INFORMING AND EMPOWERING VISIONARIES Black Winter 2011 Vol. 13, No. 3 | | James White on Time Management | Coping With Job Loss | Online vs. Traditional MBA 32nd Annual Conference Recap Meet the New CEO Can I Afford an MBA? MBA REALITY The NEW Taking Ownership of the economy’s rewritten rules for success
51
Embed
Taking Ownership - Nxtbookpages.nxtbook.com/nxtbooks/naylor/NBMQ0410/offline/... · 2013. 7. 13. · WINTER 2011 Contents INFORMING AND EMPOWERING VISIONARIES Black MBA VOLUME 13
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
I N F O R M I N G A N D E M P O W E R I N G V I S I O N A R I E S
BlackW i n t e r 2 0 1 1V o l . 1 3 , N o . 3
||
James White on Time Management | Coping With Job Loss | Online vs. Traditional MBA
32nd AnnualConference Recap
Meetthe New CEO
Can I Aff ordan MBA?
MBA
REALITYThe NEW
500122_Target.indd 1 10/21/10 3:30:21 PM
Taking Ownershipof the economy’s rewritten
rules for success
502360_Verizon.indd 1 11/19/10 12:25:38 PM
U.S. Citizenship Required. TSA is an Equal Opportunity Employer.
Careers at Transportation Security AdministrationProtect all that’s good about our nation by securing its transportation infrastructure.
Earn competitive compensation and Federal benefits, including health insurance
options, retirement plan, f lexible work schedule and more.
National Black MBA Association, Inc.®, 180 N. Michigan Ave., Suite 1400, Chicago, IL 60601, Phone: (312) 236-2622, www.nbmbaa.org
BOARD OF DIRECTORS Chairman: William W. Wells Jr., President, W. Wells & Associates. Vice Chair/Development: Audrey Dillard Hines, President, Dillard Hines & Associates. Vice Chair/Policy & Programs: Leonard James III, Corporate Policy Advisor, Exxon Mobil Corporation. Treasurer: Dimitrius M. Hutcherson, National IT Service Management Leader, Deloitte. Secretary: Kandance Weems Norris, Partner, Cumby & Weems LLP. Directors: Thomas W. Dortch Jr., President & CEO, TWD, Inc. Stephen C. Lewis, Director, Strategic Planning, MBO, Ford Motor Company. Quentin Roach, Senior VP and Chief Procurement Officer, Bristol-Myers Squibb. Keith R. Wyche, President, CUB Foods, a SUPERVALU Company. Arcilia Acosta, CEO, CARCON Industries & STL Engineers. Gena L. Ashe, Senior Vice President – Legal, Catalina Marketing Corporation. John Peoples, Director, Home Storage Business, SC Johnson and Son. Kim Seymour, Vice President, Executive Talent Management, American Express. Clarence Nunn, President & CEO, GE Fleet Services. Bruce Thompson, Vice President, Finance and Controller, Building Efficiency Group, Johnson Controls, Inc.
NBMBAA® STAFFSteve C. Lewis, Interim President & CEO. Cecil B. Lucy, JD, CPA, Vice President, Finance & Legal Affairs/Chief Financial Officer. Kim R. Wilson, Vice President, Strategic Program Initiatives. Vera Lewis, Director of Marketing and Communications. Elizabeth “Liz” Hope, Director of Membership, Chapter and University Relations. Reniece R. Wright, MSHR, Director of Human Resources. Fred J. Phillips III, Director of IT & Production. Stephie Young, Associate Director, Conferences, Meeting and Events.
Members on the MoveSHARING PROMOTIONS, HONORS AND OTHER NEWS ABOUT NBMBAA MEMBERS.
Chicago Chapter member Norman Fleming has been appointed as the Senior Director, IT Client Relationship Management for Astellas Pharma US, Inc. He oversees a number of business solution areas; provides strategic IT leadership and a broad understanding of how technology can be applied to fulfi ll business objectives; and leads the governance process for the U.S. region. Prior to joining Astellas, Fleming held positions at Deloitte Consulting, Merck, Kraft Foods, The New York Times and Chicago Tribune. Fleming holds a B.S. in Management from Southern Illinois University and an MBA in Information Systems from DeVry University.
Westchester/Greater Connecticut Chapter member Valerie A.
Cooper was named “2010 Outstanding Entrepreneur of the Year” by The National Association for Female Executives (NAFE). NAFE honors outstanding members for their courage, compassion and service to their communities and to other women. President and Art Advisor of Picture That LLC, Cooper established the Stamford, Conn.-based fi ne art consulting fi rm in 2002, which provides art advisory, curatorial and appraisal services to Fortune 500 corporations and private clients nationwide. Prior to starting her own fi rm, Cooper spent 15 years with Goldman Sachs Investment Bank as Vice President of Risk Management Technology. She holds MBA from Columbia University Business School, an Appraisal
Studies in Fine and Decorative Arts Certifi cate from New York University, and a BS from Morgan State University. Cooper is an associate of the Appraisers Association of America, a member of Alpha Kappa Alpha Sorority, Inc., and an NBMBAA lifetime member.
Pittsburgh Chapter member Jeanne V. Crichlow has been appointed director of volunteer and community services at the University of Pittsburgh Medical Center, Mercy, Uptown. Crichlow returns to the center following eight years in the health insurance industry. Crichlow has an MBA in Management and Marketing from Duquesne University and serves on the board of Uptown Partners of Pittsburgh, a community-based organization of residents, institutions and business owners working together to build a vibrant Uptown community. She is a lifetime member of the NBMBAA.
VISIT OUR DIGITAL EDITIONIn addition to online-only extras, you can visit our new – and improved – online edition, which allows you to add bookmarks and notes, send stories to friends and even click through on links that interest you while reading. The online edition works on iPhones and iPads, so take advantage of our unique features when you read Black MBA Magazine online.
M
BABlack
| W
inte
r 20
11
7
Power Forward
F R O M T H E C H A I R M A NW I L L I A M W E L L S J R .
We step into the fi rst half of this year with optimism in the
midst of a prolonged, slow fi nancial bounce-back. The good news
is many economic indicators are pointing upward for 2011. As the
tide shifts, the board of directors stands solid on its commitment
to lead, arming our members with best resources to sustain and
prosper.
By all accounts, the 2010 NBMBAA national Conference was a re-
sounding success. Not only was the quality of programming out-
standing, but participation increased 10 percent with 10,688 at-
tendees who came to Los Angeles to learn from experts and from
each other how to understand and address the challenges of our
time.
A notable Conference highlight was the strong showing of corpo-
rate partners in our Diversity Career Fair. As the economy stabi-
lizes, this was a positive sign that employers anticipate a boost in
hiring. Our career fair has grown to be an unrivaled recruitment
destination with the largest number of hiring managers represent-
ing top-tier companies nationwide. In 2010, its appeal broadened
to multicultural audiences, particularly from Asian-American and
Latino-American job seekers.
As we marked a major milestone celebrating four decades of deliv-
ering excellence, we were extremely pleased with the level of of-
ferings and hospitality extended by the Los Angeles host chapter.
Whether you are a member, corporate partner or friend, we’re con-
fident you returned home with a renewed sense of purpose and
resources that will serve you in the coming months and years.
The sweeping pace of economic change forever transformed our
world. This year’s theme, Power Up Your Profit-Ablilty, aligns
with our strategic course to respond to the times and strengthen
our value proposition to our members.
Whether you’re looking for work or contemplating a career shift,
expect some stiff competition in today’s soft economy. The num-
ber of MBA degrees conferred annually has grown tremendously
over the last few decades, from fewer than 5,000 in 1960 to today’s
average of more than 150,000 annually, according to the National
Center for Education Statistics.
As the pool gets larger, employers have to the opportunity to scruti-
nize or cherry-pick. “Power up” your appeal to stand out above the
competition. What is your brand? How does it have a return on in-
vestment for people who want to hire you? Employers want people
who can make things happen, produce results and increase their bot-
tom line. They’re looking for the best and brightest, those with the
most compelling stories.
Invest in your “profi t-ability” in the workplace to increase your
chances for promotions, raises and job security. Always be on the
lookout for opportunities to acquire the skills to move up. Volunteer-
ing for a task force allows you to step outside of your daily zone and
exercise your expertise in other areas.
Consider taking some additional coursework or joining a non-profi t
board. Donating the gift of time puts you in a fresh environment in
direct contact with people and provides outstanding experiences in
leadership, team-building and decision-making. I’ve become a stron-
ger executive through my affi liation as an NBMBAA chapter presi-
dent, serving on the national board and advancing to board chair-
man. An exceptional résumé builder, it also off ers great personal and
professional rewards.
Despite the economy, studies show more and more people are start-
ing their own businesses. If you have a big idea, do the research to
fi nd out if it’s a real opportunity, and craft strategies accordingly.
Existing business owners need to continue gaining access to the lat-
est trends and invest in informative alliances to keep them up and
running.
While our core focus remains those with MBAs and students earn-
ing advanced business degrees, there is a critical call to ramp up
our presence to address the high school dropout crisis. Our public
schools are failing, with a mass exodus of children of color. To be a
part of their future success, we need to work harder in markets across
our 44 chapters as coaches and mentors to get them into college.
We acknowledge the ongoing support of our members and business
partners. In 2011, expect the NBMBAA to remain a credible voice, con-
tinue its high regime of standards and take full advantage of the op-
portunities presented before us.
M
BABlack
| w
ww
.Bla
ckM
BAon
line.
com
8
Maximizing Profit-AbilityG R E E T I N G S N B M B A A M E M B E R S A N D F R I E N D S :
F R O M T H E P R E S I D E N T & C E OS T E V E L E W I S
We enter another year guided by our noble mission – meeting
the challenges of an intensely competitive business environment.
While the rocky economy prevailed in 2010, our achievements and
dedication to our members were both practical and numerous.
Superbly well-done concisely describes the NBMBAA Conference,
which stretched over four days in Los Angeles last September. The
session off erings were as engaging and diverse as the members,
corporate partners and supporters the event attracted from across
our great nation.
Students came armed and prepared to get jobs; some companies
made off ers on the spot. The Town Hall was the best ever — the
multi-talented panel of experts shared advice on how they evolved
their careers to stay relevant in an ever-changing climate. With a
staggering 5.7 million jobs lost since the start of the recession, the
people who will thrive in this new world order are those who can
repeatedly and successfully transform themselves at a moment’s
notice.
We graciously thank our corporate partners for their strategic in-
vestments that fuel what we do best. As future employers, your
support plays a formative role in our planning and progress. The
NBMBAA appreciates your presence and invites you to share feed-
back and fresh ideas to heighten involvement.
Groundwork has begun for the 20 11 Conference in Atlanta, and
we’re working hard to subscribe corporations and universities.
We hosted a think tank with corporate partners to help design
relevant, meaningful content that promotes your interests. Chap-
ter presidents also play a vital role in shaping the experience. As
members, we ask you to mark your calendars and start building
excitement among colleagues.
Moving ahead, delivering timely resources to “Power Up Your
Profi t-Ability” is the thematic framework that will structure our
endeavors throughout the year. Our laser focus to open doors to
job opportunities remains unchanged. We’re receiving a wealth of
support from corporate partners to better prepare graduates with
the right skills and acumen to land jobs.
Business now operates 24 hours a day, 7 days a week, 365 days a
year, and employers are looking for people who can change on a
dime with strong profi ciency in web culture. The profi t-ability
of social media is rapidly transforming the face of commerce.
Web-based social platforms – blogs, Twitter, Facebook, LinkedIn
– have tremendous profi t potential to entrepreneurs as market-
ing channels to build business. For job seekers, it provides them
with the ability to market their selling points around the clock to
prospective new careers.
Maximize your profi t-ability by learning more about these web
tools to market your brand. Know what others in your industry
are doing and saying on these sites. Know your customers; stay
close to them but ahead of, not behind the curve. Highly accom-
plished executives adapt to working remotely to share ideas any-
where, anytime.
For those of you considering powering up your career by earning
an MBA but question its value in a bleak economy, this presents
the perfect motivation for continued learning. According to the
New York Times, unemployed MBAs are newsworthy primarily
because they remain relatively rare. While the overall U.S. unem-
ployment edged up to 9.8 percent at the end of the last year, the
unemployment rate for the more educated was only 4.3 percent.
On a positive note, while surveys report that hiring of full-time
MBAs was down 1 0 percent in 2010 from the previous year, busi-
ness experts are forecasting the job market is looking up as the
economy inches back.
I salute all NBMBAA members who power up this tremendous
organization and allow us to create valuable connections and
build leadership.
Finally, it’s an honor to acknowledge the work of the NBMBAA
board, management and staff . Their strategic direction and hard
work keeps us poised and on track for future growth.
We have a lot to look forward to in the coming months. Working
smart, as one, we can count on a powerful 2011.
M
BABlack
| W
inte
r 20
11
9
NBMBAA Welcomes New President and CEO: Kimberly Corbin
UPFRONT
The National Black MBA Association® is proud to
introduce Kimberly Corbin as the organization’s new
President and CEO. Kimberly was the unanimous choice
of the NBMBAA Board of Directors after a year-long search
conducted by the executive search fi rm James & Jordan,
LLC. She formally began her term on January 3.
“As we enter our 40th anniversary, the NBMBAA will
honor our history and mission, yet look forward to an
exciting future. We are proud that Ms. Corbin has eagerly
accepted this challenge, and we welcome her,” says Wil-
liam W. Wells Jr., chair of the NBMBAA board directors.
“Given Kimberly’s excellent track record in corporate
America, her leadership, and vision for excellence, the
NBMBAA is certain to continue its mission.”
“I am profoundly connected to the purpose of the Na-
tional Black MBA Association and am deeply honored to
have been chosen to lead the organization during this
critical time of change and renewal,” Kimberly says. “I
am excited to work with the talented membership to
continue NBMBAA’s record of creating economic wealth
within the African American community.”
Kimberly received her MBA from the Harvard Graduate
School of Business Administration and her undergradu-
ate fi nance degree from Florida A&M University. She
brings to NBMBAA an impressive record of accomplish-
ment in corporate America. As a vice president in the
offi ce of the chief operating offi cer at American Capital
Strategies, Inc. she started and led a corporate operations
group specifi cally charged with driving performance
management. She has also worked in high-level execu-
tive positions for organizations such as GE Commercial
Finance, Bankers Trust and Fieldstone Private Capital
Group, Ltd.
Kimberly takes on this key role during a historic time for
NBMBAA. During our 40-year history, the organization
has developed key partnerships that result in the cre-
ation of intellectual and economic wealth in the Black
community through its five channels of engagement:
education, career, leadership, entrepreneurship and
lifestyle. Through Kimberly’s dynamic leadership,
NBMBAA will look to strengthen partnerships in order
to provide expanded access to our more than 8,000
members and 400 corporate partners.
“Our corporate partners are integral to our success,”
Kimberly says. “We know our value rests with provid-
ing access. Access to top professional talent for our
partners. Access to educational and wealth-building
opportunities for Black professionals. Access to careers
that allow our members to grow and succeed. No mat-
ter what the environment, we remain focused on en-
riching and increasing that access for all our members
and partners.”
Please join us in welcoming Kimberly to the NBMBAA
family. We are excited about the future and opportuni-
ties with our dedicated members and partners as we
move forward with new leadership.
“I am committed to ensuring that our members contin-
ue to derive value from the 40-year legacy of this vital
organization,” Kimberly says. “As we continue to reap
the benefi ts and nurture the seeds planted by those
on whose shoulders we stand, the need and opportu-
nity for NBMBAA to have a positive impact couldn’t
be greater. We will continue to work hard to honor the
history of our organization, increasing opportunities
and access for Black professionals and leaving a strong
foundation for those who will follow in our footsteps.”
Visit www.nbmbaa.org for the most up-to-date
news from NBMBAA. And read the Spring edition of
Black MBA Magazine for an in-depth discussion with
Kimberly Corbin.
M
BABlack
| w
ww
.Bla
ckM
BAon
line.
com
10
Highlights from the32nd Annual Conference and Exhibition
N B M B A A C O N F E R E N C EBLINK
The National Black MBA Association’s 32nd Annual Conference and Exhibition elec-
trifi ed Los Angeles last fall, drawing more than 10,500 professionals to downtown
for four days of unparalleled career, networking and educational opportunities. The
top-notch off erings combined with the kind of star power only L.A. could off er –
broadcaster Ed Gordon, management guru Dr. Warren Bennis, entrepreneur and
former NBA superstar Magic Johnson and actors Idris Elba, Anthony Anderson and Don Cheadle
were among some of the luminaries featured at NBMBAA events.
At its core, the NBMBAA Conference remained
an opportunity for members, students and
prospective members to build their networks
and educate themselves on adapting to the
speed of change in today’s business world.
The Career Fair provided NBMBAA’s partner
companies and educational institutions ac-
cess to an unmatched pool of diverse pro-
fessional talent, while giving individuals a
chance to connect with those real career op-
portunities with Fortune 500 companies, as
well as mid-size organizations seeking the
best and brightest.
1
5
6
7
Photos by 106foto
M
BABlack
| W
inte
r 20
11
11
1. L.A. Chapter President Lynn Beatty honored for the host chapter’s hard work at the Membership Meeting, sponsored by Comcast and Northwestern Mutual.
2. In the Cyber Café, sponsored by Dell and Microsoft.
3. Celebrities turned out for Saturday’s Black Masters Golf Tournament, sponsored by Chrysler Group, LLC and benefi ting the Leaders of Tomorrow® camp.
4. The Career Fair drew crowds for numerous job opportunities.
5. A streamlined process at the registration desk.
6. Unwinding at Club MBA, sponsored by Ford.
7. Sunny California off ered a perfect backdrop for the Conference.
8. The Welcome Reception at the California African-American Museum, sponsored by Google, Monsanto and Dell.
9. Ed Gordon hosted the Innovation Whiteboard Challenge.
10. Author Daniel Pink at The Leadership Institute® luncheon.
4
8
9 10
2
3
12
N B M B A A C O N F E R E N C EBLINK
MBA
Black
| w
ww
.Bla
ckM
BAon
line.
com
11 11
11
12
13
18
13
11. General sessions brought in audiences for unique educational off erings.
12. Best-selling author Lisa Nichols signed books at The Leadership Institute® reception.
13. Legendary leadership guru Dr. Warren Bennis in a rare personal appearance.
14. Actor Anthony Anderson served as the host for the Black Masters Golf Tournament, sponsored by Chrysler Group, LLC.
15. LOT® students had a separate program that included a trip to Disney and enriching activities to help them succeed.
16. Preparing for a day on the Career Fair fl oor.
17. Taking advantage of on-site interviews in NBMBAA’s Employment Network®.
18. Thursday’s Town Hall, sponsored by Nationwide, explored the secrets to keeping success with Dr. Randal Pinkett, actor Idris Elba, fi nancial expert Glinda Bridgforth and entrepreneur Janice Byrant Howroyd.
19. Entertainment at Friday’s Awards Luncheon.
20. Branding expert Steve Stoute shares his unique perspective during the Thursday Luncheon, sponsored by Target.
M
BABlack
| W
inte
r 20
1119
14
16 17
20
15
M
BABlack
| w
ww
.Bla
ckM
BAon
line.
com
14
N B M B A A C O N F E R E N C EBLINK20
10 Aw
ard
Win
ners
MBA of the YearAlton Tinker, Vice President,Community Development Underwriting Group, Key Bank
Entrepreneur of the YearEarvin “Magic” Johnson
NBMBAA and Wells Fargo Entrepreneur Excellence AwardSandra Maxwell Brooks, President ofTotal Care & Concern, Inc.andYohance and Di Yonna Mitchell,Co-owners of Vision Tutoring
Innovation White Board ChallengeJennifer Burrell, The Frock Shop
Silver Torch AwardState Farm Insurance
NBMBAA Case Competition®
Sponsored byChrysler Group LLC
First Place University of Southern CaliforniaGordon Hallman,Jason Watkins,Kimberly Brown
Second PlaceUniversity of MichiganShenique Coston,Alexander Lewis,Darryl Ward
Third PlaceBabson CollegeJason Glover,Salma Laalej,Yu Fu
Helping Hands AwardDell, Inc.
Educational Institution of the YearThe Consortium for Graduate Study in Management
The National Black MBA Association® is a visionary movement that provides access to:
• Direct scholarship aid• America’s largest Career Fair, coaching and online assessment solutions for diverse executives• Training and empowerment for leadership inside the world’s top corporations• Networking and education for entrepreneurs• Health, wealth and well-being strategies for the good life
JOIN or RENEW now at www.nbmbaa.org and access…
• Member benefi ts and a chapter near you• Information about NBMBAA local and National events• Information about the October 2011 in Atlanta, GA
NBMBAA® 33rd Annual Conference and Exposition,
NATIONAL BLACK MBA ASSOCIATION® INC.BE A PART OF OUR VISIONARY MOVEMENT
Your Vision.Our Extraordinary
Membership.
NBMQ0410Membership_ad.indd 1 10/21/10 9:19:15 AM
M
BABlack
| w
ww
.Bla
ckM
BAon
line.
com
22
O N L I N E V S . T R A D I T I O N A L M B A Education
UNWRITTEN RULESYou wonder about it but no one will say –is an online MBA really the same?Recruiters share the unvarnished truthB Y S H E R Y L S . J A C K S O N
When the Society for
H u m a n R e s o u r c e
Management (SHRM)
asked human resources
professionals their
opinions of online versus traditional degrees
(Hiring Practices and Attitudes: Traditional vs.
Online Degree Credentials, August 2010), some
interesting statistics were revealed.
Although 49 percent of survey respondents
viewed an online degree as less-than-favorable
than a traditional degree, 43 percent indicated
that an online degree is acceptable for an en-
try-level position. However, only 15 percent of
respondents indicated that an online degree is
acceptable for job applicants seeking an execu-
tive position.
When asked about perceptions of online de-
grees, 87 percent of those surveyed responded
that online degrees are viewed more favorably
today than they were fi ve years ago. When asked
if whether a degree is obtained online would
make a diff erence when faced with two job ap-
plicants with the same experience, 55 percent
of survey respondents said it would not.
Although the SHRM study evaluated percep-
tions related to associate, undergraduate and
master’s degrees (not specifi cally MBAs), many
executive recruiters agree that perceptions
about online MBA degrees have changed some-
what in recent years.
“In the 1990s, one of my clients was a large
wireless company that only wanted to see ré-
sumés of job candidates with MBAs from the
top 20 brick and mortar institutions,” says an
executive recruiter for the technology industry
who asked not to be identifi ed by name. She
explains that degrees from these institutions
could be either traditional programs in which
the student went to school during the day or
evening, or executive MBA programs that were
conducted over weekends. “Online degrees
were not even an option,” she adds.
MBA degrees are preferred but not required by
many of the clients served by Herb Scales of
Waverly Partners, a national executive search
fi rm. “My clients are manufacturers of durable
products, and although they prefer to see a can-
didate with an MBA, they are more interested in
the candidate’s skill, experience and potential
to be successful in the client’s organization,”
Scales says. “When they do ask for MBAs, they
want to see a degree from a traditional institu-
tion, even if it is an executive MBA.”
The business school from which an MBA is ob-
tained was also important when David Nealon,
human resources director for the executive
recruiting fi rm CTR Group, was director of the
capital markets group of the fi rm. The requests
he received from clients, typically Wall Street
fi rms, did ask him to identify candidates with
MBAs from the top 10 business schools only.
“No one specifi ed traditional versus execu-
tive versus online degrees,” he says. “I believe
that was because many prestigious schools
off er degrees with both online and traditional
classes. For these clients, the school was the
key criteria.”
Perceptions Changing“Today, perceptions about online degrees
“The curriculum at AGSM bridged the gap between academia and real–world business by providing opportunities to work on real projects, for real companies, throughout the Inland Southern California. Graduating from AGSM positioned me to serve my community by working for the City of Riverside Development Department. Riverside is in the midst of a rapid economic expansion and it is exciting to be part of this chapter in the City’s history. “
- Anthony Griffin, M.B.A. Class of 2006
Located on one of the fastest growing UC campuses
Areas of Study Include:
• Accounting• Marketing • Supply Chain Management • Management Information Systems • Internet Retailing • Finance• International Management
474370_University.indd 1 6/17/10 9:15:29 PM
M
BABlack
| W
inte
r 20
11
25
Add ExperienceIf you did obtain your MBA through an
such as the executive MBA, or even choose from a growing number of on-
line MBA programs. One drawback is that it may be more challenging to fi nd
fi nancial aid.
“Typically, there are no scholarships for working professionals’ programs,
but that is changing,” says Barefoot of Emory, which was No. 10 in Business-
Week’s executive MBA program rankings. “We have had some merit-based
scholarships for quite a few years. They are more limited, but we do off er
them.”
California State, Fullerton off ers the part-time FEMBA (Fully Employed
MBA) program at its Irvine campus, and a full-time program at Mihaylo Col-
lege of Business on the main campus will start in fall 2011. The program is
tailored for those who are at least fi ve years out from earning their bach-
elor’s degrees, Muse says. “Our average work experience in the program is
eight-and-a-half years.”
Employer sponsorship is an avenue worth looking into if you are seeking
a way to fund an executive MBA, but Barefoot warns those perks aren’t as
sizeable as they once were. “In the good old days, companies were very gen-
erous with their scholarship support,” she says. “For an executive MBA pro-
gram, it wasn’t unheard of for the company to fully pay for the degree. But
those days are pretty much gone.”
These days, Barefoot estimates that the average amount of corporate aid for
employees attending an MBA school is about $5,000 a year. “Sometimes a
company will provide more if the employee promises to stay for a certain
period of time after graduation,” she adds.
Ashutosh Deshmukh, program chair of the online MBA program at Penn-
sylvania State University, says the program was one of only a handful in the
nation (others included Indiana University, Arizona State University and
the University of Florida) when it started in 2002.
“The mission of our program is to take managers who are at the mid-level
and want to move into the senior ranks,” says Deshmukh, who estimates
that 50 to 75 percent of students in the program receive some level of em-
ployer support.
Money Not the Only RewardThe possibility of landing a six-fi gure job after graduation may already have
you convinced that the answer to the question, “Can I aff ord an MBA?” is
“How can I aff ord to pass it up?” But MBA school reps interviewed for this
article say the rewards extend beyond the chance to fatten your paycheck.
“I think [the MBA] is one of the most fl exible graduate degrees out there,”
Barefoot says. “For individuals who want to perform successfully in a cor-
porate career or in the nonprofi t arena, it’s critical that they have analytical
and business skills, that they understand how best to motivate people, that
they understand how to review fi nancial statements about performance,
and that they have a good handle on what makes organizations successful
from a fi nancial perspective.”
Says Wells at Howard University, which is making a big push to de-
velop opportunities for its MBA students to study abroad, “The MBA
is one of the more strategic ways to become and remain relevant in
today’s competitive global market.”
Rice acknowledges that many people have recently questioned not
only the value of the MBA, but also the competence of the business
professionals holding the credential. Yet she maintains it’s well worth
the eff ort.
“Despite what we’ve heard recently about MBAs and how they’ve
thrown this economy into the tailspin that it’s in, I still genuinely
believe there is a real value to getting an MBA,” Rice says. “Beyond
the academic value and making a good investment is the network
— the classmates and alumni connections that you gain. That’s just
invaluable.”
In the end, Deshmukh says, in order to decide whether an MBA is
worth your investment of time and money, you must fi rst determine
your personal objectives in obtaining the degree. “Unless you have a
very clear understanding of where you are going, you will get no ben-
efi t out of the program,” he says. END
Climbers Wanted.
To us, diversity means more thanethnicity. It means developing,manufacturing and marketinglife-enhancing medical tecnologiesin several therapeutic fields.
It means cultivating a workforcethat spans a variety of culturesaround the globe.
And it means fostering thecareers of talented individuals,whatever their background oravenue of interest.
Take the next step in your career:
C. R. Bard, Inc. is an Affirmative Action/Equal Opportunity Employer
www.crbard.com/careers
www.facebook.com/
bardcareers
TM
509351_CRBard.indd 1 12/9/10 3:08:27 PM
30
A B R U P T L Y U N E M P L O Y E D Career
THE NEW REALITY: COPING WITH JOB LOSS
M
BABlack
| w
ww
.Bla
ckM
BAon
line.
com
You’re not alone. Let go of emotion, and make strategic decisions to fi nd a new jobB Y S H E R Y L S . J A C K S O N
CUTTING BACK:THE NEW REALITY OF PERSONAL FINANCECredit card debt aff ects more than interest rates.The new goal is debt free.B Y S H E R Y L S . J A C K S O N
Americans are changing the way they handle personal fi nancial decisions as a result of
the recession. The new survey, A Balance Sheet at 30 Months: How the Great Recession
Has Changed Life in America, by the Pew Research Center’s Social and Demographic
Trends Project, fi nds that the recession has led to a new frugality in Americans’ spend-
ing and borrowing habits; a diminished set of expectations about their retirements and
their children‘s futures; and a concern that it will take several years, at a minimum, for their family
fi nances and house values to recover.
In early 2007, Michael Alao, CPA, was work-
ing for a plumbing supply company that saw a
downturn in sales as the housing market started
to decline. “I still had a job, but I told my wife
that from what I saw, this wasn’t going to be a
short-term drop,” he says. Because the Alaos
were carrying credit card debt accumulated be-
fore they married in late 2006, and because he
believed his job might be at risk, they began to
get their fi nances in order.
“We paid off $11,000 in credit card [debt] in one
year by eliminating unnecessary expenses such
as eating out,” says Alao. While he still had a job
as an internal auditor and his wife was working
as a teacher, the Alaos not only paid off the credit
card debt, but they also built an emergency fund
that equaled six months of his salary.
Focusing on eliminating credit card debt is a
good thing for everyone because credit card
debt aff ects more than your monthly cash fl ow,
says Lynnette Khalfani-Cox, author of numer-
ous books on personal fi nance and founder of
the free fi nancial website, TheMoneyCoach.net.
“Most people understand that if you have so-so
credit, you won’t get a loan or you’ll have to pay
higher interest on a loan,” she says. Personal
credit’s relationship to mortgage or automobile
loans is well known, but the recession has cre-
ated a new group of companies that regularly
evaluate credit reports to set rates, she adds.
“Insurance policies for life or automobile as well
as credit card interest rates are higher for people
with lower credit ratings,” says Khalfani-Cox.
However you change your approach to personal fi nance, be sure your
Call 1-800-242-9161 Today!Or visit us online at www.tranzmobile.com/affinities
New 2-yr activation & $29.99 data pak req’d.
502360_Verizon.indd 1 11/19/10 12:25:38 PM513021_Transportation.indd 1 1/21/11 11:45:17 AM
Magazine
Volum
e 13, No. 3
You can expect a lot from a career at Target. An energetic culture. Incredible opportunity. A community-focused company. And one of the most powerful brands in the world. Your best is just ahead. We’d love to meet you.To learn even more about us and our opportunities,visit Target.com/careers
We’re a proud sponsor of the National Black MBAs Association.
Get Connected. Get the edge in today’s business world with America’s most reliable wireless network.
FREE* BlackBerry®
Curve™ 3G 9330Call 1-800-242-9161 or go to WWW.TRANZMOBILE.COM/AFFINITIES now!
For a limited time, get connected with a
FREE* BlackBerry®
Curve™ 3G 9330
► As an added bonus, in addition to your FREE* phone, you’ll also receive an accessory pack featuring a Bluetooth headset, leather case and a car charger.