Sooner or later in your life, you need to have a business degree (BBA or MBA). If you will not have one, you will need to work hard on the training your way, getting a degree will be more beneficial.
A Business Degree will help you in: Career Development Personal Growth Looking at the world with an open eye
Career DecisionYou have many choices: Engineer Scientist/Researcher/Professor (Bio, etc.) Business Person Professionals (Doctors, Lawyers, Accountant
Career Development Insights In Corporate America, you can have two career paths: Technical Field Management Field In Corporate America, if you are ambitious, you need to get a promotion when you are young (within 7-8 years after you get your first degree).
Technical Field You should know more in technical area than others You need to get in to somewhat research field You need to have a Ph. D degree and may need to have technical publications (in Journals, Conferences, etc.) Usually suitable for Asian Americans, who are good at math and science, and who enjoy doing hard work in fields otherwise being thought as abstruse / abstract / boring You also need to have good communication skills (presentation, technical writing, etc.) otherwise you may not be able to take credit for the work you put in efforts in
Technical Field You will be awarded for promotion to be a Technical Leader/ Technical Expert or high rank technical position in the company. If you have that rank, you may be able to change to management position (depending on chance and company), many people did make the change. But its not guaranteed to get promotion. And research field usually is narrow, this may bring to problem in job security if the field is not in high demand. High Tech field is the driving force for America to take lead in productivity and innovation in the world, which has more secure jobs.
Management Field You would like to be a recognized leader in your group You want to get respect and hope others will take serious what you say You may find managing your own projects is more rewarding than asked to do things you dont want to do You may find it interesting to know all aspects of the projects instead of just do things You would like your being recognized fairly and your boss will not always take credit of your hard work You hope you can get the hefty bonus and the salary your boss has You dont want to be in the bottom of the organization chart forever You dont want to be bossed around when your boss dont know shit Attitude and proactive is more important than technical knowledge
Facts When GM was in bankruptcy, the 50 top management positions still got > $1 million bonus, while many engineers were laid off, and had several plants closed, salary and UAW employee benefits were cut; The first year Alan Muraly took Fords CEO position, he was awarded $16 million bonus, while all engineers had merit increase freeze (no salary increase) When average bonus for engineers is around $6,000, average middle level managers in Ford got >$50,000 Ford CEO Jack Nasser was fired on a negotiated multi-million dollar deal, while over 10,000 engineers were laid off between 2004-2009 with only less than a few months salary When GM, Ford and Chrysler CEO went to Washington to seek government financial support to avoid bankruptcy, each of them flew a corporate jet to there.
What Do They Do?Pros & Cons in Career Development
Engineer An Engineer is someone who really likes to work on parts (mechanical, electrical, etc.) A really good engineer is someone who is very genius and passionate about invention (Thomas Edison, Steve Wozniac, etc.) There are high school genius who developed iPhone Apps and are making tens of thousands dollars a year There are high school science nerds who invented new robotics and have new ideas on new car designs You dont have to be a genius to be a good scientist: over 90% engineers are not genius. If you want to cultivate your ideas and make it to your commercial benefit, you need to know something in business
Engineer - Pros/Cons Ideal for people who really enjoy working on the parts, caring less on promotion Usually provide stable and sound income Less ideal for risk takers Hard to get promotion Mechanical Engineering has no future, electrical engineering will be more promising.
Scientist/Researcher Willing to do more analytical work Have strong math/science background and like the field Get a Ph. D degree Work in research field Have option to become a professor
BusinessBusiness is a very general field, include: Finance Corporate Finance Wall Street/ Investment Firms Marketing Consulting Management Accounting
Business The world is a business world, the education in business makes you know the world better You are trained to be a leader Better chance in career development / promotion than in technical fields Help you to equip with the necessary tools for your life Help to establish/ grow your own business Meet same high quality business people
Business (Cont.) Business training is needed no matter what job you do, even in technical fields Good Money Maker in some fields, but hard work Not all jobs are stressful, such as in Corporate Finance, Corporate Marketing, etc. You can choose to be in technical field in business field You can choose to be a researcher in business field (economist, professor, etc.)
Pros/Cons on getting both technical (BS) and business degree (MBA)Pros: You get both technical and business education, if use appropriately, could have advantages Will have options going either path for career development, if you dont like the other one
BusinessCons: Will need to have career change, which would be difficult sometimes Need commitment and many people settle with in vein May need financial commitment too Take longer time to fulfill the change, time is valuable If you already decide to do business, why would you waste time doing something else?
Professional Doctors, Lawyers and Accounts are those special trained, highly skilled whose skills are hard to find They choose not to work for Corporate America but have their own business, for both job security and maximization of financial income The skills require them to have more years in education The job may need more time commitment
WHAT DO YOU WANT TO DO? What do you like? Whats your goal: what do you want to be in 10 years, 20 years? Financial Independence (asset accumulation, job security, personal business) Work Style, Social Life, Family, Hobby?