During this course we have been introduced to different aspects of medical device development including business. Although this is a BME course how beneficial do you think a business minor/major/certification to an aspiring engineer?
If you really want to go into management type position(such as project manager or technical specialists), I would definity do an MBA since you have to be very business focused for this type of job. These type of people are the ones that have to find and maintain customer relationships so a combination of both soft skills and business fundamentals is required for this type of job. People with an MBA has a competitive advantage since they have an insight into complex buisness ideas as well as a background degree with engineering.
Since this topic is more related to marketing, at any types of these positions, it is important to satisfy and build a relationship with your customer. They have to interface with the customer regularly and ensure that they continually aim to improve and exceed the expectations of the customer.
If possible and it does not delay graduation, I believe getting a minor in business or marketing is beneficial. This minor will expose you to topics and skills needed in a biomedical engineering career, such as customer satisfaction, cost minimization, risks, etc. Having these skills and being able to talk about them during an interview may help when trying to get a job right out of college. However, I believe getting an MBA is probably the most valuable option. Not only will it provide a more in-depth education on business administration, but it will often be partially paid for by the company you are working at. Getting an MBA will open many more potential opportunities, whether it be in a traditional business role, management role, or leadership role.
I do not believe a business minor/major is too useful for an aspiring engineering major. This is because my belief is that an undergraduate education only prepares someone for the immediate next steps, which would either be graduate school or an entry-level job. For graduate school, most MBA programs do not expressly prefer people who completed a business program. For entry-level jobs, most primarily look for people who can perform a job in their primary field of interest. Moreover, in engineering, for people without MBA's, regardless of undergraduate experience, most people do not get into management-geared roles until they have years of experience. This is not to say that all minors are inherently useless, as many often align with students' immediate career goals and help them with their plans. However, business minors may be too far out of reach for such goals. For people who want to focus on a specific business-related career right out of school, and Accounting, Finance, or Marketing major/minor may be more relevant. Everyone else looking to get a quicker foot into management should consider MBA programs rather than undergraduate business classes. MBA programs are more aligned with the needs of industry than are undergraduate course plans.
I believe a business minor, major, or certification can complement your BME education and enhance your career prospects, especially if you're interested in roles that require a combination of technical and business skills. It can provide a competitive edge and help you stand out in the job market. I know a couple of my friends ended up doing an MBA after graduation because they didn’t know the advantages of having some business experience while completing their undergraduate degree.
I would like to add to atk27@njit.edu response stating that although not required for a management position, it definitely does not hurt to have an MBA or some business background to show that one isn't narrowly focused on one specific topic and that you are even more qualified to take a leading role in a company. I would also argue if someone is looking to create their own medical device company or wants to get involved with a start up, having an entrepreneurship or marketing background would go great for promoting the company's product. Additionally, if you are a part of a company working with suppliers who may be making certain components for a medical device that you work on, not only are they selling themselves and their abilities to you, but it also would not hurt to know the nuances of financial literacy and determine if this is an business relationship of convenience or an actual benefit to your company.
I think the answer to this question is really based on where you want your career to end up. I have always been interested in people management. Before starting my graduate studies, I was torn between trying to attain my Masters in BME or getting an MBA straight away. After a lot of deliberation, and more so conversations with people managers in the company that I currently work in, I was guided into following a technical degree first and returning for my MBA later. It is more beneficial to get an understanding of the business and some industry experience before pursuing a business degree. Without it, what can you actually apply your learnings to? In my opinion, an extra degree will almost never hurt you! Particularly if you want to end up in a management position, I think a business minor or an MBA is extremely useful. It teaches you the skills you need to apply to be able to think of the business from a different scope. Looking at supply and demand, funding for each department, and sourcing materials are all useful skills you may be able to pick up. There are certainly other paths that you can take! Either moving into research in academia and pursuing your PhD after this degree, or even a more technical aspect. You don't have to end up in a people management position. Technical project managers are also essential for smooth and efficient work flow. While the degree can be helpful, it is extremely important to consider where you want to end up and how you want that path to look. From my personal experience, it has been extremely common to hear people who have not had a "linear career path" and "deviated from where they thought they'd end up". While these stories are always interesting, I have always wanted to take a direct path. The question that I would pose to anyone reading this is where do YOU want to end up and how will any additional degrees or certifications help you get to that end goal?
@an83 I would have to disagree on your perspective because a business minor can offer valuable skills that actually benefit a student beyond an MBA or entry level role. An undergraduate education does often focus on immediate next steps, but a business background, in my opinion, can offer an edge to understanding how technical work fits into a broader company's goals. I would argue that this knowledge would set an engineer apart from other applicants. The internship I work at is a small company in charge of medical devices and much of the process can get overwhelming and confusing when you cannot see the bigger picture. Business degrees offer that perspective that can be useful in the medical device industry.
Based on the project managers and managers I've interacted with at my workplace, a business degree is extremely helpful. At the end of the day, any biomedical engineering company sells a product(s). Therefore, sales is what drives the business and determines whether it gets to live to see another day. A minor in business, or even going back and pursuing a MBA puts an applicant to a managerial position in an assured state. Of course, there are no guarantees, and the selection for the position is dependent on several factors. But a combination of the degree in business and experience will speak for itself. The concepts, principles, and vision implemented in one's style of work helps bring together the two sides of the company: engineering and business. Additionally, a mind that is acquainted with business and how companies operate monetarily make for a grounded and wise candidate who can make sound financial decisions. Engineering can aspire and can pursue exceedingly high goals, however, it is the business needs, expectations, and limits that bring the engineering aspirations down to reality. No matter how good the product is, if it cannot be sold appropriately, is not achieving its full potential
For an aspiring engineer with little interest in future management positions, a business minor isn't particularly necessary, but in any case, I do not think that it can hurt. Working in industry has shown me how useful and relevant the NJIT's required undergraduate engineering management courses are, and I do not think I realized their usefulness at the time, as I had not had industry experience at the time. Understanding the business side of the industry is useful regardless whether you're an engineer or in a position of management. So, for an aspiring engineer with little interest in future management positions, I wouldn't necessarily recommend a minor in business, considering NJIT does require some engineering management courses. However, I wouldn't entirely discourage obtaining this minor, as it's not uncommon that your career goals can shift towards management when working in industry.