Milford chronicle., 1928-03-30
EDUCATION FOR
BUSINESS AND
BANKIN
BY BENJAMIN M. Anderson. Jr, Ph.D.
Economist of the Chase National
Bank of the City of New York

rowly practical training for business
and banking, on the part of students
and their parents, has created very
grave problem for our institutions
OF learning. Contemptuous of theory,
contemptuous of general culture, a
great and growing proportion OF
Enthusiastically not nearly all
are applying a cash value" test to
the instruction offered them. They
demand of the professor of psychol-
ogy, for example, a technique OF
bond selling or devices for advertis-
ing. They attach slight importance to
history, science, literature and fine
arts, and crowd into the courses in
economics, where the heart of the
problem is focused.
OF the economist they are demand
ing, not the principles and the his
torical perspective which are the
most useful things which he can
give the prospective business man
and banker, but rather a mass OF
factual details relating to business
and banking.
Theory and Practice
This demand for "practicalitE is
self-defeating. 1 do not mean to
question the need for accurate, de-
tailed knowledge of the job which
one is doing. But there are TWO
ways of knowing facts: one may
know them by sheer brute force Of
memory with tremendous eXertion,
or one may know them easily and
adequately by seeing them hang to-
gether as the illustrations of a body
of principles. The man who knows
principles gather facts easily be-
cause facts have meaning for him.
He refrains from burdening his
memory with facts which have no
meaning. Except in the light Of prin-
ciple, there is no way of telling
which facts are worth while and
which are not. Theory without
facts is empty. Facts without theory
are blind"
Detailed methods of banking and
business shift frequently. New de-
vices and new methods, which make
for greater economy and efficiency,
are constantly being introduced. The
principles the student has mastered
in college and the historical perspec-
tive he has gained there will be OF
use to him throughout his life The
detailed practice which a student
might learn in college would be
pretty surely out of date in few
years, if not already out of date.
The Apprenticeship Method
When it comes to the practical de-
4 the 0i0 n
premiership method of working
with a master, learning from him,
watching him work, and learning
from doing the job, is by all means
the best and most economical meth
cd of learning.
This is true for several reasons:
Cd The institution of learning is
rarely in a position to know the ac-
tual current methods. (2) The mass
of detail is so great that, unless the
student knows exactly what kind of
work he is going to do, he will waste
a great deal of time in learning the ,
wronk details. 60 The Students in
terest in particular details, while the
exact nature of his future work is
cannot be great.
When he is actually on the job, how
ever, his interest is at maximum. 7
(4 The professors interest in
practical details is not ordinarily
very great. But the department head
in a business is vitality interested in
the successful handling of the de-
tails by his organization. (5) 1t has
always been true, and is today in
creasingly true, that executives are
judged in large part by their ability
to develop their men,"
If the institutions Of learning will
send to the business and banking
world men with good general educa-
ton, with eager and inquiring minds,
and with an understanding of prin-
ciples, the business and banking
will quickly teach them
the particular jobs assigned to
Them.
Narrow Practically and Morale
The attitude of narrow practically
On the part of students is self-de-
feating from another point of view.
It is an unwholesOme thing that the
cash value" spirit should manifest
itself in the mind of the freshman
II the sophomore, and that he should
lppraise the rich field of human Gull
ure, which the institution of learn
ng offers him, in terms of its cash
Talue. Youth at least should be
ime for generous enthusiasts, for
he play of the mind, and for inter-
st in great causes. I find a great
eal of complaint among business
aen and bankers of a "get-rich-
uick" spirit on the part of many
lew recruits coming from the col
eyes. There is especially complaint
f too great eagerness for promo
ion, promotion being interpreted
in terms of the pay enve-
lg responsibility and growing OPP
ortunity to learn the business. The
ian who really gets ahead in a
reat bank is the man who is work.
lg for the bank rather than work.
ne for himself, and who is interest
d in the job and in the problems of
he lob. Business and banking de-
land loyalty and teamwork.
Practical Courses for Men on the
Job
While the student in college or
chool Of business does well to avoid
ighly concrete and specific courses
ealing with particular lines of bus
less, such courses are definitely
seful when given to men who are
ctually at work on business and
anking jobs, especially when such
curses ca nbe given by men inti-
1ately familiar with the actual OPP
rations. And am. of course, rails
lg no question at all about practl-