Academic Transition from Engineering to Business
A little about myself
My name is Scott Fraser, and I am currently a student at Robert Gordon University studying the MSc Energy Management course. As a successful applicant to the TelosNRG postgraduate business management scholarship, I am excited to be welcomed into the TelosNRG community while learning key business management skills within the energy sector through my course modules. Prior to undertaking my current postgraduate degree program at Robert Gordon University, I obtained a master’s in chemical engineering from Heriot-Watt university achieving a first-class in June 2021. However, due to the impact of the COVID-19 pandemic on graduate roles within my field of study I was uncertain about my future direction and career avenues. In response, as an individual with a flair for learning new things I decided to go back into education to gain additional skills. Having enjoyed the business-related aspects of my first degree, gaining fundamental knowledge and skills from a range of design and business-related projects, it felt right to further develop my business skills, and so I decided to pursue a second degree in energy management.
The Transition
Characterising myself as an engineer, I have gained excellent technical knowledge in chemical-based processing from biological to petrochemical related products and been introduced to the corporate organisational structure through my business awareness module in the Chemical Engineering program. However, transitioning from technical to a literature-based course came with several challenges. First, the ability to think and learn in a different way, accepting the criteria that there are no conventionally defined correct answers; and then having to articulate a range of thoughts and concepts required a divergent approach from my previous technical-based degree. Another different aspect of the transition was the increased level of team collaborations and class participations. Through the Energy Management course, I have been involved in various class debates and dynamic presentations discussing a range of topics from novel renewable technologies and their potential impacts on the energy transition; to the identification of an organisation’s key capabilities in driving effective strategies. In essence, the transition into a business course has highlighted a more communicational form of learning compared to the majorly prescriptive engineering degree.
Key Aspects of Business
The MSc Energy Management course at Robert Gordons University serves an excellent choice for anyone interested in transitioning into business within the energy sector. Not requiring any business-related experience or education, the course sets out the basic principles of business management. Making it an attractive option for scientists and engineers, like myself, to dive into the world of business. In the subsequent sections I have discussed some key aspects that I found most interesting about the energy management course.
Financial Information and Decision-Making
This module provides insight into fundamental accounting concepts and frameworks. Introducing organisations published financial reports, I learned how to interpret and analyse financial information for business-related decision making. I have also gained valuable insight into applying ratio analysis on information gathered from the different segments of an Annual Report, to determine the overall financial health of an organisation.
Strategic Analysis for the Energy Sector
In this module students are taught how to analyse an industry that an organisation takes part in, providing direction and improved performance to reach corporate goal. The module has taught me key techniques, such as VIRO framework analysis, to identify an organisations strengths and weaknesses from analysing the internal environment. The module has also exposed me to studying the macro-environment using the PESTEL framework and Porter’s five forces analysis to recognise opportunities and threats presented by determining fundamental drivers of strategic change. Ultimately, I have learned different methods of identifying key competitive capabilities from the internal analysis and evaluating them against the most pressing drivers of systemic change to formulate effective corporate strategy. Overall, the module has improved my ability to contribute in making key business-related decisions for organisational growth and risk mitigation.
Renewable Energy Management
Renewable energy management was another module that I thoroughly enjoyed; it explored a range of renewable energy technologies within the energy mix. This module allowed me to participate in discussions around the benefits and issues relating to each technology through case studies. The module was predominantly forum orientated and involved many interesting debates within the class. The development of renewable energy projects was another key aspect, discussing key considerations and assessments required in the planning process. The module also covered a general overview of energy policy and policy-based instruments, including a range of energy financing options, gathering fiscal requirements and developing large-scale projects. The importance of stakeholder management was also covered. I gained from this module a good understanding of tools to efficiently identify, categorize, and manage all the players who have a stake within a development.
Strategic Risk Management
This module discussed the importance of risk within an organisation. Developing key understanding and awareness of risk management to sustain a competitive advantage within an industry. Through this module I was involved in discussions on organisational risk appetite and risk cultures that drive strategic decisions within the tolerance outlined by shareholders. I learned that business environments continually evolve and change due to a range of factors so strategies must be formulated to mitigate risks in all aspects of business, from uncertainties in supply chain, operations, to financing. On managing risks, the module exposed me to fundamental risk architecture for identifying, evaluating, mitigating, monitoring and reporting risk. LSE corporate frameworks and OECD principles were also discussed to provide effective delivery and appreciation of corporate risk governance. My key takeaway from this module is that, not all risks are bad and without risk an organisation cannot grow and develop, however if managed poorly, the organisation can experience adverse implications that may result in great impact to the business.
Conclusion
Having completed my second semester of the MSc Energy Management course, I have enjoyed learning about the business-side of the energy industry. Complimenting my technical knowledge and skills gained from the Chemical Engineering degree, so far, the transition has been stimulating and insightful. I have recently commenced my 3rd semester with a business consultancy project, which is the final part of the course. Having secured a placement position at PanGeo Subsea, I aim to develop my interpersonal and communication skills by actively taking part in the business and dealing with real world clients. Further, the project will allow me to utilise the skills I have developed throughout my time in academia to solve business-related problems within the oil and gas sector.
Acknowledgements
I kindly thank TelosNRG for awarding me the postgraduate Scholarship to pursue the Energy Management course at Robert Gordon University. The scholarship relieved the financial pressure of undertaking my second masters, allowing me to take a step back from my part-time job to focus on studies. I would also like to thank Keith Bush (Chief Operations Officer of TelosNRG) for welcoming me into the TelosNRG community. Our continued engagements, mentorship sections and meetings have stemmed interesting conversations and allowed me to develop valuable soft skills and grow my professional network.