After going to school for four years and finally earning that illustrious film degree, many people want to rush off and find that perfect film job, but it’s not so easy out there. Only about 20 percent of film school graduates are hired right out of college, and that’s just for job in the industry. It and undeniable fact Hollywood is a business. You spent four years learning how to make the art of the business, but probably know very little about the mechanics of money and the industry. Many choose to pursue an MFA program to gain better skills and more knowledge of the industry and completely overlook the MBA option. Currently the only film school program that offers a dual MBA/MFA is the Tisch School of the Arts at NYU. If you can’t make it to NYU, your best bet would be to go ahead and enroll in an MBA program online.
In order to become a box office success, films need to be budgeted, marketed and distributed. No matter what production company made the film, or which studio distributed it, the Industry sees each film as its own singular product. Each film product offers endless opportunity for subtle and sometimes blatant promotion of other products. This is commonly known as product placement; just one aspect of the many business intricacies of filmmaking.
Filmmakers often lack the ability to think like a business person, a crucial skill in the world of movie making. Especially if you find yourself in the role of producer, creative or development executive; even the director needs a business mind. MBA programs teach analytical skills, strategic planning and risk-assessment. You will learn how to (better) manage people, and engage with accomplished industry professionals who are more likely to take you seriously when you say you have the rights to the next Indiana Jones or Titanic.
Continuing your education by enrolling in a graduate program often results in higher pay and excellent technical knowledge. In applying knowledge gained from an MBA program, you’re more likely to successfully negotiate contracts, rights and distribution agreements. This education is imperative if you plan on running your own production company someday. Understanding how the marketing, administration and leadership roles in the business world of film interface with the artistic execution of film and television is a recipe for box office and Neilsen ratings success.