Part 8 (2/2)

A benefit of a part-time M.B.A. program is the opportunity to integrate courses with work projects. Certainly, many of the M.B.A. concepts taught in graduate school are quite current. You can take courses with subject matter which is coincident with new or ongoing projects. When the graduate student has the opportunity to apply those concepts immediately on the job, it literally make both tasks easier while possibly justifying the high cost of tuition.

I believe the use of team-based projects opens up the learning process. Team projects obviously broaden the a.n.a.lysis process to account for multiple opinions, talents, personalities, and solutions. They also promote time management, presentation skills, team dynamics, and genuine cross training. Some of my most memorable activities include the different phases of team projects.

Using case studies offers the graduate student the opportunity to investigate real-world cases and experiment with newly found technical and management skills. While working with other students, you genuinely get the opportunity to understand the different opinions and problem-solving techniques, as you stretch the limits of your own ideas and talents.

One of the initial hurdles of the part-time M.B.A. program is the first day. The first day is typically spent in a financial management or accounting cla.s.s. In these courses there is a clear pecking order: Those who have a strong background in these disciplines are the most vocal with regard to answering all of the questions, since many of their cla.s.smates have never taken the cla.s.s nor read the book. Obviously, these are the most sought after study partners. And a part-time M.B.A. candidate must establish effective study partners, usually within the first couple cla.s.s sessions. You need to learn how to acclimate or transfer your free time to graduate studies (thus eliminating leisure pursuits) and understand the culture, rhythm, and character of the student body. A cla.s.smate of mine refers to this activity as ”face time.” How well one handles this period can greatly simplify the next couple years of your graduate school life.

One characteristic I found quite favorable when forming my study team was experience: Cla.s.smates who have completed prior graduate work clearly understand the effort and time demands of a successful student. Also, team up with those who have a clear purpose and time frame for completing their degree program, since the M.B.A. program consists of a rather broad subject matter, and the level of work is academically very challenging and typically requires a three- or four-year commitment.

I also recommend seeking out students with a broad skill set. That is, include in your core group members with, say, finance, marketing, technical, and operations backgrounds. Gathering knowledge in different areas clearly is a great help as you work through the M.B.A. program.

Would I recommend pursuing a degree part-time? I, for one, repeatedly received acknowledgement for the effort necessary to complete my degree work while handling my family and career responsibilities. Typically this recognition was understood to represent maturity, goal setting, responsibility, and strong time-management skills. When a prospective candidate is considering the tremendous effort necessary to complete a part-time M.B.A., he or she should remember that the extra effort might represent greater value to an employer.

Regarding the marketability of the M.B.A. program, now that I am in a corporate environment versus plant operations, I have found that essentially all of the middle-and upper-management promotions have been awarded to those with M.B.A. degrees. It is reasonable to believe that career opportunities for M.B.A. graduates are quite strong at one's present company as well as in the open market.

In the real world, those who expect to lead a business into the future will have completed their graduate degree. The bottom line is to perform well at work and obtain additional graduate training that can be applied to your career.

John MacKay, M.B.A. Candidate, Fordham University Over the past three years, I have had the opportunity to pursue an employer-sponsored, part-time M.B.A. in Finance at the Fordham University Graduate School of Business. This experience has been both challenging and rewarding, and has changed my entire outlook on the business world, while at the same time opening many doors which would have been closed to me had I not undertaken this effort. I highly recommend part-time M.B.A. study to any business professional interested in expanding his horizons and enhancing future career prospects.

I decided to enroll on a part-time basis for financial reasons. As far as I was concerned, borrowing to finance high tuition and living costs in New York City would have had a negative impact on my future financial security. My employer was willing to sponsor me for M.B.A. study through a program wherein I pay the tuition up front, and then am reimbursed based on my performance. While this plan was an additional challenge to my part-time study, it proved to be a motivating force throughout.

In addition, I felt strongly that a part-time M.B.A. would allow me to apply what I was learning to a professional context, and to glean more out of the experience than if I were to simply stop working and study full-time. In my current position, I have been able to apply both managerial and financial techniques learned in cla.s.s to my work environment. I feel that a part-time degree is more marketable than a full-time degree to prospective employers for the simple reason that learning is enhanced when it is immediately applied.

When I initially began my program of study at Fordham University, I was concerned with several issues. I wondered if I would be able to handle the additional workload imposed by the program and still perform well at work. I saw the M.B.A. as a major, long-term, life-changing commitment that would limit my social life as well as my mobility. Also, I worried about the backgrounds of other students and how compet.i.tive the environment would be. I found that the solution to these concerns was discussing them with other part-timers. This helped me to allay my fears of failure as well as to realize that other students were in fact allies, not compet.i.tors. By developing relations.h.i.+ps with fellow students, I was able to learn who the best professors were, and how to gauge the number of hours I would need to devote to the M.B.A. outside of the cla.s.sroom. I would suggest to any new part-time student that seeking out other students with similar backgrounds and interests is as important as devoting a substantial amount of time to studying.

There are several pieces of advice I would like to share with both prospective and new part-time students. First, it is important to attend a school's orientation session before beginning the application process. Some schools are more committed to part-time students than others, and it is important to establish this on day one.

New students should take advantage of automatic course waivers and placement exams. I was exempted from three courses in which I had excelled at the undergraduate level. Many M.B.A. programs offer waivers from courses if the student did well in the course and took it within a recent time period. For students who have been out of the undergraduate arena for a long time, the placement exam option is often available.

Also, I would suggest that students start out by taking two courses in the first semester. This will allow time to adapt to the challenges posed by nighttime study. However, if able, I recommend moving up to three cla.s.ses per semester. This is a serious decision that depends on the student's ability, as well as his or her work schedule and social obligations.

It is also important to make sure that your employer and coworkers understand the extent of the challenge you are undertaking-but don't expect too much sympathy for challenges you have willingly imposed upon yourself. When I began the program of study at Fordham, I was fortunate enough to have an immediate supervisor who knew what I was experiencing, as she had pursued a part-time M.B.A. at the same school. You will have to leave work on time on school nights, as lectures tend to be jam-packed with information, and missed cla.s.ses definitely have an impact on both learning and final grades. Your employer needs to understand this.

Finally, if your employer is reimbursing you after you pay the tuition to your school, I recommend that you get a credit card sponsored by an airline mileage program. I paid tuition on my credit card, and acc.u.mulated airline miles that I was able to apply towards much-needed vacations during the program.

I highly recommend part-time M.B.A. study to any businessperson interested in expanding his or her horizons. However, I cannot stress enough that pursuing an M.B.A. while working is very challenging, and only you can determine if your perceived future benefits of M.B.A. study outweigh the sacrifices you will make. Best of luck!

Dawn Taketa, M.B.A. Candidate, Haas School of Business (University of California-Berkeley) I weighed the pros and cons of attending business school at night very carefully before applying. My career was just taking off; I was asked to lead the project team to develop online stores for Gap Inc. During my first semester at Haas, I launched online stores for GapKids and baby Gap; in the following year, I took on additional responsibilities for the launch of the Banana Republic online store and Old Navy online marketing website. Just over a year into the M.B.A. program, I helped lobby for the creation of a new department that would focus on the customer experience, which was inspired by my Compet.i.tive Strategy cla.s.s. Knowing that I would be taking on so much added responsibility, I understood that returning to school would be difficult. I was also convinced that I could apply much of the theory directly to my line of work.

Since all of my work experience had been at one company, I decided on an evening program to broaden my horizons and expose myself to new business situations. The Evening M.B.A. Program at Haas was a perfect match for me. I wanted a top-notch education, and I wished to continue working. There were so many exciting things happening in our online business, and I wanted to be a part of it. But I also had heard about the energy and excitement that Haas had been generating around entrepreneurs.h.i.+p and high-tech fields.

The Evening M.B.A. Program has truly exceeded my expectations. I had always heard that one of the most valuable aspects of business school is the people you meet. My cla.s.smates brought a wealth of knowledge to the program, and, through conferences and events sponsored by the school, I have been able to tap into an amazing network.

What's more, I was able to take advantage of once-in-a-lifetime opportunity: to study business in the Netherlands, Belgium, and Ghana. The International Business Seminar (an elective) consisted of about four weeks of presentations by expatriates from each of the countries that were living in the San Francis...o...b..y Area, and by the student themselves-the goal being to understand the history, culture, and economic conditions of each country prior to our trip. Then, 30 students and two professors were off to spend two weeks to meet with Haas alumni working in these countries. Many of these alumni had returned to their native countries and therefore brought an interesting perspective to our conversations . . . one that you could never get from reading a book or newspaper.

We were exposed to flowers and broadband in Holland, speech recognition software and the European Commission in Belgium, and personal-care manufacturing and gold mining in Ghana. Many of our hosts were eager to pick our brains, as we brought a wealth of experience in areas ranging from high technology and e-commerce to finance and marketing. The trip exemplified all that is wonderful about being in a part-time M.B.A. program: the excitement of taking part in a learning environment while being able to apply new skills and knowledge in real time.

Juggling a family, career, and school is a small price to pay for the opportunities that the program has helped me discover. The Haas program provides a.s.sistance-ranging from transportation to a.s.sistance purchasing textbooks-to help students keep up with their hectic schedules. I also found that my company has been very supportive; they saw the benefits immediately from my contributions. For example, I worked on projects directly related to online marketing in both my Business and Public Policy course and the International Business Seminar. By integrating my experiences at work, home, and school, I was able to make new business connections and friends.h.i.+ps.

It has been quite an experience so far and I expect that I will really miss the program when it is over, believe it or not!

CHAPTER 17.

The M.B.A. at Work By now, you've heard opinions and advice from current and former B-school students, school officials, and, most likely, various people in your own life about your pursuit of a part-time M.B.A. Perhaps you've enrolled in a program that's perfectly tailored to your needs, you've secured means for tuition, and you've purchased and skimmed through all your textbooks. You're on top of things-but are you? Are you prepared to weather the changes that will inevitably enter into the picture?

It cannot be stressed enough that attending school while maintaining a full work schedule is a daunting task. It may be tempting, especially in the beginning, to let your responsibilities at work slip a little. You must remember that, even though your company may fully support your decision financially and emotionally, they are in a business and you are their employee. Your first and foremost responsibility during work hours is to them.

So, imagine yourself rus.h.i.+ng out the door at 5:00 for a Futures and Options midterm as your boss stops you in the hall to request additional doc.u.mentation for a presentation scheduled for 8:00 the following morning.

Imagine a professor refusing your Business Law final booklets because they were written out in pencil. (This actually happened to me. In the accounting department where I worked, we wrote everything in pencil. Apparently, at the beginning of a cla.s.s I was late to, the professor had mentioned that all finals should be written in ink.) Imagine not having any vacation time left but needing days to finish two research papers that are due next Monday.

Imagine colleagues giving you the evil eye for constantly being on the phone with your cla.s.smates or for always leaving early on Mondays and Wednesdays.

I think by now you are getting the general idea: The bottom line is that there is no way to please everyone. Accept the fact that you will need to juggle many priorities and handle difficult situations. Just remember to be true to yourself.

Perhaps, however, after an honest introspection, you have decided that the life of a part-time student and full-time employee is not beneficial or feasible for you. Or it may be your company that has put the future of your M.B.A. degree in jeopardy-perhaps they need you to be available more consistently, or they have restructured their tuition reimburs.e.m.e.nt policy. In situations such as these, you may find yourself in a situation where you have to choose between work and school.

HAVE FORESIGHT.

When I first started my M.B.A. program, most of my fellow students were enrolled part time as well. Interestingly enough, as my studies progressed, I noticed this ratio change. Why? There were several reasons. First, some found the program too rigorous and decided to complete their degree on a full-time basis. The second reason was the surge of mergers and acquisitions in the financial arena in the late 1980s that left many of my colleagues and cla.s.smates out of work. Lastly, some students decided to run off and make their fortune by hooking up with a dot-com or starting up their own business.

When you start your M.B.A. program, don't necessarily a.s.sume that you will complete your degree on a part-time basis. As we mentioned earlier, a very important question to address when applying to graduate school is whether you are able switch your status without needing to apply to the full-time program.

There are other precautions you can take as well. Career counselors recommend that M.B.A. students meet with a counselor early in their educational career. Do not make the same mistake that many students do by using the counseling center only when it's absolutely necessary. Too many part-time students wait until either they have lost their job or they are concerned about their job security-and by then it may be too late to effectively make a campaign for their employment prospects. Even if you are happily employed at present, make an appointment to introduce yourself to a member of your school's career services staff. You never know when their resources will prove useful!

Long-Term EffectsNo one can predict what the future will hold, but you can research schools and programs carefully so that you are adequately prepared for a successful professional life and not just the next step in your career.

OUT OF WORK, NOT OUT OF OPTIONS.

What can you do if you find yourself suddenly out of work once you have begun the part-time M.B.A. program? First, don't panic. Identify your options and realistically determine which one is right for you. There is no correct answer; everyone's situation is different. Before evaluating your options, you should consider the following: * The number of credits remaining until you complete your degree. The number of credits remaining until you complete your degree. Does your school allow you to take time off or transfer to a full-time program? Does your school allow you to take time off or transfer to a full-time program? * * The length of time it will take you to find a job at your level. The length of time it will take you to find a job at your level. Unless you are in a very specific market with highly marketable skills, the more experience you have (or the higher level you are at), the longer it will take to find a new position. Unless you are in a very specific market with highly marketable skills, the more experience you have (or the higher level you are at), the longer it will take to find a new position. * * Your financial circ.u.mstances. Your financial circ.u.mstances. When a.s.sessing your monetary situation, don't forget to include your cost of living. In addition to school, you will still have to pay your monthly overhead (rent, electricity, and job-searching expenses, for example). How much money do you need to complete your degree, including the incidentals, such as books and activity fees? How much disposable income is available to you, like savings or severance funds, if applicable? How credit-worthy are you? Are you eligible for loans (bank or personal), financial aid, credit cards? How long can your savings support you? What is your threshold for finding a new job? When a.s.sessing your monetary situation, don't forget to include your cost of living. In addition to school, you will still have to pay your monthly overhead (rent, electricity, and job-searching expenses, for example). How much money do you need to complete your degree, including the incidentals, such as books and activity fees? How much disposable income is available to you, like savings or severance funds, if applicable? How credit-worthy are you? Are you eligible for loans (bank or personal), financial aid, credit cards? How long can your savings support you? What is your threshold for finding a new job?

Once you have determined the above, you can consider your options. You can (1) continue your part-time program while searching for a new job; (2) take time off from your schooling to search for a job on a full-time basis; or (3) complete your degree full time.

Keep Your Options Open”Completing an M.B.A. program while retaining a full-time job is a significant challenge. Fordham recognizes that students' personal and professional lives are constantly evolving, and therefore we allow students to change their status from part time to full time, or vice versa, enabling students to seize opportunities as they present themselves.”- Kathy Williams Pattison, a.s.sistant Dean of Admissions, Fordham Graduate School of Business Graduate School of Business Continuing the Part-Time Program You have weighed the alternatives and determined that maintaining your part-time status at school is the best way to approach your new situation. You will need to rea.s.sess your finances and your job prospects.

Financial Implications If you find yourself out of work due to cutbacks or downsizing, you may be ent.i.tled to a severance package. Depending on the length of employment with your company, a severance can be a substantial amount of money that you will be able to apply towards your studies. If, on the other hand, you're in a position where you are unable to meet your current financial obligations in addition to footing the bill for school, student loans are available to a.s.sist you make ends meet. Visit the M.B.A. Loans website at , or make an appointment to meet with a dean at your school to discuss alternatives. Work-study programs or tutoring are a few options that may be at your disposal.

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