Finance Made Simple For An Engineer – IIM Raipur
My first day at IIM Raipur, an Institute known for its sheer expertise in management education, an experience that lasted 24 hours practically but felt like an era, not because I was experiencing something new but for the quality of time of the day, memories of which will reverberate in me for days to come, values learned that will help cope up with the rigour that is a characteristic of an IIM.
But what clearly gave me the flavour of an IIM is a one-and-a-half-hour session of Financial Accounting and Decision Making (FADM) by a very knowledgeable faculty. The class begin a disclaimer; This a subject most dreaded by Engineers; but only later did I know this subject was similar to design and modelling problem-oriented subjects of Engineering. Later, Sir moved on to explain the terminology associated with the subject which sounded so familiar to hear but so much vast to comprehend. For instance, terms like assets and liabilities are something which I was very familiar with but when Sir brought out the several caveats associated with these words in the context of finance, I was taken aback to know that I knew so less. This realisation that most of my knowledge was either assumption based or half-baked is the most important learning point that I took home that day. From there on I was more open to learn and be flexible about what I knew rather than clinging to what I knew. This is what management is all about, it Is about being flexible about our stands, being open to restructuring our understanding and thereby building a stronger framework. Ultimately this newfound framework is what helps optimize and get the best solution for a problem.
Later part of the class involved Balance Sheet and Profit and loss statements problem-solving exercises. These practical applications brought in a whole new experience to the class. It felt like actually going out in the real world and applying the concepts and theories learnt. This experience is what differentiates a management education from others. It simply won’t let you run away by just mugging up things and giving the exams. You have to be proficient enough to apply and engage the concepts in a real-time situation. I end this article on a lighter note that Finance isn’t something that is dreaded by me, maybe it is because of the way it is taught in our college. And yes I’m an Engineer.
Which ABG company would you want to work for and why?
Since we are middle income population country and moving further upwards,I see a great deal of advancement in the Insurance Industry of India in the days to come. Thereby I would like to work for Aditya Birla Health Insurance company, a subsidiary of Aditya Birla Capital Limited as it has a considerable level of expertise in this domain already and healthcare Insurance is no small thing to handle. It requires creative and proficient employees to make suitable and trustworthy Insurance products. I see myself completely comfortable in such a company handling the various responsibilities ranging from sales to underwriting in the near future.
Madan B Neelgar is a first-year student at IIM Raipur.