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During the past twelve months,
we have seen the economic mood in this country
take a turn for the worse as a result of a recession
and the tragic events of Sept. 11. As expected,
the sluggish economy has brought a swift decline
in both consumer confidence and corporate spending.
It is no surprise that layoffs and downsizing
continue to threaten job security.
While the current bleak economic
climate may be the worst of it- with economic
experts suggesting the markets will turn around
by the end of this year -- many employees are
still wary about their professional futures. Likewise,
employers continue to be cautious as they monitor
spending and tighten budgets. In light of such
circumstances, potential MBA candidates may be
wondering whether this is the right time to pursue
an advanced degree. Actually, a slow economy presents
the perfect motivation for continued learning.
No Time like
the Present
A few years ago when the economy was booming,
many employees enjoyed opportunities for substantial
bonuses and promotions. Today, most people are
thankful just to keep their jobs, let alone reap
the significant dividends of the past. Because
lucrative incentives are no longer the norm, there's
no better time to earn an MBA and significantly
increase the potential for securing a higher paying
job or a more rewarding position.
"Earning an MBA in a slow economy
helps individuals broaden their knowledge base
and expand their horizons," says Peg Havens,
director of commercial market management at Frontier
Corporation in Rochester, New York. "It gives
them the ability to move up the career path and
obtain higher leadership positions."
When it's Time
to Change
We live in a brave new world, and the changes
we have seen on the global front have had a major
impact on the international business community.
Employees find themselves facing challenges they
could never have anticipated. Many people are
finding that an MBA program - whether full-time,
part-time or executive- is an excellent way to
help manage and capitalize on such change.
Consider the corporate executives
who, being comfortable in their positions for
many years, saw little need to prepare for the
future by continuing their formal education. While
the idea of retiring from such a company was once
a realistic goal, rounds of recent layoffs mean
many such executives will be forced to find new
jobs. With more than 100,000 fresh MBA graduates
entering the workforce each year, competition
in this tight job market is fierce.
"Employers are aware of the
capabilities that an MBA brings to the table,
and that is why we're seeing more and more job
requisitions that say 'MBA Preferred,'" says
Havens, who earned her MBA in marketing from the
William E. Simon Graduate School of Business Administration
at the University of Rochester in 1989.
Making it Happen
Although many companies used to sponsor employees
in an MBA program, the need to stay competitive
has forced many businesses to cut tuition-reimbursement
programs. Without funds from their employers,
some MBA candidates are opting to sponsor themselves.
These individuals want to improve their potential
to lead an organization, and consider lifelong
learning a critical piece of the career enhancement
puzzle. Most students, whether full-time, part-time
or executive, are able to fully fund their education
through a combination of scholarship and loan
programs.
That being said, many companies still
realize the value of a well-educated workforce,
especially during tougher times. They are often
willing to lend support, if not in tuition dollars
then in flexible hours or time away from the office.
Some companies even reimburse tuition once the
MBA is completed and an employee agrees to stay
on for a designated amount of time.
The Bottom
Line
An MBA gives individuals a tool kit of general
management skills that lasts for a lifetime. This
broad training transcends location, time and job
type, and enhances current focus and specialization.
"Schools like Simon offer a rigorous curriculum
-- individuals that make it through such a program
will be much more capable of bringing their strengths
to the job market," says Havens. "When
you combine an MBA degree with real experience
in the business world, it's a dynamite combination."
With thanks
to: Dawn McWilliams, William E. Simon Graduate
School of Business Administration, University
of Rochester (www.simon.rochester.edu)
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