Executives are using the breathing space of the global downturn to update their skills, writes Melinda Ham.
AS THE global economic crisis gathered momentum, Simon Whiteley resolved to improve his credentials. The financial planner at Equity Trustees Superannuation enrolled in a Masters of Applied Finance at Kaplan Professional, a private college.
"There have already been a lot of redundancies in financial planning this year and I thought that if I demonstrate that I'm continually improving myself by studying, then it's testament to my commitment," he says.
Whiteley says having more qualifications - on top of his diplomas of financial markets and financial planning and graduate diploma of applied finance - is also an attraction for his clients.
"Clients are more nervous in this environment and, as well as choosing a reputable company, they often want reassurance that you are personally qualified so they can trust you with investing their wealth," he says.
Although it's still too early to substantiate predictions with enrolment figures, course co-ordinators across some major postgraduate programs say Whiteley's views are common among many in the finance industry. They say the current global financial climate will benefit business and management education providers in Australia.
The director of academic programs at the Macquarie Graduate School of Management (MGSM), associate professor Guy Ford, says previous economic downturns, such as the Asian crisis in the late 1990s, led to a significant rise in student numbers.
"Business education is a funny business, because it runs counter to the economy," Ford says. "In the good times … individual executives and corporations have less time to think strategically and plan for the future."
It's only when things sour that more of these executives start to become reflective, he says. "A downturn is often a spur to people who always wanted to do an MBA … now they have breathing space."
Dr Lee Styger, course co-ordinator of the University of Wollongong's new Executive MBA, which is enrolling now for its 2009 kick-off, is seeing substantial interest from a range of potential candidates.
"In a time of economic downturn, people are very keen to get more education to move themselves one, two or three places up the food chain," he says. "On the other hand, for those people who are retrenched, taking 18 months out to do a masters before setting up the business of their dreams may also be … investing in their core asset - themselves."
He warns that although many small businesses have a great product idea or service, they don't have the skills to execute it, market it and manage the people in their company - all reasons to take an MBA or EMBA.
Styger also has had interest from Australians returning from working overseas who want to take an EMBA to reacquaint themselves with the Australian marketplace.
At Macquarie University's Centre for Applied Finance, Professor Phil Dolan says the number of people signing up for the Master of Applied Finance is also strong as many students attempt to reposition their careers to fill growing corporate and personal financial advisory positions.
"In this very turbulent time, there are increased opportunities for roles in companies such as risk managers," Dolan says. "And also as governments will inevitably tighten financial regulations, they'll need regulators to write those rules and apply them."
There will also be more demand for private wealth managers and financial planners as corporations and individuals reassess their investments, he says.
An MBA qualification can provide that springboard into a new career. A few months before she graduated from her MGSM MBA last year, Jackie Choi was head-hunted for a senior role as HR Manager at Medtronic Australia, a global medical technology company. Continued…
