In both the U.S. and Europe, several institutions now offer MBAs and Masters degrees that combine the arcane arts of IT and business management. For IT professionals who want to improve their knowledge of the business, the choice is getting wider.

Courses Galore

If you're based in the U.S., Boston University Business School offers a 21-month joint MS-MBA programme giving students the opportunity to earn both an MBA and a Masters in Information Systems. Destinations for course graduates include Fidelity, the asset management company. Louis E. Lataif, Dean of the School of Management, says the course is unique among MBAs for equipping students with 'a true understanding of the strategic impact technology plays on all other business disciplines.'

And if Boston isn't for you, there's always the Executive Master's in Technology Management at the University of Pennsylvania. Students study at weekends over two to four years, whilst remaining in employment. Just under 20% come from a financial services background and past and present employers include Deutsche Bank, JP Morgan Chase, Merrill Lynch, and Morgan Stanley. Warwick Business School in the UK is one of the new arrivals on the IT education scene. The school is currently accepting applications for a new one year masters degree in information systems and management, starting September 2005. Course director Wendy Currie, says it will cover IT in financial services: 'We will have guest speakers from the banking world and will look at issues such as the use of IT on the trading floor.' Candidates working in IT in investment banking have already applied.

If Warwick doesn't sound appealing, there is always the south of France. Theseus International Management Institute, a business school based a stone's throw from the sea on the Promenade des Anglais in Nice, is well known for its ten-month IT-focused MBA. Theseus lecturer and career counsellor Ken Pope says 17% of the school's students come from a finance background and many come from investment banking: 'People use our course to move into more senior positions,' he says.

Is it Worth it?

The idea of becoming a student, even if only at weekends, may sound appealing. But it should not be taken lightly. MBA and IT masters courses are an expensive business. Pennsylvania's course costs $47,250 a year for full-time students (studying Saturdays and Sundays), and $23,625 for part time students (studying Sundays only). Boston charges $28,500 a year and Warwick's course costs £10,900 ($20,646, €15,984); Theseus charges €25,000.

One option may be asking an employer for sponsorship. At Pennsylvania, for example, some banks will pay 30% or more of students' fees.

Not for Programmers

Will an MBA or Masters in IT management course boost your career? If you want to make a future in management the answer may be, 'Yes'. But if your future lies in programming, the answer seems to be a 'No'.

Pamela Taylor, head of campus recruiting for technology at Goldman Sachs in the U.S., says MBA and IT courses are useful for IT business analysts, who deal with project planning, budgeting, and strategy. Michael Mumm, an associate in prime brokerage technology at Merrill Lynch in New York is currently studying the course in Pennsylvania. He advises people who don't intend to move into management roles against taking the course: 'If you want to be the best visual basic programmer, then your goals may not be aligned with the benefits that the program offers.' Mumm says Pennsylvania's program is suitable for people who want take on leadership roles: 'This program will teach you how to manage and better your understanding all of the complexities associated with IT projects.'

Nice to Have, Not a Must Have

Even if you work in the business side of IT in banking, consensus has it that an MBA is not essential to get ahead. Mark Ryland, head of equity information technology at HSBC in London, says everything taught on an MBA course can typically be learned on the job. 'The fact that someone has an MBA has never influenced my decision to employ them,' he says.

Adrian Pierce, a first vice president in debt technology at Merrill Lynch, says MBAs aren't mandatory if you want to move into a managerial role in investment banking technology. But, they can be a good thing: 'Some people can grow enormously from having done an MBA course, and during interviews it can look good that you have devoted time to furthering yourself.'

Squeezing into the Bank

If you do opt to study an MBA or Masters course, be prepared to squeeze into a job in investment banking. Few banks hire MBA or Masters students into their IT functions as a matter of course. This doesn't mean they won't hire you, but it does mean you'll have to work that bit harder to find a role.

'We occasionally hire IT Masters students,' says Kris Peters, head of graduate recruitment at Deutsche Bank in New York. 'But we don't seek them out.'

Relevant links:

Warwick Business School - http://www.wbs.ac.uk/students/masters/ism
Theseus International Management Institute - http://www.theseus.fr
Boston University Business School - http://management.bu.edu/gpo/msmba
University of Pennsylvania - http://www.seas.upenn.edu/profprog/emtm