10 Lessons from an MBA

This essay provides ten key lessons I learned from doing my MBA program at SUNY Polytechnic Institute. These lessons span various areas such as finance, personnel management, strategic planning, technology management, marketing, and more personal general lessons from my time pursuing this degree.

Many articles like this have been published over the years. This one intends to capture my perspective.

Photo by Tim Mossholder on Unsplash

Lesson 1 — Financial Analysis and Management

Most MBA programs teach students how to analyze financial statements and create a financial plan for a business, which has undoubtedly been the case for mine. Coming from a technology background (Electrical Engineering degree with a career in IT), I was always comfortable around numbers, but critical knowledge about accounting, financial planning, and financial analysis was missing. I learned how to manage cash flow, evaluate investment opportunities, and make financial decisions to increase profits. These lessons have been critical as I take the following steps in my career and expand my horizon beyond IT and technology. Many courses focused on financial management and accounting, including Quantitative Business Analysis, Accounting for Managers, Financial Management Problems, and Financial Reporting/Analysis. Topics like the basic understanding of the three statements: Income Statement, Cashflow Statement, and Balance Sheet, really helped me understand the concepts at their core, but also gain a better understanding of their uses to communicate financial information internally and externally, to other senior managers, to directors on a Board or the general public.

Lesson 2 — Strategic Planning and Execution

Strategic Planning and Execution were significant and essential components of the program. Our program taught students how to develop and execute a strategic plan effectively. We also learned how to identify a business's strengths, weaknesses, opportunities, and threats and create a roadmap for success through classes like Project Management and Strategic Planning. This lesson is essential for anyone who wants to lead a business or organization toward long-term success and an essential lesson for me since I felt it immediately applicable to my current role.

A lot of the strategy work was done through the case analysis process. This skill is essential to review critical strategic decisions made in the past by existing companies or leads. The case description provides the context at the time. Students use the content of the case and material available elsewhere to review and analyze the situation presented in the case, develop a few possible alternatives, and formulate a recommendation, complete with implementation recommendations.

Lesson 3 — Computational Methods in Health Informatics

This one class deserves a lesson on its own. It was a fantastic experience and one I will remember for years to come. Several reasons come to mind. My current role is technology leadership in an independent research institute (The New York Genome Center) focused on genomics. So health informatics felt very relevant. I have been working in IT for many years, so I understand technology, but my experience in research, biology, and health informatics is much more limited. This course connected me directly with my work which is a fantastic feeling. The course content was practical and required weekly code writing to perform data analysis. Much of the coding was rooted in modem data analysis methods, from high-level statistics to more involved machine learning with neural networks. Although now in a leadership role, I enjoy remaining hands-on and learning new things. Writing code to do data analysis was challenging yet rewarding. I was so satisfied with the final project that I published it on Medium (Gagnon, 2021). I intend to continue my learning experience with machine learning approaches and techniques. It is more relevant than ever now that these concepts are mainstream.

As a side anecdote, the course was new to the curriculum, I took it in the summer, and everyone who registered got worried about the hands-on coding requirement and dropped off. I was in this class by myself, and it was a truly unique experience.

Lesson 4 — Reconciliation with HR

A few of my classes, like Human Resource Management and Leading Organizational Change and Innovation, touched on human resources topics, which was eye-opening. Having never studied human resources, my impression of the topic was neutral. I was never excited about the paperwork, but it all seemed like something most environments needed. Learning the intricacies of the field helped me better understand how important human resources management is to the growth and success of an organization.

Learning how to negotiate effectively and resolve conflicts in the workplace, learning how to communicate effectively, and getting an understanding of different perspectives helped me view the field differently, in general, and within my career. I came off the classes with ideas on personnel management issues to explore in my role. I applied some of these concepts directly to the leadership of my team.

Lesson 5 — Marketing and Brand Management

Like human resources, marketing or product and brand management is not an academic or professional area I had experience with. An MBA program should teach students how to develop and implement effective marketing strategies to promote a brand or product, and my program did. A few courses like Marketing Management and Project Management covered these topics specifically. We learned to identify target audiences, conduct market research, and create a brand image. This was all new to me and quite enlightening.

Often paired with change management and various aspects of financial management, it gave me a better understanding of the consumer world around me, how decisions around specific products are made, how marketing strategizes to put products out there, and how some decisions impact cost and revenue.

Although I work for a non-profit organization, one of our key operations is fee for service. All the marketing, cost management, and product design decision rules apply.

Lesson 6 — Data Analytics and Decision Making

My MBA program taught students how to use data analytics to make informed business decisions. We learned how to collect and analyze data, identify trends, and make data-driven decisions. Some of this happened in my Computational Methods in Health Informatics class (see Lesson 3), but the highlight was in the Investment Strategy course.

For context, prior to working in Genomics research, I worked in IT for almost 20 years in hedge funds, a world where investment strategy is the business model. This course was hands-on and practical and required heavy use of Python and spreadsheets, but it explained concepts I had seen for years in the finance industry but never so clearly understood. Digging deeper into options pricing, monte carlo simulations, black-scholes models, asset allocations, and so many more was fascinating.

In general, I am passionate about data science and statistics. I love playing with numbers, computing and analyzing to extract a story, and presenting all this in an easy and consumable way for everyone involved. This general concept came up time and time again in so many different classes. It was an enjoyable experience for me.

Lesson 7 — Operations Management

My core skill is managing technology. Every adequate technology leader should acquire key skills in operations management. Operations management is the process of designing, planning, and controlling the operations and processes involved in producing goods and services. Although it’s often considered tightly related to the “production of goods,” it reaches far beyond this, and it ensures that things are efficient and effective, and deliver value to customers. In the case of IT, customers are often internal to the business, but they are customers none of the less.

The process involves designing processes that are efficient, effective, and meet the needs of customers. This involves designing workflows, determining resource requirements, and identifying potential bottlenecks or areas of waste. It also includes creating plans for how the entity will deliver its services. For my job, these skills became important in the delivery of IT services while focusing on external metrics like user satisfaction or cybersecurity compliance. Many of the supply chain aspects of the operations management theme are also applicable to the management of IT vendors, providers of hardware, and software solutions often managed by IT departments. Learning how to optimize processes, reduce costs, and improve efficiency directly impacted the day-to-day of my current job.

Lesson 8 — Entrepreneurship and Innovation

Entrepreneurship and innovation are increasingly important in MBA programs as businesses are facing greater pressure to innovate and stay competitive in today’s fast-paced and ever-changing business environment. The SUNY Polytechnic program aims to equip students with the skills and knowledge necessary to become successful entrepreneurs and innovators.

Creating new businesses: MBA students often aspire to become entrepreneurs and start their own businesses. Entrepreneurship education in MBA programs can help students develop the skills and knowledge they need to launch and grow a successful business. It teaches students how to identify business opportunities, develop new products or services, and create innovative solutions. We learned how to take calculated risks and manage uncertainty. This lesson is vital for anyone who wants to start a new business or drive innovation in an existing organization. It was important to me because of my current employment. I work in a technology leadership role in an independent research institute focused on genomics. For anyone involved in scientific research, innovation is very important, and concepts of entrepreneurship definitely apply. Although the goal may not always be financial gains through the sale and marketing of new products or services, innovation is at the center of what the New York Genome Center does. The Center must innovate to remain competitive, and internal teams like IT must innovate to better align with science.

Lesson 9 — Teamwork

Teamwork not only makes the dream work, but it plays a critical role in an MBA program. MBA programs are designed to prepare students for leadership roles in organizations, and effective teamwork is a key component of successful leadership. In my MBA at SUNY Polytechnic, students worked in teams on various projects, case studies, and simulations. These team-based activities helped students develop several essential skills that are critical for success in the business world. It emphasizes the importance of collaboration and teaches students how to work effectively with others. Through teamwork, students learn how to communicate effectively, share ideas, and work towards a common goal. Teamwork also encourages students to take on leadership roles within their teams. This helps students develop their leadership skills and learn how to motivate and inspire others. Teamwork provides students with an opportunity to practice their problem-solving skills. They learn how to identify problems, brainstorm solutions, and implement effective strategies.

I also see two key aspects of teamwork. In some cases, teams are mandated, and it forces students to quickly assess the team composition and find everyone’s strengths and weaknesses in a way that allows getting the most out of the team. In other cases, students have to organize in teams themselves. In these scenarios, it’s important to recognize the skills needed for success on the project and quickly assess classmates’ capabilities so an effective team can be assembled.

Overall, teamwork helps students learn how to manage conflict, build trust, and develop a strong work ethic. All of these skills are critical for success in the business world. By working in teams, students are better prepared for the collaborative and dynamic nature of modern organizations.

Lesson 10 — It’s a marathon

Life is a marathon, not a sprint. This lesson was learned and used over and over again throughout the entire program. With children at home, a full-time job, and many other responsibilities, I did not have the time to dedicate to 4 or 5 classes a semester. I had to limit myself to 1 or 2 classes. Everyone imagines the MBA process as a two-year process, but I was facing the daunting task of committing to this for the next 4–5 years. I tried to leave my concerns and fears aside and started. I spent the first half of 2019 preparing and applying. Having graduated from a french speaking program back in 1995, plenty needed to be done to find my transcript and diploma, get them translated and submit them for review. Once accepted, I registered for my first class. Although it felt overwhelming, I stayed with it, registering for one or two classes each semester I could, summers included. Here I am, in 2023, a full four years (11 semesters) after the process started, and finally facing graduation. I applied the same approach to individual classes, working in small chunks, trying to read or write daily to keep the progress moving and avoid the end-of-term panic crunch so many students face. Overall, the approach has worked well, and I can confirm most things in life are marathons, not sprints, and good things are worth waiting for.

Conclusion — It’s never too late (or always be learning)

As mentioned, I started this MBA process at the age of 47 and am now graduating at 51. My career could have continued successfully without the addition of a degree. Unlike my younger classmates, who may have been targeting particular advancement opportunities, the mission is somewhat accomplished in my case. I was primarily looking to learn. Learn about business, learn about management, learn about data analytics, and learn about the previous nine lessons listed above. I have continuously operated with an “always be learning” approach. I find life much more fulfilling when learning and teaching are involved. It seems to be a foundation of life often forgotten. New jobs and new friends are all opportunities to question and learn. Books contain a wealth of information. I have also relied on self-study courses from Coursera, Udemy, and other sources to learn about various topics. The MBA fits nicely into this approach, and I don’t intend for the learning to stop here. If I had one piece of advice to give, it certainly would include the importance of learning.

Many more topics could have been covered, and I had to choose the 10 I felt had the most impact. But I would be upset not to at least mention:

• Case Analysis: Case analysis was used as a tool in many courses. As I made progress through the program, my case review skills increased. I plan to keep this analytical mind sharp by keeping the process going while consuming information from various media sources.
• Literature Review: Several courses covered literature review as a tool. The literature is a necessary process and often the stepping stone to kick off a research question. Reviewing and analyzing what has already been published about our question allows us to expose gaps or missing information or to identify trends and patterns in current research. The first literature review is often laborious, but as with case analysis, the skill increases as it gets used.
• Governance: Several classes covered the role of the Board of Directors and appropriate corporate governance. Learning more about these key aspects of the business helped me interact with the Directors on the Board of my current organization. It helped me better understand the role of the different committees of the Board (Audit Committee and Executive Committee). It will also be helpful if and when I sit on an advisory board or board of directors for another entity.

Overall, the four years spent learning was a fantastic experience, and the answer to the very common question: “Would you do it all again” is a resounding YES! After all, “What you have learned is as valuable as what you have earned.” (Turnbull, 2012)

References

Gagnon, C. (2021, August 21). Predicting Diabetes Readmissions with machine learning. New York Genome Center. https://medium.com/new-york-genome-center/predicting-diabetes-readmissions-with-machine-learning-ba372d01d232

Turnbull, S. (2012). The wealth of your life: A step-by-step guide for creating your ethical will (S. B. Turnbull, Ed.). Benedict Press.