In the world of business, the Master of Business Administration degree has always been held in high regard. However, the current MBA may need to be tweaked to become more relevant in today’s business world.
According to a list published by the Harvard Business Review this year of the 50 best-performing CEOs of the world, only 14 out of 50 had earned an MBA. Slightly more than half of the 14 CEOs—eight in all – earned their degrees from U.S. universities.
This list, narrowed down from an original list of 1,109, cited that only 32 percent of CEOs out of the original 1,109 had MBAs, a finding that many current business students may find surprising. This leads one to believe that having an MBA will open doors but may not always be necessary to run a high-profile, top-earning company.
Is an MBA Worth the Cost?
Absolutely, but the current MBA must be restructured and tailored to meet the needs of the evolving global economy. The Harvard Business School website states that MBA salaries are on the rise, which makes pursuing a Master of Business Administration a viable career path. According to an article published on StarTribune.com by Ronald M. Bosrock, “since the most recent financial crash, criticism has been leveled against the kind of training the MBA provides.” Educators are calling for a revamping, so to speak, of the MBA degree.
Focus must be placed on social responsibility as well as well as ethical training for doing business in a global economy. Students must learn to recognize and respect cultural differences in order to effectively do business across the globe. Furthermore, according to Bosrcock, MBA programs must “[t]each the integration of the world of business and the world of geopolitics. Oftentimes they overlap.” Finally, long-term strategic planning should also be part of a Master of Business Administration curriculum.
Earn an MBA from a Top Business School Online
The following business schools have remained steadfastly on the list of the top 20 business schools in the nation.
• The University of Chicago
• Harvard Business School
• Michigan State University
• Duke University
• Northwestern University
• Penn State University
For many, earning a degree from these institutions of higher learning may be out of reach. Students who cannot attend classes at brick and mortar institutions of higher learning may opt to earn a Master’s of Business Administration online. Accredited flagship colleges across the nation offer online options for individuals who need more flexibility in their schedules while earning a degree.
For students interested in pursuing an MBA, whether online or in the traditional classroom, Bloomburg Businessweek has published a list of accredited programs that offer MBA programs. Regardless of whether an individual wants to be a CEO of a Fortune 500 company or rise to the top of his or her own business, the Master’s of Business Administration will open doors for graduates who have the ambition and tenacity to succeed in business.
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