As a dancer, Elyssa Dole performed at the Metropolitan Opera as well as with Thomas/Ortiz Dance, a New York-based contemporary dance group. Today however, with her cohort comprising not dancers but business executives, she is one of a growing number of arts professionals seeking to boost their skills in areas such as finance, strategy and accounting by taking an MBA.

For Ms Dole, who is studying at New York University’s Stern School of Business, the decision to take an MBA does not reflect a change of career. “I’ve been in the arts my whole life – it’s my passion,” she says. “I’ve spent a career in dance and I’m looking for ways to increase my ability to have an impact on the field I love so much.”

But these days, having an impact in this sector – as cash- strapped governments around the world cut their arts funding – means becoming increasingly businesslike and seeking out new sources of finance to support everything from dance performances to art exhibitions and piano recitals.