Handling international students – how lecturers can help

Education is becoming a fast expanding industry, not only in developed economies but also in developing countries looking towards grabbing a share of a purportedly lucrative money-making industry. This article will provide an insight into two major problems faced by lecturers in handling international students and suggested solutions to these problems.

1.    Use of agents in students’ choice of educational institution and course of study

Despite globalization and the internet, many parents and students alike, especially from third world and emerging economies, rely on marketing agents to arrange the choice and registration of study in an educational institution, oblivious to the many pitfalls along the way through such an approach.

Oftentimes the agent will over-sell to get a registration to earn a commission and the student will be truly disappointed when faced with situations not as expected. Agents often paint beautiful pictures of the institution and convince students on how easy it is to get a recognized degree at a particular institution.

It is recommended that educational institutions undertake their own recruitment of international students to ensure that enrolled students are fully aware of the details of the institution and course of study. Failure of a good institution-student match during enrolment will be detrimental to both parties concerned with the reputation of the institution at risk and the student failing to achieve their desired aspiration to gain an internationally recognized education

Confronted by the students with problems faced with issues like payment of course fees, details and recognition of courses, and assessment methods, lecturers will also need to be good counselors. Lecturers should not leave problems to be solved by the administrators only as such issues also affect the approach in delivering the course content and assessment, necessitating changes to cater to the needs of the students which will present great challenges to lecturers in maintaining quality standards in education.

2.    Proficiency in English language

As English is often the main medium of instruction in courses open to international students, lecturers are often faced with students lacking in the understanding of the English language. Educational institutions that lower the entry requirements with regards to proficiency in the English language attract even more problems. Often, the required standards for international students as determined by results of their test scores in an international standardised test of English language proficiency test such as  IELTS (International English Language Testing System) or TOEFL (The Test of English as a Foreign Language) are not strictly adhered to.

It is imperative therefore, especially for educational institutions that do not adhere to international standards, that there must be avenues for students to improve their command of English such as additional English language lessons. Lecturers can help by speaking slowly and using simpler words in delivering the lessons. Students should be encouraged to speak and discuss issues in class with marks awarded towards final exam scores not only as motivation for them to participate in class discussions but also to determine their understanding of the subject matter discussed.

In conclusion, lecturers, as educators, must assist students to understand and absorb at least the minimum required to pass the required standard of an examination. Non-academic related problems faced by students will be a distraction and will have a negative psychological effect on them that will result in bad performance in class and examinations. So, it is beholden on the lecturers to help solve non-academic problems where possible and be able to tailor academic content and delivery to suit students’ needs without lowering academic standards.

There are a few more critical issues that confront lecturers regarding international students and these will be left to another posting at a later date. Two books I can recommend for reading by lecturers and students alike are “Understanding your International Students” by Deborah Mitchell and “Beyond the Answer Sheet: Academic success for International Students” by William B. Badke. Do review and make a purchase if suitable for your needs – links from this blog are placed to facilitate this – happy reading.

Investing without Financial Plan and Goals

In times of plenty, we seek safe haven for surplus cash that will generate passive income for the future. In times of need, some of us take desperate steps to increase our money supply to meet the demands of the day. Both actions necessitate investment decisions, decisions that many of us are oftentimes not qualified nor experienced to make wisely without help. Thus, begs the need to know the answers to the four “wives” (why, when, where, who) and one “husband” (how) questions with respect to investing and financial planning. This article will discuss the two most important pre-requisites to making wise investments.

As a licenced financial planner and a business and financial advisor to small and medium companies, I am often asked to give investment tips or advice. Whether I am a fantastic investment guru or tipster or not is immaterial as I would always avoid answering such questions without knowing and understanding the financial background, status and financial goals of the questioner. This article is not intended to be a primer in investing or financial planning as one can select a book on the subject in any good high street or online bookstore. Rather, I would like to share what I consider to be the top two amongst the many pre-requisites an investor 

should consider before making an investment decision.

1.     Have a Financial Plan with SMART goals

Planning in general is an activity we engage in all the time - planning for a holiday, planning for a wedding, or planning for any other event or planning to achieve a particular objective. However, how many of us really get involved in developing a truly comprehensive personal financial plan and implement the same? If not, why not?

The Certified Financial Planner Board of Standards, Inc (CFPBSI) defines financial planning as “the process of meeting your life goals through the proper management of your finances”. Life goals are goals dear to us that we would like see come to pass, especially during our lifetime. Such goals can be as simple as saving to buy a car or for a cruise around the world, or a bit more challenging in investing to mitigate the effects of inflation in planning for retirement.

In goal setting, it is imperative that we be rational and do not set goals that will be too difficult to achieve in the timeframe required else we can be truly discouraged and discard the plan altogether. Thus, it is good to follow the SMART principle, taught in Management 101, which states that our goals should be Specific (say, save to buy our particular dream car), Measurable (say, save $50,000 to buy a car), Achievable (say, plan to buy a car costing a sum we can afford), Realistic (as in planning to buy a car and not a trip to the moon although it can come true for some), and Timely (say, achievable within a reasonable time period).

Knowing our SMART financial goals will enable us to plan how to achieve them. If we are not sure how to develop a financial plan that is workable for us, we can seek the services of a financial planner. A point to note is to ensure that we consult a financial planner that is adequately qualified (say, having the CFPBSI’s Certified Financial Planner certification that is recognized worldwide) and experienced (and perhaps licenced to practice as a financial planner by the appropriate authorities to ensure accountability and ethical behavior).

2.      Understand your personal financial risk profile

Prior to making any investment decisions, it is necessary that we understand ourselves in relation to our individual financial risk profile. All of us take risks in our daily lives and these could include crossing a busy street, or taking a flight somewhere, or even getting married considering the increasing number of separations/divorces. It is important to note that different people have different thresholds in the level of risk they are willing to take for any number of reasons.

Assuming a risk that we are not prepared or capable to cope with may result in adverse consequences and detrimental to our health. Similarly, the level of financial risk we are willing to assume or can tolerate should be carefully evaluated and such an exercise will normally be based on a set of criteria relevant to each individual.  In addition, the risk profile of an individual can change as his or her personal status changes and it is generally accepted that a younger person can assume a higher financial risk compared to a person nearing retirement as the former has time to accumulate or recoup losses due to investment decisions not realizing their desired potential.

Thus, it is wise to understand our financial risk appetite and risk profile so that the investment decisions we make will commensurate with our risk profile. Investment opportunities abound in the marketplace for all risk profile types, whether one is considered a conservative or can take high risk.

In summary, the above are what I consider the two essential pre-requisites to investing and the others mainly pertain to details in understanding investing, investment strategies, and investment opportunities that can be found in any good investment text books or articles, advice from investment professionals or financial planners, or perhaps can be the subject of a follow-up article by this writer. A last piece of advice is to re-emphasise the fact that we should not make any investment decisions that can adversely impact our financial well-being until we have a sound financial plan, and if professional advice is required, do always consult a qualified and licenced financial planner to help develop one’s personal financial plan. Always remember this well-known adage - FAILING TO PLAN IS PLANNING TO FAIL.

Stamp collecting – a hobby or investment?

Knowing that stamp collecting is a hobby of mine, a friend asked me to pen a few words on my thoughts on whether I regard stamp collecting as a hobby or investment since I have spent a not too insignificant amount of hard-earned money on this hobby of mine.

An English schoolmaster, Rowland Hill, invented the adhesive stamp in 1837 and the first issued postage stamp, the British Penny Black stamp, was released on May 6, 1840. The Penny Black may be the first issued, but it is not the most expensive as one could buy a good one at about £200-£300 from the famous UK retailer Stanley Gibbons. The 1885 Swedish 'Treskilling Yellow' mis-print is now considered by many as one of the most if not the world's most expensive stamp when sold in 1996 at £1.59 million. That being the case, should one consider serious stamp collecting a hobby or investment?

My interest in stamps goes back to the days when I was a little boy admiring the beautiful little pieces of paper stuck on the top right hand corner of an envelope. Ignorant as I was then, I would just peel the stamps off the envelopes, often tearing bits off it in the process, and keep the stamps in a shoe box. Not that I have a lot them, but I needed a big box to store the envelopes prior to peeling off the stamps.

As I grew to take a more than cursory interest in stamps, I discovered that I was doing it all wrong in the way that I went about collecting stamps. The “Dummies” book series was not in the bookstore then and so it was a difficult learning process that I had to go through to learn the finer points in stamp collecting. As my stamp collection grew in quantity and quality, especially after I started earning an income and thus able to buy the stamps I fancied and could afford, I discovered the ordeal of having to store the stamps. No longer was I collecting stamps only, but also First Day Covers and other philately materials of interest. Shoe boxes were no longer the correct storage media and substantial funds (based on my meager income then) had to be expended to buy stamp albums and other paraphernalia essential to properly collect, store and display stamps.

Fast forward to the present time, my stamp collecting hobby has now been transformed from a small boy’s fancy in beautiful pieces paper and collecting all sorts and sundries to a more specialized and intentional effort in collecting stamps based on selected countries and themes. The opportunity to work internationally afforded me the access to build my collection at a faster and less costly rate and I believe I now have a notable collection by my standard (bearing in mind I am only an amateur collector with limited funds) that includes a priceless collection of a particular country’s stamps. Priceless because I cannot put a price to it because very few have interest in that country’s stamps in the early days and the only other similar collection I have seen is in a museum.  

So, would one consider my interest in stamp collecting a hobby or investment? I would reckon it depends on one’s intention with regards to the collection. Will I be selling it anytime soon or never, as it is intended to be a family heirloom? Also, is my collection investment grade and will there a buyer interested? The jury is still out and details pertaining to serious stamp collecting for investment purposes will need to be left for another day. In the meantime, I am enjoying stamp collecting as a hobby that could possibly turn out to be a highly profitable investment.