Feature Stories - January 2010

Executive Education & MBA Programs

It’s Never too Late to Learn Something New

by Jamie Lober

    Individuals at all levels of higher education, career experience and even those in search of employment can benefit from executive education or a Master of Business Administration (MBA).  This important next step in a business person’s growth can benefit them in both the long and short-term. Today’s economic climate has affected executive education as many see the opportunity to further their education during a tough economy.

Advantages of an MBA

    The advantage of an MBA is clear from both an earnings and social standpoint.  “You have a lot of general positive intangibles that add to the whole quality of life in addition to just having a person who earns more and pays more in taxes,” describes Dan Klaich, chancellor at Nevada System of Higher Education.  The MBA presents both social and economic gain to the individual and the community alike.  “Increased tax revenue, higher salaries and benefits, greater productivity, employment, higher savings level, increased workplace flexibility and improved working conditions tell us that the MBA matters.  Decreased reliance on government, personal and professional mobility, reduced crime rates, improved health and life expectancy and increased charitable giving and community service also tell us that the MBA is worthwhile,” adds Klaich.  

    Although it’s fairly clear how our society can benefit through better education, an executive benefits in many ways as well.  “There is improved quality of life for offspring, increased quality of civic life, better consumer decision making, social cohesion and appreciation for diversity, increase in personal status, improved ability to adapt to use technology and to acquire more hobbies and leisure activities as a result of an MBA,” insists Klaich.  Going back to school as an executive can also be a way to network.

    Although it sometimes seems as though an executive going back to school is a misnomer, it is never too late to go back.  “One student said that taking individuals from all different types of industries and bringing them together made a unique learning atmosphere,” says Lisa Davis, recruitment director at University of Nevada, Las Vegas’ MBA program.  

What is Available?

    Whatever the reason for continuing education, there are many options available to the busy businessman or woman.  The MBA can be generic or help one excel with a competitive advantage in a given niche.  “The traditional MBA provides a comprehensive knowledge of what it takes to run a business, but if one wants to dive deeper, he may want a concentration in accounting, energy management, technology or healthcare management,” suggests Charlie Nguyen of University of Phoenix.  An example would be if one dreams of self-starting and growing a business, the entrepreneurship concentration might be a good building block.  One school even has the MBA entirely geared towards the healthcare field in which you can specialize in pharmaceutical studies, nursing or orthodontics.  The ability to specialize offers the breadth and depth of basic business principles and management that allows graduates to continue as successful business leaders.  

    Before starting any business venture, it is important to research the project before beginning, the same is true of any executive education curriculum.  Each program is geared toward different interests such as international business, finance or marketing.  Consider the time that can be dedicated towards earning the degree.  Programs may be two years, one year, part-time for the working professional or even online for those looking for flexibility.  

    The most beneficial course would be accredited by the Association to Advance Collegiate Schools of Business, which is the highest level of accreditation in business education.  “This means it is a very high quality degree that can be earned in an environment that is known for being cutting edge in technology and advanced in the way they facilitate courses,” describes Nguyen.

    Instructors at the University of Phoenix are required to have real life experience in the discipline that they teach.  “Students can incorporate the tools they learn in our classrooms the very next day,” says Nguyen.  “The advantages of learning from a practitioner that’s also an instructor are substantial because students are given the benefit of a lifetime of experience.”

    For executives looking for a high quality part-time program, they do not need to venture far from home.  Nevada has several private and public schools that offer excellent part-time courses.  “UNR’s part-time MBA program is ranked twenty-first in the country and fifth in the West.  It was also tenth in the nation in the academic quality category,” shares Klaich.  Graduates from that particular program have seen their success increase and have reported an average salary increase of 21.7 percent.

From MBA to Corporate World

    MBA graduates have a better understanding of how the world works and how to strategize to meet challenges as they arise in the marketplace.  “MBA candidates have the opportunity to develop the skills and acquire the experience necessary to perform in complex environments, develop coherent strategies to respond to challenges and opportunities, lead others in adapting to new technologies, integrate functional expertise throughout their organizations and motivate others to effectively pursue organizational goals,” summarizes Joel Nelson, director of education at Morrison University.   These graduates will be quick to climb the ladder of success at their respective companies.  

    Courses aim to improve executive performance.  “The curriculum will prepare students for the dynamic business environment through participation in group projects, real world case studies and the development of individual competencies,” says Davis.  Graduates have broader perspectives in management and better decision making in business and life.  There is also a focus on positive group interaction as business becomes more internationalized.  “Today’s MBA programs really stress working on teams and dealing with individuals from diverse backgrounds which is very helpful in the business world,” notes Doug Kurkul of Reno Sparks Chamber of Commerce.  

    Those executives that have been around the block a few times and know the lay of the land, so to speak, can still benefit from MBA programs that are more specifically geared towards their experience.  These programs give senior level executives an opportunity to discuss real world experiences while becoming more advanced academically.  Often enrollment in an executive MBA program is company-sponsored.  It is encouraged for those who are working or job hunting to think about what they can do to improve the local economy.  “In Nevada, the focus has been increasingly on building on our strengths which means building on gaming and hospitality as well as diversifying our economy beyond that,” concludes Kurkul.

    The executive MBA is a prime tool for individuals who are seeking to grow within their company such as to a higher management level.  Graduates testify to the edge the executive MBA gave them over others in the workplace.  “One student said the executive MBA program broadened his perspective in management and honored his skills in critical thinking, negotiations, decision making, problem solving and cross-cultural communication,” shares Davis.

The Economic Effect

     Today’s economic climate has brought on new challenges for anyone involved in the business world.  From layoffs to salary reductions, very few in Nevada remain unaffected.  “Managing change in the face of corporate restructuring and increasing competition is the challenge facing business all over the globe,” recognizes Nelson.  With regard to recruitment, an MBA can certainly make a candidate more desirable.  “Companies need resourceful, decisive managers who can critically assess situations, research solutions, demonstrate leadership and maintain the needed flexibility to function in today’s complex business climate,” Nelson adds.  

    The current downfall of business, especially the decline of our casino gaming, hospitality and construction industries, has motivated some hopeful job seekers to further their education.  Recruiters note that the vast majority of students earn their MBA while maintaining their career because they cannot make a financial sacrifice due to the economy.  Some choose to pursue the MBA through a part-time or evening program while working.  

    Although certainly helpful in many circumstances, an MBA is not for everyone.  There are many routes one can take to do well in the business world.  Although the MBA is certainly looked highly upon, it is not a determinant of success in all cases.  Many niches that are in demand in Las Vegas do not have an MBA as a prerequisite.  “We’ve done a lot of commercial construction recruiting and those project managers and estimators are not asked for an MBA as long as they have a four year degree.  An MBA is not required for industrial supply sales either, which are also good paying positions,” informs Carol Stieffermann, branch manager at Staffmark.  Whether or not the company will treasure an MBA depends on the level and type of industry.   

Deciding Factors

    When determining whether or not to pursue an executive education or an MBA, first look at personal skills and ambitions, then set education goals based on those factors.  Thinking outside the box is critical and can help when looking for a job and determining what skills can be used in other industries if necessary.   An example would be an individual with a marketing background who could complement and expand upon his expertise in a sales or writing career.    

    Not only can an MBA help one attain a job, it can help secure it.  The MBA is attributed to better marketability and greater success on the job.

    All in all, there are many benefits to continuing education and few downsides.  The best businessperson is one that is continually willing to learn and acknowledges that there can always be improvement.  In today’s economic climate job security is a valuable commodity that isn’t easy to come by.  Having advanced or specialized education can only be an asset and could be the deciding factor to ensure that job security.