NFIB

What MBA Graduates Rate as the Most Important Business Skills
10/ 14/ 2002

A recent article in Business 2.0 ("What's an MBA Really Worth?" Andy Raskin, July 2002) discussed a survey of 1,500 graduates of 18 full-time MBA programs around the country. Taken by the Association to Advance Collegiate Schools of Business, the survey asked which skills the MBA grads considered most important in their daily business activities--and how well these skills were taught during their MBA programs. The answers are interesting and instructive for small business owners, as described in today's Workshop by contributor Jeffrey Moses.

What did MBA grads rate as the single most important business skill? Rather than business theory, detailed analysis of business projections, specialized accounting techniques or any of the other esoteric classes offered in business schools, MBA graduates rated one-on-one communication as the most important aspect of their normal business activity. Further, the MBAs said that only about 6 percent of business schools did a "moderately effective" job helping students develop this all-important skill.

The MBA grads also rated "listening skills" and the "ability to manage change in the workplace" as "extremely important." However, they said that only 12 and 6 percent of schools, respectively, taught these crucial skills effectively. Interestingly, business theory was rated near the bottom in real-world business importance, although many MBA programs focus heavily on theory.

These findings indicate that while the knowledge gained in an MBA program may be useful, it's not essential for small business owners and managers to attend business school in order to excel at the most important business activities. Perhaps the most important thing to learn from the survey is the importance of developing communication and listening skills among all levels of employees. Also important is an emphasis on making sure that managers at all levels are versed in managing change and growth within a small company.

Many small business owners find that seminars, training sessions and peer instruction are much more vital to the long-term success of the company than the number of MBAs they hire.

As a final note, the Business 2.0 article mentioned the importance of making business contacts while in an MBA program. Networking with peers, professors and visiting speakers while in school was rated one of the biggest advantages offered an MBA program. But small business owners have the ability to network daily, both within their local areas and nationally through associations, Internet communications and trade publications.

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