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Tag: student

  • Dr. Boyce Money: Do Entrepreneurs Need an MBA? Probably Not

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    I am going to say some things that will take money out of the pockets of people like myself. But darn it, it has to come out. I have taught MBA and undergraduate business students for the last 16 years, at many major universities. I believe strongly in the value of black entrepreneurship and I believe in the power of compassionate capitalism. The problem, however, is that there are times when I wonder about the power of an MBA. Fenorris Pearson, a successful black entrepreneur, has shared the same concerns, and I can’t say I disagree with him completely.

    Here’s the deal. An MBA can be a powerful tool to learn how to manipulate your way through the complexities of corporate America. Most programs teach you how to analyze charts, create spreadsheets and do all the little things that your boss is going to ask you to do. The problem, however, is that the vast majority of professors teaching MBA courses at major institutions have never actually done the work they are teaching you to do.

    An MBA student at an Ivy League institution recently told me that when he asked his professors how to actually implement the strategies that they were teaching on the chalk board, the responses from professors were always disappointing. The student aspires to be an entrepreneur, where being able to do something matters far more than your educational background. In fact, entrepreneurship is the ultimate test of your business skill: If you can’t do the job, your academic credentials aren’t going to help you win customers. Someone buying your product doesn’t care if you have a Harvard MBA; they only care if you are giving them good service for a fair price.

    The reason that university professors in many business schools across America have become ineffective at transmitting necessary tools to their students is that campuses have turned toward a commitment to research over practical skill building. Publishing complex research papers in journals that almost no one reads becomes the Ivory Tower’s elitist way of proving that they are better than you and that they don’t actually have to care if you aren’t getting what you need to be successful. The MBA becomes a bought and sold commodity, where any student who can cough up the cash is almost certain to walk out of the institution with a piece of paper in his/her hand. While this doesn’t define all MBA programs, it’s hard to find anyone who would not argue that there is not some degree of grade inflation.

    The professor you ask to help you find a job sometimes can’t do a thing because he has few contacts in industries in which he has no experience. The faculty member who is asked if he has seen his models used in practice can only show you his publication in the Journal of Finance. University faculty have become as weak and complacent as special interests in the health care system when it comes to remaining committed to an ineffective educational process that takes care of the few individuals in power. It won’t be until more practical models of education become preferred by society that university faculty will finally get the point. What is saddest is that many black scholars in business have also bought into the elitist “look, but don’t touch the public” model of scholarship, leading many of our greatest minds to rot away their potential. I am not being critical of their achievements; rather, I am encouraging them to not be afraid to leave the intellectual plantation.

    When it comes to the MBA, the bottom line is this: MBAs can be good for alumni networking and they are good for certification that allows you to obtain a position with a company. They may not, however, be very good at actually showing you how to start and run a successful company. You might get a better education on Google.com.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Banks Offer College Saving Deals: Are These The Best Financing Plans?

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    Banks and credit unions are developing new methods of helping families finance college educations. In this economy, families have seen certain accounts set aside for financing education, such as those funded by stock portfolios, steeply decline in value. On top of that, tuition costs at top schools have increased by 62% over the past ten years, cutting sharply into education savings. To help families cope with these trends, “a growing number of financial institutions are rolling out incentives to help families save or pay for higher education,” according to USA Today.

    Two examples of these college saving offerings include:

    Citizens Bank is giving a $1,000 bonus to consumers who open a college savings account by a child’s sixth birthday. Justice Federal Credit Union – which serves Department of Justice and Homeland Security employees – is offering a discount on a loan to pay for college costs. And Grow Financial Federal Credit Union in Tampa is donating money to student scholarships based on a local university football team’s “return yards,” which is how far players run with the ball after receiving a punt or kick. (USA Today)

    A new college saving deal offered by your bank may be the right thing for your family. Yet, financial experts urge consumers to carefully evaluate any college saving incentive. The motive for lending institutions to create these deals is to build better relationships with a future generation of customers. The student of today will need loans for grown-up purchases like houses once a college education is fully financed. Thus a bank’s offering may not necessarily be in your best interest. You will still want to shop around for college savings plans that net you and your student the best deal.

    What are some additional ways of saving for and paying for college during tough economic times? State 529 plans are one important tool in a parent’s arsenal for paying for college, and should be explored fully. Please see SmartMoney.com for more great college saving advice.

     

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  • Dr. Boyce and Keith Murphy Discuss Economic Empowerment

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    In this interview below with the great radio legend Keith Murphy, we discuss the power of high expectations, education and economic empowerment when it comes to dictating your own destiny.

    Keith Murphy is the host of “The Urban Journal” on Sirius/XM Satellite. He is a good brother and one of the few people who supported me when nobody knew who in the heck I was. I will always respect him for that.

    I told Keith that much of the empowerment process in the African American community comes down to education and economics. If we really push our kids to be their best educationally, that will open a million doors for achievement. It’s not difficult to be a good student: you only have to treat it like a part-time job. If a kid can work 8 hours a day in McDonald’s, that same person can sit and study for 4 hours a day. Any college student who studies 4 hours per day, every day, is going to earn As and Bs in most of his/her classes. It’s really that simple. In fact, most universities give you a “B” in the class just for doing what you’re supposed to do. College is not nearly as difficult as some would like for you to believe.

    When it comes to economics, it’s all about a couple of things: learning to save and invest and understanding the foundations of entrepreneurship. My belief, for example, is that every ex-convict who can’t find a job should study entrepreneurship so they can find ways to make money without earning dump wages from someone who doesn’t respect them. If the world rejects you, you have to find a way to still get what you want. It’s possible if you believe.

    The interview is below if you’d like to listen. Enjoy!

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a leading African American speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Ex-Foster Child Now $1 Million Scholar

    A former foster child overcomes his poverty-stricken past to win more than $1 million in scholarships. In high school Derrius Quarles achieved stellar grades while living on his own. Now a student at Morehouse College, he is still setting his sights high: “I want to show people that I can be all those things people said I could never be.”

  • Derrion’s Mother Speaks

    Posted by: Wavey Willie

    Shortly after a fight near Fenger High School, Albert said her son’s principal called her at her home in Mount Vernon and told her to come immediately.

    “They said he was trying to help another student and kind of got mixed in with the crowd of the fight and he was hit,” Albert said.

    Albert said she moved here briefly last year to take care of her mother. She brought along Derrion and her 11-year-old daughter.

    CLICK SEE ORIGINAL STORY FOR MORE

  • Howard University Student Controversy Over Financial Aid Problems

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    Howard University has a problem. Apparently, the school’s students have taken lessons on freedom of speech to heart and actually believe they have a voice in running the campus. That problem is magnified by the fact that they are finally speaking up on issues of mismanagement and incompetence that plague many universities around the nation, particularly Historically Black Colleges and Universities.

    We all know that HBCUs can be amazing places to get an education. But we also know that many HBCUs are as slow as molasses when it comes to adopting the necessary administrative adjustments to keep up with the demands of college students. We also know that many HBCUs are not even hiring very many black professors, particularly in business and the sciences (Howard University is one of them). Not having the funds to engage in sound administrative policy is almost understandable. But ignoring calls for appropriate change because it undermines your quest to maintain power….well, that just makes you a black version of the Bush Administration.

    Diddy has come out and supported the students at Howard, and I support them too. The students at Howard University and other campuses around the country must understand very clearly that POWER ONLY RESPECTS POWER. If you are not focused in your vision and committed to fighting for what is right, the world is going to continue to abuse, mislead , exploit and oppress you. People will always enjoy walking over you if you remain committed to lying down.

    In the 19th century, the British maintained control over Chinese citizens by keeping them full of opium and low on education and ambition. By keeping their eyes off the prize, British leadership was able to manipulate the citizenry in any way they chose. When the Chinese people began to take control of their own destinies, this caused the Opium Wars, which opened the door for China to become the superpower that it is today. Whether you are referring to the federal government, university officials, or a pimp on the street, most oppressors who have power do not give that power away willingly.

    Like the British government of the past, University administrations can be as typical as any other entity when it comes to maintaining control of students and their minds. Students don’t realize how much power they can actually have, and most of them don’t even care. As long as students remain focused on going to one party after another and staying fearful of standing up for their rights, campus officials hold all the cards. University administrators have another advantage in that students are only around for 4 – 6 years, so by the time they realize they have any power, they’ve already graduated.

    When I was a student leader at The University of Kentucky (which in my opinion, is to this day, one of the most racist and segregated academic plantations in America), I remember periodically bumping into the university president. He would usually ask me the same question, “When do you graduate again?” When I became a faculty member years later, I figured out that the reason the president was asking about my graduation date was because he knew that when I left the campus, the student protests would leave with me. He was right; that’s exactly what happened. But from that experience, I learned that if you step out and fight for what is right, you might actually have a chance to win and make positive change for the good. Universities hate you for it today, but they give you an award for your efforts 30 years later. I encourage students at Howard University and other campuses across America to make sacrifices for their children and grandchildren, who will set foot on the same ground in just a few years. Were it not for students raising a little hell 30 years ago, you would not be where you are today.

    The students at Howard University have a legitimate grievance on their financial aid problems. It is as legitimate as the grievance of Kentucky State University students, many of whom are still living in hotels this late into the semester. Their grievance is as legitimate as that of the students at Morehouse College, who still don’t understand why a wealthy student can shoot a classmate and be allowed back into classes. Howard students should have their questions answered and be presented with evidence of systematic change in campus procedures.

    When it comes to bad leaadership, questions remain in the air, and they usually don’t get answered. Instead, the administration has the same formula: Just wait long enough and students will either grow weary, get distracted or leave the campus. Don’t be surprised if Howard University invites Lil Wayne on campus for a concert. Like the Chinese of 100 years ago, socio-political Opium always works to co ntrol the masses. Don’t let the leadership control you.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “What if George Bush were a Black Man?” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Is College a Good Investment During a Recession?

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    I was invited onto “Tell Me More with Michel Martin” to discuss college and whether or not it makes sense to invest in college during an economic downturn such as this one. I have written extensively on the value of going to college, since I argue that education plays a huge part in determining whether you end up being a true player in life or just end up getting played. Black college students must really note the significant impact of attending college, since people of color benefit the most when we get ourselves educated.

    Here are some thoughts regarding whether or not college is a good idea during a recession:

    1) You must decide if college is a necessity or a luxury item for you. If you are a wealthy kid who can rack up $80,000 in debt to major in Philosophy and Theatre, then God bless you. But just make sure you are aware that the major you choose plays a huge role in your ability to manage debt after graduation. This is not a slap at those who choose majors that don’t have a strong job market, it’s just a reminder to make sure you know what you’re stepping into. Personally, I majored in business, because college was not just my path toward educational enlightenment, it was my way to pay the bills when I got older.

    2) Figure out what you hope to get out of college. If you want to simply get a good education and are not worried about the job market very much, then you don’t need an expensive school to do that. Education is what you make of it. I’d rather be a student at a state university who studies 7 hours a day than to be a frat boy at Yale living at the bottom of a beer bottle. The student who studies is going to learn; the one who doesn’t study won’t learn a thing. College is what you make of it. But if your goal is to use the name of your campus to open doors for great job opportunities, then this might justify the cost of an expensive university.

    3) Parents, the debt is not all yours. You are getting ready for retirement, your children are young. Pretty soon, they will be earning more money than you. Does it make sense that you’ll spend your golden years paying student loans for an able-bodied adult? Perhaps it’s time for your children to learn how to take care of you? They will never learn to be financially independent if you don’t teach them. Allowing your child to manage some of his/her student loan debt doesn’t make you into a bad parent. You got them to age 18 in one piece, some would say that you’ve done enough.

    4) Grad school anyone? Some majors require additional education for you to be competitive in that particular market, some do not. Think through this carefully when deciding if you want to make the massive investment of going to graduate school. I believe that an MBA is usually worth the investment, while a masters in Anthropology may not always get you the job you’re seeking. But outcomes can vary depending on the major, and you should do your homework.

    5) Education gives you job security. One thing that many autoworkers learned during the recent economic downturn is that having a good job with little education makes you highly vulnerable to economic flucuations. African Americans were the hardest hit during the recession, and many of us lost our jobs when the auto industry tanked. Even if you earn a lot of money, you should never stop believing that additional education doesn’t have value for you. You don’t want your financial future to be in the hands of someone else.

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    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Everything You Ever Wanted to Know about College.” To have Dr. Boyce Commentary delivered to your email, please click here.

     

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