MBA


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MBA: The Sequel March 8, 2006 Washington Post Express While he was flipping through some of his son's undergraduate finance textbooks, Larry Holeman decided that he needed to go back to school. Even though Holeman, 58, had built his own information technology consulting firm and ran it successfully for several years, his dreams of starting a children's youth program convinced him that he needed to know more about the business world. "I had been out of school for a while and needed a refresher on e-commerce, accounting, and the skills you need to have a strong business strategy," he said. Holeman last set foot in a classroom in 1980 when he earned his computer science degree from University of the District of Columbia. Returning to school was a tough adjustment. "Everything in the real world is open-book, so it took me a semester to get back into the academic world," said Holeman, who is again enrolled at his alma matter, this time for a Masters in Business Administration. Despite rumors of its demise, or at least a declining relevance, the MBA is still very much alive and important in today's business universe. But graduate business education has changed in the past few years, becoming more focused in particular areas and more responsive to employer needs and attracting a new type of student. While younger M.B.A students find themselves in a saturated job market filled with new graduates from good business schools, older M.B.As are finding that their new degree, coupled with their years of work experience, make them sought after employees. Most universities in the Washington, D.C. area have some flavor of M.B.A program-- from executive M.B.As, which focus on educating CEOs in-waiting, to medical M.B.As that teaching doctors to run their own practices. At many District schools, these specialized programs have more students than the standard M.B.A course. "People don't think of Washington as a center for business, but if you consider all the financial institutions and government organizations, it rivals New York in many areas," said Susan Philips, dean and professor of finance at the George Washington University business school. Generally targeting students with a few years of work experience who want to advance in their companies, the basic M.B.A is now drawing older students back into the classroom for general courses like business practices, technology, and electronic finance-- updating skills that can make older workers obsolete. "When you work at a job, you learn a lot about your specific job, but not about the range of other positions in the company," said Philips, who oversaw her school's move into a new building on campus last month (JAN). In the new facility, M.B.A students use state of the art terminals where they can negotiate the stock ticker and research information through the Bloomberg computer system and participate in a variety of problem-based and case study exercises using overlapping business disciplines. In the past, this broad-based M.B.A curriculum has drawn criticism. "Although business schools and business education have been commercial successes, there are substantial questions about the relevance of their educational product and doubts about their effects on both the careers of their graduates and on management practice," wrote Stanford University business professor Jeffrey Pfeffer in a 2002 report that grabbed the attention of the business education community. "There is little evidence that mastery of the knowledge acquired in business schools enhances people's careers, or that even attaining the M.B.A. credential itself has much effect on graduates' salaries or career attainment." Part of that criticism comes from the fact that employers are looking for skills like teamwork, communication, and leadership, which have not been a historic focus of business schools. This disconnect between employer needs and the M.B.A. curriculum, combined with the economic slowdown, contributed to a decline in the number of applicants to many of country's M.B.A. programs and a shift towards more specialized degrees. On the other hand, mid career professionals who head back to school to pick up their Master's degree, are often more cognizant of the importance of those sought after interpersonal skills and make attractive candidates when they graduate. Recruiters say that ethics, communication and analytic thinking are the top qualities they seek in potential employees, according to an annual survey from the Graduate Management Admissions Council. Chris Nichols spent her career working for non-profit organizations, but realized that she lacked the specific training she would need to advance. "I really suffered not being able to do my own data analysis and market research, so I went into the program to learn how," she said. The 46-year old mother of two graduated from the University of Maryland's M.B.A program last May and now works as a senior manager at the Academy for Educational Development. "Re-immersing yourself in an academic environment with smart and motivated students is the best way to update your skills and maybe cure a mid-life crisis," she said.
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MBA: The Sequel

March 8, 2006

While he was flipping through some of his son's undergraduate finance
textbooks, Larry Holeman decided that he needed to go back to school.
Even though Holeman, 58, had built his own information technology
consulting firm and ran it successfully for several years, his dreams
of starting a children's youth program convinced him that he needed to
know more about the business world. "I had been out of school for a
while and needed a refresher on e-commerce, accounting, and the skills
you need to have a strong business strategy," he said.

Holeman last set foot in a classroom in 1980 when he earned his
computer science degree from University of the District of Columbia.
Returning to school was a tough adjustment. "Everything in the real
world is open-book, so it took me a semester to get back into the
academic world," said Holeman, who is again enrolled at his alma
matter, this time for a Masters in Business Administration.

Despite rumors of its demise, or at least a declining relevance, the
MBA is still very much alive and important in today's business
universe. But graduate business education has changed in the past few
years, becoming more focused in particular areas and more responsive
to employer needs and attracting a new type of student. While younger
M.B.A students find themselves in a saturated job market filled with
new graduates from good business schools, older M.B.As are finding
that their new degree, coupled with their years of work experience,
make them sought after employees.

Most universities in the Washington, D.C. area have some flavor of
M.B.A program-- from executive M.B.As, which focus on educating CEOs
in-waiting, to medical M.B.As that teaching doctors to run their own
practices. At many District schools, these specialized programs have
more students than the standard M.B.A course. "People don't think of
Washington as a center for business, but if you consider all the
financial institutions and government organizations, it rivals New
York in many areas," said Susan Philips, dean and professor of finance
at the George Washington University business school.

Generally targeting students with a few years of work experience
who want to advance in their companies, the basic M.B.A is now drawing
older students back into the classroom for general courses like
business practices, technology, and electronic finance-- updating
skills that can make older workers obsolete.

"When you work at a job, you learn a lot about your specific job,
but not about the range of other positions in the company," said
Philips, who oversaw her school's move into a new building on campus
last month (JAN). In the new facility, M.B.A students use state of the
art terminals where they can negotiate the stock ticker and research
information through the Bloomberg computer system and participate in a
variety of problem-based and case study exercises using overlapping
business disciplines.

In the past, this broad-based M.B.A curriculum has drawn criticism.
"Although business schools and business education have been commercial successes, there are substantial questions about the relevance of their educational product and doubts about their effects on both the careers of their graduates and on management practice," wrote Stanford University business professor Jeffrey Pfeffer in a 2002 report that grabbed the attention of the business education community.

"There is little evidence that mastery of the knowledge acquired in business schools enhances people's careers, or that even attaining the M.B.A. credential itself has much effect on graduates' salaries or career
attainment."

Part of that criticism comes from the fact that employers are
looking for skills like teamwork, communication, and leadership, which
have not been a historic focus of business schools. This disconnect
between employer needs and the M.B.A. curriculum, combined with the
economic slowdown, contributed to a decline in the number of
applicants to many of country's M.B.A. programs and a shift towards
more specialized degrees.

On the other hand, mid career professionals who head back to school
to pick up their Master's degree, are often more cognizant of the
importance of those sought after interpersonal skills and make
attractive candidates when they graduate. Recruiters say that ethics,
communication and analytic thinking are the top qualities they seek in
potential employees, according to an annual survey from the Graduate
Management Admissions Council.

Chris Nichols spent her career working for non-profit organizations,
but realized that she lacked the specific training she would need to
advance. "I really suffered not being able to do my own data analysis
and market research, so I went into the program to learn how," she
said.

The 46-year old mother of two graduated from the University of
Maryland's M.B.A program last May and now works as a senior manager at the Academy for Educational Development. "Re-immersing yourself in an academic environment with smart and motivated students is the best way to update your skills and maybe cure a mid-life crisis," she said.

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