More engineers are heading corporations now, and the entrepreneurial field is one that suits the engineering mind. They usually have great analytical skills, and also have some important technical skills that can help them excel in fields people with only a business background can’t.
For instance, they might be able to help improve supply chain management, product development, and manufacturing directly. They are also great at managing costs, especially at the production level. However, there are also some crucial areas where they might be lacking, mainly at the interpersonal level. Or they might need to have a deeper understanding of things like accounting for instance. While engineers often make great entrepreneurs, many could benefit from getting an actual business education. Here are a few reasons why engineers should consider getting an MBA.
It’s Easier than Ever
One of the biggest obstacles for engineers trying to further their education is time. Most engineering jobs are very demanding and asking the average engineer to sit through class after a long day is just not an option to most.
However, an MBA for engineers can be taken completely online nowadays, which opens a lot of doors for engineers who would like to add some feathers to their cap. These courses are often very flexible and can be completed as soon as 18 months. This could be an option if you’re open to quitting your current position. These also give you the opportunity to stretch out your course to alleviate the workload.
Online classes will also allow you to save on commute and allow you to study from the comfort of our home on our own time. This is the perfect option for anyone who doesn’t have the time to go to a traditional school but still would like to get the qualifications.
You’ll Learn to Speak the Language of Business
Getting a formation in business for an engineer is very much like speaking a new language. While your current skills as an engineer may allow you to get your point across in the boardroom, some will just get lost in translation. You may be a great problem solver but understanding the language of business will give you a perfect combination of both skills and give you an edge only a few can have.
Not only that, but there are many times when management skills will be able to help, even in your functions as an engineer. Firms always need engineers that can understand the business needs behind the project and can build with cost efficiency in mind. You will now possess the ability to understand spreadsheets and create designs that will benefit both buyers and the bottom line. You’ll also have the opportunity to fill positions that require that you understand things like financial forecasting and budgets. And with a financial formation, you’ll also be able to understand commodities markets better, identify trends, and make better purchasing decisions.
If your goal was to move into a managerial role, then you should already know how much of a leg up an MBA could give you over the competition. MBAs are managers at their core, and any engineer with an MBA will naturally be better at managing other employees. As a matter of fact, only an engineer can truly oversee engineers, and only an engineer with a business formation can straddle both worlds simultaneously and be the link between the c-suite and the floor.
Move Into Better Industries
While engineers should aim at getting their MBA because they wanted to, and not as a necessity, an MBA could be your ticket to a better position or industry. Or you might have noticed a severe lack of managerial experience in your field. In other cases, your field might be on the verge of a breakthrough, and you might want to fill the gap.
Fields like the medical device industry, for instance, are in dire need of experienced engineers who can also understand the business side of things. This kind of double expertise is still very rare and the kind of positions you’ll be able to get could pay you much more than average. Companies will gladly pay a premium for people with this specific skill set.
In all cases, having an MBA on your resume will always be a plus. Especially if you are also an engineer. Having an MBA will give you much more flexibility and allow you to fill all sorts of roles, some of which may not be associated with either business or engineering.
You Want to Get in Business
Whether you want to start your own engineering firm or go in a whole other business, the MBA is still the best way to go. You’ll not only learn some important entrepreneurial skills such as human resources management, accounting, and marketing but with your current knowledge of product development, you’ll be nearly unstoppable. Getting an MBA will also allow you to cut on costs and be able to do more in-house. And getting an MBA could also help you secure financing as well.
While being an engineer is nice, banks will not take you as seriously as if you had an actual background in business. The same goes if you’re trying to get venture capital funding. Getting your MBA could make the difference between controlling your company and having to split it with partners. This could have serious repercussions on the amount of control you have and the options that will be open to you. If you were ever thinking of starting a business, getting an MBA is definitely one of the best investments you can make.
Conclusion
Engineers have a lot to gain from getting an MBA. If you were thinking of seeking advancement, starting your own firm, or changing fields, then it could be a great opportunity to do so. If you were still on the fence, we strongly suggest that you look at the options open to you and consider if this could be the best choice for your career.