Breathing in the scent of freedom

Many of you would have been done with your exams already. How good does that feel?!

For the last couple of weeks I have been non-stop busy with so many activities and events going on.

Ranging from:

1. UBS Challenge

2. Econometrics Group Project

3. Final assignments for each subject

4. Business Practicum final report

5. Investments Exam

Finally it is now done to two more last exams:

316-317 Econometrics (23rd) and 316-313 Microeconomics (25th).

And then..

I AM FREE.

What does freedom mean to you?

Freedom to me means being able to say anything I want anywhere without anyone to worry about!

My utility from finishing exam will probably jump two levels higher. (Sorry too much studying micro has made me talk in terms of utility already). For those of you who don't know what is utility, it is a measure of satisfaction or joy, it is constantly used in academic finance and microeconomics.

Having sat for exams for my entire life now, I should have figured out the real purpose of exams which are to:

1. Force knowledge into someone no matter how ignorant the person is of knowledge

2. Hopes the person learns 20% out of everything they have learnt and keep 5% out of everything they have learnt for the future

But the person, to a certain degree studies for exams for the following purpose:

1. Study to pass OR

2. Study to do well

In other words, exams are a form of external motivation for the person to learn knowledge. In the end, if you can learn knowledge by yourself without the need of exams, you are mature. :) For those whom will stop learning something new after exams, then you have yet to learn the true intention and nature of exams.

But of course this world is not perfect, and that exams are also a signal to a prospective employer whom is deciding to hire you or not to hire you. Since there is information asymmetry, education is a good signal for employers to know that you are indeed smart and capable.

Since it should be more costly for the lower-productivity person to obtain education, the firm will instantly recognise a higher productivity person from higher education, and hence pay him a higher wage. That is the rationale for paying more for Masters and phD graduates compared to just bachelor graduates.

Or that is what academics tell us anyway. Because in real-life many people who have flunked college have done extremely well (e.g. Bill Gates).

Nevertheless, I have strayed far from my message, and would like to just reiterate, everyone loves freedom!