Don't Pay for Your MBA: The Faster, Cheaper, Better Way to Get the Business Education You Need
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Later I learned that so many people share my workplace anxiety that the condition has its own name: Imposter Syndrome. A 2014 article in The Atlantic explored just how common such a lack of confidence is among women and how greatly it hinders their future growth.1 And while women may particularly fall prey to feeling like imposters, so do young people, people of color, and anyone who sets big goals, takes large risks, and strives to keep advancing in their career. Fortunately, there is a sure cure for Imposter Syndrome: education, knowledge, and skills. Even more fortunately, that cure is now more readily available and affordable than ever before.
Two years after I started my business education, my employer sent me from Rwanda to Washington, D.C., to attend a short training course on global financial markets. The course, designed to teach foreign aid professionals to explore collaboration and partnership with bankers, investors, and fund managers, was taught by a fast-talking former New York finance professional who filled a whiteboard with cost curves, waxing poetic about the structure of financial deals and going into great detail about the risks of conducting financial transactions in foreign markets. I found the course an enjoyable review of the material I had studied in my classes. During a break, I was standing beside another woman attending the course who was pouring herself a cup of coffee. “I must say, I’m feeling pretty lost in this course,” she confessed. “You ask such good questions. I can tell you really know this stuff. Where did you get your MBA?”
I couldn’t help but smile. “Actually, I don’t have an MBA,” I said. “But I have studied business. If you’re interested, I can show you how I did it.”
From experience, I know that your self-directed business education can help you reach your goals. The same year I attended that course on global financial markets, I was promoted into a position usually reserved for someone with a classical MBA. And I’m not the only one. Remember Mark, the engineer you met in Chapter 7? He will soon become the first-ever “people analytics manager” at his company. His employer actually created this position especially for him when it became clear how much value his specialized online education and passion could bring to the company. He recently updated me on his career progress: “I just wanted to let you know how effective MOOCs and your methods were in helping me make a pivot in my career.”
Of course, I wish you great success in your career, but even more, I hope you will gain the sense of empowerment, confidence, and accomplishment that Mark and I have felt as our nontraditional business educations have garnered us such great personal and professional rewards. As you know from reading this book, I collect stories about people who have done what Mark and I have done. I’d love to hear yours. You can share it in the No-Pay MBA Facebook group, send it through the contact form at NoPayMBA.com, or address it directly to me at: laurie@nopaymba.com. I’ll be waiting to hear from you.
ACKNOWLEDGMENTS
My thanks go to Stephen S. Power, who first suggested I write a book based on my experiences, and to Executive Editor Ellen Kadin at AMACOM, who swooped in to take it across the finish line. I owe a special debt of gratitude to Michael and Patricia Snell, for their belief in the potential of this book (and in my potential as an author) and for patiently guiding me into the world of book publishing. During the process of writing and editing the book, Michael served as a phenomenal writing partner, coach, teacher, and spirit guide.
Thanks also to all the members of the No-Pay MBA Network, especially those who helped me build and shape it, including Nick Switzer, Kristof Neirinck, Hillary Strobel, Brandi Johnson, Louisa Shepherd, Andrew Martz, and Arjan Tupan. Nick Switzer deserves special recognition for reaching out early on to share his inspiring story of self-directed learning. I deeply appreciate the contributions of all the other learners who have shared their stories with me in interviews, emails, social media posts, and comments on the blog. It really does take a community to create a book.
My parents, Bob and Cathy Pickard, have always championed my thirst for learning. I can never find the words to tell them how much their support has always meant to me. My deepest thanks also go to my husband, Daniel Handel. His support and encouragement made this entire project possible. Finally, I must offer thanks to the two new additions to our family, Holly and Owen, for staying in their increasingly cramped quarters long enough for me to finish writing this book.
APPENDIX A
Recommended Courses by Subject
This list, by no means complete, includes representative courses available on the major MOOC platforms. I can personally recommend many of these courses, which I or other students have taken. This list also includes input from Dhawal Shah, founder of the top MOOC search engine Class Central. You might consider choosing courses from this list. You might also find it quite useful to rely on Class-Central.com to lead you to the most up-to-date and comprehensive listing of open courses.
Big-Picture Thinking Courses
DESIGN THINKING
Design Kit: The Course for Human-Centered Design • IDEO.org, +Acumen (NovoEd)
Design Thinking for Innovation • Professor Jeanne Liedtka, University of Virginia Darden School of Business (Coursera)
ENTREPRENEURSHIP
Beyond Silicon Valley • Professor Michael Goldberg, Case Western Reserve University Weatherhead School of Management (Coursera)
Entrepreneurship 101: What Is Your Product? • Professor Bill Aulet and Lecturer Erdin Beshamov, MITx (edX)
Entrepreneurship 102: Do You Have a Product? • Professor Bill Aulet and Lecturer Erdin Beshamov, MITx (edX)
Get Your Startup Started • One of five free technology entrepreneurship courses from Google (Udacity)
How to Build a Startup • Steve Blank (Udacity)
ETHICS AND DECISION MAKING
New Models of Business in Society • Professor R. Freeman, University of Virginia Darden School of Business (Coursera)
The Three-Pillar Model for Business Decisions: Strategy, Law, and Ethics • Professor George Siedel, University of Michigan (Coursera)
MARKETING
Digital Branding and Engagement • Professor Sonia Dickinson, Curtin University (edX)
Introduction to Marketing • Professors Barbara E. Kahn, Peter Fader, and David Bell, University of Pennsylvania Wharton School of Business (Coursera)
Introduction to Marketing • Professors Darren Dahl and Paul Cubbon, The University of British Columbia (edX)
Marketing in a Digital World • Professor Aric Rindfleisch, University of Illinois at Urbana-Champaign (Coursera)
STRATEGY
Competitive Strategy and Organization Design Specialization (4 courses) • Ludwig-Maximilians-Universität München (Coursera)
Foundations of Business Strategy • Professor Michael Lenox, University of Virginia Darden School of Business (Coursera)
General Business and Personal Development Courses
An Entire MBA in 1 Course • Professor Chris Haroun (Udemy)
Learning How to Learn: Powerful Mental Tools to Help You Master Tough Subjects • Professors Barbara Oakley and Terry Sejnowski, University of California San Diego (Coursera)
Successful Negotiation: Essential Skills and Strategies • Professor George Siedel, University of Michigan (Coursera)
The Science of Success: What Researchers Know That You Should Know • Professor Paula Caproni, University of Michigan (Coursera)
Working in Teams: A Practical Guide • Professors Lydia Kavanagh and David Neil, University of Queensland (edX)
Management and Leadership Courses
COMMUNICATION
Communicating Strategically • Professors Bart Collins and Melanie Morgan, Purdue University (edX)
Intercultural Communication • Steve Kulich, Honling Zhang, and Ruobing Chi, Shanghai International Studies University (FutureLearn)
MANAGING PEOPLE
Managing Talent • Professors Scott DeRue, Maxim Sytch, and Cheri Alexander, University of Michigan Ross School of Business (Coursera)
People Management �
�� Professor Vasanthi Srinivasan, Indian Institute of Management Bangalore (edX)
LEADERSHIP
Inspired Leadership Specialization (5 courses) • Case Western Reserve University (Coursera)
Leadership Communication for Maximum Impact: Storytelling • Professor Tom Collinger, Northwestern University (Coursera)
Management and Leadership: Growing as a Manager • Angela Lilley, The Open University (FutureLearn)
Organizational Leadership Specialization (6 courses) • Northwestern University (Coursera)
Strategic Leadership and Management Specialization (7 courses) • University of Illinois (Coursera)
OPERATIONS MANAGEMENT
Introduction to Operations Management • Professor Christian Terwiesch, University of Pennsylvania Wharton School of Business (Coursera)
PROJECT MANAGEMENT
Fundamentals of Project Planning and Management • Professor Yael Grushka-Cockayne, University of Virginia Darden School of Business (Coursera)
Introduction to Project Management • Various instructors, The University of Adelaide (edX)
OTHER MANAGEMENT TOPICS
Critical Perspectives on Management • Professor Rolf Strom-Olsen, IE Business School (Coursera)
Managing the Organization: From Organizational Design to Execution • Professor Huseyin Leblebici, University of Illinois (Coursera)
Quantitative and Financial Analysis Courses
ACCOUNTING
Introduction to Financial Accounting • Professor Brian Bushee, University of Pennsylvania Wharton School of Business (Coursera)
DATA ANALYSIS
Business Analytics Specialization (5 courses) • University of Pennsylvania Wharton School of Business (Coursera)
Data Analysis and Presentation Skills: The PwC Approach Specialization (5 courses) • PricewaterhouseCoopers (Coursera)
Data Science Specialization (10 courses) • Johns Hopkins University (Coursera)
FINANCE
Corporate Finance • Professor Aswath Damodaran, New York University Stern School of Business (iTunes U)
Financial Markets • Professor Robert Shiller, Yale University (Coursera)
Financial Modeling for the Social Sector • Professor Erik Simanis, PhilanthropyU (NovoEd)
Introduction to Corporate Finance • Professor Michael R. Roberts, University of Pennsylvania Wharton School of Business (Coursera)
Introduction to Finance: Valuation and Investing Specialization (5 courses) • University of Michigan Ross School of Business (Coursera)
Intro to Financial Modeling • Symon He and Brandon Young (Udemy)
APPENDIX B
Sample Study Plans
These charts illustrate two typical approaches to structuring your studies. Always keep in mind, however, that every student brings a unique set of experiences, needs, and goals to the task of acquiring a business education. Your particular plan will depend on a number of factors, including the amount of time you can devote to your studies each week, your specific career goals, and the subjects that you find most interesting and useful. The first chart shows a nine-month, accelerated study plan for students who plan to dedicate twenty hours per week to their studies. The second plan demonstrates how students who can devote ten hours per week to their studies might structure an eighteen-month course of study to reach their business education goals.
9-Month Plan
18-Month Plan
APPENDIX C
Sample Course Lists for Various MBA Concentrations
These sample course lists reflect possible course progressions for several MBA concentrations. The world of MOOCs evolves rapidly, so the array of subjects and specific courses may have expanded a lot since this book was published. Your individual course plan will vary depending on the concentration you choose, the electives that interest you, and the courses that are available when you design your program.
Sample Course List 1, Concentration: Finance
FOUNDATION COURSES
Self-directed learning
Learning How to Learn: Powerful Mental Tools to Help You Master Tough Subjects • Professors Barbara Oakley and Terry Sejnowski, University of California San Diego (Coursera)
Finance
Introduction to Corporate Finance • Professor Michael R. Roberts, University of Pennsylvania Wharton School of Business (Coursera)
Accounting
Introduction to Financial Accounting • Professor Brian Bushee, University of Pennsylvania Wharton School of Business (Coursera)
General business
An Entire MBA in 1 Course • Professor Chris Haroun (Udemy)
Marketing
Introduction to Marketing • Professors Barbara E. Kahn, Peter Fader, and David Bell, University of Pennsylvania Wharton School of Business (Coursera)
SKILL-BUILDING AND ELECTIVE COURSES
Financial modeling
Intro to Financial Modeling • Symon He and Brandon Young (Udemy)
Data analysis
Data Analysis and Presentation Skills: The PwC Approach Specialization (5 courses) • PricewaterhouseCoopers (Coursera)
Negotiation
Successful Negotiation: Essential Skills and Strategies • Professor George Siedel, University of Michigan (Coursera)
Entrepreneurship
How to Build a Startup • Steve Blank (Udacity)
Business strategy
Foundations of Business Strategy • Professor Michael Lenox, University of Virginia Darden School of Business (Coursera)
Business ethics
New Models of Business in Society • Professor R. Freeman, University of Virginia Darden School of Business (Coursera)
CONCENTRATION COURSES
Corporate finance
Corporate Finance • Professor Aswath Damodaran, New York University Stern School of Business (iTunes U)
Investing, markets
Financial Markets • Professor Robert Shiller, Yale University (Coursera)
Financial modeling
Financial Modeling for the Social Sector • Professor Erik Simanis, PhilanthropyU (NovoEd)
Financial valuation
Introduction to Finance: Valuation and Investing Specialization (5 courses) • University of Michigan Ross School of Business (Coursera)
Sample Course List 2, Concentration: Entrepreneurship
FOUNDATION COURSES
Self-directed learning
Learning How to Learn: Powerful Mental Tools to Help You Master Tough Subjects • Professors Barbara Oakley and Terry Sejnowski, University of California San Diego (Coursera)
General business
An Entire MBA in 1 Course • Professor Chris Haroun (Udemy)
Entrepreneurship
How to Build a Startup • Steve Blank (Udacity)
Marketing
Introduction to Marketing • Professors Barbara E. Kahn, Peter Fader, and David Bell, University of Pennsylvania Wharton School of Business (Coursera)
Business ethics
The Three-Pillar Model for Business Decisions: Strategy, Law, and Ethics • Professor George Siedel, University of Michigan (Coursera)
SKILL-BUILDING AND ELECTIVE COURSES
Design thinking
Design Thinking for Innovation • Professor Jeanne Liedtka, University of Virginia Darden School of Business (Coursera)
Branding
Digital Branding and Engagement • Professor Sonia Dickinson, Curtin University (edX)
Leadership
Inspired Leadership Specialization (5 courses) • Case Western Reserve University (Coursera)
Project management
Introduction to Project Management • Various instructors, The University of Adelaide (edX)
Financial modeling
Intro to Financial Modeling • Symon He and Brandon Young (Udemy)
Negotiation
Successful Negotiation: Essential Skills and Strategies • Professor George Siedel, University of Michigan (Coursera)
Business strategy
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Foundations of Business Strategy • Professor Michael Lenox, University of Virginia Darden School of Business (Coursera)
CONCENTRATION COURSES
Entrepreneurship
Beyond Silicon Valley • Professor Michael Goldberg, Case Western Reserve University Weatherhead School of Management (Coursera)
Entrepreneurship 101: What Is Your Product? • Professor Bill Aulet and Lecturer Erdin Beshamov, MITx (edX)
Entrepreneurship 102: Do You Have a Product? • Professor Bill Aulet and Lecturer Erdin Beshamov, MITx (edX)
Entrepreneurship: Launching an Innovative Business Specialization (4 courses) • University of Maryland (Coursera)
Sample Course List 3, Concentration: Marketing
FOUNDATION COURSES
Self-directed learning
Learning How to Learn: Powerful Mental Tools to Help You Master Tough Subjects • Professors Barbara Oakley and Terry Sejnowski, University of California San Diego (Coursera)
Marketing
Introduction to Marketing • Professors Barbara E. Kahn, Peter Fader, and David Bell, University of Pennsylvania Wharton School of Business (Coursera)
Finance
Introduction to Corporate Finance • Professor Michael R. Roberts, University of Pennsylvania Wharton School of Business (Coursera)
Entrepreneurship
How to Build a Startup • Steve Blank (Udacity)
SKILL-BUILDING AND ELECTIVE COURSES
Project management
Introduction to Project Management • Various instructors, The University of Adelaide (edX)
Design thinking
Design Thinking for Innovation • Professor Jeanne Liedtka, University of Virginia Darden School of Business (Coursera)