MBA paves the path to opportunities
>> INTENSE, CHALLENGING PROGRAMS OFFER HOST OF BENEFITS
Whether you’re a recent graduate or a seasoned professional, a Masters of Business Administration degree can help you advance your career in a competitive marketplace.
MBA programs range from about one to two years in length and cost about $ 34,500 to $40,000 — making them a serious commitment.
“An MBA is not just a one-time pump though, it’s a path to increased opportunities throughout your career,” said Lois Fearon, director of the School of Business at Royal Roads University in Victoria.
MBA students learn about everything from marketing to financial statements. They do a lot of teamwork, look at case studies and often incorporate work experience in their studies. All of this helps them develop skills in strategic thinking, leadership and change management and generally broadens their perspective.
“It’s intense and challenging but absolutely worthwhile from a personal and career perspective,” Fearon said.
The Royal Roads MBA is an 18-month blended program, with about six weeks on campus and the rest of the course done through distance learning. It’s geared toward mid-upper level managers who are working fulltime.
“To understand the curriculum in a comprehensive and holistic way we think it is important that students have lived the complexities of organizational life,” Fearon said.
“The real world experience that our students bring to the program is key in terms of ensuring meaningful discussions and a rich learning environment.
“People are bringing in a wealth of experience and because they’re working at the same time, they’re applying what they learn right away,” said Fearon, who has worked with major banks and pharmaceutical companies during a marketing career spanning more than 20 years.
MBA skills are applicable to entrepreneurs and leaders in every sector from energy and banking to public service and the military, Fearon said, noting many students advance faster in the workplace and often start getting results before they’ve even finished the program.
Although Royal Roads doesn’t track pre- and post- MBA salaries, an outside organization surveyed students in 2003 and found that salaries increased between 17 per cent and 22 per cent during the program.
According to a recent study done by The Financial Times, three years after completing a full-time MBA in 2011 graduates earned an average 92 per cent more than they did before starting their course, the newspaper reported on January 25.
However, MBAs are not just about making money. Universities offering the program tend to have different specialties.
For example, one of the MBAs that Simon Fraser University’s Beedie School of Business in Vancouver offers is a Management of Technology MBA, and Trinity Western University in Langley of- fers an MBA geared toward nonprofit and charitable organizations, among other streams.
“My hope is our alumni out in the marketplace are making a difference in communities from an ethical-values framework,” said Murray MacTavish, the director of Trinity Western’s School of Business.
“I want people to think through their core values so they are acting with integrity and impacting the marketplace for the betterment of society,” he said.
Good decision-making skills and learning to work well with others are components found in most MBA programs. Teamwork and small class sizes lead to students building strong ties with each other and ultimately a strong network they can count on after graduating.
Many courses attract international students so there’s often a global element inherent in the programs. But many also offer students the opportunity to travel as part of their studies and that also adds to their experience.
The Beedie School of Business’ part-time MoT MBA students go to California’s Silicon Valley to see how companies such as Google and Tesla Motors approach innovation, while the full- time students taking the university’s regular MBA will visit Peru and Colombia this year.
Trinity Western offers its entire MBA in Tianjin, China in English, and also offers students in B.C. a European trip to learn about how business is done in different countries. Similarly, Royal Roads offers a component in Grenoble, France and offers specializations in Asia Pacific and Europe.
Even if people have already done business internationally the chance to travel to other countries while learning and visiting companies is invaluable, Fearon said.
Trinity Western’s MacTavish agreed.
“Travel helps people open their eyes and minds to other ways of doing things,” MacTavish said. “And when you understand other people better it can lead to better decisions and negotiations.”
Developing those skills is a central part of an MBA and particularly useful when many businesses having a global reach these days.