For Nevada executives wanting to boost their earning potential, advance their careers or switch fields, additional education – particularly an advanced degree – may be just the ticket. “A degree adds an additional element of capability and opportunity for success,” said Dr. Keith Evans, the director of Regis University’s Las Vegas campus.
But with executives working long hours and juggling multiple priorities, how can they possibly accomplish it? Oftentimes, attending on-site, daytime, months-long classes characteristic of traditional public university education is impossible. Today, however, various programs at private Nevada universities are tailored to the busy executive. “The new schools are much more accessible, much more convenient and much more relevant to the (working adult),” said Dr. Charlotte Bentley, vice-president for Nevada for National University. That’s not to say, however, that pursuing an advanced degree is entirely without challenges.
Benefits of a Degree
With an advanced degree, executives thoroughly learn the content of their business, industry or field, along with management, leadership and executive skills. This knowledge enables them to “lead, guide, set direction and vision and move their organization forward,” Bentley said. Today, more specific advanced degrees are available for executives, such as a Masters of Science in Human Resources Management and a Masters of Science in Computer Information Systems.
With a degree, executives can also master a second discipline, said Lisa Ackerman, the Las Vegas campus director for the University of Phoenix. For instance, a banker can learn marketing, or the head of a computer company can study accounting.
In Nevada, having an advanced degree is distinguishing and prestigious. Only 6.1 percent of the state’s population ages 25 and older held a graduate or professional degree in 2000, according to U.S. Census Bureau data. “It’s a credential that sets you far above and beyond average,” Ackerman said. It opens doors to certain positions and provides leverage to move up or to change careers.
People with advanced degrees earn more than those without. For instance, the average MBA graduate typically earns 35 percent more in salary after completing the degree, or jumps to an average of $76,000 per year from $56,000 annually without the degree, according to the Graduate Management Admission Council, provider of the Graduate Management Admission Test. “The reason they’re able to earn more is a broad and deep knowledge in the business world,” Ackerman said.
While obtaining a degree, executives will meet and interact with their peers, whether fellow students or faculty members. The experience offers opportunities for networking and building lasting relationships.
Available Programs
Currently, a handful of programs is offered, and more are slated to start this year. At its single Northern Nevada campus and its five Southern Nevada campuses, the University of Phoenix offers three degrees suitable for executives: a Masters of Management, a Masters of Information Systems/Management and a Masters of Business Administration (the most popular of the three).
Each course is held one night a week for six weeks. Students take one course at a time, and can complete a master’s degree in two years. “It’s very convenient,” Ackerman said. “The programs are rigorous. (Students) have to do a lot of work, but they learn a lot because they’re focusing on one subject at a time. It lets them drill down and get immersed in one subject before they move on to the next.”
All classes can be taken online or on campus. A third option for MBA and MIS/M classes is a hybrid called FlexNet. “FlexNet is especially great for people who travel,” Ackerman said. “You meet in person for the very first class session and then the last session. In between, you do your coursework, assignments and interaction with students and faculty online.” The master’s programs at University of Phoenix cost between $11,000 and $16,000.
Regis University has two MBA programs, one with an emphasis on management, the other with a focus on finance and accounting. The MBA programs are accelerated, with one course lasting eight weeks. Courses are offered in the evenings, with some weekend intensive programs. Students attend one night a week. The degree takes between one and one-and-a-half years to complete. The cost is about $4,000 to $5,000.
Regis offers classes at locations in Henderson and Las Vegas. “Online is used as a supplement or bridge,” Evans said. “Our emphasis here is to have people on campus, but adding online services to get what they need as quickly and efficiently as they can.” The Web also is used for business simulations, obtaining class materials and accessing the school’s library facilities. Faculty members are executives themselves who teach part-time. “The classes are small. It does provide the opportunity for students to know our instructors very well,” he said.
This fall or in the spring of 2006, Regis also hopes to offer a Masters of Science in Management and a Masters of Science in Nonprofit Management. “We want to work with our main campus to develop one or two programs of that type and see how much interest there is in this market,” Evans said.
New to Nevada is National University, which has 30 California locations. It plans to open its first Nevada campus in Henderson later this month, with classes starting in June. The degrees available initially would be a Masters of Public Administration, a Masters of Business Administration and a Masters of Science in Organizational Leadership. “We hope, over time, to build and develop our Nevada presence and bring all our schools, colleges and programs here,” Bentley said. In the meantime, classes for any of these degrees can be taken online. An additional online offering is an MBA entirely in Spanish.
The master’s programs would follow a one-course-per-month format. Typically a master’s degree can be obtained in one-and-a-half to two years. “Our classes are in the evening, so people don’t have to give up their careers, their jobs or their families, and they can really focus and intensely concentrate on one course at a time,” Bentley added.
Tuition for the programs runs about $13,000.
The University of Southern Nevada, at its Henderson campus, will launch a Masters of Business Administration program this summer – a general MBA, but with a healthcare slant. It will emphasize communication skills, creativity and innovation. “Every day (students) will give a presentation and write an executive summary,” said Dr. Jim Bailey, the university’s MBA program director and professor of accounting. “It’s very intense.”
The program will feature the block system, meaning each course is only two weeks long, but students attend several hours of class per week. “You’re kind of living and breathing it,” Bailey said. “Because of the intensity, you can complete the weekday MBA in about eight months.” The weekend program would require 12 hours of class time per week and could be finished in two years.
All learning will take place in the classroom only. “Our philosophy here is that to develop professionals and their communication skills, (education) needs to be person-to-person,” Bailey explained. The weekday program, which costs about $25,000, will begin in July; the weekend alternative, which runs about $28,000, will start in August.
Later this year, Nova Southeastern University plans to supplement its education offerings with business degrees – bachelor’s, master’s and doctoral – at a new, second Las Vegas campus. “We can also deliver the program right to a business,” said Dave Guerin, director of Nova Southeastern University’s Las Vegas Student Educational Center. “For example, if a casino has a group of 10 or 12 students, we can take the program right there to that business and teach it on-site.”
The available degrees, now offered online only, would be a Masters of Business Administration, a Masters of Science in Accounting, a Masters of Science in Human Resource Management, a Masters of Science in Leadership and a Doctorate of Business Administration.
Students would take a set number of classes each eight-week term. For the master’s, which could be completed in 18 months to two years, students would meet once every two weeks on Friday, Saturday and Sunday. For the doctorate, which takes four years, students would meet one weekend per month.
The master’s degrees cost about $20,000, the doctoral degree, about $36,000. “That is certainly more expensive than the other programs at the other universities, but it allows us to be a little more flexible,” Guerin said.
Despite the efforts of Nevada’s private universities to accommodate executives’ demanding schedules and lives, two inherent challenges in pursuing an advanced degree remain. The first is making the decision to proceed and taking the first step, Ackerman said. The second is finding and managing the time that’s required.
However, Bentley said, the sacrifices are worthwhile. She puts it into perspective: “If you spent two years and got a master’s degree, the two years after that, your advancement in pay would pay for your degree. So why wouldn’t you do that? Why wouldn’t you invest in your own future, in your own earning ability, in your own career advancement?”