A multigroup structural equation model for assessing the competency of property valuation graduates

Abstract

The barriers for the development of the professions and career development of property valuation (PV) graduate is motivated and driven by the conflict and lack of alignment of industry, academic and professionals’ perspectives on the skills and competencies required by PV graduates and professional. This study attempted to investigate PV graduate competency dimensions. This study aims to accrue major benefits to all parties; academia, industry and the professional bodies and valuation graduates by providing unified view towards PV professional development, greater satisfaction derived for all stakeholders, and producing balanced and employable PV graduates. The purpose of this two-phase, sequential exploratory mixed methods study was to explore participant’s views with the intent of using this information to develop and test an instrument. This study was conducted based on the underlying pragmatic philosophical approach. The first phase was a qualitative exploration of a property valuation graduate competency by collecting interview data from a sample of 16 experts consisting of academic, industry and professional body representatives to determine the dimension of PV graduate competency and PV graduates’ performance measures. Coding procedures of Hermeneutic Unit, and network analyses of ATLAS.ti were used to analyse the interview transcripts, and other primary documents to provide a full extent of competencies' coverage. The PV competency can be conceptualized as a composite of six dimensions such as valuation skills, property skills, property law skills, financial skills, strategic management skills, and transferable skills which are at the first-order level of abstraction. The second phase involved analysis of a survey of 54 academics of three Royal Institute of Chartered Surveyor accredited PV programmes, and 55 respondents of registered valuation firms. The PV competency at the second-order level of abstraction can be conceptualized as a composite of six dimensions such as valuation skills, property skills, property law skills, financial skills, strategic management skills, and transferable skills which are at the first-order level of abstraction. The quantitative findings have provided support for the research model through measurement of reliability and validity. Variance Accounted For index indicate transferable skills partially mediate the relationship between property skills and PV competency for Partial Least Squares (PLS) path model estimation. PLS– Multi-Group measurement indicates that there are significant differences between industry and academia assessment of the valuation graduate competency for law and transferable skills partial least squares path. Finding reveals that there is a variation of competencies achievement level across the stakeholders. The result from the study provides feedback for the competency which the valuation programme need to emphasis and thus acts as a mechanism for curriculum revision.