critical thinking financial problems

• Kreyòl Ayisyen

Financial knowledge and decision-making skills

Financial knowledge and decision-making skills help people make informed financial decisions through problem-solving, critical thinking, and an understanding of key financial facts and concepts.

Building financial knowledge and decision-making skills

How do we learn to make good financial choices? Learn more about the financial knowledge and decision-making skills building block and how it can help young people make the right decisions for their situation.

Importance of financial knowledge and decision-making skills

Strong financial knowledge and decision-making skills help people weigh options and make informed choices for their financial situations, such as deciding how and when to save and spend, comparing costs before a big purchase, and planning for retirement or other long-term savings.

Development of this building block

Financial knowledge and decision-making skills typically don’t develop until adolescence and young adulthood. During these years, they become more relevant, especially for youth who start to earn money, buy things on their own, manage a bank account, or borrow for education.

The tables that follow show what this building block looks like at three stages of development and how the skills and abilities relate to adult behavior associated with financial well-being.

Early childhood (ages 3–5)

Middle childhood (ages 6–12), adolescence and early adulthood (ages 13–21), teaching this building block.

Schools can provide opportunities for youth to practice financial behaviors, make financial decisions, and reflect on the outcomes and consequences of those decisions. Across the curriculum, teachers can provide opportunities for students to learn how to find and recognize reliable financial information, compare financial products, and do purposeful financial research in order to analyze options and make decisions.

Instructional strategies

Research shows that the following strategies can be effective to help people develop financial knowledge and decision-making skills.

• Competency-based learning: Student-centered learning that encourages students to progress toward well-defined benchmarks to give them a sense of mastery and ownership over the skills and knowledge they are learning
• Direct instruction: A structured, straightforward, teacher-directed approach that focuses on an explicit skill and typically includes a lecture, demonstration, or discussion
• Personalized instruction: Teacher assesses each student’s needs, then tailors instruction to the individual student, including focusing and differentiating resources, strategies, supports, and pacing on that student’s needs to individualize learning
• Project-based learning: A hands-on strategy in which students actively explore real-world challenges, answer meaningful questions, and accomplish relevant tasks and, in doing so, are encouraged to make their own decisions, perform their own research, overcome obstacles, and present their work to others
• Simulation: Hands-on learning activities that use real-world scenarios to promote critical thinking and application of learning

Learning activities

Learning activities that nurture financial knowledge and decision making should support young people’s acquisition of factual knowledge, research and analysis skills, and deliberate financial decision-making. The types of activities that support these skills include the following.

• Financial coaching and mentoring: Adults engage and encourage students (individually and in small groups) to develop financial capability and work toward financial goals
• Financial simulations: Educational tools or activities that replicate real-world financial management situations and allow students to develop skills such as budgeting, comparison shopping, and investing by making mock decisions that result in realistic consequences
• Real-world case studies: Stories that present realistic situations involving a dilemma, conflict, or problem to be negotiated or resolved by analyzing and evaluating a range of information and weighing the consequences of different decisions

Resources for teaching financial knowledge and decision-making skills

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Critical Thinking and Personal Finance: A Smart Approach to Money Management

In today’s fast-paced world, personal finance is more crucial than ever for long-term financial success and stability. It’s not enough to simply follow traditional financial advice; individuals must apply critical thinking skills to their money management decisions. By analyzing and evaluating their financial situation, people can make informed choices that will improve their overall financial well-being.

Critically thinking about personal finance requires a thorough understanding of one’s income, expenses, savings, and investments. This involves taking a step back, assessing the whole financial picture, and identifying areas that need improvement or adjustment. With a proactive approach and a focus on strategic decision-making, individuals can create a solid foundation for a more secure financial future.

Additionally, it’s essential to stay informed about new opportunities and potential challenges in the financial world. By staying current with economic trends and financial news, individuals can better discern which strategies will work best for their unique situation, reducing the risk of financial setbacks and increasing their chances of long-term financial success.

Understanding Personal Finance

Income and expenses.

When it comes to personal finance, the first step is understanding your income and expenses. Income refers to the money you earn from your job, business, or investments. Expenses are the costs you incur for daily living, such as rent, utilities, groceries, and transportation. To manage your finances effectively, it is crucial to track and categorize your income and expenses. This can help you identify areas where you can cut back on spending, as well as areas where you can potentially increase your earnings. For a clear picture of your financial situation, consider using:

• Budgeting tools : Use apps or spreadsheets to monitor your income and expenses.
• Financial goals : Set short-term and long-term goals to create a sense of direction and motivation.

Debt and Credit

Debt and credit play a significant role in personal finance. Debt is the money you owe, such as loans and credit card balances. Credit is your ability to borrow money for various purposes, like buying a home or financing a car. A healthy credit score is essential for accessing favorable loan terms and interest rates. To maintain good credit and manage your debt effectively, consider:

• Paying debts on time : Avoid late payments and consistently meet your obligations.
• Paying off high-interest debts first : Prioritize paying down debts with the highest interest rates to save money in the long run.
• Monitoring your credit score : Regularly check your credit report for accuracy and take steps to improve your score, such as keeping your credit card balances low and limiting new credit inquiries.

Savings and Investments

Savings and investments are essential components of personal finance, as they contribute to your future financial security. Savings can provide a financial cushion for emergencies or short-term goals, while investments help grow your wealth over the long term. To maximize your savings and investments, consider:

• Building an emergency fund : Aim to have three to six months’ worth of living expenses set aside for unexpected events.
• Saving for specific goals : Set aside money in a designated savings account for short-term goals, such as vacations or home repairs.
• Investing : Allocate a portion of your income to a diversified investment portfolio, which may include stocks, bonds, mutual funds, and real estate.

By focusing on these critical aspects of personal finance— income and expenses, debt and credit, and savings and investments—you can develop a solid foundation for financial success and security. Remember to review and adjust your financial plan regularly to ensure you stay on track and make informed decisions for your future.

Critical Thinking in Finance

Emotional factors.

Critical thinking in finance requires an understanding of the various emotional factors that can influence decision-making. Emotions, such as fear, greed, and anxiety, can often cloud our judgments, leading to poor financial choices. It is important for an individual to be aware of their emotions and the impact they may have on their financial decisions. Practicing self-awareness and emotional intelligence can help one better manage these emotional factors.

Decision-Making Process

The decision-making process in finance involves evaluating various options, weighing the potential risks, and considering the long-term consequences of each decision. Critical thinking plays a crucial role in this process, enabling individuals to analyze financial information and make informed decisions that align with their values and goals.

A structured decision-making process can involve the following steps:

• Identify the financial problem or decision to be made.
• Gather information about the different options.
• Evaluate the pros and cons of each option, taking into consideration factors like personal risk tolerance, values, and long-term goals.
• Choose the option that best aligns with the individual’s values and objectives.
• Implement the chosen option and monitor its progress.

Incorporating critical thinking skills, such as analysis, problem-solving, and logical reasoning, can help promote better financial decision-making and lead to more positive outcomes in one’s personal finances. It is essential for individuals to remain objective and unbiased when evaluating financial options, ensuring that they make decisions that are in their best interest, both in the short and long term.

Budgeting and Cash Flow

Creating a budget.

Creating a budget is an essential step in taking control of your personal finances. A budget is a plan that helps you allocate your income to different living expenses, such as housing, utilities, groceries, and entertainment. To start, list all your sources of income and expenses. Categorize the expenses as either fixed (e.g., rent, mortgage) or variable (e.g., food, clothing). Next, estimate the monthly cost for each expense and compare it to your income. If your income exceeds your expenses, you have a positive cash flow. If not, you will need to adjust your spending to achieve a balanced budget.

Income Sources:

• Investments

Expense Categories:

• Entertainment

Managing Monthly Expenses

Managing your monthly expenses effectively is crucial for maintaining a healthy cash flow and staying within your budget. Start by tracking your spending to identify any patterns or areas where you may be overspending. Use budgeting apps or tools to help you categorize and monitor your expenses. Prioritize essential living expenses and consider cutting back on non-essential items to maintain a positive cash flow.

Some tips for managing monthly expenses include:

• Automate your bill payments – This helps you avoid late fees and ensures timely payment of essential bills.
• Allocate a specific amount for discretionary spending – This can help you maintain a balanced budget by setting limits on non-essential spending.
• Review your expenses regularly – Frequent reviews can help you identify any changes in your spending habits and make adjustments as needed.

By effectively budgeting and managing your cash flow, you can gain better control over your personal finances, avoid financial stress, and achieve your financial goals.

Dealing with Debt

Debt management strategies.

Dealing with debt requires a confident and knowledgeable approach. It’s important to develop a clear plan to tackle existing debt while preventing further accumulation. Consider the following debt management strategies:

• Create a budget : Tracking your income and expenses provides a clear picture of your financial situation, making it easier to identify areas for improvement.
• Prioritize high-interest debt : Focus on paying off debts with the highest interest rates first, as they can accumulate quickly and cost more over time.
• Debt consolidation : Combining multiple debts into a single loan with a lower interest rate can simplify payments and reduce overall interest costs.
• Seek professional help : If managing your debt proves challenging, consider consulting a financial advisor or a credit counseling service for guidance.

Credit Card Debt

Credit card debt is a common and often costly form of unsecured debt. To manage and reduce credit card debt, follow these steps:

• Review your statements : Analyze your credit card statements to identify patterns and areas where you can cut back on spending.
• Pay more than the minimum : Aim to pay more than the minimum payment each month to decrease your debt faster and reduce interest charges.
• Negotiate for a lower interest rate : Contact your credit card issuer to discuss the possibility of a lower interest rate, as this can help lessen the overall amount owed.
• Consider balance transfer options : If available, transferring a high-interest balance to a card with a lower interest rate or promotional period can save on interest costs.

Student Loans

Student loans are a significant source of debt for many individuals. Here are some strategies to manage student loan debt effectively:

• Understand your repayment options : Familiarize yourself with the different repayment plans available for your specific loan type, such as income-driven repayment plans or loan forgiveness programs.
• Pay off higher interest loans first : If you have multiple student loans, prioritize paying off the ones with the highest interest rates to minimize total interest costs.
• Refinance student loans : Refinancing your loans could lead to lower interest rates and potentially more favorable repayment terms.
• Make extra payments : Whenever possible, make extra payments on your student loans to pay them off sooner and reduce the overall interest accrued.

Income Diversification

Side hustles.

Exploring side hustles can be a great way to create multiple streams of income and improve financial stability. Having a side hustle not only provides extra income but also can act as a safety net in times of financial uncertainty. Some common side hustles include freelancing, selling handmade products, or offering consulting services. It is essential to focus on activities that leverage your skills and align with your interests to ensure long-term commitment and success.

Investment Diversification

Another crucial aspect of income diversification is spreading your investments across different asset classes. This practice, known as investment diversification , helps reduce risk and achieve more consistent returns. It typically involves dividing your investments among stocks, bonds, real estate, and other asset classes. By allocating capital across a range of investments, you can minimize the impact of any single investment performing poorly.

A diversified portfolio should also take into consideration international and domestic markets, varying industries, and a mix of both growth and value stocks. It is important to periodically review and rebalance your investment portfolio to ensure optimal diversification and adjust for changes in risk tolerance or financial goals.

Planning for the Future

Retirement planning.

Retirement planning is a crucial aspect of personal finance to ensure a comfortable and secure future. Establish clear financial goals and start saving and investing early in various retirement accounts, such as 401(k)s, IRAs, or annuities. Diversification in investment options like stocks, bonds, and mutual funds can help generate consistent returns, minimize risks, and build a robust portfolio over time. Keep revisiting and adjusting your retirement plan as needed to stay aligned with your financial goals and market changes.

Family Planning

Family planning plays a significant role in shaping your personal finance strategy. Consider the costs of raising children, including education, healthcare, and day-to-day expenses. Set up dedicated savings accounts or invest in specific financial products that cater to each of these requirements. Additionally, planning for your children’s future education expenses early on, by opening 529 plans or custodial accounts, can help you accumulate funds without feeling an overwhelming financial burden.

Managing expenses is a critical component of personal finance. It involves tracking your day-to-day spending, creating a budget, and making informed decisions about where to cut costs or prioritize spending. By consistently monitoring and reducing unnecessary expenses, you can allocate more resources to saving, investing, and achieving your financial goals. Consider using budgeting apps or software for improved financial organization and clarity. This proactive approach can help you stay on top of your expenses and ensure you’re on the right track for a stronger financial future.

Navigating Financial Challenges

When it comes to personal finance, it’s important to have a strategy in place to deal with various financial challenges. Two such challenges that have the potential to significantly impact personal finances are recessions and economic uncertainty, as well as pandemics. By understanding these challenges and how to address them, you can make more informed decisions to safeguard your financial well-being.

Recessions and Economic Uncertainty

Recessions and economic uncertainty can come on suddenly and have lasting effects on individual and household finances. It’s crucial to have a plan for navigating these challenges:

• Diversify your investments : A well-diversified portfolio can help spread risk and reduce the impact of market fluctuations on your overall investment performance.
• Maintain an emergency fund : Having three to six months’ worth of expenses saved in a liquid account can serve as a financial cushion during hard times.
• Reduce high-interest debt : Focusing on paying down high-interest debts, such as credit cards or personal loans, can help improve your financial situation and reduce the strain of accumulating interest during uncertain times.
• Be prepared to adjust your budget : Economic downturns may require tightening your budget to adapt to changes in income and expenses. Regularly reevaluate your budget to ensure it aligns with your financial needs.

Pandemic and Finances

Pandemics, like the recent COVID-19 outbreak, can pose unique financial challenges. These events can lead to sudden income loss and increased expenses, making it essential to reassess your financial plans:

• Identify your financial priorities : Determine which expenses are essential and which can be scaled back during a pandemic. Prioritize necessary living costs like housing, food, and utilities.
• Explore relief options : Many governments and financial institutions offer relief options during times of crisis, such as moratoriums on loan payments or extended deadlines for tax payments. Research and use these options to lessen the financial burden.
• Review your insurance coverage : Ensure you have adequate health, disability, and life insurance coverage to protect yourself and your family from unexpected medical or personal emergencies.
• Stay informed : Keep up-to-date with accurate information about the pandemic from reliable sources and make adjustments to your financial plans as needed.

By taking a proactive approach in addressing recessions, economic uncertainty, and pandemics, you can better protect your personal finances during challenging times. Remember to reassess your financial plans regularly and make adjustments as circumstances change.

Making Smart Purchases

Housing and mortgages.

When considering housing options, it’s essential to be mindful of the costs associated with purchasing a home. One critical aspect to think about is obtaining a mortgage . It’s vital to shop around and compare different lenders’ interest rates and terms to ensure you get the best deal possible. Also, make sure to consider the overall cost of the mortgage, including any fees and closing costs.

Another consideration when buying a home is whether to purchase a brand new or used property . New homes may have additional costs, like property tax or homeowner’s association fees. Used homes, on the other hand, might require more maintenance and repairs. Carefully weighing the pros and cons of each option will help you make a smarter decision.

Vehicle Ownership

In terms of vehicle ownership, there are several factors to consider before purchasing a car. Deciding between a new or used car is an essential step in the process. New cars may offer more advanced features and come with a warranty, but they usually have a higher price tag and suffer from rapid depreciation in value. On the other hand, used cars are generally more affordable, but may not have the latest features and could require more maintenance.

Another essential factor in vehicle ownership is deciding between buying or leasing a car. A lease can be an attractive option for those who want to drive a new car for a lower monthly payment and not have to worry about its resale value. However, leasing can also come with mileage restrictions and may not be the best option for those who plan to keep their vehicle for an extended period.

When determining what type of car payment is most suitable for your budget, it’s essential to be realistic about your financial situation and long-term needs. By critically thinking about your personal finances and making informed decisions, you can make smart purchases when it comes to housing and vehicle ownership.

Managing Financial Products

Bank accounts.

When managing personal finances, it’s essential to have a clear understanding of various bank accounts and their features. Considering both checking and savings accounts can help individuals manage their finances more effectively.

A checking account typically allows for unlimited transactions, providing flexibility in money management. This type of account is beneficial for everyday expenses, bill payments, and managing cash flow. It is crucial to track transactions to avoid overdrafts and maintain a healthy financial status.

On the other hand, a savings account is designed for longer-term goals, such as emergency funds or future expenses. These accounts may offer higher interest rates, helping individuals accumulate savings over time. It’s essential to monitor the account’s balance and growth, as well as to ensure periodic deposits to achieve financial goals.

Insurance Options

When assessing personal finance, it’s vital to evaluate various insurance options to protect against unforeseen events or expenses. Two common types of insurance to consider are health insurance and car insurance.

Health insurance is essential in managing potential medical costs. It’s crucial to find a plan that meets one’s needs and budget. Factors to consider when selecting a health insurance plan include the coverage provided, out-of-pocket costs, provider networks, and any additional benefits. Maintain awareness of deductibles, copays, and policy changes.

Car insurance is a vital component of responsible vehicle ownership. Evaluating different coverage options and understanding their implications on financial security is key. While minimum coverage may satisfy legal requirements, it may not provide adequate financial protection in case of an accident. Consider factors such as collision coverage, liability limits, and deductible amounts when choosing a policy. Keep track of policy renewals and any changes in coverage to maintain adequate protection.

Taking the time to critically think about one’s financial products, such as bank accounts and insurance options, can help in managing personal finances effectively. By evaluating each option and understanding their impact on financial goals, individuals can confidently build a solid foundation for their financial future while remaining neutral and clear-headed.

Tax and Wage Considerations

Income tax planning.

One of the essential aspects of personal finance is effective income tax planning . This involves considering the timing of income, the size of income, and planning for expenditures. By saving for retirement in an Individual Retirement Account (IRA) or other tax-advantaged accounts, you can reduce your taxable income and plan for a more financially secure future. Furthermore, taking advantage of deductions and tax credits can help to minimize the tax burden and provide additional resources for personal financial goals.

Salary and Wage Factors

When it comes to personal finance, understanding your salary and wage situation is crucial. One of the key elements is comparison shopping . This means analyzing the job market and understanding whether your current salary and benefits are competitive compared to other positions in your field. By knowing your worth in the job market, you can negotiate for a higher salary or seek better opportunities elsewhere. Additionally, consider whether your wage or salary is in line with your personal financial goals. For instance, if you aim to save for a down payment on a home or plan for early retirement, ensure that your income can support these initiatives.

In summary, both tax planning and salary considerations play a vital role in managing personal finances effectively. By understanding your income and tax situation, you can make informed decisions and set realistic financial goals for the future.

In today’s complex financial world, it is essential to think critically about personal finance management. Making informed decisions and having a solid financial plan can ensure long-term financial stability and security.

One key aspect of critical thinking in personal finance involves creating an emergency fund . It is crucial to have a financial buffer to cover unexpected expenses and prevent debt accumulation. Setting aside a portion of one’s income for emergencies creates a safety net that can be relied upon in times of need.

Another aspect of critical thinking involves paying off debt. High-interest debt, such as credit card debt, can be financially crippling if not addressed promptly. Prioritizing debt repayment and devising a strategy to eliminate debt is a crucial step in achieving financial freedom.

Besides managing debt and savings, investment in oneself plays a significant role in personal finance. Acquiring new skills, pursuing higher education, and staying updated with industry trends can lead to better job opportunities and income growth. This, in turn, contributes to long-term financial well-being.

Moreover, building additional income streams and being open to new opportunities increases one’s financial resilience. Diversifying income sources helps reduce reliance on a single income stream and provides financial security in case of unexpected job loss or economic downturn.

In conclusion, critically thinking about personal finance involves several aspects, including emergency funds, debt management, self-investment, and income diversification. By adopting these practices and maintaining a clear, confident, and knowledgeable approach to personal finance, individuals can achieve financial stability and security.

Frequently Asked Questions

How can i improve my financial decision-making skills.

Improving financial decision-making skills involves increasing your financial literacy and being objective in evaluating options. Consider reading books or attending seminars on personal finance, and consult with a financial advisor to gain further insights. Continually analyzing your spending habits and making necessary adjustments will contribute to better decision-making skills.

What methods can I use to create a successful budget?

Creating a successful budget requires identifying income sources, tracking expenses, and setting short-term and long-term financial goals. Analyze your spending habits and categorize them into essential and non-essential expenses. Allocate funds accordingly and monitor your progress regularly to make adjustments as needed.

How can I effectively manage debt and credit?

Effective debt and credit management involves creating a plan to prioritize and pay off debts, maintaining a healthy credit score, and developing responsible borrowing habits. Focus on high-interest debts first, while meeting minimum payment requirements for other debts. Regularly review your credit report and promptly correct any discrepancies to maintain a healthy credit score.

What should I consider when planning for long-term financial goals?

When planning for long-term financial goals, consider factors such as anticipated income, expected expenses, inflation, and investment returns. Start by defining clear and realistic goals, such as saving for a down payment on a house or planning for retirement. Develop a strategic plan to reach those goals and review your progress periodically.

How do I build an emergency fund?

An emergency fund should have enough money to cover three to six months of living expenses. To build this fund, set aside a small portion of your paycheck regularly until you reach your desired amount. Store these funds in a separate, easily accessible account. Maintaining an emergency fund provides financial security in the event of unexpected expenses.

How can I make informed investment choices?

Making informed investment choices involves researching available investment options, assessing their risks and rewards, and aligning investment decisions with your financial goals and risk tolerance. Consult with a financial advisor, use online resources, and stay updated with market trends to enhance your investment knowledge. Diversify your investments to mitigate risk and ensure a balanced portfolio.

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How to develop critical thinking skills in finance & accounting

Stephen Moir

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When it comes to finance and accounting roles, employers are increasingly looking for problem solvers, not a number-crunchers. Over recent years, we have seen an increasing demand for people who can analyse and interpret data and think critically.

What is critical thinking.

A critical thinker is a problem solver. They are able to evaluate complex situations, weigh-up different options and reach logical (and often quite creative) conclusions.

Critical thinkers are highly-valued by employers as they innovate and make improvements, without taking unnecessary risks. Chartered Accountants Australia and New Zealand recently identified that it was in the top 10 attributes that will help you get noticed in the job market.

Why are critical thinking skills important?

Once you have learnt how to develop critical thinking skills you will be better able to add value to data, interpret trends within the business, understand how people and performance intersect and take-on broader commercial outlook that benefits the business.

How to develop critical thinking skills

Critical thinking comes naturally to some people, but it is also a skill than can be practiced. Here are some tips for how to develop your own critical thinking skills :

• Examine: Self-awareness is the foundation of critical thinking. It allows you to play to your strengths and address your weaknesses. Question how and why you do things the way you do.
• Analyse: Look for opportunities to grow and improve. Consider alternative solutions to the problems you encounter in your work.
• Explain:  Clear communication is key. Get into the habit of talking through your reasoning and conclusions with colleagues.
• Innovate: Develop an independent mind-set. Find ways to think outside the box and challenge the status quo. Make sure your decisions are well-thought out. A critical thinker is logical as well as creative.
• Learn: Keep an open and well-oiled mind. Brush-up on your problem-solving skills by doing brain-teasers or trying to solve problems backwards. Keep up-to-date with professional learning opportunities . You may also need to unlearn past mindsets in order to grow and move forward.

How to apply critical thinking skills in your current role

Could you implement a new process or procedure that enhances performance or profitability? You might also consider volunteering for a new project or responsibility that gives you the opportunity to innovate and take on a new challenge. It’s a great way to broaden your skillset and gain exposure to other parts of the business.

Surround yourself with other critical thinkers in the organisation and work together towards achieving a problem-solving culture. Ask questions, and always look for opportunities for continual learning.

Changing roles to develop critical thinking skills 

At Moir Group, we are passionate about finding the right cultural fit between people and the organisations they work with. If you are a critical thinker, it’s worth looking for a stimulating work environment that encourages innovation and non-conformist thinking when considering your next role.

How to demonstrate critical thinking skills at an interview

During an interview, use examples from your past experiences to demonstrate your problem-solving abilities. Show that you can be analytical, weigh-up pros and cons, consider other view points and be creative in your solutions. Clearly articulating your thought process is key.

Sometimes an interviewer will ask you to simplify the complex as a way of determining your clarity of thought. For example: “How would you explain the state of the economy to a kindergarten child?” In instances like these, the focus will be on how you explain your reasoning, rather than achieving a ‘right’ answer. Learn more here.

If you’re looking to take that next step in your career, we can help. Get in touch with us here .

2 Responses to “How to develop critical thinking skills in finance & accounting”

Hi Stephen,

The above is very useful and very valuable for employers. However my understanding of critical thinking is slightly different from above. I recently listened to a course in critical thinking by Professor Steven Novella of Yale School of Medicine. To keep it simple it is to do with assessing the veracity of views and statements made by oneself, others and media being constantly aware of the many biases, the flaws and fabrications of memory, half truths, unspoken truths, and even lies. So it becomes key to adopt an inquisitive mindset, to look for external evidence that supports argument and not just wishful or hopeful thinking.

Just wanting to add to the debate as this is a really important area.

Hi Richard,

We are pleased that found this article useful. Thanks for your sharing your thoughts about critical thinking.

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Improving Critical Thinking Skills

November 01, 2021

By: Sonja Pippin , Ph.D., CPA ; Brett Rixom , Ph.D., CPA ; Jeffrey Wong , Ph.D., CPA

Whether working with financial statements, analyzing operational and nonfinancial information, implementing machine learning and AI processes, or carrying out many of their other varied responsibilities, accounting and finance professionals need to apply critical thinking skills to interpret the story behind the numbers.

Critical thinking is needed to evaluate complex situations and arrive at logical, sometimes creative, answers to questions. Informed judgments incorporating the ever-increasing amount of data available are essential for decision making and strategic planning.

Thus, creatively thinking about problems is a core competency for accounting and finance professionals—and one that can be enhanced through effective training. One such approach is through metacognition. Training that employs a combination of both creative problem solving (divergent thinking) and convergence on a single solution (convergent thinking) can lead financial professionals to create and choose the best interpretations for phenomena observed and how to best utilize the information going forward. Employees at any level in the organization, from newly hired staff to those in the executive ranks, can use metacognition to improve their critical assessment of results when analyzing data.

THINKING ABOUT THINKING

Metacognition refers to individuals’ ability to be aware, understand, and purposefully guide how to think about a problem (see “What Is Metacognition?”). It’s also been described as “thinking about thinking” or “knowing about knowing” and can lead to a more careful and focused analysis of information. Metacognition can be thought about broadly as a way to improve critical thinking and problem solving.

In their article “Training Auditors to Perform Analytical Procedures Using Metacognitive Skills,” R. David Plumlee, Brett Rixom, and Andrew Rosman evaluated how different types of thinking can be applied to a variety of problems, such as the results of analytical procedures, and how those types of thinking can help auditors arrive at the correct explanation for unexpected results that were found ( The Accounting Review , January 2015). The training methods they describe in their study, based on the psychological research examining metacognition, focus on applying divergent and convergent thinking.

While they employed settings most commonly encountered by staff in an audit firm, their approach didn’t focus on methods used solely by public accountants. Therefore, the results can be generalized to professionals who work with all types of financial and nonfinancial data. It’s particularly helpful for those conducting data analysis.

Their approach involved a sequential process of divergent thinking followed by convergent thinking. Divergent thinking refers to creating multiple reasons about what could be causing the surprising or unusual patterns encountered when analyzing data before a definitive rationale is used to inform what actions to take or strategy to use. Here’s an example of divergent thinking:

The customer satisfaction metric employed by RNO Company has increased steadily for the quarter, yet its sales numbers and revenue have declined steadily for the same period. Jill, a senior accountant, conducted ratio and trend analyses and found some of the results to be unusual. To apply divergent thinking, Jill would think of multiple potential reasons for this surprising result before removing any reason from consideration.

Convergent thinking is the process of finding the best explanation for the surprising results so that potential actions can be explored accordingly. The process consists of narrowing down the different reasons by ensuring the only reasons that are kept for consideration are ones that explain all of the surprising patterns seen in the results without explaining more than what is needed. In this way, actions can be taken to address the heart of any problems found instead of just the symptoms. On the other hand, if the surprising result is beneficial to an organization, it can make it easier to take the correct actions to replicate the benefit in other aspects of the business. Here’s an example of convergent thinking:

Washoe, Inc.’s customer satisfaction metric has increased steadily for the quarter, yet sales numbers and revenue have steadily declined for the same period. Roberto found this result to be surprising. After employing divergent thinking to identify 10 potential reasons for this result, such as “the reason that customers seem more satisfied is that the price of goods has been reduced, which also explains the reduction in sales revenue.” To apply convergent thinking, Roberto reviewed each reason that best fit. If the reason doesn’t explain the unusual results satisfactorily, then it will either be modified or discarded. For example, the reduced price of goods doesn’t explain all of the results—specifically, the decrease in units sold—so it needs to either be eliminated as a possible explanation or modified until it does explain all the results.

Exploring strategic or corrective actions based on reasons that completely explain the unusual results increases the chance of correctly addressing the actual issue behind the surprising result. Also, by making sure that the reason doesn’t contain extraneous details, unneeded actions can be avoided.

It’s important to note that a sequential process is required for these types of thinking to be most effective. When encountering a surprising or unexpected result during data analysis, accounting professionals must first focus strictly on divergent thinking—thinking about potential reasons—before using convergent thinking to choose a reason that best explains the surprising result. If convergent thinking is used before divergent thinking is completed, it can lead to reasons being picked simply because they came to mind right away.

LEARNING THE PROCESS

Improving divergent and convergent thinking can benefit employees at any level of an organization. Newer professionals who don’t have as much technical knowledge and experience to draw upon may be more likely to focus on the first explanation that comes to mind (“premature convergent thinking”) without fully considering all of the potential reasons for the surprising results. Experienced individuals such as CFOs and controllers have more technical knowledge and practical experience to rely on, but it’s possible these seasoned employees fall into habits and follow past patterns of thought without fully exploring potential causes for surprising results.

Instructing all accounting professionals on how to think about surprising results can help them have a more complete understanding of the issues at hand that will help guide actions taken in the future. It can lead to a more creative approach when analyzing information and ultimately to better problem solving.

When teaching employees to use divergent and convergent thinking, the goal is to get them to focus on what should be done once they identify information that suggests a surprising result has occurred. The first step is to learn how to properly use divergent thinking to create a set of plausible explanations more likely to contain the actual reason for the surprising results. There’s a three-step method that individuals can follow (see Table 1):

• Ask a broad question that reflects the goal you have: For instance, what is it about the current information that suggests a potential surprising event? Or what led to this event that can help predict future occurrences?
• Answer that question with a complete sentence: Be sure the answer includes a description of the information that suggests a potential surprising event.
• Turn the broad question into a creative challenge: Identify the plausible reasons that could have led to the indications of a surprising event.

Once employees have a good grasp of how to use divergent thinking, the next step is to instruct them in the proper use of convergent thinking, which involves choosing the best possible reason from the ones identified during the divergent thinking process. Potential reasons need to be narrowed down by removing or modifying those that either don’t fully explain the surprising results or that overexplain the results.

Two simple questions can help individuals screen each of the possible explanations generated in the divergent thinking process (see Table 2):

• Can I think of transactions or events that would be considered expected but are accounted for by my ­explanation?
• Can I think of transactions or events that aren’t accounted for by my explanation but are unusual?

The first question is designed for an individual to think about whether there are other events outside of the current issue that fit the explanation: “Does the explanation also address phenomena that aren’t related to or outside the scope of the surprising result that’s being studied?” If the answer is “yes,” then this is a case of overexplanation. Consider, for example, a scenario involving an increase in bad debts. Relaxing credit requirements may explain the increase, but they would also explain a growth in sales and falling employee morale due to working massive amounts of overtime to make products for sale.

The second question is designed to think about whether an explanation only accounts for part of the phenomenon being observed: “Does the explanation address only part of what’s being observed while leaving other important details unexplained?” If the answer is “yes,” then it’s an under-explanation. For example, consider a decline in sales. An economic downturn at the same time as the decline may be a possible explanation, but it might only be part of the problem. A drop in product quality or a drop in demand due to obsolescence could also be causing sales to decline.

If the answer to either screening question is “yes,” then the explanation needs to be discarded from consideration or modified to better address the concern. In the case of over-explanation, the reason is too general and may lead to action areas where none is needed while still not addressing the actual issue. For underexplanation, the reason is incomplete because it accounts for only a portion of the phenomenon observed, thus action may only address a symptom and not the actual root problem.

If the answer to both questions is “no,” then the explanation is viable. The chosen reason neither overexplains nor underexplains the issue at hand, making it more likely that the recommended solution or plan of action based on that reason will be more successful at addressing the actual cause of the issue.

Divergent and convergent thinking are two distinct processes that work in conjunction with each other to arrive at potential reasons for the results they observe. Yet, as previously noted, the two ways of thinking must be conducted separately and sequentially in order to obtain optimal results. Divergent thinking must be applied first in order to achieve a diverse set of potential reasons. This will maximize the probability of generating a feasible reason that explains the results correctly. After the set of potential reasons has been generated using the divergent thinking approach, convergent thinking should be used to methodically remove or modify the reasons that don’t fit with the surprising results.

If both divergent thinking and convergent thinking are done simultaneously, premature convergence can lead to a less-than-optimal reason being chosen, which may lead to taking the wrong course of action. Thus, it’s important with training to instruct employees in the use of both divergent thinking and convergent thinking and to use the types of thinking sequentially.

ORGANIZATIONAL TRAINING

Learning to apply divergent and convergent thinking can require a substantial time commitment. The process we’ve described here is designed to enhance critical thinking and problem-solving skills. It outlines a general approach that doesn’t provide specific guidance on the best methods to analyze data or complete a task but rather focuses on successful methods to think of a diverse set of reasons for any surprising results and then how to choose the best explanation for that result in order to be able to recommend the most appropriate actions or solutions.

Individuals can practice the approach we’ve described on their own, but each organization will likely have its own preferred way to approach the analyses. Plumlee, et al., used training modules in their study that could be employed in a concerted effort by a company, with supervisors training their employees. We estimate that a basic training session would take about two hours. Complete training with practice and feedback would require about four hours—which could grow longer with even more for intensive training.

One area where this training could be very effective in helping employees is data analytics. In the past decade, an increasing amount of accounting and financial work involves or relies on data analysis. Data availability has increased exponentially, and companies use or have developed software that generates sophisticated analytical results.

Typical data analysis procedures accounting professionals might be called on to perform include things such as ratio and trend analyses, which compare financial and nonfinancial data over time and against industry information to examine whether results achieved are in line with expectations for strategic actions. Additionally, analyses are forward-looking when performance measures examined are leading indicators.

In order to perform data analytics effectively, accounting professionals must exercise sufficient judgment to critically assess the implications of any surprising results that are found. The quality of judgments and understanding the best ways to conduct and interpret the information uncovered by data analytics have typically been a function of time spent on the job along with training. At the same time, however, it’s commonplace that many of these analyses are performed by newer professionals.

Training in metacognition will help these employees more effectively and creatively reach conclusions about what they’ve observed in their analysis. Since the method discussed provides general instruction, each organization can customize the approach to best fit its own operations, strategies, and goals. Implementing a training program can be worth the investment given the importance of critical thinking throughout the process of evaluating operating results. Avoiding potential failures with interpreting results that could be prevented would seem to warrant the consideration of metacognitive training.

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Critical Thinking through Financial Literacy

Apply critical thinking to make sound financial decisions.

Financial literacy is about more than just setting a budget – it’s about deploying critical-thinking skills to make the financial decisions that are best for you. Learn from FoolProof Foundation how to approach these decisions with a healthy skepticism that will protect you from manipulative marketers and scam artists.

In this self-paced class, students will get an introduction to financial literacy. They will learn to recognize the tactics that advertisers and marketers use to try to manipulate consumers. Students will learn how to avoid impulse buying and how to form their own opinions about products and services through independent research. As they explore financial decision-making, students will sharpen their critical-thinking skills and discover how to deploy these skills in day-to-day life.

What You Will Learn

Sharpen your critical-thinking skills and learn how to use these skills to make sensible financial decisions.

• Develop a basic understanding of financial literacy.
• Learn tips for avoiding impulse buying.
• Find out how to recognize and evaluate marketing and media spin tactics.
• Understand how to form your own opinion through independent research.
• Be prepared to deploy critical thinking in everyday life.

Note:  This course is not for credit. Upon successful enrollment of a section, students will receive a confirmation email from our Student Services team. This email will include a link to an authorization form that is required to be completed within 72-hours of enrollment.  In response to COVID-19 health guidelines, we have restructured our in-person Junior Academy workshops as online courses. Contact us at  [email protected]  if you have questions.  

Course Number:  EDUC-80037 Credit:  0.00 unit(s)

There are no sections of this course currently scheduled. Please contact the Pre-College Programs department at 858-534-0804 or [email protected] for information about when this course will be offered again.

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Critical Thinking and Problem-Solving in Finance

$ 100.00 Original price was: $100.00. $ 49.00 Current price is: $49.00.

🌟🌟🌟🌟🌟 “This course has fundamentally changed how I approach financial challenges. The structured problem-solving techniques and critical thinking frameworks have made me a more confident and effective finance professional.”    – Sophia K., Financial Strategist

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Course Description: Critical Thinking and Problem-Solving in Finance

“Critical Thinking and Problem-Solving in Finance” is an intensive course designed to empower finance professionals with the analytical skills and critical thinking capabilities needed to tackle complex financial challenges effectively. In the volatile world of finance, the ability to analyze situations, think critically, and devise innovative solutions is paramount. This course combines theory with real-world applications, ensuring participants can approach financial problems systematically and make decisions that align with their organization’s strategic goals.

Learning Objectives

By the end of this course, participants will be able to:

Enhance Critical Thinking Skills:

Understand and apply critical thinking frameworks in financial contexts.

Identify biases and assumptions that can impact decision-making.

Develop Analytical Abilities:

Analyze financial situations using a structured, methodical approach.

Employ quantitative and qualitative analysis to evaluate financial scenarios.

Foster Innovative Problem-Solving:

Cultivate creative thinking to approach financial challenges from new angles.

Develop the ability to devise and assess innovative financial solutions.

Improve Decision-Making:

Make informed, data-driven decisions in complex financial environments.

Understand the implications of financial decisions on overall business strategy.

Navigate Uncertainty and Risk:

Develop strategies for managing and mitigating financial risks.

Build resilience and adaptability to thrive in uncertain financial landscapes.

• Informed Decision-Making: Make smarter, data-driven decisions by analyzing financial information critically.
• Enhanced Problem-Solving: Tackle complex financial issues with innovative and effective solutions.
• Strategic Thinking: Align your problem-solving approach with your organization’s strategic objectives.
• Risk Management: Enhance your ability to assess and mitigate risks in a volatile financial environment.
• Professional Advancement: Sharpening critical thinking and problem-solving skills can open doors to leadership roles and strategic positions within your organization.

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🌟🌟🌟🌟🌟  “Transformative and Insightful”

“This course has fundamentally changed how I approach financial challenges. The structured problem-solving techniques and critical thinking frameworks have made me a more confident and effective finance professional.”    – Sophia K., Financial Strategist

🌟🌟🌟🌟🌟  “A New Dimension in Financial Decision-Making”

“Understanding how to critically analyze information and think outside the box has added a new dimension to my financial decision-making. The skills I’ve acquired are invaluable in navigating today’s complex financial landscape.”    – Miguel A., Risk Analyst

Module 1: Foundations of Critical Thinking in Finance

• Introduction to critical thinking and its significance in finance.
• Recognizing and overcoming cognitive biases and fallacies.

Module 2: Analytical Techniques in Finance

• Tools and techniques for quantitative and qualitative financial analysis.
• Case studies illustrating analytical problem-solving in action.

Module 3: Creative Thinking and Innovation in Problem-Solving

• Techniques for fostering creativity in financial problem-solving.
• Approaches to brainstorming and assessing innovative solutions.

Module 4: Strategic Decision-Making

• Frameworks for making informed, strategic financial decisions.
• Aligning financial decision-making with broader business objectives.

Module 5: Risk Assessment and Management

• Identifying, analyzing, and mitigating financial risks.
• Building strategies for resilient and adaptable financial planning.

Module 6: Navigating Uncertainty in Finance

• Tools and techniques for thriving in uncertain financial environments.
• Building flexibility and adaptability into financial problem-solving.

Module 7: Capstone Project

• Applying critical thinking and problem-solving skills to a real-world financial challenge.
• Peer and instructor feedback to refine and enhance analytical capabilities.

Elevate your financial acumen and strategic influence! Join “Critical Thinking and Problem-Solving in Finance” and become a pivotal asset in navigating your organization through complex financial landscapes. Enroll now and redefine your approach to financial challenges!

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Critical Thinking Is About Asking Better Questions

• John Coleman

Six practices to sharpen your inquiry.

Critical thinking is the ability to analyze and effectively break down an issue in order to make a decision or find a solution. At the heart of critical thinking is the ability to formulate deep, different, and effective questions. For effective questioning, start by holding your hypotheses loosely. Be willing to fundamentally reconsider your initial conclusions — and do so without defensiveness. Second, listen more than you talk through active listening. Third, leave your queries open-ended, and avoid yes-or-no questions. Fourth, consider the counterintuitive to avoid falling into groupthink. Fifth, take the time to stew in a problem, rather than making decisions unnecessarily quickly. Last, ask thoughtful, even difficult, follow-ups.

Are you tackling a new and difficult problem at work? Recently promoted and trying to both understand your new role and bring a fresh perspective? Or are you new to the workforce and seeking ways to meaningfully contribute alongside your more experienced colleagues? If so, critical thinking — the ability to analyze and effectively break down an issue in order to make a decision or find a solution — will be core to your success. And at the heart of critical thinking is the ability to formulate deep, different, and effective questions.

• JC John Coleman is the author of the HBR Guide to Crafting Your Purpose . Subscribe to his free newsletter, On Purpose , follow him on Twitter @johnwcoleman, or contact him at johnwilliamcoleman.com.

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5.3: Using Critical Thinking Skills- Decision Making and Problem Solving

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Introduction

In previous lessons, you learned about characteristics of critical thinkers and information literacy. In this module, you will learn how to put those skills into action through the important processes of decision making and problem solving.

As with the process of developing information literacy, asking questions is an important part of decision making and problem solving. Thinking is born of questions. Questions wake us up. Questions alert us to hidden assumptions. Questions promote curiosity and create new distinctions. Questions open up options that otherwise go unexplored. Besides, teachers love questions.

We make decisions all the time, whether we realize it or not. Even avoiding decisions is a form of decision making. The student who puts off studying for a test until the last minute, for example, might really be saying, “I’ve decided this course is not important” or “I’ve decided not to give this course much time.”

Decisions are specific and lead to focused action. When we decide, we narrow down. We give up actions that are inconsistent with our decision.

In addition to decision making, critical thinking skills are important to solving problems. We encounter problems every single day, and having a solid process in place is important to solving them.

At the end of the lesson, you will learn how to put your critical thinking skills to use by reviewing an example of how critical thinking skills can help with making those everyday decisions.

Using Critical Thinking Skills: Asking Questions

Questions have practical power. Asking for directions can shave hours off a trip. Asking a librarian for help can save hours of research time. Asking how to address an instructor—by first name or formal title—can change your relationship with that person. Asking your academic advisor a question can alter your entire education. Asking people about their career plans can alter your career plans.

You can use the following strategies to develop questions for problem solving and decision making:

Ask questions that create possibilities. At any moment, you can ask a question that opens up a new possibility for someone.

• Suppose a friend walks up to you and says, “People just never listen to me.” You listen carefully. Then you say, “Let me make sure I understand. Who, specifically, doesn’t listen to you? And how do you know they’re not listening?”
• Another friend tells you, “I just lost my job to someone who has less experience. That should never happen.” You respond, “Wow, that’s hard. I’m sorry you lost your job. Who can help you find another job?”
• A relative seeks your advice. “My mother-in-law makes me mad,” she says. “You’re having a hard time with this person,” you say. “What does she say and do when you feel mad at her? And are there times when you don’t get mad at her?”

These kinds of questions—asked with compassion and a sense of timing—can help people move from complaining about problems to solving them.

Discover new questions. Students sometimes say, “I don’t know what questions to ask.” Consider the following ways to create questions about any subject you want to study or about any

area of your life that you want to change:

• Let your pen start moving. Sometimes you can access a deeper level of knowledge by taking out your pen, putting it on a piece of paper, and writing down questions—even before you know what to write. Don’t think. Just watch the pen move across the paper. Notice what appears. The results might be surprising.
• Ask about what’s missing . Another way to invent useful questions is to notice what’s missing from your life and then ask how to supply it. For example, if you want to take better notes, you can write, “What’s missing is skill in note taking. How can I gain more skill in taking notes?” If you always feel rushed, you can write, “What’s missing is time. How do I create enough time in my day to actually do the things that I say I want to do?”
• Pretend to be someone else. Another way to invent questions is first to think of someone you greatly respect. Then pretend you’re that person. Ask the questions you think she would ask.
• What can I do when ... an instructor calls on me in class and I have no idea what to say? When a teacher doesn’t show up for class on time? When I feel overwhelmed with assignments?
• How can I ... take the kind of courses that I want? Expand my career options? Become much more effective as a student, starting today?
• When do I ... decide on a major? Transfer to another school? Meet with an instructor to discuss an upcoming term paper?
• What else do I want to know about ... my academic plan? My career plan? My options for job hunting? My friends? My relatives? My spouse?
• Who can I ask about ... my career options? My major? My love life? My values and purpose in life?

Many times you can quickly generate questions by simply asking yourself, “What else do I want to know?” Ask this question immediately after you read a paragraph in a book or listen to someone speak.

Start from the assumption that you are brilliant. Then ask questions to unlock your brilliance.

Using Critical Thinking Skills in Decision Making

As you develop your critical thinking skills, you can apply them as you make decisions. The following suggestions can help in your decision-making process:

Recognize decisions. Decisions are more than wishes or desires. There’s a world of difference between “I wish I could be a better student” and “I will take more powerful notes, read with greater retention, and review my class notes daily.” Deciding to eat fruit for dessert instead of ice cream rules out the next trip to the ice cream store.

Establish priorities. Some decisions are trivial. No matter what the outcome, your life is not affected much. Other decisions can shape your circumstances for years. Devote more time and energy to the decisions with big outcomes.

Base decisions on a life plan. The benefit of having long-term goals for our lives is that they provide a basis for many of our daily decisions. Being certain about what we want to accomplish this year and this month makes today’s choices more clear.

Balance learning styles in decision making. To make decisions more effectively, use all four modes of learning explained in a previous lesson. The key is to balance reflection with action, and thinking with experience. First, take the time to think creatively, and generate many options. Then think critically about the possible consequences of each option before choosing one. Remember, however, that thinking is no substitute for experience. Act on your chosen option, and notice what happens. If you’re not getting the results you want, then quickly return to creative thinking to invent new options.

Choose an overall strategy. Every time you make a decision, you choose a strategy—even when you’re not aware of it. Effective decision makers can articulate and choose from among several strategies. For example:

• Find all of the available options, and choose one deliberately. Save this strategy for times when you have a relatively small number of options, each of which leads to noticeably different results.
• Find all of the available options, and choose one randomly. This strategy can be risky. Save it for times when your options are basically similar and fairness is the main issue.
• Limit the options, and then choose. When deciding which search engine to use, visit many search sites and then narrow the list down to two or three from which to choose.

Use time as an ally. Sometimes we face dilemmas—situations in which any course of action leads to undesirable consequences. In such cases, consider putting a decision on hold. Wait it out. Do nothing until the circumstances change, making one alternative clearly preferable to another.

Use intuition. Some decisions seem to make themselves. A solution pops into your mind, and you gain newfound clarity. Using intuition is not the same as forgetting about the decision or refusing to make it. Intuitive decisions usually arrive after we’ve gathered the relevant facts and faced a problem for some time.

Evaluate your decision. Hindsight is a source of insight. After you act on a decision, observe the consequences over time. Reflect on how well your decision worked and what you might have done differently.

Think of choices. This final suggestion involves some creative thinking. Consider that the word decide derives from the same roots as suicide and homicide . In the spirit of those words, a decision forever “kills” all other options. That’s kind of heavy. Instead, use the word choice , and see whether it frees up your thinking. When you choose , you express a preference for one option over others. However, those options remain live possibilities for the future. Choose for today, knowing that as you gain more wisdom and experience, you can choose again.

Using Critical Thinking Skills in Problem Solving

Think of problem solving as a process with four Ps : Define the problem , generate possibilities ,

create a plan , and perform your plan.

Step 1: Define the problem. To define a problem effectively, understand what a problem is—a mismatch between what you want and what you have. Problem solving is all about reducing the gap between these two factors.

Tell the truth about what’s present in your life right now, without shame or blame. For example: “I often get sleepy while reading my physics assignments, and after closing the book I cannot remember what I just read.”

Next, describe in detail what you want. Go for specifics: “I want to remain alert as I read about physics. I also want to accurately summarize each chapter I read.”

Remember that when we define a problem in limiting ways, our solutions merely generate new problems. As Albert Einstein said, “The world we have made is a result of the level of thinking we have done thus far. We cannot solve problems at the same level at which we created them” (Calaprice 2000).

This idea has many applications for success in school. An example is the student who struggles with note taking. The problem, she thinks, is that her notes are too sketchy. The logical solution, she decides, is to take more notes; her new goal is to write down almost everything her instructors say. No matter how fast and furiously she writes, she cannot capture all of the instructors’ comments.

Consider what happens when this student defines the problem in a new way. After more thought, she decides that her dilemma is not the quantity of her notes but their quality . She adopts a new format for taking notes, dividing her notepaper into two columns. In the right-hand column, she writes down only the main points of each lecture. In the left-hand column, she notes two or three supporting details for each point.

Over time, this student makes the joyous discovery that there are usually just three or four core ideas to remember from each lecture. She originally thought the solution was to take more notes. What really worked was taking notes in a new way.

Step 2: Generate possibilities. Now put on your creative thinking hat. Open up. Brainstorm as many possible solutions to the problem as you can. At this stage, quantity counts. As you generate possibilities, gather relevant facts. For example, when you’re faced with a dilemma about what courses to take next semester, get information on class times, locations, and instructors. If you haven’t decided which summer job offer to accept, gather information on salary, benefits, and working conditions.

Step 3: Create a plan. After rereading your problem definition and list of possible solutions, choose the solution that seems most workable. Think about specific actions that will reduce the gap between what you have and what you want. Visualize the steps you will take to make this solution a reality, and arrange them in chronological order. To make your plan even more powerful, put it in writing.

Step 4: Perform your plan. This step gets you off your chair and out into the world. Now you actually do what you have planned.

Ultimately, your skill in solving problems lies in how well you perform your plan. Through the quality of your actions, you become the architect of your own success.

When facing problems, experiment with these four Ps, and remember that the order of steps is not absolute. Also remember that any solution has the potential to create new problems. If that happens, cycle through the four Ps of problem solving again.

Critical Thinking Skills in Action: Thinking About Your Major, Part 1

One decision that troubles many students in higher education is the choice of a major. Weighing the benefits, costs, and outcomes of a possible major is an intellectual challenge. This choice is an opportunity to apply your critical thinking, decision-making, and problem-solving skills. The following suggestions will guide you through this seemingly overwhelming process.

The first step is to discover options. You can use the following suggestions to discover options for choosing your major:

Follow the fun. Perhaps you look forward to attending one of your classes and even like completing the assignments. This is a clue to your choice of major.

See whether you can find lasting patterns in the subjects and extracurricular activities that you’ve enjoyed over the years. Look for a major that allows you to continue and expand on these experiences.

Also, sit down with a stack of 3 × 5 cards and brainstorm answers to the following questions:

• What do you enjoy doing most with your unscheduled time?
• Imagine that you’re at a party and having a fascinating conversation. What is this conversation about?
• What kind of problems do you enjoy solving—those that involve people? Products? Ideas?
• What interests are revealed by your choices of reading material, television shows, and other entertainment?
• What would an ideal day look like for you? Describe where you would live, who would be with you, and what you would do throughout the day. Do any of these visions suggest a possible major?

Questions like these can uncover a “fun factor” that energizes you to finish the work of completing a major.

Consider your abilities. In choosing a major, ability counts as much as interest. In addition to considering what you enjoy, think about times and places when you excelled. List the courses that you aced, the work assignments that you mastered, and the hobbies that led to rewards or recognition. Let your choice of a major reflect a discovery of your passions and potentials.

Use formal techniques for self-discovery. Explore questionnaires and inventories that are designed to correlate your interests with specific majors. Examples include the Strong Interest Inventory and the Self-Directed Search. Your academic advisor or someone in your school’s career planning office can give you more details about these and related assessments. For some fun, take several of them and meet with an advisor to interpret the results. Remember inventories can help you gain self-knowledge, and other people can offer valuable perspectives. However, what you do with all this input is entirely up to you.

Critical Thinking Skills in Action: Thinking About Your Major, Part 2

As you review the following additional suggestions of discovering options, think about what strategies you already use in your own decision-making process. Also think about what new strategies you might try in the future.

Link to long-term goals. Your choice of a major can fall into place once you determine what you want in life. Before you choose a major, back up to a bigger picture. List your core values, such as contributing to society, achieving financial security and professional recognition, enjoying good health, or making time for fun. Also write down specific goals that you want to accomplish 5 years, 10 years, or even 50 years from today.

Many students find that the prospect of getting what they want in life justifies all of the time, money, and day-to-day effort invested in going to school. Having a major gives you a powerful incentive for attending classes, taking part in discussions, reading textbooks, writing papers, and completing other assignments. When you see a clear connection between finishing school and creating the life of your dreams, the daily tasks of higher education become charged with meaning.

Ask other people. Key people in your life might have valuable suggestions about your choice of major. Ask for their ideas, and listen with an open mind. At the same time, distance yourself from any pressure to choose a major or career that fails to interest you. If you make a choice solely on the basis of the expectations of other people, you could end up with a major or even a career you don’t enjoy.

Gather information. Check your school’s catalog or website for a list of available majors. Here is a gold mine of information. Take a quick glance, and highlight all the majors that interest you. Then talk to students who have declared these majors. Also read the descriptions of courses required for these majors. Do you get excited about the chance to enroll in them? Pay attention to your gut feelings.

Also chat with instructors who teach courses in a specific major. Ask for copies of their class syllabi. Go to the bookstore and browse the required texts. Based on all of this information, write a list of prospective majors. Discuss them with an academic advisor and someone at your school’s career-planning center.

Invent a major. When choosing a major, you might not need to limit yourself to those listed in your school catalog. Many schools now have flexible programs that allow for independent study. Through such programs, you might be able to combine two existing majors or invent an entirely new one of your own.

Consider a complementary minor. You can add flexibility to your academic program by choosing a minor to complement or contrast with your major. The student who wants to be a minister could opt for a minor in English; all of those courses in composition can help in writing sermons. Or the student with a major in psychology might choose a minor in business administration, with the idea of managing a counseling service some day. An effective choice of a minor can expand your skills and career options.

Think critically about the link between your major and your career. Your career goals might have a significant impact on your choice of major.

You could pursue a rewarding career by choosing among several different majors. Even students planning to apply for law school or medical school have flexibility in their choice of majors. In addition, after graduation, many people tend to be employed in jobs that have little relationship to their major. And you might choose a career in the future that is unrelated to any currently available major.

Critical Thinking Skills in Action: Thinking About Your Major, Part 3

Once you have discovered all of your options, you can move on to the next step in the process— making a trial choice.

Make a Trial Choice

Pretend that you have to choose a major today. Based on the options for a major that you’ve already discovered, write down the first three ideas that come to mind. Review the list for a few minutes, and then choose one.

Evaluate Your Trial Choice

When you’ve made a trial choice of major, take on the role of a scientist. Treat your choice as a hypothesis, and then design a series of experiments to evaluate and test it. For example:

• Schedule office meetings with instructors who teach courses in the major. Ask about required course work and career options in the field.
• Discuss your trial choice with an academic advisor or career counselor.
• Enroll in a course related to your possible major. Remember that introductory courses might not give you a realistic picture of the workload involved in advanced courses. Also, you might not be able to register for certain courses until you’ve actually declared a related major.
• Find a volunteer experience, internship, part-time job, or service-learning experience related to the major.
• Interview students who have declared the same major. Ask them in detail about their experiences and suggestions for success.
• Interview people who work in a field related to the major and “shadow” them—that is, spend time with those people during their workday.
• Think about whether you can complete your major given the amount of time and money that you plan to invest in higher education.
• Consider whether declaring this major would require a transfer to another program or even another school.

If your “experiments” confirm your choice of major, celebrate that fact. If they result in choosing a new major, celebrate that outcome as well.

Also remember that higher education represents a safe place to test your choice of major—and to change your mind. As you sort through your options, help is always available from administrators, instructors, advisors, and peers.

Choose Again

Keep your choice of a major in perspective. There is probably no single “correct” choice. Your unique collection of skills is likely to provide the basis for majoring in several fields.

Odds are that you’ll change your major at least once—and that you’ll change careers several times during your life. One benefit of higher education is mobility. You gain the general skills and knowledge that can help you move into a new major or career field at any time.

Viewing a major as a one-time choice that determines your entire future can raise your stress levels. Instead, look at choosing a major as the start of a continuing path that involves discovery, choice, and passionate action.

As you review this example of how you can use critical thinking to make a decision about choosing your major, think about how you will use your critical thinking to make decisions and solve problems in the future.

Want to create or adapt books like this? Learn more about how Pressbooks supports open publishing practices.

CRITICAL THINKING QUESTIONS

• If you owned a small firm that had become somewhat established, but you needed a surge of financial capital to carry out a major expansion, would you prefer to raise the funds through borrowing or by issuing stock? Explain your choice.
• Explain how a company can fail when the safeguards that should be in place fail.
• What are some reasons why the investment strategy of a 30-year-old might differ from the investment strategy of a 65-year-old?
• Explain why a financial investor in stocks cannot earn high capital gains simply by buying companies with a demonstrated record of high profits.
• Explain what happens in an economy when the financial markets limit access to capital. How does this affect economic growth and employment?
• You and your friend have opened an account on E-Trade and have each decided to select five similar companies in which to invest. You are diligent in monitoring your selections, tracking prices, current events, and actions the company has taken. Your friend chooses his companies randomly, pays no attention to the financial news, and spends his leisure time focused on everything besides his investments. Explain what might be the performance for each of your portfolios at the end of the year.
• How do bank failures cause the economy to go into recession?

UH Microeconomics 2019 Copyright © by Terianne Brown; Cynthia Foreman; Thomas Scheiding; and Openstax is licensed under a Creative Commons Attribution 4.0 International License , except where otherwise noted.

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Financial stress is making us mentally and physically ill. Here’s how to cope

Years ago, I received a surprise in the mail: a $500 bill for a recent X-ray. I was earning an entry-level media salary at the time (for the uninitiated, that’s equivalent to peanuts), and the shock of having to figure out how to cover an unexpected expense sent my pulse racing with anxiety and my head pounding with stress. 

I was in good company. Research shows again and again that our finances can take a toll on our minds . Money has consistently topped Americans’ list of stressors since the American Psychological Association began running its annual Stress in America Survey in 2007; it contributed to what the APA deemed the country’s “ mental health crisis ” risk in 2020. At the time, Americans were grappling with the coronavirus recession. They’ve since added the price of food , record-high credit card debt , and little student debt relief to their worries. 

The Chicago-based nonprofit Financial Health Network began investigating the link between our finances and our health last year in the wake of the pandemic, examining literature and running a mass survey. Its latest research installment, released in April , employed a focus group. Participants revealed that money worries weren’t just causing their mental well-being to decline, but their physical health, reporting back pain and stomach aches so painful they couldn’t work. (So that explains my medical bill-induced headache). 

“There’s a clear relationship between mental health and stress and how we feel in our bodies,”  Angela Fontes, vice president of policy and research at Financial Health Network, tells Fortune .

We can partly thank the gut-brain connection for that. Stress and anxiety can manifest physically as nausea, shortness of breath, or stomach pain, to name a few symptoms. 

What’s more: The health-money relationship is a vicious cycle. Poor mental well-being can also negatively impact our finances. Fontes explains that this manifests in various ways—compulsive spending as a coping mechanism; difficulty paying bills while carrying a heavy mental load; and missing work or not performing well, which she says can impact wages and long-term job success.

Consider that depression can result in neglecting even the most basic hygiene like brushing your teeth, says Khara Croswaite Brindle , a licensed financial therapist in Colorado. “We know that money isn’t basic, it requires a bit of mental energy to manage, so being in depression could mean our money is neglected in addition to our physical and mental health needs,” she explains.

Whether the chicken or the egg comes first, here’s how to make sure your physical, mental, and financial well-being are all on the same page. 

Take a break to reset your mind

People fall into one of three categories, says Fontes: financially healthy; financially coping—getting by day to day but not preparing for long-term goals; and financially vulnerable—struggling with nearly every aspect of their financial lives. This last cohort comprises two sub groups: Those who experienced a financial shock (and typically overcome it) and those who have been chronically struggling financially, which increases the potential of long-term mental health challenges.

This can be the result of financial trauma , generational debt or intergenerational poverty, lack of financial literacy, or even a few poor money choices. But the root of any of these money challenges is emotion, says Croswaite Brindle: “Whether it’s anxiety, depression, dread, or avoidance, money is inherently emotional.”

She says seeing a financial therapist to discuss things like money beliefs and spending patterns can help you navigate your emotions so they don’t take a toll on your mental and physical health. “People can change their thoughts, feelings, and behaviors with money, putting them on the path to a better financial situation,” she says. Of course, some of the most financially vulnerable may not be able to afford therapy. Fontes says that many participants in the study coped by taking time to do one thing, like exercise or meditation , to get their mind in a different space that would make tackling their financial challenges feel more doable. And that’s a good place to start.

“A lot of this is about control,” she says, explaining that big triggers for this cycle are unexpected expenses like debt accumulation. “Getting and doing something that sort of helps restore that sense of control really seems to be a critical first step.”

Take baby steps toward saving

Even if your finances aren’t in poor shape, you should still take preventative measures so they don’t nosedive if your mental health tanks.

That might look like sitting down and reviewing your money once a week or examining your savings and investment accounts to see if you can tuck away another $10 a month, Fontes says. 

A savings cushion can help protect against unexpected expenses. It can also help during low points—like having the house cleaned so you can feel better in your environment or ordering food when you don’t have the energy to cook, Croswaite Brindle says. It gives you permission and the means to access what you need or take time off without your household taking a financial hit, she adds. 

“Savings isn’t always about the long game anymore, but about how do we live a comfortable life now while thinking about the future?” Croswaite Brindle says. “Not an either-or but a both-and way of thinking.” 

More on stress and your health:

• Work-related stress is fueling America’s mental health crisis. Here are solutions to make it better
• Stress is making your biological age older than it actually is. Recovering could make you younger again
• These are the top 10 most stressed states in America
• 6 proven ways to cope with financial stress

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Critical Thinking Questions

Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capita? Explain.

Labor Productivity and Economic Growth outlined the logic of how increased productivity is associated with increased wages. Detail a situation where this is not the case and explain why it is not.

Change in labor productivity is one of the most watched international statistics of growth. Visit the St. Louis Federal Reserve website and find the data section (http://research.stlouisfed.org). Find international comparisons of labor productivity, listed under the FRED Economic database (Growth Rate of Total Labor Productivity), and compare two countries in the recent past. State what you think the reasons for differences in labor productivity could be.

Refer back to the Work It Out about Comparing the Economies of Two Countries and examine the data for the two countries you chose. How are they similar? How are they different?

Education seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional benefit more education can provide? Why or why not?

Describe some of the political and social tradeoffs that might occur when a less developed country adopts a strategy to promote labor force participation and economic growth via investment in girls’ education.

Why is investing in girls’ education beneficial for growth?

How is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?

What sorts of policies can governments implement to encourage convergence?

As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?

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This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission.

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution License and you must attribute OpenStax.

Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction

• Authors: Steven A. Greenlaw, David Shapiro
• Publisher/website: OpenStax
• Book title: Principles of Economics 2e
• Publication date: Oct 11, 2017
• Location: Houston, Texas
• Book URL: https://openstax.org/books/principles-economics-2e/pages/1-introduction
• Section URL: https://openstax.org/books/principles-economics-2e/pages/20-critical-thinking-questions

© Jun 15, 2022 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.

Critical thinking definition

Critical thinking, as described by Oxford Languages, is the objective analysis and evaluation of an issue in order to form a judgement.

Active and skillful approach, evaluation, assessment, synthesis, and/or evaluation of information obtained from, or made by, observation, knowledge, reflection, acumen or conversation, as a guide to belief and action, requires the critical thinking process, which is why it's often used in education and academics.

Some even may view it as a backbone of modern thought.

However, it's a skill, and skills must be trained and encouraged to be used at its full potential.

People turn up to various approaches in improving their critical thinking, like:

• Developing technical and problem-solving skills
• Engaging in more active listening
• Actively questioning their assumptions and beliefs
• Seeking out more diversity of thought
• Opening up their curiosity in an intellectual way etc.

Is critical thinking useful in writing?

Critical thinking can help in planning your paper and making it more concise, but it's not obvious at first. We carefully pinpointed some the questions you should ask yourself when boosting critical thinking in writing:

• What information should be included?
• Which information resources should the author look to?
• What degree of technical knowledge should the report assume its audience has?
• What is the most effective way to show information?
• How should the report be organized?
• How should it be designed?
• What tone and level of language difficulty should the document have?

Usage of critical thinking comes down not only to the outline of your paper, it also begs the question: How can we use critical thinking solving problems in our writing's topic?

Let's say, you have a Powerpoint on how critical thinking can reduce poverty in the United States. You'll primarily have to define critical thinking for the viewers, as well as use a lot of critical thinking questions and synonyms to get them to be familiar with your methods and start the thinking process behind it.

Are there any services that can help me use more critical thinking?

We understand that it's difficult to learn how to use critical thinking more effectively in just one article, but our service is here to help.

We are a team specializing in writing essays and other assignments for college students and all other types of customers who need a helping hand in its making. We cover a great range of topics, offer perfect quality work, always deliver on time and aim to leave our customers completely satisfied with what they ordered.

The ordering process is fully online, and it goes as follows:

• Select the topic and the deadline of your essay.
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• Leave the email address, where your completed order will be sent to.
• Select your prefered payment type, sit back and relax!

With lots of experience on the market, professionally degreed essay writers , online 24/7 customer support and incredibly low prices, you won't find a service offering a better deal than ours.

ORIGINAL RESEARCH article

This article is part of the research topic.

Research on Teaching Strategies and Skills in Different Educational Stages

Shaping Future-Ready Graduates with Mindset Shifts: Studying the Impact of Integrating Critical and Design Thinking in Design Innovation Education Provisionally Accepted

• 1 Singapore Institute of Technology, Singapore

The final, formatted version of the article will be published soon.

In an era marked by rapid change and complex global challenges, Institutes of Higher Learning (IHLs) are tasked with preparing students to navigate and address these evolving demands. This paper explores the critical role of Higher Education (HE) in equipping students with the necessary skills and mindsets to tackle real-world problems through innovative solutions. Integrating critical thinking and design thinking within a Design Innovation module is central to this exploration. The study is undergirded by a conceptual framework that blends critical, design, and futures thinking, focusing exclusively in this paper on applying critical thinking (CT) and design thinking (DT). The research investigates two primary questions: (1) How do students' DT and CT mindsets change after participation in a Design Innovation module? (2) Is CT a prerequisite for developing DT? This study aims to illuminate the shifts in students' mindsets from before to after the completion of the module, highlighting the importance of developing key dispositions for ethical and socially responsible problem-solving. Results show a statistically significant increase in CT and DT disposition scores from pre-to post-test, suggesting a shift to more positive CT and DT mindsets after going through the Design Innovation module. In addition, a significant moderation effect of pre-test CT mindset on the relationship between pre-test and post-test DT mindset scores was observed, implying that CT was a prerequisite for DT. The findings offer insights into the module's effectiveness in fostering future-ready graduates' thinking capabilities on innovating for real-world challenges and highlight the need for our future-ready students to achieve critical competence and creative confidence. Finally, we conclude the paper with recommendations for educators to integrate CT skill development intentionally and in tandem with DT skill development for a balanced approach to developing critical competence and creative confidence in interdisciplinary courses.

Keywords: Critical Thinking, design thinking, Design innovation, 21st-century skills and dispositions, interdisciplinary learning A. Tolerance for -Being comfortable with Ambiguity -Uncertainty

Received: 19 Dec 2023; Accepted: 15 May 2024.

Copyright: © 2024 Patel, Puah and Kok. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

* Correspondence: Dr. Nadya S. Patel, Singapore Institute of Technology, Singapore, Singapore

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Financial behavior expert joins Texas A&M’s Department of Agricultural Economics

Marissa lepper brings expertise in applied, experimental and behavioral economics.

September 14, 2023 - by Paul Schattenberg

Marissa Lepper, Ph.D., whose academic interests include applied microeconomics and experimental and behavioral economics, has joined the Department of Agricultural Economics in the Texas A&M College of Agriculture and Life Sciences as an assistant professor.

Lepper is part of both the Financial Planning Program and its Human Behavior Laboratory in the department, providing her the opportunity to combine knowledge from her instruction with her research on human behavior.

“Dr. Lepper’s expertise on the behaviors that underpin and influence decisions that relate to various areas of economics will add a new dimension to our overall understanding of, among other things, financial decision-making, intertemporal choices and impatience,” said Rudy Nayga, Ph.D., head of the Department of Agricultural Economics. “And her use of real-life active learning techniques will benefit our students in that they will be able to see how behaviors can — and do — influence financial decisions and objectives of different organizations.” 

Lepper, who earned her doctoral degree in economics from the University of Pittsburgh, has a master’s degree in economics from the University of Texas at Austin and a bachelor’s degree in economics and psychology from Trinity University in San Antonio.

Before coming to Texas A&M, she held positions as a research assistant, including for the Pittsburgh Experimental Economics Laboratory, along with teaching classes in behavioral economics, microeconomics and macroeconomics. At the University of Pittsburgh, she received a 2020 Department of Economics Graduate Student Teaching Award for her Introduction to Macroeconomics course.

Economics research affecting labor markets and financial decisions

Lepper is a behavioral economist who studies topics with implications for the labor market and financial decision-making. Her research interests include the economics of information and choice, particularly the causes and impacts of impatient behavior.

She is also involved in research on intertemporal choice and how myopia affects financial decisions, as well as how to modify institutional designs to provide information needed to give workers equal opportunities in the labor market.

“My research interests on intertemporal choice and demand for information intersect with a wide variety of economic fields,” Lepper said. “I’m excited to further explore how behavioral biases impact decisions in the domains of labor and financial decision-making, as well as how to help uncover mechanisms designed to achieve organizational objectives while accounting for these biases.”

Lepper said this work has proved useful for her financial planning instruction at Texas A&M.

“My research gives me a unique perspective over behavioral biases that impact financial decision making,” she said. “I incorporate this into my class on insurance and risk management to help my students see how cognitive biases can impact perceptions of risk and how the timing of costs and benefits impact financial decisions. At the Human Behavior Laboratory, I will conduct experiments that explore the economic impacts of different behaviors.”     

Inclusive learning and critical thinking

As an instructor, Lepper said she strives to develop accessible and relatable course material that facilitates a deep understanding of the concepts and their applicability to daily life.

“My main teaching objectives are to aid students in mastering course material and developing critical thinking skills that will benefit them beyond coursework,” she said. “To do this, I try to foster a stimulating and inclusive learning environment that piques students’ intellectual curiosity and helps them better understand the world around them.”  

She said this involves carefully designing each course to balance structure and flexibility, providing students with regular feedback, emphasizing intuition over rote memorization and updating course material in response to student input and interests.

To further encourage student involvement, Lepper employs a variety of active learning techniques, such as solving practice problems in small groups.

“This gives students an opportunity to get to know one another and ask me questions in a lower stakes environment,” she said. “I believe that when students are engaged and interested in class topics, they learn more efficiently. As a result, I frequently use real-world examples both during lectures and in assessments. While doing this, I encourage students to reflect critically on the models by teaching them the assumptions of each model and their justifications.”

Economics industry connections and academic honors

Lepper has traveled throughout the U.S. and internationally to present at numerous conferences, workshops and seminars. Additionally, she received several honors and fellowships, including the University of Pittsburgh Grad Expo Outstanding Presenter Award and the University of Pittsburgh Arts and Science Research Fellowship. 

During her time at the University of Pittsburgh, she also served as the president of the Economics Graduate Student Organization, the co-chair of the Women in Economics Graduate Student Organization, and the organizer of the Graduate Student Mentorship Program.

Along with her teaching and research, Lepper is involved in various economics-related organizations, including the American Economic Association, Economic Science Association and European Economic Association. She has also served as an organizer and mentor as well as a referee for the Journal of Behavioral and Experimental Economics .

“I’m excited that my position at Texas A&M will help me gain a more holistic view of the psychological and practical considerations that influence economics decision-making,” she said.  “I will be able to incorporate that knowledge into both my teaching and research moving forward.”  

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'The academic freedom fueled my own critical thinking and curiosities'

Ianna Ramdhany Correa: Government & China & Asia-Pacific Studies

A&S Communications

Ianna Ramdhany Correa

Government & China & Asia-Pacific Studies New York, N.Y.

What was your favorite class and why?  

My favorite class has been Experiencing Global China, which I took as a Cornell class offered at Peking University through the Cornell China & Asia-Pacific Studies (CAPS) program. Every week, experts from different disciplines would come and give a lecture on a topic related to China and foreign affairs. This structure allowed me to experience perspectives in areas such as economics, sociology and sustainability that I had not previously taken courses in. I took this course alongside graduate students from across the world who pushed me to think critically about international politics.

What are the most valuable skills you gained from your Arts & Sciences education?        

My Arts & Sciences education has challenged me to constantly dig deeper and ask questions. The structure of many of my government and CAPS courses allowed me to conduct research on topics that I had a personal interest in. This academic freedom in my classes fueled my own critical thinking and curiosities across new subjects. Through these classes, I was able to take my interests including race, gender, education, criminal justice, international relations and law and apply these lenses to political institutions and historical events. These opportunities to explore my interests in the classroom helped me discover my future career aspirations from early on in my college experience. 

What have you accomplished as a Cornell student that you are most proud of?

In the fall semester of my senior year, I studied abroad in Beijing, China, which was absolutely life-changing. The program pushed me to be completely immersed in a culture and language that is so different than what I had previously been exposed to. I had incredibly fulfilling experiences such as teaching English at a school for the children of migrant workers, learning Chinese Sign Language while volunteering at a cafe that employed deaf workers and speaking to professionals at the Alibaba headquarters. One of my most memorable experiences in China was traveling to Guangzhou to attend the Cornell-China forum. I met alumni from all walks of life who gave me invaluable advice about my remaining time at Cornell and my next steps upon graduation. This conference, in particular, made me realize how connected we are as Cornell students, even when on the other side of the world. I was even able to do a research project in Beijing, where I looked at disadvantaged populations and spoke to changemakers spearheading activist work across China.

Who or what influenced your Cornell education the most?     

My family has been the biggest influence on my Cornell education. My parents and older sister have made tremendous sacrifices to allow me to chase my dreams, and I am endlessly grateful to them. My parents are immigrants from Cuba and Guyana, and I owe them the world for leaving their lives behind to give me the opportunity to explore my passions. They have always supported my goals and been my biggest fans, even traveling to China to visit me while abroad. My biggest dream is to be able to repay them for their sacrifices and support them however I can. I am incredibly fortunate to have such an incredible support system of people cheering me on through everything.

Where do you dream to be in 10 years?

In 10 years, I hope to be a practicing lawyer in New York City. It would be my dream to provide pro bono services where I can directly give back to the communities I have always advocated for. I also hope to live in close proximity to my family. In 10 years, I also hope to continue exploring new cultures and languages in different parts of the world.

Every year, our faculty nominate graduating Arts & Sciences students to be featured as part of our Extraordinary Journeys series.  Read more about the Class of 202 4.

More News from A&S

Extraordinary Journeys: The Class of 2024

BTPI will research relationship between Bitcoin and financial freedom

Reynolds Foundation commits $1.25M to fund Brooks School initiatives

New research initiative tackles pressing global development issues

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Continuously work on developing both technical and soft skills, says Shivani Priyaa of Oda class

This could include communication, problem-solving, critical thinking, teamwork, adaptability, and digital literacy..

Shivani Priyaa, business head of Oda class shares her thoughts on the opportunities and challenges of the education system in India with FE Education Online.

What is the best thing about today’s education system?

Today’s education system boasts several favourable attributes. One of the most commendable aspects is its increasing emphasis on personalised learning experiences. With advancements in technology and teaching methodologies, educators can tailor their approach to cater to individual student needs, preferences, and learning styles. This customization fosters a more inclusive and engaging learning environment, where students can thrive and reach their full potential. Another notable strength of today’s education system is its emphasis on fostering critical thinking skills and creativity, preparing students to navigate an increasingly complex and dynamic world.

What is the one thing you would like to change in the system?

Making quality education from Top notch education accessible and affordable to every student.  Best Educators prioritise more holistic approaches to education that not only focus on academic achievement but also on nurturing students’ mental health and emotional well-being. This could involve implementing comprehensive support systems and resources to address the mental health needs of students, creating environments that foster open communication and destigmatize seeking help when needed. By prioritising the holistic development of students, we can create a more supportive and inclusive educational experience that equips them with the resilience and skills necessary for success in all aspects of their lives.

What is the role digital has played in the evolution of the education system?

The digital revolution has profoundly transformed the education system, revolutionising how knowledge is accessed, disseminated, and applied. Digital technology has expanded access to education, breaking down geographical barriers and providing opportunities for remote learning. Moreover, digital technology has revolutionised assessment methods, offering instant feedback, data-driven insights, and adaptive testing, enabling educators to tailor instruction to student progress effectively.Overall, digital technology has been instrumental in democratising education, enhancing learning outcomes, and preparing students for success in the digital age.

  What has been the disadvantage of digital in education?

While it’s true that every revolution brings about both positive and negative aspects, it’s crucial to acknowledge and address the disadvantages to ensure that the benefits of the revolution can be maximised while mitigating any potential harm.By focusing on the positives, we can harness the transformative power of digital technology to enhance education, increase access, and improve learning outcomes. Improving digital reach, particularly in rural areas, is crucial for ensuring equitable access to education and bridging the digital divide. Rural communities often face challenges such as limited internet infrastructure, lack of access to affordable devices, and lower levels of digital literacy, which can hinder their ability to fully participate in digital learning opportunities.

What is the career advice you would like to give to students?  

For Generation Alpha students, who are growing up in a rapidly evolving digital landscape, here are some career advice tips to consider:

a. Explore your interests-Take the time to explore different subjects, hobbies, and activities to identify your interests and passions. Your career is more likely to be fulfilling and enjoyable if it aligns with what you love to do.

b. Set Clear Goals: Define your career goals and objectives early on, but remain open to new opportunities and experiences. Setting clear goals can help you stay focused and motivated as you work towards achieving them.

c. Build Your Skills: Continuously work on developing both technical and soft skills that are essential for success in your chosen field. This could include communication, problem-solving, critical thinking, teamwork, adaptability, and digital literacy.

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