Business

by Karen Lawson
MBA Business Schools Columnist

As a member or veteran of the US military, you possess many of the skills required for graduate school. Another plus is that you can earn an online MBA degree through an accredited graduate business school. If you’re looking at educational and career options, your military training and experience can provide advantages in an MBA degree program.

Military Experience and MBA Degree Programs: A Good Match

Your military experience has provided many skills required for success in a graduate business school program. These include:

• Discipline and endurance: You will likely spend long hours studying, writing, and working with colleagues. An online MBA degree program can test your ability to perform these activities while balancing other areas of your life.
• Loyalty and commitment to colleagues: You understand the value of teamwork and the support of others. MBA degree programs typically require teamwork in terms of presentations, course assignments, and research. Your business career will likewise require “people skills”, including strong communication and the ability to work as part of a team.
• Getting the job done: You know all too well the consequences of failing to meet deadlines, follow directions, or meet your commitment to those depending on you. Graduate business school programs help prepare you for the leadership and strategic planning required of today’s leading executives. In many cases, as a member or veteran of military service, you’ve been there and done that.

The VA and Federal Department of Education offer financial assistance that can help you pay for your MBA degree program. It’s also possible to select MBA degree programs that focus on specific areas of interest. Put your military experience to work for your future.

About the Author

Karen Lawson is a freelance writer whose topical interests include post secondary education and issues facing non-traditional college students. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on September 25, 2007 at 3:15 PM

by Craig Friesen
MBA Business Schools Columnist

The world of business has always been highly competitive. Consequently, corporations must strive to ensure high efficiency within the organization. Business consultants use knowledge gleaned from MBA programs and business experience to help organizations maintain a well-oiled machine.

What is a Business Consultant?

Business consultants (also known as management consultants or management analysts) can be found working to improve businesses all around the globe. Many business consultants have followed MBA program degrees with years of business experience. Some for consulting firms while others freelance for specific corporations or government agencies. Their job is to observe every aspect of a company—from management to support and service staff—and then work with executives to suggest changes to organizational structure.

Do I Need to Complete an Executive MBA Program to Consult?

Not all sectors require completion of an MBA program to get an entry level consulting position. Many government agencies will hire applicants with a business or organizational bachelor’s degree. However, competition for top executive consultant positions is high in the corporate world, so many would-be consultants find an MBA program essential to success. Executive MBA programs are popular with working business people because they give credit for experience and are typically conducted evenings, weekends, and online. If you want to become one of the more than 605,000 executives in this growing field, looking into a quality MBA program is a good place to start.

About the Author

Craig Friesen is a freelance writer and self-employed entrepreneur living in Abbotsford, British Columbia.

Source(s)

“Management Analysts,” U.S. Bureau of Labor Statistics

Posted on July 3, 2007 at 3:19 PM

by Karen Lawson
MBA Business Schools Columnist

Members of the Millennial Generation—the present-day 18 to 25 demographic—represent a new breed of employee. Accustomed to close mentoring and consistent encouragement by parents, teachers, and community members, these workers were the kids who earned student of the week awards, and whose parents may continue to manage many aspects of their lives.

HR managers are finding that millennial generation hires typically expect frequent reassurance and recognition of their contributions in the workplace. This can present challenges for developing management policy and supervisory training. An MBA program specializing in human resources can help you develop critical thinking and problem solving skills within the context of current HR trends.

Online MBA Offers Flexibility for Working Professionals

If you’re an HR professional and want to advance in your career, an online MBA program can provide flexibility and accelerated learning options. It’s possible to find specialized online degree programs in HR training, including concentrations on communication, information technology, and strategic planning. As the millennial generation continues to enter the workforce, the need to accommodate their habits may come to influence the HR policies and management strategies of a wide range of employers. HR professional organizations and your employer’s HR department may provide referrals to accredited HR certification and MBA programs. An accredited online MBA program can help enhance problem solving and analytical skills within the context of today’s business environment. HR management is expanding to consider topics such as diversity, global culture and communications, and employee performance and recognition.

About the Author

Karen Lawson is a freelance writer with extensive business experience. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on June 20, 2007 at 2:32 PM

by Karen Lawson
MBA Business Schools Columnist

Downsized? Hit a plateau? Facing a merger? Many similar scenarios can compel business professionals to seek new opportunities. Depending on your circumstances, now may be the time to consider an MBA program. It’s possible to tailor your MBA program to specific areas of business. This can be particularly helpful if you have specialized experience in areas like human resources, financial reporting, or information technology.

Online MBA Offers Convenience

You no longer have to commit to long hours in a classroom to earn your MBA. Accredited online MBA options are widely available. It’s a good idea to consider several programs before enrolling. Consulting with admissions advisors can help you identify an MBA program that matches your personal and professional goals. Here are some things to keep in mind when shopping for an online MBA program:

• Accredited MBA programs demand a significant investment of time. You may enjoy flexibility in completing course work, but you can expect to spend a great deal of time on coursework. If a program promises “an overnight MBA” or doesn’t seem to require much work, it’s probably not an accredited program.
• You’ll need plenty of self-discipline and family support: Online study can be a great option for working professionals, but you’ll need the cooperation of family and friends to allow for study time and coursework.
• You have financing options: If you’re completing your MBA program while working, your employer may pay for some or all of your tuition. Financial aid advisors at your MBA school can provide information about financial aid.

Taking advantage of your down time to complete an online MBA can be a great step toward finding new professional opportunities.

About the Author

Karen Lawson is a freelance writer with extensive business experience. She holds an MA degrees in English from the University of Nevada, Reno.

Posted on June 11, 2007 at 1:40 PM

by John MacGregor
Online Masters Degrees Programs Columnist

An organization’s leaders often do what it takes to make sales and ensure the overall health of their employer—all of which involve communications. They talk with existing clients, develop new customers, and can be important players in company morale. Most graduate business programs require some courses in business communication, but for many leaders, business communications are the most important thing.

Why You should Consider a Master’s Degree in Business Communication

Many professionals find themselves needing additional skills and graduate studies in order to get promotions. According to Courtney Taurisano-Sprague, “When I started (my master’s program in business communications), I was a constituent services representative in a New York state senator’s office. Since I have completed my degree, I have been promoted to director of communications for the senator.” A master’s degree can provide valuable experiences to polish your communications skills.

What Can a Master’s Degree Do for You?

The Bureau of Labor Statistics (BLS) reports, “Because of the importance and high visibility of their jobs, advertising, marketing, promotions, public relations, and sales managers often are prime candidates for advancement to the highest ranks.” The skills developed with a master’s degree often open doors to jobs with higher responsibilities, which can lead to more recognition of your abilities.

Use an Online Master’s Degree as Your Springboard

Online programs for business communication offer many opportunities to excel without derailing your other commitments. Jeannie Porter notes, “The clear advantage of the (online) experience was the ability to maintain a full-time career, a life at home, and still meet my education objectives at my convenience and in the comfort of my own home. Now I can proudly proclaim, ‘mission accomplished’ as I hold up my master’s degree in business communication!” If you want to move up the career ladder too, get out there and start talking the talk with a master’s degree in business communication.

Sources

Jones International University Alumni Profiles
Bureau of Labor Statistics

About the Author

John MacGregor is a freelance writer with degrees from the University of California in Comparative Literature and Law. He has traveled widely and worked on civil rights, government, education, and technology projects.

Posted on June 4, 2007 at 5:34 PM

by Karen Lawson
MBA Business Schools Columnist

Reliable communications are essential to achieving business goals. With an ever-expanding range of media choices, communications managers must stay on top of developing technology and changing management trends. If you’re considering an MBA degree, a program emphasizing communications can lead to choice careers.

Miscommunications Create Lost Opportunities

You’ve probably seen the dropped-call commercial where the cell phone cuts out at a critical point in the conversation. Technological blips are to be expected, however, if a marketing campaign, human resources policy manual, or statement of earnings conveys the wrong message, astronomical damage can occur. If you have a degree in English or the liberal arts, an MBA degree can help you sharpen your communication skills while learning to achieve maximum impact on your business communications. In addition to courses in business, organizational functions and psychology, accounting, and finance, you can also learn about the latest trends in marketing, information technology, and business communications. An MBA provides a blend of essential business knowledge with critical thinking skills that can assist in determining how your organization communicates with its clients, colleagues, and community.

Know Your Audience

Advertising and marketing campaigns may fail if they don’t engage their intended audience. If your audience doesn’t get your message, or misinterprets it, disaster can follow. Whether from unintentional grammatical errors, unsuitable tone, or ignorance of client’s cultural customs, errors in business communications can cause big problems. An MBA degree with a communications emphasis can lead to professional opportunities including marketing and publicity, communications consultant, or business writing instructor.

About the Author

Karen Lawson is a freelance writer with extensive business experience. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on May 20, 2007 at 5:33 PM

by Jane Smallman
MBA Business Schools Columnist

For a career with lots of intellectual stimulation, flexibility, and the chance to earn a large salary, management consultancy is ideal. Good qualifications, however, are essential, so think about earning a graduate degree now. With distance learning you can do it without commuting to school.

Management Consultancy

Management consultancy offers work that is mentally engaging, gives you lots of personal autonomy, provides good employment security, and puts you in regular contact with clients. There’s just one drawback: all these qualities—plus the fact that it’s one of the highest paying industries in the United States—mean that competition for jobs is hot.

Getting an Education Edge

Around 30 percent of management consultants have a graduate degree, compared with 10 percent of workers in the rest of the economy. The advanced degree helps consultants compete for the best consultancy jobs and get the best clients if you’re running your own company. The advantages of a higher-level degree are numerous:

• You’ll start higher up the ladder with more pay and more responsibility than someone with only a bachelor’s degree.
• You can be hired straight out of school, especially if you have internship experience in a specific field.
• Your chances of promotion will be much better; in some management consultancy firms, you can’t progress at all without a master’s degree

One way you can improve your qualifications without having to commute to school is to earn a graduate degree through distance learning.

Distance Learning for a Graduate Degree

Several business schools now offer distance learning programs for master’s in business administration (MBA) degrees and other suitable graduate degrees. Specially designed to suit the working professional, online learning lets you study more-or-less when and where you want. Plus, you can often graduate in less time than a conventional degree program.

If your heart is set on a career in management consultancy, check out distance learning graduate programs now to get the business education that you need to beat the competition.

Sources

Wall St Career Journal
U.S. Bureau of Labor Statistics
Kaplan University

About the Author

Jane Smallman combines freelance writing with running a mountain-guiding business with her husband. She has a bachelor’s and master’s degree in the social sciences.

Posted on May 13, 2007 at 5:30 PM

by Karen Lawson
MBA Business Schools Columnist

Online learning programs are rapidly increasing in popularity. MBA degree programs are no exception. If you want to advance your career by earning an MBA, an online program may provide the versatility you need. Here are some things to consider when comparing MBA degree programs. Achieving Balance: The Key to MBA Success

You’ll want to discuss your MBA plans with your family and employer. An MBA program requires a great deal of time for research, writing, and study. Graduate school is a rewarding experience, but can also be stressful.

Online courses can help alleviate some of the stress by offering flexibility in scheduling and shorter completion time than traditional campus-based courses. You’ll need plenty of self-discipline to complete your coursework on your own time. Distractions like e-mail, IM, and other interruptions can sabotage your progress. Procrastination can also create a significant obstacle to meeting your study schedule. Success in an online program calls for commitment and focus.

Accreditation and Accessibility

It’s essential to verify that the institution providing your online MBA degree is properly accredited through one of the regional accreditation agencies endorsed by the U.S. Department of Education. Otherwise, you risk spending time and money on an MBA that won’t be recognized by employers and other academic institutions.

There are plenty of diploma scams out there; a website featuring ivy covered buildings and a prestigious name is not a guarantee of the MBA degree program’s accreditation or legitimacy. It’s a good idea to compare course content for online MBA degree programs with that of traditional graduate business schools. Online programs offering an “instant” MBA degree with little or no coursework should be avoided. With selectivity and self-discipline, you can help ensure a positive online MBA experience from the start.

About the author

Karen Lawson is a freelance writer with extensive business experience. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on May 6, 2007 at 5:27 PM

by Karen Lawson
MBA Business Schools Columnist

As business moves from traditional budget forecasting to strategic planning, MBA graduates can use their training in critical thinking and problem solving to build strategies that address internal, external and global influences on achieving success. Earning your MBA can enhance opportunities with your current employer or provide additional opportunities for those seeking change.

Research and Analysis Significant in Strategic Planning

Strategic Planning refers to the process of optimizing organizational success through analysis and decision making processes. Establishing a mission statement and related sub goals is the first step. Strategic planning is an ongoing process consisting of the following steps:

• Identify internal, external, and global influences that impact, support, or impede achievement of mission and goals.
• Develop strategy for addressing these influences and maximizing performance and streamlining achievement of mission and goals.
• Implement strategy
• Evaluate and adjust strategic plan as determined by ongoing evaluation and research

MBA graduates acquire and improve skills in critical thinking, problem solving, and analytical processes. MBA degree programs may also provide opportunities for specialization in areas such as finance and accounting, human resources, and information technology. You can enhance your present area of expertise, or expand your professional horizons. Accredited MBA degree programs are now widely available online to accommodate working professionals. You can choose from a variety of campus-based and online degree programs, or complete your degree with a combination of classroom and online coursework. Ask your human resources department if your company provides tuition reimbursement. Low interest federal student loans may also be available for financial assistance in completing your MBA degree.

About the author

Karen Lawson is a freelance writer with extensive business experience. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on April 30, 2007 at 5:24 PM

Dana Gioia: The Poet and the MBA
By Amelia Gray

Though poets and financial stability may be an unlikely combination, Dana Gioia proves it’s possible. Money is no stranger to this Stanford MBA graduate; in fact, he writes poetry about it.

Money. You don’t know where it’s been,
but you put it where your mouth is.
And it talks.
(Gioia, “Money,” ll. 16-18)

Born to Italian and Mexican parents in 1950, Gioia was the first member of his family to attend college. After he received his BA from Stanford University, he earned an MA in Comparative Literature from Harvard. “I originally went to graduate school in literature, but it seemed a bad place for me as a writer,” he recalls in an interview for Louisiana Review. “Working in business gave me a chance to construct a different sort of writing life-more private, independent, and contemplative.”

The Poet Goes Into Business

With his MBA, Gioia had the education and experience to join with General Foods in 1977. When he resigned fifteen years later, he was Vice President. “I went into business to be a poet,” he says. “I would work ten or twelve hours a day at the office, and then I tried to squeeze two or three hours of writing in each night at home. It wasn’t easy, but I managed-mostly by giving up other things.”

For Gioia, choosing a career in the business world meant effectively using his MBA, giving him the opportunity to earn enough money to focus more fully on his art. Leaving General Foods was in itself a business move; Gioia used his MBA training to calculate his worth and collateral to determine his next step.

The Businessman Goes Into Poetry

Gioia moved from the corporate business sector to his private studio in 1992. The MBA graduate-turned-businessman-turned-poet had a growing list of publications and a desire to further hone his craft. His poems, translations, reviews, and essays—including his famous 1991 essay “Can Poetry Matter?” —earned him more notoriety in the artistic world. His MBA training and business experience translated well to the world of marketing and self-promotion that is populist poetry.

But Gioia’s business story doesn’t end in an artist’s garret. In 2002, he was nominated by President George W. Bush to serve as the Chairman for the National Endowment for the Arts. Today, he combines art and business together, using his MBA to integrate profit into poetry and to bring the arts to a wider audience.

About the Author

Amelia Gray is a teacher and freelance writer in San Marcos, TX. Amelia earned a Bachelor’s Degree in English Literature from Arizona State University.

Sources

Dana Gioia Online
“Money” by Dana Gioia

Posted on April 17, 2007 at 10:05 AM

By Karen Lawson
klawson@mba-business-schools.com
MBA Business Schools Columnist

Returning to school after establishing a career can be a challenge, but it may be well worth it in today’s competitive business environment. Emerging trends such as a global focus on business growth, increasing numbers of women and minorities in business, and recent emphasis on the importance of ethics are leading to innovative areas of specialization within MBA degree programs.

Recruiters Increasingly Seek MBA Grads

As with many aspects of professional success, the educational bar has been raised. An MBA degree is often desirable for management positions. Although work experience may contribute to your qualifications, an MBA degree can provide knowledge and analytical skills needed for business leadership in a variety of situations. If you are established in a specific career such as finance and accounting, human resources or international business, it’s possible to find an MBA program that offers an area of concentration that matches your career needs and goals. Some of the hottest trends in business included:

• Strategic Planning: How to lead your organization into the future through planning for physical and workforce growth, building and enhancing client base and relationships.
• Workplace Diversity: Women and minorities are increasing in management positions. As business trends continue to emphasize international commerce, understanding diverse business and cultural practices is essential.
• Business Ethics and Citizenship: Recent scandals involving corporate malfeasance have contributed to increasing scrutiny of corporate activity by regulatory agencies and political leaders. Ethics courses supply the background and skills needed to maintain positive public relations.

You can choose from a variety of programs offering flexible part time schedules, online courses, and options for tailoring your MBA degree to your professional interests.

About the Author

Karen Lawson is a freelance writer with extensive corporate background in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on April 10, 2007 at 10:34 AM

by Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

You’re a busy professional considering options for an MBA degree program. Part time programs can provide benefits and disadvantages when compared to traditional full time study. It’s important to find a MBA program that suits your career and lifestyle. Here are some factors to think about when selecting an MBA program.

Scheduling

Part time MBA programs can provide the scheduling flexibility necessary for working professionals. It may be easier to achieve a balance between life, work, and your educational pursuits. On the other hand, part time MBA study may involve concentrated coursework that is completed faster than traditional study schedule. The shorter course duration can mean more class preparation. Many part time programs schedule courses all year, which can impact vacations and family scheduling.

Course Availability

Traditional college and universities provide a wide variety of courses and many provide areas of concentration within their MBA programs. Some part time programs may offer accelerated coursework, but cannot offer areas of specialization within condensed course formats.

Choose Carefully

It’s a good idea to request materials and talk with admission counselors at several schools before selecting an MBA program. Finding an MBA program that meets your needs can depend on a variety of factors, including your employer, your career goals, your family, and your financial situation. It’s also important to select a program that is properly accredited.

Developing a realistic sense of how much time you can devote to your MBA program while working and caring for your family can help you decide which type of MBA degree program works best for you.

About the Author

Karen Lawson is a freelance writer whose interests include topics in postsecondary education and the humanities. She holds BA and MA degrees in English from the Univeristy of Nevada, Reno.

Posted on April 6, 2007 at 1:24 PM

by Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

Changes in business environments are leading to more opportunities for specializing in human resources (HR) management. Your MBA with a concentration in HR can provide an outstanding base of knowledge about business. You’ll gain understanding of how employees function together in achieving success.

Some of the areas in which you can specialize include recruitment, compensation and benefits administration, diversity and equal opportunity policy and enforcement, and employee relations. Many organizations also rely on their HR departments for advice in areas such as strategic planning and organizational behavior.

A Crossroads: Business Knowledge Enhances Employee Relations

As an HR professional, you may think an MBA degree leads to little more than a lofty title, complicated theories, flowcharts, and the latest corporate buzzwords and trends. But an accredited business degree program involves valuable coursework in business theory, strategic planning, and leadership, as well as key information about how to enhance employee motivation and performance. Other aspects of HR management include:

• Formulating and managing organizational policy
• Compensation and benefits administration
• Equity and diversity in the workplace
• Organizational behavior and psychology
• Workplace Law

Nuts and Bolts of MBA Degree Programs

You can arrange to earn an MBA with a combination of classroom and online coursework that suits your schedule. Some MBA degree programs can be completed online, but some may require certain coursework and or testing to be completed on campus. Your employer may offer tuition reimbursement if your MBA degree relates to your current job or promotional opportunities within your company.

If you recognize the importance of employee contributions to a business, an MBA degree specializing in HR can potentially enhance your career and the well-being of your organization’s employees.

About the Author

Karen Lawson is a freelance writer whose interests include topics in higher education and the humanities. She holds an MA degree in English from the University of Nevada, Reno.

Posted on April 6, 2007 at 1:20 PM

By Karen Lawson
klawson@mba-business-schools.com
MBA Business Schools Columnist

Can an MBA degree help you land the job of your dreams? It depends on your professional goals and lifestyle. If you’re a dedicated professional, you’re probably used to working long hours. Graduate study may require working longer hours and shuffling your schedule to fit personal and professional commitments.

MBA Programs Offer Many Areas of Concentration

Many MBA degree programs are designed with the needs of working professionals in mind. Often you can take some or all of your courses online, and many provide the flexibility of concentrated courses or extended course calendars. What will you study in your MBA program? It’s possible to enhance your knowledge by selecting an area of concentration such as human resources, IT, or finance. If you aspire to the executive suite, an MBA can help hone your skills in analytical thinking, problem solving, organizational behavior, and strategic planning. Many employment recruiters view the MBA degree favorably when hiring. If you’re planning to stay with your present employer, your MBA study may contribute to your performance enhancement plan. Some employers offer tuition reimbursement programs. You’ll probably still be responsible for buying books and other materials, and you may have to pay your tuition in advance, but these programs can be a great financial resource.

Your MBA Degree and the 25 Hour Day

An important part of any MBA degree is strong support from your personal networks. You’ll need the support and understanding of your family, employer, and coworkers as you balance your MBA course work with other responsibilities. Maintaining a healthy work-life balance is a difficult but essential aspect of successful graduate study.

About the Author

Karen Lawson is a freelance writer whose interests include topics in postsecondary education and the arts. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on April 3, 2007 at 10:33 AM

By Karen Lawson
klawson@mba-business-schools.com
MBA Business Schools Columnist

You’re considering how to pay for your MBA degree. The US Department of Education offers low-cost federal loans for undergraduate and graduate students at very competitive rates. Here’s how to get started.

FAFSA: The Key to Paying for Your MBA

When considering any type of federal, state or private student loans or scholarships, the acronym FAFSA is likely to arise. FAFSA stands for Free Application for Federal Student Aid, and is the application used by schools to determine eligibility for federal financial aid programs. Your school may also use your completed FAFSA to determine eligibility for state and local grants and scholarships. Check with your school’s financial aid office concerning their policies. Although many scholarships are awarded based on financial need, some student loan programs provide funding based on program eligibility. It’s important to make sure that the MBA program you choose is properly accredited and participates in federal financial aid programs. Federal student loan rates vary, but won’t exceed 8.25%. In recent years, repayment rates have fallen below 3% in some cases. Each year, student loan rates are adjusted, but once you graduate, it’s possible to consolidate your federal student loans into one payment at a low fixed rate. The interest rates for student loans are often less than for credit cards or other loans.

Financial Aid Information Available on FAFSA Website

The Department of Education has a website at that’s dedicated to filing the FAFSA. There are many websites offering assistance with completing the FAFSA. Please note that the official website is located at http://www.fafsa.ed.gov, and it costs nothing to apply. You’ll want to review FAFSA website for information about completing your FAFSA online. If you need help, the FAFSA website provides a help feature, and you can also contact our school’s financial aid office for assistance. Federal Financial Aid programs can provide a low-cost method of paying for your MBA, and offer flexible repayment and deferment options once you’ve completed your MBA degree.

About the Author

Karen Lawson is a freelance writer whose interests include topics in post secondary education. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on March 26, 2007 at 10:32 AM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

If it’s been awhile since you went to college, you’re probably wondering what to expect when studying for a graduate business degree. As with undergraduate study, your college experience will involve traditional practices combined with technological innovations. A significant development of today’s MBA programs is that it’s now possible to earn all or part of your MBA degree online.

Graduate Study Emphasizes Research

Many people decide to earn an MBA as the result of a desire to specialize in their current careers. MBA programs frequently include opportunities to focus on a particular area of business such as accounting and finance, executive leadership, or human resources. Your combination of work experience and academic achievement can help guide your choice of specialty.

Your Education is Up to You

Graduate study differs from undergraduate study in that you’ll have more decision-making ability. You’ll work with academic advisors and probably will select a chair for your graduate committee. You will arrange a suitable course of study with your committee, taking into account both the requirements needed for graduation and your special interests.

Graduate study emphasizes self-directed research and writing. As an undergraduate, you learned about a wide variety of subjects; in your MBA program, you’ll be able to develop that knowledge while researching specific areas of business and management.

Using Time Wisely to Earn Your MBA

Time management is essential to success in earning a business degree. If you are currently working full time, even part time graduate work can require much of your “spare” time. If you have a family, it’s important to be realistic about how much time you’ll have for research, writing, and study. Both traditional classroom attendance and online MBA programs require a great deal of time for research and writing, as well as meetings with your committee.

An MBA program requires a commitment, but the rewards make it all worthwhile. Earning a graduate business degree is a major step toward personal and professional achievement.

About the Author

Karen Lawson is a freelance writer whose interests include topics in higher education and the arts. She holds an MA degree in English from the University of Nevada, Reno.

Posted on March 20, 2007 at 10:30 AM

By Karen Lawson
klawson@mba-business-schools.com
MBA-Business-Schools Columnist

If you’re applying for an MBA degree, you’ll come face to face with the GMAT. The GMAT, or Graduate Management Admissions Test, assesses a candidate’s potential for graduate study in business and management. Here’s what to expect on test day.

Comprehensive Identification Requirements for Business Test

The GMAT is a standardized test, which means that the test is administered in the same manner regardless of location. Test administrators must adhere to strict and consistent regulations governing the test, the testing environment, and those taking the test. One of these procedures is the identification requirement.

Expect to provide proper identification on test day. You’ll also be asked to submit to digital fingerprinting and photographing by the test administrator. These procedures are designed to prevent cheating and errors related to examinees’ identity. It’s a good idea to contact your testing facility in advance to determine exactly what kind of identification you’ll need to present.

GMAT Examination Contains Three Sections

The GMAT examination is organized in three sections:

• Analytical and Writing Assessment. You will read and analyze an issue statement and an argument, and will prepare two original essays analyzing what you’ve read.
• Quantitative Analysis. You will solve mathematical problems analyzing data sufficiency and using problem solving skills.
• Verbal. This section of the GMAT test consists of multiple choice questions that assess your reading comprehension, critical reasoning, and ability to correct sentence errors.

Your test scores will be sent to the MBA schools you designate, and you will also receive your scores. Good luck and congratulations on taking this important step toward your MBA degree.

About the Author

Karen Lawson is a freelance writer whose interests include topics in higher education and the humanities. She holds an MA degree in English from the University of Nevada, Reno.

Posted on March 12, 2007 at 10:28 AM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA Business Schools Columnist

Women and men increasingly share management responsibilities in all phases of industry and business. Do men and women share similar management techniques, or does gender influence management style?

In her article, “Play to Your Strengths as a Female Manager,” Rita Steel highlights skills common to women which can translate to effective management techniques. An MBA degree can enhance inherent skills and provide training in important aspects of management.

MBA Skills Key to Employee Satisfaction

Not surprisingly, employees surveyed suggest that recognition and understanding of their needs and accomplishments directly influences morale and retention. Steel cites the following as managerial strengths common attributed to female managers:

• Interpersonal skills such as listening, empathy and mentoring
• Communication skills
• Teambuilding and achieving rapport among staff
• Including staff in decisions affecting policy and performance
• Critical /strategic thinking
• Conflict resolution
• Multitasking

Steel asserts that women solve many workplace programs through these strengths but cautions women to avoid problems that can be caused by these qualities.

Bumps in the Road: Avoid Problems with an MBA

Many women acquire useful management skills outside of the workplace. What mom doesn’t know how to do several things at once while refereeing family arguments and balancing the checkbook? Steel cautions that although a valued skill, overdoing multitasking can result in average performance in many tasks as opposed to excelling in fewer areas. Women also report problems with maintaining professional distance from their employees. This can cloud your judgment in employee performance issues and mentoring. An MBA program can help you sharpen management skills such as employee relations and strategic planning. If you’re interested in improving your management skills, an MBA degree can supply the knowledge and tools you need to maintain employee morale and performance.

About the Author

Karen Lawson is a freelance writer whose interests include topics in postsecondary education and the humanities. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on March 5, 2007 at 2:00 PM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-business-schools Columnist

The Bureau of Labor Statistics projects rapid job growth in healthcare management over the next several years. New technology, advances in medical treatments, and new models for healthcare organizations contribute to the need for administrators and managers with a strong background in healthcare. If you want to advance your career in healthcare, you can combine your clinical background with an MBA degree to qualify for the job you want.

Specialist and Generalist Options Available

Healthcare administrators may function either as specialists within a department or clinical discipline such as surgery, therapy, or nursing, records, or they may work as generalists and oversee the operations of an entire facility or medical practice. As medical practices and hospitals grow, they need knowledgeable management teams that can establish business policies and make day-to-day decisions in areas such as human resources, finance, and facilities management.

Getting There with an MBA

An MBA degree offers the training to accomplish these and other management tasks. Your MBA program may include courses in business and management, supervision, organizational behavior, and finance and economics. Some MBA degree programs can be completed entirely online, while others offer a combination of online and traditional classroom learning.

MBA Degree Well Regarded by Employers

An MBA degree is a mark of achievement that can qualify you for desirable opportunities in management. If you are an experienced healthcare provider, your knowledge of patient care and healthcare policies and practices can be a big plus when you apply for management positions.

Your MBA can help you achieve your goal of moving into healthcare administration, and even executive leadership. If you’re ready to take your career to the next level, an MBA will give you the training you need to advance.

Source

Bureau of Labor Statistics

About the Author

Karen Lawson is a freelance writer whose interests include topics in higher education and the humanities. She holds an MA degree in English from the University of Nevada, Reno.

Posted on February 26, 2007 at 1:56 PM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

You’ve reached a crossroads in your career, and know that a graduate degree can help you reach the next level in management. Depending on your employer, your professional goals, and your background, you may choose between specialized graduate programs or the traditional MBA degree. Here are some things to consider before selecting a graduate business program.

Present Career Needs and Future Goals

If you want to advance your career with your present employer, it’s a good idea to talk with your supervisor and human resources department. If earning a graduate degree is part of your performance plan, your company may reimburse you for all or part of your tuition expense.

Your professional goals can help determine what type of program will work best. The general management principles taught in MBA programs are widely applicable to many business scenarios, but if you’re involved in a very specialized type of industry such as information technology or accounting, you may want to consider graduate work in those particular areas.

MBA Programs May Offer Areas of Concentration

The versatility of an MBA degree can be hard to beat, especially if you’re seeking new career opportunities. However, if you have specialized in a certain area of business, specialized knowledge can also be valuable. Some MBA programs provide optional areas of concentration in areas such as information technology, human resources, and finance and accounting. By choosing an area of concentration as part of your MBA study, you can gain the benefits of an MBA degree combined with the specialized knowledge required of your field.

It’s a good idea to review the program offerings of several schools before choosing an MBA or specialty degree program. Consulting with your employer, admissions counselors, and knowing your personal and professional goals can also help you select a graduate business program.

About the Author

Karen Lawson is a freelance writer whose interests include topics in post secondary education and the arts. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on February 22, 2007 at 1:54 PM

Steve Ballmer: Billionaire. College Dropout.
by Amelia Gray

Frederick Ballmer, who was not a high school graduate himself, didn’t hold back. “He said, ‘You’re an idiot, you’re insane, this is nuts,’” Ballmer remembers. “I was here a month and a half, and I decided that perhaps I had dropped out of Stanford Business School to be the bookkeeper of a 30-person company, and that didn’t seem to make much sense.”

Fortunately for both father and son, a few lucky things fell into place. First, Steve studied within the challenging MBA program long enough to gain some critical skills. Second, the friend who convinced him to leave school was Bill Gates, and the two ended up at the helm of a company that led a technological revolution.

Brave Beginnings

Ballmer and Gates became fast friends during their freshman year at Harvard. They were a high-energy pair, finishing each other’s sentences and making big plans for the future. When Gates dropped out of Harvard to start a business he would call Microsoft, Ballmer stayed behind to finish his degree. Before going for his MBA, he worked for two years as an assistant product manager at Proctor & Gamble.

When he entered Stanford’s MBA program, he put his high-energy personality to work, gaining business management skills that added to his previous management and educational experience. When Gates approached him with his business plan, Ballmer weighed his options and made the first of many gutsy decisions that have seen him through his career.

MBA Training Pays Off—Even Without the Degree

Working at the helm of an upstart company without a completing an MBA was only one of Ballmer’s worries. “Personnel changes? Major strategy changes? Loss of major customers? Reorganizations? Been there, done that,” he recalls. As Microsoft’s first business manager, Ballmer needed personnel skills, organizational acumen, financial training, and a working knowledge of the technology that would become his bread and butter.

One of his major strengths at Microsoft has been his ability to understand his employees. “Our company has to be a company that enables its people,” he recently told Business Week. MBA programs teach these interpersonal skills, and Ballmer took a risk that paid off when he parlayed his training to a real-world company without completing his degree. Ballmer, who today is worth $12.4 billion dollars, still employs a measured criticism of himself. “I never give myself perfect grades,” he says, when asked about his performance as CEO of one of the biggest companies in the world. “But if you take a look at all that, I think the CEO deserves a pretty good grade, too.”

About the Author

Amelia Gray is a teacher and freelance writer in San Marcos, TX. Amelia earned a Bachelor’s Degree in English Literature from Arizona State University.

Sources:

Steve Ballmer: Western Washington University Business Forum Transcript
“Mr. Surround-Sound,” by Janice Maloney for Time
Profile: Steve Ballmer
“Steve Ballmer Shrugs Off The Critics” for Business Week

Posted on February 13, 2007 at 10:33 AM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

You’re a working professional with a family and never enough hours in the day. You’re looking for an MBA degree program that matches your professional goals. Achieving a reasonable balance of personal life, work, and education can be challenging, but it’s worth it.

A Team Effort: Share Your MBA Plans

Graduate study demands plenty of time for research and writing. If you are earning your MBA online, you’ll spend hours using your home computer. This requires quiet time and dedication. You’ll want to schedule study time with some flexibility to accommodate family needs or changing priorities.

Discuss your MBA program with your family, and ask for their support and understanding during ‘crunch” times. Guard against overload. If you need a break from study, take it. Burnout can cause you to lose focus. Losing sight of other important aspects of your life can cause major problems.

Make a Plan for Completing Your MBA

Have a plan for completing your MBA degree. You can get a program worksheet from your academic advisor or online. Pay close attention to course prerequisites, and map out a tentative schedule of courses.

A significant part of a good plan is its flexibility. If you find that you’re taking too many courses, cut back and revise your plan. If you’re stressed out to the point of having family and work problems, it’s time to reconsider your plan.

A major part of stress related to academic study is time management. Keep your study calendar up to date, and keep your study materials organized. Listen to your inner voice, and be realistic. Maintaining a healthy balance in your life is an essential aspect of earning your MBA degree.

About the Author

Karen Lawson is a freelance writer whose interests include topics in postsecondary education and the arts. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on February 12, 2007 at 1:49 PM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

You’re not actively looking for a new job, but you’ve hit a dead end with your current situation. Maybe you’ve put in years while steadily advancing, but have hit a plateau. Or you might be facing burnout, and ready to try something new altogether. It’s not easy to start a brand new business career, but an MBA degree can help. MBA programs are available for full and part time students, with some or all instruction available online.

Time and Financial Commitment Needed for MBA Programs

No matter what your financial and personal circumstances, it’s important to understand that an MBA program will require plenty of time for study, research, and possibly a business internship. If you’re working full time, your employer may work with you to accommodate your MBA program if an advanced business degree will be useful. It’s a good idea to talk with your supervisor and human resources department to determine what type of education benefits your company offers.

The amount of time a business degree will require is a significant factor to consider. Especially if you already work full time, make sure your family understands and supports your commitment to the MBA degree.

Know Why you Want an MBA

In selecting an MBA program, it helps to know why you’re seeking an MBA degree and how you expect it to enhance your career. Ask yourself these questions:

• Do you have specific goals in mind? For example, are you going to specialize in accounting and finance, or are you seeking the MBA to meet executive recruiting requirements?
• If you want to change careers, what are the educational and professional requirements? Will an MBA typically enhance opportunities in your new field?

Goals such as gaining status and wealth can result in disappointment. Your MBA program should enhance existing skills and provide new knowledge and insight that will help you meet your goals in your business career. “Charting your course” before choosing an MBA program can help ensure your success.

About the Author

Karen Lawson is a freelance writer whose interests include topics in education and the arts. She holds an MA degree in English from the University of Nevada, Reno.

Posted on February 8, 2007 at 1:47 PM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

After several years, your business career seems to have stagnated. You’ve checked job postings, and notice that many require a graduate degree. You haven’t been in college for a while, but you’re thinking about getting an MBA degree. Today’s online degree programs offer flexible options for earning your MBA while working and caring for your family.

MBA Options: Choosing a Program that Works for You

Graduate study represents a serious investment of time, money, and effort. Unlike undergraduate work, graduate study emphasizes intensive research in a specific area. You’ll select topics, write professional papers, and submit them for publication or presentation at conferences. You may participate in some type of internship, and will probably complete a thesis or research project.

Graduate study can be demanding, and it’s essential to your success that you select am MBA program that meets your academic and professional needs and allows you to maintain a balanced lifestyle.

Online Degree Programs Require Self-Discipline

An online degree program can offer benefits such as flexible and/or accelerated schedules, as well as the option of completing most if not all of your courses at home or work. You should check out the specific requirements of several MBA programs before making your choice. Asking questions of admissions counselors and academic advisors is a good idea.

Also, discuss financial aid options with your employer and your prospective schools. Your employer may offer a tuition reimbursement program, and financial aid programs can include government sponsored scholarships, grants and loans.

The beauty of today’s MBA programs is their variety. You can select a traditional or online degree program that will help you achieve your goals and keep your life on track.

About the Author

Karen Lawson is a freelance writer whose interests include topics in higher education and the humanities. She holds an MA degree in English from the University of Nevada, Reno.

Posted on February 1, 2007 at 1:43 PM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

You’ve reached a crossroads in your career. An MBA degree may lead to advancement, but are the benefits worth cost and time spent? Depending on your long term goals, an MBA can provide and improve skills essential in today’s competitive business environment. Flexible options including online courses can make an MBA degree accessible to busy working professionals.

MBA Programs Highlight Strategic Planning and Problem Solving

If you want to enhance your business skills and learn about global and economic influences that impact major business decisions, an MBA program can provide what you need. It’s also possible to specify an area of concentration within an MBA degree program, such as finance and accounting, human resources, or information technology. Here’s an overview of what you can expect to learn during your MBA study.

• Communication Skills: Enhance verbal and written communication skills.
• Problem Solving: Critical thinking and analytical skills gained through reading, research and group projects provide experience in solving problems at all levels of business management.
• Technology: Learn the latest trends in business technology, and gain familiarity with technological applications commonly used in business environments.
• Ethical Considerations: Heightened concerns about business ethics and leadership mandate understanding and enforcement of ethical business practices.
• Understanding the Global Village: Learn how international cultural and financial trends influence business decisions and strategic planning.
• Teambuilding Skills: Motivate employees to work together toward achieving organizational goals.
• Strategic Planning: Incorporate contemporary business concepts in planning for your organization’s future. Learn how to plan for growth, restructuring and leading your organization toward success.
• Organizational Behavior: Learn how and why people behave differently in groups than they might as individuals. Learn techniques for managing people in ways that enhance organizational performance.
• Versatility: An MBA is a widely respected qualification sought after by many employers. The knowledge gained in an MBA program can be applied to many types of organizations.

The last and perhaps best reason for getting your MBA is your own professional and personal growth. Earning your MBA can open doors to further success in business while helping you achieve your financial and lifestyle goals. Go for it!

About the Author

Karen Lawson is a freelance writer whose interests include topics in post secondary education and the humanities. She holds BA and MA degrees in English from the University of Nevada, Reno.

Posted on January 29, 2007 at 1:20 PM

Stacy Blackman Markets the MBA Experience
by Amelia Gray

While MBA graduates can be found in all aspects of business, few would consider returning to the MBA application process. From an experience most MBA graduates would rather forget, Stacy Blackman found her market.

When Stacy Blackman graduated with her MBA from the Kellogg Graduate School of Management, she did what thousands of new MBA graduates do every year: She got a great job. While Stacy had finance experience before her MBA training, she found her passion in business marketing and landed a job as an online marketing manager with Charles Schwab.

The company was going through a transitional period, and needed savvy marketing MBA students to help bring the business into the Information Age. As she used her MBA education to market the changing business, Stacy saw the parallels with the MBA admissions experience.

The Business of MBA Applications

MBA applicants know the stress of applying for school. From application fees, to research, essays, and the GMAT, the application process is time-consuming and expensive. Stacy realized that the whole thing is primarily an exercise in marketing, pointing out strengths, demonstrating personal passions and emphasizing professional achievements.

The irony of it all? MBA applications seem to require the kind of training that an MBA school itself provides. Advanced marketing classes teach promotion, public relations, and product sales skill that any MBA applicant could appreciate. Stacy realized that putting her own MBA expertise to work for other MBA hopefuls could be a lucrative enterprise.

The “MBA Mom” Finds Her Niche

Stacy runs her consulting firm from home while caring for her 2-year-old son, and takes special pride in helping other mothers realize their MBA potential. “For moms who are reentering the workforce after several years at home, an MBA can be a perfect launching pad,” she told AOL’s Research and Learn. “The credential can add credibility, and the curriculum, network, and career services office are invaluable tools.”

While Stacy’s consulting services don’t come cheap—her four-school comprehensive service costs $5,750—prospective MBA students see her as a coach, consultant, and counselor. Stacy claims that 97 percent of her clients are accepted in one of their top four school choices. They move on to successful business careers, and her firm expects to break the million-dollar profit mark this year. “I am really excited about the growth,” she told LA Business Journal. Like the MBA applicants she coaches, Stacy is optimistic about the future.

About the Author

Amelia Gray is a teacher and freelance writer in San Marcos, TX. Amelia earned a Bachelor’s Degree in English Literature from Arizona State University.

Sources

“MBA Moms Make a Difference” by Vicki Salemi for AOL Research and Learn
“Ticket In” by Rachel Brown for LA Business Journal

Posted on January 19, 2007 at 12:30 PM

Scott Cook took the checkbook to the next level. What’s next?
By Amelia Gray

One afternoon, Scott Cook noticed his wife was having trouble balancing her checkbook. Most husbands might offer a little empathy, but Scott, an MBA graduate from Harvard University, wanted to do more. The year was 1983, the personal computer was on the rise, and Scott Cook had an idea.

Scott Cook came from modest roots. His father worked with heavy equipment, and Scott went to public school before going to college locally in L.A. to become an economist. When running a club on campus proved more interesting than his economics schoolwork, Scott knew the entrepreneurial possibilities of an MBA education could change his life.

Like many MBA graduates, Scott tried a number of jobs before finding his true calling. He worked at Proctor & Gamble, managing their Crisco line. “I was a twenty-eight-year-old former fat salesman,” he said in an interview with the Harvard Business School. From there, he went into consulting, before his wife’s budget frustrations inspired him to create the software company Intuit. With his MBA-derived entrepreneurial knowledge, and a staff of software experts, Scott Cook and Intuit changed the frontier of financial software.

The Little Book-Balancer That Could

Scott Cook’s idea to simplify the home checkbook resulted in Quicken, a software package that has since become a household name. Scott needed to combine his specialized knowledge of economics with the practical business knowledge of an MBA graduate. His business strategy was brilliant: Take a product that everyone could use, implement smart design to make it easy to use, and add on smart marketing to make it easy to find.

”My biggest surprise was discovering how customers will invent your business for you,” Scott said in an interview with Inc.com. Intuit grew rapidly as more and more small-business owners used Quicken to manage their finances. Scott used a natural empathy with customers, and his MBA training in client relations, to evolve the company and give customers what they wanted.

The Network Effect

Scott, who currently serves on eBay’s Board of Directors, has used his MBA throughout his successful career. He retains his passion for creation, and Intuit has spread its product base to include real estate, construction, retail, and professional accounting software. Small business acquisitions have increased the company’s network effect, which Scott Cook hopes will mean more knowledge and power to serve every aspect of the consumer’s financial management needs.

Through all the success, Scott keeps an optimistic eye on the future. “The initial products and executives go away,” he says. “The only things that endure are the culture and values of the company. Creating something that’s valuable and enduring is really wonderful.”

Sources

America’s 25 Most Fascinating Entrepreneurs: Scott Cook
Harvard Business School Interview: Scott Cook

About the Author

Amelia Gray is a teacher and freelance writer in San Marcos, TX. Amelia earned a Bachelor’s Degree in English Literature from Arizona State University.

Posted on December 28, 2006 at 11:07 AM

Kathy Giusti Beat the Odds. Now, She’s Finding a Cure for Thousands
by Amelia Gray

Kathy Giusti may have wanted to be a wife and mother, holding a comfortable management position, but life had other plans. Through career changes and unexpected challenges, this graduate uses her MBA in general management to overcome problems and serve as an advocate for a rare disease.

Unexpected Inspiration

In 1996, the Harvard Business School graduate was putting her MBA and experience with marketing to good use as a pharmaceutical executive for Searle. Her only child, Nicole, was nearly two, and Kathy and her husband were looking forward to another child and a comfortable life. It was the middle of January 1996 when Kathy was diagnosed with multiple myeloma, or MM, a rare blood cancer that attacks the bones. She was expected to live three to four years.

Giusti, who graduated from the University of Vermont with a B.S. in Biological Science, scrambled to combine her knowledge of science and business. As she researched the disease, she found little by way of information and support. Many would have given up, but Kathy was inspired. The knowledge of marketing and management she gained in her MBA education gave her the confidence to approach her disease with a business plan.

Siblings Become Partners

As she suffered with MM, Kathy’s family gathered around her for support. It was through this bond that Kathy found an unlikely partner. Her twin sister, Karen Andrews, was a powerful lawyer with her own career. Together, the sisters combined years of legal experience with the leadership power of an MBA to form the Multiple Myeloma Research Association.

Unlike some charitable organizations, the MMRA’s business plan involved more venture capital than charity work. With an MBA graduate at the helm, the Association was built efficiently from the ground up, employing a small knowledgeable staff capable of a large monetary turnaround. Kathy used her MBA management skills to run a powerful organization that immediately impressed donors. One wrote a check for $500,000, telling Kathy: “I’ve read your financials. I just know you’re going to make a difference.”

In 2001, the Harvard Business School named her Entrepreneur of the Year. But for Kathy Giusti, who had her second child in May 1997, the inspiration that drives her business comes more from her children than big awards. In an interview with The New York Times, Kathy recalls a conversation she had with her daughter. “Some people get sick,” she said. “Mommy raises money to find a cure for those people.” As the MMRA passes the $60 million mark, CEO Giusti uses the power of her MBA degree to become a powerful voice for thousands of silent victims.

Sources:

“Working Against the Clock for a Cure,” by Jane Gordon for The New York Times (PDF)
“On the Trail of a Cure,” by Suzanne Sorrrentino for The Advocate (PDF)

About the Author

Amelia Gray is a teacher and freelance writer in San Marcos, TX. Amelia earned a Bachelor’s Degree in English Literature from Arizona State University.

Posted on November 10, 2006 at 12:34 PM

Rich Fairbank had never worked at a large company. So, he built one.

The Fortune 500 list wasn’t always on Rich Fairbank’s mind. He graduated from Stanford with a B.A. in Economics in 1972, and took seven years away from school before returning for his MBA. Between degrees, Fairbank kept himself busy with small business ventures, founding a training school for professional swimmers and working locally in his community. Fairbanks dreamed of bigger things, and knew an MBA would give him necessary practical knowledge.

An Unlikely Resume

Before he returned to Stanford in 1979, Fairbank sued his future school for eminent domain over Stanford-owned playing fields, opening the area up for public use by the neighborhood. On his application to the famous MBA program, he proudly noted his greatest achievement in business to date: “Suing Stanford.”

Fairbank graduated at the head of his MBA class in 1981 and landed a job at a consulting firm. Then , he went on to jobs that had him analyzing oil companies in Canada and financial services ventures in Virginia—all drawing on his degree experience with international business, business law, and financial policy. As he got closer to the banking world, Fairbank realized some major flaws in existing credit card companies. Suddenly, the small-business MBA graduate had an idea.

Reinventing the Credit Card

When Fairbank and his partner, Nigel Morris, landed a job supplying credit cards to a large New York Bank, they realized that the one-size-fits-all credit card model didn’t work for everyone. “We’d been there just one day,” Fairbank told Stanford Business Magazine, “and it struck us like an epiphany.”

Using the skills MBA candidates now acquire in product management courses, Fairbank and Morris realized that they could customize the rates and benefits of credit card to fit individuals. Instead of one interest rate and one payment plan, the credit card diversified into something more accessible for every level of credit. From there, knowledge in corporate finance and strong marketing skill turned their plans into entrepreneurial reality.

In the world of business, a good idea goes a long way, and the credit card plan that would be the cornerstone of Capital One took off with businesses and individuals alike. “Out of nowhere, we had a home run on our hands,” Fairbank recalled in an interview with Washington Business Forward. When Fairbank opened Capital One’s doors in 1996, he was armed with a new-business model, and ready to take one of the biggest risks of his life.

Risk and Reward

Most young CEOs of a successful new business might sit back, collect the paycheck, and relax. But in 1997, when Fairbank’s fledgling business was only one year old, he decided to trade in his salary and bonus package in exchange for performance-based stock options. If the company failed, Fairbank might have ended the year empty-handed—a risky move for any CEO. Fairbanks had to draw on his knowledge of investment management as well as his confidence with his product to take that calculated risk.

In the past ten years, his risk has paid off in a major way. In 2005, Fairbank traded in 3.6 million accumulated stock options for a record $250 million payday. From small business to big business, Fairbank’s MBA allowed him to be flexible with the many challenges along the way. For Rich Fairbank, his substantial payday is just another reward for thinking big.

About the Author

Amelia Gray is a teacher and freelance writer in San Marcos, TX. Amelia earned a Bachelor’s Degree in English Literature from Arizona State University.

Sources

• “Credit Card Revolutionary,” by Mike McNamee for Stanford Business Magazine
• “The Secret CEO,” by Jeremy M. Brosowsky for Washington Business Forward

Posted on October 17, 2006 at 9:46 AM

By Karen Lawson
klawson@mba-business-schools.com
MBA-business-schools Columnist

The internet and expansion of international business opportunities have led to increasingly complex challenges in the business world. Specialization in fields from accounting to systems management calls for advanced knowledge and credentials in today’s business environments. You can enhance your career in business by earning an MBA degree.

Global Trade and Technology: Changing the Face of Business

The Bureau of Labor Statistics notes that more management positions are requiring graduate degrees due to changing influences and practices in business, including:

• global trade
• rapidly advancing technology
• changing and evolving business law and regulation
• specialization in management and finance

Many employers are seeking candidates with graduate degrees in business, accounting, or systems administration due to the impact of global trade and rapidly advancing technology on traditional business practices. The variety and complexity of knowledge required of business managers has led companies to require at least some graduate education. Through tuition reimbursement programs, employers can assist and encourage employees in continuing their education.

Specialization Possible Within MBA Programs

As business becomes increasingly complex, specialization within MBA degree programs has become popular. It’s now possible to design your MBA program with emphasis on specialties such as accounting and finance, international finance, human resources, information systems administration, and marketing. Another important option in today’s MBA program is the wide availability of MBA degrees that can be completed in sum or in part online. Generally, graduate programs require some on-campus study, but this can often be completed within a few days or over a weekend in low residency programs.

An MBA degree is a major investment in your business career. As with any significant investment, it’s important to shop carefully for an MBA degree program that matches your career and educational goals. It’s also a good idea to see if your employer can assist with all or part of your tuition costs. Finally, ensure that the program you choose is properly accredited. If you want to specialize in an area of business, an MBA degree can be a great way to get started.

Source:

Bureau of Labor Statistics

About the Author

Karen Lawson is a freelance writer with more than twenty years of business experience. She earned an MA degree in English from the University of Nevada, Reno.

Posted on July 24, 2006 at 2:48 PM