The pursuit of new learning and knowledge has engaged advocates of higher education for centuries. For those universities with a strong science orientation, research is at the core of their existence. Their reputations and their financial well-being are predicated on being at the forefront of innovation and discovery.
But research and the advancement of knowledge in our increasingly multifarious and complex society occur in different forms contingent on the context and the demands of the respective discipline or activity. It happens in all sorts of conditions and has an impact on both academic and professional activity in often profound ways, mostly without regard to league tables or “celebrity” academics.
The Quality Assurance Agency (QAA), guardian of standards in the higher education sector, recognises these shifting sands. The introduction of new criteria for the award of degree awarding powers (DAP) and university title in 2004 has focused minds on definitions of research and scholarship. The QAA is dealing with applications for both DAP and title from a wide range of organisations. Many of these organisations, especially specialist institutions such as the ifs School of Finance, will have had their learning informed by the latest and most relevant innovations and research within their sector.
The critical issue for these organisations, and therefore the QAA, is to demonstrate how these innovations and developments fit with notions of higher education. As the QAA recently pointed out, the “changing expectations that wider communities – economic, professional and social – have of HE providers cause the perception of HE to evolve continually”. The QAA also suggests that the definitions of research and scholarship used by the arbiter of these things, known as the Research Assessment Exercise, are perhaps too tightly drawn “to reflect the full range of research and scholarship activity taking place within, and among, the academic communities they service”.
The ifs certainly welcomes the QAA’s recognition of the need for research and scholarship to be defined more broadly. The financial industry is arguably the most dynamic sector in the economy. It conducts innovative research on a daily basis, some of it at an exceptionally skilful level. Moreover, being extremely competitive, such innovations are peer-reviewed instantly. And then there is the ultimate review, by that of the market.
These developments are monitored almost on a regular basis by the ifs
to make sure that the content and the pedagogy in all its learning is
informed by what is the latest and most relevant. Knowledge transfer is
a key aspect of research and new learning and the ifs is in the vanguard of this activity in the industry it serves.
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