Understanding audio and its file formats can be very important in my field. Whether you're a designer, director or manager, I'm sure you would have to have at least basic knowledge of it. Audio is used in commercials, presentations, sound bites and many other instances in the Advertising field. As a graphic designer, I primarily work with print and Web material. In my office, we create videos as well and at times, I may have to assist with that. Audio is almost always included.
Sometimes, audio files don't come in file types that are ideal for projects. There is plenty of free software out there than can fix this problem. Switch Sound file converter does that. This easy to use program only takes MP3 and WAV files as input BUT it can output these files to 21 other file types for whatever your needs may be. I definitely could see myself using this one day.