Conspiracy of the Rich?
As a part of the conspiracy of the rich they do not teach finance at the school / college level. – Robert Kiyosaki
I do not have enough data to agree or disagree with this statement. However I was quite stunned that none of the professional courses – medical, law or engineering teach even basic BUSINESS FINANCE. Many of the doctors and lawyers will surely start their own practice. Should there be no effort to teach them basics of finance – forms of business organisations, basic accounting, basic banking, …
Imagine a lawyer specialising in corporate law – not knowing enough about how a Profit and Loss account is made or how a Balance Sheet is drawn up. Or not knowing that the accounts of a company are made in Schedule 6 format.
These kids are expected to do share valuation, arrive at Mergers and Acquisition ratios, know what is a 51% holding, or a ‘controlling interest’….etc.
I think a basic finance course – business and personal finance – should be there in every syllabus – including the Bcom student, the budding doctor, actor, lawyer, – whatever you do in your life, accounting is the 5th R if not the 4th!!!
Vidya
I completely agree … to me it seems like a life skill .. something that must be a part of basic teaching !!
Dr Mohammed Ali Khan
Subra
Well said..
Most of the kids going to medical colleges are usually from middle-class backgrounds. They have absolutely no knowledge about finance or money management.
Moreover, I feel that the current pattern of medical education is totally screwed. Earlier they used to have English and Ethics classes to at least to orient a kid fresh out of school in to college life.
But now, they have to write an exam in 1 year of 3 major subjects Anatomy, Physiology and Biochemistry. The first class in my medical college was not Ethics or the duties and responsibilities of being a doctor, but on something called G-Proteins by a physiology professor.There was/is no orientation for us doctors, let alone financial education. I guess we have to learn it on our own. Bless the internet!
anon
And it has to begin from primary school– how to fill in a paying in slip, what is a cheque.
sudhir
I agree with Mr. Robert Kiyosaki statement.
bharat shah
this reminds me my college friend(a science student)’s llb father (not necessarily doing practice at the time) was used to say his son that that one must do law in addition to any discipline , as law touches every day life. as i remember , we got one subject on business in last year of 3 yr. degree engineering , and some primary lessons of accounts were incuded.