Took my final on Microeconomics tonight. It was not really very difficult. Total of 18 questions, ten of which were multiple choice, and eight – short answer questions. Even though it did not seem to be very difficult, it took me more time than anyone else in the group to finish it. I was the last one to turn my paper in.
The issue with time has been very disturbing for me ever since I got into the MBA track. I did not have enough time while taking my GMAT. The last few questions I just had to guess. Last week on the Financial Accounting quiz I was also the last one to turn my paper.
At least tonight I had more confidence than at Accounting quiz. I was sure about 70% of my answers. The rest I might or might not get. There were some questions I was dead ignorant about.
What I have realized just within this past week, that like economists think on a margin, MBA students have to think in terms of tradeoffs. Given the pace of studying you need to find a proper balance and separate more important issues from insignificant. Again, comparatively insignificant. You simply cannot get everything perfect. So you need to let go of some things that try bog you down and concentrate on moving forward.
A good example for me personally is indirect method of computing cash flow. I spent most of Sunday trying to nail it down. I did not quite get it anyways. But as I am going ahead with reviewing other topics for the Financial Accounting Final, I find that those topics, like Financial Statement Analysis, are not only much more interesting, but also much more comprehensible and therefore even enjoyable to study. Indirect method of presenting cash flow will be just one question on the exam. If I stumble on it, I will just have to do my best, and concentrate on maximizing my points on other problems that I managed to handle.
As for the indirect method, I have general idea of it. I will probably not be able to put it together on my own, but when I see it prepared in the statement I will recognize and understand where it is coming from.
Speaking of tradeoffs. I have been doing my cramming for Financial Accounting exam tonight after my Microeconomics final. That is from 11 PM to 1+ AM. My older daughter had urged me not to stay up too late, saying that one hour of sleep is worth one hour of study. But really had to work more as I did not have time even to look at some material during the course and it was not covered during the problem cranking in class.
Anyways, it’s almost 2 AM. I am ready to go to bed now even though I did not review all the stuff I had missed at classes. But as we know ‘an hour of sleep is worth one hour of study’. I will have to make that tradeoff now.
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