Traditionally, MBA programs were breeding grounds for Wall Street bankers and economists, littered with other candidates interested in marketing, operations, strategy consulting, entrepreneurship, and general business education. Over the past few decades, the growing interest in such fields as technology, health care, and entertainment has led to the creation of specialty programs with a trade school type of environment. Specifically for tech-focused MBA candidates, the heightened interest in cryptocurrency and blockchain technologies has resulted in an even more hyper-focused curriculum.
Cryptocurrency is a tech-focused industry based on economics and finance—fundamentals honed by the best MBA institutions around the world. Given the recent regional bank failures and the wavering confidence in cryptocurrency, professionals with an interest in crypto and blockchain (the technology that enables cryptocurrency) might be questioning the viability of these fields and wondering whether an MBA is necessary to start a crypto-related career.
In this blog post, we at Stratus address some common questions aspiring MBAs might have regarding cryptocurrency and blockchain as a career goal.
How relevant are cryptocurrency and blockchain?
Significant investments of time, money, and effort have helped build the cryptocurrency and blockchain fields. Now, the question is not if but when cryptocurrency and blockchain will become a cultural phenomenon that everyone generally understands.
A young professional whom I mentor is leaving his top-ten MBA program after one year to join a crypto company. He gained experience in fintech sales prior to business school and had wanted to build a plan for his own business in the industry. My mentee and his team won funding for their project in a school’s venture competition, and he was asked to become one of the founding executives of the group’s crypto-based business. He decided to leave business school because he felt this was an opportunity of a lifetime, and he believed there wasn’t anything else he could learn that he doesn’t already know or could learn faster than in the real world. This is a common occurrence every year at business schools across the country, when a few students choose to end their MBA studies early.
On the other hand, I have talked to aspiring MBAs who are applying in the current admissions cycle with the goal of starting a career in cryptocurrency but who don’t have any industry experience. These candidates believe they need to understand the fundamentals of business and apply them in a safe environment before making a career change. As one candidate expressed, “I can’t understand blockchain operations principles until I truly understand and learn the fundamental operation principles and restrictions of a traditional bank.”
Perhaps other parts of the Web3 environment will have to gain traction before cryptocurrency and blockchain can garner more commercial and consumer confidence. No matter what your opinion is, being knowledgeable about these technologies and the basic opportunities they present will become even more important.
Are cryptocurrency and blockchain legitimate MBA career tracks?
This question is tied to the MBA applicant’s short- and long-term goals.
The short answer is yes, and some MBA programs have moved quickly to broaden their offerings as well as to create specific conferences, curriculums, and clubs to better address these topics. New blockchain and crypto-focused elements are being introduced to the market at an increasing pace, and many business schools have moved even faster. Five years ago, many top MBA programs already had tech-based curriculums and classes that drilled into the idea of fintech and even deeper into crypto and blockchain, and some have since expanded to include the concept of Web3—of which crypto and blockchain are key elements. Other Web3 elements such as the Internet of Things (IoT) and artificial intelligence (AI) are also being added to business school curriculums.
Back in the late 1990s, a new breed of young, tech-savvy MBAs saw the value of the Internet and implemented innovative strategies, skills, and knowledge for the world of digitized, non–brick-and-mortar strategy—and they became leaders in the evolution of online financial management and e-commerce. Today, the top MBA programs are ready to bring in thought leaders as well as advocates and resources for the new Web3, decentralized, socially driven business world.
MBA programs offer a range of different opportunities for students interested in managing technology businesses and fintech ventures such as cryptocurrency:
- Immersive curriculums and programs (MS programs as well)
- Clubs
- Immersive semesters
- Conferences and competitions
- Courses
- Centers of technology or innovation
Do I need an MBA for a career in a tech business, such as cryptocurrency and blockchain?
This is not just a tech question, and it isn’t a new question. Many great entrepreneurs have been highly successful in the tech world without MBAs—only to have more seasoned managers with MBAs be brought in to run the business and take it to the next level or maintain it at scale.
In the world of traditional banking, many functions are successfully performed by those both with and without an MBA. The same goes for those in the fintech world. If you plan to be a CEO, a CFO, or even a product manager of a fintech company, an MBA might be right for you. If you plan to be a CTO, getting an MBA might not make as much sense, but it is not out of the question. Two of my mother’s oncologists who are highly successful surgeons both have an MBA from a top business school. When I asked what made them pursue an MBA, they both explained that what they do is a business, and having an MBA has helped them to both be better managers, leaders, and team players.
According to U.S. News & World Report’s 2023 Best Business Schools list, between a quarter and a third of recent graduates from top business schools such as Harvard, Stanford, Wharton, MIT Sloan, Chicago Booth, and Columbia are employed at a technology firm. These numbers are now trending even higher. And given the recent layoffs in the tech industry, many workers from large firms such as Meta, Google, and Amazon are considering an MBA as a next step in their career. According to an acquaintance who is working on exit counseling for many laid-off workers at her tech firm (which also has been a large employer of new MBAs), pursuing an MBA is one of the top three options that the newly laid-off employees are considering, as they see it as a step forward.
If you are interested in pursuing a tech-focused MBA, you will be hard-pressed to find a major program without a curriculum that would expose you to technology in general as well as allow you to focus on specific areas such as cryptocurrency and blockchain technologies. However, not all classes and programs have been announced yet for the 2023–2024 school year. In the meantime, here are some tips to help you research MBA programs and their focus on current technologies:
- Look at the courses on the school’s website and read the synopsis. You could also sit in on a class to gain more insight!
- Examine the faculty’s experience. Many professors are investors or advisors to a tech business that might be of interest to you.
- Review alumni in the space. Many come back to speak at their alma mater.
- Explore the industry experience of the student body (banking, consulting, health care, tech, etc.).
- Note any tech-related special events, offerings, or resources. For example, NYU Stern and Cornell Johnson offer a one-year tech MBA, and other business schools such as MIT Sloan, Carnegie Mellon Tepper, and the University of Washington Foster have unique resources geared toward technology innovation.
For blockchain and crypto enthusiasts who are researching business schools, these are some top MBA programs with tech-related resources to investigate:
- Carnegie Mellon Tepper
- Chicago Booth
- Columbia Business School
- Cornell Johnson
- Duke Fuqua
- Harvard Business School
- Michigan Ross
- MIT Sloan
- NYU Stern
- Stanford GSB
- University of Washington Foster
- UPenn Wharton
- Washington University Olin
Blockchain, cryptocurrency, and other Web3-based technologies such as AI and IoT are here to stay, and future business leaders are learning how to understand and apply them. Those who are interested in these fields must consider the best way to gain the knowledge and experience necessary to become an early thought leader and manager for their generation—and earning an MBA is one potential path. If you have questions about the MBA application process, sign up for a free consultation with one of our Stratus admissions experts!