Mba Graduates Find Excitement, Staying-Power In Alternate Career Paths

According to CIO, two of the top job requests on its employment Web site desire candidates with a master's degree in business administration (MBA) combined with credentials in either computer science or information technology. And the demand for hybrid professionals certainly doesn't end there. The traditional route to big business, finance, and banking usually ran through MBA programs. Today, MBAs are beginning to rethink their career paths.

The Intrinsic Interdisciplinary Nature of Business
MBA graduates have long been accustomed to leaving graduate school for traditional roles in finance--such as banking or financial planning. In light of today's ever-changing economic and financial landscape, many MBAs are not following tradition. Because business principles apply across industries, many MBAs are eschewing customary career tracks for new challenges in technology, consulting, entrepreneurship, and nonprofit organizations.

MBA programs typically expose graduates to all aspects of business, so graduates can master the "soft skills" that are critical for success across industries, such as client orientation, presentation skills, and communication talents. This diverse training in leadership and resource management is generally needed in all industries, not just finance--which has become paramount in light of the economic slowdown.

For example, information technology workers in particular are considering grad school in order to earn the management acumen that can translate into better career opportunities. In today's economy, specializing in one more than one particular niche may be the best educational path to take.

Some Real Life Examples
The Wall Street Journal cites a Robert W. Baird & Co. investment bank recruiting survey that reveals a 50 percent increase in interest at the M.B.A. level over 2007. Finance and risk management are a couple of the primary industries that benefits from MBAs looking to enter other fields, particularly at the mid- and small-scale organizational level. Other statistics of note include:

•    Middle-market M&A investment bank Harris Williams & Co. has seen a 30 to 35 percent increase in applications from MBA students
•    Consulting firm Bain & Co. reports applications at the MBA level have increased 10 to 15 percent
•    Less than 50 percent of graduates at New York University's Stern School of Business and University of Pennsylvania's Wharton School enter the finance industry

While MBAs may willingly enter alternative career paths, many are now veering of the common path out of necessity. Smart candidates can get themselves through a bear market by earning as much wide-ranging experience as possible and then make that experience work for them in a new position.

Mixing Business and Passion
If you are considering enrolling in an MBA program, you may want to consider the following:
•    Spend some time priming for your MBA in a job that has some similarities to career tracks of interest
•    Focus primarily on the MBA and internship
•    After your schooling, enter your industry of choice: learn about successful start-ups and build relationships with other professionals
•    After you're established, start a company, capitalizing on prior networks, resources and relationships

The bottom line is that as MBAs continue to branch off into uncharted territories, new doors of opportunity and advancement should continue to open. While you may not be able to rush into positions at venture capital firms or Wall Street, positions in consulting, corporate finance, and private equity firms should continue to be available.

Keep in mind that the MBA program is typically demanding in and of itself, and is not the type of curriculum to enter into lightly. But if you have prior experience in an industry, adding an MBA can be a way to maximize your potential.