By Alicia Doyle, Correspondent
December 13, 2004

California Lutheran University is launching an online MBA program in financial planning that educators say is the first of its kind.

Beginning in January, students will have the opportunity to get certified via live chat rooms, e–mail, message boards, Web pages, Power Point presentations and pre–recorded lectures.

People who complete the course successfully are eligible to sit for the CFP Certification Examination, said Somnath Basu, director of the California Institute of Finance and a finance professor in the School of Business at California Lutheran University in Thousand Oaks.

"This is rare because there are only 14 programs in the country with an MBA in financial planning, and none of them are online," Basu said.

The CLU campus offers the only CFP board–registered program that features an online master of business administration program geared solely toward financial services professionals, he said. The program is based on a rigorous curriculum and registered by Certified Financial Planner Board of Standards Inc. in Denver, Colo.

"We have big hopes for the future," said Ann Farnham, project manager for the online program. "The market for becoming a financial planner is huge.

"The online program is totally different from the campus program in place, but the courses themselves are the same," she said. "Our campus program has 11–week courses, but the online program has eight–week courses."

Ibrahim Helou, associate dean, professor of finance and chairman of graduate business programs at the University of La Verne, said there are several certificate programs in financial planning offered by the California State University colleges of extended education. However, he is unaware of any online MBA program in financial planning.

CLU, as far as he knows, is the only institution of higher learning that offers an online MBA with an emphasis in financial planning, added John Paglia, assistant professor of finance at the Graziadio School of Business and Management at Pepperdine University in Malibu.

Generally, MBA programs require students to complete a few core courses plus three to four more for specialization in financial planning, Basu said. CLU offers 16 –– eight of which focus on financial planning: introduction to financial planning, financial principles and policies, investment and portfolio management, taxation overview, employee benefits and retirement planning, risk management and insurance, principles of estate planning, and a capstone course.

CLU's new online course is "a noble experiment," but the best learning environment is a combination of both the physical and virtual, said Michael Kinsman, professor of finance and accounting, Graziadio School of Business and Management at Pepperdine University.

In a classroom discussion on ethics, for instance, students are in a position to feed off body language, energy and nuances missing from the Net. On the other hand, his students rave about having online access to missed classroom lectures, he said.

"There's a place for online education but I'm not sure it's 100 percent of a class," said Kinsman. "The underlying question is, 'How effective is online education itself?' Recognizing all the Web–based education is relatively new, we're five to 10 years away from knowing the answer."

CLU administrators launched the course at the demand of students limited geographically.

"The online program will allow professionals from throughout the global community to earn a degree from our already well–respected program," said Ronald Hagler, director of CLU's MBA Program.

Ideal e–students are self–disciplined and goal driven, work well independently and communicate effectively and comfortably through e–mail. An online course is similar to a physical classroom, except students attend through a virtual portal. With the right computer requirements and Internet connections, courses can go anywhere.

"Most in the industry are extremely busy people who work six days a week, so they really can't take time off to go to class every time," Basu said. "This gives them the ability to schedule at their own convenience, but structured enough so they are prepared to sit for the certification exam."

At CLU, each virtual class contains an instructional module of pre–recorded audio lectures synchronized with PowerPoint presentations. Students spend at least three hours per week, per course online hearing lectures, reviewing lessons and taking quizzes. At least three hours of independent work is also required each week.

Through the virtual portal, students have constant interaction with classmates and professors. If important concepts arise, teachers spark discussions with the entire class via e–mail. Students are also urged to initiate talks on various topics throughout the course.

"What we try to do online is replicate everything that happens in a classroom," Basu said.

On the Net:
http://ww2.clunet.edu/cif

Pioneers in online education

CLU's online MBA program called 'a noble experiment'