How to understand the business world (and why I did an MBA as a doctor)

When I graduated from University, there was a lot about finance I didn’t understand.

I was aware that I should probably put my money into savings and investments, but didn’t really know how. I read news about start-ups, funding and valuations, but didn’t really understand what it all meant. I’d heard of corporate take-overs, mergers and redundancy but didn’t know their significance.

This week, I’m happy to say, I graduated from my MBA class and now understand this stuff much better.

Now an MBA is probably a long-winded way to go, and not for everybody. So I just wanted to share some useful ways to improve financial literacy (MBA or no MBA):

1. Watch this video:

https://www.youtube.com/watch?v=PHe0bXAIuk0

There’s not much else to say - the video speaks for itself. I challenge you to find 30-minutes that is more informative.

2. Subscribe to some newsletters

There are multiple email newsletters that provide digestible business news and insights. Subscribing can be a good way to build up understanding over time, in 5 minute chunks.

I’ve used:

• The Hustle (probably my favourite)

• The Morning Brew (also great)

• Finimize (great, but now charging for a subscription)

3. Browse financial websites

For general awareness, I’d recommend:

• Investopedia - a wiki-style website, with pages on all key topics

• The economist - decent perspective articles on various economic issues, although quite political

For personal finance, I’m a big fan of:

• Money Saving Expert - brilliant guides on all major personal finance decisions; credit cards, savings accounts, mortgages, insurance, etc. For UK audience.

• Mr Money Moustache - a great blog covering all things personal finance, advocating for saving and spending wisely to achieve financial freedom

4. If you want to do an MBA, but don’t want to spend thousands

I obtained my MBA from the Quantic School of Business and Technology. Chances are, you probably haven’t heard of it.

Some would say that an MBA no-one’s heard of won’t get you far compared to a Harvard or Wharton MBA. And I would have to agree.

But if we’re saying it’s lower value, what are we basing that off? What is learnt or what is being signalled to employers?

The Quantic MBA is taken remotely, with digital learning modules and remote group projects. It’s well-suited to people who can’t study full-time, but can still devote time over a sustained period. It covers the same theory so, arguably, you can leave with a similar level of knowledge to a ‘conventional’ MBA. (And it’s an accredited degree.)

I’d say it’s worth considering if you want to build an understanding of finance that you can use. But probably not if you want to work in finance/management/consulting, and want to signal to potential employers.