A Note on Storytelling and Socratic Method as a Hybrid Pedagogical Tool for Teaching Finance to Management Students
Code : FAC0067 |
Region : global |
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Introduction: Management Education is seeing a disruption caused by the emergence of online placement-centric, cost-effective, short-term courses aimed at a millennial generation that thrives on its ability to multitask. Thus, Management Programs can now only survive if they achieve their program objectives and inculcate skills that help in understanding concepts better. Hence, emphasis on tangible ‘outcome’ has gained ground (Dutta. N, et.al. (2019)). This has led to a strategic rethink on how traditional management education institutes should reinvent themselves. The challenge has been amplified by grade inflation (Sonner B.S. (2000)) and too much emphasis on first placements. The solution which regulators, accreditation bodies, and management schools seem to concur with is adopting Outcome-Based Education (OBE).. Story Telling Followed By Socratic Method As A Teaching Pedagogy: Storytelling is an art that not only creates an engaged audience but also helps the storyteller control the imagination of the course participant. There are various forms of storytelling. However, here storytelling refers to “oral storytelling” as a pedagogical tool. The storyteller narrates a story from memory that may appear impromptu to the captive audience. Linking Storytelling And Socratic Method To Outcome-Based Education :Storytelling is an art, and like all forms of art, it requires intense background preparation. Furthermore, when storytelling is aimed at improving a skill, it needs a systematic documented process. Here, the authors outline the detailed process required to make storytelling effective.. Illustration 1: teaching the accrual concept versus cash concept with mr. And mrs. Bottlewaala: There are concepts in finance which are highly intuitive if the students look at them from a business perspective. However, freshers who do not have any exposure to business scenarios find it very difficult to relate to such cases.. Illustration 2: Teaching Capital Structure Through Family Analogy: Context Capital Structure decisions can make or break business entities. There are companies in India such as Suzlon Energy Ltd., a leading.. Discussion: The two illustrations just seen show how the instructor can get the students interested in a topic he/she feels can be taught through stories. At the same time, the instructor has also directed the thoughts of the students to the right concept by asking directed questions to the students as envisaged in the Socratic Method.. Exhibits: |
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