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International Development is taking a more business-like approach.
Government spending on international development has increased 40% over 10 years, and private financing is playing a more important role than ever before. These increases with the related sharp focus on value for money in donor governments has moved the field to a more commercial way of working than ever. Resulting innovations like impact investing have called for a more business-like approach to funding development initiatives as well. Whether you’re working in the development field already and looking to step-up your game, or seeking a career change in order to be part of this growing and evolving field, an MBA might be the perfect stepping stone on your path.
Which MBA program?
When deciding which MBA program might be best, you may want to explore which ones offer classes or initiatives catered to development issues. Additionally, some have links to internships in emerging markets as well as active on-campus clubs devoted to the field. It’s worth checking what percentage of the graduating class go to into this field, whether alumni show a strong presence at development institutions, or if active alumni groups exist for development issues (e.g., Wharton has a new alumni group for Social Enterprise). While some exposure to or demonstration of interest in the field of development is helpful, bear in mind that many of the hiring institutions are looking for the analytical and commercial skills that an MBA can provide.
What about a dual masters?
Many schools offer dual masters degrees, combining an MBA with a Masters in Public Policy, Public Administration or International Relations, often over a three-year program. These include Wharton with the School of Advanced International Studies (SAIS), Harvard’s Kennedy School with HBS or MIT Sloan, Stanford’s dual MBA/MA, and Columbia’s dual MBA with its School for International and Public Affairs (SIPA), to name a few. Wharton also offers a 24-month dual MBA/Masters in International Studies as a shorter option. Whether you should pursue a joint degree will depend on your interest in the policy aspects of development, the roles you wish to pursue and your ability to take on the additional time and cost commitment to pursue your dual degree.
There is no single path.
Some applicants have had a life-long interest in having a job in international development and had exposure to it in their work experience while others may have never considered the field before and wish to switch after a fully private-sector career. Funding for international development projects is a massive industry that’s growing every year, calling for innovation in how initiatives are found, structured, financed and measured for success. My own path to working in development involved private sector banking before joining the International Finance Corporation, then returning to the private sector after my Wharton MBA and later joining a senior role within the UK government overseeing £2.5 billion of the UK’s annual aid budget. Many people also gain work experience in development consulting, where they build solid technical and soft skills across a variety of international organizations. Whatever your path, if you’re interested in international development, an MBA may be a valuable addition to your professional arsenal.[/vc_column_text][/vc_column][/vc_row]