There are various strategies of teaching financial management best practices among trainees of finance. Top among them is the use of case studies. Case studies refer to a training and research methodology that picks a single instance or case for in-depth analysis and understanding. The case mirrors a real-life situation which draws learners to place themselves at the centre of the case by eliciting their hypothetical solutions to a problem.
The case study approach is applied in many fields, finance being among them. Business schools and consultancy services in finance and risk management apply this methodology widely. In this article, find out why case studies are an effective training tool in finance.
Case studies adopt a real-life scenario and invite participants to place themselves in the shoes of the case study characters. In taking this naturalistic approach, case study brings learners back to earth; they do not have to conjure fictitious scenarios which are remote and utopian. This enhances better comprehension and easier application going forward.
Case studies are best tackled in small groups of trainees who put forward their suggestions and solutions to the problems posed by the case. This approach elicits diverse opinion and brainstorming, which makes learning not only fun but also illuminating. As different viewpoints are shared, learners can appreciate that every business problem has many angles. This appreciation is critical in boardrooms and decision-making.
New Cases Everyday
The beauty of case studies is that new cases keep cropping up every day in the business world. The media pages and the internet are awash with new business challenges, risks and ethical issues that will keep both trainers and trainees on their toes. With the case study approach, every day is a learning day.
Books have been published exclusively for business and finance case studies. Laying your hand on these books will enhance your financial risk and management knowledge.