Cranfield interview experience

Venue: Telephonic. Result: Accepted after interview.

My interview was scheduled with Mr. Sean Rickard. Two weeks earlier they had given me a topic to write 500 words on by taking a stand and justifying it. My topic was “Eventually currency in the form of coins and paper will completely be replaced by electronic system of transferring money. To what extent is this true and what are the advantages and disadvantages?” This was my response:

Many people believe that a system of exchange of coins and paper for currency will be completely replaced by a system which favours the exchange of electronic credits and debits. On the other hand it can be noted that such a replacement would require serious consideration of the economic condition of each of the individual countries which comprise the international community. I shall present arguments favouring the latter point of view and refuting the former. I present the advantages and disadvantages in the following discussion.

Firstly, to replace conventional currency with an electronic one on an international scale, would require each of the comprising countries to be compared equally on an economic basis. Take for example the vast difference in currency value between America and Japan. If the international community were to start an electronic system in the banks, then one would never be sure of where to draw the line between acceptable credit or debit. In Japan an acceptable credit could be less than the minimum in say, America.

Secondly, to replace the paper and metal currency with an electronic counterpart, one needs to study whether such a change would favour the ones who use it. For example, people in developing countries like India, might not all be electronic-savvy and since they comprise a substantial percentage of the population who deal with currency everyday, they would be most inconvenienced. How would a person, for example, pay for a glass of water that he buys from a street hawker? In such a case is the street hawker supposed to keep a twenty four hour online system which updates his bank account on the fly? This would be highly impracticable and the pace of life would become slow and irritating. How would one pay for the bus tickets in a crowded metropolitan where a commuter spends one-third of his working day traveling?

Moreover, people have been dealing with paper and metal currency for hundreds of years. This creates a sense of accountability. When a person gets the “feel” of paper money he or she knows that it is a reward for the effort put in. A complete digitization of the current currency system would lead to a loss of the sense of accountability for people.

Thus in the final analysis I believe that although electronic systems of transferring money are on the rise, but currency in the form of paper and metal coins can never be completely replaced. People who think otherwise, should look at the above arguments. (417 words)

The interview began on a very casual note, by discussing the difference in weather between UK and Shimla. Mr. Rickard was very polite and often laughed at some statements I made. Then he took up the topic of my essay that I had submitted. I said that the keyword here was ‘completely’ and that paper money could not be completely replaced by electronic system of exchange. He said that just as I had picked up a keyword, he would like to pick up a keyword too and that was ‘eventually’ and that could mean a hundred years. All in all it was a healthy discussion on the topic.

He then asked that over a period of twenty five years which economy, India or China, did I think would be greater, and why? I said India and justified it. He again countered the arguments logically and stepwise.

At the end of forty minutes or so I was given the opportunity to ask some questions. I asked about fees and funding and the career management service. That was the end of the interview.

Just two days later I had a reply stating that I was in.

Advice: Research on business and economy topics and the essay you submit.