WHY YOU NEED AN MBA

AUS­TRALIA’S MBA IN­DUS­TRY IS BUR­GEON­ING – AND WITH GOOD REA­SON. GRAD­U­ATES ARE NOT ONLY MORE AT­TRAC­TIVE TO EM­PLOY­ERS, BUT THE QUAL­I­FI­CA­TION TRANS­LATES TO AN IN­JEC­TION OF SE­RI­OUS COIN.

GQ (Australia) - - GQ INC -

There’s a well-worn adage that an MBA from ivy-league (and ivy-clad) Har­vard Busi­ness School means a fu­ture mil­lion­dol­lar pay­day. And while that alone presents as de­sir­able (es­pe­cially if they throw in an over­sized Har­vard T-shirt), the re­al­ity of out­lay­ing a hefty six-fig­ure sum while los­ing in­come to study State­side does dent its grav­i­ta­tional pull. Es­pe­cially given the wealth of vary­ing MBA pro­grams – 69 and count­ing – on of­fer in Aus­tralia. Here at GQ, we’ve long likened MBA cour­ses to a se­cret club offering en­try to the up­per-ech­e­lons of busi­ness via a se­cret ter­tiary hand­shake and the oc­ca­sional drunken night with a wooden pad­dle (and per­haps a safe word). It’s an im­age that pushes a smirk across the face of Alex Frino, dean of Aus­tralia’s No.1 ranked – by the Fi­nan­cial Times – MBA pro­gram at The Mac­quarie Graduate School of Man­age­ment (MGSM). Still, he doesn’t shy from rul­ing out that top-tier net­work­ing in­forms this branch of post-graduate study. “A lot of peo­ple come in for the net­work­ing op­por­tu­nity,” says Frino. “You’re go­ing to be work­ing and start­ing with a co­hort of stu­dents who are like-minded and who come from dif­fer­ent sec­tors – and you want to learn from them but also de­velop a re­la­tion­ship with each other. And with strong alumni pro­grams they do tend to stay in touch and help each other out with work op­por­tu­ni­ties.” Be­yond the hand­shake and prospect of fu­ture, leafy back­yard bar­be­cues sur­rounded by a sea of coloured polo shirts (col­lar­sup, boys) and dis­cus­sion of ama­teur ‘rug­ger’, study­ing for an MBA is about as­pir­ing to be­come an in­dus­try leader. “That’s ex­actly what it is – it’s about lead­er­ship de­vel­op­ment,” says Frino. Largely aimed at 25-35-year-olds, each an un­der­grad with some re­al­world, of­fice ex­pe­ri­ence, most choose to study part-time (to main­tain an in­come) though there are also op­por­tu­ni­ties to fast­track things with a full-time 12-month pro­gram. Part-time stud­ies, such as the one of­fered by MGSM, means an evening a week (and a half day on week­ends) across four years. “You have to be ded­i­cated and have got to want to be here. An MBA is for the per­son who wants to lead, but then how do they de­velop the nec­es­sary skill set to do so? That’s what we do.” While cour­ses vary, top-flight schools build on the ba­sics – tech­ni­cal train­ing around fi­nance, ac­count­ing and hu­mans re­sources – to ex­plore and de­velop char­ac­ter and per­son­al­ity. “Once you’ve done that core, then you step up and do the ‘soft skills’,” says Frino. “Most schools do it dif­fer­ently and some bet­ter than oth­ers – but once there, once at that level, it’s about work­ing on ‘me’, on self-re­al­i­sa­tion and help­ing a per­son understand the strengths and weak­nesses of [their] per­son­al­ity type.” It’s here that pres­ti­gious MBA cour­ses tend to in­dulge ex­pe­ri­en­tial learn­ing with prac­ti­cal el­e­ments that go be­yond the class­room, what Frino terms “chalk and talk”. As for the costs – base pro­grams start in and around $20,000, while loftier teach­ings, such as those pre­sented by MGSM, cost $76,000. It’s no sur­prise then that 50 per cent of the cur­rent 20,000 Aus­tralian MBA stu­dents are fully-funded or sub­sidised by an em­ployer. Still, the re­sults seem to ad­dress the heady fi­nan­cial out­lay with a solid ROI. “Should your salary in­crease?” asks Frino. “Yes. 40 per cent of the [school’s] rank­ing is driven by a per­son’s cur­rent salary and the [post-study] salary in­crease over three years. The av­er­age in­crease of salaries of the top 100 [MBA] schools, as writ­ten up in the Fi­nan­cial Times, is 100 per cent. And that’s just the av­er­age.” mgsm.edu.au

THE MAC­QUARIE GRADUATE SCHOOL OF MAN­AGE­MENT’S ALEX FRINO.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.