A Master of Business Administration degree has a reputation for being the business credential for business managers and CEOs. This degree covers topics such as finance, accounting, leadership, decision-making, organizational management, and statistics. But are business managers and CEOS the only people that can benefit from this degree?
The answer is no. Let's take some time to look outside the corner office.
Outside the corner office and onto the field
A quick view into the versatility to an MBA is a look at some of the different concentrations and specializations offered within an MBA degree that are outside of the traditional management and finance topics. These topics include subjects such as Entrepreneurship, Industrial Engineering, Computer Science, Information Technology, Health Care Administration, and Sports Management.
But not only are business schools offering new and varied concentrations, some are tailoring whole programs to students outside the traditional business role. Take the University of Miami's School of Business Administration for example. Miami offers an online hybrid Executive MBA for Artists and Athletes. This program is designed for professional athletes, artists, musicians, actors, and their advisors to learn how to leverage their current career achievements and strong personal brands into business success. According to Bloomberg, 40 of the 43 students in this program are current or former NFL players.
The National Bureau of Economic Research released a paper in April discussing the financial trouble after retirement from the NFL. According to their findings, 16 percent of NFL players file for bankruptcy within 12 years after retiring. They further found that a former NFL player's income life cycle does not follow the typical life cycle, for bankruptcy rates are not affected by a players total earnings or career length. Santana Moss, veteran wide receiver, told Bloomburg, "if you're not business-savvy, you can find yourself in a lot of ditches, not knowing what you're doing, just because you have the liquid to do it."
Miami tailored this MBA program to meet the needs of these players and artists. Not only will it provide information and skills for them to implement in their lives to help their financial stability, but they are also offering it in a format that fits their lives. This program is 18 months long, which consists of six two-week residency modules and three seven-week online modules. This program combines flexible learning, face-t0-face team-building projects, business visits, and instruction from the same respected MBA professors that teach the schools other MBA programs.
Outside the corner office and into the ER
There are many MBA programs available with a Healthcare concentration. Most label that degree and concentration for administrators, but more and more nurses are finding MBA programs applicable and useful for their responsibilities and duties in the clinic. Nurses are constantly using their clinical expertise when dealing with patients, but outside the clinician's room they need to deal with a wide variety of business topics including finances, customer service, time management, loss management, office space flow, information systems, marketing, and much more. An MBA can train a nurse to be well rounded and leveraged for rising up the management ladder.
Some schools are now offering dual MBA/MSN degrees. This program can provide nurses with advanced clinical nursing skills and patient-care delivery innovations in the Master of Science in Nursing as well as provide critical business skills and knowledge in the MBA in less time than it would be to get the degrees separate.
Saint Joseph's College of Maine offers this dual degree in an online format. Nurses who work long hours or shift work will find the online option easier to fit in their current lives. Saint Joseph's offers this MSN/MBA as a 60 credit-hour degree plan that equips nurses to be manager, directors of nursing, or chief nursing officers. This program provides the critical clinical knowledge as well as the business foundation that trains nurses to provide excellent patient care and also have critical business insight for the organization as a whole.
An MBA provides insight into critical topics that are applicable in every single organization no matter the size or professional field. Whether you see your future in the corner office, in the hospital, on the field, or even blazing your way into a new dream, an MBA can give you the tools to be a mindful manager, a skilled financier, and a strategic decision-maker.