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Introduction – Markowitz (1952) argues that individuals act rationally in their financial decisions. In contrast, Kahneman and Tversky (1979) claim that the psychological characteristics of people significantly affect financial decisions. In making these decisions, factors such as age, gender, and educational status may have an impact.

Purpose – The purpose of this study is to determine whether financial literacy has an impact on individuals’ cognitive biases related to financial investments.

Methodology – A sample of 444 individuals were surveyed.

Findings – In the results of study (1) it was determined that financial literacy leads to differences in cognitive biases; and (2) cognitive biases of individuals who do not receive finance education are different from individuals who receive finance education and professionals in the business world. The findings indicate that the increase in the level of financial literacy of individuals will reduce the cognitive biases and heuristics, and therefore will have a positive effect on the investor behavior in financial markets.

We examine and compare current practices in teaching preparation in U.S. accounting, finance, management, and economics doctoral programs.

We conduct an anonymous online survey of the pedagogical training practices experienced by Ph.D. students in accounting, finance, management, and economics programs in the United States.

Results indicate that accounting, finance, and management perform similarly with respect to providing doctoral students with first-hand teaching experience and requiring for-credit courses in teacher training. Accounting and management appear to utilize doctoral students as teaching assistants less than the other disciplines. A lower proportion of accounting doctoral students indicate that their program requires proof of English proficiency prior to teaching, and pedagogical mentoring is rare across disciplines. Accounting and management doctoral students feel more prepared to teach undergraduate courses compared to finance and economics students. However, all disciplines indicate a relative lack of perceived preparation to teach graduate courses.

This study provides empirical evidence of the current practices in pedagogical training of accounting, finance, management, and economics doctoral students.

The results highlight several areas where accounting could possibly improve with regard to pedagogical training in doctoral programs. In particular we suggest (1) changes in the teaching evaluation process, (2) development of teaching mentorships, (3) implementing a teaching portfolio requirement, and (4) incorporation of additional methods of assisting non-native English speakers for teaching duties.

The study fills a gap in the literature regarding the pedagogical training in accounting doctoral programs.

Finance courses are major offerings in UK business schools, at various levels. Seldom do these courses move beyond theoretical modeling and textbook approaches. This is corroborated by the paltry literature on challenge-based learning (CBL) in the finance arena.

In this chapter, we describe the experience of implementing an investment fund designed by experienced members of staff and set up and run by students in one of the UK business schools in 2018. The seed capital of the Fund was donated by a variety of sources and has enabled students to use this as a jump start for their investment skills. The ethos of the Fund is not to teach students just how to invest but to put students in a real-life investment setting where they deal with the running of day-to-day activities of managing investments through a practical framework. In doing so they discover, adapt, and apply theoretical models to funds while preparing performance reports. Students have been successful in getting jobs by demonstrating their involvement, and the Fund has put them in touch with investment banks and future employers. The functioning of the Fund is analyzed in this chapter.

The chapter suggests the practical steps involved in setting up such a schema of CBL, which might aid other higher education institutions and promote entrepreneurial, creative, and team building activity.

As students increasingly incur debt to finance their undergraduate education, there is heightened concern about the long-term implications of loans on borrowers, especially borrowers from low socioeconomic backgrounds. Drawing upon the concepts of cultural capital and habitus (Bourdieu & Passeron, 1977), this research explores how student debt and social class intersect and affect individuals’ trajectory into adulthood. Based on 50 interviews with young adults who incurred $30,000–180,000 in undergraduate debt and who were from varying social classes, the findings are presented in terms of a categorization schema (income level by level of cultural capital) and a conceptual model of borrowing. The results illustrate the inequitable payoff that college and debt can have for borrowers with varying levels of cultural resources, with borrowers from low-income, low cultural capital backgrounds more likely to struggle throughout and after college with their loans.

This chapter draws on findings from a comparative, qualitative research project investigating the decision-making of different groups of English higher education students in central England as they graduated from a Russell group university (46 interviewees) and a Post-92 university (28 interviewees). Half of the students graduated in 2014 (lower tuition fees regime) and the other half graduated in 2015 (higher tuition fees regime). The students interviewed were sampled by socio-economic background, gender, degree subject/discipline and secondary school type. Semi-structured interviews were used to explore students’ future plans and perceptions of their future job prospects. Despite higher debt levels, the 2015 sample of Russell Group graduates from lower socio-economic backgrounds had a positive view of their labour market prospects and a high proportion had achieved either a graduate job or a place on a postgraduate course prior to graduation. This group had saved money whilst studying. The 2015 sample of Post-1992 University graduates (from both lower and average socio-economic backgrounds) were worried about their level of debt, future finances and labour market prospects. This chapter raises questions about whether a fairer university finance system, involving lower levels of debt for graduates from less advantaged backgrounds, might avoid some graduates’ transitions to adulthood being so strongly influenced by financial anxieties.

This chapter reviews the overall structure of the US financial aid system and the way in which students from underrepresented groups deal with the cost of participating in higher education. Case studies of students from underrepresented groups are used to illustrate the type of problems experienced, including financial loan guilt, economic divisions amongst undergraduates and balancing employment with full-time undergraduate study. It is noted that financial aid only factors in tuition and housing costs, but does not take account of the need to participate in the ‘student experience’. Restricted finances mean that some students are unable to take part fully in social activities or purchase books, all of which are thought to be part of the typical undergraduate experience. Thus, despite efforts to widen participation, the concept of ‘college for all’ can be considered an illusion (Glass & Nygreen, 2011) because universities fail to acknowledge the class and racial hierarchies that shape the culture, an aspect that financial aid alone cannot remove.

The United States has been at the forefront of a global shift away from direct state funding of higher education and toward student loans, and student debt has become an issue of growing social concern. Why did student loans expand so much in the United States in the 1990s and 2000s? And how does organization theory suggest their expansion, and the growth of federal student aid more generally, might affect higher education as a field? In the 1960s and 1970s, policy actors worked to solve what was then a central problem around student loans: banks’ disinterest in lending to students. They did this so well that by 1990, a new field of financial aid policy emerged, in which all major actors had an interest in expanding loans. This, along with a favorable environment outside the field, set the stage for two decades of rapid growth. Organization theory suggests two likely consequences of this expansion of federal student loans and financial aid more generally. First, while (public) colleges have become less dependent on state governments and more dependent on tuition, the expansion of aid means colleges are simultaneously becoming more dependent on the federal government, which should make them more susceptible to federal demands for accountability. Second, the expansion of federal student aid should encourage the spread of forms and practices grounded in a logic focused on students’ financial value to the organization, such as publicly traded for-profit colleges and enrollment management practices.

This chapter discusses the Government of Barbados’s 2014 introduction of partially student paid tuition fees for Barbadians attending the University of the West Indies (UWI), Cave Hill Campus. This introduction of a student paid tuition component came after fifty years of state-funded education at the local UWI campus. In this chapter I assert that this introduction of fees altered the existing postcolonial “social contract” that has developed in the country and that has been integral to Barbados being presented as a “model” for small developing states in the Caribbean and beyond. In the chapter I argue that the social contract in the country was altered in light of the alleged demands of financial crisis and that this crisis climate allowed for “decision-making by surprise” in a country in which collaborative education governance has grown to be accepted as the norm.

Randy Hodson’s research on workplace inequalities and dignity at work asks vital questions about the capacity of employment to provide the resources needed to support a decent life. A decent life involves not merely the capacity to meet basic needs but also the possibility of investing in upward mobility, for example by pursuing a college degree. Rising employment inequalities and slow-growing wages in the United States over the past several decades have challenged the capacity of ordinary workers to make these investments. Yet worries about college affordability are more likely to be expressed as a concern over the price of schooling than as a concern over the returns to work. In this chapter, I conduct an historical analysis of trends in the costs of college compared to trends in wages from the 1970s to the 2000s in order to evaluate how stagnating wages affected the possibilities for paying for college, using several different data sources on college costs and wages. I focus on the question of how much money a student worker could earn toward the costs of college. I show that over time student work became a significantly less lucrative undertaking and would have covered less of the costs of college over time even if college costs had remained stable. I conclude that we must pay attention to how the jobs crisis affects a range of institutions and growing stratification in opportunity in America. As Randy Hodson argued in his voluminous research, dignity at work has far-reaching consequences for the chances of a decent life.