Introduction The objective of this essay is to identify the key factors involved based on two opposing perspectives as to whether business practice should be treated as a profession or not. The essay aims to discover as to which argument is more compelling and the reasons for it. The essay will conclude with supporting reasons favouring one of the two points of view.
Business as a Profession This section will provide arguments that support the idea of business and management as a profession. Khurana, Nohria and Penrice (2005) strongly argue that business management should be a profession in order to prepare managers on how to conduct themselves in an ethical behaviour, employ proper judgement while making
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It is probably noteworthy that the CEO of Enron, Jeffrey Skilling originally recruited Andrew Fastow who was an MBA graduate from Northwestern University as the company’s chief financial officer. Fastow concealed the company’s losses and money laundering schemes and was one of the chief individuals responsible for the company’s downfall. It is quite possible that if business management were a profession and certain codes of ethics were in place, this fraud could have been prevented. Business students would be taught to make ethical decisions based on an existing set of core leadership values that would help them in future leadership roles. The recognition of business as a profession would allow business studies to be developed further as more funding could be utilized to research the effectiveness of MBA programmes and in the long term more experienced professors could be hired to teach students.
Business is not a Profession This section will provide arguments to support the idea that business practice is not a profession. Barker (2010) points out that it is questionable what business schools teach students in an MBA programme that would qualify them to manage. He further argues that many individuals without an MBA can successfully run a business. The skills learnt by a student are only in theory, not in practical life. This statement