Blockchain in business school: Interest among MBA students has not abated despite the crypto crash.

Few sectors are as volatile as cryptocurrency. Over the past year, the value of digital currencies has soared and then plummeted, culminating in a widely reported market crash, layoffs and bankruptcies. Although it is uncertain, the demand for education in the field has not decreased, say professors.

“The price of crypto is going up, it’s going down; the demand is not related to that,” says Gregory LaBlanc, a professor at Stanford University’s Graduate School of Business and the University of California—Berkeley’s Haas School of Business. ”

And crypto is no longer convenient. Businesses across the board, from legacy banks to sectors beyond finance, are increasingly exploring crypto options. As a result, business students in MBA programs should be aware of the advantages and disadvantages of digital assets and decentralized banking systems.

“There’s no doubt that there’s still a lot of uncertainty and immaturity and hype in the blockchain space,” said Kevin Werbach, professor of legal studies and business ethics at the Wharton School of the University of Pennsylvania and director of Wharton Digital Assets and Blockchain. Project. Even so, the need for business schools to include this emerging industry in their curriculum remains. “We need people who also help people who work for large traditional companies.”

Due to the demand of MBA students and employers, some top business schools are incorporating blockchain and crypto into their curriculum. Here’s what you need to know.

Although the idea of ​​teaching crypto in business school is relatively new, there are several schools that offer it, including Stanford, Columbia University, Fordham University (Gabelli), and the Miami Herbert Business School at the University of Miami. Because of the overlap in content, these classes may be housed within a business, law, or engineering school or taught in conjunction with these schools.

Whatever program you choose, first aim to gain a baseline understanding of the barter system, the gold standard, and modern checking accounts—this history will help contextualize decentralized finance. Without understanding the basics of business, technology alone will not help you succeed, and vice versa.

“In general, for most people, the width you get is worth more than the narrowness,” says Werbach.

For those who want to understand the concept, the crypto course can serve as a jumping-off point to explore other domains such as data architecture, payment infrastructure or contract execution. “Crypto really serves as a clearing house for all business sectors,” LaBlanc said.

For those looking to found or work for a crypto startup, an extra step of training goes a long way — like the accelerator program Berkeley Engineering offers.

As this field evolves, it is important to seek training that is not just academic. As in other sectors, a program that brings in guest experts helps balance theory with practical learning.

“It’s like trying to hit a moving target,” said David Yarmak, a professor of finance and business innovation at New York University who helped lead the school’s early crypto course offerings. The school It is one of the first in the country in 2014.

According to Yermak, the location may make sense. Some schools are close to major employers, offering a curriculum tailored to meet the needs of the local economy – and this proximity can be beneficial when job hunting. Programs should be located in schools that naturally have a strong technology focus and do at least some research in the area.

Finally, even if your MBA program major doesn’t offer a class in crypto, look for other related courses like fintech, cybersecurity, and risk management. Although Berkeley does not currently have a faculty-led crypto department, the fintech class has relevant elements within it. The school, however, offers student-led courses in crypto for credit. LaBlanc will teach business finance at Stanford this fall, where he plans to include courses in crypto.

Students looking for a job after graduating in blockchain or crypto should expect stiff competition. With so many starters out of business this year, that trend is likely to continue.

“There are some people who like to take risks, and MBA students fit that profile,” Yarmak says. “In many ways, crypto is perfect for them.”

Business school students should be prepared to continue expanding their skills after graduation. “In a field as fast-changing as crypto — no matter how much you learn in an academic program, you’ll need to learn a lot on the job,” Werbach says.

No matter where you end up, whether in the crypto field or outside of it, there will be demand for this career. In Werbah’s view, one of the best positions to work for is working for an employer that isn’t primarily focused on emerging technology, but one that has more expertise in it than others.

After graduation, students should aim to develop a “personal knowledge network” that relates to them, such as podcasts and online forums, says Werbach. Doing so will help you stay abreast of new trends and developments.

Professors are slowly building graduate schools dedicated to crypto and digital assets. It is an area where both education and research need to move, Yarmak says. That takes time, but it is inevitable.

More businesses want to leverage different management strategies, such as supply chain coordination. “These things will be so unexpected, it will be part of the normal business landscape,” LaBlanc said. When that time comes, there is no need for special crypto courses; It will be ingrained in the business curriculum. For now, the field is green.

“It’s important to develop a healthy skepticism and a BS detector, because there’s a lot of amazing technology out there,” Werbach said, before warning that some developments could be hoaxes. To be successful, you must be able to separate the wheat from the chaff.