In 1993 I started on the road to a Masters in Business Administration. More commonly known as an MBA.
Completed in 2002, the MBA has given me a deeper understanding to theories driving business. MBAs are designed to provide a broad understanding of how organisations work. I found the most enlightening topics related to Legal studies and Accounting. I can now read a P&L, Cashflow and Balance Sheet with confidence.
Within a year of taking a management role after completing my MBA (est cost $16,000) I had recouped my fees.
What an MBA does not provide is how to manage people.
If destined for a management role, people management where you spend most of your time. Not reading contracts, dealing with paperwork and accounting. Each of these are specializations that have strict regulatory controls and therefore organisations employ experts to fulfill the roles.
People Management cannot be left up to HR. All managers are people managers first and foremost.
I contend that People Management: keeping your team motivated, working together and productive is the hardest job.
Learn this, and you have done your MBA.
Amen, I started one, and gave up when the Professor started arguing with students (who were from the “real world”) about what the “real world” was.
There are those who refer to an MBA as “Management by A*$*#s”. Similarly, the old management philosophy of “Management by Walking around” (getting in touch with your organization) sometimes becomes “Management by Wandering Aimlessly”