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Week 7: Banking and Finance Monday 7 th March

Mr. Niall Douglas. Week 7: Banking and Finance Monday 7 th March. Schedule for today. 9.15am-9.45am: Review of last week’s grades 9.45am-11am: The Mayfair Set part 2 11.20am-12pm: Comprehension check on the Mayfair Set 12pm-12.20pm: TOEIC prep 12.20pm-12.40pm: Explain tonight’s reading

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Week 7: Banking and Finance Monday 7 th March

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  1. Mr. Niall Douglas Week 7: Banking and FinanceMonday 7th March

  2. Schedule for today • 9.15am-9.45am: Review of last week’s grades • 9.45am-11am: The Mayfair Set part 2 • 11.20am-12pm: Comprehension check on the Mayfair Set • 12pm-12.20pm: TOEIC prep • 12.20pm-12.40pm: Explain tonight’s reading • 12.40pm-1pm: Explain this week’s group task • 1pm-1.20pm: Group Work Plan

  3. Last week’s grades • Group 4 (Clemence, Julie, Louis, Manon, Steven) gave me some document which wasn’t the right one (at least this time it was in English!)

  4. Last week’s grades • What do employers say about fresh Business School graduates? • About 20% of fresh graduates are seen as “unhireable” because they are so bad • About 75% of what remains are seen as needing very substantial further (re)training (i.e. Expensive) • Even about 10% regularly submit job applications that are incoherent. The question becomes, how did they possibly pass their degree?

  5. Last week’s grades • What employers say is lacking in fresh graduates: • Students are generally good at basic knowledge skills (reading, writing, maths), generally terrible at “applied skills” • What are “applied skills”? • Critical Thinking • Problem Solving • Teamworking • Work ethic and effective work habits • Workload management

  6. Last week’s grades • So if you want to get yourself a job, you need to demonstrate to employers: • That you can solve problems on your own without being hand held (“point and forget”) • That you can handle getting your work assignments done without someone telling you how to do them (“workload management” = working effectively, not necessarily working hard) • And increasingly, if you’re going into a knowledge industry, you MUST demonstrate critical thinking skills

  7. Last week’s grades • What does this mean? • Increasingly Business wants employees who are researchers and problem solvers • This implies the ability to process large amounts of information very quickly and reach a good understanding of it • And the ability to spot potential problems/niches/opportunities which will add to Business value

  8. Last week’s grades • Unfortunately most Business Schools (and the Western education system) are lousy at teaching either of these • Somehow students are supposed to just “know” these things automatically • However they can be taught ...

  9. Last week’s grades • I haven’t seen the exam scripts yet but ... • Last week’s Group Task Reports were not very good • Why?

  10. Last week’s grades • Why on average you did so badly: • Not answering the question. If it says legal remedies it means LEGAL REMEDIES • Repeating points you already made (i.e. Padding) • Writing non sequiturs (meaningless comments which have no bearing on the answer) i.e. Padding • In particular repeating back the assignment description to me gets ZERO marks! i.e. PADDING • And despite my warning last week, once again a total lack of academic referencing and citations for facts

  11. Last week’s grades • Last week’s group task is VERY typical in a corporation, especially for new employees who tend to get assigned grunt work • It only takes someone experienced about TWO HOURS to do that task alone. Even someone without experience shouldn’t take more than six hours, and a group of four should get it done in no time • If you handed up what you did last week you would get FIRED on the spot in most companies

  12. Last week’s grades • So why do you think that you all did so badly?

  13. This week’s groups • Manon, Sitra, Anne-Charlotte, Romain • Louis, Tanguy, Jeremy, Calvin • Camille, Leslie, Steven, Rachida • Maxime, Clemence, Alexandre, Julie, Hubert

  14. The Mayfair Set • This is part two of a four part documentary • It details the history of how Finance became more powerful than government or the people in Britain in the 1970s • While it just studies Britain, it was very similar the world over. Why?

  15. The Mayfair Set • In the 1970s Finance gained power over a much larger slice of global wealth than in the past. Why? • Pension funds which were set up after WW2 (about 20-25% of global financial wealth) • Sovereign wealth funds set up by oil rich nations (about 10-15% of global financial wealth) • Power over this wealth allows Finance to dictate policy to governments and labour

  16. The Mayfair Set • Crazily this has resulted in the following: • Young people are paid poorly and made jobless by the pension funds of their parents stripping the assets of companies • As the “baby boomers” retire, capital is going to become sucked out of companies in general • Therefore asset stripping is going to become much worse i.e. it will become more and more harder for young people to have good jobs and gain wealth

  17. TOIEC prep • TOIEC prep

  18. Tonight’s reading • Explain Tonight’s reading

  19. This Week’s Group Task • Explain this week’s Group Task

  20. Group Task Work Plans • Check Group Task Work Plans

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