Digitalisation: The Effectiveness of e-Learning in Capital Market Education

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Shahkila Mohd Arif
Mohd Firdaus Ahmad Tarmizi


In today’s digital economic landscape, financial literacy has become increasingly important in making informed financial decisions. To meet this growing need, Securities Industry Development Corporation (SIDC) has been entrusted to develop a targeted e-Learning capacity building initiative where everyone could participate without the limitations of cost, time and location. However, there has been no study to date exploring the effectiveness of the e-Learning programme in the field of the capital market education. Hence, this preliminary study aims to gain insight into the effectiveness of capital market e-Learning programme by adopting a convergent parallel mixed-method approach, collecting both quantitative and qualitative data based on Kirkpatrick's model (Level 2) to measure the level of knowledge transfer and satisfaction of learning among participants. The finding showed a positive knowledge transfer, with a mean score of 25.5% and the survey questionnaire submitted by 1,423 respondents revealed that the average course rating was 4.4 out of 5.0. Hence, this indicates the effectiveness of the programme. It is hoped that the findings can be used as a benchmark, reference or guidance for capital market training providers to develop a successful e-Learning programme.


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