The nonprofit sector has changed dramatically in the last decade, says Alexander Castro. And the managers of such agencies need business skills to run their programs most effectively.
To that end, Castro earned an Executive M.B.A. from the Simon School in 2007. He was the assistant director of Rochester’s Housing Council, which offers landlord education, foreclosure prevention, pre-purchase counseling and fair housing education. He was appointed CEO of the organization in March 2007.
“I had always known I wanted a graduate degree. I had been at the Housing Council six or seven years, when I realized it was time,” Castro says. “I thought I might have to take a full year off work to do it.”
Castro looked at a number of graduate programs that might apply to his field. He considered master’s degree work in public policy, for example.
But to Castro, the cost of further education was an investment akin to buying a home. The consumer needs to do his research to insure that the outlay in time and money will see a positive return over time. After investigating and weighing a number of types of degrees and schools to attend, he opted for an M.B.A.
“And I knew it was either Simon or no program at all,” he says. “The recognition factor is key. If you are making a long-term investment like this, you might as well get the best of the best.
He began to see a return on his investment almost immediately. His team worked on a statistics project that piggy-backed on a Six Sigma exercise the Housing Council had already completed. The Simon team helped the Council take its Six Sigma efforts to higher level, he says.
His colleagues in the program came from a variety of backgrounds, giving Castro a peak into the ways other sectors operate. The exposure has helped him look at Council issues with fresh eyes. “As the economy and funding sources have narrowed for nonprofits, the business skills of an M.B.A. help CEOs steer the course.”
Since being appointed CEO, Castro has led the Housing Council through the dive in the housing market. The agency is focusing more acutely on helping people forestall foreclosures, attempting to help as many as possible retain their homes.
“My Simon M.B.A. has worked more to my and the Council’s advantage than any other degree would.” Castro says. “And I have no regrets.”
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