An Executive MBA could help fast-track your way up the corporate ladder, especially if you are facing any of the following challenges in your current role:
A. Your work experience is not enough to propel your career growth.
You may have come this far in your career, but you realize that what you have learnt by personal experience is not enough to propel your career the way you would want to. You may have gained enough experience and knowledge in one side of the business while you could be notably lacking in other aspects. For instance, those working on the marketing side of a company rarely do understand the financial function of the company, and vice versa. However, a big picture understanding of the business and its areas of operation is crucial, especially if you want to advance to a managerial role, or take the entrepreneurial plunge.
The science of management goes a lot beyond job experience, and involves theories, principles, ideas, working models, analytical approaches to decision-making and decision support tools like statistical analysis, operations research and so on. These skills can be picked up with a well-structured Executive MBA course, and give you a competitive edge. Thus you can up your professional game with an Executive MBA, while still working in your current job.
B. You want to change your career path.
You could look at an EMBA as a catalyst when you are looking for a promotion or a change of direction in your current organization.
- Change Job Functions:If you are looking at a change in your job function, EMBA could be a gateway to such a switch without having to step back in seniority to transition into a new area. You need to get out of your comfort zone to learn new areas to become a complete leader, and in order to change career paths you need to identify your long-term goals and learn how to achieve those goals. One thing common amongst all EMBA aspirants is ambition, and identifying your career goals through self-assessment and hearing from industry experts could help a lot especially in a corporate-led EMBA program like FABS Executive MBA.
- Career Progression: Most employers have an open-minded view towards the enhanced skills that you gain with an EMBA and this would help in career advancements and/or salary increments. If your current organization is not in a capacity to accommodate career advancement or career change, actively seeking out new opportunities could result in a more targeted career progression. It is also reported that most graduates who switch employers after completing their EMBA record the highest salary jumps.
C. You lack crucial managerial skills.
If you think you lack leadership and managerial skills, and thus not able to ascent your career at a faster pace, with an Executive MBA you can up your game professionally while also gaining a competitive edge. You can find your own leadership voice, develop business acumen, stay abreast of the changing business landscapes, embrace digital transformations and develop strategic decision making and execution skills with the help of an EMBA.
What typically is lacking in college degrees is that each course is conducted as an individual body of knowledge, not linking or referencing to past or future courses. For instance, an accounting course would probably makes little or no reference to a course in economies or marketing and vice versa.
This lack of connectedness often leads students to miss on vital connections and linkages in their course work wherein each course is conducted in a silo and as a separate and distinct discipline. However, management as a field does not exist in isolation and refers to work and practices of individuals from a variety of different disciplines. We at FABS strive to build these bridges and connectedness between various disciplines of management studies. We further integrate coursework with real-life corporate practices, putting the whole topic of studying management into a proper perspective.
To sum up, an EMBA could be transformative for your career development and personal growth. In the current market scenario, there is an increasing demand for qualified professionals with apt experience in their respective fields, thus making an Executive MBA the right choice for you to work up the ladders of success in your career.
Making decisions can be tough. Even for simple things like going to a restaurant and choosing a meal. The menu options are capable of sending the mind into a tizzy. Other than the food to choose from, many different factors complicate the decision making. One has to look at the food choices and correlate them with the existing meal budget, appetite (small meal or large), relative calories of food choices (if you’re a health freak), meal serving time (if in hurry) etc. Then one needs to fight the existing cognitive biases – those that define our tendency to take illogical decisions. So, in this particular example, a person, on a strict diet, might order a calorie heavy dessert by reasoning about the nourishing properties of its ingredients and not weighing in the calorie part, thereby employing confirmation bias. A person, while employing confirmation bias, seeks only that information which supports their existing beliefs while ignoring other equally or more relevant factors, thus making an illogical decision. There are many such cognitive biases that impact making right decisions, either small or big.
The above example involved decision making for a small task and demonstrated how even such simple decisions are influenced by cognitive biases. Now let us consider the job of a manager (or an entrepreneur). A manager is responsible for smooth running of multiple functions in a company and developing successful strategies to enable the company’s growth. Her or his role is fraught with high stake decision making challenges, whether decisions pertain to recruitment, marketing, product launches or operational issues. A large part of a manager’s success is linked to her or his competency in making sound decisions. And not merely right decisions but quick decisions as well.
But most managers or people aspiring to be managers are unaware of the cognitive biases that affect strategic decision-making process. It is, therefore, important for the managers to identify the most common distortions, pitfalls and biases in strategic decision-making process and avoid these in order to successfully meet business challenges. The best way to mitigate cognitive biases is to improve upon critical thinking skills, particularly “thinking” about how we think. This involves challenging and questioning the existing thought process in order to transcend the biases and make better decisions.
However, critical thinking is not an easy skill to gain and requires repeated training and testing. An MBA course comes in handy to managers or aspiring managers to ace critical reasoning since the course not only provides deep subject knowledge but also allows students to test their cognitive biases through debates and peer discussions. The course is not limited to business theories or presentation alone and enables the participants to apply the business knowledge gained to real life situations and test their strategic decision-making skills. Here are various ways that an MBA can help the potential aspirant to sharpen their decision-making skills:
- Specific modules on strategic decision making:Inbuilt courses in the MBA programs allow participant to learn in-depth about decision making. The participants are taught to break down elements comprising the decision-making process and learn the use of forecasting tools and predictive models to reduce uncertainty while making decisions. Other tools like data optimization, quantitative analysis, consumer preferences, bargaining and negotiation are taught to create frameworks that can be used for assessing future decisions.
- Case Studies:These allow course participants to dwell deep into the shoes of the management of the company on which case study is based. In order to answer the questions related to the case study, the course participants have to undergo multiple debates and discussions with their peers and critically analyse the case study. These discussions help the participants improve their critical reasoning skills.
- Presentations: Creating group or individual presentations on key business or theoretical topics enables participants to think deeply and critically in order to provide a sound analysis of the problems presented before them. This sharpens their critical reasoning and allows them to check their individual biases by comparing their presentations to other groups/individuals.
- Live Projects:Live Projects (internship) are mandatory during the MBA allowing participants to work with a company and help it solve one of its business challenges. This allows participants to use their theoretical knowledge, critical reasoning and strategic decision-making skills while deliver proposed solutions to their respective client’s business problems.
MBA, thus, creates a framework through which the participants can learn and practice critical reasoning and sound strategic decision-making skills. It also helps in mitigating cognitive biases among its participants by facilitating debates and discussions and allowing them to check and question their thinking. This creates confidence among the participants to allay their biases, group think and decision traps.