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Tag: University

  • NBA Star Antoine Walker is Broke: Five Lessons We can Learn

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    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    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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  • Antoine Walker is Broke: Five Lessons We can Learn

    Filed under: ,

    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    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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  • Higher SAT Scores and Getting Ready for College: Dr Boyce Tips

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    I was asked recently how to prepare for college. I was also asked how to pay for it. Well, what might surprise you is that paying for college and preparing are actually closely related. The better prepared for college your children are, the easier it will be for them to pay for college with scholarships and other financial support. So, rather than spending money on new Air Jordans for your child, spend that money to help them to find a tutor.

    Here are four things about getting higher SAT scores and preparing for college that you should keep in mind when dealing with your kids.

    1) Good ACT and SAT scores don’t come naturally, you have to prepare. Some people think that you are going to magically end up in college just by saying that you want to go. Some think that you should take the ACT and SAT cold, and that natural intelligence will carry you through. That’s not the case. Your child should prepare for college like it’s a part-time job: studying 2 – 3 hours each day, for several months straight. Yes, that sounds like a lot of work, but is it really very much when compared to the fact that most of our kids are fine with working at McDonald’s for four or five hours a day, or going to football practice for three hours a day after school? Education MUST be the number one priority in your household if you want your children to have a bright future.

    2) Make sure your child is taking classes that will truly prepare him/her for college. With the horrific state of the American educational system, the truth is that we can’t trust the system with our children. Making good grades is not enough when it comes to ensuring that your kids are prepared. Make sure that they are taking classes that meet the standards of attending college, and this will reflect itself in higher SAT scores. Check with the university of your choice to ensure that your child is enrolled in the classes necessary to get into that school.

    3) Apply to at least 12 universities. The more irons you have in the fire, the more likely it is that one of them is going to get hot. Have your child do one college application every two days for one month. that will give him/her roughly 15 applications to various colleges. You can then find out which schools have needs that match the things your child has to offer, and you should make sure that your ACT and SAT scores are high enough to get into the places you apply. You’ll never know what opportunities are out there unless you apply for them.

    4) There should be no use of the word “if” when preparing for college. I hate the fact that there are so many people who are afraid of college or think that it only works for someone else. I teach at a university that charges over $30,000 per year, and I argue that any 10th grader of average intelligence could get a good grade in my class, if they study each day consistently. I don’t care what your SAT scores happen to be, college is not nearly as difficult as some might lead you to believe, and the truth is that it can change your life forever. It certainly changed mine, and I was told that I wasn’t smart enough for college in the first place.

    Dr. Boyce Watkins is a professor at Syracuse University and author of the book, “Everything You Ever Wanted to Know about College.” To have Dr. Boyce commentary delivered directly to your email, please click here.

     

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  • The NFL Or Oxford: You Choose!

    Posted by: current.com

    Myron Rolle swapped shoulder pads, hard hits and a professional US football contract for lectures, tutorials and quiet anonymity at Oxford University when he traded a spot in the National Football League draft last year for a Rhodes Scholarship.

    Rolle, 22, was a star defensive player at Florida State University, where he also won acclaim as a pre-medical student for research on stem cells and cancer cells.

    In the safety position, Rolle, who is 6ft 2in and weighs 15 stone 5lbs, specialised in taking players to the ground with punishing tackles at full speed, snagging opponents’ passes out of the air and running them back for touchdowns.

    A top prospect for the NFL, Rolle last year opted to defer entering the league’s amateur draft for a year and study for a master’s degree in medical anthropology at Oxford, all with an eye towards an eventual career in medicine.

    TO READ MORE, CLICK HERE

    Who would you choose?(survey software)

  • 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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  • High School Drop Out? Most Likely Will Do Time!

    Posted by: The Connector

    A new report chronicling the whereabouts of past high school dropouts shows that all dropouts, and particularly African-Americans, are far more likely to wind up incarcerated or unemployed than those with a high school diploma. 

    Compiled by researchers at Northeastern University, the report shows that high school dropouts are roughly six times more likely to become incarcerated than high school graduates. But the more startling statistic was that between 2006 and 2007 around 23 percent of 16- to 24-year-old African American male high school dropouts were incarcerated or otherwise institutionalized at some point, compared with 6.3 percent of all dropouts.

    TO READ MORE, CLICK ON ORIGINAL STORY

     

  • Yale Student Murder Symptomatic of Growing Workplace Violence

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    The murder of Yale University Lab Technician Annie Le was sad, particularly since her body was found on what was supposed to be her wedding day. The accused killer in this incident is Raymond Clark III, a 24-year old co-worker. This tragic incident is not only problematic due to the fact that a young woman lost her life. It is also a sad reminder of the dramatic rise in workplace violence throughout the United States.There has been an 18% increase in workplace violence in 2009, relative to last year. Also, according to Corporate Counseling Associates, an HR consulting firm, there has been a 28% increase in workplace suicides. A poor economy certainly plays a role in the frequency of workplace violence, as tough times lead to tough decisions by firm managers who have to slice jobs in order to keep the company afloat.

    African Americans are impacted even more by the threat of workplace violence, since our unemployment rate tends to be much higher than that of white Americans. Also, other forms of related violence, such as that which occurs in the home, are affected when the economy goes south. In other words, a tough economy leads to problems that go far beyond money.

    The case of Annie Le brings some questions to light when one thinks about violence in the workplace. These questions should be asked by employees and employers, since violence is not only a threat to employee safety, it is also a potential door to major lawsuits filed by those affected:

    1) Are there background checks being done on employees? If an employee has committed a violent crime in the past, this may unfortunately be a reason not to bring him/her into the workplace. At the very least, precautions should be taken to ensure that the other employees are protected.

    2) Are there proper channels for reporting violence when it occurs? In the student shooting rampage at Virginia Tech University, some students died allegedly because the university did not have a proper warning system.

    3) Is there a way to provide counseling to workers so they can handle layoffs or workplace stress in a more productive manner? What about dispute resolution between employees? If the workplace has become uncomfortable, employees should be able to report the discomfort to management so that problems are solved before they get out of hand.

    4) Are there ways to spot situations in which an employee is at risk of being violent in the workplace?     Clark, the tech who is accused of killing Ms. Le, was known to be a “control freak” and allegedly felt that the animal cages in the lab were his personal territory. There are many cases in which workplace violence is committed by individuals who’ve shown a propensity for aggressive behavior.

    5) Are employees informed on the company’s existing policies on workplace violence? Employees should know what lines are not acceptable to cross in the workplace. Also, according to a 2005 Survey by the US Department of Labor, 70% of all companies do not have a policy in place to prevent workplace violence.

    Annie Le’s tragic death may be an opportunity to save lives. By grabbing the lessons presented from her case, we can make workplaces across America safe for everyone. Let’s hope that Annie did not die in vain.


    Dr. Boyce Watkins is a Finance Professor at Syracuse University. To have Dr. Boyce commentary delivered to your email box, please click here.

     

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  • 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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  • Black News in Black America

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    Big Black News from Dr. Boyce gives you a list of the biggest black news stories in the areas of money and education. Consider it to be our gift to you.

    President Obama declares National HBCU Week

    Student shot and Killed at Spelman College in Atlanta

    Chris Brown tries to rebuild his brand on Larry King Live

    Will Whitney Houston Ever Be the Same Again?

    No, Roxanne Shauntay DID NOT get a PhD

    Should Personal Finance Be Taught in School?

    University of Michigan Football Gets its Cover Blown on alleged Mistreatment of its athletes

    Nas, Kelis, Money and Craziness: How much money does Kelis Need to Live?

    President Obama Plans to Address Congress to Push his Healthcare Plan

    Dr. Boyce Watkins is a Finance Professor at Syracuse University. To have Dr. Boyce commentary delivered directly 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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  • Black CEO says that the MBA is Worthless

    Filed under: , ,

    I don’t have an MBA, and I’ve never wanted one. I earned several masters degrees and a PhD, but I never found the MBA to be a good investment when it came to actually understanding what I needed to do with my career. But unlike many of my friends, I wasn’t headed to Corporate America. Instead, I wanted to be a professor and entrepreneur, neither of which requires an MBA.

    My brother Lawrence is also getting an MBA from Cornell University, but he doesn’t want a job. Instead, he wants to utilize the network of the university to build his own business. I agree with this philosophy, since ownership is the key to building black wealth in America. Understanding business from all angles is critical to running a top notch organization.

    What is surprising, however, is that there are some captains of corporate America who are starting to question the value of an MBA when attempting to reach your goals. Mind you, this does not imply that the MBA cannot be an important piece of your long-term career plan, but it says that the MBA might not be enough.

    What is underemphasized by many who attempt to climb the corporate ladder is the necessity to learn the intangibles that come with corporate success. Fenorris Pearson, CEO of Global Consumer Innovation, Inc., argues that playing the game at the top of corporate America involves a set of skills that are not taught in a typical MBA program. Instead, Pearson believes that things like managing your peers and forging the right alliances can be critical to corporate success.

    In his new venture, called “The Corporate Climb,” Pearson lays out strategies he learned during his years as a Vice President of Global Consumer Innovation for Dell. He explains that having the credentials is only the beginning when it comes to managing life at the top. An MBA can open doors, but you must have quite a few additional skills to walk through the doors that have been opened.

    As someone who has taught MBA students for over a decade, I can also testify that the MBA should only be one piece of your long-term career building plan. This expensive piece of merchandise will only give you top value if you use it in the proper way. At the same time, I advise all of my business school students to get an MBA eventually, since you need all the advantages you can get. Based on my experience teaching MBA students, here are some quick thoughts on the value of the MBA.

    1) The MBA is important: Some kind of post-secondary education is highly recommended for most college students, especially those majoring in business. You shouldn’t just go to college: you should be at the top of your class and get as much education as you can. Mediocrity should not be on your agenda.

    2) You have to supplement the MBA with work experience: Just having the degree doesn’t mean that companies are going to come banging down your door. You have to do internships and find other valuable experience which will help you convince your employer that you can add to the bottom line. All the credentials in the world are not nearly as valuable to a company as a person who knows how to “make it rain” financially.

    3) The MBA is expensive: Many schools simply sell MBAs, meaning that if you pay a massive amount of tuition, you are probably going to get the degree. The average price of an MBA has spiraled to over $100,000 and now serves as a major money maker for most business schools. So, if you make this investment, make sure you are getting what you expect on the back end: more job opportunities and a salary high enough to pay off your student loans. If the investment pays off, then this can be a solid career move.

    4) Make sure your school helps you to find a job: The quality of the career placement center is incredibly important. If the school can’t place its graduates into high salary positions, then you may find yourself disgruntled.

    5) Don’t leave your fate in anyone else’s hands: The National Black MBA Association and other organizations hold networking conferences which can allow you to find opportunities for yourself. Do not be afraid to use these resources. You have to pound the pavement and create your own luck. Don’t let anyone take control of your future.

    6) Consider owning your own ship: Remember that the key to financial, social and psychological freedom is to own something. Black entrepreneurship is incredibly important to our community and your corporate experience can be a good foundation for you to own your own business. So, as you build your career in corporate America, don’t be afraid to create your own job via entrepreneurship. It might be the most rewarding decision you ever make.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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