To Anastasia GliadkovskayaSeptember 7, 2022 at 1:21 PM
Illustrated by Martin Luxman
Few sectors are as volatile as cryptocurrencies. Last year, the value of the digital currency surged and then plummeted, eventually imploding after widely reported market crashes, layoffs and losses. Despite the uncertainty, academic interest in the field is undiminished, professors say.
“Crypto prices go up and down. “Cryptocurrency is one of the things people think they need to know if they want to be an educated person in today’s business world.”
And crypto is no longer a niche. From traditional banks to non-financial sectors, companies are increasingly exploring cryptocurrency options. As a result, business students in MBA programs should be familiar with digital assets and the advantages and disadvantages of decentralized banking systems.
“There is still a lot of uncertainty, immaturity and hype in the blockchain space,” said Kevin Werbach, professor of law and business ethics at the Wharton School of the University of Pennsylvania and director of digital assets and blockchain at Wharton. There is no doubt that there is business. Still, there remains a need for business schools to incorporate this emerging industry into their curricula. “We also need people who work in traditional big companies and understand that.”
In response to interest from MBA students and demand from potential employers, some top business schools are incorporating blockchain and cryptocurrencies into their curricula. Here’s what you should know:
How to Evaluate the Crypto Content of an MBA Program
The idea of teaching cryptocurrencies in business schools is relatively new, but there are many schools offering related courses, including Stanford, Columbia University, Fordham University (Gabelli), and Miami Herbert Business School at the University of Miami. I have. Due to the overlap in content, these classes are sometimes housed in, or even taught in conjunction with, business, law, or engineering schools.
Whatever program you choose, aim to first understand the barter system, the gold standard, and a modern checking account baseline. This history helps contextualize decentralized finance. Professionalism alone cannot succeed if you do not understand the basics of business. And vice versa.
“Generally, for most people, the width you get is more valuable than the narrow,” says Werbach.
For those only interested in understanding concepts, crypto courses can serve as a starting point for exploring other domains, such as data architecture, payment infrastructure, or contract execution. “Crypto acts as a clearinghouse for so many areas of business,” he says LaBlanc.
For those interested in founding or working in a crypto startup, additional training steps like the Accelerator Program offered by Berkeley Engineering can be of great help.
The field is evolving rapidly, so it’s important to get training, not just taught by academics. As with other sectors, programs that invite guest practitioners help balance theoretical concepts with hands-on learning.
“It’s like aiming at a moving target,” says David Yermack, professor of finance and business transformation at New York University (Stern), who led the school’s early offering of cryptography courses. The school was one of the first in the country to do so in 2014.
Location can also matter, according to Yermack. Some schools are located near major employers and offer customized curricula to meet the demands of the local economy. This proximity is invaluable in the job search. The program should ideally be housed in a naturally strong technology-focused school, and one that does at least some research in that area.
Ultimately, even if your top choice for an MBA program doesn’t offer cryptography classes, look for other related courses in fintech, cybersecurity, risk management, and more. Berkeley does not currently have a faculty-led cryptocurrency class, but the Fintech class includes relevant elements. However, the school does have student-led cryptography courses that you can earn credits for. LaBlanc will teach finance at Stanford Business this fall and will incorporate cryptography lessons.
Blockchain MBA Graduate Still Learns Crypto Role On Job
Students looking for blockchain or cryptocurrency jobs after graduation should expect to face stiff competition. Many startups have been forced out of business this year, and this trend is likely to continue.
“Some people like to take risks, but MBA students tend to fit that profile,” says Yermak. “In many ways, cryptocurrencies are ideal for them.”
Business school students should be prepared to continue expanding their skill sets after graduation. “It’s a field that changes as quickly as cryptocurrency. No matter how much you learn in your educational program, you have to learn a huge amount on the job,” Werbach said.
No matter where you end up working, whether in cryptography or not, there is a demand for this expertise. In Werbach’s view, one of his best positions is to work for an employer that isn’t primarily focused on emerging technologies, but has more expertise than most.
After graduation, Werbach says students should aim to build a “personal knowledge network” by participating in resources such as podcasts and communities that are relevant to them, such as online forums. That way, you can keep up with the latest trends and developments.
Professors are slowly building available graduate offerings on crypto and digital assets. It’s an area where “both teaching and research need to move,” Yermak says. It will take time, but it is inevitable.
More and more companies will look to blockchain for various control strategies, such as coordinating supply chains. “These things will be very unexpected and part of the normal business environment,” he says LaBlanc. When the time comes, you won’t need a special crypto course. integrated into the business curriculum. The field remains green for now.
“There are a lot of incredibly exciting technologies out there, so a healthy dose of skepticism and developing a BS detector is very important.
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