Fear of Finance

Engaging participants in finance training can be challenging, especially when many come with apprehensions about financial concepts. However, our recent experiences in both academic and corporate settings demonstrate that incorporating the Income/Outcome Business Simulation effectively transforms these anxieties into enthusiasm and active learning.

Academic Success: Building Confidence at Coles College of Business

At the Coles College of Business, Dr. Alison Keefe integrates the Income/Outcome Business Simulation into the executive MBA program's kick-off residency. She observes that this approach swiftly alleviates students' fears related to finance and accounting. With only 5% of students holding accounting degrees and less than half having budgeting experience, initial trepidation is common. By engaging with the simulation early on, students overcome these fears, enabling the introduction of more comprehensive and advanced materials throughout the program.

Corporate Training: Transforming Dread into Engagement

In a recent workshop for an international manufacturing company, we encountered mid- to upper-level managers—including a lawyer, a Ph.D. in Chemistry, plant managers, and sales professionals. Despite their diverse backgrounds, few had formal finance training, and approximately two-thirds expressed a reluctance toward financial topics. Remarkably, as the session progressed, participants became deeply engaged. When offered the choice to conclude early or continue with an additional simulation round, they unanimously chose to continue, prioritizing the consolidation and application of their newfound knowledge over leisure time.

The Power of Experiential Learning

These instances underscore the effectiveness of the Income/Outcome Business Simulation in demystifying finance. By providing a hands-on, interactive experience, participants transition from apprehension to active involvement, fostering a deeper understanding of financial principles. This approach not only enhances learning outcomes but also cultivates a more confident and competent cohort of professionals ready to apply these skills in real-world scenarios.

Both groups described above utilized the one-day Finance for Everyone simulation , highlighting its versatility and impact across different sectors and professional backgrounds.