Compared with the students in the 1970s, today's accounting students are uneducated and unfit for a college education.
I have been teaching full time for over thirty years. If you toss in my apprenticeship teaching as a graduate student, I have taught for almost thirty-five years. During that span of time, one sees many, many students, and it amazes me how different they have been over time, and the inequality continues to grow. Compared with the students in the 1970s, today's students are uneducated and unfit for a college education.
Before proceeding, let me enunciate two premises. First, I do not think there is any significant difference between the two groups in terms of native, raw intelligence. Instead, the distinction between yesterday's and today's students when they first set foot on college campuses rests in their educational backgrounds, analytical thinking, quantitative skills, reading abilities, willingness to work, and their attitudes concerning the educational process. In short, they differ in terms of their readiness for college. Second, I am focusing on the average student who majors in accounting. Both groups arise from a distribution of students. The lower tail of yesteryear's population had some weak students, and the upper tail of the present-day population has some very strong students; however, when one focuses on the means of these two distributions, he or she finds a huge gap.
To begin, today's average accounting major cannot perform what used to be Algebra I and II in high school. Students cannot solve simultaneous equations. Students have difficulty with present value computations, not to mention formula derivations. Students even have difficulty employing the high-low method to derive a cost function, something that merely requires one to estimate a straight line from two points.
I would like to discuss in class the partial derivative of a present value formula to ascertain the impact of changes in interest rates, but that has become a fruitless enterprise. Even if students had a course in calculus, the exams probably had multiple choice questions so students guessed their way through the course, they don't remember what they learned, and whatever they learned was mechanical and superficial.
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