“The people we employ are so intelligent, we don’t need to train them.” (Investment banker, 2007)
Should I have been surprised at this comment, made to me when I said that I trained financial modellers?
We spend most of the first two decades of our lives in formal education. However, once we are in the workplace, there is sometimes an attitude that learning should take place “on the job” and that training is an unnecessary fringe activity. Surely adults should also be continually educated: we need to be open to new ideas, prepared to invest in our education and should have access to effective training.
“Before I can teach you, you must empty your cup.” (9th century Chinese saying)
Learning is only successful when preconceived ideas are set aside and there is an open-minded attitude. Psychologist Carol Dweck’s book Mindset discusses the differences between fixed and variable mindsets. Essentially those with a fixed mindset believe that intelligence and talent is fixed and that training makes little difference. However, those with variable mindsets are open to learning and developing their skills. Unsurprisingly, all the evidence points to those with a variable mindset being more successful in their careers.
“An investment in knowledge always pays the best interest.” (Benjamin Franklin)
I find that when I send out a proposal for a financial modelling course, the client sometimes decides that their financial modellers will “learn on the job” instead. Certainly, that is one way of learning, but an expensive and potentially risky decision. Even just the time-saving tips on a modelling course should make it worthwhile, let alone learning about logic, model structure and Excel’s capabilities and potential pitfalls.
“Tell me and I may forget, teach me and I may remember, involve me and I learn.” (Benjamin Franklin)
What type of learning is best? Teaching is most successful if it is directly relevant and engaging. On my courses, I have a maximum of six participants who each build their own financial model. In this way, everybody is involved, learns by doing and has individual guidance whilst they work. I turn down requests to run courses for larger numbers of people and I also don’t believe that on-line training can ever be as effective as the personal touch.
So, in whatever area we work in, we should embrace training. As the philosopher of science Karl Popper said: “True ignorance is not the absence of knowledge, it is the refusal to acquire it”.