Enhancing Accounting Courses with Simulations

This month, our webinar delved into using business simulations in accounting and finance courses/modules. We explored the innovative ways in which these simulations can enhance the learning experience for students, providing them with practical and immersive opportunities to apply their knowledge in real-world scenarios. From analyzing financial reports to making strategic decisions, business simulations offer a dynamic and engaging approach to teaching accounting and finance.

Recent Changes at Birmingham City University

In recent years, there have been numerous changes in courses, presenting new challenges for higher education as students become less motivated and more entitled. However, in September 2023, a new finance and accounting course will be introduced, taking the best aspects from each field and offering flexibility and personalized learning options. The aim is to improve the outcomes of students pursuing accounting accreditation and those who are not.

At level 6, there will be two core modules (courses in the US) worth 20 points each. One of these modules is "Accounting for the Planet," which focuses on empowering future leaders. The remaining modules at level 6 are optional, providing students with more flexibility and personalization. To enroll in these modules, students must have completed either the level 5 integrated business accounting module or the individual financial accounting and management accounting modules.

Additionally, at level 6, there will be modules such as advanced financial reporting and strategic management accounting, which focus on leading students towards accounting-accredited progression. Other options include Islamic finance banking, project management, not-for-profit accounting and governance, and financial technology. The Edumundo business simulation supported module, "Integrated Business Accounting," sits at level 5 and combines financial accounting and management accounting into a 40 credit finance module. It is important to note that to be accounting accredited at level 5, students need to study these subjects separately.

Teaching Accounting with Business Simulations

The initial year of implementing the Integrated Business Accounting module yielded exceptionally positive results. The incorporation of a business simulation element made the study of finance more accessible to a diverse range of students, resulting in an impressive 95% pass rate for first-time submissions. Students expressed their newfound comprehension of the interconnection between financial and management accounting, recognizing the significance of both in the realm of business. The Edumundo Business simulation proved to be a valuable tool in enhancing students' understanding of business accounting, primarily by actively engaging them with numerical data. Margaret and the esteemed faculty at Birmingham City University observed that the more students' outcomes were impacted by the decisions they made in the simulation, the more eager they became to learn. In essence, the realization that their choices held weight within the game fueled their desire to improve and excel.

Based on the valuable insights gained from the first year, it has been determined that allowing students to carefully analyze their previous round decisions before moving forward with the next round can have significant benefits. Furthermore, providing academic staff with more guidance on decision-making and their potential impacts, along with dedicating more time to discussing results and choices, can further enhance outcomes. 

Looking to the future

Looking ahead to year 2 and future developments, several initiatives will be implemented. It is also crucial to integrate the simulation more extensively into the delivery of topics, creating a seamless learning experience for students. A recent meeting with our Customer Success team has led to the decision to introduce more elements that cause ranking table fluctuations, further enhancing student engagement. The start of the simulation will also be pushed back by a few weeks to allow for greater input of theory, thereby enhancing students' understanding of the actions being taken.

It is worth noting that both students who study the Integrated Business Accounting module and those who study the separate management accounting module at level 5 will continue to study Strategic Management Accounting at level 6. The results of the level 6 module will be analysed to determine any correlation between results and delivery methods, providing valuable insights for future improvements. 

Margaret and the Birmingham City University have made significant progress in innovating the content delivery of finance-related subjects with the support of Edumundo. The introduction of the Integrated Business Accounting module, accompanied by the use of business simulations, has resulted in improved student outcomes and a deeper understanding of the interconnection between financial and management accounting. The positive results from the first year have paved the way for future developments, including integrating the simulation more extensively into the delivery of topics and introducing elements to enhance student engagement. The University's commitment to analysing the correlation between results and delivery methods will further contribute to the improvement of teaching accounting. Overall, the collaboration between Margaret, Birmingham City University, and Edumundo showcases the dedication to providing quality education and preparing students for success in any industry. To learn more about these exciting innovations and their impact on finance education, sign up to this months webinar.