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For all the backward steps – in the form of quotas and reservations – our Government takes in the field of education, the Central Board of Secondary Education (CBSE) is, quite surprisingly, taking a REALLY BIG step forward. Starting from the academic session 2007-08, the CBSE is planning to introduce a course in Financial Market Management (FMM) at the Plus-2 level (Classes XI and XII).
I have always felt that there are primarily two things we lack in our fundamental education:
- Financial literacy and
- Soft skills (verbal and visual)
A number of highly-qualified people I know are actually scared of finance! Even within my academic group at SP Jain, any “financial stuff” in our group work would invariably become my responsibility. Nobody else would smell it; no amount of coaxing worked. “You know I am bad at finance,” was the standard excuse. It’s precisely because we’ve never been exposed to this area in our fundamental education. That’s why I believe its one BIG foot forward.
To quote, the CBSE in its official circular says:
It has been felt for long that the school pass outs need to be more financially literate. As perhaps you are aware in other parts of the world, Financial Education is imparted from class VI onwards. Financial Education can make a difference not only in the quality of life that individuals can afford, but also the integrity and quality of markets.
Wow! Wow! Wow!
The subjects being proposed are:
In Class XI
- Accounting for Business-I
- Introduction to Financial Markets-I
- Computer Applications in Financial Markets
And in Class XII
- Accounting for Business-II
- Introduction to Financial Markets-II
- Business Process Outsourcing Skills
Having studied Financial Accounting and Financial Management only during my business education (a full 8 years after my Plus-2), I can’t stress enough on the importance of these subjects, both in one’s personal and professional life.
The CBSE is right on target when it says, “The primary objective of the course is to develop practical employability skills in financial markets, BPOs and Financial Accounting.” Whoever was the brain behind this idea, he/she cannot be commended enough. Now if we could just extend this idea to include soft skills (communication, presentation, etc.), we really would have an “Incredible India” in the 21st century.
What do you think?
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.