MBAs: More than a bit of paper
No longer a passport to promotion, the MBA degree can nevertheless enrich a lawyer's professional life and help add value to the service they provide the client. ALB reports
By now, a vast majority of practising lawyers are well aware that studying for an MBA will not, in itself, shift their legal career into the fast lane. That might once have been the case and demand for the degree has led to the proliferation of courses which exist today across a wide range of universities and institutions worldwide.
The MBA is now the degree of choice for the business professional, and in some sectors is virtually expected of those beyond a certain level of seniority. But that is not to say that studying for an MBA cannot also enhance significantly a lawyers professional abilities, whatever their level of seniority.
Colin Ng, Managing Partner of Singapore-based Colin Ng & Partners, is in his last month of MBA study and explains that his reasons for doing the degree draw on the broad benefits that it offers. "Im doing it, firstly, for my own personal knowledge; secondly, to demonstrate to the firm the need for everyone to continue to learn," Ng says. In fact, as a managing partner who has been in practice for more than 25 years, Ng is not in need of the type of career boost that less-experienced lawyers might be looking for, and is thus well placed to appreciate the way in which the MBA can contribute to development of a more-rounded legal professional.
Nevertheless, Ng, an M&A practitioner and part-time student at Singapores Nanyang Technological University, adds that there are plenty of technical benefits to be had from his course: "The finance and accounting courses were particularly enlightening," he says. "They have helped me to understand better and in a more complete sense the technical aspects of the deals we work on. The MBA training has helped me to see more of the accounting and finance aspects of the deals and to enjoy these more.
"I also benefited from the marketing and human resource courses," he adds. "The formal training helped to create a greater awareness of the need for more and better training of the lawyers that I was managing. In that respect, I am perhaps not your typical student. In fact, they were all much younger than me but they were definitely faster and smarter. However, I could usually claim to have made the most mistakes during my life time.
"The technical and non-technical aspects of the course that I attended helped," Ng concludes. "It has a humbling effect and perhaps that makes you more human. You appreciate youth and the energy - and the good eyesight that comes with it."
Academic perspective
Associate Professor Ooi Lee Lee, Director of Nanyangs MBA program, agrees that the benefits of the degree stretch beyond those immediately associated with direct career progression. "There is really no fixed, prescriptive value of an MBA," she says. "The value of an MBA differs from person to person, depending largely on one's career aspirations. To some, an MBA is a means to career progression. For others - especially professionals in law, medicine, engineering, life sciences and technology - it opens doors for them to acquire business knowledge and management skills, understand the financial nuances and build business connections."
With the advent of globalisation in this technological age, modern managers are expected to update and upgrade themselves with the latest tools and business knowledge and skills that enable them to manage across cultures and borders, Ooi says. "Our students - we call them participants - are constantly challenged to analyse, innovate and think creatively. They emerge with a broadened outlook and are all ready for today's highly integrated and global business environment."
She adds, however, that the return on investment in an MBA cannot be measured in monetary terms alone. "The benefits are often intrinsic, in terms of changes to a graduate's mindset and skill sets, and expansion of one's social and business networks," Ooi says. "Our MBA graduates see their career progression grow exponentially, having sharpened their skills in doing business and managing people across cultures and become more strategic in thinking. These generate greater personal and career fulfilment for themselves and benefit their employers."
And theres no denying that an MBA does contribute to career progression, she adds, noting that graduates of the school chalk up an average salary increase of 110% three years after graduation.
Managing partners perspective
As managing partner of a law firm, Ng is able to see the MBA both from the perspective of a student and of a senior lawyer and leader with views on what makes an effective legal professional. He believes lawyers with an MBA are more valued by senior partners and that the perspective they carry with them having completed an MBA program is useful. "Education is always good," he says, noting also that Colin Ng & Partners runs a continuing education support program for its lawyers and staff.
Ng, however, downplays the role having an MBA might play in promotion, salary increase or other career-related decisions. "I dont think it has a direct bearing on an individuals career progression," he says. "The paper qualification is useful up to a point. At the practitioners level it is all about performance and contribution. So you need to translate what you have learnt into something valuable for the client and/or the firm."
He adds that he does not detect a consistent view of MBA study among his colleagues: "It depends on the individuals aspirations and their willingness to sacrifice some time to achieve certain things," Ng says. "For some people, they may feel that the MBA is a good thing to have, but not a necessity. The people who are planning to do one are definitely in the minority."
Choosing a course
For those Asian lawyers considering enrolling in an MBA course, Ooi has some clear ground rules: "With the deluge of MBA programs in the market, a prospective student may want to be mindful in selecting a program," Ooi says. "Key considerations include curriculum - rigour, relevance, flexibility and diversity - faculty, teaching pedagogy and career service support. Choose a program that offers a cutting edge, industry-focused curricula that matches your career aspiration. A faculty that consists of both local and international experts who use a case-based approach would be able to provide broader perspectives and equip one with business analytical skills. For someone doing business in Asia, choose a program that gives you that Asia outlook; look to the West if that is where you wish to venture to."
While choosing an MBA course may represent something of a challenge, balancing study commitments with work and personal commitments once the course commences is a much more significant challenge. "It is not easy," says Ng. "You need understanding employers - in my case, partners - and an understanding and supportive spouse. Sometimes, my wife had to help me type some of my assignments. There is a danger that you will lose your friends, at least for a short while, as you may no longer have as much time to socialise as before. But the consolation is that you do get to make new ones."
Global perspective
The impact of globalisation has had its effect on MBA study just as it has on virtually every aspect of commercial activity. "We see an increasing diversity in our MBA program," says Ooi. "Over 80% of our full-time cohort are international students, coming from over 20 countries, like Argentina, Canada, China, Finland, France, Germany, India, Indonesia, Japan, Korea, Luxembourg, Malaysia, Morocco, Netherlands, Norway, Philippines, Switzerland, Taiwan, United States and Vietnam.
"More than 40% of them are from science and technology/engineering backgrounds, with a third who graduated from business. One-quarter are from arts and social sciences that include law, who see the urgency to acquire business knowledge and build strategic links. Lawyers find our MBA training relevant. Apart from building business connections, developing cultural sensitivity, they gain a good understanding of financial knowledge and become more strategic in closing deals."
With students now shopping around worldwide - as evidenced by the make-up of the Nanyang program - there is increasing pressure on MBA course providers to beat back the competition. "We are constantly revising and updating our curriculum, making it current in the ever-changing business world," Ooi says. "We also benchmark our curricula with top business schools worldwide. Our teaching methodology is case-based and interactive." The aim of the program, she adds, is to allow graduates to go out armed with a new skill set as well as being "more nimble, adaptable and ready to take up challenges posed by the global economy".
Corporate governance is one area that Ooi says she expects to see increasingly on the curricula of MBA courses, both in the Asian region and worldwide.
"With the intense competition in the global economy and corporate scandals like Enron and WorldCom ... business ethics and corporate governance are important topics to be emphasised and taught in the MBA classes, for training socially responsible managers."
At bottom, any training undertaken by lawyers will usually have to translate into some benefit for the client if it is to represent a return on investment for the firm. For Ng, the MBA can offer this through the provision of both technical and broader professional skills that make for a more rounded lawyer. "Better lawyers make happier clients," he says. "Would you want a legally trained lawyer or a well-trained lawyer? Clients will want their lawyers in an M&A deal to do more than just read and draft legal documents. They will want them to be able to understand the financial implications as well."
ASIA PACIFFICS TOP MBAs in 2006The Economist magazines Intelligence Unit, a business analysis organisation, ranks full-time MBA courses worldwide, looking at areas including new career opportunities, personal development, increased salary, and networking potential.
The following comprise the Asia Pacific institutions that appeared (in the order below) within the Top 100 worldwide listing in 2006.
- Hong Kong University of Science and Technology (School of Business and Management)
- University of Hong Kong (Faculty of Business & Economics)
Monash University, Australia
- Nanyang Technological University, Singapore (Nanyang Business School)
- Macquarie Graduate School of Management, Australia
- University of Melbourne, Australia (Melbourne Business School)
International University of Japan, Tokyo (Graduate School of International Management)
- Curtin University Graduate School of Business, Australia
- University of Otago, New Zealand (School of Business)
- Indian Institute of Management, Ahmedabad
- National University of Singapore (NUS Business School)
Source: Economist Intelligence Unit,
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