New financial simulation laboratory opens
Professor Colm Kearny and Associate Professor Kevin Tant with the students during a visit to the new STARLab.
Increased demand for accounting and finance units has resulted in the opening of a second, larger Simulated Teaching and Research Laboratory (STARLab) at Monash University.
With 23 accounting and finance units now utilising its learning and research opportunities - both undergraduate and postgraduate - the newest STARLab will allow an extra 78 students to trade against each other in simulated financial markets at the one time.
STARLab runs a suite of financial market simulation programs, including the Monash Trader program developed by staff within the Department of Accounting and Finance, and complements learning and teaching for students by simulating an environment in which accounting and finance concepts are brought to life.
STARLab Coordinator Associate Professor Kevin Tant said the facility provided practical application of theoretical knowledge.
“Students are exposed to situations and events that demand thoughtful responses that draw on their prior learning in our undergraduate and postgraduate degree courses,” Associate Professor Tant said.
“Students engineer responses with a variety of financial instruments to create financial market positions, hedge risks and seek profits in competition with other traders.”
Dean of the Faculty of Business and Economics Professor Colm Kearney said the STARLabs were unique and based on the University's years of understanding of student behaviour in a trading environment.
“We are committed to high quality learning, teaching and research. STARLab enables us to complement our teaching of theories with practical experiences so students can apply what they have learned,” Professor Kearney said.
“The facility is also important in helping our students develop graduate attributes of being critical and creative scholars, and responsible and effective global citizens.
"We are in the process of linking our STARLabs with the trading room developed at Monash University Malaysia so that students from Australia and Malaysia can trade against one another in real time. It is part of our continuous improvement program in learning, teaching and research."
Monash University’s Vice-Chancellor and President Professor Ed Byrne will officially open the new STARLab tonight. It is located on located on Level 4, Building H at Monash University’s Caulfield campus.