Doctors, teachers and other professionals, especially engineers, make up this gap by doing a master’s or MBA and try to stand out among their competitors. So how many chosen people may have the chance to do an MBA or a master’s degree in business administration? At first you need to save money and then make time for that. The MBA may be the right investment to move up the career ladder in business, but in recent years it has been declining, given the benefit / cost ratio.
Now let’s think about it, you are on the executive board or the board of directors, you are a manager, a chief manager, or a candidate for these positions, but as an engineer, you do not know exactly the financial terminology spoken at the meeting. EBIT, EBITDA, Gross Margin, NPV, IRR, ROI, unit cost, hourly cost and many more financial ratios/terms… When you read financial reports such as income statements, balance sheet and cash flow, you need to understand and connect with your business. Pretending as if you understand them will only get you somewhere. It is a fact that institutions such as companies, banks etc. were established to maximize their financial ratios. Only associations are non-profit and are beyond our scope.
It is not enough for you to be a good engineer at your job at the monthly results review meeting. In order to actively participate in the meeting, it is vital to read and understand the results, namely the financial statements. Rather than encountering such a negative picture, act now to become financial literate, no matter what position or profession you are before it’s too late.
Finance is easier now with next-generation learning tools
We accept that accounting, finance, financial statements, ratios, figures don’t cheer us up at first. Maybe because they are hard, or maybe we are not interested. It is not possible to learn and love finance with traditional classical education methods.
The solution here is the new blended education model. In this model, there is still classic education, but supported by simulation games to reinforce what you have learned, you have the opportunity to practice “instantly”. Moreover, financial courses become really fun if “gamification” techniques are added to these financial simulation games. Furthermore, while managing a company in the game by seeing the big picture, you get the experience of managing, albeit in a virtual environment. Because, “seeing the big picture” is unfortunately vouchsafed for a few people in the institutions. Moreover, the risk of mistakes made with virtual simulation games is zero. However, the cost of making a mistake in real business life can be high. Just as pilots pass simulation tests before flying a real airplane and then start to work, and as doctors work on cadavers / subjects to reduce errors on the real patient, managers and executive candidates make great contributions to the institution they work for by making minimum mistake with “financial simulation games”, also getting the opportunity to differentiate from the others by performing a very good performance.