25 January 2012

Careers coach: Will investing in MBA study pay off in today’s economic climate?

Claire Beasley comments.

“The economic climate, together with a number of retail executives being affected by redundancy is driving many professionals to consider embarking on MBA study as a route to increasingly their commercial skills and future employment prospects. Many candidates and contacts I have been talking to have been interested in my experience of MBA study at Henley Management College in 2003, and the long term impact on my professional career. Here are some answers to some of the frequently asked questions that retail professionals often ask me.

• What's the payback and why should professionals consider training as an option?
“Many MBA course prospectuses focus on how an MBA can increase your earning potential, and whilst this can be true professionals should also recognise that the qualification delivers intangible benefits such as added credibility amongst colleagues and employers which can raise your profile and help you do your job more effectively.”

• Why should you be investing in your retail career?
“As senior executives look to move their career upwards to board appointments it’s important to demonstrate good understanding across all business functions, understanding the different needs and commercial objectives across finance, marketing or operational divisions. Many retail professionals rise through the ranks within their area of expertise, such as Buying, Merchandising or Retail Operations, so an MBA provides comprehensive training to develop more rounded knowledge of the business landscape.

• How should you approach your employer?
“Studying for an MBA represents a major investment in time and money so if you are looking to secure support from your employer you need to do your homework first. The starting point will be to carry out research into the range of courses that exist, including full time, modular and distance learning, and their associated costs. I recommend asking the business schools to provide evidence that illustrates how an MBA student can benefit the employer long term. Next, think about your pitch to your employer and highlight the advantages you will bring to the organisation through the development of your skills. You’re asking your employer to make a major investment, so be prepared to be flexible around how the training might be carried out so you are not putting up further obstacles to a solution that works for everyone.

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