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3 Reasons to Study Change Management in Business School

By U.S. News & World Report

The speed of technological innovation and the constant state of flux in the stock market can be anxiety-inducing even for the most optimistic business professionals.

That’s one reason why experts say prospective MBA students should target business schools with coursework in change management.

This management approach focuses on transforming companies into more profitable enterprises, experts say, and training in this subject provides guidance on how to revive distressed companies.

[Determine if an MBA in supply chain management fits your career goals.]

Experts say knowledge in this discipline — which is sometimes called “turnaround management” — is applicable within nearly all business sectors. It is particularly relevant for MBA students who plan to become entrepreneurs or who hope to enter rapidly evolving industries such as tech and health care. It’s also valuable, experts say, for business careers where an ability to analyze and solve complex business problems quickly is mandatory, such as management consulting and private equity, and it’s also helpful for executives who need to motivate their employees to implement a business plan.

Some b-schools offer a specialization or concentration in change management, while other b-schools offer an abundance of courses on this topic spread out among several departments. Some b-schools have change management lessons embedded into various strategy courses, experts say.

Regardless of how change management lessons are labeled or categorized at a particular b-school, MBA professors say these lessons are an important asset in an MBA program.

Stacey Kole, a clinical professor of economics and deputy dean of the full-time MBA program at the University of Chicago’s Booth School of Business, says an excellent business school is one that not only discusses current business trends but also teaches survival strategies that will help students confront unanticipated changes throughout their business careers.

Here are three reasons why experts say prospective MBA students should consider applying to a business school that offers opportunities to learn about change management.

[Learn more about why operations research is key for MBA grads.]

1. You’ll relate to your future coworkers better. Change management courses help MBA students understand the psychology of change, including both the motivation of a company’s visionaries and the resistance of people who are frightened of a company’s transformation, says Anat Lechner, clinical associate professor of management and organizations with New York University’s Stern School of Business.

Lechner, who is also Stern’s academic adviser for its leadership and change management MBA specialization, says emotional and social awareness is a defining trait of many business luminaries.

She says the interpersonal skills MBA students cultivate in change management courses are just as important for business success as hard-core technical skills, such as company valuation and strategic analysis, because interpersonal skills are essential ingredients in the recipe for inspirational leadership.

[Learn how an MBA can accelerate a career change.]

2. You’ll be ready if a future employer asks for help with a restructure. Karrie Prehm, CEO of the Florida-based Global Regulation Advisers consulting group, says courses in change management help prepare MBA students for the distinct possibility that a future employer will radically change its staff hierarchy.

“At some point or another, MBA students will be in a situation where they are either part of a company that is being acquired, where their firm is acquiring another firm, where their firm or division is in trouble, or in a business that is in need of an operational overhaul,” Prehm, a 2011 MBA graduate from Florida Atlantic University, said in an email. “Those MBA students who have the education and training in this type of work will be ready to step in and play an integral role that will change the history of that business. ”

3. You’ll learn how to adjust business plans based on market conditions. Lisa Barrington, the founder and principal of a workplace strategy company, says that in order for a 21st-century company to thrive, it needs to continuously adapt, and MBA students should be learning how to respond quickly and intelligently to changes in their target industry.

“Technology, laws, and global politics are all changing at a rapid pace, and each has infiltrated the workplace,” Barrington, an instructor at the Colangelo College of Business at Grand Canyon University, said in an email. “In the past, an organization could get ahead by managing change effectively. Now, if an organization doesn’t manage change effectively, it will lose in the marketplace, period.”

Searching for a business school? Get our complete rankings of Best Business Schools.

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3 Reasons to Study Change Management in Business School originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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