MSFCP™ MODELS: MATRICULATION AND WORKFORCE DEVELOPMENT
While the original design for MSFCP (3+ coaching sessions over an 8-week period) produced successful results, the model is expensive to administer, and unlikely to be sustainable. Participating colleges now offer one of two new course-based models: Credit Matriculation Model (MM) and the Noncredit Workforce Development Model (NWM). As designed, the course-based models will continue to align with the learning outcomes and metrics of the original model but delivered as a course with individualized financial coaching.
Faculty and financial coaches developed the content for the curriculum modules. Both models utilize curriculum that includes active learning strategies with students engaged in hands-on exercises that promote financial behavioral change. The curriculum modules also include principles of universal design. Learning outcomes were developed using Bloom’s Taxonomy such that the modules are rigorous and robust. Assessments and case studies are built into each module and supplemental learning resources are provided. The modules were vetted and edited to ensure consistency in design by Feith and Associates. Fieth and Associates also evaluated the modules for cultural relevancy.
Credit Matriculation Model (MM)
The MM is a credit-bearing course model. The MM credit course is either embedded into a program with the course required for program completion, offered as a stand-alone course that meets the college’s core general education requirements or a course that fulfills an elective requirement. In the MM, the MSFCP™ curriculum is embedded into one of three types of courses:
- 3-credit hour Business or Personal Finance course
- 1-credit First Year Experience course
- 1-credit College Orientation course
Regardless of the course type, the content of the four modules applicable to the metrics must be included in the course, including 1) Understanding Personal Finance, 2) Setting Goals, Tools, and Budget, 3) Managing Checking and Savings Accounts, and 4) Building and Maintaining Good Credit.
Workforce Development Model (NWM)
The fastest growing education sector in community colleges is in noncredit, workforce training programs. In 2021, 6.1M students were enrolled in credit courses and 4.1M were enrolled in noncredit workforce training programs. Noncredit workforce training programs serve primarily adult learners who are interested in short-term, ready for work programs. These programs are designed to meet local industry needs oftentimes embedding industry-based credentials/certifications.
In the NWM, the MSFCP™ curriculum is embedded into one of three types of workforce development programs:
- college developed noncredit workforce training program that prepares learners for local employment or career development
- noncredit industry recognized credential programs with licensing or required hours
- a stand-alone noncredit course targeted to special population students such as TRIO, EOP, SNAP and others.
Regardless of the course type, the content from the five noncredit modules applicable to the metrics must be included in the course, including 1) Foundations of Financial Management, 2) Budgeting and Expense Management, 3) The Importance of Savings, 4) Building and Maintaining Good Credit, and 5) Debt and Debt Reduction.