a totally updated curriculum in its new financial planning program, and a totally new financial services program. The college s inability to grant a degree however, represents the college s greatest challenge in its effort to offer excellent graduates who are ready and able to serve in a professional or management capacity. The creation of an applied degree for the Centre for Financial Services Education would eliminate this gap. The Bachelor of Applied Business (Finance) represents the culmination of the college s academic renewal in the Centre for Financial Services Education, and fits precisely with the college s strategic direction in offering academic excellence in selected fields of study. The College has created the structure and environment needed to support the Bachelor of Applied Business (Finance) in the following ways: 52

56 1. Strong Financial Foundation: Over the past five years, George Brown College has worked toward its mission and strategic direction by embarking on an aggressive plan to improve the economy and efficiency of the core educational programs and to eliminate peripheral programs and activities. Through decisive leadership and sound financial management, the fiscal position of the College has gone from an operating deficit and a negative cash flow to an accumulated surplus of $2.9 million, a capital reserve of $7.5 million and a $20 million positive cash flow. This has been accomplished within a context of decreasing funding per capita from the operating grant, increased enrolment and fewer faculty and staff. 2. Quality Policies and Support Structure: Program quality is assured through corporate policies and structures established under the aegis of the office of the Vice President, Academic and Innovation. This office is unique to the Ontario colleges in that it has no operational responsibilities and is fully focused on standards, best practices, quality assurance and institutional research. Michael Cooke presently holds the Vice President's position. In 1997, he received the College's Board of Governor's Award of Excellence for Leadership. The Association of Community Colleges of Canada has named him the recipient of the 2001 Leadership Award. 3. e-learning Expertise: e-learning technologies include the World Wide Web, , CD-ROM, video-conferencing and instructional software that complement more traditional forms of distance education. George Brown College is already a leader in the use of distributed learning with its award-winning electronics program, its Bell Centre, and a significant number of courses or course segments developed through its Centre for Learning Innovations and Academic Development. Currently, the use of e-learning technologies at George Brown College is at the high end of the national 53

57 estimate of 5-10% of curriculum offerings. By 2004, the College will double that percentage. 8.4 Policies on Faculty Evaluation/Renewal 1. Academic/professional credentials required of faculty teaching courses in the program. For certificate and diploma programs (with the exception of apprenticeship programs), George Brown College requires new faculty to have a Master's level credential in a related field. This requirement was in place for a number of departments prior to 1995 and was incorporated into standard practice throughout the College with the renewed hiring activity initiated in May For applied degree programs, the College will require new faculty members to have both teaching and strong industry training and experience (a doctorate will be required where necessary). In the case of the B.A.B. (Finance), faculty will also be required to have relevant professional accreditations. 2. Evidence on file supplied directly to George Brown College from the granting agency of the highest academic credential and any required professional credential claimed by faculty members. 54

58 George Brown College is currently in the process of attaining written verification from the granting institutions of academic and professional credentials. All such verification will be on file by the end of the first quarter of Regular review of faculty performance, including student evaluation of teaching. a. All probationary faculty members participate in an in-depth orientation program that is concurrent with the probationary period. The program includes a weeklong residential retreat covering all aspects of their duties as a professor. During the first year, they also complete a week-long instructional skills workshop and a week-long program on instructional design and outcomesbased learning. In the second year, each professor completes an instructional design or teaching project that is presented to the Vice-President, Academic Excellence. This intensive program was implemented in September b. During the probationary period, faculty members are informed in writing of their progress at intervals of four months continuous employment or four full months of accumulated non-continuous employment. This policy is outlined in the Collective Agreement, Article 27.02D, last ratified on September 26, To determine the progress being made, the Chair will evaluate the faculty in the classroom. It is the practice at George Brown College that each in-class observation is also followed by an evaluation discussion with the Chair. c. Depending on the faculty member's workload as defined in the Collective Agreement, Article 11, all permanent faculty members meet with their Chair between two and five times a year. Faculty members also meet with their Chair 55

59 annually to discuss their professional development plans and performance. The professional development plan responds to student feedback, evolution of their teaching responsibilities and changes in their profession or area of expertise. The practice of having this meeting to discuss professional development plans is a long-time standard practice. The commitment was formally established in September d. At the end of every course, students complete a student feedback questionnaire that provides input to faculty members and Chairs on course content, teaching methodology, evaluation methods, classroom ambiance, responsiveness of the faculty member and overall learning experience. Chairs meet with faculty once or twice a year to discuss the results of their student feedback questionnaires. The practice has been formally in place since September Means for ensuring the currency of faculty knowledge in the field. a. The Office of the Vice-President, Academic Excellence and Innovation, includes a Director of Academic Excellence who works directly with individual faculty members and groups of faculty to develop professional development programs that are aligned with the program priorities and that are tailored to their defined needs. This structure and process have existed since March b. Each year, a number of faculty members are awarded full sabbaticals to pursue major professional development projects related to their teaching duties. This 56

60 policy, and the formula to calculate the number of faculty members who will participate, are outlined in the Collective Agreement, Article 20, which was last ratified on September 26, c. Each Faculty establishes an annual plan defining its curriculum development priorities and allocates a portion of its budget to support faculty members who carry out activities in support of that plan. This process was implemented in September d. The College has a Centre for Learning Innovation and Academic Development, which operates under the aegis of the Office of the Vice-President, Academic Excellence and Innovation. The Centre offers training and support for faculty members who are developing innovative approaches to curriculum design and program delivery. Each year, the College provides up to fifteen partial sabbaticals for faculty members who want to do a major project through the Centre. This has been the practice of George Brown College since e. The Deans and Chairs work with the faculty members to establish business and advisory committee connections. These connections and ongoing relationships provide the faculty with opportunities to increase awareness on changes in industry practice and needs. This approach to industry connections was originally legislated by the Ministry of Colleges and Universities prior to George Brown has long adopted Program Advisory Committees as a standard practice to provide the necessary link between the College, the faculty members and communities being served. 57

61 f. A Staff Resource Centre has been available to faculty members since George Brown College was established. This Centre provides workshops, resource materials and other professional development resources. The development and delivery of new resources are closely linked to the George Brown's goals of academic excellence and strategic direction. Since 1999, George Brown College also provides easy accessibility to the Resource Centre resources and activities through the website: g. For two years, George Brown College has provided an Employee Tuition Assistance Plan for personal, professional or institutional development. If approved for the plan, the faculty member is entitled to a maximum of $5,000 over the span of their career at George Brown College. This program is unique in the Ontario College system. h. Professional development subsidies for George Brown College have been in place prior to It encourages life-long learning by allowing faculty members to enrol in a George Brown College course for a nominal fee of $20. i. In the case of the B.A.B. (Finance), faculty will be given paid professional leave to work in industry, on the basis initially of one full-year leave for every eight full-time faculty, moving to one full year for every four full-time faculty by This paid leave program will ensure that faculty are current in their profession, are focused on the application of the curriculum in business, and will also provide faculty with relevant real-world experiences to share with students in the classroom, thereby enriching the classroom experience. 58

62 5. The promotion of curricular and instructional innovation. At George Brown College, the President has appointed a Vice-President, Academic Excellence and Innovation whose primary mandate is to promote scholarship, teaching excellence and program innovation. The Office of the Vice- President, Academic Excellence and Innovation is unique to the Ontario colleges in that it has no operational responsibilities and is fully focused four priorities: 1. Development and implementation of academic policies that define the standards for academic excellence; 2. Development of institutional capacity, especially professional development of faculty; 3. Quality assurance and continuous improvement through program review and performance evaluation; and, 4. Institutional research to measure student success, student retention and program quality. This structure has been in place since January

63 8.5 Enrolment Projections and Staffing Implications Staffing Requirements - Projected Ratio of Cumulative Enrolment Cumulative Cumulative Cumulative Full-time Full-Time Part-Time Technical Staff Students/ Full-time Part-time FTE FTE FTE Full-time Faculty Year Year Year Year Full-time enrolment has been determined using estimated attrition rates of 25% between year 1 and year 2, 10% between year 2 and year 3 and 5% between year 3 and year 4. The equivalent of one full-time Director and one full-time manager will also be necessary, and is reflected in the budget. 8.6 Resources Library Resources George Brown College's library resources are held in its Learning Resource Centres (LRCs). In terms of physical resources, there are four LRCs at George Brown College. These LRCs not only house collections, but also provide study space, facilities for using non-print resources such as video viewing stations and research computers, group study rooms, and special needs adaptive technology equipment. One of the most important functions of the LRCs is assisting students in locating and evaluating information for their research. The Educational Resources Department has two professional librarians and as well as 10 paraprofessionals and library technicians to 60

64 handle reference service and library technical services. In addition, part-time library technicians are hired during the academic year to extend the LRCs' open hours. Following the current trend, an increasing number of resources are being made available outside the physical environment of the college. Students can now perform the following activities from remote locations: check the library catalogue, renew books, place requests for books and search many of the online databases. Collection development and maintenance for the applied degree program will be the primary responsibility of the Campus Librarian. Faculty liaison is an important element since they provide subject expertise and are responsible for determining resources for de-selection and recommending new acquisitions. Technical staff provides the support necessary for making materials and services accessible. Students have access to additional resources outside of the college holdings through the following established arrangements: 1. George Brown College contracts with the Bibliocentre for cataloguing, purchasing and circulation services. The Bibliocentre also acts as a consortium base for all the Community Colleges providing reduced costs for acquiring electronic periodical databases and e-books as well as text materials. 2. Inter-library loans are handled primarily through the other colleges with special arrangements being made on an ad-hoc basis with other institutions. Since George Brown College is located in the central Toronto region, students have walk-in access to many other specialized libraries within the city. Reciprocal borrowing 61

65 arrangements are possible with certain other Community Colleges in the area such as Humber and Sheridan. The LRCs currently have approximately 78,914 books, 2,749 videos, 428 journal subscriptions and 51 on-line and CD-ROM databases. The 51 databases are either online or on CD-ROM. For descriptions of the electronic database subscriptions, please access the Library/Learning Resource Centre web page: Some of the databases that are particularly relevant to the financial industry are: ABI-inform Global Canadian Business and Current Affairs Business Canadian Business and Current Affairs Reference Canadian Newsdisc Lexis-Nexis If the program is approved, George Brown College is committed to substantially increasing its library resources in the Finance area: Library Resources Relevant to Applied Degree Program Area # of Holdings (print) relevant to the field of study If Program Current Approved Books # of Holdings (electronic) Current If Program Approved Periodicals Databases 6 10 Audiovisual

66 8.6.2 Computer Access All students will lease a notebook computer at competitive rates, provided through GBC, as part of a 4-year lease-to-own program. All notebooks will be full equipped with wireless networking capabilities, including full internet access. In addition, lab computers will be available on the basis of one computer for every eight students. Year Number of Students (Cumulative) Number of Computers Available to Applied Degree Students Number of Computers (with Internet Access) Avaliable to Applied Degree Students Location of Computers 1 Campus Other (Personal Notebook with Wireless Internet) In addition to the above computer access, each campus has an Open Access Computer Learning Centre that provides access to up-to-date computers with internet access, all instructional software and other electronic resources necessary to supporting research. There are a total of 401 computers with internet access available to the students. The St. James campus has 202 of these computers available to students. 63

67 8.6.3 Classroom Space The new facilities currently under construction will provide the classroom space necessary to deliver the applied degree program: Number of Students (Cumulative) Number of Classrooms available on the St. James Campus in the new building for September 2003 (all classrooms will have wireless technology): Year Lecture Hall for 320 students 1 Classroom for 160 students 1 Classroom for 120 students 2 Classrooms for 80 students 2 Classrooms for 80 students that can be divided into smaller classrooms 4 Classrooms for 40 students 4 Classrooms for 20 students 2 Breakout rooms for 20 students 4 Laptop Rooms for 15 students Laboratories/equipment There are no laboratories or special equipment applicable to this program Resource Renewal and Up-grading The $29.6 million from the Superbuild Growth Fund and contributions from the College and its partners has allowed the College to begin construction of 14,040 square metres of classroom, laboratory and shop space at our main campuses. All new facilities will be in place by September 2003 and there will be sufficient facilities to accommodate the projected applied degree enrolment numbers. One of the brand new facilities being constructed from the Superbuild Growth Fund, at the downtown St. James campus, will house the Centre for Financial Services Education exclusively. The building will be constructed with innovative classrooms, utilizing wireless networking and internet technology in all classrooms except for the large lecture theatre. In addition, creative workspaces will be created with wireless pods where 64

68 students can use their wireless-capable notebook computers to work together on group projects in a relaxed but productive setting. Classrooms are also being built with maximum flexibility, to allow for the most efficient use of space possible. For example, eighty-seat classrooms can quickly and easily be divided into two classrooms of 40 seats each. In 2001, George Brown established a $4 million strategic investment fund to ensure continued renewal and innovation of facilities and resources. Included in the budget are the following: Additional staff in communications, liaison and web support Renovation of the George Brown website and call centre Rollout of a faculty computing project Improved audio-visual support Development of an information technology strategic/operation plan Linkages between professional development of staff with strategic directions, including any applied degree program granted In addition to the above investments in facilities and infrastructure, George Brown College commits to the following renewal strategy: 1. Library Resources: A plan and budget will be developed to maintain library resources at a level appropriate to a degree program. The proposed increase to holdings outlined in Section is an example of George Brown's commitment to maintaining a high level of resources for its students and faculty. George Brown 65

69 College has already undertaken a similar plan for its collaborative baccalaureate Nursing program with Ryerson University. 2. Computers and Computer Access: The department, in consultation with its Program Advisory Committee, will develop a capital purchase plan and budget to meet the ongoing strategic requirements of academic and industry needs. The renewal of computer equipment will be partly funded by the student fee structure currently in place. 3. Classrooms, Laboratories and Equipment: An instructional computing and technology annual plan and budget will be developed for ongoing upgrades to the facilities and equipment. 8.7 Support Services Support Services Tutoring Academic Advising Career Counselling Personal Counselling Placement Services for Students with Disabilities Available to Applied Degree Students George Brown College provides excellent services to assist in student success. The student has access to Learning Resource Centres, Open Access Labs and brand new Tutoring and Learning Centres. GBC is one of the most diverse colleges in Canada and we are committed to making the college accessible for all students and to encouraging community participation. The new Academic Advising Program assists students in the development of a meaningful education plan that is compatible with their goals. The program draws from a number of educational and human development strategies, 66

70 connecting students to the college and providing information to assist them in reaching their full potential. A Mentoring Program is planned for mid-2002 and will connect students with Alumni who will be encouraged to share what they have learned in their careers and to coach student projects. This will prove to be invaluable in helping students learn how to solve industry related problems, and in guiding students on their desired career path. 67

71 8.8 FINANCIAL PLANNING Due to uncertainty around the exact funding of the proposed program, two budgets have been prepared. The College Funding Model assumes funding adapted from current college funding formulas and the University Funding Model uses a typical university funding formula, adjusted to 85% of actual university funding levels. A Capital Expenditures budget has also been provided. Operating Budget (College Funding Model) Bachelor of Applied Business (Finance) Operating Budget College Funding Model For the Year Ending March Number of Students Revenue (000s) (000s) (000s) (000s) (000s) Grant Funding, (Notes 1 and 2) $ 593 $ 1,180 $ 2,087 $ 3,030 $ 3,527 Tuition, (Note 3) ,760 2,555 2,975 Total Revenue $ 1,093 $ 2,176 $ 3,847 $ 5,585 $ 6,502 Operating Expenses Salaries and Benefits Administration and Support Full Time Academic Administration $ 200 $ 204 $ 208 $ 212 $ 216 Full Time Support and Technical Co-op Office Benefits Total Administration and Support

72 Operating Budget (College Funding Model) (cont.) Faculty Full Time, (Note 4) ,014 1,242 1,548 Part Time, (Note 5) Benefits Total Faculty ,399 1,741 2,107 Total Salaries and Benefits $ 865 $ 1,137 $ 1,860 $ 2,252 $ 2,669 Non-Salary Operating Expenses Professional Development $ 59 $ 90 $ 152 $ 186 $ 232 PD Leave - Sessional Replacement, Note Ongoing Curriculum Development Advertising and Marketing College Activities Office and Other Operating Expenses Professional Fees - Other Total Non-Salary Operating Expenses $ 459 $ 523 $ 676 $ 1,066 $ 1,113 Start-up Expenses Initial curriculum development $ 50 $ - $ - $ - $ - Hiring and miscellaneous start-up Awareness advertising and marketing Total Start-up Expenses $ 160 $ 110 $ 170 $ 90 $ 90 Total Operating Expenses $ 1,484 $ 1,770 $ 2,706 $ 3,408 $ 3,872 Net Operating Contribution Before Contribution to College Overhead ($ 391 ) $ 406 $ 1,141 $ 2,177 $ 2,630 Less: Contribution to College Overhead ( 328 ) ( 653 ) ( 1,154 ) ( 1,676 ) ( 1,951 ) (Note 7) NET OPERATING SURPLUS (DEFICIT) ($ 719 ) ($ 247 ) ($ 13 ) $ 501 $

73 Notes to Operating Budget (College Funding Model) Note 1 Operating grant is calculated on the basis of 100% of the College Funding model. A factor of 1.5 times the basic funding unit (the degree level factor used for business degree programs) has been used. Note 2 As a degree-level program, costs associated with its delivery will be substantially higher than the costs of operating a diploma program. Faculty salaries in particular are substantially higher than in a diploma program, due to such factors as applied research requirements (resulting in fewer available teaching hours per professor), substantial applied PD leave and other additional professional development costs. Other costs, such as library resources, professional-level support and enhanced facilities also lend support to the rationale for a 1.5 factor. Under this factor, the grant works out to $4,743 per year. Note 3 Tuition is calculated on the basis of 100% of university tuition, or $4,000 per year, indexed annually to inflation. Note 4 Full-time faculty salaries based on average of $65,000 per year, indexed annually to inflation. Note 5 Part-time faculty salaries based on average of $55,000 per year, indexed annually to inflation. Note 6 Cost represents back-fill for professional development leave on the basis of one full-time leave per year for every eight fulltime professors, moving to one full-time leave for every four by Note 7 Contribution to college overhead based on 30% of total revenue. Note 8 Revenue and expenses are inflation-adjusted annually at a 2% inflation rate. 70

74 Operating Budget (University Funding Model) Bachelor of Applied Business (Finance) Operating Budget University Funding 85% Funding For the Year Ending March Number of Students Revenue (000s) (000s) (000s) (000s) (000s) Grant Funding, (Note 1) $ 661 $ 1,316 $ 2,326 $ 3,377 $ 3,931 Tuition, (Note 2) ,760 2,555 2,975 Total Revenue $ 1,161 $ 2,312 $ 4,086 $ 5,932 $ 6,906 Operating Expenses Salaries and Benefits Administration and Support Full Time Academic Administration $ 200 $ 204 $ 208 $ 212 $ 216 Full Time Support and Technical Co-op Office Benefits Total Administration and Support

75 Operating Budget (University Funding Model) (cont.) Faculty Full Time, (Note 3) ,014 1,242 1,548 Part Time, (Note 4) Benefits Total Faculty ,399 1,741 2,107 Total Salaries and Benefits $ 865 $ 1,137 $ 1,860 $ 2,252 $ 2,669 Non-Salary Operating Expenses Professional Development $ 59 $ 90 $ 152 $ 186 $ 232 PD Leave - Sessional Replacement, Note Ongoing Curriculum Development Advertising and Marketing College Activities Office and Other Operating Expenses Professional Fees - Other Total Non-Salary Operating Expenses $ 459 $ 523 $ 676 $ 1,066 $ 1,113 Start-up Expenses Initial Curriculum Development $ 50 $ - $ - $ - $ - Hiring and Miscellaneous Start-up Awareness Advertising and Marketing Total Start-up Expenses $ 160 $ 110 $ 170 $ 90 $ 90 Total Operating Expenses $ 1,484 $ 1,770 $ 2,706 $ 3,408 $ 3,872 Net Operating Contribution Before Contribution to College Overhead ($ 323 ) $ 542 $ 1,380 $ 2,524 $ 3,034 Less: Contribution to College Overhead ( 348 ) ( 694 ) ( 1,226 ) ( 1,780 ) ( 2,072 ) (Note 6) NET OPERATING SURPLUS (DEFICIT) ($ 671 ) ($ 152 ) $ 154 $ 744 $

76 Notes to Operating Budget (University Funding Model) Note 1 Operating grant is calculated on the basis of 85% of the University Funding model, using the applicable factor of 1.5 times the Basic Income Unit (the degree level factor used for business degree programs). Note 2 Tuition is calculated on the basis of 100% of university tuition, or $4,000 per year, indexed annually to inflation. Note 3 Full-time faculty salaries based on average of $65,000 per year, indexed annually to inflation. Note 4 Full-time faculty salaries based on average of $55,000 per year, indexed annually to inflation. Note 5 Cost represents back-fill for professional development leave on the basis of one full-time leave per year for every eight fulltime professors, moving to one full-time leave for every four by Note 6 Contribution to college overhead based on 30% of total revenue. Note 7 Revenue and expenses are inflation-adjusted annually at a 2% inflation rate. 73

77 Bachelor of Applied Business (Finance) Capital Expenditures Budget College Funding Model For the Year Ending March (000s) (000s) (000s) (000s) (000s) Library materials - books, videos, databases $ 150 $ 16 $ 16 $ 150 $ 16 Capital expenditures - computer equipment Capital expenditures - other Total Capital Expenditures $ 350 $ 166 $ 141 $ 275 $

78 9.0 ECONOMIC NEED 9.1 Economic Need Overview The growing demand and economic need for the Bachelor of Applied Business (Finance) are driven by the following factors: Financial products, services and systems are becoming increasingly complex and require more training. There continues to be a convergence of financial knowledge requirements in the area of personal finance. A four-year applied degree program with three co-op work-term semesters will provide graduates with: The critical thinking and understanding of industry concepts that are now considered basic requirements in the industry. An understanding of what it means to be a financial professional as opposed to a licensed salesperson. In-depth knowledge in all areas of personal finance, and analytical skills and the ethics needed to function as a financial professional. Practical experience working with the products, services, computer software and systems that are integral to the financial environment. 75

79 Canadians are now more sophisticated with respect to financial management when evaluating alternative strategies than ever before. Clients are demanding graduates who can not only provide financial data, but who can also analyze information and operations to make sound financial recommendations in multiple areas of personal finance. Financial regulatory bodies such as the Certified General Accountants of Ontario have formally acknowledged the need for degree-level knowledge and skills. This need is outlined in the following excerpt from the CGA website ( The business environment is much more globally focused than it was just a few years ago. Employers in this new international economy are demanding ever-higher qualifications and standards from the accounting professionals they employ. To be competitive, a financial manager must demonstrate keen problem solving skills, and an ability to assess, comprehend and respond to the much wider contexts that business now operates in. A baccalaureate degree demonstrates that you have obtained many of these required attributes. In order to ensure that all CGAs are qualified to compete in this business environment, one must obtain a bachelors degree prior to certification as a CGA. To provide maximum flexibility in this regard, the degree may be from a university, university/college or technical institution. It may be in any field, it does not need to be in business/accounting. 76

80 Analysis of Job Advertisements In searches conducted from August to November 2001 on the employment website the following observations were made: Most finance business analyst positions required post-secondary degree and/or enrolment/completion of a professional accounting designation (C.A., CGA, C.M.A.). Most entry-level positions for employment as a financial planner or an investment advisor requested the following: a relevant degree from a recognized university or Community College enrolment in or completion of the Investment Funds in Canada Course or the Canadian Securities Course Even with the recent economic downturn, it is interesting to note that on November 17, 2001, the following advertisements were found on the Workopolis site: CIBC advertising for eight financial advisors across Ontario. RBC Financial Group advertising for a number of Investment & Retirement Planners Canada-wide in both urban and rural locations. Qualifications included: Must be Mutual Funds licensed (IFIC or CSC) Have completed or working towards a financial planning designation (PFP, CFP, CIM, FMA) 77

81 In addition, Bank of Nova Scotia has announced the hiring of between 750 and 900 financial planners over the next two years. A recent survey of 295 CFOs in Canada in May and June, 2001 ranked personal financial planning as the most recommended area of specialization for someone beginning his or her career in accounting this is the only program that combines a financial planning speciality with a professional accounting program. Scotiabank has said, an individual obtaining an applied degree would have a much greater likelihood of securing employment in the financial services industry than would a graduate of the diploma program. The Royal Bank has similarly indicated that average salaries would be as much as 20% higher for graduates of an applied degree program versus a diploma program. George Brown College is one of only five post-secondary institutions in Ontario to have a fully accredited CFP program as part of a full-time program in financial services. An applied degree program is a logical extension of this accreditation. According to the Institute of Canadian Bankers (ICB), the banking industry employs approximately 168,000 people across Canada. Graduates of the applied degree program will be highly employable with banks, accounting firms, investment firms, financial planning firms, credit unions and trust companies. 78

82 Analysis of Economic Forecasts Research on Canada and Ontario Job Futures 2000 was conducted for employment forecasts: Ref. Category / Employment No. Titles 012 Managers in Financial and Business Services Financial Planner Investment Manager Summary of Economic Information Provided Most recent entrants have an undergraduate university degree or a Community College diploma. Some managers may also have to obtain professional licences, certification or registration. Technological change has raised the skill requirements for this group, as computerized financial systems, automatic teller machines and real estate listing services are widespread in finance, insurance and real estate industry. Work Prospects = Good 0111 Financial Managers: Controller Manager Internal Audit The unemployment rate averaged 1.5% from 1996 to 1998, compared to the national average of 6%. This rate is among the lowest for management occupations and for occupations in the business, finance and administrative sectors. Over the next five years, the number of job openings for these managers is expected to increase more rapidly than the number of qualified, experienced job seekers. In an era of computerized financial reporting and management systems, financial managers need strong information systems skills. Employment requirements are expected to increase through 2004 across a broad range of industries. Work Prospects = Good 79

83 Ref. Category / Employment No. Titles 1111 Financial Auditors and Accountants: Certified General Accountant (CGA) Financial Auditor Internal Auditor 1112 Financial and Investment Analysts: Financial Analyst Financial Consultant Investment Analyst Summary of Economic Information Provided Certified management accountants must have a university degree and be accredited by the Society of Management Accountants. Approximately 58% of current employment is in the Toronto region. Work Prospects in Ontario = Good Employment in this occupation usually requires a bachelor's degree in commerce, business administration or economics, as well as on-thejob training and related industry courses. Strong quantitative, computer and analytical skills are essential for this occupation. Detailed knowledge of a particular industry sector or market is an advantage. Increasingly, financial institutions seek professionals with a broad range of financial sector skills, Many employer job advertisements look for individuals with variety of financial software skills, as well as communications, thinking and teamwork skills. Work Prospects in Ontario = Good It is important to note that there is still a requirement for diploma graduates in financial services. Canada Job Futures indicates that graduates from a diploma program have occupations such as account clerk, bank/insurance clerk, bookkeeper, retail salesperson, administration officer and financial planner/mortgage broker (Reference: jobfutures.ca/jobfutures/fos/c111.html). Work prospects for diploma graduates are considered "Fair" since recent unemployment rates and earnings in these occupations were about the same as the economy-wide averages. In summary, while there is still a demand for diploma programs in Ontario, George Brown College is focusing on the strong and growing economic need for graduates at the degree level. This focus is consistent with the Centre of Excellence mandate and direction initiated in

84 9.3 Student Interest/Potential Pool of Candidates George Brown College conducted a survey of 147 students currently in the diploma programs to determine student interest in an applied degree offering. The survey results indicate strong support for the applied degree program: The importance of having a degree is emphasized by the fact that 79% of diploma students are already planning to continue their education to attain a degree credential. When asked to identify the reasons why they want a degree, the primary reason indicated was to increase career opportunities: Percent of Reasons for Considering a Degree Respondents* Career Opportunities 71% Requirements for a Professional Designation 54% Personal Fulfillment 51% Career Progression/Advancement 50% Note: There were multiple reasons provided per respondent Eighty-eight students (60%) would have considered a four-year applied degree if the option had been available to them upon admission to George Brown College. One hundred respondents (68%) expressed interest in bridging opportunities to the proposed applied degree program. There is a stated preference to enrolling in an applied degree with 54% preferring work placement opportunities as a requirement of a degree. The majority of respondents (66%) would like to enroll in a degree program full time. 81

85 10.0 STANDARD 6 NON-DUPLICATION OF PROGRAMS Similar/related DIPLOMA Programs George Brown B.A.B. (Finance) Humber College Centennial College Program Length 4 years + 1 co-op year 2 years 3 years Co-op Yes 3 x 4 months Option 3 x 4 months No each each Accounting Majors/Focus areas Taxation, Financial Information Systems, Personal Finance Personal Financial Planning All required courses for CFP examination Personal Financial Planning Includes only 2/3 of required courses Unique Financial Services Industry Focus? Ability to combine CFP program with other majors? Canadian Securities Course option included in program? Notebook Computer Program? Focus on Collaborative learning? Financial Services Management and administration Retail Management, Estate and Trust Administration, Bank Administration Generic Financial Services Yes Yes Yes Yes No No Yes No Yes Yes No No Yes No No 82

86 George Brown s B.A.B. (Finance) program is uniquely different from any Ontario college programs: Entrance requirements are at a degree level Promotion standards are at a degree level Learning outcomes are degree level Notebook computer requirement to ensure integration of technology throughout core courses Collaborative learning, problem-based learning and case-studies woven throughout core courses Management skills developed in Management major Financial Analysis option planned for September 2004 Ability to combine courses from all three majors, leading to unique qualifications upon graduation Develops skills to be transferable to other industries Integrates more professional and licensing preparation courses than any other program 83

87 Similar/related UNIVERSITY Programs Ryerson and Nipissing are the only Ontario universities that offer a degree program that includes a specific financial services industry focus. Similarities and differences between these programs are identified in the table below: Program Length *Nipissing University BCOMM (Financial Services) Up to 10 years to complete the program George Brown College B.A.B. (Finance) 4 years + 1 co-op year 4 years Ryerson Polytechnic BCOMM Co-op No Yes 3 x 4 months each No Majors/Focus areas Accounting Taxation, Financial Information Systems, Accounting Unique Financial Services Industry Focus? Ability to combine CFP program with other majors? Canadian Securities Course option included in program? Notebook Computer Prog. Collaborative learning? Personal Financial Planning Insurance Financial Service Management Trust Administration, Bank Administration Personal Finance Personal Financial Planning Securities, Insurance, Retirement and Estate, Taxation Financial Services Management and Administration Retail Management, Estate and Trust Administration, Bank Administration Financial Analysis (planned for 2004) Yes Yes No No Yes No Yes No No No, delivered Dist Ed only. Yes Yes Finance Corporate Financial Management, Investment Management, Personal Financial Planning Management and Enterprise Development Entrepreneurship and Innovation Economics Marketing Management, Human Resources No No No 84

88 Admission requirement to Nipissing are extremely strict, with a requirement of three years relevant experience in the financial services industry and a minimum of 24 credits (8 courses) with the Institute of Canadian Bankers Innovative Programs Many aspects of the George Brown B.A.B. (Finance) program are innovative and unique: Notebook computer requirement to ensure integration of technology throughout core courses Collaborative learning, problem-based learning and case-studies woven throughout core courses Canadian Securities Course built in to Personal Financial Planning major Management skills developed in Financial Services Management and Administration major Financial Analysis option planned for September 2004 One full year of co-op experience integral to the program Focuses exclusively on application of skills to the financial services industry Develops skills to be transferable to other industries Integrates more professional and licensing preparation courses than any other program 85

89 11.0 STANDARD 7 CREDENTIAL RECOGNITION 11.1 Transfer of Academic Credits 11.2 Credit Transfer Agreements George Brown College currently informs students of articulation agreements through the GBC calendar. By 2003, all articulation agreements will also be accessible via the GBC website. The Centre for Financial Services Education has the following arrangements: Accounting graduates may obtain advanced standing in the CGA program, and with the following universities: Atkinson College at York University, Ryerson Polytechnic University, Athabasca University, University of Windsor, University of Calgary, and Northwood University in Michigan, U.S.A. Many of the Centre of Excellence business courses are recognized by universities and professional associations. Advanced standing into degree programs may be granted to eligible graduates by Athabasca University, Northwood University, and Ryerson Polytechnic University. Lakehead University's general policy on transfer admissions indicates that college Business diploma grads with a B+ GPA will receive transfer credit equivalent to the first two years of a 3-year Bachelor of Administration program or to the 4-year Honours Bachelor of Commerce program. 86

90 University of Western Sydney (Australia) indicates credit transfer will be awarded to GBC graduates from Business Accounting, as well as other business courses in Management, Marketing and Information Systems. If the B.A.B. (Finance) program is approved, GBC plans to enter into discussions with a number of universities that offer MBA programs, such that students graduating from GBC s four-year B.A.B. (Finance) will receive significant advanced standing towards an MBA. 87

91 12.0 STANDARD 8 EVALUATION The review, analysis and evaluation for the applied degree program will be structured on George Brown College s current processes and policies which involve both internal and external review teams. The key participants in the ongoing review and evaluation of the program will be as follows: Academic Review Committee: This committee includes the Chair of the division responsible for the program, the Program Coordinator and key faculty members. It meets each semester to review relevant KPI information, information from other surveys of students, enrolment and retention data, input from student representatives, co-op placement information, feedback on the liberal studies electives pool, etc. The committee prepares recommendations where appropriate for presentation to the Program Advisory Committee and the Vice President of Academic Excellence. The applied degree program will also be subject to the annual cycle of program review where each program is measured against a series of benchmarks including application and enrolment data, graduation rates, employment rates, student and graduate satisfaction indicators, retention rates, grade results and financial results. Programs that fall below college-wide benchmarks must complete a second level of review that identifies key areas for improvement and sets a 12-month action plan. The review process is carried out under the aegis of the College s Review Committee. 88

92 Program Advisory Committee: The Program Advisory Committee is made up of a broad cross-section of industry representatives including recent program graduates. The committee will make recommendations on program content, delivery, relationship to industry needs and change, and quality of graduate. Program Advisory Committees report annually to the Board of Governors through its Academic and Student Affairs Committee. Academic and Student Affairs Committee The Academic and Student Affairs Committee is a standing committee of the College s Board of Governors. It receives annual reports from the Program Review Committee and from Program Advisory Committees and makes recommendations to the Board of Governors regarding program quality and program renewal. 89

93 13.0 OTHER RELEVANT INFORMATION 13.1 Other Relevant Information There is no other relevant information to include in this proposal. 90

94 14.0 ADDITIONAL SUBMISSION REQUIREMENTS 14.2 Required Information For Determining Funding Parameters Semester/Level Total Classroom Lab/Workshop/ Field Work Clinical Placement Field Placement Small Group Tutorial Paid Co-op Work Experience Other Totals