Traditionally, a graduate degree’s most valuable skills included strategic thinking and problem solving, and nobody disputes that those core elements will remain bastions of the higher education system. However, and upon completing my degree, I discovered that there’s much more to a graduate degree in business than simply learning how to create a sound marketing plan, analyze your data or perform a ratio analysis.
Here are the five most important lessons I learned in grad school that helped my career:
1. Not all business is evil
In today’s media-driven society, image is everything. There’s no business disaster worse than making socially irresponsible decisions that damage a company’s reputation and revenue. According to the Bayt.com ‘
What Makes a Company an Attractive Place to Work?’ poll, February 2014, 7 in 10 professionals in the Middle East wouldn’t work for a company they aren’t proud of. Another 98% believe that it is important for their company to have sound ethics and integrity (as revealed in the Bayt.com ‘
Values, Ethics and Integrity in the MENA Workplace’’ poll, June 2014).
Before grad school, I used to think that business was all about profit maximization and the survival of the fittest. In essence, though, it’s about solving problems. And part of problem solving should include profit making that drives sustainability.
Moreover, business schools everywhere are looking at the importance of corporate governance as a topic. While you may think non-profits like Greenpeace and PETA are all about animal watching and eating twigs, the reality is that such organizations push corporations worldwide to integrate environmental imperatives into their business models.
2. Doing good does you good
Perhaps the most profound area of intellectual change going on at the moment is in the broadening out of the concept of sustainability to include the sustainability of a business itself.
While in grad school you will see that people who run MBAs, for example, are avidly redesigning programs in order to prepare students for all of the implications of their business decisions. They’re educating students differently so that their concerns aren’t just about profitability or the short-term survival of their own organisation. According to the Bayt.com ‘
Corporate Social Responsibility in the Middle and North Africa’ poll, August 2013, 95% of polled professionals in the region feel it’s important that their company is socially responsible. This is just one more reason why businesses should be widening out their CSR strategies to include the long-term impact of business decisions on their communities.
3. Going green is no longer an option
Throughout the past decades, environmental issues have made their way from protests in front of corporates to boardrooms in those same corporates. Accordingly, graduate programs in business are changing to reflect this shift, by addressing the business case for environmental awareness and action. It’s no longer just about saving the planet, but about using environmental sustainability to maximize profits, particularly in the long-run.
Going green has gone way beyond having a simple ‘
green agenda’. It’s all about building businesses that will last because they are built on secure foundations that take into account the needs of all stakeholders – from employees and shareholders right through to Mother Earth herself.
4. You're on your own - and that's a good thing
Grad school taught me to
find my true passion, but also to depend on myself and be a leader. I have always considered myself a leader but as a senior grad student, I have honed in on this skill. I have become someone with more initiative, more passion, more drive, more tenacity, more mental toughness, more assertiveness, but most importantly – more perseverance. Grad school changed me completely.
In fact, grad school is nothing compared to undergrad. But I’m glad it is this way. You are entirely on your own. And for that reason, it practically ‘forces’ you to develop certain skills and traits and emerge as a better and stronger person. It forces you to seek out answers – on your own.
5. Learning is a lifelong process
Grad school will teach you how to
learn and recover from failure.
During your first year, you may realize that 90% of what you do DOESN’T work. If everything worked the first time, you’d get your degree in less than a year. With no background whatsoever in finance or banking, I quickly became anxious and frustrated during courses that dealt with these two topics. I wanted to drop out because of the stress and the feeling that what I was doing was insignificant and meaningless. But as I pushed through, all my worries, doubts and fears faded away.
As I matured in my career, I learned to overcome these frustrations. I learned to recognize that ‘failure’ is a normal part of grad school (and life). And as I pushed forward and looked at the big picture, success was waiting for me on the other side…
What about you? Any grad school lessons you'd like to share with our community? Write them down in the comments section below!
