Page 21: of Marine News Magazine (June 2011)

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Short of an MBA in finance, every mariner, captain, operations manag- er or owner of a commercial vessel should understand the workings of the financial side of our industry. It’s no longer enough to know port from starboard or if you’ve made or lost money. You now have to understand such arcane topics as derivatives, hedges, depreciation, amortization, rates of return on investment and equities, ratios and ratings, among other issues. You need to understand how they affect your employment and the health of your business just to survive.

Happily, just as you were not alone in mastering Bowditch and bowlines, there are resources available to you to bring you up to speed in the art and science of commercial marine-finance and help you to prosper in our new economy.

For the basics of accounting and finance, your first and best resource may be your local state maritime academy. Where better to turn then to the institutions whose focus is on our industry. This following list is not meant to be complete and courses change from semester to semester. As a caveat, certain courses may be avail- able as standalone while others may require prerequisite courses. Your best bet is to contact the school’s admis- sions office and discuss their offer- ings, costs and policies. That said, here is a sampling of what our

Academies currently offer: • California Maritime Academy http://www.csum.edu

ABS School of Maritime Policy and

Management offers Business 100 – www.marinelink.com MN 21

FINANCE

Bowditch from your Bottom Line?

By Richard J. Paine, Sr.

Do you know your