Why You Still Need an MBA
We’ve heard a lot of bad news about the job market recently “ articles have been popping up about the difficulties MBAs are having finding jobs (though that may be starting to change) and more MBAs are exploring alternate careers. With all this news, should you still go to business school?
This CNN article gives several major reasons, from employers who expect an MBA, to how an MBA can show your dedication to the field. Elizabeth Freedman, author of “The MBA Student’s Job-Seeking Bible” and “Work 101: Learning the Ropes of the Workplace Without Hanging Yourself,” writes that “Having an MBA — as opposed to just a bachelor’s degree in business “ is sort of like traveling someplace by plane instead of taking the train. With either business degree, you may eventually wind up at your final ‘destination’ “ but the MBA will get you there faster.”
Overall, the article makes a good case for why you should still elect to go to business school.
More MBAs Being Recruited by… Casinos.
Sometimes, we like to take a Friday here on the blog to spotlight fun, exciting, or unusual career paths open to MBAs. Today’s edition: Ever considered a career in gambling?
No, we’re not suggesting you follow in Maverick’s footsteps. According to this Business Week article, casinos have begun to see the appeal of candidates with MBAs. Once upon a time”say, in the 50s”casino managers got their start as dealers in the pit, and many didn’t even have a college degree. But as corporations have taken over and competition has intensified, things like marketing and human resources are increasingly important. So the industry wants fresh blood with the kind of formal business skills acquired in MBA programs. Meanwhile, business schools are stepping up their gaming-related offerings. “The employers are just waking up to the education of business students,” says Chris Roberts, director of DePaul University’s School of Hospitality Leadership.
Students have responded to the ramped-up recruiting efforts. And why not? As Harrah’s marketing analysis manager Dan Wyse tells the magazine, “We are selling fun, and we’re an entertainment option.” Attendance at Harrah’s most recent Stern recruiting event jumped sharply, attracting more than 100 students. Meanwhile, many of those already in the gambling business are returning to school for an MBA.
The bottom line: even if you’re not in a traditionally MBA-heavy field, you still might benefit from a business school degree.
Awesome Ideas Are in the Air at B-Schools
You don’t need another reason to get excited about your MBA, but here’s one anyway: Business schools spawn some awesome ideas, and they aren’t limited to finance or IT.
Take two submissions to recent business plan competitions. About a week ago, the New York Times covered Tough Mudder, born as a semifinalist entry in Harvard Business School’s annual business plan competition. Founder Will Dean believed he could convince 500 people to pay to run a grueling, muddy obstacle course. After graduation, he launched the business with just Facebook ads and a website for marketing. And so far, he’s pulled it off”the company just staged its first race with an impressive 4,500 participants.
And just this past Sunday, the Financial Times featured some Scottish participants in a short entrepreneurship program at MIT’s Sloan School of Business. It’s not a traditional MBA, but it is a testament the nifty ideas you can cook up in the environment of a b-school. Michael Laurenson, a mussel farmer, was a member of the team that won the competition. Their concept was neither a social media start-up nor a new medical product. Instead, it was a device for improving fish farms. When we were at MIT the thing they said to us was: ˜Do what you are good at’, he says. His native Shetland isn’t ideal for finance or IT start-ups, so he stuck with what he knew: Aquaculture.
These examples fit nicely with our recent post on alternative careers chosen by MBAs. B-school grads can take their degrees in any number of directions. So pursue what inspires you!