Reviewing the Quality of Education
The Aims and Objectives for Economics
Curriculum Design, Content and Organisation
Teaching, Learning and Assessment
Student Progression and Achievement
The Quality Assurance Agency for Higher Education (QAA) was established in 1997. It has responsibility for assessing the quality of higher education (HE) in England and Northern Ireland from 1 October 1997 under the terms of a contract with the Higher Education Funding Council for England (HEFCE). The purposes of subject review are: to ensure that the public funding provided is supporting education of an acceptable quality, to provide public information on that education through the publication of reports such as this one, and to provide information and insights to encourage improvements in education. The main features of the subject review method are:
The HE sector in England and Northern Ireland is diverse. The HEFCE funds education in over 140 institutions of HE and 75 further education (FE) colleges. These institutions vary greatly in size, subject provision, history and statement of purpose. Each has autonomy to determine its institutional mission, and its specific aims and objectives at subject level. Subject review is carried out in relation to the subject aims and objectives set by each provider. It measures the extent to which each subject provider is successful in achieving its aims and objectives. Readers should be cautious in making comparisons of subject providers solely on the basis of subject review outcomes. Comparisons between providers with substantively different aims and objectives would have little validity.
Subject review examines the wide range of influences that shape the learning experiences and achievements of students. It covers the full breadth of teaching and learning activities, including: direct observation of classroom/seminar/workshop/ laboratory situations, the methods of reviewing students' work, students' work and achievements, the curriculum, staff and staff development, the application of resources (library, information technology, equipment), and student support and guidance. This range of activities is captured within a core set of six aspects of provision, each of which is graded on a four-point scale (1 to 4), in ascending order of merit. The aspects of provision are:
Reviewers are academic and professional peers in the subject. Most are members of the academic staff of UK HE institutions. Others are drawn from industry, commerce, private practice and the professions.
The review method has two main processes:
In addition to individual review reports, the QAA will publish subject overview reports at the conclusion of reviews in a subject. The subject overview reports are distributed widely to schools and FE colleges, public libraries and careers services. Both the review reports and the subject overview reports are available in hard copy and are also on the world-wide web.
1. This Report presents the findings of a review in March 2001 of the quality of education in economics provided by Loughborough University.
2. The origins of Loughborough University extend back to 1909 when a Technical Institute was founded in the town. Following a period of rapid expansion, the Institute was renamed Loughborough College. In 1952, it split into four separate Institutions: the College of Technology, the College of Art and Design, the College of Further Education and the Training College. In 1966, the College of Technology achieved university status as Loughborough University of Technology. In 1977, the University amalgamated with the College of Education (Training College) and in 1998 (by now renamed Loughborough University) with the College of Art and Design. The University has 23 departments in three faculties: Science, Social Sciences and Humanities, and Engineering. It has 8,778 students studying as full-time undergraduates and 156 studying part-time. There are 701 full-time and 1,259 part-time postgraduate students.
3. Economics is taught by the Department of Economics and the Loughborough University Business School, both Departments within the Faculty of Social Sciences and Humanities. The subject is taught by 25 full-time teaching staff and there are 452 full-time students studying at undergraduate level and 60 full-time postgraduate students.
4. The following provision forms the basis of the review:
5. The statistical data in this Introduction are provided by the institution itself. The aims and objectives are presented overleaf. These also are provided by the institution.
Aims: All Programmes
1. Both the Department of Economics and the Loughborough University Business School (LUBS) aim to further the University's Mission and Strategy for Learning and Teaching, in the context of QAA guidelines on graduateness, and, where appropriate, the Royal Economic Society's survey findings on the content of Economics degrees.
2. The Departments aim to foster in their students:
In addition for all masters programmes in the Department of Economics
In the case of the Business School, less emphasis is placed on economic theory but, in addition, it aims to foster:
Objectives
3. On successful completion of their programme of study, all graduates should be able to:
In addition, on successful completion of all MSc programmes graduates should have:
4. Additional Programme Specific Objectives
On successful completion of the:
BSc in Business Economics and Finance graduates should have a thorough knowledge of financial and industrial economics, both theoretical and applied, relevant to the world of industry and finance.
BSc in International Economics graduates should have a thorough understanding of the principles, problems and policy issues in international trade and finance together with knowledge of the major international institutions.
BSc in Economics graduates should have a thorough knowledge of developments in advanced microeconomics and macroeconomics theory and be able to apply relevant theoretical and applied economics including quantitative analysis to policy issues, for example in the completion of an extended analytical or empirical project.
BSc in Economics with Accounting graduates should be eligible for exemption from the foundation examinations of the professional accountancy bodies.
BSc in Economics (Combined Honours) graduates should have a thorough knowledge of another language or social science (French, German, Spanish, Human Geography, Politics, Sociology, Social Policy).
BSc in Banking and Finance programme, graduates should have a thorough knowledge of the banking industry from an economic and managerial perspective. They should be eligible for exemption from a number of examinations of the Chartered Institute of Bankers and other professional bodies.
MSc in Economics and Finance graduates should have a thorough knowledge of advanced theory in microeconomics, macroeconomics, financial economics and econometrics sufficient to enable them to achieve employment as economic consultants or to pursue PhD research in any field of economics including finance.
MSc in Banking and Finance graduates should have a thorough knowledge of advanced theory and applications relevant to the world of financial institutions.
MSc in International Banking graduates should have a thorough knowledge of advanced theory and applications relevant to the major institutions of international finance and central banking.
MSc in Islamic Economics, Banking and Finance graduates should have a thorough knowledge of advanced theory and applications relevant to the study of international financial institutions which adopt principles of Islamic law, practice and governance.
Diploma in Economics programme graduates should have a thorough knowledge of the core elements of macroeconomics, microeconomics and econometrics sufficient to enable them to gain employment where a knowledge of economics is desirable or to gain entry to a specialist MSc training in Economics.
6. The graded profile in paragraph 7 indicates the extent to which the student learning experience and achievement demonstrate that the aims and objectives set by the subject provider are being met. The tests and the criteria applied by the reviewers are these:
To what extent do the student learning experience and student achievement, within this aspect of provision, contribute to meeting the objectives set by the subject provider?
Do the objectives set, and the level of attainment of those objectives, allow the aims set by the subject provider to be met?
1 The aims and/or objectives set by the subject provider are not met; there are major shortcomings that must be rectified.
2 This aspect makes an acceptable contribution to the attainment of the stated objectives, but significant improvement could be made. The aims set by the subject provider are broadly met.
3 This aspect makes a substantial contribution to the attainment of the stated objectives; however, there is scope for improvement. The aims set by the subject provider are substantially met.
4 This aspect makes a full contribution to the attainment of the stated objectives. The aims set by the subject provider are met.
7. The grades awarded as a result of the review are:
|
Aspects of provision
|
Grade
|
|---|---|
| Curriculum Design, Content and Organisation |
4
|
| Teaching, Learning and Assessment |
4
|
| Student Progression and Achievement |
4
|
| Student Support and Guidance |
4
|
| Learning Resources |
4
|
| Quality Management and Enhancement |
3
|
8. The quality of education in economics at Loughborough University is approved.
9. Undergraduate and postgraduate programmes are structured in a way that provides intellectual progression and well-balanced and challenging curricula. The undergraduate curriculum provides an appropriate level of basic skills and knowledge in year one, and as a high percentage of first-year undergraduates have taken GCE A-Level Economics, the Departments endeavour to ensure that there is an appropriate level of challenge for all students by providing a broad curriculum in the first year as a whole. The curricula are semesterised and modularised, and undergraduate students take 120 credits each year, six 10-credit modules each semester.
10. In the second and third years, undergraduates study a mixture of core and optional modules which vary according to their programme of study. This provides an appropriate degree of programme breadth and depth, ensuring that students can achieve high levels of knowledge and understanding by the time they graduate.
11. Postgraduate programmes draw on the specialist expertise of academic staff and provide advanced education in economics, banking and finance. The taught masters programmes offer students a choice of elective modules that complement the core modules required by that particular programme. Students also complete a dissertation in which they must demonstrate the subject-specific and mathematical research skills they have acquired from their studies.
12. There is considerable flexibility in undergraduate programmes. The curriculum is organised in such a way that students are able to transfer between the four specialist undergraduate programmes at the end of the first year and, in certain cases, at the end of year two. Students are also able to transfer easily from the specialist undergraduate degrees into the Economics Combined Honours programmes at the end of year one.
13. The BSc Economics with Accounting provides students with exemptions from the foundation level of professional examinations for the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy and the Institute of Chartered Accountants in England and Wales. The BSc Banking, Finance and Management also qualifies its graduates for exemptions from a range of professional banking examinations.
14. Small departmental teams in microeconomics, macroeconomics and econometrics ensure that undergraduate programmes of study are coherent, well integrated and up to date. External examiners are very supportive of the curriculum content and specifically praise its currency and relevance. The shape and scope of the curricula, and any proposals for curricular revision, are discussed at annual away days.
15. The research, scholarship and consultancy activity of staff in the Departments enhances the curricula. Members of staff write and contribute to student texts and make significant contributions to academic journals. New modules and programmes are offered as a result of this activity, and currency in the curricula is further enhanced through frequent conference attendance by members of staff and through an active seminar programme.
16. The Departments' programmes deliver a high level of cognitive and subject-specific skills, and the students demonstrate a level of knowledge and understanding appropriate to their award. Written communication skills are regularly assessed in coursework assignments and examinations, and numeracy skills are delivered on all undergraduate and postgraduate programmes. Oral presentational skills are not formally assessed on undergraduate programmes, although they are an important component of second-year tutorials in the core second-year Microeconomics and Macroeconomics modules.
17. This aspect makes a full contribution to the attainment of the stated objectives. The aims set by the subject provider are met.
Curriculum Design, Content and Organisation:
Grade 4.
18. The Departments are in the process of fully implementing their teaching and learning strategy. The strategy is based on the use of a variety of teaching and learning methods that are appropriate to the delivery of the curricula and that meet the learning needs of the students. The methods employed include lectures, tutorials and guided reading, with supplementary materials provided to students on the University's intranet LEARN server. This strategy also seeks to make a specific contribution towards the Departments' stated aim of fostering transferable skills and the personal development of students. Whilst such skills are as yet not directly assessed, they feature extensively across the range of modules available and particularly within the core elements of the different pathways.
19. Additional support for student learning is available centrally from the Mathematics Learning Support Centre (MLSC) and the Learning and Teaching Development (LTD) Unit. The MLSC aims to enhance students' confidence and abilities in quantitative skills. Students who are identified through a diagnostic test at the beginning of the first semester are targeted specifically. LTD acts as a reference service for all students to provide support for learning and study skills.
20. Teaching is of a very high quality. The reviewers observed a representative range of teaching across all levels, involving both experienced and probationary staff. Of the 12 sessions observed, 10 made a full contribution to the achievement of the learning outcomes. Notable features of successful sessions included excellent planning and a high level of interaction with students. Where appropriate, sessions were supported by good use of audiovisual equipment.
21. Typically, 10 credit core modules have 20 lectures plus four tutorial sessions. These tutorials provide opportunities for group work and some presentation activities.
22. To ensure that students are achieving the stated learning outcomes, a variety of assessment methods is employed, including coursework, written essays, multiple-choice tests, group project work and examinations. This combination gives all students an opportunity to demonstrate their strengths. Students are aware of the range of methods and the workload associated with assessment from the beginning of each semester. Feedback on coursework is generally helpful, although this is not always the case, and is provided within four weeks of submission. It is given in a variety of forms, including set feedback sheets and generic advice posted on the intranet, together with opportunities for one-to-one discussion with tutors.
23. The reviewers scrutinised a variety of students' written work drawn from across all levels and pathways. There was evidence of fair and rigorous marking of examinations, supported at times by internal second-marking and scrutiny by external examiners. It was not always clear, however, what specific assessment criteria were being employed. Staff are developing formal assessment criteria, although they are not yet being applied across all modules.
24. This aspect makes a full contribution to the attainment of the stated objectives. The aims set by the subject provider are met.
Teaching, Learning and Assessment:
Grade 4.
25. The Departments support the University's initiatives on widening participation by, for example, hosting taster days for local schoolchildren. Recruitment for both undergraduate and postgraduate programmes has shown a marked increase in 2000-01, supported by a buoyant ratio of applications to places of 7.7:1 and 9.7:1 respectively. Some 88 per cent of entrants have GCE A-Level qualifications, with an average points score of 23.3. The profile of undergraduate entrants shows stable proportions of female students at 22 per cent, no part-time students and 2 per cent mature students. Of the postgraduate entrants, 29 per cent are women.
26. Detailed data on students' progression and completion rates reveal high rates of completion, with 96 per cent of undergraduates and 100 per cent of postgraduates finishing their programme. Progression statistics between stages are also excellent: 94 per cent progress at stage one and only 4 per cent of entrants withdraw. Over the past three years, the percentage of students gaining a First or Upper Second class award has been 49 per cent, with a significant increase in the last year.
27. The reviewers' scrutiny of students' work covered 19 modules and a range of coursework assignments, dissertations and examinations at all levels in a wide range of pathways and programmes. There was evidence of high achievement in the analysis of opinion, argument and fact; evaluation of evidence and hypothesis; synthesis of debate; numeracy; decision-making skills; and competence in IT. There was also evidence that personal development and subject-specific skills had been developed. This was supported by the positive views of former students and employers, confirming that the skills attained by graduates were substantial and relevant.
28. First-destination data for undergraduates up to and including 1999 show that, over the three years from 1997 to 1999, 84 per cent of those who responded entered employment and 13 per cent were undertaking further study. Destination data provided by the careers service and the departments show that students proceed to a wide range of graduate careers in economics, finance and business-related sectors. There is also good evidence for the successful progression of UK-based postgraduate students to appropriate careers.
29. This aspect makes a full contribution to the attainment of the stated objectives. The aims set by the subject provider are met.
Student Progression and Achievement:
Grade 4.
30. The overall strategy for student support and guidance is clearly set out in the Departments' overview document, and undergraduate and postgraduate students expressed general satisfaction with the level of support and guidance provided.
31. The Department of Economics takes a great deal of care in its admission procedures for all programmes and arranges a highly effective schedule of open days on Saturdays so that potential students and their parents or carers can attend. The admission and induction arrangements at both university and departmental level are very successful: they are well understood by staff and students and are effective in helping new students settle into university life.
32. The documentation provided to undergraduate and postgraduate students is excellent. Programme handbooks clearly outline both the departmental and university support and guidance mechanisms, and provide new students with constructive advice. The documentation is both clear and comprehensive.
33. The Departments have operated an effective personal tutor system since 1997, and each tutor has approximately 30 undergraduate students. The directors of postgraduate programmes act as postgraduate tutors. In general, there is regular contact between personal tutors and students, with tutors required to meet with their students at least twice in the first and third years and at least once in the second year. The practice of involving personal tutors in induction, and in marking and giving feedback on undergraduates' first IT assignment, ensures that early contact is made between tutor and tutee. Student progress meetings occur halfway through the academic year and help to identify students who are at risk, as well as those who are performing outstandingly well. There is appropriate follow-up of both groups of students.
34. The arrangements for undergraduates generally provide good support and it is clear that in many cases the personal tutor system has provided students with invaluable support at difficult times in their studies. However, there is some evidence that the operation of the system for undergraduates does not always work perfectly owing to its largely reactive nature.
35. Postgraduate students also establish early contact with their tutors, and the personal tutoring scheme is very popular and works effectively. Students from overseas expressed particular appreciation of the pre-course support they had received.
36. The Department of Economics draws on a range of excellent university services to fully implement its student support and guidance policy. Support for the development of study skills, mathematics and English language is provided by the LTD Unit, the MLSC and the English Language Study Unit respectively. These units provide well-targeted assistance to undergraduate and postgraduate students. The University's Counselling Service supports students with personal problems who require professional counselling. Most of these students are self-referred, but personal tutors also recommend counselling in certain cases. The Disabilities and Additional Needs Service provides a high level of support to disabled students from before arrival at the University through to graduation. Applications from disabled applicants are carefully monitored and meetings with relevant tutors are held so that the correct support can be provided. The Student Advice Centre provides swift support to those students suffering severe financial hardship. It also provides legal advice to students where necessary.
37. The University's careers service works well and provides students with information and guidance throughout their time at the University. The service gives a presentation to students during their period of induction and provides regular sessions to help students plan career paths and job applications during their second and third years.
38. This aspect makes a full contribution to the attainment of the stated objectives. The aims set by the subject provider are met.
Student Support and Guidance:
Grade 4.
39. The Departments have an effective learning resources strategy, which is consistent with the University Strategic Plan for 1999 to 2004 and the Learning and Teaching Strategy. The learning resources strategy is funded by means of a financial model under which departments at Loughborough University receive 100 per cent of the income they generate, are charged for central services which they use and are able to make judgements as to whether the charges represent value for money.
40. Students in the Department of Economics and the Loughborough University Business School have access to the wide selection of books and journals held by the university library. The library also provides 24-hour access to CD-ROM and internet databases and subscribes to many electronically published journals. A short-term loan collection provides further support for learning. The library has extensive opening hours and can be accessed daily by students during semesters and five days a week outside semesters. Library induction sessions are provided for new students. There are 480 study spaces and 100 PC workstations that are heavily used. Despite substantial use at peak times during semesters, students generally regard the library as providing services that are accessible and appropriate to their curriculum and associated learning outcomes.
41. There is effective liaison between subject staff and the library through both nominated library and academic staff and departmental representation on the University Library Users Committee.
42. Students expressed strong satisfaction with the IT facilities. Priority access to dedicated PC teaching laboratories is available to economics students, in addition to resources throughout the campus. All student accommodation has facilities for students to use their own computers and about half do so. Extensive technical assistance and hands-on guidance is provided to students by support staff.
43. The dedicated intranet server for internet teaching support (LEARN) is used to distribute material such as course details, reading lists, lecture notes and worked examples of problems. LEARN can be accessed by students either on or off campus. Students spoke highly of LEARN and make extensive use of it.
44. Teaching and learning accommodation is adequate, well equipped with teaching aids and mostly modern. Social and sporting facilities on the campus are excellent and students spoke very positively about these.
45. An appropriate range of support staff provides effective support for the curricula, and relevant staff development opportunities are available and used by both new and existing staff.
46. This aspect makes a full contribution to the attainment of stated objectives. The aims set by the subject provider are met.
Learning Resources:
Grade 4.
47. The Departments' quality management procedures operate within the University's quality management system. The latter is articulated in an Academic Quality Procedures Handbook, which is a comprehensive document emphasising the requirements for all aspects of the University's quality assurance procedures.
48. The overall management structure in the Department of Economics revolves around the programmes, and the programme directors play an important role in the functioning of the process. The Annual Programme Review, the chosen outcome of the internal quality management process, is a comprehensive and helpful document informed by statistical analyses and covering issues of recruitment, progression and challenges. The reviews take into account the data that are widely available on all aspects of teaching, ranging from student evaluation to external examiners' reports. There was evidence to show that changes had resulted from the reviews. The annual review is supplemented by a five-year periodic review that takes a more in-depth view of the provision and involves external scrutiny.
49. There is a well-defined and clearly specified mechanism by which new modules and programmes can be created. Recent innovations, such as the MSc in Islamic Economics, Banking and Finance, provide evidence of how quality procedures can positively affect curriculum design and the students' learning experience in areas of innovation.
50. A major indicator of quality management is the ability to assure the consistency of assessment and marking. University guidelines require that examinations in years two and three are sample double-marked and that the second marker's comments are noted on a specifically designed form. The reviewers' scrutiny of students' work showed variability of practice across modules, with some modules showing evidence of double-marking and others not.
51. External examiners' reports are generally favourable, but it is not clear how detailed and extensive the action is that is taken in response to issues raised. A letter is written by the Head of Department thanking the external examiner and stating that their views will be considered by an appropriate departmental body in due course. There is some evidence of follow-up correspondence, but it is not always formal and sometimes actions taken are prolonged.
52. The Department of Economics has appointed a number of new staff in recent years. Induction arrangements for new staff are excellent, with appropriate monitoring, extensive peer review of teaching skills and adequate appraisal in terms of teaching and research, covering a three-year probationary period. Promotion routes, through excellence in teaching, exist to provide strong incentives for good teachers. The other promotion route, through research excellence, also emphasises the role of teaching, and applicants must provide special teaching folders that demonstrate teaching quality. All these measures create a strong incentive for staff to take teaching seriously and thus enhance the learning experience of students.
53. There are a number of staff development opportunities for established staff, including a large number of in-house activities. There was considerable evidence that staff use these opportunities. The Quality Assurance Unit provides valuable support services to the Departments, including internal review reports on teaching which are similar to the requirements of the subject review process. The Departments stated that these requirements set minimum standards for their own procedures.
54. The self-assessment document successfully reflects the strengths of the provision and provided a sound basis for the review visit.
55. This aspect makes a substantial contribution to the attainment of the stated objectives; however, there is scope for improvement. The aims set by the subject provider are substantially met.
Quality Management and Enhancement:
Grade 3.
56. The quality of education in economics at Loughborough University is approved. All aspects make at least a substantial contribution to the attainment of the stated objectives and the aims are at least substantially met. The reviewers come to this conclusion, based upon the review visit together with an analysis of the self-assessment and additional data provided.
57. The positive features of the education in economics in relation to the aspects of provision include the following:
a. Well-designed and flexible curricula that provide a high level of student choice and good opportunities for progression (paragraphs 9 to 13).
b. Curricula that are up to date and reflect the research, scholarship and consultancy activities of staff (paragraphs 14; 15).
c. High-quality teaching that reflects the efforts made by staff to enhance delivery (paragraphs 20; 52).
d. The use of a variety of assessment methods that allow students to achieve their potential (paragraph 22).
e. Excellent progression rates and levels of achievement (paragraphs 26; 27).
f. Good records of progression to employment and further study (paragraph 28).
g. Highly effective admission and induction procedures (paragraph 31).
h. A postgraduate personal tutor system that works well (paragraph 35).
i. The University's high-quality student support services, supplemented by departmental systems (paragraphs 36; 37).
j. A range of learning resources that support student learning (paragraphs 40; 42 to 44).
k. Appropriate and effective annual review processes (paragraph 48).
l. A good range of staff development opportunities (paragraphs 52; 53).
58. The quality of education in economics could be improved by addressing the following issue:
a. Despite an integrated quality assurance system within the Department of Economics, there are instances where there is a need for a more effective and co-ordinated management approach. Examples of where more effective monitoring could take place include: the variable quality of feedback on students' work; ensuring equity of student experience in the personal tutor system; ensuring that the University's requirements for the sample second-marking of examinations are met; and the provision of timely responses to external examiners' concerns (paragraphs 22; 34; 50; 51).