The first Master of Business Administration (MBA) program was founded at Harvard in 1908. It was one of the first degrees aimed at improving students’ business acumen. Modern business practices hadn’t really existed in a codified way until the early 20th century.e century. Nowadays, MBAs are widely recognized in many industries. The Master of Business Administration degree is a truly international mark of educational merit. Every major business school in the world offers some form of this venerable course.
So what can MBA graduates do with their new knowledge and recognition? Here’s a quick guide to some of the career paths open to MBA graduates. Truth be told, the possibilities are endless: The MBA is an extremely versatile type of course and qualification.
In the consulting world, appearances matter. Potential clients are much more likely to hire a consultant who has completed one of the top MBAs online or an MBA in person at a large university. Management consultants are hired by companies for several main reasons. They help to solve complex problems within a company’s structure that negatively affect performance. They identify areas of potential growth by looking at businesses in ways that internal staff might not. They analyze the data to find solutions.
Management consultants are generally required to have demonstrable experience in the business world, as well as specialized knowledge of business practices and performance analysis. These specialized areas of expertise can be refined during the MBA studies. MBA students who wish to enter the highly competitive world of management consulting must tailor their studies to analytical and structural expertise. A good business school will have many experienced businessmen on the faculty who will be able to guide students to the latest in counseling techniques, whether the course is taught online or in person. An MBA is a big feather in the hat of any hopeful consultant.
Entrepreneurial expertise is one of the most valuable skill sets an MBA student develops during their course. Entrepreneurial expertise must be extremely broad if a person is to successfully transform a concept into a growing business. Some of the skills needed are:
Entrepreneurs need to be able to plan a meaningful, data-driven long-term strategy for their business. Comprehensive strategic thinking that actually works is almost always the result of very careful analysis of the small details.
The use of up-to-date market analysis techniques – assisted by the latest technologies – is a necessity in any entrepreneurial endeavor. In recent years, market analysis has been guided by the computer coding of “big data”. Big data is a term every MBA graduate will be familiar with. Large datasets tend to be so big and diverse that they can only make sense by using advanced software. MBA students learn to follow and forecast market trends using this technology.
Management and direction
Successful entrepreneurs must be highly skilled leaders and managers. No entrepreneur really relies on himself. Management and leadership skills are key areas of business administration that are covered in every MBA course.
Complex entrepreneurial strategies tend to create complex obstacles down the road. Being able to plan and solve extremely difficult problems without sacrificing key goals is vital.
Some people love it, others hate it, but every entrepreneur needs to be part of the networking. Successful networking involves employing a wide range of skills – both interpersonal and strategic. MBA courses are full of experienced business people. This makes them perfect arenas for practicing networking skills.
All of these areas of expertise can be refined during a master’s degree in business administration. Any entrepreneurial endeavor involves some degree of risk taking, but with the right knowledge this risk can be exploited for the benefit of a businessman.
CFOs provide similar services to management or strategy consultants, but often operate within a company’s organizational structure. They are employed to advise business leaders on financial matters. They use analytical skills but also liaise with every department within a company to try to identify ways to promote growth and save on expenses. They often have a close relationship with the senior accounting executives within a company.
Business strategists tend to take the big picture. Using huge amounts of data and an ever-changing knowledge of competitor strategies, they create the overarching goals that a business uses to focus its efforts. Strategists are generally hired as members of senior management. The success of a business depends on creating sound strategies.
Product managers take care of all areas when developing, launching and marketing new products. Ultimately, businesses rely on creating and marketing good products and services. Product managers are hired to ensure this crucial goal is achieved. The essential nature of good product stewardship means that people working in this field are often well paid and offer many opportunities for advancement in the field of leadership.
Fintech – short for financial technology – is a growing field. He deals with the automation and technological improvement of financial systems. Fintech consultants should have a working knowledge of the latest AI and machine learning technologies, as well as a very good grasp of business practices. The MBA courses touch on these two areas. Fintech consultants are highly regarded in modern businesses. They advise companies on the technology they need to adopt to achieve their strategic goals. Financial institutions such as banks have recently started pumping huge amounts of money into FinTech investment programs, making advanced technology consultants first class assets. Tailoring a period of MBA study to a career in fintech is an extremely smart move – and backed by good MBA program administrators around the world.