Business Management, Finance, Economics or MBBS?

What should our youth work towards?

Mehboob Makhdoomi
Srinagar, Publish Date: Sep 18 2018 9:54PM | Updated Date: Sep 18 2018 9:54PM
Business Management, Finance, Economics or MBBS?Representational Pic

There are a plenty of career trajectories, other than these. However, this column would be specific for those who face the binary of Medicine v/s Business Management, Finance, and Economics (from herein referred to as BFE). It's true that one should go for what one aspires for, but it is not as simple as it seems to be. Many external factors like budget, mobility etc. play a role, but above all, it's the knowledge about the options on your table, that helps you arrive at the right conclusion. There's no general answer to this question, but I'll attempt to make it as succinct as possible. 

If you are altruistically passionate about being a medical doctor and want to help the patients, while you make a regular living, you should opt for it. There's no other reason for you to go for an MBBS. Your dedication and patience needs to be at its zenith to withstand  8 years of rigorous study. And if you have to pay capitation fee for it, then the pressure multiplies for you. The student loan won't help either, primarily because the investment and the returns don't match here. You do not make that kind of money to justify millions you pay for it, apart from your precious years. There could only be two scenarios for you to go for it. One, you are a hard worker with a desire to serve the sick, and then you crack its entrance examination. Two, you are a hard worker with a desire to serve the sick, and if you miss the cut off by few points in the entrance exam, you are rich enough NOT to compare your 'donation' with your salary after the program (at least in the context of our subcontinent). The successful private practice is an exception here. It makes no sense, whatsoever, for you to shell out millions just because everyone else is becoming a doctor. If the candidate is bright and financially sound too, his/her life could be made successful and enviable in a few years. The main reason why some people spend recklessly on this degree is the lack of knowledge of other good options.  

If you are someone who is smart enough to score high in competitive exams of BFE and can manage to pay for the expenses of leading Unis/Colleges, especially internationally, you can conquer the world- metaphorically of course. If you want a rewarding and financially sound career, BFE is for you. If you want to go global and have a luxurious lifestyle, BFE is for you. If you want to draw fat paychecks and live in style, BFE is for you. If you are into Armani, Gucci and flying Business class, BFE is for you. If you want to be a global citizen, BFE is for you. Now some may question these sensational claims saying there are hundreds around them with BFE degrees, who are struggling to get an appropriate entry-level job. This is true but what I have not said yet is the most important word for BFE- 'FROM'. Whether we like it or not, when it comes to BFE, everything depends on the issuing authority of your degree. This is interesting because this does not apply much to the field of medicine. The Med-schools around the globe have been successful in maintaining the standards of the degree. Whether you do it from India, Pakistan, Bangladesh or from the West, you can not graduate from Med school, unless you deserve to. That, however, does not apply to BBA &MBA, or Finance/Economics. You can see random colleges in by lanes of Delhi and other cities offering these programs. That is why it makes sense for an employer to know where have you got this degree from. And that's the keyword to determine whether you could potentially be a jobless BFE degree holder or someone who gets lucrative multiple offers from the global firms. For instance, a B.Sc Finance degree holder from London School of Economics (University of London) can intern with Morgan Stanley, NYC and work with them thereafter while a Ph.D. from our state/central Universities will never receive any such call unless he has some other X-factor. So, if you are able to get into any such top schools, you should do everything to arrange for the required fee (and not just rely on a scholarship), and go for it. It would make absolute sense to pay high fees since you can earn it back in a year or two, once you have it, and your life will change forever. The key, however, is to familiarize yourself with the criteria and success stories of such institutes early on, so that you make your plans accordingly. 

Another facet of it is to rise above the idea of government jobs once you are into successful BFE career. You will never like it. It's the corporate sector that would be your aim. In case, you want to get into academics and that too in the government sector, you can anytime get the equivalence of your valid foreign degree and do it. So, you need not to think about UGC/AICTE etc when going abroad. Many students ask if the institutes overseas are accredited/recognized by the Indian bodies. It doesn't fall under its jurisdiction. Equip yourself with the knowledge and make a global career for yourself, and you will be wanted everywhere.

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