Mastering the Fundamentals of Finance
As senior director of marketing at Baxter Healthcare, one of the world's leading manufacturers of health care products, Dana Mendenhall must be able to make the most of products, people, processes, and profits. Recognizing that her responsibilities require a firm understanding of financial principles, she enrolled in the Finance for Senior Executives program at Harvard Business School (HBS), because she believed it would best prepare her for the daily challenges of her job. Mendenhall shares some highlights of her experience in the program.
How did you first hear about the program?
I've heard about Harvard Business School many times throughout my career. A number of my colleagues have taken leadership development courses at HBS and had very good reviews. So when I decided to pursue an executive education course, I started to look at the various programs at HBS. I thought Finance for Senior Executives was the best fit for my responsibilities at work.
Did you have any specific goals that you wanted to achieve?
My goal was to be able to apply the fundamentals of finance immediately when I got back to work. I wanted to tie the discipline of finance to the practice of finance. Outside the classroom, I wanted to make very strong connections with like-minded individuals—whether from a startup, another health care corporation, or a completely new industry I haven't had an opportunity to explore. So the networking aspect was important as well.
What did you think of the living groups?
My living group was perfect. It was an extremely diverse group, so it was exciting and challenging to have so many different perspectives. I was impressed that everyone immediately had respect for one another and engaged in meaningful conversations. I developed new professional friendships that will endure, so the experience was phenomenal.
Did you have a favorite case study?
My favorite was the Union Water Partners case study, which looked at the type of capital needed to start a new business opportunity, and examined how to make the right assumptions in a different country. It helped me understand how to use financials to make a complete and credible business case, and I learned how to extrapolate those skills across the board. Another favorite case study was on Humana as it considers a number of alternative restructuring strategies, including a corporate spinoff. It was particularly relevant to me because my employer, Baxter Healthcare, recently went through a spinoff. I experienced the organizational and cultural aspects firsthand, so it was valuable to learn the financial principles that are involved in spinoffs.
Did the program meet your expectations?
It exceeded my expectations. I now have ongoing professional relationships with a number of my classmates. Also, I was very impressed with the caliber and diversity of the faculty, whose broad range of expertise enables them to take academic lessons and apply them to the real world. To me, that's one of the greatest benefits of the program.