If you search for the worth of an MBA online, you won’t be too surprised to see a barrage of results saying that the MBA is dead, that it’s a waste of time and of money. In the post-Great Recession era, many will advise students to steer clear of this once golden degree. But experts from reliable sources have begun to look at the MBA differently. Like many things, the degree is not dead but in fact changing to the times and evolving.
Experts have started to see even the most traditional business schools begin to revise their curriculum. They’re changing leadership and concentrations within the so-called “elite” schools to accommodate a new demand and future for the MBA: entrepreneurship.
Why is entrepreneurship important in the MBA program today?
In an interview with Bloomberg Business Week, Anna Ivey discusses the shift away from finance and investment banking in business programs. She describes an overall refocus now on developing the entrepreneurial skill set of the student. Graduates are taught not just to work in the business sector but to lead it via their own small to medium sized businesses. So the traditional skill set of an MBA is now broadened to enable the student to transfer these skills into his own personal goals.
On Forbes.com, George Deeb stated that there is “a seismic shift in demand for an alternative business education… One that teaches the basics in starting your own business and being your own boss. One that is tapped into local startup ecosystems with access to venture capitalists and startup incubators. One that marries expertise in technology development, with startup business and marketing skills.” He supports a new type of business education that focuses on individual leadership so that graduates don’t just “work for the man” but they “are the man”.
Johnson and Johnson’s global director responsible for university recruiting, Frank Rodriguez told BusinessInsider.com that “Employees with a MBA learn valuable leadership and collaboration skills. They also understand how to work effectively with different cultures.” He looks for graduates that come from schools with intercultural experiences on top of the basic skills offered by many business programs.
How should students get their worth out of their business degrees?
In any graduate degree program, students will get out what they put in. These programs take commitment and the first step is choosing a school that is a good fit for you. While Nyack College’s MBA program may not be for you, still we’d have recommended the following checklist when applying to any college:
-Consider an online MBA which allows you to manage family/personal life
-Work full time so you can begin applying what you learn right away and add your professional observations to class discussion
-Choose a concentration that will help your career the most, such as entrepreneurship
-Transfer any credits that will lighten your course load
-Ask about grants offered by your workplace or at the school
-Check the cohort size. You don’t want anything over 20 students in a class