Have you heard the story of the “Ant and the Grasshopper”? For the uninitiated, here is a quick retelling of the children’s fable.
One day, while a grasshopper was eating all it wanted and laying down in the meadow, it noticed an ant, hard at work, carrying a load ten times itself. It called out to the ant saying, “Why are you storing so much food? Come here and have fun with me. There’s plenty of food anyway!”
The ant replied, “Why aren’t you saving up for winter already?”. The grasshopper, too proud of its own abilities, replied, “I don’t need to store anything for winter. I’m too fast. I’ll just find food somewhere else before you could even think of getting to it!”
When winter came, the grasshopper realized that it had made a terrible mistake by not saving any food, while the ant had plenty to feed itself and its entire clan.
What’s the connection between this story and financial management?
Financial management can pretty much be summed up by this analogy – it teaches you the importance of future planning. If you need to ensure that you have enough savings for tomorrow, you need to carefully plan what you must do with the capital today.
With the growth of Banking, Financial Services, and Insurance (BFSI) due to the rise in per-capita income, innovations in technology, the introduction of new products, and improved networking, the need for graduates with financial knowledge is on the rise.
But to have the sound financial knowledge and to help others (read clients), one must possess the necessary technical know-how about how the world of banking and finance works. Towards this end, an MBA in banking and finance may become a lifesaver of sorts.
But what is it really? Let’s find out!