Many people have declared the MBA dead. When he spoke to Harvard Business School students last year, Chamath Palihapitiya, founder of Social+Capital Partnership, said candidly, “I would bet a large amount of money that the overwhelming majority of us would not look favorably on a company started by one of you.”
Tien Tzuo, CEO of Zuora, agrees. “Right now we are going through a once-in-a-century transformation in business that is throwing out all the existing rules,” he told Fortune. “And that includes everything that the MBA programs are currently teaching their students.”
Despite these proclamations, 94% of MBA graduates say that if they had it to do over again, they’d still complete their MBA programs. After finishing their degrees, MBA graduates get an average pay increase of 50% above their pre-MBA salary. By five years after their MBAs, they’re making 80% more than they made pre-MBA.
Getting an MBA is still a good idea for marketers; you just have to pick the right program.
Pick An In-Demand Concentration
Marketing is undergoing a revolution right now. New technology, particularly mobile technology, is giving marketers new ways to get their products in front of consumers. Data collection and analytics is also helping marketers to understand their customers like never before, which helps them deliver precisely timed and targeted promotional content to both individuals and highly specialized market segments.
According to Todd Ehrlich, CEO of Kill Cliff, “social listening and remarketing are also gaining popularity. The former helps marketers know their customers’ needs and disaffections as soon as they’re expressed on social media and the marketers can quickly meet the needs or right the wrongs. The latter helps marketers recapture leads that passed on purchasing their products or services at a point in the buying cycle.”
Industries that have a long track record of marketing directly to consumers, like retail, have already started using analytics to send precisely worded and timed promotions to individual customers. In other industries, businesses have been sluggish about adapting their marketing strategies using big data. For example, the sports world has mastered analytics for player analysis, but they’re still learning about applying analytics to sports marketing. Anna Maria College in Massachusetts is an example of an institution that offers an MBA program in sport management.
Before you choose a concentration, do your research to find out not only the potential post-MBA starting salary but also the potential mid-career salary for your concentration. Also, look for those niche spaces, like sports marketing, that offer a sweet spot for your particular MBA. Colleges have started revamping their MBA programs to help students take advantage of these in-demand career opportunities. In addition to marketing, other higher-paying concentrations include health care, economics, strategy, and mechanical engineering.
Build A Great Network
The primary benefit of an MBA, in addition to the skills that you learn in graduate business school, is the professional network you build. This network includes the students you meet, the business school faculty, and your university’s alumni network.
Don’t shy away from MBA programs that take top-caliber students. Those students could become key contacts down the road in your career. Also, choose schools with faculty that have strong connections and schools with alumni who’ve gone on to work at your target companies. While you’re in school, take advantage of clubs, recruiting events, conferences, and other chances to build your network.
Think About Entrepreneurship
Tien Tzuo might be right when he says that traditional MBAs won’t give entrepreneurs the skills that they need, but some MBAs are geared specifically toward students who want to launch their own startups. If you have a desire to start your own company, look for schools that offer MBAs with entrepreneurship concentrations. Ask whether they have inroads into startup incubators or connections to venture capital, and select a program with alumni who’ve gone on to make big impacts as entrepreneurs.
Today’s entrepreneurship-minded MBA graduates should choose schools with thriving programs in computer science, health science, data analysis, and other fields with startup potential. In places like these, you’ll create connections with people who could become your future employees, partners, and product innovators. Pick a school that’s convenient to places where you can secure relevant internships. Become a presence at local events, like hackathons, to connect with creative people who’ll help you spark ideas.
Get Experience
Some people start MBA programs with the idea that they’ll work wherever they can get a job. The most successful MBA students, however, start with targeted companies in mind. They apply for internships at those companies, or they look for firsthand experience with people who work for those companies. They can eliminate organizations that aren’t as good as they’d hoped, and they can start learning where they truly want to work.
As you select your MBA program, look for schools that give you real, hands-on experience. You don’t want schools that only look backward, analyzing old case studies and looking at businesses of the past. Instead, choose a school that lets you tackle real-world problems and actually get your hands dirty. Whether through internships or on-campus centers of excellence, you need to get more than just theory from your MBA.
Alive And Kicking
The MBA isn’t a dead degree, but you’ll get out of it what you put into it. Choose your concentration and your school strategically if you want to get a great job down the road.
