Running Head: PROFESSIONAL DEVELOPMENT PLAN

Professional Development Plan Monica Soni Walden Universsity Dr. Steve Roussas April 2012

PROFESSIONAL DEVELOPMENT PLAN Abstract Many of us have personal goals or goals we need to obtain in order to excel in a position for an example. DBA Degree can be used in two different ways. It can be used to teach University Level courses and it can also be used towards your professional career growth. (Wikipedia, 2012). A Doctor of Business Administration, known commonly as a DBA, is a research doctorate program

that really helps its candidates achieve goals in theory and practice. (College Surfing, 2012). From research related to dissertation paper to general course work, motivation, organization and a desire to complete a Doctoral degree is a huge plus. There are always obstacles that come in the way of anything that you are trying to complete, but it is up to you if you are ready to fight those obstacles and over come them.

PROFESSIONAL DEVELOPMENT PLAN

Professional Development Plan Part IA: Description of Personal and Professional Goals At a very young, age; I was encouraged about completing higher education and having a successful career. Education and having a good career is very important in my family. When I mean family that includes all my cousins, uncles, aunts, and my grandparents from both my mom and dads side. There was always a competition in the family to see who is the best, which was a typed of self-motivation for me. My family always taught me the importance of high education and how I was very fortunate to come from a family that willing to be supportive. My family always believed that having a high education would help you towards a successful career, which would help you raise a family in a smooth way. My family always thought me to think about the future and at the same time follow a domino affect strategy. When I mean by the domino effect strategy, a good example would be is that completing a higher education degree such as a DBA, it would help you in the future in terms of teaching or in your finance career. Its all about excelling in my family and being successful. In another terms its a game. At the same time my parents encourage that you pick a subject or field that interests you. Even though I was brainwashed with this messaged from the day I was born, it wasnt until I started working, I learned how important a MBA and a DBA degree is. Working at UBS Financial Services, the importance of earning a MBA Degree was passed along to me from my VP and Director of the department that I was working for. And along the way, while working as a Financial Consultant, I worked at many different companies and it made me realize how important DBA Degree is when working for Fortune 500 companies like Stryker Orthopedics. Receiving information like this from your VP or Director at work really puts a red flag and it made me feel good that wow they are willing to help me out and

PROFESSIONAL DEVELOPMENT PLAN be a positive person in my life. Working in big and small companies has changed me a lot and helped me understand the importance of high education. By being hired as a financial consultant at a very young age, I was very fortunate. The reason why I saw that is because it allowed me explore different companies and improve my computer, communication, organizational and analytical skills. At a very young at, when I go for interviews, the managers interviewing me are very impressed with my qualifications and my education background at a very young age. At the age of twenty-five, I hold a masters degree which I thank my Director and VP at UBS Financial Service for writing me a letter of recommendation for the application process and for also being so supportive. Right after I got laid off because of the economy, I was fortunate to be hired by Robert Half as Financial Analyst Consultant. Working for them for only a year, I was able to excel from an entry level Financial Analyst to a Senior Financial Analyst, which also requires management skills. Having the motto from my parents and self-motivation has brought me to where I am today. My next step is to complete a DBA Degree so I can excel more in my career and also work part-time in teaching,

which I am at the moment. But the DBA Degree would also help me excel in teaching as well. The term excel just gives me more motivation. I enjoy the race to being the best in the family. It gives me satisfaction and it is a great example to pass on to my kids in the future. Yes, I enjoy what I do because I picked what I wanted to study from high school. I always want to focus my education on business, law or teaching. Pursing a Doctor of Business Administration (DBA) degree would be my last education achievement goal. At the moment I am a private tutor for MBA students and by the time I finish my DBA Degree, I would like to teach at a University. DBA Degree is one of the requirements needed to get to that level. (William Howard Taft University, 2011).Eventually, both

PROFESSIONAL DEVELOPMENT PLAN my degree and my experiences will assist me in achieving. I am very passionate at what I do and plan on keeping this mind set for life. I really enjoy working full-time in finance and part time teaching. After completing my

DBA Degree I would become an expertise in many things. Once important skill I would be able to complete is become a professional writer that can compose scholarly papers. I can use all the skills from a DBA Program in my Finance Career and in my Teaching Career. After reviewing Walden Universitys DBA Program, there are many things the university has to offer, that will help me become a successful person in the future. That is why I wished to design my own concentration within Walden Universitys doctoral program that will combine financial management and leadership skill courses. Walden University has many opportunities to grow just like any other university and the good part is that its online so I can still have my career and stuffy further. My goal to finish my degree is three years the most if my semesters, residency and dissertation goes smooth. I plan on using my motivation and eager to learn to complete this degree no matter what downs I have. I also plan on being enrolled in every semester so I can finish in a timely matter and not take time off. It is very important for me to finish the degree o on time so I can move on my other important responsibilities that will also help me cure my health. Since high school, I always like to create a timeline for myself so I can complete the important things on my list in a timely fashion. And I plan on using that strategy going forward as well. Also the whole e-learning opportunity and achieving the same quality education as going to a full time college on campus really attracted me the most. I hope to succeed in this program.

PROFESSIONAL DEVELOPMENT PLAN

Part IB: SWOT Analysis SWOT Analysis Strengths Very well organized, self-motivated. Goal Orientated Earning a doctoral degree is on the top of my goal list to earn or accomplish. Research is my specialty. Using my skills such as analytical skills when compiling research for my courses and also following current events and compare it with current affair authors like Thomas Freidman. Weaknesses Procrastinate at times. Overwhelmed at times since I work a full time and part time job to pay my college debt. Sometimes my personal health conditions get in the way and it delays my submissions. At times I have difficulty understanding the material and at times it can get very overwhelming and frustrating. Sometimes no matter how hard I try, completing a partial exam or assignment, I dont get the desired grade. Opportunities More open career path. Potential financial growth (salary increase) Potential position growth. Use the degree for teaching and for career purposes. Degree will make me more valuable candidate when it comes to going for a interview along with my experience.

Threats Some companies may think you are over qualified. Some companies may lay off a highqualified employee de to labor cost. Colleagues may have insecurities and it may cost conflicts. Outsourcing to cut cost or outsourcing a portion of your responsibility to cut cost. Personal personality conflict w/ upper management. For example, a manager with a master may not higher a candidate a Doctoral Degree because of ego.

Summary of a SWOT Analysis

PROFESSIONAL DEVELOPMENT PLAN

After compiling a SWOT Analysis, I compiled a guideline to success guideline for myself. Within a SWOT analysis, there are different categories such as Weakness, Threats, Strengths, and Opportunities. The first category that I would like to go over is strength. In terms of strength, I am very goal oriented and self focused. When I make decisions on my own, I am even more self focused and goal orientated. Completing a DBA was a decision I made and no matter how hard it is for me, I am going to try my best to complete the problem. There will always be obstacles that we face but my strength will help me get over it. Other strengths such as my skills in varies area, will help me complete my DBA Degree on time. Working for fortune 500 companies in the past, has helped me develop certain skills that I can use while completing my DBA Degree. Some skills include organization, analytical, data mining and many more. Reading current events and staying on top of novels related to my career is also very helpful. The reason why I say that is because when you are in a meeting with upper management, the conversations are on a very high level. So, keeping up with current events and reading current affair novels can be very helpful. It also helps me stay in the school mood as well. The novels that I have been reading is helping me with my research paper and also with work so it is very helpful. The second category I would like to explain is opportunities. Completing a DBA Degree can add more value to a individuals profile. (Washington University in St. Louis, 2012). From research and working in the field for couple years, there is a lot of competition in the finance career. Holding a higher degree with experience can be very helpful. For example, at the age of 25 I have earned my MBA Degree from NYIT and working for many fortune 500 companies in the past three years. The MBA Degree allowed me to excel in my career and being enrolled in a DBA Degree allowed me excel even more. After earning the degree it may even allow me to excel even higher then where I am at the moment. (James C. Sarros, Robert J. Willis, Gill Palmer, 2005).

PROFESSIONAL DEVELOPMENT PLAN DBA is not only a personal preference but it is a good investment for the future. According to an

article I read, DBA Degrees are in demand. (Ann Graham, 1994-2011). It will provide a potential growth for the future. The third category is Threats. Threats is everywhere you go and it can fall under any category you can think of. As a female, many threats that I could potentially face is ego. Majority of upper management team is male and when they see a female in upper management, it raises ego. It raises even a higher ego when theres a female in the upper management team with a DBA Degree. (Mark Sichel, 2009). Not all companies are like that but Ive been in companies where it does occur. Another threat that could occur is when you are applying for a job. It may raise a red flag to the hiring managers at some companies. They many think you are to over qualified because you have DBA Degree so therefore it minimizes your chances from being hired or from even being called for an interview. Other threats a DBA Degree may have is the salary expectations and its cost. Ive seen companies that hire a student right out of college and train them gradually to perform the same work as an individual with a higher degree. The reason why is because it cuts the salary in half or less than a person who working with a higher degree. Even with training cost, it is still cheaper to hire someone with less experience and without a higher degree. This logic only happens with certain companies. Ive seen companies that think the complete opposite and higher individuals with a higher degree from a good school, great work experience and much more. So earning a DBA Degree can go the opposite way as well and cause a threat. The fourth category under the SWOT Analysis that I would like to go over is weaknesses. Being enrolled in a DBA Degree, some of the weaknesses that I believe that I may experience is performance due to my medical issue. I suffer from endometriosis severely and at times it can really make me very weak and not able to think properly. No matter how much I tried to cure the

PROFESSIONAL DEVELOPMENT PLAN disease, it is incurable. But I like to think positive and not let it get in my way of achieving a goal. Another weakness that I experience for the first time is understanding the course material. This semester, there were times I didnt understand the course material and it made it very difficult for me to succeed. This causes frustration and stress because me not understanding links to not performing well and that links to poor grades. These are some of the weaknesses I fear from the most when trying to complete my DBA Degree. These are the four categories under the SWOT Analysis and how they interfere in a positive or negative way when completing a DBA Degree. One on One Interview

After analyzing, I have chosen a very successful individual for a one on one interview. The interviewee refuses to have his names mentioned so I will refer the interviewee as Interviewee. I compiled a couple of questions related to my research topic and asked some questions that would link back to my SWOT Analysis. The individual that I interviewed is the VP of Finance for a Logistic Company. Here is the conversation the interviewee and I had during the interview: Monica (Interviewer): Greetings, my name is Monica Soni and I would like to thank you for taking the time to sit with me today. The first question I have for you is: Tell me a little about yourself? Interviewee: Hi my name is ****. I am the VP of Finance for a Logistics Company from the past 6 years. I hold a BA and a MBA Degree from Northeastern University in Boston, MA. I am been working for varies types of distribution companies for many years. Its been over 20 years that Ive been working for distribution. (Maloney, 2012).

PROFESSIONAL DEVELOPMENT PLAN Monica: That is a very impressive background Mr. ****. Since ******** Company is a

10

large distribution company, what type of employees would you like to employee. What are some of the key factors you look for in a candidate? Interviewee: I prefer well rounded individual. Some of the factors that I look for are education, personality, past experience, references, attitude and much more. These are some of the key factors that I look at. If I were to hire a financial analyst to work under me, I would definitely look for someone with higher education degree such as a MBA or a DBA, computer savvy, personality, references and much more. Couple months back, I interviewed couple candidates for an analyst position and it was a very close pick but I chose the candidate with a DBA Degree because I know that down the road, the individual can provide me with more feedback and ideas to make the company grow even more. (Maloney, 2012). Monica: With a famous and large distribution like this, do you plan on going global? Do you plan on sending jobs overseas to cut cost? Interviewee: Yes, our company is all over the United States but we do not plan on going internationally at the moment. It might be a topic to think about for the future but not now. We do not plan on outsourcing jobs for cheaper labor. Keeping corporate offices here in the US is more efficient. Our company is also huge on getting to know everyone and making it a great environment to work in. We want our employees to know each other and work together as a big group. Outsourcing would just cause that culture to change as well. By not outsourcing, communication wouldnt be affected as well. We are a distribution company so communication with one another is important. Each department is involved. (Maloney, 2012). Monica: Are there any authors that you follow in terms of current events?

PROFESSIONAL DEVELOPMENT PLAN great author with amazing research facts that would be great for anyone in the finance or business world. He is up to date with the latest trends and many more important topics

11

Interviewee: Yes, they are authors that I follow. One of them is Thomas Freidman. He is a

related to business and finance. Reading and keeping up with current affairs is a huge plus in order for you to succeed within a company and also for the company as well. (Maloney, 2012).

Monica: I agree. I myself follow him as well. These are all the questions I can ask you today because time is over. Your responses were very helpful and in terms of thoughts, I believe we are on the same page. Thank you for your time and cooperation. Interview: Thank you. It was a pleasure meeting you. (Maloney, 2012). Monica: Thank you. This was the interview that I scheduled with an upper management team member at a distribution company in Boston, MA. The individual I interviewed is the Vice President of Finance. He was a brilliant man with great ideas. After interviewing, I felt like me and him were on the same page in terms of thoughts about outsourcing, reach for higher education and much more. Many companies operate different depending on the individual that is interviewing. The interviewee did agree with any of the threats I mentioned above in my SWOT Analysis. Neither did he agree on outsourcing for cheaper labor and operation cost like many companies have been doing since 9/11.

Conclusion

PROFESSIONAL DEVELOPMENT PLAN

12

I really liked his thoughts and ideas overall. I hope you enjoyed the one on one interview with this young gentleman as well. I wish I could mention his name but unfortunately he wanted to keep it confidential. Having a upper management team member think so positive, gives me a positive vibe about completing a DBA Degree. This could be a source of positive motivation when completing my DBA Degree as well. I hope you enjoyed reading my paper as well.

References

PROFESSIONAL DEVELOPMENT PLAN Wikipedia. (2012, March 07). Doctor of business administration. Retrieved from http://en.wikipedia.org/wiki/Doctor_of_Business_Administration College Surfing. (2012). Doctor of business schools. Retrieved from http://en.wikipedia.org/wiki/Doctor_of_Business_Administration Maloney, H. (2012, April 9). Interview by MNS Soni [Personal Interview]. Thoughts of higher education and outsourcing. Importance of a DBA Degree, Danvers. , Retrieved from http://www.fedex.com/ Washington University in St. Louis. (2012, January 6). Doctor of business administration (dba). Retrieved from http://www.olin.wustl.edu/academicprograms/DBA/Pages/default.aspx Ann Graham. (1994-2011). A shortage of scholars- why undertake a phd in business?. Retrieved from http://graduateschool.topuniversities.com/articles/phd/shortage-scholars-whyundertake-phd-business Mark Sichel. (2009, October 14). Use your ego wisely: Humble men and confident women are more successful in work and love. Retrieved from http://www.psychologytoday.com/blog/the-therapist-is-in/200910/use-your-ego-wiselyhumble-men-and-confident-women-are-more-successful

13

James C. Sarros, Robert J. Willis, Gill Palmer, (2005) "The nature and purpose of the DBA: A case for clarity and quality control", Education + Training, Vol. 47 Iss: 1, pp.40 52 William Howard Taft University. (2011, December 10). Online doctor of business. Retrieved from http://www.taft.edu/dba.htm