HOW TO SAVE MONEY WITH MBA GRADUATES FIND INSPIRATION AND STAYING POWER IN ALTERNATIVE CAREER PATHS?
According to CIO, the top two job requests on its employment website seek candidates with a master's degree in business administration (MBA) with certification in computer science or information technology. And the demand for professional hybrids does not stop there. The traditional path to major in business, finance and banking was usually through MBA programs.
The inherent interdisciplinary nature of business
MBA graduates have long been accustomed to leaving graduate school for traditional roles in finance – such as banking or financial planning. In light of today's changing economic and financial landscape, many MBAs are no longer following tradition. As business principles apply across industries, many MBAs are eschewing traditional career tracks for the new challenges of technology, consulting, entrepreneurship and nonprofit organizations.
MBA programs typically expose graduates to all aspects of business, so graduates can master the "soft skills" that are critical to success in the industry, such as customer orientation, presentation skills, and communication skills. This diverse training in leadership and asset management is generally required in all industries, not just finance—which has become paramount in light of the economic downturn.
For example, information technology workers are especially considering graduate school to gain management skills that can translate into better career opportunities. In today's economy, specializing in multiple specialties may be the best educational path.
Some real life examples
The Wall Street Journal cited a Robert W. Baird & Co. investment bank recruiting survey that showed a 50 percent increase in interest at the MBA level in 2007. Finance and risk management are some of the primary industries that MBAs are looking to enter. Other sectors, especially at the medium and small-scale organizational level. Other statistics of note include:
O Middle market M&A investment bank Harris Williams & Company saw a 30 to 35 percent increase in applications from MBA students.
O Consulting firm Bain & Company reports that 10 to 15 percent apply at the MBA level.
O Fewer than 50 percent of graduates from New York University's Stern School of Business and the University of Pennsylvania's Wharton School enter the finance industry.
While MBAs may voluntarily enter alternative career paths, many are now looking at the common path out of necessity. Smart candidates can gain as much experience as possible through bear markets and then put that experience to work in a new position.
A mix of business and passion
O Spend some time studying for your MBA in jobs that have some similarities to the career track of interest
O Focus mainly on MBA and internship
O After your schooling, enter the industry of your choice: learn about successful start-ups and network with other professionals
O After you are established, start a company by capitalizing on previous networks, assets and relationships
The bottom line is that as MBAs continue to branch out into unknown territory, new doors of opportunity and advancement should open up. While you may not be able to land a position at a venture capital firm or on Wall Street, positions at consulting, corporate finance, and private equity firms should be available.
Remember that an MBA program is usually demanding in and of itself and is not the type of course to enter lightly. But if you have prior experience in the industry, adding an MBA can be a way to maximize your potential.
Kelly Smith is Senior Editor at http://www.Edu411.org Edu411 is a career education directory for finding colleges and universities, training schools and technical institutes.
