Business Schools in Puerto Rico
Marketing Degree Programs in Puerto Rico
State of Puerto Rico’s Marketing Industry
Puerto Rico’s marketing industry relies in part on the strength of its economy, and its economy hasn’t been doing too well. Unemployment and poverty rates are higher than in U.S. states, per capita incomes are 10% lower than Mississippi’s, and educated Puerto Ricans continue to seek jobs elsewhere, according to Universia Knowledge @ Wharton in 2012.
But if Puerto Rico’s strengths can be tapped, things could change. The island has low labor and tax costs – as a Commonwealth, PR has a business-friendly and independent tax system – and strong links to Latin America and the Caribbean.
Not to mention sandy beaches and crystal blue waters. Whether or not marketers will thrive on the island may depend on whether Puerto Rico can expand from agriculture, chemicals and pharmaceuticals to more diversified (and international) interests.
Job Prospects for Puerto Rico Marketing Graduates
Long-term occupational projections for Puerto Rico marketing graduates are about average. For 2008-2018, the Labor Market Information Office is projecting jobs for market research analysts will grow by 22% (60 openings), PR specialists by 15% (60 openings) and marketing managers by 6% (30 job openings).
Some of these jobs will naturally be in tourism. Puerto Rico is only a three-hour, non-stop flight from New York – an easy hop for mainland visitors with money to spend. In 2014, Disney Cruise Lines will be homeporting in San Juan for the first time, says cruise director Darren McBurney.
If you’re after an agency job, big names in the Island of Enchantment include JWT San Juan and BBDO Puerto Rico – both branches of international companies. In 2012, JWT San Juan took home Puerto Rico’s first-ever Grand Prix at Cannes in the public relations category (for work with Banco Popular).
Puerto Rico Schools for Marketing
Puerto Rico has 38 marketing schools that offer undergraduate and graduate programs in marketing, PR and management. Here are two for comparison:
1. Universidad de Puerto Rico – Rio Piedras (UPR) (http://www.uprrp.edu/)
The College of Business Administration at UPR in Rio Piedras offers a Bachelor of Business Administration and an MBA with a specialization in marketing, as well as a doctorate in business administration with a specialization in trade and international business or finance.
UPR is the largest institution of higher education in the Caribbean region and Rio Piedras is its biggest campus. Confirming its strong reputation for science, UPR was ranked #26 by SCImago in its 2012 list of the best universities in Latin America.
2. Universidad Interamericana de Puerto Rico – Metro (UIPR) (http://www.metro.inter.edu)
Students at UIPR’s Metropolitan campus can pursue a Bachelor of Business Administration in marketing or an MBA with a concentration in marketing. The university system has been accredited by the Middle States Commission on Higher Education since 1944.
UIPR emphasizes internationalism and has 80 Consortia with universities, organizations and foundations for internship and exchange. Students can also investigate work at the Center for Multicultural Dialogue, the Entrepreneurship Center and the Microsoft Innovation Center.
Professional Marketing Organizations in Puerto Rico
There are no American Advertising Federation or American Marketing Association professional chapters in Puerto Rico, though there are collegiate chapters within the University of Puerto Rico. Marketers may also want to liaison with industry-specific organizations for networking events.
Business Degree Programs in Puerto Rico
A 2014 article by Caribbean Business aptly referred to Puerto Rico as the place where smart money seeks opportunities. The commonwealth’s qualified business school graduates with degree programs in such areas as marketing, sales, and leadership are often snatched up by foreign investors looking to start or expand businesses on the island.
Thanks to a number of tax incentives, financiers and entrepreneurs flock to Puerto Rico to take advantage of massive tax savings that allow them to grow their money. The Secretary of Economic Development predicts these “Act 20/22ers” as they are called —a nickname given to identify individuals taking advantage of the tax breaks available under Act 20/22—will invest $10 billion in Puerto Rico by 2017.
To date 205 people have moved to Puerto Rico under the 20/22 decrees; this includes eight billionaires, who have jointly invested about $1.5 billion in Puerto Rico, an investment that is expected to generate nearly 1,000 permanent jobs.
These laws, which are particularly favorable to professionals in finance, have attracted an abundance of hedge, asset management, and commodities funds to Puerto Rico. Many analysts predict that Puerto Rico has the potential to become a technological powerhouse, with sectors like aerospace, alternative energy, and the creative and technological sectors leading the charge.
These sectors undoubtedly demand business school graduates with specializations in areas such as finance, marketing, and management. Graduates of business-related programs can feel confident about their job prospects, given that the professional and business services industry sector added the most jobs in FY2014.
According to the Commonwealth of Puerto Rico, Department of Labor and Human Resources, the industries that added jobs in FY2014 were:
- Professional and business services: 4,000 jobs
- Leisure and hospitality: 3,100 jobs
- Accommodation and food services: 2,600 jobs
- Education and health services: 1,200 jobs
- Trade, transportation, and utilities: 900 jobs
The professional and business services sector has a long history of strong job gains. The four major industry groups showing the highest increases in the last decade (FY2004-FY2014) were:
- Professional and business services
- Educational and health services
- Leisure and hospitality
- Accommodation and food services
May 2014 statistics from the U.S. Department of Labor, Bureau of Labor Statistics (www.bls.gov) correspond with Puerto Rico’s Department of Labor and Human Resources statistics from the same period, showing job growth in the business and finances industry. Some of the occupations in this industry with the highest mean, annual salaries during this time were:
- Financial specialists: $33,470
- Financial examiners: $39,140
- Accountants and auditors: $36,560
- Market research analysts and marketing specialists: $35,350
- Compensation, benefits, and job analysis specialists: $38,840
- Business operations specialists: $35,820
- Financial analysts: $54,230
- Credit analysts: $33,390
- Personal financial advisors: $42,740
For 60 years, the Colegio de Administracion des Empresas (College of Business Administration) at Pontificia Universidad Catolica de Puerto Rico has been turning out graduates who have gone on to become leaders in business. As the leading Catholic university in Puerto Rico, the school teaches business essentials with a mind toward ethical decision making. In addition to a stand-alone Master of Business Administration (MBA), the school offers a five-year program that allows you to earn a bachelor’s degree and an MBA, as well as a dual MBA/Juris Doctor program. You can pursue the degree full time or part time.
The University of Puerto Rico, located in downtown San Juan is recognized for excellence in research by the Carnegie Foundation for the Advancement of Teaching. The MBA program at the EGAE (Escuela Graduada de Administracion de Empresas) places an emphasis on international business and innovation. The curriculum is flexible to accommodate your career goals and fit your schedule, and can be completed within two years; classes are offered in the evening to accommodate working students. The degree is a general one; however, you can select 12 or more hours of electives around your area of specialization.
The University of Turabo’s School of Business and Entrepreneurship offers a challenging MBA program that’s accredited by the Association to Advance Collegiate Schools of Business. Faculty come from all over the world, and the school has partnered with a global network of top business schools at universities such as the University CEU San Pablo in Spain, Instituto Tecnologico de Monterrey, Universidad Veracruzana, School of Graduate Business Administration (ESAN) in Peru, University of Toulouse in France, University of Madrid and the Latin American Council of Business Administration (CLADEA). The school also collaborates with a number of institutions throughout the United States. You can earn your degree with specializations in materials management and control, accounting, taxation, general management, management information systems, quality management, project management, marketing, human resources and international business. Classes are taught on campus in Spanish.