This study explores the effectiveness of an intervention involving formative assessment in a first-year core business subject. Students were invited to receive feedback on a draft of their first written assessment during the early weeks of the semester. Consideration is given to the economic and ethical issues raised by the intervention. A multi-method approach of qualitative and quantitative data collection and analysis is used. The research finds that the intervention facilitates significantly higher marks in assessments and grades, while assisting student learning overall. Findings are reinforced by comparison with a subject where the intervention was not offered.