MBA students need to develop the knowledge and skills to manage their financial resources effectively so that they will have a lifetime of financial wellbeing. Most MBA programs do not help their students develop financial literacy. Accordingly, developing the knowledge and skills to become financially literate is an individual MBA student’s responsibility.
As a newly accepted MBA student or a currently enrolled MBA student, are you prepared to address the financial wellbeing issues resulting from your participation in an MBA program?
April is financial literacy month in the United States. However, generally, financial literacy is not a discernible part of the modern-day MBA curriculum. Designers of MBA curriculum either assume: 1) that MBA students will extract the bits and pieces from the curriculum—as they progress through their program—to make them financially literate and better managers of their personal-financial resources or 2) that financial literacy development is not appropriate for an MBA program. Thus, most MBA programs focus on helping managers and leaders become more effective at managing an organization’s resources and very little, if at all, on helping them to become more effective managers of their own resources. In my opinion, the skill sets and knowledge that make up financial literacy are as critical to an MBA graduate’s career success and wellbeing as are the concepts included in the MBA curriculum.
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