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Department of Finance Teaching Center

Automated Correction of Excel Case Studies

Before 2010, exams were conducted in a paper-based setting and often failed to capture the high complexity of lectures. According to the constructive alignment principle, learning objectives, activities, and assessments must be well-aligned. Changing the assessment setting from paper-based to online on university-managed devices enabled us to account for such criteria more systematically. Our exams were transformed into case studies in Microsoft Excel to resemble practical use cases and were graded using automated methods to create a fair outcome. Due to the outbreak of COVID-19, exams were held remotely in an open-book format, and our approach had to be adapted. To prevent cheating through peer-based collaboration (e.g., sharing exam solutions and results), we started creating personalized use cases with individual parameters and worksheet layouts. Every Excel exam can be automated graded. We strongly believe that online-assessments add value for lecturers and students. Exams were redesigned in terms of content, became more application-oriented, and increasingly allowed cross-linked knowledge to be tested. Furthermore, the automated correction, and personalization of exams reduce human subjective judgement, improve fairness, and allow lecturers to grade in a structured and efficient way.

Background and Development

Prior to 2010, all examinations at the department were conducted using traditional paper-based methods. This approach had limitations, especially in capturing complex content and aligning with real-world financial industry practices. To address these challenges, a digital examination format was developed, utilizing Microsoft Excel as the primary tool.

Key Elements of the Approach

  • Alignment with Professional Practice: The examinations simulate realistic scenarios from the finance world. Students work with balance sheets, income statements, and perform various valuation methods, similar to what they would do in their future careers.
  • Enhanced Complexity and Depth: The digital format allows for more complex, application-oriented questions. Students can analyze larger datasets and perform more sophisticated calculations.
  • Fairness and Efficiency through Automated Grading: This reduces subjective judgments and improves fairness by ensuring all students are evaluated using the same criteria. It also allows for more efficient grading of large student cohorts.
  • Personalized Examinations: Each student receives an individualized version of the exam with slightly different starting values. This minimizes opportunities for cheating and encourages individual performance.
  • Adaptability and Resilience: The format proved particularly valuable during the COVID-19 pandemic. It could be quickly transitioned from on-site to remote examinations without compromising the quality or integrity of the assessment.
  • Continuous Improvement through Feedback: The department regularly collects feedback from students and uses these insights to continuously improve the examination format and implementation.

Challenges and Solutions

Implementing this system also brought challenges, particularly regarding the prevention of cheating and ensuring technical reliability. The department has taken various measures to address these:

  • Cheating Prevention:
    • Individualized exam versions with different starting values
    • Hidden watermarks to track exam files
    • Time pressure that makes collaboration difficult
  • Technical Reliability:
    • Detailed guidelines for technical preparation
    • Test runs before actual examinations
    • Flexibility in choice of operating system and Excel version in the remote setting

Pedagogical Impact: The shift to Excel-based examinations has significantly impacted teaching and learning within the department

  • Constructive Alignment: Stronger alignment between course content, learning activities, and assessment methods.
  • Focus on Practical Skills: Students develop proficiency in using Excel for financial analysis.
  • Enhanced Problem-Solving: The case study format promotes critical thinking and application of theoretical knowledge.
  • Immediate Feedback: The automated grading system allows for quicker return of results.

Conclusion

We strongly believe that online-assessments add value for both lecturers and students. The online-assessment practice we have developed follows the trend towards higher level examination according to Bloom's taxonomy. Exams were redesigned in terms of content, became more application-oriented, and allowed for improved testing of cross-linked knowledge. Easily adapted, the digital exam format is more resistant to crises and can quickly be upscaled to fit various subject areas in Banking and Finance. The alignment between learning activities, exam design and the tasks that students might perform in work life, ensures that students know that they are learning skills they can practically apply. Automated correction alongside personalised exams reduces human subjective judgement, improves fairness for students by limiting cheating opportunities, and allows lecturers to grade in a more structured and efficient way.