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Show EDUCATIONAL PREPARATION A GROWING REQUIREMENT FOR SUCCESS IN MODERN BUSINESS Death-Knell Sounded for Guesswork and Slipshod Methods by Advancing Technical Proficiency in Finance, Trade and Industry How Banks Are Developing a Professionally Qualified Generation of Younger Bankers. . By HAROLD STONIER American Bankers Association THE great school of Experience is still holding classes in ? America, but the scientific spirit of the age has so gener ally invaded the workshops of industry and trade that they have larcelv become technical research and v; A vF CI f V Ay a I A : BMeauzsaBseaaeesHHl training laboratories in themselves nd are no longer run on the old-fashioned cut-and-try methods of former generations when Experience Ex-perience was considered the only, teacher. It would be hard to find a working force in any pre-eminently successful business or industrial in-dustrial organization in the United States today but what the dominating leadership is schooled in the scientific principles of its specific field, whether manufacturing, merchandising mer-chandising or finance. The rapidly advancing advanc-ing standards of business in this country, with their relentless demands for efficiency as the only hope for survival in the competitive competi-tive struggle for economic existence, has sounded the death-knell for guesswork and slinshod methods. HAROLD stonier. As a result, educational preparation in the techniques of commerce, industry and finance are virtually essential to outstanding success in these fields, as it is already an absolute prerequisite in the various recognized professions. This is not to depreciate the value of native ability and experience In busl- ness, but education after all Is merely a means for helping the individual to apply the net good of the accumulated experience of many to his own day's work a means for helping special native ability to come Into Its own more rapidly and surely and for enabling en-abling all classes of ability to gain the maximum of success to which they are entitled. ' These facts are plainly recognized by practical, work-a-day business In every line. Every progressive business busi-ness organization In America is emphasizing em-phasizing the Importance of education as never before. Education has come to be looked upon as the answer to many of the problems within the organization or-ganization as wall as to problems affecting af-fecting industry as a whole. Business Organizing Institutes Institutes for developing specifically qualified workers are being operated or organized In many fields of commercial com-mercial and Industrial activity. These Institutes are trying various types of educational work with a distinct trend toward more and more emphasis upon education for the rank and file of business busi-ness employees of all grades. We have been having business failures fail-ures In this country at the rate of about 2.000 a month. This score speaks for Itself. It la glaring evidence of Incompetence In-competence on the part of thousands of business men in handling the problems prob-lems Inherent In their fields of endeavor. en-deavor. The detailed records show that practically 75 of business failure fail-ure In this, country Is due to lack of training and competence on the part of those who failed. This is conclu- ls the educational section off the American Amer-ican Bankers Association. It waf formed twenty-eight years ago by bank employees and officers and has been carried on ever since as a Toluntary organization. Many students who have graduated continue their membership In order to give active support to some type of educational work other than the actual class program. The greater part of the educational work Is carried on In 200 cities and towns in the United States. Here the local chapter of the American Institute Insti-tute of Banking has Its regularly or ganized courses of study under super vision of the national body with local Instructors and directors to fulfil the standard requirements regarding text material, classwork and examinations. Instructors are recruited from the staffs of leading universities, from members of the legal profession and from among accountants and bank men who have made a record In some field of activity in banking that marks them as experts. All Instructors must be approved by the national organization. organiza-tion. They are compensated by the local lo-cal units. The students pay tuition, lb which they are frequently aided by their employing banks, and this, together to-gether with contributions made by the banks for general classroom overhead, finances the educational program. Education a Pathway to Advancement Leading banks in various parts of the country are insisting that their employees take work in the Institute. Insti-tute. This is frequently a part of their contract of employment at the time they enter the bank. It is also now quite generally understood In the field of American banking that study in the American Institute of Banking Bank-ing Is considered one of the basic factors In the promotion of the individual in-dividual to a place of Importance In a bank. The Standard Certificate of the American Institute of Banking Is annually an-nually gaining a greater and wider recognition among practical bankers throughout the United States. These certificates are coming to have the same Importance In the banking world that certificates of education have in the field of the general professions. This Is a practical example and one thoroughly well demonstrated by seasoned sea-soned experience of the new spirit of American business. slve evidence that no one can afford to undertake executive business re-"' re-"' sponsibillties without adequate education educa-tion and training. It Is for that reason that every enlightened business organ-lzat!on: organ-lzat!on: Is today insisting as neirer before be-fore that Its employees take advantage advan-tage of some type of technical training. train-ing. ' American banking Is fortunate and has just cause for pride in that it has a record of twenty-eight years of definitely defi-nitely organized educational activity among Its workers to Its credit Tor developing de-veloping trained bankers. People In banks In large numbers are taking advantage of the educational opportunity opportu-nity given by the great non-commercial college of the banking business, the American Institute of Banking. They see on every hand evidences of the rf value of the training It gives. Of the 10,000 graduates of this Institute. 70 now occupy official positions In American Amer-ican banks. The other 30 are still too young to have attained such heights. Here Is an example and an encouragement to the people of all lines of business. The American Institute of Banking has a membership of 64.320. Of these 33,851 are clars enrolments, comprising compris-ing younger bank people, both men and women, who are learning the scientific sci-entific technique of their chosen business busi-ness at the same time they are engaged en-gaged In the practical work of earning their livings at It The difference between be-tween the 33.851 enrolled In classes and the. 64.320 total membership comprises com-prises older bankers who have taken the Institute courses In the past or rp a' the present time sponsoring inme type of educational work In the organization. Banking Educates Its People ha- l i"t evt'mated that there are H'obably 375.000 bank officers and em-tiloyees em-tiloyees In the United States at the M-est'tit time. These figures would ' an that about one banker In every ix Is. either enrolled In Institute lasses In 'banking or Is actively sup-Kirtlnc; sup-Kirtlnc; some educational function of he .organisation. No statement could 'ssihlv give more emphasis to the iiportance placed on education by the n-ankinc; interests of America than 'hose facts. This American Institute of Banking |
