Media MBA - the call of the modern times

Added: 12/15/2005

For many years the media industry was not taken seriously by the financial and business world. Nowadays, with the rise of global conglomerates, the media industry has become an important mover of economy and it is an industry to be reckoned with. Hence, the growing interest is in pursuing an MBA among media professionals, both on creative and business sides.

Why are more and more media professionals finding it necessary to earn an MBA? The Media world is changing. The technology has spread a disorder in the media industry, forcing firms to reconsider their business strategies. The technology comes out quickly requiring people, who are able to fit and think on their feet and are able to pursue new opportunities in order to thrive and compete efficiently. That is the reason why media people find an MBA essential, feeling a growing need for a better understanding of a market research, audiences, how to manage a change and of the cash position of a company.

In addition to the growing need for an MBA among media workers, one interesting fact should be mentioned and it also contributes to the launching of the media MBA programme. Europe's media magnates have often achieved the industry's heights without earning their MBA in business administration. Check for instance the executive offices of German media giant Bertelsmann. The CEO, Gunter Thielen, is an engineer. The Chief Creative Officer, Rolf Schmidt-Holtz, studied psychology and law. Ewald Walgenbach, a management board member, is a chemist.

There is no wonder shareholders think the media business needs more MBAs. With that end in view, the nonprofit Bertelsmann Foundation, which possesses most of the Bertelsmann's shares, has given two and a half million dollars to help create a new media MBA program at the University of St. Gallen, one of Europe's most traditional business schools in the ancient Swiss city of the same name. Started in 2001, the Executive MBA in Media and Communication is one of the youngest post-graduate programs, offered by the University of St. Gallen. The aim of the Bertelsmann's gift is to create successful business leaders for the global communication, to bring some management knowledge into an industry that in Europe is often run by ex-journalists or people of other professions.

St. Gallen's MBA in media management is the world's first and the only full-time English language MBA program that combines a general management theory with a practical media specialization.

The participants of the program are young professionals from a number of business backgrounds. In 2002, almost forty percent of MBA students were female, coming from nine different nations and the average age was thirty three years. All of them could boast of a comprehensive professional work experience.

The graduates of St. Gallen's media MBA program are employed by the media and telecommunication industries. The choice employers include Deutsche Telekom, Accenture, Bertelsmann and Swiss Re.

The industry gives high estimates to the program; thus, quite a big number of the media MBA graduates are financed either by their current employer or get compensated by their new employer after they earn an MBA.

The modern world of communications dictates its own will. People, engaged in the creative work, are forced to play managing and executive roles, which is impossible without some management background and experience. Either they may get it on their own in a way or they may go to a business school and get it where it is taught systematically; the latter being more effective anyway.

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