Northwestern’s Kellogg MBA Leads With Smart And Kind Response To Tech Layoffs
Recent widespread tech sector layoffs have unexpectedly flooded the labor market with high skill talent. While many companies in other industries desperately need IT experience, ongoing economic uncertainty and budget pressures undermine job prospects and constrict compensation packages.
In response, Northwestern’s Kellogg MBA program is boldly (and briefly) waiving its exam score requirement — for recently cut tech workers. That’s an extremely rare, expedited path to admission at an elite b-school.
Here are three reasons why qualified applicants should take the next six weeks to parlay pink slips into long-run career elevation and acceleration.
1. Technology, not technologists, will drive the future of the business.
Digital transformation, data analytics and automation adorn corporate agendas, yet most organizations lack the strategic clarity, governance and cross-functional expertise to successfully generate adequate returns on these costly initiatives.
In the coming decades, demand for such leadership will only grow. From boards to the front line, leaders who truly understand how technology entrenches competitive advantage and bolsters business performance will have the widest opportunity sets.
Graduate business education fills that leadership void by fortifying three distinguishing competencies — financial discipline, organizational influence and business curiosity.
From crafting credible business cases to allocating funding, much of “business technology management” is financial in nature. Strong MBA degree holders take numerous quantitative courses — especially in corporate finance and performance measurement. Managing budgets, variances and resources make or break grand technology projects. Pairing such acumen with IT skill is essential to strategic success.
Further, top MBA programs rely heavily on cross-functional teams to teach people how to collaborate to achieve common goals. As vendors, employees and customers present evergreen challenges for rising leaders, MBA studies refine professionalization and cultivate diplomacy needed for even the most difficult workplace dynamics.
Above all, MBAs often demonstrate a genuine, broad interest in business, not functional specialization alone. Such curiosity includes monitoring industry trends, tracking competitors and reading company reports. Formal academic training further sharpens decision skills, work caliber and abilities to heighten workplace engagement.
Northwestern Kellogg MBA Gies Plaza
2. Network, network, network.
Above the tools and techniques delivered by expert faculty (Nobel laureates in some cases), elite MBA program alumni point decades later to the irreplaceable lasting value of networking with ambitious, bright, industrious and well-connected classmates. There’s simply no substitute for the deep bonds forged in immersive and intensive MBA experiences and the lifelong reach of those connections across business.
According to the 2022 Graduate Management Admissions Council (GMAC) enrollment trends report, nearly 80% of surveyed respondents agreed that online programs lack the networking, educational value and career opportunities of in-person programs. While demand for online MBA programs naturally soared during the pandemic, one-third of schools are now facing sizable application drops.
That’s not too surprising, as many students discovered, with great disappointment, that hastily-assembled, asynchronous curricula reliant on lifeless video lectures and disengaged virtual classmates to be over-priced, time-draining, modern-day correspondence courses. That suffices for quick credentialing, not lasting education.
Alternatively, top programs like Kellogg rely heavily on applied learning. For example, Northwestern’s Analytical Consulting Lab, requires students to solve real client problems. Last year, one team tapped advanced analytics to help the Chicago Bears craft a smarter pricing strategy for stadium food and drink concessions. Another group helped a pharmaceutical firm unlock newfound growth with predictive modeling.
3. More bucks assured.
While the MBA degree’s appeal fell in recent years, that’s not so at the perennial premier programs. For instance, Northwestern reported that 99% of its 2022 MBA graduates received job offers — with a median base salary of $165,000, up nearly 20% from 2019. Pay packages included hefty signing bonuses, averaging $30,000, as consulting, tech and finance firms hired nearly 80% of this year’s graduating class.
For most Evanston students, that’s not only a quick payback of two years of tuition, but as time advances, graduates will also find opportunities to significantly “leapfrog” peers whose career progression logjammed by traditional, step-like corporate functional promotion protocols.
Clearly, leaders who can manage the dynamic interface of technology and strategy will shape a bright future for their employers, clients and themselves. Kellogg gets it.
Associate dean Greg Hanifee agrees and emphasized stringent standards, a short waiver window and educational commitment writing, “Kellogg has always been about leading with compassion and learning to channel analytical skills with personal skills in business. Our focus on the intersection of business and science uniquely positions future leaders to excel in careers across many sectors and companies. We hope this offer will allow some people to speed up their career transformation process.”
Trailblazer
Long at the forefront of business education and high atop the hyper-competitive MBA program rankings, Northwestern has set the bar again with its timely, creative and empathetic offer to attract top tech talent. Undoubtedly, those deservingly selected few will add as much to their peers’ learning as they will gain.
For those who do not land a highly coveted seat, it would be no surprise to see other top b-schools honor Kellogg’s precedent. It can’t hurt to ask.
Who’s seizing the moment?
