What Do You Learn in Business School? Key Skills and Lessons

What is Business School?

Business school, a term often synonymous with MBA programs, is an educational institution focused on teaching students about the various aspects of business management. Unlike traditional education that may cover a broad range of topics, business schools, such as Harvard Business School specialize in subjects relevant to the business world. These include business administration, marketing, human resources, and financial analysis, among others.

In business schools, students not only learn academic theories but also develop practical skills crucial for their future careers. This combination of theoretical knowledge and practical application is designed to prepare students to enter the business industry with a comprehensive understanding of how modern businesses operate.

While many business schools offer MBA degrees, the scope of these programs can vary. Some focus on developing soft skills like communication and leadership, while others emphasize technical aspects such as operations management and market research. The objective is to create a well-rounded business professional capable of adapting to the dynamic business environment.

What Do You Learn in Business School?

In business school, students follow a curriculum that covers a broad spectrum of topics, essential for anyone eyeing a career in the business world. The learning experience in MBA programs is not just about acquiring a business degree; it's about developing a deep understanding of how businesses operate and succeed.

Core subjects in most MBA schools include:

• Business Management and Administration: This encompasses the basics of managing a business, from decision-making processes to developing efficient operational strategies. It's about understanding the nuts and bolts of how a business runs.
• Marketing and Market Research: Students learn how to identify future customers, create marketing strategies, and understand market dynamics. These skills are crucial in a world where understanding consumer behavior drives business success.
• Financial Analysis and Accounting: This involves learning to read and interpret financial statements, basic accounting principles, and more complex financial modeling techniques. These skills are critical for making informed financial decisions.
• Organizational Behavior: Here, the focus is on the human element in businesses. Topics like leadership, team dynamics, and human resources are crucial for managing high-performance teams and creating productive work environments.
• Project Management: This teaches students how to plan, execute, and manage projects effectively. It's about turning ideas into actionable plans and ensuring they're completed in an efficient manner.
• Ethics and Global Business Practices: With businesses operating in global markets, it’s important to balance ethics with practical business tactics. Understanding diverse cultures and global business practices is key in this interconnected world.
• Soft Skills Development: Business schools also emphasize the development of soft skills like communication, public speaking, and problem-solving. These skills are invaluable in any business setting.

While this is a brief overview, each business school has its unique approach to these subjects. The idea is to prepare students not just with academic theories but with practical skills and real-world applications that are directly relevant to their future careers.

10 Skills Taught in Business School

Business schools equip students with practical skills that are vital in the business world. Here are some key skills that business school graduates learn, skills that are invaluable for their future careers:

1. Strategic Decision-Making: Learning how to make informed decisions, often in complex scenarios, is a fundamental skill taught in business schools. It involves analyzing data, understanding market trends, and predicting outcomes.
2. Leadership and Team Management: Business schools focus on developing leadership skills, enabling students to lead high-performance teams and manage diverse groups effectively. This includes understanding group dynamics and motivating team members towards common goals.
3. Financial Analysis and Modeling: Students learn specific modeling techniques for financial analysis. This skill is crucial for interpreting financial statements and making sound financial decisions.
4. Marketing and Market Research: Understanding the intricacies of marketing, from market research to creating effective marketing strategies, is essential. This skill helps in identifying and understanding the needs of future customers.
5. Effective Communication: Communication skills are paramount in business. MBA programs emphasize the ability to communicate ideas clearly and persuasively, an essential skill for any business professional.
6. Problem-Solving and Critical Thinking: Business school teaches students to approach problems with a critical mind and develop solutions in an efficient manner. This is vital in a business environment where problem-solving is a daily necessity.
7. Adaptability and Innovation: The ability to adapt to new situations and think innovatively is heavily emphasized. This skill helps MBA graduates to stay relevant and competitive in a constantly evolving business landscape.
8. Ethical and Global Perspective: Understanding ethical considerations and having a global perspective are increasingly important in today’s interconnected business world. Business schools prepare students to balance ethics with business practices and understand global markets.
9. Project Management: Effective project management is another key skill. It involves planning, executing, and closing projects successfully while ensuring that resources are used efficiently.
10. Networking and Relationship Building: Business school provides a platform for students to build a wide network of contacts, a skill that is as important as academic learning for a successful career post-MBA.

What is Augment's Alternative MBA Program?

Augment offers an innovative alternative to traditional MBA programs. Their approach is unique in several ways:

1. Expert-Led Learning: The program is taught by renowned founders and CEOs of major companies like Wikipedia, Shazam, and Waze. This provides students with direct insights from industry leaders who have real-world experience and success​​​​.
2. Practical, Real-World Curriculum: Augment focuses on practical, real-world cases. The courses are designed in collaboration with some of the world's top entrepreneurs, CEOs, and executives, ensuring that the content is not only current but also highly relevant to today’s business challenges​​.
3. Fully Online and Self-Paced: The Augment MBA is completely online, offering flexibility for students to learn at their own pace. This makes it accessible to a wider range of students, including working professionals who might not be able to attend traditional, on-campus MBA programs​​.
4. Comprehensive Learning Materials: The program includes a mix of business leader videos, case studies, quizzes, written assignments, and downloadable handbooks. This diverse range of materials caters to different learning styles and ensures a comprehensive educational experience​​.
5. Affordability and Accessibility: Priced at $1,750, the Augment MBA program is significantly more affordable than traditional MBA programs. Additionally, it offers various financial aid options, making it accessible to a broader range of students. This price point is part of Augment's commitment to democratizing business education​​​​.
6. Community and Networking: Augment aims to create a community around its program, offering lifelong access to networks of peers and professionals. This community aspect is a key component, providing support and networking opportunities that extend beyond the duration of the program​​.

Downsides of the Traditional MBA

While traditional MBA programs have their benefits, they also come with several downsides that prospective students should consider:

1. High Cost: One of the most significant drawbacks of traditional MBA programs is their high cost. Tuition fees can be prohibitively expensive, often requiring students to take on substantial debt, which can impact their financial freedom in the years post-MBA.
2. Rigidity of Schedule: Traditional MBA programs usually have a fixed schedule and structure, which can be a challenge for those who need to balance their education with work or other commitments. This lack of flexibility can limit accessibility for many potential students.
3. Outdated Curriculum: The business world evolves rapidly, but the curriculum in many schools, including prestigious ones, can lag behind current trends and practices. This gap means that students may not always learn the most up-to-date business concepts or practices.
4. Theory vs. Practical Application: Traditional MBAs often focus heavily on academic theories and less on real-world application. While theories are important, the lack of practical training can leave graduates unprepared for the actual challenges they will face in the business world.
5. Limited Networking Beyond the Classroom: Although traditional MBA programs offer networking opportunities, these are often confined to the student body and alumni of that particular school. This limitation can restrict the diversity of professional networks that students can build.
6. One-Size-Fits-All Approach: Traditional MBA programs tend to follow a standardized curriculum that may not cater to the specific interests or career goals of all students. This generalized approach can be less effective for those seeking specialized knowledge or skills.
7. Physical Location Constraints: Traditional MBAs require physical attendance, which can be a barrier for international students or those who live far from the institutions. This constraint limits the program’s reach and diversity.

The Augment Advantage

Augment offers a fresh and innovative approach to the traditional MBA program. In this era where the business world is rapidly evolving, Augment’s online program stands out by offering a curriculum that is deeply rooted in real-world applications and current business trends. This approach ensures that what students learn is not only relevant but also immediately applicable to their future careers. The courses, designed and led by successful business professionals and founders of renowned companies, provide invaluable insights and practical knowledge that traditional MBA programs might not cover.

Moreover, Augment’s program is tailored for the modern business student. Recognizing the diverse needs and busy schedules of today’s learners, it offers the flexibility to study at one's own pace, making it a suitable option for those balancing education with work or other commitments. This flexibility, combined with the program’s affordability, breaks down traditional barriers to education, making it accessible to a broader audience. By focusing on practical skills, problem-solving, and innovative thinking, Augment prepares its students to not just enter the business world, but to thrive in it.