MGHC02H3 Lecture Notes - Lecture 6: Apple Pie, Opportunity Cost, Hippocratic Oath
Document Summary
Its time to make management a true profession. Managers don"t face the same challenges as doctors and lawyers (in terms of schooling and extensive testing). There is no obligation for them to know anything about investing its innovating new financial derivate or special purpose vehicles. Imagine a certified business professional (cbp) status granted for. The biggest challenge is gaining acceptance of the idea that educational standards will improve the practice of management. Many believe management is better mastered through experience than education (softer skills such as interpersonal skills, leadership, etc) are hard to learn o through education. Going to a business school allows individuals to credibly signal their greater commitment to a career in management. In the absence of empirical evidence, the idea that people can improve the practice of management by mastering some body of knowledge rests on faith.
