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The rise of the specialist: do you need a specialized masters for a specialized career?
Tap the term “specialized masters” into Google and you will get a number of results pointing you towards a panoply of masters offerings - predominantly from European universities and business schools. Michael Aldous - IE Business School International Communications Director - helps us understand what specialized masters really means and who it is aimed at.
Specialized Masters are a rapidly growing segment of the management education industry, and is reflective of a number of trends currently at play in the sector. Focusing on the supply side of the European market, universities are keen to tap into the potential upswing in the numbers of European students seeking international education experiences, expected to occur due to the standardization of education systems brought about by the Bologna process. On the demand side, corporations and candidates are seeking further opportunities for differentiation and skills in the graduate talent pool. So although the MBA remains a popular route for organizations and students, specialized masters are proliferating and providing new opportunities on both the supply and demand side.
Talent is becoming more competitive
Traditional career paths and development within corporations are undergoing numerous shifts. The well worn graduate entry route, followed by in-company development, possibly supplemented by a further degree such as the MBA, is being eroded. The proliferation of undergraduate degrees throughout Europe and the US has created much larger pools of graduate output, massively increasing the competitiveness for graduate entry level jobs and making it more difficult for organizations to select the best talent. Candidates are having to seek new ways of differentiating themselves, both on exiting university and at numerous points in their career. A masters degree with a business/management specialization can certainly help them to stand out from the crowd.
Changing industries, sectors and products = new demands
From the employer perspective there is the increasing demand for candidates to be better prepared and with more developed skill sets. Certain industries are placing much higher premiums on functional knowledge and excellence due to the increasing complexity of processes and products. Perhaps this has been most readily seen in the finance sector where the increasing complexity of financial instruments and products has created a rapidly increasing demand for graduates who have existing knowledge and experience with them.
Yet this move is certainly not confined to finance.The automotive industry is alsp developing its approach to specialist training. Ford Motors, for example, pays for 19 of its employees to participate in MIT’s System Design and Management program, which offers a combination of engineering and business courses. Of the 50 students or so enrolled in the program each year, about 80% are company-sponsored. Dennis Mahoney, director of MIT’s System Design Management program states, “Because of the complexity of the products being developed these days, there’s a real need for people who understand both the technical and business side of things.”
New and developing industries and sectors such as biotechnology, sports management, and digital communications, are growing rapidly and demand for well trained managers with industry specific knowledge is high. Ruben Henriques, academic director of the Masters in Biotechnology Management at IE Business School noted, “There is a consensus in the biotechnology sector, and among analysts worldwide, that one of the main issues in the development of the sector as a global industry, is the requirement for new talent management. The levels of complexity and uncertainty are always increasing, and this really calls for a crucial ability to manage interdisciplinary teams and people from diverse backgrounds, putting them all together into functional groups”.
What do the programs offer?
Specialist masters programs can provide infinite differences in content and structure, but there are some trends to watch out for. Just how specialized are these programs? Does the program focus solely on the area of specialization, or is it also designed to provide wider management skills as well? The Masters in Biotechnology Management consists of a general management program focusing on wider management functions and skills (strategy, finance, organizational behavior) tailored towards the area of specialization, and specialized courses (regulation, intellectual property, R&D) focused solely on the industry. Other programs are far more focused and niche, so think hard about the role and company you are seeking to enter. What type of skills and profiles are they looking for? The opportunity for interaction and experience with the industry in question has also become a key element of most top programs. Speaker series, corporate visits and presentations, internships and a whole host of networking opportunities are on offer to help build the experience and contacts to support advancement or transition. Gaining international experience is often one of the most sought after elements of these programs, either a full-time program away from your home market, or international projects and internships can add real value for recruiters operating in the global market.
In terms of delivery it’s useful to think of full-time programs as more suited to participants with limited work experience or who are seeking to switch careers. , allowing a more immersive experience and the opportunity to spend time out investigating career options and networking. Part-time and blended models are more focused on participants looking to up-skill whilst maintaining a position.
