Open Polytechnic financial advisor training combines the best of distance learning and technological innovation to deliver high quality education outcomes

2. pedagogically robust high quality blended learning

3. real time automated assessments

4. online self-evaluation tool

5. cost-effectiveness

6. flexibility

7. cross functional project team

8. industry connection

9. sustainability.Rapid stepped development<br />The Proejct used rapid design and development of courses and assessments to respond to industry and Government’s short timeframes. To ensure that financial advisers were able to begin their studies as soon as possible, the project team consulted with industry to ascertain which unit standards needed to be developed and released first, and then created a development plan to ensure the courses were designed and released according to industry priority. This rolling method of development meant that learners did not have to wait for the full qualification to be developed to begin their studies.<br />Of added significance was that, while the learning materials were being developed, the Securities Commission was still consulting on the draft Code of Professional Conduct for Authorised Financial Advisers and it was known there would be amendments. By creating online learning materials for courses that featured information from the Code, the Open Polytechnic was able to make amendments to the online materials at low cost and as they happened. One of the major benefits of this was that the development of courses was not held up by the changing regulatory environment and learners<br />As a result, the Open Polytechnic was able to open the first courses for enrolment in February 2010. It maintained this momentum to develop the full suite of 16 courses in the new qualification in a faster timeframe than it has ever undertaken before, helping to ensure that financial advisers would be in the best position to gain their professional registration in the required timeframe. <br />Pedagogically robust high quality blended learning<br />The Open Polytechnic used the latest developments in eLearning to offer innovative solutions to courseware delivery and the assessments process for this project. The Polytechnic developed and delivered a majority of the courseware for this qualification in the online environment, with an interactive education experience including multimedia case studies, online quizzes, podcasts and web forums. The learning design included use of print resources where they added pedagogical value e.g. providing a reference manual.<br />The courseware and assessments for the qualification were developed to New Zealand Qualifications Authority national standards. To ensure openness and accountability of the real time assessments process, the Open Polytechnic worked with ETITO, the industry training organisation responsible for administrating the qualification, to moderate the assessments to ensure they met both organisations’ rigorous academic standards.<br />This project pulled together experts in the development of distance learning courseware and assessment methods, as well as academic staff and external subject matter experts from industry who were closely involved in creating materials for the programme, and ensured content reflected current industry-practice. <br />Real time automated assessments<br />One of the most innovative aspects of this project was the development of online real time assessments. Using the open source Moodle Learning Management System, the Open Polytechnic created a customised online assessment method that was academically rigorous and enabled distance learners to undertake formal assessments in a time and place that suited them. This meant that a large volume of learners could undertake the automated assessments without requiring tutors to individually mark each assessment - thereby helping to minimise costs for the Polytechnic, and allowing the learner to gain instant results.<br />One of the requirements in using the real time assessment method was that learners had to achieve a 100% result. Because of this, the Open Polytechnic customised Moodle so that learners who were unsuccessful on their first attempt were able to try again without marks being sent to our Student Management System until they achieved 100%. This process is seamless for the learner who, upon receiving their instant feedback, is told whether they have received a 100% or need to re-sit parts of the assessment. <br />The Open Polytechnic ensured the academic rigour of the real time assessment method by further customising Moodle so the assessment questions were drawn from categorised question banks which drew out the questions randomly from each category - while at the same time recognising which questions the learner had already seen and not drawing those down again. By using categorised question banks the Polytechnic was also able to assign the types of questions the learner was asked in each section, ensuring they were being re-tested on the same subject, but with a question that required a different answer. To avoid confusion for the learner, any questions they had answered correctly in their first attempt at the assessment were programmed to be greyed out so that they knew they were correct and did not have to answer them again.<br />To ensure that learners were able to cope with the technological side of the learning materials and assessments the Open Polytechnic also assigned specialised Help Desk staff to answer students' questions so that we were as responsive as possible to their needs.<br />Online self- evaluation tool <br />The development of the online self-evaluation tool in association with ETITO and a software company QLBS also added a new dimension to the services the Open Polytechnic is able to offer. This online tool was developed to help financial advisers assess whether they needed to undertake a course of study before they were assessed against individual performance criteria, or whether they were able to demonstrate enough competence to proceed directly to the assessment stage. For those students who were ready to go straight to assessment, the Open Polytechnic offered them an assessment only option, which meant they didn't have to pay for study they didn't need to undertake - thereby offering a cheaper alternative for the learner.<br />Cost-effectiveness<br />It was important that the Open Polytechnic’s financial services courses were affordable – for client organisations with large numbers of employees requiring training; and for individual learners - as many in the financial services industry were concerned that the cost of (and time involved in) compliance with the new industry regulations would make it untenable for them to stay in business. After doing a business analysis, the Open Polytechnic determined that by using the economies of scale of distance learning and cost-effective delivery, combined with effective marketing, it could enter the market at a low price point and at sufficient scale to offer affordable learning for the industry on a fee-only basis - an unusual opportunity in tertiary education and one which the Open Polytechnic felt would be a good test to transform how it gained diversified revenue in future. At the time of launch the Open Polytechnic was the lowest priced offering in the market. <br />The use of eLearning technologies and automated online assessments increased the cost-effectiveness of teaching and supporting this qualification. The economies of scale provided by distance learning supported mass enorlments by organisation and accommodated large volumes of learners with a high quality, low cost education.<br />Flexibility<br />A flexible distance learning solution enabled busy financial advisers to fit their learning around work and family commitments - they were able to continue to work during the day and fit their studies in when it suited them – a benefit both for organisations enrolling employees who could maintain productivity and individual learners. Learners and employers were also able to choose the number of courses in which individuals enrolled and the pace at which they studied.<br />Cross functional project team <br />At the start of the project a steering group was formed of nominated Open Polytechnic Executive Directors and personnel to oversee the project. A cross-functional project group of learning design specialists, academic and industry experts, staff with open source development expertise, business development staff, project management, marketing, enrolments and support staff who reported to the project manager on the development of the project and any issues that arose.<br />Industry connection<br />From the outset of the project the Open Polytechnic took a commercial approach and sought to form relationships with large organisations such as insurance companies and banks to help upskill considerable numbers of their staff in a short time frame in the most convenient manner for the organisation and its employees. The large amount of enrolments and positive feedback received by the Polytechnic highlight the benefits distance learning can offer adults in the workforce who are fitting in upskilling needs around their employment and family commitments<br />Alongside the financial services programme itself, the Polytechnic contextualised learning materials for some corporate clients delivering added value to them, and is anticipating earning extra revenue by disaggregating the content of its courseware to assist our business partners with their specific training needs. <br />Sustainability<br />The Open Polytechnic took a long term view of the project, and made a commitment early on to look at licensing the courseware to sell to other tertiary education institutions to maximise the Open Polytechnic's investment in the learning design development. This would allow the Open Polytechnic to gain additional revenue while also enabling other publically owned tertiary education providers to use the materials to teach the qualification without doubling up on development costs themselves. The Polytechnic also contextualised learning resources for a corporate client, and in doing so developed a further model for commercial services.<br />The courses were offered on a “full-fee” basis so did not require government funding, but were still able to be offered at one of the lowest fee levels in the market. <br />The scale of industry need for a flexible solution such as the Open Polytechnic’s was clearly demonstrated by demand: during 2010 the Open Polytechnic received over 8100 course enrolments from nearly 2,000 individual learners. Through successful relationship marketing, the majority of those learners came from large organisations such as banks and insurance companies who have put several hundred of their staff through the qualification at once so that they can meet the regulation changes as efficiently as possible. On 15 December 2010, only 13 months after the first approach from ETITO, course development was completed and our staff continue to support students as they complete the qualification.<br />Conclusion<br />The way the Open Polytechnic developed and delivered the courseware and assessments for this qualification has assisted the New Zealand Government with its goal of lifting the standard of financial advice in New Zealand. By providing a flexible, affordable training solution to tight deadlines, the Polytechnic is helping financial organisations and advisers complete their upskilling needs as efficiently as possible both prior to the regulation deadline of 1 July 2011 and beyond. This project is an example of a national distance learning organisation deploying its unique capabilities to help the Government and industry achieve their goals of upskilling the financial services sector so that it is better able to deliver a higher standard of financial advice to the New Zealand public.<br />