Business Challenges Facing Today's MBA Grads
Graduates with business degrees are joining companies that face challenges in maintaining strong growth and a competitive edge in an increasingly dynamic business environment. What kinds of challenges can MBA graduates expect to face?
New York Times reporter William J. Holstein spoke with Micheal Patsalos-Fox, chairman of the Americas division of McKinsey & Company, a management consulting firm. The interview focused on new challenges CEOs of global companies face. But those challenges aren't only the concern of CEOs, they are also of interest to MBA graduates, many of whom will be involved in developing and executing strategies to keep their companies competitive and relevant in the 21st century.
What is bothering high level managers most, however, is achieving consistent growth. Patsalos-Fox noted that a company with $50 billion or more in revenue would have to develop a new Fortune 200 company each year in order to meet Wall Street expectations. To say that such growth presents a lot of pressure would be a gross understatement.
Facing "Extreme" Competition
Patsalos-Fox explained to Holstein the concept of "extreme" competition, saying that it's increasingly difficult for a company to sustain a high profit margin for very long. There's just too much competition. And it's not just coming from China, but large companies in the developed world that are expanding their areas of business.
Learning to Adapt
Patsalos-Fox noted that some industries are faring better than others in the current competitive business climate. Information technology companies and biotech firms particularly are doing well, he said, because of their ability to adapt to changing circumstances. More traditional companies that aren't used to constant change are having a more difficult time, said Patsalos-Fox.
MBA Degree Programs: Preparing Future Business Leaders
If challenges such as these facing the business world appeal to you, consider getting the training required to lead the way on business management strategies. MBA degree programs offer advanced training in financial management, business strategy and entrepreneurship, as well as a variety of other areas connected to business management.
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