There are multiple reasons for this we shall look at all of them (there are not arranged in the order of Importance I personally believe each of them are equally responsible):
- Teachers: I am not qualified to question them. But they have been at fault too. World over Teaching works on 'Pull Phenomenon' , if students show interest teachers take more efforts to make the Teaching more interesting, while if students take no interest Teacher use their ultimate punishment: "Ignore the Bastard, they will learn in good time." Perhaps its me, but I do believe PUMBA students had not reached a level that merited that kind of Punishment. The Teachers actions directly resulted in Mediocre culture of PUMBA.
- Course Structure: Unfortunately PUMBA course structure is weak on Core-Finance Subjects or gives it a cursory reading to it. What ends up happening is that Industries end up expecting in but students have very feeble knowledge of it. The subjects where I believe PUMBA is weak are
- Corporate Finance Basic and Applied
- Financial Reporting and Analysis (GAPP, IFRS)
- Security Valuation (one Half Credit subject is there)
- Fixed Income valuation
- Options and Future (including exotic Derivatives)
- Macroeconomics including optional Econometrics
- Mergers and Acquisition.
- Application Knowledge and Case Studies : PUMBA does not use a Case Study methodology for imparting knowledge. Why is Case Study method used? Using case studies to learn a concept is like doing a Lab experiment it helps you learn an aspect in more controlled environment, understand practial application of a subject.
- Current News: In sequence to the above, its inherently highly important to understand current happenings in the world as Finance by nature is a very fluid subject many parts of it change because of new Innovative products that come in market and new developments that happen. Like its important to understand the demerger of Grasim and Sammruddhi Cements and Merger of Ultratech and Sammrudhi Cement on the bottom line of the related companies. Such thinking is needed if you plan to have a job as an Investment Banker, Business Analyst, Corporate Finance Job with Bank or any Company that will be affected by such a merger. Same stands for views on Bharti's $10.8 billion takeover deal of Zain's Africa asset or Bharti's and MTN's fialed merger deal (those of you who do not know BHARTI-MTN deal would have re-written lots of rules of M&A in India). Anyone, is RIL's reported Bid for Lyondel Basell at USD 13.5 Billion justified?
But then the most important failure I believe has been of students themselves. I do not know where to begin.PUMBA students have earned a Hall of Distinction in the depths to which a man can fall profesionally. We have an Un-professional attitude and do not appreciate realities. We want Mc Kinsey to come for placements but are least prepared to tackle them (for those who do not know Mckinsey uses Case Interview Method to select candidates. Yahan Logon se Case solve nahi hote CASE Interview kaise denge!! A simple case interview will be like I have a Cement Company that plans to enter in to emerging market. You have to advise the CEO of the company.)
As SRK said in Chak De India Mere logon mein Niyat nahi hai game kahan se khelenge. I accept SRKs diagnosis of organisation of Teams, trust me no amount of efforts will make any change if we do not have that one thing Niyat!
The Finance Forum will try to nullify some of these but we request Professionalism on part of other member parts. We do not want to waste any members valuable time. This is not a CSR initiative on any ones part. If only 6-7 people are interested in Forum. The Forum will be very happy to support them. (TRUST ME on this I would enjoy 6-7).
So these are set Rules for the Finance Forum
1. No DELAY in submission of any assignment. (If assignments worry you do not take part in this)
2. Lectures planned are not PUMBA lectures so show some courtesy to the colleague.
3. Be Punctual.
4. Voice you disagreements. We are interested in knowing them but remember Industry practices take primary goal. Meaning you want a Flexible schedule for all activities and submissions simply forget it. We would rather shutdown the forum than allow such banalities to ever take precedence.
Please understand implication of all this and make a right Choice for yourself.