MBAs are famously high earners, but a new breed of grads is getting serious about doing well by doing good. According to this article at Business Week, there are more opportunities than ever for b-school students who want to make a difference. While socially conscious MBAs once toiled away at non-profits, making a fraction of their classmates’ salaries, today’s grads are betting they can turn a profit tackling society’s ills. “Today’s problems are massive”and they represent tomorrow’s opportunities,” says John Woolard, Haas MBA and CEO of BrightSource Energy, which builds solar-power plants. Companies cited in the article are taking on big issues like recycling, childhood obesity, and affordable higher education.

But while the new possibilities for a big payday are certainly appealing, money isn’t grads’ number one concern. Many say they just want to contribute to a cause they’re passionate about. “If you believe in something, you go for it because it makes you happy,” says Ron Gonen, who burned through his savings and strained his credit cards to launch his business, RecycleBank.

We’re always quick to point out the multitude of options offered by an MBA. Isn’t it nice to know saving the world is among them?

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.

It’s easy to forget how complicated a world-class business school really is. But if you want a good look at one’s inner workings, watch as Johns Hopkins gets the Carey School of Business off the ground. This Business Week article is a revealing look at what goes into a top MBA program.

Known primarily for its medical and public health schools, Johns Hopkins’ business offerings have traditionally been limited. But a $50 million gift from banker William Polk Carey has the university dreaming big. They aren’t simply going to start a business school; they aim to create one of the world’s best.

But the obstacles they must surmount first are considerable”and enlightening. First, the school needed a dean. They chose Yash Gupta, who brings more than a decade of experience and a proven knack for fundraising. Then Gupta began to gather building blocks: students, faculty, and funding. Students had reservations, but Johns Hopkins’ cache won over enough applicants. Gupta has wooed 31 faculty members to the school and hopes to triple that number in 5 years. And then there’s the issue of the curriculum. We’ve already written a bit about the program’s plans to integrate ethical education more thoroughly than other schools. A new program is an opportunity to do things differently”but the development process isn’t easy.

Finally, to meet their goal of recognition as a major, top-choice international business school, the Carey School of Business will have to clear one more difficult hurdle. The program needs accreditation from the Association to Advance Collegiate Schools of Business. The Johns Hopkins brand weighs heavily in Carey’s favor, and by leveraging the university’s expertise in public health and medicine, they already occupy a valuable niche. But the school also needs to launch a major fundraising campaign, while boosting its alumni network and career services offerings.

It’s worth a look if you’re considering places to apply. Johns Hopkins’ efforts demonstrate all the moving parts in a business school”and all the important features you should take into account.

An MBA degree does not necessarily have to be synonymous with a career in finance.

While most MBAs do still choose to go into finance and consulting, the options for business school graduates are not limited to these two fields.  Health care, for example, is attracting a substantial number of MBAs. A recent New York Times article points out:

Health care is the target career for 10 percent of students working on a master of business administration degree at Harvard Business School, making it the third most popular choice, behind financial services and consulting.

This trend is accelerating as the boomer generation ages and needs increased health care. In fact, the Times article notes business schools like Tufts and Duke already have programs focusing on health care management, and Dartmouth’s Tuck School of Business is in the process of creating a new masters of health care delivery science.

But if the health care sector doesn’t strike your fancy, you can follow in the footsteps of MBAs like Tim Elliott, who, as this BusinessWeek article describes, left his job as a vice-president of finance and technology to join MBAs Without Borders. The nonprofit program sends MBAs overseas for six months to work in the developing world, and it’s seen a substantial increase in applicants over the past year.

In fact, if you’re interested in nonprofits, there are now MBA programs that focus specifically on nonprofit management.  Beyond Grey Pinstripes is a great place to start if you’re looking for a business school devoted to sustainability and nonprofit management.

And for a list of the top 100 companies MBAs would like to work at, you can always refer to Fortune Magazine’s list.

A recent Business Week post about b-school summer reading lists got us thinking here at Manhattan GMAT. What other books might provide a good foundation for your first year? We turned to Chris Ryan, our Director of Instructor and Product Development, for some recommendations. His suggestions make good reading for incoming MBA students and curious applicants alike.

1. First and foremost, Chris recommends Larry Gonick’s Cartoon Guide to Statistics, which will give you a jump on the hardest quant class in your first semester, one on which other important classes ” like Finance and Operations ” depend. “If you actually understand the content in this book, you will do better in your stats class ” it’s as simple as that,” Chris tells us. The title might sound silly, but the content is truly useful.

2. A more theoretical start for your reading would be Co-Opetition (Adam M. Brandenburger and Barry J. Nalebuff), which covers game theory and its practical applications for business. The authors argue that to maximize success, companies sometimes have to cooperate with traditional rivals.

3.You should also pick up something about the economic turmoil of recent months. “You’re going to need to have an opinion,” Chris says. Pair your selection with Roger Lowenstein’s When Genius Failed, which covers the rise and fall of Long Term Capital Management, a hedge fund that brought about a late-90s precursor to the current financial crisis.

Plus, for a b-school beach read, try Predictably Irrational (Dan Ariely), a nice introduction to behavioral economics.

For more suggestions, try Business Week’s list.

We generally stick to the GMAT over here and leave admissions stuff to the experts, but this transcript of a chat with a Columbia Admissions Officer on Businessweek.com seemed like it would be of interest to many of our students.  And we’re flexible and aim to please here at MGMAT!  🙂

Businessweek.com presented a very interesting and informative write-up of the GMAT prep landscape earlier this week.  We’re glad that Businessweek included us, and grateful that many of our core values (top Instructors, rigorous curriculum, organizational focus) came through in the article.