Is a business degree an absolute must?

Source: The Hitavada      Date: 03 Apr 2018 11:20:39



(Compiled by Madhukar Chute,
Prof/HOD, Vocational Department, Raosaheb Thaware Jr College, Nagpur)


Is a business degree necessary to be a success in the corporate world? The jury is out on that. There are people in favour and against it. What do we mean by a business degree?Some of the basic types of business degrees that can be earned from an academic programme are- Bachelor’s Degree, Doctorate Degree, etc. Now, does every successful business person hold business degree? The answer to that is a resounding No. Did Tata’s and Birla’s become a success several decades ago became of the MBA degrees their employees held? Absolutely not. But you have got to admit that it is easier to enter ladder if you have earned business degree. In some cases, a degree maybe required. For example, if you would like to become a Certified Public Accountant (CPA), you will need at least a bachelor’s degree in most states. Some jobs, particularly leadership positions, require an MBA or another type of graduate business degree. If, on the other hand, you would like to work as an administrative assistant, bank teller, or book-keeper, an associate’s degree maybe all you need to secure an entry-level position.

Choosing a business degree programme can be tricky, there are many business programmes to choose from. Business is one of the most popular college majors. There are also a number of schools devoted entirely to business degree online or from a campus-based programme. People who earn a marketing degree to work in marketing, while people who earn a human resources degree often seek work as a human resources specialist. But with a general business degree, you are not limited to one particular area of expertise. Business majors can hold many different positions in many different industries. A business degree could lead to a career in finance, marketing, public relations, management, sales; production the list is almost endless. Your employment opportunities are limited only by your knowledge and experience.

There has been a craze for MBAs in the corporate world for good reasons too, because these young guns drove corporate reorganisation, product innovation and marketing and implemented new styles of leadership. There were a symbol of a new culture, and anyone serious about a career in business aspired to earn those three letters. But the power of those three letters is not so certain today. Many in corporate world and academia say the degree that once defined bright, snappy leadership now symbolises a discipline that has lost touch with the business world. They argue that MBA programmes have become too focussed on research and that in –house training at large firms gas more particular applications. They claim the programmes have failed to create the types of leaders who can deal with globalisation; some say they don’t develop leaders at all, just functionaries. Other critics think a focus on profit and share value, rather than on ethics and sustainability, fostered the type of narrow-minded thinking that led to the fail of Enron and the most recession.

On the other hand, some academics point to an evolving curriculum that has kept pace with and even led the business community. If the MBA is useless, they argue, why do tens of thousands of people still enrol in the programmes every year?When it comes to entrepreneurship, the question of whether to invest in a MBA degree becomes even sicker. Can the necessary skills for successful entrepreneurship be taught? Can those with MBAs operate effectively only within large corporations? Are recent entrepreneurial MBA degree worth the time and money?Experts say that business schools need to continually strive to stay relevant. The MBA is one of the best tools a businessperson can have. It not only gives an advantage in the global marketplace but it also teaches adaptability in an economy in which career – switching and constant change are the norm. But with an MBA focussed on entrepreneurship, you have normal courses that will bring you to speed in finance, marketing, source of capital things you could learn on your own but that might be inefficient to do so. It might be more difficult to raise money without an MBA. That has some real symbolic value and a network for you, which might turn out to be very important.