I'm a big proponent of engineers learning financial basics. Why? Because engineers are making decisions all the time, in multiple ways. Having a good financial understanding guides these decisions better.
Even if an engineer remains as an individual contributor as opposed to going into management, experienced engineers often become thought leaders in their organizations, involved in project priorities and strategic direction.
But when engineers do move up the management chain, financial understanding becomes critical. Portfolio mix, gross margin, and pricing are all elements that have to come together to have a sustainable and growing business.
For the full story, see EBN sister site EE Times.
— Larry Desjardin is the President of Modular Methods LLC, a consulting company, and a contributor to EE Times and EDN.
I think engineers should also study economics.
I have seen majority of engineering students just focusing on their subject not looking to learn about finance pay someone to write my essay
I find most engineers quite good with their finance. Also they can easiliy research and study more on as per their need.
Being an engineer who later did an MBA, I found finance to come naturally to me during my business education. Perhaps it was because engineers are trained to be good with numbers and can handle the complex calculations and quantitative subjects easily. Compared to stuff like marketing and HR, finance was more in sync with my earlier education.
@_hm: I think engineers need to know finance if they really want to become C-level executives in the future. Across all senior company meetings, people don't discuss engineering concepts. They talk about the business metrics and indicators that every senior executive must understand. An engineering education can only get an engineer so far. The rest has to be acquired.
@_hm: Most of the core engineers wouldn?t like to study finance, but they?d have to because the HR asks questions based on that subject too. I don?t think learning an in-depth finance is really needed unless you want to pursue a business degree or an MBA.
Tirlapur,
Everybody (including Engineers) should learn Basic Finance.
I have to agree with you that Engineers don't need Complex Finance Solutions,etc.
In fact it just messes with and Complicates their Lives further(unneccesarily).
@apek : That is actually a good idea. I think some engineering curricula include some aspect of enterprise accounting, economics and law.
See below the links to some free MOOC courses that may interest scientists and engineers who want to learn Economics, Finance, Accounting…
Principles of Economics for Scientists
Introduction to Finance
An introduction to Financial Accounting
@TaimoorZ, i agree that engineers are better at numbers and logic thinking and related field such as Finance, Strategy, Analytics than HR, Sales and Marketing. But in general management courses engineer usually need to understand the bigger picture of the management.
@Himanshugupta: Coming up with numbers and graphics will catch the eye of the top level. They do not want detailed information but figures that can show what's needed.
“But in general management courses engineer usually need to understand the bigger picture of the management.”
@Himanshugupta: Based on the comments from one of my MBA professors, that has been the hardest part when it comes to engineers. They will understand the finance and economic concepts but the ability to look at abstract things and the “big picture” as you'd like to call, that comes with years of struggle.
Engineers who want to take important role in the company needs to understand financial concept in order to see a bigger picture for the company. Of course they could team-work with finance team however it will help if engineers have some finance knowledge in order to make better decision for the company.
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yes you are right, i agree with your point
i think engineers should definitely study finance in order to grow efficiently