Early this year, there were several reports out that indicated that while the fees for Master of Business Administration programs have risen, the income-boosting potential of having such a degree has fallen.
The reality of this trend has caused some business schools to realize that they’ll have to get creative to attract students. For some schools, this means expanding into areas including social impact.
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Read about one former investment advisor making a difference here in this TraderPlanet exclusive:
Former wealth management consultant Alexander Blum in Panama
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Some of the reasons one would go to business school include the ability to network with connections you make with your fellow students who could potentially become clients, partners, customers and references down the line. In a social impact MBA program, this all still applies. It’s how the network is utilized that is changed.
PURPOSE DRIVEN WORKPLACE
Current thought is the individuals from the Millennial Generation (those born between 1980 and 2000) want to build or work in a purpose-driven workplace, regardless of its for- or nonprofit status. There’s also been a tidal wave of entrepreneurs who seek to use the tools of for-profit financing to spur social change.
Wharton dean, Thomas Robertson, in 2010 began pushing the school in this direction. Wharton’s students study business subjects with an emphasis on three strategic priorities: innovation, or the capacity to transform business and anticipate future opportunities to advance the field; global presence, or the view of leadership across an interconnected world; and social impact, the belief that business must be a force for good, and that economic value creates social value.
LOAN FORGIVENESS
And there are other selling points for getting an MBA with a social impact focus. Some programs offer financial incentives for candidates pursuing careers in the public and non-profit sectors. Managed by the Wharton Social Impact Initiative, the John M. Bendheim Loan Forgiveness Fund for Public Service offers recent Wharton MBA graduates educational loan forgiveness up to $20,000 per year.
Wharton, however, is by no means alone in its educational offering in this area; Other programs out there include Presidio Graduate School in San Francisco’s Sustainable Management program; Bainbridge Graduate Institute (BGI), which promotes an integrated curriculum that highlights social and environmental impact; The University on Cape Town (South Africa) and its center for social innovation called the Bertha Centre. In addition, the Stanford Graduate Business School, Yale School of Management (SOM), Berkeley Haas School of Business and Harvard Business School all stress a focus on student contribution to society.
And what do students of these programs go on to do? In some cases, they form their own social ventures. In other cases, these individuals take more traditional roles in the business world and help to promote a fresh perspective. For example, Bainbridge alum Natasha Martin-Lamb went on to serve as an equity analyst, asset portfolio manager at Trillium Asset Management, a firm that stresses investing to make a better world. William Hertling went on to work as a strategist and project manager at Hewlett-Packard and recently gave a presentation about how to innovate at big companies for the interactive event South By Southwest.
PAY IT FORWARD
And the hope is that the spirit of making a social impact will extend far beyond the students of these programs. Over at Wharton, Nicholas Lumpp is a co-founder of the Somaly Mam Foundation. His organization raised $1,000,000 to help combat human trafficking. The organization supports three shelters in Southeast Asia, where there are around 60-70 girls at any given time. Rescued individuals go through a rehabilitation process, learn how to create their own businesses and get jobs. Some become activists and eventually try to help others.
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Can you relate? Do you want to build or work in a purpose driven workplace? We’d like to hear from you below.
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