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Graduates’ Use of Technical Software Applications of Spreadsheets in Education The Amazing Power of a Simple Tool 243 that “the use of spreadsheets in the workplace is ubiquitous,” with 80% of their respondents rating them “very important” to “essential.” Despite this broad use, only 30% of managers indicate that they provide a basic training course, expecting “staff to learn on the job from colleagues or to already have these skills before joining the organization” [4]. Aside from spreadsheets, Larres and Oyelere [14] suggest a number of other technical software tools that workers in the finance sector are familiar with: these include, to varying extents, integrated accounting packages, word processing packages, and database creation and manipulation packages. Mohamed and Lashine [15] consider the importance of a multifaceted graduate, noting that “the use of information technology, in particular, processing and communication information has become an essential need. Knowledge of some accounting packages is no longer a plus; it is a must.” More recently, Murray et al. [16] consider the following IT applications as most important for finance graduates to possess: Microsoft Office, Internet browser, Enterprise Systems, Instant Messaging, Windows, Project Management Software, and Modeling Software (e.g., Microsoft Visio). Some of the literature reviewed here does not reflect the influence of technical software, including spreadsheets, in finance in 2010. In addition, the requirements of recent graduates are rarely investigated. In the next section we will present the results of our survey of the use of software among graduates working in the financial services industry. 11.3 Methodology There is a clear gap in our understanding of the use of technical software by graduates working in financial services. The methodology chosen was an in-depth online survey of recent graduates. The survey (see the appendix at the end of this chapter) was comprehensive and designed to ascertain graduates’ use of various types of technical software used for financial and statistical analysis and modeling. The Institute of Actuaries of Australia (IAAust) advertised the study to its members, and the authors contacted industry colleagues directly to invite them to participate. Recent students who had completed postgraduate courses run by Macquarie University for the IAAust were also invited to participate. Most, but not all, of those contacted were members of the IAAust. Members of the IAAust work in a wide range of jobs throughout the financial services industry, not just in the traditional areas of life insurance and pension planning (superannuation). There were 76 respondents to the online questionnaire. 11.4 Results 11.4.1 Demographic and Work Characteristics The demographic characteristics of the 76 respondents are shown in Table 11.1. Almost two-thirds of respondents are male, and 90% are aged under 30. Two-thirds of the respondents have been in the workforce for three years or less, and 95% for five years or less.
Applications of Spreadsheets in Education The Amazing Power of a Simple Tool, 2011, 261–273 261 Professional Development in Electricity Markets with Spreadsheet Models Elliot Tonkes Director of Risk and Analytics Energy Edge Pty Ltd, Brisbane, Australia CHAPTER 12 Address correspondence to: Dr. Elliot Tonkes, Energy Edge Pty Ltd, PO Box 10755, Brisbane QLD 4000, Australia; Tel: (+61) 0407-659-625; E-mail: etonkes@energyedge.com.au Abstract: This chapter presents a case study illustrating the physical dispatch algorithm used by Australia’s electricity market operator (AEMO) to determine which power plants to dispatch into the grid and the resultant electricity spot price. The models are similar to case studies applied by the author in professional development for training a disparate audience about the nature of the deregulated Australian National Electricity Market (NEM). This chapter addresses the particular experiences of the author in delivering professional development education to an area of industry focusing in energy and finance. It has been found that the commonality amongst a diverse range of workshop participants is their understanding of Excel, and it forms an ideal mechanism to communicate technical and mathematical concepts. Although highly simplified, the implementation exhibits the key concepts of price-setting and dispatch instructions in the Australian electricity market (NEM). Keywords: National Electricity Market (NEM), dispatch algorithm. 12.1 Introduction There is a vast body of literature produced in the academic arena relating to the theory and experiences of education in primary, secondary, and tertiary environments. However, publications devoted to issues in Professional Development (PD) are much rarer. The author has been involved in industry, tertiary education, and delivery of professional development, and this chapter is aimed at conveying the experiences and enlightening the audience about the use of spreadsheets in professional development for a particular specialization of industry. The author is a founding member of a firm Energy Edge which consults to industry on financial management in the energy sector. In particular, Energy Edge has a focus on electricity markets, and particular expertise in derivative pricing and portfolio risk management. The business activities of Energy Edge also extend to training market participants and parties such as bankers, financiers, Mark Lau and Stephen Sugden (Eds) All rights reserved – c○2011 Bentham Science Publishers Ltd.
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