Text Snippet: Do you know that managers are the highest paid professionals in the world! But what are the top 5 skills and qualities that they acquire in an MBA program that make them such sought after professionals? Let’s find out.
Ever wondered why MBA graduates are paid such handsome salaries or what skills and qualities do they acquire during an MBA programme which makes them one of the highest paid professionals in the world? Unlike an Engineering program where the focus is mostly on academics and subject knowledge, an MBA program has a very different focus as a manager’s role requires him or her to have several other skills in addition to academic knowledge.
Therefore, the skills and qualities that students learn during an MBA program not only include knowledge related to various subject areas that they later specialize in but also the skills that will help them solve complex business problems and work in diverse teams Let’s look at what are these various skills and qualities:
Knowledge of key functional areas
During an MBA programme, students are trained in core business fundamentals such as Accounting, Marketing, Finance, Operations, Organizational Behaviour and Business Strategy. All these domains are pivotal to establishing and running a business successfully. So, during the first year of any MBA programme, students are generally exposed to an overview of these core subjects or specializations. During the second year, students have the option of taking any of these as elective specializations and understand, in detail, the different aspects related to them. Such an approach ensures that the students learn the business fundamentals in the first year and then specialize in a chosen area in the second year which prepares them for the career path that they want to choose after the MBA.
Soft Skills (People Management Skills)
Often, MBA graduates discount soft skills as a by-product of their management education; however, it is one of the most important things that you learn at a B-school. As a business manager, you will be involved in negotiations, planning and strategy, selling processes and conflict resolutions. All these problems will require strong soft skills and people management expertise to overcome these challenges. B-schools help you learn these skills by helping you participate in group projects and activities, where different students, from different academic and socio-cultural backgrounds with varied motivations come together to achieve common goals.
With businesses getting global day-by-day, it has become very important for business managers to possess cross-cultural competency. Today, as part of the ‘Glocal’ economic environment, even local businesses interact and transact with global MNCs. This makes it very important for business managers to know and understand how to work with people from different cultures and nationalities. B-schools, through student exchange programmes and faculty exchange programmes facilitate the development of such cross-cultural competency among the students.
Ask any management graduate, what was their biggest take away from an MBA programme, and ‘Developing a Network’, will surely feature in the top 3. As a business manager, one needs to facilitate several processes at the same time and having a good social and professional network can greatly expedite this process. B-schools understand this and encourage the students to network with their peers as well as from those of other b-schools, alumni and industry experts. As a result, students at B-schools get into the habit of developing an efficient social and professional network. This skill and ability to connect with people and develop a network later helps the MBA graduates in their professional life.
Adaptability & Crisis Management
In the volatile economic and business environment that we live in, adaptability and crisis management is a skill that is a must have for a business manager. Business managers are often presented with complex problems that need to be solved within limited time periods. In addition to this, managers also have to deal with dynamic nature of the business challenges, be it in terms of new and emerging technologies or revised rules and regulations imposed by regulators. This makes adaptability and crisis management an important skill for business managers. In order to cultivate these skills, top B-schools use course curriculum that is specially designed and regularly updated. That coupled with special pedagogical tools such as case studies, simulations, classroom discussions, group activities, helps prepare students for the challenges that lie ahead for them in the business world.
To sum up, these are the top 5 skills and qualities that you will learn during an MBA program. However, in addition to these, there is one overarching quality that an MBA program develops in the students which is a sum total of all these qualities. That is a managerial perspective.
Unlike a vocational skills course that teaches specific skills to the students that help them become perfect in a particular task, say AC or refrigerator repair which requires the person to have specific skills to perform the repair task, an MBA program does not focus on teaching any one particular skill.As a result of the various above mentioned qualities, what you will most importantly develop is a managerial perspective which will help you utilize the various skills and qualities they you’ve learnt to become better problem solvers and decision makers. This is what will eventually help you run profitable businesses and emerge successful in life.