101: MBA Programs
MBA programs across the country have seen enrollment skyrocket during the Great Recession. However, MBA applicants often overlook some of the basic facts when applying to programs. Here are some experts and their advice for anyone thinking of getting an MBA.
What An MBA Does. A master’s in business administration can’t guarantee you employment. But it can give you a leg up.
Devron Veasley of GradView.com emphasizes that an MBA provides business people with the skills to withstand a volatile market.
“They should be prepared to experience employment changes as well as moves to different fields and areas of expertise, just to survive in today’s business environment,” Veasley writes. “An MBA prepares a person for the transient nature of today’s business world.”
Not Magical. We assume that earning an MBA gives us what we need to move up the corporate ladder. However, that isn’t always the case. MBA programs tend to focus on the technical functions of business, often neglecting to develop essential leadership and management skills.
In an interview with ComputerWorld.com, Dr. J. Sterling Livingston, a Harvard Business School professor, criticizes MBA programs for giving “little attention to the development of skills required to find the problems that need to be solved, to plan for the attainment of desired results or to carry out operating plans once they are made.”
Experience Required. The most important part of today’s MBA programs is prior work experience. Having work experience gives you a competitive advantage over competing applicants. In most cases the top MBA programs across the country require at least two to three years of work experience before you even can apply.
Nunzio Quacquarelli, managing director of a company that provides resources to MBA programs and business, said in an interview with The Economic Times that an MBA without work experience isn’t worth the money.
“You won’t be in a strong position to know exactly what you want and to contribute fully to the program,” he says.
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