As you take on another semester with new faces, it’s important to keep your teaching practices fresh and impactful to ensure your material is being fully absorbed by your students. As a finance professor, understanding the importance of creating an engaging and effective lesson plan that will help students understand the complexities of finance is essential in any classroom.
The following tips are meant to help you strengthen your current finance class and help create a successful finance lesson plan that your students will enjoy and benefit from.
Use real-world examples:
Finance is a complex subject, and students may find it hard to understand without real-life examples. Try to incorporate real-world case studies and examples of financial transactions to help illustrate key concepts such as: Corporate Financial Statements, Cash Budgeting, Forecasting Annual Revenues, etc.
Assign Group Projects:
Group projects can be an excellent way to help students learn about finance. Assign group projects that require students to analyze financial statements, evaluate investment opportunities, or develop financial plans. Doing these assignments with fellow peers can help teach students group skills needed for the business world.
Start with the basics:
Many students may have little or no background in finance. Start with the basics, such as financial statements and ratios, before moving on to more complex topics. If you are teaching a junior or senior-level course, consider doing a refresher on any prerequisite content students will need to know before starting the course.
Utilize Finance Simulations:
Finance simulations can be an excellent way to help students learn about finance. Consider using simulations that allow students to practice investing, trading, or managing a portfolio.
Here are a few simulations we found perfect for college students!
The Stock Market Game
– Learn to play the stock market without the risk. Students can get a feel for how investing works, the risks involved, and which investments are the best choice.
The Uber Game
– Can a person survive on a job in the “gig economy”? That’s what this game attempts to reveal to your students. They’ll be given an urgent financial need (such as – your mortgage of $1,000 is due in a week) and then will need to accept gig jobs from Uber in order to try and save up enough to pay their bills.
Invest Quest
– Modeled after a board game, Invest Quest helps older students test their financial knowledge to better understand how to make good investments.
Discuss Current Events:
Finance is a subject that is constantly changing. Incorporate discussions of current events, such as changes in interest rates or new regulations, into your lesson plan. This will help cultivate an environment that focuses on the importance of financial literacy.
Encourage Class Participation:
Finance can be a challenging subject, and students may be hesitant to participate. Encourage class participation by asking open-ended questions and soliciting feedback from students.
Use Online Resources:
There are many online resources available that can help students learn about finance. Consider using online tools and resources in your lesson plan, such as financial calculators or online tutorials. If your course requires the use of spreadsheets consider platforms like ours to teach students both Microsoft Excel and your finance lessons.
Bring in Guest Speakers:
Guest speakers can provide valuable insights into the world of finance. Consider inviting guest speakers who work in the finance industry or were former students to share their experiences with current students.
Use visuals:
Charts, graphs, and diagrams can be incredibly useful for teaching finance. These visuals can help students understand complex financial concepts in a more straightforward way.
Provide Constructive Feedback:
Finance can be a challenging subject, and students may struggle to understand complex concepts. Provide feedback on assignments and tests to help students identify areas where they need to improve.
As the new semester begins, it's important to refresh your teaching practices and create a successful finance lesson plan that will help students understand the complexities of finance. From using real-world examples to assigning group projects, incorporating finance simulations, and encouraging class participation, these tips will help you create an environment that fosters financial literacy and helps students fully absorb the material.
Want to learn how some finance professors are using ExPrep to elevate their business? Learn more here!
