COGS for Telefonica? Seriously? Day 133

Friday 14:01, Albert Place, London

Dear Open University Business School,

COGS for Telefónica? Seriously? What were you thinking?

I’ve now spent a good proportion of my non-indefinite life trying to work out the dozen or so ratios for Telefónica that you have given the MBA Nov ’14 cohort as TMA03. I understand the importance for senior (non-financial) managers like myself to grasp basic accounting jargon and principles. As a matter of fact, I believe it is crucial as it allows me as sales and marketing director to understand how costs and cash flow impacts business operations.

But here’s my problem.

The book you have given us for this unit contains three pages of errata. Seriously? I mean, three pages? How is this even possible? Who publishes your education material? Pls sack them and use the £1.5m you have cashed in from our cohort’s tuition fees to hire an experienced and responsible publisher.

Apart from the three pages of errata, your pedagogical material is fantastic. But the examples you have used are way too easy. My friend Adam, the accountant, came over for dinner and tutoring the other day and laughed at Appendix 4 that states things like ‘the higher the better’ next to the explanation of return on equity. ‘What is this? GCSE?’, he joked. I think he has a point.

The task you have given us is way more difficult that any of the examples, which means that most students are struggling with things like COGS. The online tutorials are a great help, but again, too easy. I understand that we needed the proverbial building blocks first, in order to crawl before running, but it is my honest opinion that you have asked us to sprint even before the motor nerves have developed in our little fetal legs.

Lastly, not having any contact hours with real teachers sucks big time at the moment. All the other students that I’m in contact with have been very supportive, as we’re all struggling, but those that have worked out the ratios are for obvious reasons not giving out the answers, so the need for tutors to step up is essential.

Rant over.

Your sincerely,

A very frustrated MBA student


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