Master of business Administration (MBA) is the most popular of the Masters degree offered by universities the world over. This degree basically tries to bridge the knowledge gap created by the specialization in various fields e. g. engineering, health and accountancy. Graduates in these specialist areas may not have adequate knowledge in other areas of the organization apart from their specialties hence may not manage the organization effectively (Calladine, 2009).
A new economy is basically characterized by new companies, immense business opportunities, firms seeking to expand , less developed financial structures, high growth rates, innovations and entrepreneurs just to name but a few. This means that managers running these organizations should be well versed with various aspects of the organization (Fussell, 2003). The generalized nature of the MBAs helps manager and CEOs to exploit the opportunities presented by these growing economies. MBA covers all the important areas of the organization ranging from management to finance.
Therefore if a CEO has this knowledge he can be able to fully exploit any business opportunity. In new economies where there is volatility in the business environment, MBA trained managers are able to steer companies through fluctuations given their extensive knowledge. Companies are able to survive hence no job losses thus benefiting the economy (Fussell, 2003) As seen above, new economies are characterized by many startups and innovations which if well managed, can propel an economy to greater heights. This is where an MBA trained manager comes in.
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It is no surprise then that most entrepreneurs seek services of trained mangers as their companies grow. The effect of this is the creation of employment and increased productivity. Specialty MBA areas Today’s business environment demands a lot from managers and CEOs. Any slight miscalculation can lead to potential losses. Therefore to keep up with the dynamic business world, CEOs and managers pursuing a Masters degree should go an extra mile by going for a specialized MBA. The areas that CEOs and managers can specialize in include finance, entrepreneurship and energy.
Finance is important in the sense that the world is moving away from the ordinary business financing to more complex sources that demands extensive knowledge in finance. Entrepreneurship is also important given the number of business start ups and the need to sustain these companies so as to ensure their survival hence no job loss. Energy is another important area that needs to be exploited given the changing climatic conditions and environmental awareness of consumers. Use of clean renewable angry is important in this regard (Calladine, 2009).
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