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Business School Teaching and Learning Accounting & Finance: Comparison between UK and China Mingzhu Wang March 2009 Background • The UK is the second largest host of Chinese students studying abroad after the US. • Each year, around 5000 Chinese students are studying in the UK universities. • Accounting and finance seems to be one of Chinese students’ favourite choices in the UK. • Differences in learning and teaching accounting and finance between the UK and China. Business School 2 Professional Education in the UK • Professional education in accounting has a long history in the UK, which could be traced back to the initially in-house training in 18th century. • The Institute of Chartered Accountants of Scotland ( ICAS ) established in 1854, is the world's first professional body of accountants. • The Institute of Chartered Accountants in England and Wales (ICAEW) is a worldclass professional accountancy body. • The Association of Chartered Certified Accountants (ACCA) is now a global body for professional accountants. • Chartered Institute of Management Accountant (CIMA) established in 1919 has grown to become one of the largest international accountancy bodies. • Universities provide accounting and finance programmes at both undergraduate and postgraduate levels, which give accreditation towards ACCA or CIMA. Business School 3 Professional Education in China • Education in accounting and finance only progressed significantly in 1990s after the economic reform in China. • Chinese Institute of Certified Public Accountant (CICPA) established in 1988 is the accounting professional body in China. CICPA is using US GAAP. • Universities in China started to provide accounting and finance programs in 1990s. A few of them provide accreditation to ACCA. • There has been a shortage of accounting and finance teachers with professional qualification or doctorates degree. Business School 4 Comparison in Degree Structure (1 year) UK (Oxford Brookes University) China (Sichuan University) BSc (Hons) Accounting and Finance BSc Accounting BSc Finance Introduction to Accounting Fundamental Accounting Econometrics Accounting in Society Statistics Statistics Foundations of Business Fundamental Business Management Business Economics and Financial Markets Principles of Marxist Philosophy Principles of Marxist Philosophy Essential Information Skills Applied Computing Skills Applied Computing Skills + 3 elective modules Any 1st year module across the University including language College English + elective modules across the University College English + elective modules across the University Business School 5 Comparison in Degree Structure (2 year) UK (Oxford Brookes University) China (Sichuan University) BSc (Hons) Accounting and Finance BSc Accounting BSc Finance Management Accounting Management Accounting Accounting Financial Accounting and Reporting Financial Accounting Monetary and Banking Corporate Finance Cost Accounting Public Finance + 4 elective modules (Accounting information system Advanced Taxation Personal Taxation Auditing Practice Auditing Theory Financial Markets and Institutions & other business modules) Contemporary Issues in Global Political Economics International Economics College English + elective modules across the University College English + elective modules across the University Business School 6 Comparison in Degree Structure (3 year) UK (Oxford Brookes University) China (Sichuan University) BSc Accounting and Finance BSc Accounting BSc Finance (Optional Work Placement Year) Financial Management Corporate Finance Financial Reporting International Finance Auditing Central Banking Marketing Commercial Banking Management National Economy Management 2nd Foreign Language + elective modules across the University Business School 2nd Foreign Language + elective modules across the University 7 Comparison in Degree Structure (4 year) UK (Oxford Brookes University) China (Sichuan University) BSc Accounting and Finance BSc Accounting BSc Finance Financial Accounting Theory Budgeting Insurance Business Aspect of Management Accounting Business Management Investment in Securities Contemporary Issues in Finance + 5 elective modules Dissertation Financial Accounting Synoptic Management Accounting Synoptic & other business modules Investment Banking Commercial Law Commercial Law Summer Internship Summer Internship Dissertation + elective modules across the University Dissertation + elective modules across the University Business School 8 Differences in the Degree Structure UK China • Combined degree (accounting and finance, accounting and business, etc.) • Separate degree (accounting, finance, etc.) • Flexible structure with more elective modules • Fixed structure (students can get the degree if they passed all the compulsory modules) • Practical Orientated • Theoretic Orientated • Elective dissertation • Compulsory dissertation Business School 9 Comparison in the Teaching Approach UK • China • Lecture dominated • • Combined (Lecture, seminar, workshop, etc.) Detailed module guide Broad reading list • • • Used to praise students • Brief outline of topics Focus on a particular text book (Proverb: “A good text book is enough to learn a subject”) Use to criticise students (Proverb: “Praise will spoil students while criticism will improve them”) • Questioning during lectures • Business School Questioning after lectures 10 Comparison in the Assessment UK China • Combined assessment (exam, project, presentation, etc.) • Exam dominated • Teamwork • Individual work • Critical thinking • Memorizing and reciting (Proverb: “you’ll become a poet if you can recite 300 poems”) • Plagiarism • Plagiarism is less strict in student essays, although it rules the same as in the UK for published papers or books. Business School 11 Comparison in the Student Learning UK China • Independent (modules choice) • Dependent (learning community) • A variety of learning approaches • Strategic learning • Presenting • Silent reflecting (Proverb: “half bottle of water makes louder noise”) • International learning environment International students International staffs • National learning environment Few international students Visiting international staffs only available for postgraduates. Business School 12 Major Problems Encountered by Chinese Students • Independence • Incompetence in English The problems Chinese students encounter in English speaking in the UK higher education settings have been studied by Chan and Drover (1997) and Valimaa (1998) • Cultural conflict Relationship with teachers Way of thinking British way of thinking Business School Chinese way of thinking 13 What we can do as teachers? • Be aware of the cultural difference • Be aware of international students’ incompetence in English. Do not take it for granted that international students understand some basic terminologies used in our teaching. • Differentiate deliberate plagiarism and the plagiarism caused by lack of confidence in English. • Give international students some transition period to get used to the UK teaching. • Encourage group discussions among international students who are used to reflect silently or shy to express their opinions. Business School 14