Should You Study Further After ACCA? (My Framework)

Summary

This introspective video explores the dilemma of whether to pursue further education like an MBA or SEMA after obtaining an ACCA qualification. The speaker reflects on the concept of 'ignorance debt' and the value of accelerating learning through study. They consider the balance between deep specialization and practical business experience, questioning the necessity of additional qualifications versus gaining expertise through hands-on business involvement. The video encourages viewers to self-assess their knowledge hunger, career goals, and the potential benefits of becoming a rare expert by skill stacking.

Takeaways

• 🤔 The speaker has been contemplating whether to pursue an MBA or another post-qualification after ACCA, reflecting on the decision for six months.
• 📚 The video is not about listing pros and cons or career paths but rather an introspective look at the personal reasons for further education.
• 💡 The concept of 'ignorance debt' is introduced, which is the cost of not knowing something valuable that could have been learned earlier.
• 🚀 Studying business can accelerate learning and reduce ignorance debt, providing a faster path to understanding business concepts.
• 🧐 The speaker questions the necessity of studying business versus just doing business, pondering the depth of knowledge required for practical application.
• 🔍 The introspection includes considering whether further study will lead to the acquisition of new, valuable skills or frameworks for business management.
• 📈 The idea of 'skill stacking' is presented, where combining expertise in accounting with other areas like operations or marketing can make one uniquely valuable.
• 🔥 The speaker desires to become a 'one of one' by having a unique combination of skills that few others possess.
• 👨‍💼 A personal anecdote about the speaker's father is shared, illustrating that practical experience and self-learning can also lead to success without formal education.
• 💾 The importance of being 'knowledge hungry' is discussed, questioning whether the speaker has the passion and interest to continue studying and specializing.
• 🔍 The speaker concludes that they are inclined towards business and may opt to pursue an MBA in the future, but acknowledges that this decision is subject to change.

Q & A

What is the main purpose of the video?

The main purpose of the video is to provide an introspective discussion on whether one should pursue further education such as an MBA or SEMA after obtaining an ACCA qualification, rather than listing pros and cons or career outcomes.

What concept does the speaker introduce to explain the value of studying business?

The speaker introduces the concept of 'ignorance debt' to explain the value of studying business, which refers to the cost of not knowing something valuable earlier in one's business endeavors.

What is the speaker's view on the importance of gaining deep understanding in a specific subject?

The speaker believes that gaining a deep understanding in a specific subject can be advantageous, as it allows one to explain complex topics to stakeholders at a basic level and could provide a significant advantage in certain scenarios.

What does the speaker consider when deciding if further study will provide new skills?

The speaker considers whether further study, such as an MBA, will provide new frameworks or ways of thinking that can be applied in a business context and create value for others.

What term does Alex Orosi coin to describe the accumulation of valuable skills?

Alex Orosi coins the term 'compounding certain skills' to describe the accumulation of valuable skills that can make a person more unique and valuable in the business world.

What is the concept of 'skill stacking' as mentioned in the video?

The concept of 'skill stacking' refers to the process of acquiring multiple specialized skills, such as being both a chartered accountant and having an MBA with a specialization in operations or sales, making one a rare and valuable professional in the business world.

What is the speaker's personal inclination towards further study?

The speaker is inclined towards becoming a 'one of one' by combining an ACCA qualification with an MBA, although they express a strong desire to get into business and may consider studying an MBA later in their career.

What advice does the speaker's father give regarding the value of qualifications?

The speaker's father advises that the knowledge gained from years of experience can be condensed into a shorter period through formal education like an MBA, thus accelerating the pace of learning and reducing 'ignorance debt'.

What does the speaker suggest as a sign that one might not need to specialize further?

The speaker suggests that if business no longer interests a person, it might be a sign that further specialization is not needed, and they may benefit more from gaining practical experience.

What question does the speaker ask to determine if they are knowledge-hungry?

The speaker asks if they enjoy studying finance so much that they would be willing to spend another year or two preparing themselves through further education.

What conclusion does the speaker reach regarding their future education plans?

The speaker concludes that they might pursue an MBA when they are around 25 years old, after gaining some practical business experience, as they feel a strong desire to get into business and reduce their 'ignorance debt'.