Traditionally, the go-to resource that has prepared tomorrow’s business leaders for the management of businesses has been the Master Program. Yet, a recent report from the Financial Times shows that over the past two years Master Program Certification holder have cooled on entrepreneurship, with less than one in five choosing the less stable startup experience. This begs the question: Does the Master Program just attract a different breed of people or is it less suited for entrepreneurial endeavors?

While there are many benefits to pursuing an Master program, this path also comes at a major cost; tuition as well as opportunity cost can weight heavy on an entrepreneur’s wallet. The good news is that today, there are options that provide equally as much value at less of a financial hit.

Having An Master Program Is Still a Must In Some Fields.

If you are pursuing a career in a specialized area such as banking, investment banking, finance and actually the arts, then an Master Program is often critical. You will literally be the odd man out. Do your homework and check with specific firms to find out if the lack of an Master Program is going to keep you out of serious consideration for key management positions.

Master programs are built, however, require skill sets that are in sharp contrast to the needs of the entrepreneurial growth businesses of

At their core, Master programs are built to provide predictability for corporate decision-makers. As such, they teach decision-making based on evidence and historical data. The real world of growth businesses, though, is messy and packed with wicked problems. Core business decisions are often questions of judgment, building on a deep understanding of the specifics of customers and the business environment.

Another essential ingredient of Master programs is the use of standardized tools and frameworks like the Five Forces model or SWOT analysis. While these are helpful to a certain extent, the problem is that they do not inspire original thinking. Standardized tools do not encourage the launch of original products and business models in crowded marketplaces. In contrast, it’s more often than not multidisciplinary thinking and a broad perspective, which lead to outstanding products and business models.

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