Independent Studies are common here at Owen. The faculty and administration encourage them as they provide students with the practical experience of heading a project with little guidance—no better preparation for the “real world*.”
*The real world as in the actual world, not the formerly popular MTV reality series.
Why an independent study?
Academic Credits – Independent studies are a good choice if the course offering isn’t to your liking or use. I, for example, am foregoing the corporate world to seek work in the arts following graduation, so not all courses are practical. (“So the only thing left is Bond Markets…Independent study it is.”) This past mod, I designed an independent study for myself that aligned with my educational and occupational goals; professors are usually willing to cooperate as advisors once you show that your proposed study is applicable and has merit.
Experience – Often independent studies are sponsored by outside stakeholders, either local non-profits or entrepreneurs looking for some (free) MBA brain power. Signing up for these sponsored studies offers a chance to take a look at a real-world situation, and, more importantly, produce an implementable solution. Hungry for civilian work experience after leaving the military, I volunteered for a number of such studies in my first year. I participated in projects that helped United Cerebral Palsy and the Americana Music Association. These projects provided valuable experience that I wouldn’t have gained from an academic case, and I saw what organizations look for in an MBA candidate/graduate. The feeling you get from producing an actionable solution is likewise worth the effort in itself.
For Entrepreneurs: Freedom to Experiment
If you have even a thread of an entrepreneurial aim, you can utilize Owen’s resources to create a relatively safe laboratory for your ventures. Sure you can wait until you’ve graduated and moved on, or you can get your feet wet while you still have the support system and know-how of a top business school behind you. Should you decide to investigate launching a venture during the school year, you might as well receive academic credit for your work at the same time, and submit your project/business as an independent study. This can free your courseload so that you have more time to devote to your venture.
Throw the baby in the pool
By graduation, I’ll have participated in five independent studies here at Owen, and I would say that they each provided a greater learning experience than any other individual course. They always start the same: with uncertainty, and the feeling that you’re in way over your head. By the end, however, assuming you’ve put in some honest hours, you usually find that you’ve not only produced some good work, but you’ve grown as an MBA. Highly recommended. Now if you’ll excuse me, I’m late for bond markets…
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(I am the author.) I should say that while fruitful, independent studies aren’t necessarily easy. They might come off that way from this post. As far as what each I.S. was for, the two sponsored studies were mostly strategy type projects. What did we recommend they do in this particular scenario with their available resources? For example the Americana Music Association was looking to increase ticket sales to their yearly convention and awards show, as well as regular merchandise sales. We identified several areas they could look at, including where to set ticket prices, how to organize their online store, and how to enhance their web presence and awareness. The AMA chairman was not only pleased with the presentation but also reported back as having a “banner year” of sales. My goal in all other independent studies is to focus on my own personal endeavors–one right now to do with my website and two others next mod, the details of which I’m still nailing down.