The amount of information in the world is growing at an exponential rate. Because of big data, managers can quantify, and hence know more about their businesses, and directly translate that knowledge into improved decision making and performance.
It’s well known that evidence-based decision-making can help improve performance and efficiency across an organization—from product development to marketing, sales to operations, finance to HR. As a result, recruiters and hiring managers of companies of every size, from start-ups to multinational enterprises, are looking to fill leadership roles with individuals who possess the skill sets needed to capitalize on this opportunity.
There’s a growing need for managers of businesses in STEM (Science, Technology, Engineering, and Mathematics) fields, spanning categories such as software development, analytics and data science, engineering, and life and physical science.
With the rise of STEM jobs comes a growing need for managers to lead teams working in these fields. Engineers, for instance, need managers who not only are effective leaders and have a strong business foundation, but who also can speak the same language as the workers they are managing.
Leaders with the right quantitative and managerial skills are needed to leverage data and analytics to their full potential. While degrees with STEM designation indicate that a graduate has this desired skill set, Master of Business Administration (MBA) programs, designated as STEM were, until recently, either specialty degrees or available only to students concentrating on a specific area, such as supply chain management.
US MBA programs with an option for STEM designation regardless of a student’s specialization has now become more popular and accessible. Students can choose any among these specializations—banking, asset management, venture capital & private equity, corporate finance, brand management, product management, strategy, pricing, technology, and operations—and still graduate with a STEM-designated MBA.
STEM MBA programs also provide students with rigorous training in areas such as data analytics, business modeling, information systems for management, and managerial economics—concepts that are critical for managers to understand in today’s data-driven business landscape.