A few days ago I saw a piece on Mark Cuban's blog talking about the college landscape and student debt burden. While I disagree with him that everyone can be an entrepreneur and find a "billion dollar opportunity", I did find myself wondering about the future of financial education.
Consistently since I've began working, I reflect more and more on the limited utility of what I learned in a finance degree and MBA in terms of on-the-job application. Clearly, higher education helped my development in other ways, and I learned good life skills, but I started thinking about hypotheticals for future young folks looking to enter the industry.
I found myself wondering if, in the future, industry trade schools could be a viable option. Most in the industry know that the master-apprentice structure still is a primary form of on the job learning. So why is it that portfolio theory and the efficient market hypothesis the foundation of the finance education for aspiring Street professionals? Isn't it possible that employers would benefit from having a channel of talent that was being trained in the on-the-job aspects in a similar master-apprentice structure?
For example, wouldn't it be helpful for an ER department to have students coming in who are aware of how to dissect an earnings release? Of having candidates who are aware of the importance of strategy on financial results more than simply the ability to tell them what porter's five forces are?
If the structure existed and was equally viable as a means of entry, would you have been interested?
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